Mondee Holdings Inc (MOND) 2023 Q1 法說會逐字稿

Good day, and welcome to the Mondee First Quarter 2023 Earnings Conference Call. Please note this event is being recorded. I'd now like to turn the conference call over to Jeff Houston, Senior Vice President. Jeff, please go ahead.

美好的一天，歡迎來到 Mondee 2023 年第一季度收益電話會議。請注意正在記錄此事件。我現在想將電話會議轉交給高級副總裁傑夫休斯頓。傑夫，請繼續。

Thank you, operator, and good morning, everyone. Welcome to Mondee's First Quarter 2023 Conference Call. With me today are Founder, Chairman and CEO, Prasad Gundumogula; and Chief Financial Officer, Jesus Portillo, who will also present our results.

謝謝接線員，大家早上好。歡迎來到 Mondee 2023 年第一季度電話會議。今天和我在一起的是創始人、董事長兼首席執行官 Prasad Gundumogula；和首席財務官 Jesus Portillo，他也將介紹我們的結果。

Also available for questions and answers is our Vice Chairman, Chief Strategy and Business Development Officer, Orestes Fintiklis; and Chief Operating Officer, Jim Dullum.

我們的副董事長、首席戰略和業務發展官 Orestes Fintiklis 也可以回答問題；首席運營官 Jim 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 [governance] plans and other nonhistorical statements as further described in our press release.

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、業務增長、我們的管理和[治理]計劃的陳述以及我們新聞稿中進一步描述的其他非歷史性陳述。

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.

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。

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.

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。

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, it's my pleasure to turn the call over to Prasad.

有了這個，我很高興把電話轉給普拉薩德。

Thank you, Jeff. This morning, we are excited to welcome everyone to Mondee's first quarter 2023 earnings call to discuss our results and positive developments, we will highlight through the call. We appreciate your interest, whether you are a shareholder, a client, supplier, business partner, employee, prospective shareholder or analyst.

謝謝你，傑夫。今天早上，我們很高興歡迎大家參加 Mondee 的 2023 年第一季度財報電話會議，討論我們的業績和積極的發展，我們將通過電話會議強調這一點。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, Jesus Portillo, for a more detailed review of 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。然後我會將電話轉給我們的首席財務官 Jesus Portillo，以更詳細地審查財務業績和前景。然後，我們將在會議結束時回答幾個問題。

We are pleased to begin 2023 with strong first quarter results. Mondee continued to deliver profitable growth. Gross revenue of approximately $700 million was 146% of first quarter 2022, while net revenue of approximately $50 million was 128% of first quarter '22.

我們很高興以強勁的第一季度業績開啟 2023 年。 Mondee 繼續實現盈利增長。總收入約為 7 億美元，是 2022 年第一季度的 146%，而淨收入約為 5000 萬美元，是 22 年第一季度的 128%。

Even though the international travel market only recovered to about 82% from its pre-pandemic peak. Equally important as our continuing growth trend is that we continue to deliver profitability as we scale. First quarter adjusted EBITDA was $4 million, almost double the same period last year.

儘管國際旅遊市場僅從大流行前的峰值恢復到 82% 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。第一季度調整後的 EBITDA 為 400 萬美元，幾乎是去年同期的兩倍。

Turning to Slide 4 and 5. Today, we announced 2 acquisitions, Interep and Consolid. This follows the Orinter acquisition in the first quarter. Beginning with Interep, which is a leading luxury Brazilian B2B travel company with a 40-year operating history, it sells upscale leisure travelers unlimited corporate customers through a distribution network of 3,100 affiliates and influencers as well as a network of 5,000 agents. The company has experienced strong profitable growth, doubling its net revenues compared to pre-pandemic levels.

轉到幻燈片 4 和 5。今天，我們宣布了 2 項收購，即 Interep 和 Consolid。這是在第一季度收購 Orinter 之後。從擁有 40 年運營歷史的領先巴西 B2B 豪華旅遊公司 Interep 開始，它通過由 3,100 名分支機構和影響者組成的分銷網絡以及由 5,000 名代理商組成的網絡，向無限多的企業客戶銷售高端休閒旅客。該公司經歷了強勁的盈利增長，與大流行前的水平相比，其淨收入翻了一番。

The acquisition of Interep will further expand and diversify Mondee's geographic footprint in Latin America, and enhance its product offerings and provide a complementary distribution network to that of Orinter, Mondee's prior acquisition in Brazil, given Interep's focus in the luxury market and influencer driven marketing strategies. This transaction was accretive as we paid just over 3x (inaudible) 2022 adjusted EBITDA.

鑑於 Interep 專注於奢侈品市場和影響力驅動的營銷策略，收購 Interep 將進一步擴大 Mondee 在拉丁美洲的地理足跡並使其多樣化，並增強其產品供應並提供與 Mondee 之前在巴西收購的 Orinter 互補的分銷網絡.由於我們支付了 2022 年調整後 EBITDA 的 3 倍多一點（聽不清），因此該交易具有增值作用。

We also acquired Consolid, a leading company in the Mexican B2B2C air and ground arrangement travel market. With an 18-year operating history, Consolid serves an estimated thousand customers globally with concentrations in Mexico and LatAm through its Consolid and travel (inaudible).

我們還收購了墨西哥 B2B2C 航空和地面安排旅行市場的領先公司 Consolid。 Consolid 擁有 18 年的運營歷史，通過其 Consolid 和旅行（聽不清）為全球約一千名客戶提供服務，主要集中在墨西哥和拉丁美洲。

The acquisition supports our continued expansion in Latin America and presents several synergetic opportunities for technology and service offering deployments, as well as cross-selling within this very important growing region. The transaction is accretive to Mondee as we paid a 4x multiple of 2022 adjusted EBITDA.

此次收購支持我們在拉丁美洲的持續擴張，並為技術和服務產品部署以及在這個非常重要的增長地區的交叉銷售提供了多個協同機會。該交易對 Mondee 有利，因為我們支付了 2022 年調整後 EBITDA 的 4 倍。

Turning to Orinter, a high-growth and leading travel provider with a strong presence in Brazil and Latin America. Brazil is the largest and one of the more dynamic markets in South America, offers a natural expansion opportunity.

轉向 Orinter，這是一家高增長的領先旅遊供應商，在巴西和拉丁美洲擁有強大的影響力。巴西是南美洲最大且最具活力的市場之一，提供了天然的擴張機會。

Orinter is a disruptive growth company in a high-growth market, evidenced by its 2019 to 2022 net revenue CAGR of 38%, despite 2 full years of the pandemic.

Orinter 是高增長市場中的一家顛覆性增長公司，儘管經歷了整整 2 年的大流行，但其 2019 年至 2022 年的淨收入複合年增長率為 38% 就證明了這一點。

The acquisition will enable Mondee to broaden the distribution of Orinter's travel content and leverage our proprietary technology platform and deploy revenue enhancements, such as fintech and ancillary solutions, while optimizing expenses to achieve meaningful top line and bottom line synergies. The transaction was accretive with the 2022 price to EBITDA multiple of approximately 4x.

此次收購將使 Mondee 能夠擴大 Orinter 旅遊內容的分銷，並利用我們的專有技術平台和部署收入增強，例如金融科技和輔助解決方案，同時優化支出以實現有意義的頂線和底線協同效應。該交易是增值的，2022 年價格與 EBITDA 的倍數約為 4 倍。

These acquisitions come on the heels of our acquisition of Orinter at the end of January. It was our first acquisition in Latin America and further expand and diversify Mondee's geographical footprint, product offerings and distribution networks.

這些收購是在我們於 1 月底收購 Orinter 之後進行的。這是我們在拉丁美洲的首次收購，進一步擴大了 Mondee 的地理足跡、產品供應和分銷網絡並使其多樣化。

Going forward, we plan to continue complementing our organic initiatives to expand our operations in Central and South America, while also exploring opportunities in other regions, such as Europe and parts of Asia. We intend to leverage our platform and marketplace to achieve sustainable growth and enhance our position as a leader in the travel industry.

展望未來，我們計劃繼續補充我們的有機舉措，以擴大我們在中美洲和南美洲的業務，同時也在歐洲和亞洲部分地區等其他地區探索機會。我們打算利用我們的平台和市場實現可持續增長，並加強我們作為旅遊業領導者的地位。

In January 2023, Mondee introduced the Mondee Expert and Influencer Affiliate Network Program, which collaborates with new travel companies, experts and influencers to enhance current customer offerings and travelers' experiences while increasing distribution and reach.

2023 年 1 月，Mondee 推出了 Mondee Expert and Influencer Affiliate Network Program，該計劃與新的旅遊公司、專家和影響者合作，以增強當前的客戶服務和旅行者的體驗，同時增加分銷和覆蓋面。

In furtherance of this program in April, we announced a new partnership with Tissini, utilizing this program with a micro network of 55,000 U.S. Hispanic women. Mondee is aiming to align with key workers and influencers to help airline and hotel partners find and develop new channels, such as Tissini, which represent a new value-added channel for both suppliers and Mondee.

為推動該計劃，我們在 4 月宣布與 Tissini 建立新的合作夥伴關係，利用該計劃與一個由 55,000 名美國西班牙裔女性組成的微型網絡。 Mondee 的目標是與關鍵員工和影響者結盟，幫助航空公司和酒店合作夥伴尋找和開發新渠道，例如 Tissini，它代表供應商和 Mondee 的新增值渠道。

Not only are we introducing new channels, but we are better servicing organizations that already participated in travel. Our business to enterprise, B2E segment, performed very well. For example in this first quarter we added a number of customers, including a sizable enterprise customers, serving millions of close group travelers that brings significant existing flight and hotel volume to Mondee.

我們不僅引入了新渠道，而且更好地為已經參與旅遊的組織提供服務。我們的企業對企業、B2E 部分錶現非常出色。例如，在第一季度，我們增加了一些客戶，包括規模龐大的企業客戶，為數以百萬計的親密團體旅客提供服務，為 Mondee 帶來了大量的現有航班和酒店數量。

Within 2 months of going live, our seamless booking experience with privately negotiated content were able to significantly increase the number of joint flight and hotel transactions, meaningfully exceeding that customer's expectation.

在上線後的 2 個月內，我們的無縫預訂體驗和私下協商的內容能夠顯著增加聯合航班和酒店交易的數量，大大超出客戶的預期。

The company's great performance is partially based on the tailwind effect of the continuing international travel recovery. This is attributed to market share gains, with expansion into product segments beyond flight and hotel such as enhanced [ground] transportation options and special improvements in diversified revenue streams like fintech and ancillaries.

該公司的出色表現部分是基於國際旅行持續復甦的順風效應。這歸因於市場份額的增加，擴展到航班和酒店以外的產品領域，例如增強的[地面]交通選擇以及金融科技和輔助設備等多元化收入流的特殊改進。

On Slide 6, to look at the major industry trends impacting Mondee's business. While first North America domestic air was fully recovering to 2019 levels in the first quarter, international travel, which is our main business, was just 82% of the 2019 pre-pandemic levels.

在幻燈片 6 上，查看影響 Mondee 業務的主要行業趨勢。雖然第一季度北美國內航空已完全恢復到 2019 年的水平，但作為我們主要業務的國際旅行僅為 2019 年大流行前水平的 82%。

China, which reopened for inbound travel in January 2023, is now recovering, and we expect to experience more rapid recovery of our North America outbound travel to China in the back half of 2023, given the lead time necessary for travelers to typically plan and schedule Asia destination trips.

中國於 2023 年 1 月重新開放入境旅行，目前正在復蘇，考慮到旅行者通常需要提前計劃和安排時間，我們預計 2023 年下半年我們的北美到中國的出境旅行將更快恢復亞洲目的地旅行。

Pandemic-led labor shortages and concerns in fleet capacity, which led to basic undersupply in air and hotel in the first year's post pandemic are expected to gradually abate as we move through 2023 and beyond. Mondee's modern tech platform continues to evolve and become more and more appealing to the Gen Z and Millennials, whose purchasing power and influence is increasing.

大流行導致的勞動力短缺和對機隊容量的擔憂導致大流行後第一年的航空和酒店基本供應不足，預計到 2023 年及以後將逐漸緩解。 Mondee 的現代科技平台不斷發展，對購買力和影響力不斷增強的 Z 世代和千禧一代越來越有吸引力。

On the headwind side, while we expect higher supplier prices to abate this year, recession fear 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.

不利的一面是，雖然我們預計今年供應商價格上漲將會減弱，但對經濟衰退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。

Next, on technology. Mondee continues to enhance and expand the reach of its tech platform, facilitating 665,000 transactions in the first quarter '23, representing 144% of first quarter 2022. Each transaction could include multiple flights and hotels, vacation rentals and ancillary solutions.

接下來，關於技術。 Mondee 繼續加強和擴大其技術平台的範圍，在 23 年第一季度促進了 665,000 筆交易，佔 2022 年第一季度的 144%。每筆交易可能包括多個航班和酒店、度假租賃和輔助解決方案。

Diversified solutions are providing higher-margin revenue streams and driving higher take rate. Next, and excitingly, we are pleased to have recently strengthened our leadership team. First, we were thrilled to welcome Jesus Portillo to the Mondee family.

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。接下來，令人興奮的是，我們很高興最近加強了我們的領導團隊。首先，我們很高興地歡迎 Jesus Portillo 加入 Mondee 大家庭。

He's a seasoned global finance expert with more than 20 years of financial experience, including leading global acquisition integration, implementing [turbulence] of fleet controls and procedures at WPP and most recently as Global CFO of ThriveDX.

他是一位經驗豐富的全球金融專家，擁有超過 20 年的金融經驗，包括領導全球收購整合、在 WPP 實施 [動盪] 車隊控制和程序，最近擔任 ThriveDX 的全球首席財務官。

He joined Mondee to lead the finance function of the company during our next phase of expansion. Jesus brings a proven record of delivering results and creating value and we are very excited to work with him to accelerate Mondee's sustainable growth.

在我們下一階段的擴張期間，他加入了 Mondee 領導公司的財務職能。 Jesus 帶來了交付成果和創造價值的可靠記錄，我們很高興與他合作以加速 Mondee 的可持續發展。

We are also excited to welcome Meredith Waters as General Counsel. Her experience and knowledge will be invaluable in helping us navigate the complex legal landscape of the travel industry and supporting our continued growth.

我們也很高興歡迎 Meredith Waters 擔任總法律顧問。她的經驗和知識對於幫助我們駕馭旅遊業複雜的法律環境並支持我們的持續發展將是無價的。

Meredith has 15 years of corporate life experience, including serving as Senior Legal Counsel at the Apple and as a corporate economy at Kirkland & Ellis. As we continue our evolution to streamline public company position for extraordinary growth, we will continue to add top level experienced talent to our executive ranks to oversee the smooth execution of our plan and expansion.

Meredith 擁有 15 年的企業生活經驗，包括擔任 Apple 的高級法律顧問和 Kirkland & Ellis 的企業經濟顧問。隨著我們繼續精簡上市公司職位以實現非凡增長，我們將繼續為我們的高管隊伍增加經驗豐富的頂級人才，以監督我們計劃和擴張的順利執行。

I will now pass the call over to Jesus for a review of our financial performance and outlook. Jesus?

我現在將把電話轉給耶穌，讓他審查我們的財務業績和前景。耶穌？

Thank you, Prasad. And thanks again to our audience for attending. We're proud of the company's first quarter financial performance, particularly the continued growth of adjusted EBITDA profitability. Gross revenue of approximately $700 million was 146% of first quarter of '22, while net revenue of $50 million was 128% of first quarter '22, even though the international travel market only recovered to about 82% from its pre-pandemic peak.

謝謝你，普拉薩德。再次感謝我們的聽眾出席。我們為公司第一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。總收入約為 7 億美元，是 22 年第一季度的 146%，而 5000 萬美元的淨收入是 22 年第一季度的 128%，儘管國際旅遊市場僅從大流行前的峰值恢復到約 82%。

Take rate, which we define as net revenue divided by gross revenue, continued to be in line with our expectations. Take rate for the first quarter was 7.1%, 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.

Take Rate，我們定義為淨收入除以總收入，繼續符合我們的預期。第一季度的收益率為 7.1%，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。

Over time, we expect take rate to continue trending upward as a higher portion of our revenue comes from a greater mix of hotels and, soon, cruises, events and activities, complementing the stickier and higher-margin transaction add-on revenue from ancillaries, fintech and subscription.

隨著時間的推移，我們預計收入將繼續呈上升趨勢，因為我們收入的更大一部分來自更多的酒店組合，很快，郵輪、活動和活動，補充來自輔助設施的更具粘性和利潤率更高的交易附加收入，金融科技和訂閱。

Furthermore, we're happy with our overall business plans. We had over 665 million transactions in the first quarter of 2023, up from 463 million in the first quarter of '22.

此外，我們對我們的整體業務計劃感到滿意。我們在 2023 年第一季度的交易量超過 6.65 億筆，高於 2022 年第一季度的 4.63 億筆。

Turning to expenses. GAAP sales and marketing as a percentage of gross revenue decreased to 5.4% from 5.7% in the same quarter last year. G&A as a percentage of net revenue was 9%, up from 6.2% a year ago as we incorporated new public company expenses.

談到開支。 GAAP 銷售和營銷佔總收入的百分比從去年同期的 5.7% 下降到 5.4%。 G&A 占淨收入的百分比為 9%，高於一年前的 6.2%，因為我們納入了新的上市公司費用。

Adjusted EBITDA was $4 million, almost double the same period last year. Note that reconciliation of GAAP to non-GAAP are available in today's earnings release. On a GAAP basis, the net loss was $13.3 million compared with net loss of $7 million last year. On a non-GAAP basis, adjusted net loss was $5.5 million versus a loss of $5.1 million last year.

調整後的 EBITDA 為 400 萬美元，幾乎是去年同期的兩倍。請注意，GAAP 與非 GAAP 的調節可在今天的收益發布中找到。根據公認會計原則，淨虧損為 1330 萬美元，而去年淨虧損為 700 萬美元。在非 GAAP 基礎上，調整後的淨虧損為 550 萬美元，而去年為虧損 510 萬美元。

Net income loss included approximately $9 million of noncash and/or nonrecurring items. Looking at our balance sheet. At the end of first quarter, we had approximately $60 million of cash and $150 million of debt, compared with $79 million and $134 million, respectively, at the end of December 2022. This $36 million increase in net debt was due to cash used for acquisitions as well as an increase in our debt facility by $15 million.

淨收入損失包括約 900 萬美元的非現金和/或非經常性項目。看看我們的資產負債表。在第一季度末，我們擁有大約 6000 萬美元的現金和 1.5 億美元的債務，而 2022 年 12 月末分別為 7900 萬美元和 1.34 億美元。這 3600 萬美元的淨債務增加是由於現金用於收購以及我們的債務融資增加 1500 萬美元。

Turning to our 2023 outlook and guidance. We now project net revenue to be in the range of $240 million to $245 million, representing year-over-year growth of 52%, measured at the midpoint.

轉向我們的 2023 年展望和指導。我們現在預計淨收入在 2.4 億美元至 2.45 億美元之間，按中點計算，同比增長 52%。

Adjusted EBITDA is still expected to be in the range of $40 million to $45 million. In summary, we believe that Mondee is in a strong financial position that will enable us to capitalize on the continued reopening of the international travel industry and on future organic and inorganic growth opportunities..

調整後的 EBITDA 預計仍將在 4000 萬至 4500 萬美元之間。總而言之，我們認為 Mondee 的財務狀況良好，這將使我們能夠利用國際旅遊業的持續重新開放以及未來的有機和無機增長機會。

I will turn it now back over to Prasad. Prasad?

我現在將把它轉回給 Prasad。普拉薩德？

Thank you, Jesus. We are very pleased with our first quarter and are excited for the rest of 2023 and beyond. Mondee is truly transforming the travel industry with its modern tech platform, connecting airlines, hotels and vacation rentals with millions of users through an expanding network of travel experts, gig economy workers and social media influencers.

謝謝你，耶穌。我們對第一季度感到非常滿意，並對 2023 年剩餘時間及以後感到興奮。 Mondee 正在通過其現代技術平台真正改變旅遊業，通過不斷擴大的旅遊專家、零工經濟工作者和社交媒體影響者網絡將航空公司、酒店和度假租賃與數百萬用戶聯繫起來。

Additionally, our comprehensive solution provides suppliers with a one-stop shop to reduce excess capacity and offer store distribution networks, not only unique privately negotiated value content but also fully fintech solutions and ancillaries, unlike the online broadcast distribution channels to market and B2C travel platforms.

此外，我們的綜合解決方案為供應商提供一站式服務，以減少過剩產能並提供商店分銷網絡，不僅有獨特的私人協商價值內容，還有完全金融科技解決方案和輔助設備，這與在線廣播分銷渠道市場和 B2C 旅遊平台不同.

We work collaboratively with suppliers, which strengthens their revenue management systems or strategies. Our content, technology and distribution uniquely positions us to continue disrupting the $1 trillion [assisted] and affiliated travel market. Thanks for attending our first quarter earnings call, and we look forward to your ongoing support.

我們與供應商合作，加強他們的收入管理系統或戰略。我們的內容、技術和分銷以獨特的方式使我們能夠繼續擾亂價值 1 萬億美元的 [輔助] 和附屬旅遊市場。感謝您參加我們的第一季度財報電話會議，我們期待您的持續支持。

(Operator Instructions) Our first question for today comes from Darren Aftahi from 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 work on the results. Two questions, if I may. First, just you commented about international travel and kind of where it is relative to kind of peak travel.

結果很好。兩個問題，如果可以的話。首先，您剛剛評論了國際旅行以及它與高峰旅行的關係。

I guess with the opening of China and how that's going to impact your business later in the year, like what do you think beyond that needs to happen to get back to peak levels is my question -- first question.

我想隨著中國的開放以及這將如何影響你今年晚些時候的業務，比如你認為除此之外需要發生什麼才能恢復到峰值水平是我的問題——第一個問題。

And the second one, on fintech and ancillaries, how fast did that grow in the quarter? What was the attach rate? And sort of what are your expectations for the rest of the year?

第二個，關於金融科技和輔助設備，該季度的增長速度有多快？附加率是多少？您對今年餘下時間的期望是什麼？

I will answer the attachment, the second question first. So the fintech and ancillaries is going very high, and they are increasing and improving month by month.

我先回答附件，第二個問題。因此，金融科技和輔助設備的發展非常快，而且它們逐月增加和改進。

So we have close to 15% to 18% attachment rate of ancillaries and fintech solutions wherein certain segments of business have higher attachment rate compared with others, which we are seeing a good catch up on the other segments. And overall, it's between 15% and 18%.

因此，我們的輔助產品和金融科技解決方案的附加率接近 15% 至 18%，其中某些業務領域的附加率高於其他領域，我們看到其他領域的追趕率很高。總體而言，它在 15% 到 18% 之間。

So the first point on the international recovery, we are talking about 82% of the industry recovery in the international markets today. And in China's reopening, we expect to have the market fully recovered by the end of this year.

所以關於國際復甦的第一點，我們今天談論的是國際市場 82% 的行業復甦。在中國的重新開放中，我們預計到今年年底市場將完全恢復。

However, please note that we have been growing at now 150% approximately compared with the market being recovering at 82%. And our growth comes from taking the opportunities in the markets that are opening, at the same time increasing our revenue streams and the take rate from the current transactions that we are [setting].

但是，請注意，與市場復甦的 82% 相比，我們現在的增長率約為 150%。我們的增長來自於在開放的市場中抓住機會，同時增加我們的收入來源和我們正在[設置]的當前交易的收入率。

Our next question comes from Tom White of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Tom White。戴維森。

Two, if I could. I guess, just first on guidance. So you're raising the revenue outlook by, I think, $7.5 million, but you're holding the EBITDA range. Maybe just help us kind of parse out kind of different moving pieces there, kind of performance of the core business versus some of the new acquisitions versus maybe any updated kind of views or thoughts on how the macro may or may not be impacting you guys?

兩個，如果可以的話。我想，首先是指導。所以我認為你將收入前景提高了 750 萬美元，但你保持了 EBITDA 範圍。也許只是幫助我們解析出一些不同的移動部分，核心業務的表現與一些新的收購，以及關於宏觀可能會或可能不會影響你們的任何更新的觀點或想法？

And then second question, 3 deals since the start of the year, all focused on kind of Latin America. Maybe just talk a little bit about why that market is where you guys have really been focused from an M&A perspective versus maybe some of the other, kind of, international, or even domestic opportunities you're looking at?

然後是第二個問題，自今年年初以來有 3 筆交易，都集中在拉丁美洲。也許只是談談為什麼這個市場是你們從併購的角度真正關注的地方，而不是你們正在尋找的其他一些國際甚至國內機會？

Thank you, Tom. So this is Orestes. So the adjustment we made to our guidance is effectively to include the 2 new acquisitions that we made for the second half of the year, and that is the increase in the revenue. .

謝謝你，湯姆。這就是俄瑞斯忒斯。因此，我們對我們的指導所做的調整實際上是為了包括我們為今年下半年進行的 2 項新收購，即收入的增加。 .

In the EBITDA side, if you can see from the information that we have disclosed this morning about the size of these acquisitions for the rest of the 6 months of the year, the increase is $1.5-or-so million.

在 EBITDA 方面，如果您可以從我們今天上午披露的有關今年剩餘 6 個月的這些收購規模的信息中看到，增幅為 150 萬美元左右。

So when we are talking about a range of $40 million to $45 million, that is not significant enough to change the range, even though if we were targeting the low to mid kind of level of that range, now we're targeting the mid- to high level of that range. So that is kind of a mathematical issue why we haven't adjusted also the EBITDA slightly upwards.

因此，當我們談論 4000 萬至 4500 萬美元的範圍時，這還不足以改變範圍，即使我們的目標是該範圍的中低水平，現在我們的目標是中等水平到該範圍的高水平。所以這是一個數學問題，為什麼我們還沒有稍微向上調整 EBITDA。

In relation to your second question, Latin America is a natural expansion for us, not only because of the geographical proximity but because there are obvious cross synergies, cross-selling and other synergistic opportunities, which relate to the fact that there is a growth of the U.S. travelers traveling to Latin America and also a growth of the Latin American travelers traveling to the United States, which basically allows us to sell our content to the Latin American travelers of these 3 companies and the other way around.

關於你的第二個問題，拉丁美洲對我們來說是一個自然的擴張，不僅因為地理上的接近，而且因為有明顯的交叉協同、交叉銷售和其他協同機會，這與以下事實有關：前往拉丁美洲的美國遊客以及前往美國的拉丁美洲遊客的增長，這基本上使我們能夠將我們的內容出售給這 3 家公司的拉丁美洲遊客，反之亦然。

There is also a lot of opportunity in Latin America because the tech penetration is even less than the United States and other parts of the world. And as you know, one of the synergies that we intend to realize with these acquisitions is to provide our modern technology to market that have a fairly high tech [depth].

拉丁美洲也有很多機會，因為技術普及率甚至低於美國和世界其他地區。如您所知，我們打算通過這些收購實現的協同效應之一是向市場提供我們的現代技術，這些技術具有相當高的技術[深度]。

Having said that, that doesn't mean we're not going to close more acquisitions in other geographies, there is also an element of -- just timing wise, having closed those 3 in Latin America first.

話雖如此，這並不意味著我們不會在其他地區完成更多收購，還有一個因素——只是時機明智，首先在拉丁美洲完成了這 3 筆收購。

Tom, it's Jim Dullum. Let me just add on to what Orestes was saying. I mean, if you look at the performance of that whole region throughout the pandemic and these companies specifically, they had strategies that they executed very effectively. So with all 3 companies, I mean, they're fantastic management teams that have executed flawlessly to this point.

湯姆，我是吉姆·杜魯姆。讓我補充一下 Orestes 所說的話。我的意思是，如果你看看整個地區在整個大流行期間的表現，特別是這些公司，他們的戰略執行得非常有效。所以對於這 3 家公司，我的意思是，他們都是出色的管理團隊，到目前為止執行得非常完美。

So as Orestes points out, what they now need to go to the next level, they've all gained market share throughout the pandemic, what they now need to go to the next level is Mondee technology and access to Mondee distribution, et cetera, and content. So those things will all help them.

因此，正如 Orestes 指出的那樣，他們現在需要更上一層樓，他們在整個大流行期間都獲得了市場份額，他們現在需要更上一層樓的是 Mondee 技術和獲得 Mondee 分銷等，和內容。所以那些東西都會幫助他們。

So we just saw a multiplier effect there at good values. And so that just made sense to do these first while we focus on and continue to work on other areas.

所以我們剛剛看到了良好價值的乘數效應。因此，在我們專注於並繼續致力於其他領域的同時，先做這些是有意義的。

Our next question comes from Mike Grondahl of Northland Securities.

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

I know the first acquisition you did, Orinter, closed like February 1. So it's pretty recent. But I know they had a big hotel presence and a high take rate of 13%. Is -- how is that integration going? How is that business performing? And have you been able to leverage some of their hotel DNA to kind of expand your hotel presence?

我知道你做的第一筆收購，Orinter，在 2 月 1 日結束。所以這是最近的事。但我知道他們有很大的酒店影響力和 13% 的高采用率。是——整合進展如何？該業務表現如何？您是否能夠利用他們的一些酒店 DNA 來擴大您的酒店影響力？

Yes. Thank you, Mike. I'll take this one. So we are in the process of integrating their hotel content, which we hope to be able to complete this process within the next few weeks. And we do anticipate seeing some of those results showing in the second half of the year, I mean the additional synergies.

是的。謝謝你，邁克。我要這個。所以我們正在整合他們的酒店內容，我們希望能夠在接下來的幾週內完成這個過程。我們確實預計會在今年下半年看到其中一些結果，我的意思是額外的協同效應。

Now having said that, another point to bear in mind is that the Interep acquisition we announced this morning has even more hotel component. It's more than 80% hotel and it has 0 air.

話雖如此，要記住的另一點是我們今天早上宣布的 Interep 收購有更多的酒店部分。這是超過 80% 的酒店，它有 0 空氣。

So there, there is even more of that dynamic going on, where we are enhancing our hotel content. In the case of Interep, mostly with luxury product, and that's how it complements the hotel content of Orinter, which, like you mentioned, we closed about 2, 2.5 months ago.

因此，我們正在增強我們的酒店內容，這種動態正在發生。就 Interep 而言，主要是奢侈品，這就是它如何補充 Orinter 的酒店內容，正如您提到的，我們大約在 2、2.5 個月前關閉。

Got it, got it. And then where would you describe your marketing strategy and level today? I know there's been times in the last couple of years, where you've pushed harder on marketing, then you've pulled back a little bit.

明白了，明白了。然後你會在哪裡描述你今天的營銷策略和水平？我知道在過去的幾年裡，你曾多次加大營銷力度，然後又退縮了一點。

Sort of, what level of marketing are you doing now to kind of push -- and how do you see that playing out the rest of the year?

有點，你現在在做什麼級別的營銷來推動——你如何看待今年餘下時間的效果？

Yes. So Mike, let me kind of start and then maybe Prasad and Jim can add. But we are at the level that we are pushing full on. I mean you may recall that on the marketing side, we intensified our efforts first in North America when we reopened after the pandemic, then in Europe, then in Asia at the beginning of the year and now.

是的。邁克，讓我開始吧，然後也許普拉薩德和吉姆可以補充。但我們正處於全力推進的水平。我的意思是你可能還記得，在營銷方面，我們在大流行病後重新開放時首先在北美加強了我們的努力，然後是歐洲，然後是今年年初和現在的亞洲。

So as you know, we recently also hired a very strong professional team there in December of last year to enhance our marketing strategies and our marketing teams.

如您所知，我們最近還在去年 12 月聘請了一支非常強大的專業團隊，以加強我們的營銷策略和營銷團隊。

So this is an area that we are having more expenses than usual. And that is one of the reasons that you are seeing a much higher revenue, not translating necessarily into a pro rata increase in EBITDA. EBITDA is still increasing and doubling, but not to the same extent. And this is because now we are enhancing those marketing strategies and teams.

所以這是一個我們比平時有更多支出的領域。這就是您看到更高收入的原因之一，不一定轉化為 EBITDA 的按比例增長。 EBITDA 仍在增長和翻倍，但程度不同。這是因為現在我們正在加強這些營銷策略和團隊。

We are expanding to more influencer-driven -- social media influencer-driven strategies. so there is a lot going on there, which now is showing higher cost structure, but we hope that, and we anticipate, that it will show much higher revenues in the second half of the year and the beginning of 2024.

我們正在擴展到更多影響者驅動的——社交媒體影響者驅動的策略。所以那裡發生了很多事情，現在顯示出更高的成本結構，但我們希望，並且我們預計，它將在今年下半年和 2024 年初顯示出更高的收入。

Got it. Got it. Okay. And just like -- go ahead Jim.

知道了。知道了。好的。就像——繼續吧，吉姆。

I was just going to add, Mike, that just to -- if you think about, as Orestes just said it, we are now practicing marketing at 2 different levels, right?

邁克，我只是想補充一點——如果你想一想，正如奧雷斯特斯剛才所說，我們現在正在兩個不同的層面上進行營銷，對吧？

There is the level which is becoming much more effective and efficient against the core business, so the kind of marketing that has allowed us to continue to take advantage of different geographies by moving sort of our marketing focus to the geographies that are opening up best, et cetera, and taking advantage of that.

在核心業務方面變得更加有效和高效的水平，因此這種營銷使我們能夠通過將我們的營銷重點轉移到開放最好的地區來繼續利用不同的地區，等等，並利用這一點。

But as we transform, and as the business itself transforms and our marketplace goes through its own transformation with the rise of the influencers, the experts, et cetera, the Tissini announcement that we made a few weeks ago that we just reiterated here would be an example of that with the gig workers and so forth in particular segments and sections, that marketing effort is kicking into gear as well.

但隨著我們的轉型，隨著業務本身的轉型以及我們的市場隨著有影響力的人、專家等的崛起而經歷自身的轉型，我們幾週前發布的 Tissini 公告我們剛剛在這裡重申，這將是一個以零工工人為例，在特定的細分市場和部門中，營銷工作也開始發揮作用。

So Kymber and her team are very focused now at basically marketing in different areas for the way the marketplace is transforming. So that when you look at our marketing efforts, expect them they're kicking into high gear, and they will be -- they will have a broader focus because our marketplace is broadening, as is our product offerings and services.

因此，Kymber 和她的團隊現在非常專注於針對市場轉型方式在不同領域進行的基本營銷。因此，當您查看我們的營銷工作時，期望他們會全力以赴，他們將會 - 他們將擁有更廣泛的關注點，因為我們的市場正在擴大，我們的產品和服務也是如此。

Got it. And just lastly quick. I think I saw the Consolid acquisition had $8 million of revenues and approximately $1 million of adjusted EBITDA. And I think it's -- Interep had $2.8 million of adjusted EBITDA, but I didn't see the revenue number. Did you guys disclose that?

知道了。最後很快。我想我看到 Consolid 的收購有 800 萬美元的收入和大約 100 萬美元的調整後 EBITDA。我認為是——Interep 的調整後 EBITDA 為 280 萬美元，但我沒有看到收入數字。你們有透露嗎？

Yes, we disclosed the EBITDA margin. We said 28%. So from that, you can infer it was just over $10 million, right?

是的，我們披露了 EBITDA 利潤率。我們說的是 28%。因此，您可以推斷出它剛剛超過 1000 萬美元，對嗎？

(Operator Instructions) Our next question comes from Brett Knoblauch from Cantor Fitzgerald.

（操作員說明）我們的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。

Congrats on the quarter. Maybe just a more macro-oriented question for me. I think a lot of the companies in the travel space have been slacking. Kind of travel at peak arise now that people have been traveling a lot for the last year or so, can you maybe just talk about how this may be impacting you guys or maybe not impacting you guys as much based on the regions you predominantly operate in?

祝賀這個季度。也許對我來說只是一個更宏觀的問題。我認為旅遊領域的很多公司都在懈怠。由於人們在過去一年左右的時間裡經常旅行，因此出現了一種高峰期的旅行，你能否談談這可能會如何影響你們，或者可能不會根據你們主要經營的地區對你們產生太大影響？ ？

Yes. Thank you, Brett. So one point I would make here is that many of the other travel companies, their focus is the U.S. domestic market or at least a bigger proportion of their business is that, and that is why you have this slacking element that you mentioned.

是的。謝謝你，布雷特。所以我要在這裡說的一點是，許多其他旅遊公司，他們的重點是美國國內市場，或者至少他們的業務中有很大一部分是美國國內市場，這就是為什麼你有你提到的這種懈怠因素。

I mean we discussed already how domestic travel has recovered already even from the end of last year to its pre-pandemic peak. Whilst international average was in the 70s, the recovery, I mean, the 70 percentile of the pre-pandemic peak. And now with the growth in Q1, you're in low 80% So this is one of the dynamics that are basically differentiating feature from the macro level.

我的意思是，我們已經討論過國內旅行如何從去年年底恢復到大流行前的高峰期。雖然國際平均水平處於 70 年代，但我的意思是，復甦是大流行前峰值的 70 個百分點。現在隨著第一季度的增長，你處於低 80% 所以這是基本上將特徵與宏觀層面區分開來的動力之一。

Now specifically for Mondee, in addition to the fact that we have a more favorable macro dynamic by focusing more than 80% international travel, we also have the dynamic of growing market share and also the dynamic of diversifying our revenue streams and adding all these fintech and ancillary solutions. So if you combine all that, we believe that Mondee has a completely different dynamic to the incumbents in the space.

現在特別針對 Mondee，除了我們通過專注於 80% 以上的國際旅行而擁有更有利的宏觀動態之外，我們還擁有不斷增長的市場份額的動力以及多元化我們的收入來源和添加所有這些金融科技的動力和輔助解決方案。因此，如果您將所有這些結合起來，我們相信 Mondee 與該領域的現任者有著完全不同的動力。

Yes. And Brett, it's Jim. I'll just again, just to emphasize something that Orestes just pointed out so well there, that the advantage of the agility of Mondee, which is absolutely created by our tech platform, our tech-driven culture here, is the advantage of that agility is allowing us to take -- to go after the segments of the market that are emerging quickly, and focus not only our products and our services, but the ways in which we communicate, the ways in which we enable the various groups of travelers and all of their providers to come together, those things really allow -- that gives us the agility to go and take market share.

是的。布雷特，是吉姆。我再說一遍，只是為了強調 Orestes 剛剛指出的一點，Mondee 的敏捷性優勢，這絕對是由我們的技術平台創造的，我們這裡的技術驅動文化，就是這種敏捷性的優勢允許我們採取 - 追趕快速出現的市場細分，不僅關注我們的產品和服務，而且關注我們溝通的方式，我們為不同的旅行者群體提供支持的方式以及他們所有的供應商都聚集在一起，這些事情真的允許——這讓我們能夠靈活地去佔領市場份額。

So Orestes pointed out that even if the market starts slacking on us a little bit, we see that generally as an opportunity to go and garner even more share. While others are defending, we're going on offense, and we have the tools to do it.

因此 Orestes 指出，即使市場開始對我們有所鬆懈，我們通常也會將其視為獲得更多份額的機會。當其他人在防守時，我們在進攻，而且我們有能力做到這一點。

Perfect. And then maybe if I could just ask one follow-up. I guess your full year guide that you raised, can you maybe just talk about how much inorganic growth you guys are expecting from the acquisitions to contribute this year?

完美的。然後也許我可以問一個後續問題。我猜你提出了你的全年指南，你能不能談談你們期望今年的收購貢獻多少無機增長？

Yes. I think, Brett, we answered this question. So the addition that we made from last quarter to this quarter on the revenue side is precisely adding the revenues for the next 6 months of these 2 companies we announced today. .

是的。我想，布雷特，我們回答了這個問題。因此，我們從上一季度到本季度在收入方面所做的增加恰恰是增加了我們今天宣布的這兩家公司未來 6 個月的收入。 .

So that's kind of the simple math on that point. And of course, as the expectations and the numbers rolling throughout the year, we will be adjusting or improving our guidance accordingly.

這就是關於這一點的簡單數學。當然，隨著全年的預期和數字的滾動，我們將相應地調整或改進我們的指導。

That concludes the Q&A for today. I'd like to turn the call back over to Jeff Houston, SVP.

今天的問答到此結束。我想把電話轉回給高級副總裁傑夫休斯頓。

Thanks, Alex, and thanks to all who tuned in for our first quarter 2023 earnings call, whether it was here on the live call, the replay or by reading the transcript.

謝謝，Alex，也感謝所有收聽我們 2023 年第一季度財報電話會議的人，無論是現場電話會議、重播還是閱讀文字記錄。

We appreciate your interest in Mondee and welcome the opportunity to further connect with you. If you have any questions or would like to learn more about Mondee, please don't hesitate to schedule a call with us.

我們感謝您對 Mondee 的興趣，並歡迎有機會與您進一步聯繫。如果您有任何疑問或想了解有關 Mondee 的更多信息，請隨時與我們聯繫。

To help facilitate meetings. We plan to attend the following investor conferences upcoming in May and June. First is the JPMorgan Global Technology Conference in Boston on May 22 through 23; then the Stifel Cross-border Conference in Boston on June 6; William Blair Growth Conference in Chicago on June 7 through 8; the Cantor Tech Conference in New York on June 14; and the ROTH MKM London Conference on June 20 through 22. You can get more information at our IR website, investors.mondee.com, or send us an e-mail at ir@mondee.com. Thank you.

幫助促進會議。我們計劃參加 5 月和 6 月即將舉行的以下投資者會議。首先是 5 月 22 日至 23 日在波士頓舉行的摩根大通全球技術大會；然後是 6 月 6 日在波士頓舉行的 Stifel 跨境會議；威廉布萊爾增長會議於 6 月 7 日至 8 日在芝加哥舉行； 6 月 14 日在紐約舉行的 Cantor 技術大會；以及 6 月 20 日至 22 日舉行的 ROTH MKM 倫敦會議。您可以在我們的 IR 網站 investors.mondee.com 上獲得更多信息，或發送電子郵件至 ir@mondee.com。謝謝。

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

感謝您參加今天的電話會議。您現在可以斷開線路。