Mondee Holdings Inc (MOND) 2022 Q4 法說會逐字稿

Good day, and welcome to the Mondee Fourth Quarter and Full Year 2022 Earnings Conference Call. Please note, this event is being recorded. I would now like to turn the conference over to Jeff Houston, Senior Vice President.

美好的一天，歡迎來到 Mondee 第四季度和 2022 年全年收益電話會議。請注意，正在記錄此事件。我現在想將會議轉交給高級副總裁 Jeff Houston。

Thank you, [Harry], and good morning, everyone. Welcome to Mondee Fourth Quarter and Full Year 2022 Conference Call. With me today are Chairman, CEO and Founder, Prasad Gundumogula, and Chief Financial Officer, Dan Figenshu, who will present our preliminary results. Also available are our Vice Chairman, Chief Strategy and Business Development Officer; Orestes Fintiklis, and Chief Operating Officer, James Dullum.

謝謝，[Harry]，大家早上好。歡迎來到 Mondee 第四季度和 2022 年全年電話會議。今天和我在一起的是董事長、首席執行官兼創始人 Prasad Gundumogula 和首席財務官 Dan Figenshu，他們將介紹我們的初步結果。此外還有我們的副董事長、首席戰略和業務發展官； Orestes Fintiklis 和首席運營官 James Dullum。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements, including statements about revenue, growth of our business, our management and government plans and other nonhistorical statements as further described in our press release. These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those related to Mondee’s growth, the evolution of our industry, our product development and success, our management performance and general economic and business conditions. I would also like to point out that the fourth quarter and full year 2022 results are preliminary and subject to final audit. We undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to have a material difference from these forward-looking statements are discussed in our reports filed with the SEC and in our press release that was issued this morning. During the call, we also refer to non-GAAP financial measures. Reconciliations of the most comparable GAAP measures are also available in the press release, which is available at investors.mondee.com.

在我們開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，包括有關收入、我們業務增長、我們的管理和政府計劃以及我們新聞稿中進一步描述的其他非歷史性陳述的陳述。這些前瞻性陳述受某些風險、不確定性和假設的影響，包括與 Mondee 的增長、我們行業的發展、我們的產品開發和成功、我們的管理績效以及總體經濟和商業狀況相關的風險、不確定性和假設。我還想指出，2022 年第四季度和全年的業績是初步的，有待最終審計。我們沒有義務修改任何聲明以反映此次電話會議後發生的變化。我們向美國證券交易委員會提交的報告和今天上午發布的新聞稿中討論了可能導致實際結果與這些前瞻性陳述產生重大差異的這些風險和其他風險的描述。在電話會議期間，我們還提到了非 GAAP 財務指標。最具可比性的 GAAP 指標的對賬也可在新聞稿中找到，該新聞稿可在 investors.mondee.com 上獲取。

With that, Prasad, I would like to turn the call over to you. Prasad?

有了這個，普拉薩德，我想把電話轉給你。普拉薩德？

Thank you, Jeff, and welcome, everyone, to Mondee Fourth Quarter and Full Year 2022 Earnings Call. We appreciate your interest, whether you are a shareholder, a client, supplier, business partner, employee, prospective shareholders or analysts.

謝謝 Jeff，歡迎大家參加 Mondee 第四季度和 2022 年全年收益電話會議。我們感謝您的關注，無論您是股東、客戶、供應商、業務合作夥伴、員工、潛在股東還是分析師。

I will begin today's call with a summary of our business highlights and strategy, and then I will turn the call over to our CFO, Dan Figenshu, for a more detailed review of our preliminary financial results and outlook. We will then conclude the session with time to answer a few questions.

我將以我們的業務亮點和戰略摘要開始今天的電話會議，然後我將把電話轉給我們的首席財務官 Dan Figenshu，以更詳細地審查我們的初步財務業績和前景。然後，我們將在會議結束時回答幾個問題。

I'm excited to announce that in the fourth quarter of 2022, Mondee continued to deliver profitable growth. Gross revenue of $512 million increased 42% year-over-year, while net revenue of $40 million was up 19% year-over-year. For the full year 2022, gross revenue of $2.2 billion was 2.2x above 2021 $966 million of gross revenue. As you may recall in 2021, we equaled our 2019 benchmark revenue of $93 million despite still being in the middle of the pandemic. And now in 2022, our net revenue of more than $159 million grew 171% over 2021 net revenue. Even though the international travel market only recovered to about 70% from its pre-pandemic peak. Equally important as our continuing growth trend is that we continue to deliver profitability as we scale. Fourth quarter adjusted EBITDA was $6 million, representing an improvement of more than $7 million from the same period last year. Full year 2022, adjusted EBITDA was $16 million, up more than $20 million from 2021 adjusted EBITDA.

我很高興地宣布，在 2022 年第四季度，Mondee 繼續實現盈利增長。總收入為 5.12 億美元，同比增長 42%，而淨收入為 4000 萬美元，同比增長 19%。 2022 年全年總收入為 22 億美元，是 2021 年 9.66 億美元總收入的 2.2 倍。您可能還記得在 2021 年，儘管仍處於大流行之中，但我們的 2019 年基準收入達到了 9300 萬美元。現在到 2022 年，我們的淨收入超過 1.59 億美元，比 2021 年的淨收入增長了 171%。儘管國際旅遊市場僅從大流行前的峰值恢復到 70% 左右。與我們的持續增長趨勢同樣重要的是，隨著我們的規模擴大，我們將繼續提供盈利能力。第四季度調整後的 EBITDA 為 600 萬美元，比去年同期增長超過 700 萬美元。 2022 年全年，調整後的 EBITDA 為 1600 萬美元，比 2021 年調整後的 EBITDA 增加超過 2000 萬美元。

Turning to Slide 4 to look at the major industry trends impacting on this business. While 2022, North America domestic care was about 91% recovered to 2019 levels. International travel, which is our main business, was just 69% recovered in 2022. A positive trend is that international improved to 77% in the fourth quarter 2022. China, in particular, finally reopened for inbound travel in January 2023, and we expect to experience more rapid recovery of our North America outboard driver to China in the back half of 2023, given the lead time necessary for travelers to typically plan and schedule Asia destination trips.

轉到幻燈片 4 查看影響該業務的主要行業趨勢。到 2022 年，北美家庭護理恢復到 2019 年水平的比例約為 91%。我們的主要業務國際旅行在 2022 年僅恢復了 69%。一個積極的趨勢是國際旅行在 2022 年第四季度提高到 77%。特別是中國，終於在 2023 年 1 月重新開放入境旅行，我們預計考慮到旅行者通常需要提前計劃和安排亞洲目的地旅行，我們的北美舷外機司機將在 2023 年下半年更快地恢復到中國。

And Pandemic-led labor shortages in 2022 added to basic undersupply in air and hotel. However, in 2023, the labor shortage is generally expected to improve. And air seat capacity is expected to ramp back up in 2023 and thereafter. For example, Air India invested $70 billion to buy 470 planes. Another positive trend for Mondee is the genres and millennials purchasing power and influence. New platforms are required to meet the needs of these growing consumer cohorts, such as real-time, always-on curated content, combined with conversational social commerce. On the headwind side, inflation and high fuel costs are driving price increases, while recision fears may impact both operating costs and business demand in the short to medium term. However, Mondee is well positioned to mitigate these headwinds through its tech platform and value-based content.

2022 年大流行導致的勞動力短缺加劇了航空和酒店的基本供應不足。不過，到2023年，勞動力短缺的情況普遍有望得到改善。預計航空座位容量將在 2023 年及之後回升。例如，印度航空公司投資 700 億美元購買了 470 架飛機。 Mondee 的另一個積極趨勢是流派和千禧一代的購買力和影響力。需要新平台來滿足這些不斷增長的消費者群體的需求，例如實時、始終在線的精選內容，以及對話式社交商務。在逆風方面，通貨膨脹和高燃料成本正在推動價格上漲，而對決策的擔憂可能會在中短期內影響運營成本和企業需求。然而，Mondee 已準備好通過其技術平台和基於價值的內容來緩解這些不利因素。

Turning to Slide 5, which presents Mondee's geographic destination mix. This provides a better sense of the potential impact, China's reopening would have on our business. Asia, which is about half China represented approximately 20% of our transaction’s pre-pandemic in fourth quarter 2019. And in the fourth quarter of 2022 was just 15% of the mix. We expect to return to the same level and potentially even higher in late 2023 and into 2024. Outside of China, this chart shows that we continue to capitalize on the ongoing travel recovery in other international markets. For example, Europe increased to 22% in fourth quarter 2022 from 15% in fourth quarter 2019, and India increased to 21% from 16% over the same period. It is also important to highlight that our impressive growth is not just travel recovery driven because our net revenue recovery has far surpassed the recovery of international travel. This is being driven by many factors, including market share gains, expanding disruption into product segments of the market beyond flights such as hotels, tech-driven improvements in our diversified revenue streams, such as fintech and ancillaries. These result in improved revenue per transaction and take rates.

轉到幻燈片 5，它展示了 Mondee 的地理目的地組合。這可以更好地了解中國重新開放對我們業務的潛在影響。亞洲約佔中國的一半，占我們 2019 年第四季度大流行前交易的約 20%。而在 2022 年第四季度，這一比例僅為 15%。我們預計將在 2023 年底和 2024 年恢復到相同水平，甚至可能更高。在中國以外，這張圖表顯示我們繼續利用其他國際市場持續的旅遊復甦。例如，歐洲從 2019 年第四季度的 15% 增加到 2022 年第四季度的 22%，同期印度從 16% 增加到 21%。同樣重要的是要強調，我們令人印象深刻的增長不僅僅是旅遊復甦驅動的，因為我們的淨收入復甦遠遠超過國際旅遊的複蘇。這是由許多因素推動的，包括市場份額的增加，對酒店等航班以外的市場產品領域的破壞不斷擴大，我們多元化收入流中技術驅動的改進，如金融科技和輔助設備。這些結果提高了每筆交易的收入和收費率。

Digging deeper into our main accomplishments in 2022 and so far in 2023, there are 4 key areas that continue to drive our strong financial and operating results and will support us further during 2023. First, we made significant improvements to our capital structure in 2022. After our successful debut on NASDAQ on July 19, by raising $85 million of preferred stock with an instrument that is not convertible to common equity and hence not diluted to our shareholders. Moreover, we purchased all $12 million of our public warrants, another important step to limiting potential dilution of Mondee's common equity, creating value for common shareholders. These actions fortified our balance sheet in a way that facilitates our organic and inorganic growth strategies. In fact, we deployed about $20 million of this capital toward acquiring Orinter just a few weeks ago, which brings us second point.

深入研究我們在 2022 年和 2023 年迄今取得的主要成就，有 4 個關鍵領域繼續推動我們強勁的財務和經營業績，並將在 2023 年進一步支持我們。首先，我們在 2022 年對資本結構進行了重大改善。在我們於 7 月 19 日在納斯達克成功上市後，通過一種不可轉換為普通股的工具籌集了 8500 萬美元的優先股，因此不會對我們的股東進行稀釋。此外，我們購買了全部 1200 萬美元的公共認股權證，這是限制 Mondee 普通股潛在稀釋、為普通股股東創造價值的又一重要步驟。這些行動以促進我們的有機和無機增長戰略的方式強化了我們的資產負債表。事實上，就在幾週前，我們將大約 2000 萬美元的資金用於收購 Orinter，這給我們帶來了第二點。

Our Orinter strengthens Mondee's position in Brazilian and broader LATAM travel market. Their portfolio includes 4,900 travel experts as well as complementary local hotels, packages and ground transport relationship that will be added to Mondee’s content and distribution marketplace. Mondee plans to leverage Orinter outstanding and proven management team, strong market position and expertise to further expand seasonally in LATAM Am and globally.

我們的 Orinter 加強了 Mondee 在巴西和更廣泛的拉丁美洲旅遊市場的地位。他們的產品組合包括 4,900 名旅遊專家以及互補的當地酒店、套餐和地面交通關係，這些將添加到 Mondee 的內容和分銷市場。 Mondee 計劃利用 Orinter 傑出且久經考驗的管理團隊、強大的市場地位和專業知識，在 LATAM Am 和全球範圍內進一步擴大季節性。

M&A is not a new endeavor for us. We have a history of well-calibrated and successfully integrated transactions, which have delivered strong revenue and cost synergies. Orinter is the beginning of our third wave of acquisitions. We plan to continue aggressively executing a targeted accretive acquisition strategy, which will help accelerate our growth and expansion into new geographies as well as offerings of new products and services. We plan to continue expanding our operations in Brazil and LATAM region while also exploring opportunities in other regions such as Europe and parts of Asia. We believe that by diversifying our operations while expanding new products and services, we can better leverage our platforms and marketplace as well as achieve sustainable growth and enhance our position as a leader in the private industry.

併購對我們來說並不是一項新的嘗試。我們擁有經過精心校準和成功整合的交易的歷史，這些交易帶來了強大的收入和成本協同效應。 Orinter 是我們第三次收購浪潮的開始。我們計劃繼續積極執行有針對性的增值收購戰略，這將有助於加速我們的增長和向新地區的擴張以及新產品和服務的提供。我們計劃繼續擴大我們在巴西和拉丁美洲地區的業務，同時也在歐洲和亞洲部分地區等其他地區探索機會。我們相信，通過在擴展新產品和服務的同時實現業務多元化，我們可以更好地利用我們的平台和市場，實現可持續增長，並加強我們作為私營行業領導者的地位。

Third, we continue to improve and evolve our tech platform, which parts our modern marketplace and consequently, our revenue streams. We facilitated approximately $2.1 million transactions in 2022, up 62% from 2021. Each transaction could include multiple flights and hotels or vacation dentals as well as ancillary solutions. These diversified solutions are providing higher-margin revenue streams and driving higher take rate. Our fintech revenue grew 186% in 2022 from 2021.

第三，我們繼續改進和發展我們的技術平台，這將我們的現代市場和收入流分開。我們在 2022 年促成了大約 210 萬美元的交易，比 2021 年增長了 62%。每筆交易可能包括多次航班和酒店或度假牙科以及輔助解決方案。這些多樣化的解決方案正在提供更高利潤的收入來源並推動更高的採用率。我們的金融科技收入在 2022 年比 2021 年增長了 186%。

These fintech products include alternate payment and settlement methods, wallets, fraud protection tools and fintech ancillaries. In addition, we expect to use our stronger balance sheet to further support growth of our fintech offerings and revenue-generating items. Further, our transaction growth is supported by the launch of our TripPlanet platform last year, which has grown to access to over $125 million organization members.

這些金融科技產品包括替代支付和結算方式、錢包、防欺詐工具和金融科技輔助產品。此外，我們希望利用我們更強大的資產負債表來進一步支持我們的金融科技產品和創收項目的增長。此外，我們去年推出的 TripPlanet 平台支持了我們的交易增長，該平台已經發展到可以訪問超過 1.25 億美元的組織成員。

Fourth, in January 2023, we introduced the Mondee Expert and Influencer Affiliate Network Program. Designed to enhance current customer offerings and their traveler experiences as well as increased distribution and reach by collaborating with new travel companies, experts and other businesses. Affiliate can more holistically engage Mondee's technology and marketplace to create expanded travel-related experience, while earning enhanced commissions on bookings made through the platform.

第四，2023 年 1 月，我們推出了 Mondee Expert and Influencer Affiliate Network Program。旨在通過與新的旅遊公司、專家和其他企業合作，增強當前客戶的產品和他們的旅行者體驗，以及增加分銷和覆蓋面。會員可以更全面地參與 Mondee 的技術和市場，以創造擴展的旅遊相關體驗，同時通過該平台進行的預訂賺取更高的佣金。

Before turning the call over to Dan, as we look into 2023, we thought it would be helpful to briefly describe Mondee's marketplace positioning and our vision. We believe Mondee's very well positioned for the rapidly developing modern travel ecosystem, as shown on Slide 6. Our global content hub features direct connectivity to over 500 airlines and more than 1 million hotels, vacation rentals and rental cars. And we are aggressively expanding into cruises and other activities. This expanding content is differentiated in the market by combining discount rates, long-term contracts, real-time pricing data and integration with revenue management systems or strategies across a wide variety of offerings.

在將電話轉給 Dan 之前，在我們展望 2023 年時，我們認為簡要描述 Mondee 的市場定位和我們的願景會有所幫助。我們相信 Mondee 在快速發展的現代旅游生態系統中處於非常有利的地位，如幻燈片 6 所示。我們的全球內容中心可直接連接 500 多家航空公司和超過 100 萬家酒店、度假租賃和租車。我們正在積極擴展到遊輪和其他活動。這種不斷擴展的內容通過結合折扣率、長期合同、實時定價數據以及與收入管理系統或跨各種產品的策略的集成而在市場上脫穎而出。

Technology is at the core of our business and further differentiates us in the travel industry. Our platform-enabled marketplace is highly scalable and flexible, featuring fintech, insurtech, marketing tech, conversational commerce and ancillaries. And later this year, we plan to roll our NextGen platform that we believe to be many years ahead of what is currently available in the market. Without stealing too much tender from these upcoming launch events, I can tell you that features include real-time social commerce, cross content and local experts on ramps. As our B2B2C content consumers, they receive access to curated travel supply and experiences, cost savings (inaudible) to operate efficiently and access to our tech platform, we distribute through our more than 55,000 travel experts, affiliates, intermediaries and gig economy workers as well as access to 125 million closed user group members.

技術是我們業務的核心，進一步使我們在旅遊業中脫穎而出。我們基於平台的市場具有高度可擴展性和靈活性，以金融科技、保險科技、營銷技術、對話式商務和輔助產品為特色。今年晚些時候，我們計劃推出 NextGen 平台，我們認為該平台比目前市場上可用的平台領先很多年。在不從這些即將舉行的發布活動中竊取太多投標的情況下，我可以告訴你這些功能包括實時社交商務、交叉內容和本地專家。作為我們的 B2B2C 內容消費者，他們可以獲得精選的旅遊供應和體驗、節省成本（聽不清）以高效運營並訪問我們的技術平台，我們通過我們超過 55,000 名旅遊專家、附屬機構、中介機構和零工經濟工作者進行分發作為訪問 1.25 億封閉用戶組成員。

By disrupting a $70 billion subsegment of travel and becoming a leading company in selling wholesale airfare to travel affiliates in North America, Mondee is now rapidly becoming a leading tech platform and modern marketplace, connecting travel suppliers, gig economy workers and closed group average by providing all travel content and experiences through our expert and consumer apps.

通過顛覆價值 700 億美元的旅遊細分市場並成為向北美旅遊分支機構銷售批發機票的領先公司，Mondee 現在正迅速成為領先的技術平台和現代市場，通過提供通過我們的專家和消費者應用程序獲取所有旅行內容和體驗。

Our growing segments of giga economy workers include service and concierge agents, local experts, influencers, curators and content writers. Our closed user groups include travel affiliates and influencer network, membership organizations and assemblies, which we are expanding globally.

我們不斷增長的千兆經濟工人群體包括服務和禮賓代理、本地專家、有影響力的人、策展人和內容作者。我們的封閉用戶組包括旅遊分支機構和影響者網絡、會員組織和集會，我們正在全球範圍內擴展這些內容。

With that volve of our business, I will now pass the call over to Dan Figenshu, CFO of Mondee for a review to our financial performance and outlook. Dan?

考慮到我們的業務，我現在將電話轉給 Mondee 的首席財務官 Dan Figenshu，以審查我們的財務業績和前景。擔？

Thank you, Prasad, and thanks again to our audience for attending. We are proud of the company's 2022 and fourth quarter financial performance, particularly the continued growth of adjusted EBITDA profitability, especially given that this performance was driven by organic revenue growth.

謝謝你，普拉薩德，再次感謝我們的聽眾出席。我們為公司 2022 年和第四季度的財務業績感到自豪，尤其是調整後 EBITDA 盈利能力的持續增長，特別是考慮到這一業績是由有機收入增長推動的。

Fourth quarter gross revenue grew 42% year-over-year to $512 million. Net revenue grew 19% year-over-year to $40 million. For 2022, gross revenue of $2.2 billion was 2.2x 2021's $966 million, while net revenue of over $159 million was 171% of 2021's $93 million. Take rate, which we define as net revenue divided by gross revenue, continued to be in line with our expectations.

第四季度總收入同比增長 42% 至 5.12 億美元。淨收入同比增長 19% 至 4000 萬美元。到 2022 年，22 億美元的總收入是 2021 年 9.66 億美元的 2.2 倍，而超過 1.59 億美元的淨收入是 2021 年 9300 萬美元的 171%。 Take Rate，我們定義為淨收入除以總收入，繼續符合我們的預期。

Take rate for the full year 2022 was 7.2%, a substantial increase from 2019's pre-pandemic level of 4.2%, driven mostly by the success of our diversified revenue streams of ancillary and fintech solutions. Over time, we expect take rate to trend upward as a higher portion of our revenue mix comes from the stickier and higher-margin transaction add-on revenue, such as ancillaries, fintech and subscription as well as a greater mix of hotels and soon cruises, events and activities. Furthermore, we are happy with our overall business trends. We had over $2.1 million transactions in the full year 2022, up from $1.3 million in 2021.

2022 年全年的收益率為 7.2%，較 2019 年大流行前的 4.2% 水平大幅增長，這主要是由於我們的輔助和金融科技解決方案多元化收入流的成功。隨著時間的推移，我們預計採用率將呈上升趨勢，因為我們的收入組合中有更大一部分來自粘性更高、利潤率更高的交易附加收入，例如輔助服務、金融科技和訂閱，以及更多的酒店組合和即將推出的遊輪、事件和活動。此外，我們對我們的整體業務趨勢感到滿意。我們在 2022 年全年的交易額超過 210 萬美元，高於 2021 年的 130 萬美元。

Turning to expenses. Q4 GAAP sales and marketing as a percentage of gross revenue decreased to 4.6% from 5.6% in the same quarter last year. G&A as a percentage of net revenue was down to 5.8% from 8.3% a year ago, which we consider a material improvement. Adjusted EBITDA was $6 million, an improvement of $7.5 million as compared to fourth quarter 2021. We also delivered approximately $16 million of adjusted EBITDA in 2022, up over $21 million from a negative EBITDA of about $5 million in 2021. Note that reconciliations of GAAP to non-GAAP are available in today's earnings release. On a GAAP basis, the net loss was $13.5 million compared with a net loss of $9.2 million last year. On a non-GAAP basis, adjusted net loss was $3.7 million, an improvement from a loss of $6.9 million last year. Looking at our balance sheet. We have used part of the liquidity provided by our entry to the public markets to optimize our capital structure. At the end of the fourth quarter, we had $87.5 million of cash, while our net debt was reduced to $747 million. In a nutshell, we have fortified and simplified our balance sheet, which will allow us to pursue acquisitions aggressively support our organic growth plans and commentary working capital needs. And in fact, we used approximately $20 million of cash on January 31, 2023, to purchase or enter along with approximately $20 million of stock. There is also a $10 million earn-out potential based on achieving additional accretive EBITDA targets in that transaction.

談到開支。第 4 季度 GAAP 銷售和營銷佔總收入的百分比從去年同期的 5.6% 下降至 4.6%。 G&A 占淨收入的百分比從一年前的 8.3% 降至 5.8%，我們認為這是一個實質性的改善。調整後的 EBITDA 為 600 萬美元，與 2021 年第四季度相比增加了 750 萬美元。我們還在 2022 年實現了約 1600 萬美元的調整後 EBITDA，比 2021 年約 500 萬美元的負 EBITDA 增加了超過 2100 萬美元。請注意，GAAP 的對賬到非 GAAP 可在今天的收益發布中獲得。按 GAAP 計算，淨虧損為 1350 萬美元，而去年淨虧損為 920 萬美元。在非 GAAP 基礎上，調整後的淨虧損為 370 萬美元，比去年的虧損 690 萬美元有所改善。看看我們的資產負債表。我們已經利用進入公開市場所提供的部分流動性來優化我們的資本結構。第四季度末，我們擁有 8750 萬美元的現金，而我們的淨債務減少到 7.47 億美元。簡而言之，我們已經強化和簡化了我們的資產負債表，這將使我們能夠積極地進行收購，以支持我們的有機增長計劃和評論營運資金需求。事實上，我們在 2023 年 1 月 31 日使用了大約 2000 萬美元的現金來購買或進入大約 2000 萬美元的股票。基於在該交易中實現額外的增值 EBITDA 目標，還有 1000 萬美元的盈利潛力。

In terms of 2023, outlook and guidance. Net revenue is projected to be in the range of $230 million to $240 million, representing year-over-year growth of 47% measured at the midpoint. Adjusted EBITDA is expected to be in the range of $40 million to $45 million. In summary, as Prasad alluded to previously, we believe that Mondee is in a strong financial position to capitalize on the reopening of the travel industry and our future organic and inorganic growth opportunities.

就 2023 年而言，展望和指導。淨收入預計在 2.3 億美元至 2.4 億美元之間，按中點計算，同比增長 47%。調整後的 EBITDA 預計在 4000 萬至 4500 萬美元之間。總而言之，正如 Prasad 之前提到的那樣，我們認為 Mondee 的財務狀況良好，可以利用旅遊業的重新開放以及我們未來的有機和無機增長機會。

I'll turn it back over to Prasad. Prasad?

我會把它轉回給 Prasad。普拉薩德？

Thanks, Dan. We are very pleased by our Q4 and full year 2022 results. And we look forward to an even stronger 2023. We are proud that Mondee's highly disruptive business model and cutting-edge technology has in a decade or so, made as a leading company in the 70 billion submarket in North America. Now as a listed company with a strong balance sheet. We look forward to discussing and trying year further within the 1 trillion market tech platform and modern marketplace, connecting travel suppliers, gig economy workers and close group travelers by providing all travel content and experiences through our experts and traveler apps. Later this quarter, we will provide further updates and details on the launch of our next Gen platform and look for us to take this platform and our model for success in North America to quickly penetrate and disrupt other rapidly emerging gig economy markets throughout 2023.

謝謝，丹。我們對我們的第四季度和 2022 年全年業績感到非常滿意。我們期待更強大的 2023 年。我們感到自豪的是，Mondee 的高度顛覆性商業模式和尖端技術在十年左右的時間裡成為北美 700 億子市場的領先公司。現在作為一家擁有強大資產負債表的上市公司。我們期待在 1 萬億市場技術平台和現代市場中進一步討論和嘗試，通過我們的專家和旅行者應用程序提供所有旅行內容和體驗，連接旅行供應商、零工經濟工作者和親密團體旅行者。本季度晚些時候，我們將提供有關推出下一代平台的進一步更新和詳細信息，並期待我們利用這個平台和我們在北美取得成功的模式在整個 2023 年迅速滲透並擾亂其他快速新興的零工經濟市場。

Thanks for attending our fourth quarter and full year 2022 earnings call, and we look forward to your ongoing support.

感謝您參加我們的 2022 年第四季度和全年財報電話會議，我們期待您的持續支持。

Operator, just a minor correction. When Dan fingers, the CFO, refer to the net debt figure, the correct figure is $47 million at the end of the year.

運營商，只是一個小的更正。當首席財務官 Dan finger 提到淨債務數字時，正確的數字是年底的 4700 萬美元。

Operator, with that, we'd like to open it up for Q&A.

接線員，有了這個，我們想打開它進行問答。

(Operator Instructions) And our first question today is from the line of Darren Aftahi of ROTH MKM.

（操作員說明）我們今天的第一個問題來自 ROTH MKM 的 Darren Aftahi。

Nice job on the results. A couple, if I may. Can you speak to the global travel environment? I know you spoke about China reopening and that being a second half catalyst, but just kind of trends you've seen thus far in 2023 kind of has it changed at all, kind of good that indifferent? And then kind of what does your guidance really reflect?

結果不錯。一對，如果可以的話。你能談談全球旅行環境嗎？我知道你談到中國重新開放，這是下半年的催化劑，但你在 2023 年到目前為止所看到的趨勢有點改變了，好到無動於衷？然後你的指導真正反映了什麼？

Hey, Darren, it's James Dullum. I'll start and then the other guys can jump in. Yes, as you say, obviously, the opening of the reopening of China and the continuing growth in Asia is very helpful. That's a great tailwind for us given the character of our business historically and our distribution network. The other things we see is clearly, we see the supply starting to open up again. It's a bit nascent at this point, but we see that coming back. And as the supply comes back, obviously, that gives us more options and opportunities to offer great value to our customers and to their consumers. So we see that trend continuing into and through 2023. We understand that there are some potential headwinds out there, as Prasad mentioned in his piece. We're all talking about what might happen if the economies slow down globally. But we see those as -- we're very well positioned for that. We have the type of product. We have the type of value-based pricing that in all scenarios, it gives us actually a good bit of headroom to gain even further market share. So those are the things that we see as key in 2023 as we push forward.

嘿，Darren，我是 James Dullum。我會開始，然後其他人可以加入。是的，正如你所說，顯然，中國重新開放的開放和亞洲的持續增長非常有幫助。考慮到我們歷史上的業務特徵和我們的分銷網絡，這對我們來說是一個很好的順風。我們清楚地看到的其他事情是，我們看到供應開始再次開放。在這一點上它有點新生，但我們看到它回來了。顯然，隨著供應的恢復，這給了我們更多的選擇和機會，為我們的客戶和他們的消費者提供巨大的價值。因此，我們看到這種趨勢將持續到 2023 年並持續到 2023 年。正如普拉薩德在他的文章中提到的那樣，我們知道那裡存在一些潛在的不利因素。我們都在談論如果全球經濟放緩可能會發生什麼。但我們認為這些 - 我們已經做好了準備。我們有產品的類型。我們擁有基於價值的定價類型，在所有情況下，它實際上為我們提供了很大的空間來獲得更多的市場份額。因此，這些是我們認為在 2023 年推進的關鍵事項。

The other -- the last thing I would mention is this, Mondee has been a traditional North American footprint company. And what we see happening in the gig economy across the world says that there are other markets that continue to grow very rapidly in that space. And that, for us, is great headroom. It's great white space for us to move into with the emergence of gig economies in markets such as the India subcontinent, et cetera. So bottom line, there are a number of areas that we see the opportunity to expand and grow. And we think the market, in general, will continue to recover, and we're well positioned for it.

另一個——我要提到的最後一件事是，Mondee 一直是一家傳統的北美足跡公司。我們在全球零工經濟中看到的情況表明，該領域還有其他市場繼續快速增長。對我們來說，這是很大的餘量。隨著印度次大陸等市場零工經濟的出現，這是我們可以進入的巨大空白。因此，歸根結底，我們在許多領域都看到了擴展和發展的機會。我們認為，總體而言，市場將繼續復甦，我們已做好充分準備。

I'll take the second question, which was about our guidance. So as you know, in terms of net revenue, we closed the year with $159 million of net revenue, and we have provided guidance for next year in the range of $230 million to $240 million. And then in relation to the EBITDA, we closed the year with $16 million of EBITDA, and we have provided guidance in the region of $40 million to $45 million, which is a fairly large 171% increase. On your comment about being flat or potentially being more aggressive, like Jeff mentioned, I mean, we are confident of the various growth levels in the company, but we see there is a general expectation in the overall market about the potential softening of the economy. So we want to start the year with a more conservative guidance and adjusted throughout the year, consistent with our strategy of always bidding and raising the guidance that we provide to the markets.

我會回答第二個問題，這是關於我們的指導。如您所知，就淨收入而言，我們以 1.59 億美元的淨收入結束了這一年，我們為明年提供了 2.3 億美元至 2.4 億美元的指導。然後關於 EBITDA，我們以 1600 萬美元的 EBITDA 結束了這一年，我們提供了 4000 萬至 4500 萬美元的指導，這是一個相當大的 171% 的增長。關於你關於持平或可能更激進的評論，就像傑夫提到的那樣，我的意思是，我們對公司的各種增長水平充滿信心，但我們看到整個市場普遍預期經濟可能會走軟.因此，我們希望以更保守的指引開始新的一年，並在全年進行調整，這與我們始終投標和提高我們向市場提供的指引的策略一致。

That's helpful just squeeze in a couple more. If my math is correct, it looks like your marginal flow-through on adjusted EBITDA to revenue is about 35%. 25:00 I guess, how do we think about kind of every dollar of net revenue going through your business going forward? And I guess how influential is Orinter on '23 relative to kind of Mondee core business?

這很有幫助，只需再擠幾個。如果我的計算是正確的，那麼調整後的 EBITDA 對收入的邊際流轉似乎約為 35%。 25:00 我想，我們如何看待您未來業務中每一美元的淨收入？我想 Orinter 在 23 年相對於 Mondee 核心業務的影響有多大？

Yes. I mean, our EBITDA margin for the year of 2022 was 10%. And based on our guidance, we are looking at 18% for 2023. So of course, the dynamic there is that we have a certain amount of overhead. So once the revenue -- the net revenue increases and those over cash are covered, the impact on the bottom line is disproportionately higher. So this is the dynamic that is going on in our EBITDA. And of course, it also depends the source of the net revenue. We have already mentioned a bigger percentage is coming from higher-margin products like hotels and more importantly, ancillaries like fintech and other solutions. Orinter, it's the beginning, that's another element of the equation is the beginning of our acquisition strategy for '23. So of course, every time that we add an acquisition, we will be likely adjusting depending on the size of the acquisition, our guidance. I mean, we already mentioned the auditor numbers when we closed the transaction a few weeks ago, which was in the region of $9 million of EBITDA in the first year or so, as you know, it's customary to proceed with the integration.

是的。我的意思是，我們 2022 年的 EBITDA 利潤率為 10%。根據我們的指導，我們預計 2023 年將達到 18%。因此，當然，我們有一定的間接費用。因此，一旦收入 - 淨收入增加並且現金收入增加，對底線的影響就會不成比例地增加。所以這就是我們 EBITDA 中正在發生的動態。當然，這也取決於淨收入的來源。我們已經提到更大的百分比來自酒店等利潤率較高的產品，更重要的是，金融科技和其他解決方案等輔助產品。 Orinter，這是開始，這是等式的另一個元素，是我們 23 年收購戰略的開始。因此，當然，每次我們增加收購時，我們都可能會根據收購的規模和我們的指導進行調整。我的意思是，我們在幾週前完成交易時已經提到了審計師的數字，第一年左右的 EBITDA 約為 900 萬美元，如你所知，進行整合是慣例。

So we wanted to be very conservative with any synergies that are realized in the following few quarters. But we're excited about the acquisition. It is improving the take rate. This year, we had an average take rate of 7.2%, 7.7% in the last quarter. So you see the ad an upward trend even without the acquisitions. But given the fact that our acquisitions are mostly expanding not only geography, but also product into hotel and other higher margin product, we see also the M&A strategy complementing the increase in the take rate in the foreseeable future.

因此，我們希望對接下來幾個季度實現的任何協同效應保持非常保守的態度。但我們對此次收購感到興奮。它正在提高采納率。今年，我們的平均採納率為 7.2%，上一季度為 7.7%。因此，即使沒有收購，您也會看到廣告呈上升趨勢。但鑑於我們的收購主要不僅是擴大地域，而且還將產品擴展到酒店和其他利潤率更高的產品，我們還看到併購戰略在可預見的未來補充了收購率的增長。

Our next question is from the line of Tom White of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Tom White。戴維森。

Just a couple of quickies on the outlook and then I had a follow-up. So just on the revenue growth guidance, can you just remind us or call out kind of the organic versus any inorganic impact? That's one. And then two, Dan, maybe any color you can give us on how to think about the conversion of EBITDA into free cash flow in '23, how that might look?

只是對前景進行了一些快速介紹，然後我進行了跟進。那麼就收入增長指導而言，您能否提醒我們或指出有機影響與任何無機影響？那是一個。然後是兩個，Dan，也許你可以給我們任何關於如何考慮在 23 年將 EBITDA 轉換為自由現金流的顏色，它看起來如何？

Sure. Thanks, Tom. On the inorganic versus organic growth and guidance. Right now, we're just providing a combined guidance of the $230 million to $240 million. As Orestes mentioned, we'll get to know Orinter and other acquisitions better as time goes on, we want to be fairly conservative with our approach here as we learn more about them, they learn more about us and as we go through our integration. And so as a result, we're not going to be reporting those separately. We are on Mondee going forward, and that's how we are looking at it. So hopefully, that answers your question.

當然。謝謝，湯姆。關於無機與有機增長和指導。目前，我們只是提供 2.3 億至 2.4 億美元的綜合指導。正如 Orestes 提到的，隨著時間的推移，我們將更好地了解 Orinter 和其他收購，隨著我們對他們的了解越來越多，他們對我們的了解越來越多，並且隨著我們的整合，我們希望對我們的方法採取相當保守的態度。因此，我們不會單獨報告這些。我們在 Mondee 上向前發展，這就是我們看待它的方式。希望這能回答您的問題。

Yes. And to give you a bit of color, I mean, you can reverse engineer from the announcement we made, right? I mean, we didn't provide the detailed breakdown. But from the announcement numbers, you reverse engineer about $20 million coming from that acquisition in the net revenue. So the bulk of the increase from 159 to 20 to 40 is organic, right? So there is a component there, of course, that is the acquisition. But like Dan mentioned, I mean, the way we integrate these companies, we take their content, we take that distribution, and we plug it into our tech enabled ecosystem. So after a few months, it's difficult to differentiate where the revenues are coming from. So we're providing combined guidance, and we are updating, of course, as we go along and add more targets to our strategy.

是的。給你一點顏色，我的意思是，你可以從我們發布的公告中進行逆向工程，對吧？我的意思是，我們沒有提供詳細的分類。但從公告數字來看，你可以逆向計算來自該收購的約 2000 萬美元的淨收入。所以從 159 到 20 再到 40 的增加大部分是有機的，對吧？所以那里當然有一個組成部分，那就是收購。但就像 Dan 提到的，我的意思是，我們整合這些公司的方式，我們獲取他們的內容，我們獲取分發，並將其插入我們的技術支持生態系統。所以幾個月後，很難區分收入的來源。因此，我們正在提供綜合指導，當然，我們正在更新，並在我們的戰略中添加更多目標。

And any color on kind of free cash flow conversion?

還有關於自由現金流轉換的任何顏色嗎？

Sorry. Yes, Tom. So for 2023, we anticipate that the improvement on the free cash flow conversion compared to 2022. In 2022, obviously, we had a significant number of onetime events as being part of a business that was going public, which obviously impact and distorted some of our free cash flow as well as a business in 2022 that was in recovery. Remember, the early part of the year included the impacts of Omicron, Warren Europe, and our business was continuing to really ramp back up to pre-pandemic levels. Obviously, we've been able to eclipse that, which is obviously terrific news. But as we continue to grow and expand our business in 2023, we'll see a more healthy return to our conversion between EBITDA and free cash flow.

對不起。是的，湯姆。因此，對於 2023 年，我們預計與 2022 年相比，自由現金流轉換會有所改善。顯然，在 2022 年，作為上市企業的一部分，我們有大量的一次性事件，這顯然影響和扭曲了一些我們的自由現金流以及 2022 年正在復甦的業務。請記住，今年年初包括 Omicron 和 Warren Europe 的影響，我們的業務正在繼續真正恢復到大流行前的水平。顯然，我們已經能夠超越它，這顯然是個好消息。但隨著我們在 2023 年繼續發展和擴大業務，我們將看到 EBITDA 和自由現金流之間的轉換獲得更健康的回報。

One more, if I could. I think Slide 4 in the deck, kind of the different bar charts on the different regions. It looks like North America on a transaction basis, I presume those charts are transactions, not revenues, but it looks like North America is still a bit behind versus kind of comparable period of 2019. Can you talk a little bit about maybe what's happening there, what needs to happen for you guys to kind of start recovering more meaningfully in Network?

再來一個，如果可以的話。我認為甲板上的幻燈片 4，是不同地區的不同條形圖。在交易的基礎上看起來像北美，我認為這些圖表是交易，而不是收入，但看起來北美與 2019 年的可比時期相比仍然有點落後。你能談談那裡發生的事情嗎，你們需要做些什麼才能開始在網絡中更有意義地恢復？

Yes. Those are not absolute numbers. Also a percentage of our total revenues, you see. So now that we have gained market share in other geographies, it's only natural mathematically that the percentage of the U.S. is less. You see so this -- if you add everything together in that slide, it has to 100%. So the fact that North America is less, it doesn't mean that we have less revenues in North America. It just means that we have more revenues from other geographies exactly. So it's normalizing.

是的。這些不是絕對數字。你看，還有我們總收入的百分比。因此，既然我們已經在其他地區獲得了市場份額，那麼從數學上講，美國所佔的比例較低是很自然的。你看是這樣——如果你把那張幻燈片中的所有東西加在一起，它必須是 100%。因此，北美較少的事實並不意味著我們在北美的收入較少。這只是意味著我們從其他地區獲得了更多收入。所以它正在正常化。

This is your mix basically?

這基本上是你的組合？

Exactly, correct.

沒錯，沒錯。

Revenue mix? And then just last one, if I could. -- hotel business. Maybe just talk a little bit about your expectations for that in '23. I don't know if you can give us a sense of like what percentage of the business maybe it will be 123 is over. And I was hoping maybe -- I know Expedia plays in kind of that wholesale rate distribution for hotels. They've been getting into that a little bit more meaningfully. Can you maybe just kind of compare and contrast what you guys do versus maybe that particular competitor?

收入組合？然後是最後一個，如果可以的話。 ——酒店業務。也許只是談談你在 23 年對此的期望。我不知道你是否可以讓我們知道 123 的業務百分比可能已經結束。我希望也許——我知道 Expedia 扮演的是酒店的批發價格分佈。他們一直在更有意義地參與其中。你能不能把你們所做的與那個特定的競爭對手進行比較和對比？

Historically, we have been an A player, and we have a great headroom into the hotel space. And our strength here compared with any other player in the market is our distribution. So we have this distribution to the flows user groups as well as a private channels through which that we would like to distribute our products and where there's a huge demand for hotels. So we're expecting that to be north of 15% to 20% is our overall hotel thing. However, this includes the packages and other aspects that we include in our trips, which may have both a hotel and other products into it.

從歷史上看，我們一直是 A 級玩家，我們在酒店空間擁有很大的發展空間。與市場上任何其他參與者相比，我們在這裡的優勢在於我們的分銷。因此，我們將這種分發給流量用戶組以及我們希望通過其分發我們的產品以及對酒店有巨大需求的私人渠道。所以我們預計我們酒店的整體收入會超過 15% 到 20%。但是，這包括我們在旅行中包含的套餐和其他方面，其中可能同時包含酒店和其他產品。

Yes. So for sure, hotel is a big opportunity, especially given the very low base where we're coming from. I mean there is potential for expansion, both organically and inorganically, right? So if you look at most of the acquisitions that we have announced and many of the others we are working on, a unifying feature is that they have a by far higher mix of hotels, right? So that's improving a lot the product that we have to offer and the pricing on the hotel side. Like Prasad mentioned, our strength in the hotel space is not in the direct connectivity with the hotels, but in the distribution. And because we have a very differentiated distribution, you mentioned Expedia apartment solution. That's effectively a bed bank with direct connectivity with a number of suppliers globally. Our strength is not in that direct connectivity. We have a number of ways of receiving that content, both through Expedia apartment solution as well as other bed banks which offer even more competitive rate in certain local geographies. And then in addition to that, through the acquisitions, we are building our own direct connectivity as well, which is further than improving the margins.

是的。所以可以肯定的是，酒店是一個很大的機會，特別是考慮到我們來自的基數非常低。我的意思是有機和無機擴張的潛力，對吧？因此，如果你看看我們已經宣布的大部分收購以及我們正在進行的許多其他收購，一個統一的特徵是它們擁有的酒店組合要高得多，對吧？因此，這大大改善了我們必須提供的產品和酒店方面的定價。正如 Prasad 提到的，我們在酒店空間的優勢不在於與酒店的直接連接，而在於分銷。因為我們有非常差異化的分佈，你提到了 Expedia 公寓解決方案。這實際上是一個與全球許多供應商直接連接的床庫。我們的優勢不在於直接連接。我們有多種方式接收該內容，既可以通過 Expedia 公寓解決方案，也可以通過在某些當地地區提供更具競爭力的價格的其他床庫。除此之外，通過收購，我們也在建立自己的直接連接，這比提高利潤率更進一步。

Our next question is from the line of Brett Knoblauch of Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。

Congratulation on the quarter. As I look through, I guess, your guidance for the year, can you help us with the seasonality of it and maybe on both revenue and adjusted EBITDA given the acquisition, should we expect maybe obviously, a full quarter of contribution to be getting in the second quarter and the first quarter might have a bit of a margin impact just because you're going to be recognizing maybe more cost in the revenue or how that should play out throughout the year?

祝賀本季度。當我瀏覽時，我想，你今年的指導，你能幫助我們解決它的季節性問題嗎？也許在收入和調整後的 EBITDA 方面，考慮到收購，我們是否應該明顯地預期，整整一個季度的貢獻將進入第二季度和第一季度可能會對利潤率產生一些影響，因為您可能會認識到收入中可能有更多成本，或者全年應該如何發揮作用？

Yes. That is absolutely right. I mean what we would say also is because you will see in announcements that are coming soon, the first quarter -- I mean, there are a number of dynamics going on, right? The first one is seasonality, which you rightly mentioned that different quarters have different seasonalities with Q3 to Q4, especially having higher stronger revenues overall and then Q1 kind of closer to the bottom. The other dynamic is that we're growing, right, extremely fast. So that kind of overshadows the seasonality and create kind of a blend, which is upward looking throughout the year. And then the other element, which is very important in this Q4 of '22 and Q4 of '23. The company has been very busy with a number of initiatives, introducing new tech platforms. You will see a few announcements. Of course, those when they are being launched, they tend to have a potential slowdown for a few weeks, a few months. So we see basically clearly Q1 being the lowest much lower than the rest of the year. And then the rest of the year, increasing not only because of seasonality, not only because of our growth, but also because in Q1, the company has been very busy introducing new platforms, integrated companies, et cetera.

是的。這是絕對正確的。我的意思是我們要說的也是因為你會在即將發布的第一季度公告中看到——我的意思是，有很多動態正在發生，對吧？第一個是季節性，你正確地提到不同的季度在第三季度到第四季度有不同的季節性，尤其是總體收入更高，然後第一季度更接近底部。另一個動態是我們正在成長，對，非常快。因此，這掩蓋了季節性並創造了一種全年都向上看的混合。然後是另一個元素，這在 22 年第四季度和 23 年第四季度非常重要。該公司一直忙於推出新技術平台等多項舉措。你會看到一些公告。當然，那些在推出時，往往會有幾週、幾個月的潛在放緩。所以我們基本上清楚地看到第一季度是最低的，遠低於今年剩餘時間。然後在今年剩下的時間裡，增長不僅是因為季節性，不僅是因為我們的增長，還因為在第一季度，公司一直非常忙於引入新平台、整合公司等。

And then maybe just -- I don't know if you guys gave an overall take rate guidance for the full year. I guess, where should we expect that to come in at?

然後也許只是——我不知道你們是否給出了全年的總體接受率指導。我想，我們應該期望它出現在哪裡？

It's a north of where we finished the year of 7.2%, right? It's very difficult to give a precise number. I mean, we gave guidance on the net revenue and the EBITDA from that, you cannot reduce the take rate, but it would be north of the 7.2% that we have closed the year. There are a lot of parameters, the mix of the new M&A, right? More hotels, less curtailed, more flights. So given the uncertainty of the targets that we will be closing, I mean, we have a number of targets that we're advancing, but there is no -- as you know, M&A, there is also -- there is always an execution risk. Because of that, we don't want to give a number that may end up materially increasing and which would otherwise not appear to be accurate when all this M&A is incorporated.

這是我們今年完成的 7.2% 的北部，對吧？很難給出一個準確的數字。我的意思是，我們從中給出了淨收入和 EBITDA 的指導，你不能降低接受率，但它會高於我們今年結束的 7.2%。有很多參數，新併購的組合，對吧？更多的酒店，更少的限制，更多的航班。因此，鑑於我們將要關閉的目標的不確定性，我的意思是，我們有一些我們正在推進的目標，但沒有 - 正如你所知，併購，也有 - 總有一個執行風險。正因為如此，我們不想給出一個最終可能會大幅增加的數字，否則當所有這些併購合併時，這個數字似乎不准確。

And then if I could just maybe do one follow-up. If you had to kind of point to 3 markets or reasons this year that you kind of needed in the travel recovery to really kind of pick-up steam for you guys to kind of reach your guidance? Which markets would they be?

然後，如果我可以做一個跟進。如果你不得不指出今年你在旅行恢復中需要的 3 個市場或原因，以真正為你們提供動力以達到你的指導？他們會是哪些市場？

The recovery in -- if I got the question, Brett, you're asking us which of our markets will be the best performers for us this year that we expect...

復甦——如果我有問題，布雷特，你是在問我們今年哪些市場將是我們預期的最佳表現……

To get the recovery.

得到恢復。

Yes, to get -- to recover. I mean, certainly, obviously, as we've talked about on a few occasions, Asia is quite important, and we have great expectations. So that's probably number one. We see a lot of opportunity expanding beyond and people tend to focus on China there, but we see going through the whole India subcontinent. So we see that as another great market. And then Latin America definitely is a big market for us. And obviously, we've taken the first big step there. Hopefully, it's one of many. But we see that as the next big market for us to go after.

是的，要恢復。我的意思是，當然，很明顯，正如我們在幾個場合談到的那樣，亞洲非常重要，我們抱有很大的期望。所以這可能是第一位的。我們看到很多機會擴展到其他地方，人們傾向於關注那裡的中國，但我們看到整個印度次大陸。所以我們認為這是另一個巨大的市場。然後拉丁美洲對我們來說絕對是一個大市場。顯然，我們已經邁出了第一步。希望它是其中之一。但我們認為這是我們要追求的下一個大市場。

Our next question is from the line of Mike Grondahl of Northland Securities.

我們的下一個問題來自 Northland Securities 的 Mike Grondahl。

Could you help us out with a little bit more granular information, how did airlines do hotels, cars, cruise events and then the ancillary bucket? Like just how did each one perform kind of vis-a-vis your expectations? Were they above, below? Just those 5 buckets, it would be helpful to get a little color on?

你能幫我們提供更詳細的信息嗎？航空公司是如何提供酒店、汽車、郵輪活動以及輔助服務的？比如每個人的表現如何超出您的期望？他們在上面還是下面？就那 5 個水桶，塗上一點顏色會有幫助嗎？

Yes. So far, they are in line with our expectations. As you know, from the different decks that we have out there, we are not yet breaking them down. I mean, everything together, packages, hotels, cars, ancillaries, et cetera, it's about 20%. That's how we are classifying them now. They are growing in line with our expectations.

是的。到目前為止，它們符合我們的預期。如您所知，從我們現有的不同套牌來看，我們還沒有分解它們。我的意思是，所有東西加在一起，包裹、酒店、汽車、輔助設備等等，大約是 20%。這就是我們現在對它們進行分類的方式。他們的增長符合我們的預期。

Cruises, as you know, they were launched only to a very few numbers of customers to test the new platform. We'll talk more about that going into the rest of the quarter through various initiatives that we'll announce, but so far in line with our expectations and clearly a long way to go only up because it's a very, very small part relative to the rest of our business. (inaudible) we gave the figures. Domestic travel has recovered. International traffic is recovering slowly, slower, not slowly. I mean, it went to 77%, almost in the last quarter of '22 related to last quarter of '19. I mean in the last quarter, as you know, there were also a bit of 2 or 3 disruptive events that you have seen in the results of all the major companies, I mean, 2 or 3 hailstorms disruptions with the systems of the aviation security. So it's crucial to highlight here that despite all those things that impact the flight space much more than the hotel space despite all those and despite flights being 80% of our market, we were able to beat the straight expectation in both net revenues and EBITDA and net profit.

如您所知，Cruises 僅向極少數客戶推出以測試新平台。我們將通過我們將宣布的各種舉措更多地討論進入本季度剩餘時間的問題，但到目前為止符合我們的預期並且顯然還有很長的路要走，因為它相對於我們的其餘業務。 （聽不清）我們給出了數字。國內旅行已經恢復。國際交通正在緩慢恢復，更慢，而不是更慢。我的意思是，它達到了 77%，幾乎是在與 19 年最後一個季度相關的 22 年最後一個季度。我的意思是，如你所知，在上個季度，你在所有主要公司的業績中也看到了一些 2 或 3 次破壞性事件，我的意思是，航空安全系統有 2 或 3 次雹暴中斷.因此，在這裡必須強調的是，儘管所有這些因素對飛行空間的影響遠大於酒店空間，儘管所有這些因素以及航班占我們市場的 80%，但我們能夠在淨收入和 EBITDA 和淨利。

So I think this is something that wasn't highlighting from our numbers, which is great that you're pointing it out in relation to the flight performance in the market in general in the last quarter.

因此，我認為這並沒有從我們的數字中突出顯示，這很好，你指出它與上個季度市場的總體飛行表現有關。

And then, secondly, you guys have talked about the macro a little bit. And in the past mentioned the strong dollar in that kind of helping international travel, U.S. to other parts. How would you describe the macro today? Is it a bit of a tailwind, a bit of a headwind? Kind of what are you seeing?

然後，其次，你們談了一點宏觀。過去提到強勢美元有助於國際旅行，美國到其他地區。您如何描述今天的宏觀經濟？是順風還是逆風？你在看什麼？

Yes. So the same -- I mean, there are similar dynamics. Of course, with regard to the strong dollar, I mean, the dollar treated a bit, right? I mean that's kind of a general macro trend. But then on the other hand, you have new trends, which we believe are even more positive to our business. For example, for most of '22, there was generally an undersupply right? Especially in flights, I mean, especially in flight, especially domestic flights. So we see that dynamic changing, and that's crucial because as you know, we have an indispensable part of the travel liquid system, which becomes even more indispensable with higher capacity, excess capacity. So we are seeing the trend of undersupply of 22 in reverse, not only because of changes in the labor markets. I mean there was a report yesterday about the hotels and airlines finding it much easier to recruit. But more importantly, we see it on the CapEx side. I mean you see (inaudible) India, they've announced the acquisition of 470 aircraft, which is the biggest sort in the history of aviation.

是的。所以一樣——我的意思是，有相似的動力。當然，關於強勢美元，我的意思是，美元受到了一些對待，對吧？我的意思是這是一種普遍的宏觀趨勢。但另一方面，你有新的趨勢，我們認為這對我們的業務更加積極。例如，對於 22 年的大部分時間，通常供應不足，對嗎？特別是在航班上，我是說，特別是在航班上，尤其是國內航班。所以我們看到動態變化，這是至關重要的，因為正如你所知，我們擁有旅行液體系統不可或缺的一部分，隨著容量的增加，容量過剩變得更加不可或缺。因此，我們看到 22 供應不足的趨勢正在逆轉，這不僅僅是因為勞動力市場的變化。我的意思是昨天有一份報告說酒店和航空公司發現招聘更容易。但更重要的是，我們在資本支出方面看到了這一點。我的意思是你看到（聽不清）印度，他們宣布購買 470 架飛機，這是航空史上最大的飛機。

So clearly, in '23 and '24, we expect excess supply to increase, which, as you know, is positive for our business and is more impactful than the slight kind of devaluation that we have seen in the U.S. dollar, which is natural. After a year, 1.5 years of continued appreciation is only natural. There is a bit of a change there. Jim, I don't know if...

很明顯，在 23 年和 24 年，我們預計供應過剩會增加，如您所知，這對我們的業務是積極的，並且比我們在美元中看到的輕微貶值影響更大，這是自然的.一年後，1.5 年的持續升值是很自然的。那裡有一點變化。吉姆，我不知道是否...

Yes. I just -- the only thing I would add to that is that the whole pent-up demand that we've all been talking about through most of last year, it was not entirely satisfied, right? Now the character might have changed a little and the groups that will step out first would change a little bit. But as the dollars moderated, we don't see that as hurting anything. As a matter of fact, we see it in some of these groups is helping. So we think that pent-up demand will continue to make its way out, maybe not as straight line bottom left to upper right that everybody had thought. But generally, that trend we expect to continue.

是的。我只是 - 我唯一要補充的是，我們在去年大部分時間裡一直在談論的整個被壓抑的需求並沒有完全滿足，對吧？現在角色可能會發生一些變化，首先走出去的小組也會發生一些變化。但隨著美元貶值，我們認為這不會造成任何傷害。事實上，我們看到其中一些群體正在發揮作用。因此，我們認為被壓抑的需求將繼續走出困境，可能不像大家想像的那樣從左下角到右上角的直線。但總的來說，我們預計這種趨勢會持續下去。

And then just lastly, anything to call out in some of your newer subscription businesses or in some of the partnerships that you've talked about in the past, EBG or Arthur Gallagher, any relevant update?

最後，在你的一些新訂閱業務或你過去談到的一些合作夥伴關係中，EBG 或 Arthur Gallagher，有什麼相關的更新嗎？

The one thing, I guess, we could add there is we've starting in fourth quarter, we started to focus on better penetration, if you will, or faster penetration of that 125-million-member base that we have access to through some of those organizations. And we see that starting to pay off. We see an increase in our average daily transactions from last quarter, the fourth quarter of '22 to the first quarter of '23 so far to date. So we see those efforts paying off. We expect to be able to continue to mine that, which, again, will help us as we grow. And we'll continue to expand that portfolio, right? With -- we're going after the experts. We're going after a lot of local capabilities, local providers. So as we improve that network and grow that network, you'll see good results coming from those businesses.

我想，我們可以補充的一件事是，我們從第四季度開始，我們開始專注於更好的滲透，如果你願意的話，或者更快地滲透我們可以通過一些方式訪問的 1.25 億會員群那些組織。我們看到這開始得到回報。到目前為止，我們看到從上個季度、22 年第四季度到 23 年第一季度的平均每日交易有所增加。所以我們看到這些努力得到了回報。我們希望能夠繼續開採，這將再次幫助我們成長。我們將繼續擴大該產品組合，對嗎？隨著 - 我們正在尋找專家。我們正在追求很多本地能力，本地供應商。因此，隨著我們改進該網絡並發展該網絡，您會看到這些業務帶來的良好結果。

And EBG specifically, you may recall from the last quarter's call that the emphasis for '22 was to provide our flight content to them, right? Which we have provided for the most part, on nearly of their platforms. And you may also recall that the next stage in the evolution of that partnership was the reverse, right? It was for Mondee to start consuming EBG content like theme parks, tickets, events, et cetera, which required more time because it required the creation of new technology platforms. So that is what we have been working in the last few quarters, and we hope that in 2023, that element of the equation will start bearing results as well.

具體來說，EBG，您可能還記得上一季度的電話會議，'22 的重點是向他們提供我們的航班內容，對嗎？我們幾乎在他們的平台上提供了大部分內容。你可能還記得，這種夥伴關係演變的下一階段是相反的，對吧？ Mondee 開始消費主題公園、門票、活動等 EBG 內容，這需要更多時間，因為它需要創建新技術平台。這就是我們過去幾個季度一直在做的事情，我們希望在 2023 年，方程式中的那個元素也能開始產生結果。

Good luck in '23, Guy.

蓋伊，祝你 23 年好運。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) And our next question is from the line of [Jed Kelly] of Oppenheimer.

（操作員說明）我們的下一個問題來自奧本海默的 [Jed Kelly]。

And nice quarter. Just a few, if I may. If I sort of look at your revenue growth, transaction growth relative to other companies that are in the travel distribution space, you seem that being recovering quicker than a lot of them are. So can you talk about what sort of the underlying, what's driving some of those underlying share gains? And then my second question sort of as a follow-up. Can you give us any metrics around the engagements of the travel agents using your platform relative to those same travel agents that are using other platforms?

和漂亮的季度。如果可以的話，就幾個。如果我看一下你的收入增長，相對於旅遊分銷領域其他公司的交易增長，你似乎比很多公司恢復得更快。那麼你能談談什麼樣的基礎，是什麼推動了這些基礎股票的上漲？然後我的第二個問題有點像後續問題。您能否為我們提供有關使用您的平台的旅行社相對於使用其他平台的相同旅行社的參與度的任何指標？

Okay. So I'll take the first question. So the reason that you see our net revenue is growing faster than the market is because our recovery is not market driven. There is an element of market recovery, but there are much -- there are other dynamics that are going on here. The first one is that we are increasing market share, right? Which you have seen. I mean there are a few slides in our deck, you can see the growth that we've had historically, and we continue on that positive trajectory. So that's the one element that is important. The second element that is important. As you know, the segment of the market we disrupted was the flight consolidated market, it is a $70 billion market in North America. And now we're expanding beyond that. We discuss hotels, we discussed cruises, we discuss other content. So as we disrupt adjacent segments, not only we are growing our market share in our main market, but we are increasing our market share in markets that were previously not there, right? Thirdly, we grow geographically, both organically and with M&A.

好的。所以我會回答第一個問題。所以你看到我們的淨收入增長快於市場的原因是因為我們的複蘇不是市場驅動的。有市場復甦的因素，但還有很多 - 這裡還有其他動態。第一個是我們正在增加市場份額，對嗎？你見過的。我的意思是我們的甲板上有幾張幻燈片，你可以看到我們歷史上的增長，我們繼續沿著積極的軌道前進。所以這是一個重要的元素。第二個要素很重要。如您所知，我們破壞的市場部分是航班整合市場，它在北美是一個 700 億美元的市場。現在我們正在擴展。我們討論酒店，我們討論郵輪，我們討論其他內容。因此，當我們擾亂相鄰的細分市場時，我們不僅會增加我們在主要市場的市場份額，還會增加我們在以前不存在的市場中的市場份額，對嗎？第三，我們在地理上實現增長，包括有機增長和併購。

And then last but not least, our technology is an important driver because this is even on the same growth revenues, we are realizing much more net revenues because of the higher take rate, which is a result of fintech and short of market tech, all these solutions, which are powered by this very unique technology that we have.

最後但並非最不重要的是，我們的技術是一個重要的驅動力，因為即使收入增長相同，我們也實現了更多的淨收入，因為採用率更高，這是金融科技和市場技術短缺的結果，所有這些解決方案由我們擁有的這項非常獨特的技術提供支持。

And then last but not least, we feel that we are in a segment. We are serving the needs of the new consumer, which are currently not being adequately addressed by the platforms that are out there. We have made the point many times that the solutions out there, they are mostly catering with 90s based technology to the boomer and the genes. So now the new generations, the (inaudible) millennials, they have completely different needs. They have different ways of making decisions on how they consume travel, very much in line with how e-commerce is consumed with social media, with mobile apps. And we feel that the technology that we have been developing and we are developing is more in line with this generational shift, and that explains partially also the exponential growth that we feel will be enjoying in the foreseeable future.

最後但並非最不重要的一點是，我們覺得自己處於一個細分市場中。我們正在滿足新消費者的需求，目前現有的平台無法充分滿足這些需求。我們已經多次指出現有的解決方案，它們主要是為嬰兒潮一代和基因提供基於 90 年代的技術。所以現在新一代，（聽不清）千禧一代，他們有完全不同的需求。他們有不同的方式來決定他們如何消費旅行，這與電子商務與社交媒體和移動應用程序的消費方式非常相似。我們覺得我們一直在開發和正在開發的技術更符合這一代人的轉變，這也部分解釋了我們認為在可預見的未來將享受的指數增長。

Jed, it's Jim. Let me just add on to sort of the second part of your question. With the travel intermediary marketplace in general, right? The travel agents, the experts, the local providers, et cetera. Look, we believe we have the most tech forward platform out there. And it has been -- we also believe the most comprehensive platform and everything we've talked about and you've seen us publish say we're just continuing to build and expand on that, right? The breadth of services, starting with just flights and the richness of that content and adding to it. So with that sort of very tech forward, very user-friendly platform for that intermediary customer. I mean, our penetration has been great. And it's even bigger with sort of the Gen Z and the gig economy side of that market, which is just burgeoning now. So the platform continues to penetrate. We think it is one of the dominant platforms out there. And everything we're doing is intended to only make that better.

傑德，是吉姆。讓我補充一下你問題的第二部分。跟旅遊中介市場一般吧？旅行社、專家、當地供應商等。看，我們相信我們擁有最先進的技術平台。而且它一直是 - 我們也相信最全面的平台和我們已經討論過的一切，你已經看到我們發布說我們只是繼續建立和擴展它，對嗎？服務的廣度，從航班和豐富的內容開始，並不斷增加。因此，對於那個中間客戶來說，這種技術非常先進，非常用戶友好的平台。我的意思是，我們的滲透率很高。對於 Z 世代和該市場的零工經濟方面來說，它甚至更大，現在才剛剛興起。所以平台不斷滲透。我們認為它是那裡的主要平台之一。我們所做的一切都是為了讓它變得更好。

So we have big plans for that. You see that we announced the launch of our affiliate program. And that affiliate program is simply to put an exclamation point on all of that effort. We're going to allow our affiliates to have even deeper and richer access to all of our technology, all of our tech features as a (inaudible) just covered and be able to service their clients so much better. So those things just are drawing the market to us, and we will continue to very aggressively pursue that segment, that intermediary segment and the penetration of it.

所以我們對此有很大的計劃。您會看到我們宣布啟動我們的聯屬網絡營銷計劃。而該聯盟計劃只是為所有這些努力加上感嘆號。我們將允許我們的附屬公司更深入、更豐富地訪問我們所有的技術，我們所有的技術功能（聽不清）剛剛涵蓋，並且能夠更好地為他們的客戶提供服務。所以這些東西只是在吸引市場，我們將繼續非常積極地追求那個細分市場，那個中間細分市場及其滲透。

And we have no more questions. I'd like to turn the call back over to Jeff Houston.

我們沒有更多問題了。我想把電話轉回傑夫休斯頓。

Thank you. Yes. We'd just like to express our gratitude to everyone for listening in, watching the webcast or the replay or reading the transcripts and for their attention to Mondee. I would welcome the opportunity to schedule a call, present the company and answer any questions you may have. You can get more information at our website, investors.mondee.com or you can send us an e-mail at ir@mondee.com. Thank you.

謝謝。是的。我們只想感謝大家收聽、觀看網絡廣播或重播或閱讀文字記錄以及他們對 Mondee 的關注。我很高興有機會安排電話，介紹公司並回答您可能提出的任何問題。您可以在我們的網站 investors.mondee.com 上獲得更多信息，或者您可以發送電子郵件至 ir@mondee.com。謝謝。

This concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開線路。