Wed, Aug 14, 9:12 PM (153 days ago)
For the quarter ending June 30, 2024, Mondee Holdings, Inc. reported a revenue increase of 2.7% to $58.3 million, driven by growth in the Travel Marketplace segment, despite a loss of approximately $9.5 million from the divestiture of LBF Travel. Operating expenses rose 9.6% to $68.6 million, primarily due to a significant increase in personnel costs, reflecting higher stock-based compensation and headcount from recent acquisitions. The net loss for the quarter was $25.5 million, compared to $14.6 million in the prior year. The company’s cash flow from operations improved to $11.1 million, contrasting a $12.4 million outflow in the same period last year. However, cash used in investing activities decreased significantly from $26.6 million to $7.9 million, indicating reduced acquisition spending. As of June 30, 2024, total debt stood at $178.5 million, with ongoing amendments to the Term Loan providing flexibility as the company seeks to stabilize its financial position amidst rising interest rates and operational challenges. The firm anticipates continued pressure from macroeconomic factors but remains focused on strategic growth through acquisitions and market expansion.