Mondee Holdings Inc (MOND) 2023 Q2 法說會逐字稿

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

美好的一天，歡迎參加 Mondee 2023 年第二季財報電話會議。請注意，此事件正在被記錄。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 Second Quarter 2023 Conference Call. With me today is Founder, Chairman and CEO, Prasad Gundumogula; and Chief Financial Officer, Jesus Portillo, who will present our results. Also available for questions and answers is our Vice Chairman, Chief Strategy and Business Development Officer, Orestes Fintiklis; and Chief Operating Officer, Jim Dullum.

謝謝接線員，大家早安。歡迎參加 Mondee 2023 年第二季電話會議。今天和我在一起的是創辦人、董事長兼執行長 Prasad Gundumogula；財務長 Jesus Portillo 將介紹我們的業績。我們的副主席、首席策略和業務發展長 Orestes Fintiklis 也可以回答問題。和首席營運官吉姆杜勒姆。

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. 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.

在開始之前，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、我們的管理和政府計劃的陳述以及我們的新聞稿中進一步描述的其他非歷史陳述。這些前瞻性陳述受到某些風險、不確定性和假設的影響，包括與 Mondee 的成長、產業發展、產品開發和成功、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。我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。我們向美國證券交易委員會提交的報告以及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.

在電話會議中，我們也提到了非公認會計準則財務指標。新聞稿中也提供了最具可比性的 GAAP 指標的調節表，該新聞稿可在 Investors.mondee.com 上取得。

With that, it's my pleasure to turn it over to Prasad.

至此，我很高興將其交給普拉薩德。

Thank you, Jeff. This morning, we are excited to welcome everyone to Mondee's Second Quarter 2023 Earnings Call to discuss our results and significant developments. We appreciate your interest, whether you are a shareholder, a client, supplier, business partners, employee, prospective shareholders 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 年第二季財報電話會議，討論我們的業績和重大發展。我們感謝您的關注，無論您是股東、客戶、供應商、業務夥伴、員工、潛在股東或分析師。

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

我將首先介紹我們的業務亮點和策略，然後將電話轉給我們的財務長 Jesus Portillo，以更詳細地審查我們的財務表現和前景。然後我們將用時間回答一些問題來結束會議。

Starting on Slide 4. There are 3 key points to emphasize in our second quarter results. First, Mondee is once again disrupting the travel market through AI innovation and next-gen technology deployment. We are thrilled that on the first anniversary of our NASDAQ public listing, Mondee released the first fully integrated AI travel marketplace, opening a world of new market opportunities and solidifying our status as pioneers in the travel industry.

從投影片 4 開始。第二季業績中有 3 個要點需要強調。首先，Mondee 透過人工智慧創新和下一代技術部署再次顛覆旅遊市場。我們很高興在納斯達克上市一周年之際，Mondee 發布了第一個完全整合的人工智慧旅遊市場，打開了一個充滿新市場機會的世界，並鞏固了我們作為旅遊業先驅的地位。

Our journey has naturally led us to this transformational intersection. In the past 12 years, we assembled the components that disrupted a significant segment of the North American travel market and created a highly successful Mondee (inaudible) marketplace platform. The technology marketplace for travel experts, suppliers, travelers and organizations.

我們的旅程自然而然地將我們引向了這個變革性的十字路口。在過去 12 年裡，我們組裝了顛覆北美旅遊市場重要部分的組件，並創建了一個非常成功的 Mondee（聽不清楚）市場平台。面向旅行專家、供應商、旅行者和組織的技術市場。

With our newly released disruptive AI platform and Mondee Travel marketplace, we are broadening our addressable customer base to include the vibrant ecosystem of travel social influencers, freelancers and the tech-savvy millennial and Gen Z travelers.

借助我們新發布的顛覆性人工智慧平台和Mondee Travel 市場，我們正在擴大我們的潛在客戶群，以涵蓋由旅遊社交影響者、自由職業者以及精通技術的千禧一代和Z 世代旅行者組成的充滿活力的生態系。

Moving to Slide 5. Key elements of this transformation included a one-of-a-kind modern tech platform, extensive world-class privately negotiated content, deployed through a powerful network of experts and travelers. This positions us to generate increasingly hyper local content. For personalized experiences, as well as establishing Mondee as a technology leader when it comes to AI in travel.

轉向投影片 5。這項轉變的關鍵要素包括獨一無二的現代技術平台、廣泛的世界級私下協商內容，並透過強大的專家和旅行者網路進行部署。這使我們能夠產生越來越多的超本地化內容。提供個人化體驗，並將 Mondee 打造成旅行人工智慧領域的技術領導者。

Coming to the second point, now that we have all of these assets in place, we are now perfectly positioned to launch a series of robust modern marketing campaigns with the help of our expanded world-class marketing team. This strategic push aims to fully capitalize on our disruptive market position as we approach 2024. AI is not new to us. Mondee has been investing in AI technology for the past few years. Because of this, we are uniquely positioned to lead and bring a fully integrated advanced AI platform to the travel industry.

談到第二點，既然我們已經擁有所有這些資產，我們現在完全有能力在我們擴大的世界一流行銷團隊的幫助下推出一系列強大的現代行銷活動。這項策略性舉措的目的是在 2024 年到來之際充分利用我們的顛覆性市場地位。人工智慧對我們來說並不陌生。 Mondee過去幾年一直在投資人工智慧技術。正因為如此，我們擁有獨特的優勢，能夠引領並為旅遊業帶來完全整合的先進人工智慧平台。

Over the past few quarters, a favorable market window opened, allowing us to leverage our established assets to position Mondee as a leader in the AI marketplace. These developments were, first, rapid popularity and proven breakthroughs in the Generative AI platform such as ChatGPT and Google Bard.

在過去的幾個季度中，一個有利的市場窗口打開了，使我們能夠利用我們現有的資產將 Mondee 定位為人工智慧市場的領導者。這些發展首先是 ChatGPT 和 Google Bard 等生成式 AI 平台的快速普及和經過驗證的突破。

Secondly, Gen Z and Millennial travelers are receptive to -- and actively seeking AI solutions for creating personalized travel experiences. Thirdly, social media influencers have become more relevant to introduce new travel experiences to their followers. With these developments, coupled with the deployment of our advanced technology, expanded global content and innovative marketing programs, we are stepping into a new realm poised to bring travel experiences to a wider audience.

其次，Z 世代和千禧世代旅客願意並積極尋求人工智慧解決方案來創造個人化的旅行體驗。第三，社群媒體影響者越來越願意向追蹤者介紹新的旅行體驗。隨著這些發展，加上我們先進技術的部署、擴展的全球內容和創新的行銷計劃，我們正在進入一個新領域，為更廣泛的受眾帶來旅行體驗。

As a result, we decided to accelerate our investments in deploying the technology, building the marketing programs, the content scope and curation as well as the business delivery infrastructure. We believe that the symbiotic relationship between AI advancements and Mondee's leadership in AI travel technology justify our intensified focus on these initiatives.

因此，我們決定加快部署技術、建立行銷計劃、內容範圍和管理以及業務交付基礎設施方面的投資。我們相信，人工智慧的進步與 Mondee 在人工智慧旅行技術方面的領導地位之間的共生關係證明了我們對這些舉措的加強關注。

Our incremental investments here will facilitate the process of engaging travelers through social media influencers, closed user groups and organizations more quickly. We fully expect our revolutionary air travel marketplace to contribute to further market share gains, improve the rate of net revenue growth and enhanced profitability in 2024 and thereafter.

我們在此方面的增量投資將促進透過社群媒體影響者、封閉用戶群體和組織更快地吸引旅行者的過程。我們完全期望我們革命性的航空旅行市場將有助於進一步擴大市場份額，提高淨收入成長率並提高 2024 年及以後的獲利能力。

The third point, we continue to grow at a fast pace and perform well financially. Turning to Slide 6. We are proud of the performance of our Mondee marketplace, which has delivered explosive organic and inorganic growth as well as positive EBITDA. Culminating into yet another stellar financial results in the second quarter, exemplifying our commitment to growth with innovation and excellence.

第三點，我們持續快速成長，財務表現良好。轉向幻燈片 6。我們對 Mondee 市場的表現感到自豪，該市場實現了爆炸性的有機和無機增長以及積極的 EBITDA。第二季又取得了出色的財務業績，體現了我們透過創新和卓越實現成長的承諾。

In Q2 of this year, with take rate, which we define as net revenue divided by gross revenue, increasing to 8% from 7.2% in the second quarter of 2022. Net revenue of $57 million was 124% of the second quarter of '22. In the first half of 2023, we exceeded the net revenue guidance communicated to the investment community, and we remain on track to continue performing well.

今年第二季度，採用率（我們定義為淨收入除以總收入）從 2022 年第二季的 7.2% 增加到 8%。淨收入為 5,700 萬美元，是 2022 年第二季的 124% 。 2023 年上半年，我們超越了向投資界傳達的淨收入指引，並且我們仍將繼續保持良好的績效。

On the profitability front, we delivered an adjusted EBITDA of $4.4 million, which is 118% of adjusted EBITDA in the same period last year. We achieved this result even after investing approximately $1 million of additional marketing and personnel expenses in anticipation of the Mondee AI marketplace launch.

在獲利能力方面，我們的調整後 EBITDA 為 440 萬美元，是去年同期調整後 EBITDA 的 118%。即使在為 Mondee AI 市場推出而額外投入約 100 萬美元的行銷和人員費用後，我們仍取得了這項成果。

Jesus will delve deeper into financial results and specific guidance numbers shortly. But first, I would like to underscore the reasons for our enthusiastic growth outlook and additional insights on the potential of our AI travel marketplace and distribution channels.

耶穌很快將深入研究財務業績和具體指導數字。但首先，我想強調我們熱情成長前景的原因以及對人工智慧旅遊市場和分銷管道潛力的更多見解。

Turning back to Slide 5. Our AI travel marketplace is transforming the travel marketplace with a range of innovative features that will completely change how trips and personal travel experiences are conceived, planned and booked. We are enabling travel influencers, local experts and agents with unprecedented access and complete travel content in our unified marketplace as well as travel-centric cutting-edge technology, such as Abhi, the AI platform with conversational commerce, to conveniently create and deliver personalized travel experiences.

回到幻燈片 5。我們的人工智慧旅遊市場正在透過一系列創新功能改變旅遊市場，這些功能將徹底改變旅行和個人旅行體驗的構思、計劃和預訂方式。我們讓旅遊影響者、當地專家和代理商在我們的統一市場中獲得前所未有的訪問權限和完整的旅行內容，以及以旅行為中心的尖端技術，例如具有對話商務功能的AI 平台Abhi，從而方便地創建和提供個人化旅行經驗。

It adds the global knowledge of experts to their local expertise to be able to sell any type of customers well. For travelers, we have crafted immersive travel experiences using intuitive self-service exploration tools driven by AI. But that's not all. We have taken it a step further by connecting travelers with on-demand local experts from around the world.

它將專家的全球知識與本地專業知識相結合，以便能夠很好地向任何類型的客戶銷售產品。對於旅行者，我們使用人工智慧驅動的直覺自助探索工具來打造身臨其境的旅行體驗。但這還不是全部。我們更進一步，將旅行者與來自世界各地的隨選本地專家聯繫起來。

Through our AI-driven marketplace, these experts bring local knowledge and tap into global network to add a unique touch to inspire travel adventures. At the heart of our mission is bringing joy to the travelers' journey, making it personal, surprising and meaningful. We believe in curating localized experiences that matter.

透過我們人工智慧驅動的市場，這些專家帶來當地知識並利用全球網絡，添加獨特的觸感，激發旅行冒險的靈感。我們使命的核心是為旅行者的旅程帶來歡樂，使其個性化、令人驚訝且有意義。我們相信策劃重要的在地化體驗。

With the only fully integrated AI travel platform today, our marketplace empowers travel experts and influencers to provide exactly what their clients desire, saving time while creating their personal travel experiences.

憑藉當今唯一完全整合的人工智慧旅行平台，我們的市場使旅遊專家和影響者能夠準確提供客戶所需的服務，在創造個人旅行體驗的同時節省時間。

Our all-in-one platform offers a wide range of travel content available in about 20 languages and our customer support has been expanded with our growing always connected expert network to ensure your trip is smooth from start to finish, with assistance available via phone, chat and e-mail.

我們的一體化平台以約 20 種語言提供廣泛的旅行內容，並且我們的客戶支援隨著我們不斷增長的始終連接的專家網絡而得到擴展，以確保您的旅行自始至終順利，並通過電話提供幫助，聊天和電子郵件。

Experts and travelers are able to discover the world at their fingertips with access to over 500 airlines, 1 million hotels and vacation rentals, 30,000 rental car pickup locations and now 50 cruise lines, all at negotiated rates that guarantee exceptional value.

專家和旅客可以透過指尖探索世界，使用500 多家航空公司、100 萬家酒店和度假租賃公司、30,000 個租車取車地點以及現在的50 條郵輪公司，所有這些均以協議價格保證超值。

What truly sets the Mondee marketplace apart is our groundbreaking fully integrated AI platform. Innovation is our passion, and we have harnessed the power of Generative AI, deep learning, computer vision and the recommendation engine, along with conversational commerce to transform the travel booking process.

真正使 Mondee 市場與眾不同的是我們突破性的完全整合的人工智慧平台。創新是我們的熱情，我們利用生成式人工智慧、深度學習、電腦視覺和推薦引擎以及對話式商務的力量來改變旅行預訂流程。

Our Fintech tools provide additional choices and protection for all purchases within our marketplace, ensuring your peace of mind.

我們的金融科技工具為我們市場中的所有購買提供額外的選擇和保護，確保您安心。

Moving to Slide 7. Yesterday, we announced the acquisition of Skypass, a leading travel marketplace, specializing in international corporate and SMB travel, continuing our accretive and disciplined M&A strategy and adding content and distribution, which is enhancing our new marketplace.

前往投影片 7。昨天，我們宣布收購領先的旅遊市場 Skypass，專門從事國際企業和中小企業旅遊，繼續我們的增值和嚴格的併購策略，並增加內容和分銷，這正在增強我們的新市場。

This follows our 3 acquisitions announced earlier this year that strengthened our presence in LatAm, specifically Brazil and Mexico. Going forward, we plan to continue our disciplined inorganic strategy to expand our existing operations while also exploring opportunities in other regions.

在此之前，我們在今年稍早宣布了三項收購，這些收購加強了我們在拉丁美洲（特別是巴西和墨西哥）的業務。展望未來，我們計劃繼續執行嚴格的無機策略，擴大現有業務，同時探索其他地區的機會。

We intend to leverage our platform and marketplace accretively to support sustainable growth and enhance our position as a leader in the global travel industry.

我們打算積極利用我們的平台和市場來支持永續成長並增強我們作為全球旅遊業領導者的地位。

On the operations front, as a part of our continuous improvement, we are introducing all our new technology internally to our support teams as well as integrating with our new operations team across all geographies to better serve all our organization customers, marketplace influencers, experts and travelers.

在營運方面，作為我們持續改進的一部分，我們正在內部向支援團隊引入所有新技術，並與所有地區的新營運團隊進行整合，以更好地為我們所有的組織客戶、市場影響者、專家和客戶提供服務。旅行者。

The ongoing enhancements of our operation and customer service elevates customer satisfaction and supports rapid growth of our business. For example, our business to enterprise, our B2E segment, performed very well through the second quarter with 274% increase in transactions as measured in June or January.

我們的營運和客戶服務的持續改進提高了客戶滿意度並支援我們業務的快速成長。例如，我們的企業對企業（B2E）部門在第二季表現非常出色，6 月或 1 月的交易量成長了 274%。

We continue to experience momentum with joint flight and hotel transactions, providing us with increased confidence as we introduce new travel content and diversify revenue streams to our customers.

我們繼續體驗聯合航班和酒店交易的勢頭，隨著我們推出新的旅行內容並使客戶的收入來源多樣化，我們的信心增強了。

Moving on to additional net-worthy accomplishments in the quarter, back to Slide 6. First is our addition to Russell 2000 Index, as the largest travel tech additions in 2023. It serves as a testament to Mondee's strong fundamentals and business performance, reaffirming our role as a leader in the travel technology industry.

繼續討論本季的其他淨值成就，回到投影片 6。首先是我們將其納入 Russell 2000 指數，成為 2023 年最大的旅遊科技股。它證明了 Mondee 強勁的基本面和業務表現，重申了我們對作為旅遊科技業的領導者。

This recognition holds significant importance and is expected to support our endeavors in enhancing long-term shareholder value, raising awareness of Mondee among the investment community, bolstering stock volume and liquidity and diversifying our shareholder base.

這項認可具有重要意義，預計將支持我們努力提高長期股東價值、提高投資界對 Mondee 的認識、增加股票數量和流動性以及實現股東基礎多元化。

This development is expected to enhance visibility and trading liquidity while also facilitating the entry of new institutional investors. Next, we completed a successful secondary offering for $52.5 million, welcoming an additional 43 institutional investors to our shareholder base. It was a step forward in diversifying our shareholder base and incentivizes an environment that foster investor participation. Moreover, with management retaining over 40% ownership of shares, our interests remain truly aligned with those of our valued investors.

這一發展預計將提高知名度和交易流動性，同時也促進新機構投資者的進入。接下來，我們成功完成了 5,250 萬美元的二次發行，迎來了另外 43 家機構投資者加入我們的股東群。這是我們股東基礎多元化和激勵投資者參與的環境方面向前邁出的一步。此外，由於管理層保留超過 40% 的股份所有權，我們的利益與我們尊貴投資者的利益保持真正一致。

As I mentioned earlier, we have significantly enhanced our leadership and marketing teams in the first half of 2023. Most recently, Miten Mehta, previously a leader at Google, joined Mondee's executive team to oversee AI's strategic planning and initiatives. With a professional background of over 25 years, including a wealth of experience in the field of AI, Miten will place -- will play a crucial role in our AI marketplace.

正如我之前提到的，我們在 2023 年上半年顯著增強了我們的領導力和行銷團隊。最近，Google前領導者 Miten Mehta 加入了 Mondee 的執行團隊，負責監督 AI 的策略規劃和舉措。 Miten 擁有超過 25 年的專業背景，包括在人工智慧領域的豐富經驗，將在我們的人工智慧市場中發揮至關重要的作用。

He brings a growth-focused approach that emphasizes client-centricity, revenue generation and results-driven leadership. Furthermore, former Accenture executive, Geetika Gupta, who led a distributed workforce of 22,000 across geographies, including the United States, India, Singapore and Malaysia, joined Mondee as Chief People Officer, bringing her HR transformation experience from Accenture Consulting on Fortune 100 projects to aid in scaling Mondee's infrastructure.

他帶來了一種以成長為中心的方法，強調以客戶為中心、創造收入和結果驅動的領導力。此外，前埃森哲高管Geetika Gupta 領導分佈在美國、印度、新加坡和馬來西亞等地區的22,000 名員工，她加入Mondee 擔任首席人力官，將她在埃森哲諮詢公司在《財富100 強》項目中的人力資源轉型經驗帶到了Mondee。幫助擴展 Mondee 的基礎設施。

Under CMO Kymber Lowe's leadership, the marketing team welcomed 14 new members with a focus to drive substantial growth of the company over the coming years. The team now includes online and social media experts from companies such as Google, Amazon and Microsoft, including Rachel Van Nortwick and Kristi Berg. The marketing team has launched a set of marketing initiatives around Abhi, Mondee's fully integrated AI platform to promote Mondee's now fully AI enabled marketplace to customers and prospects, including travel experts, influencers, organizations and SMBs.

在行銷長 Kymber Lowe 的領導下，行銷團隊迎來了 14 名新成員，他們的重點是在未來幾年推動公司的大幅成長。該團隊現在包括來自Google、亞馬遜和微軟等公司的線上和社群媒體專家，其中包括 Rachel Van Nortwick 和 Kristi Berg。行銷團隊圍繞著 Mondee 完全整合的人工智慧平台 Abhi 推出了一系列行銷計劃，向客戶和潛在客戶（包括旅遊專家、影響者、組織和中小型企業）推廣 Mondee 現在完全支援人工智慧的市場。

In addition, as we round out our infrastructure for rapid scalable growth, we continue to add key executive of subject matter experts in AI strategy and roadmap development, vendor relationship management, financial discipline such as SOX compliance as well as operational program management. We are now well along the path of building an all-star team to take Mondee up significant levels of profitable growth. I will now pass the call over to Jesus for a review of our financial performance and outlook. Jesus?

此外，隨著我們完善基礎設施以實現快速可擴展成長，我們繼續增加人工智慧策略和路線圖開發、供應商關係管理、SOX 合規等財務紀律以及營運計畫管理方面的主題專家的關鍵高管。我們現在正在建立一支全明星團隊，以帶領 Mondee 實現顯著的獲利成長。我現在將把電話轉給耶穌，要求他審查我們的財務表現和前景。耶穌？

Thank you, Prasad, and thanks again to our audience for attending. We generated strong results in the second quarter, as Mondee continues to expand geographically, leverage our enhanced technology and capitalize on the international travel market recovery.

謝謝你，普拉薩德，並再次感謝我們的觀眾參加。隨著 Mondee 繼續擴大地域範圍、利用我們增強的技術並利用國際旅遊市場的復甦，我們在第二季度取得了強勁的業績。

As we referenced, we present the summary of our second quarter results on Slide 8 of the presentation. Gross revenue of $708 million was 112% of second quarter of '22, while net revenue of $56.8 million was 124% of second quarter '22.

正如我們所提到的，我們在簡報的投影片 8 中總結了第二季的業績。總收入為 7.08 億美元，為 22 年第二季的 112%，淨收入 5,680 萬美元，為 22 年第二季的 124%。

Take rate continued to be in line with our expectations and closed at 8% in the second quarter, a substantial increase from pre-pandemic levels of 4% to 5%. It also represents a substantial increase when compared to 7.2% achieved during the second quarter of '22. This expansion in take rate is driven mainly by the uptake of hotel content and the diversification of revenue streams like travel ancillaries and Fintech.

採取率持續符合我們的預期，第二季收在 8%，較疫情前 4% 至 5% 的水平大幅上升。與 2022 年第二季的 7.2% 相比，這也意味著大幅成長。這種成長主要是由飯店內容的吸收以及旅遊輔助和金融科技等收入來源的多元化所推動的。

We expect this very important metric to continue expanding with the addition of cruises and a greater mix of hotels, events and activities. Furthermore, we're happy with the momentum of our business, with over 721,000 transactions in the second quarter of '23, up from 550,000 in the second quarter of '22.

我們預計這一非常重要的指標將隨著郵輪的增加以及飯店、活動和活動的增加而繼續擴大。此外，我們對業務的發展勢頭感到滿意，2023 年第二季的交易量超過 721,000 筆，高於 22 年第二季的 550,000 筆。

Turning to expenses. GAAP sales and marketing as a percentage of gross revenue was 5.7% versus 5.1% in the same quarter last year. As we enhance our marketing function and accelerated approximately $1 million of investment that was initially planned for 2024 to capitalize on our AI travel marketplace.

轉向開支。 GAAP 銷售和行銷佔總收入的百分比為 5.7%，而去年同期為 5.1%。我們增強了行銷功能，並加快了最初計劃在 2024 年進行的約 100 萬美元的投資，以充分利用我們的人工智慧旅遊市場。

G&A, as a percentage of net revenue, was 9.2%, up from 4.4% a year ago, as we incorporated new public company expenses, provide the infrastructure to continue supporting our exceptional growth. Adjusted EBITDA was $4.4 million for the quarter, 118% or $3.8 million in Q2 of '22, as we continue to deliver profitable growth despite the incremental marketing of onetime expenses.

G&A 佔淨收入的百分比為 9.2%，高於一年前的 4.4%，因為我們納入了新的上市公司開支，為繼續支持我們的超常增長提供了基礎設施。該季度調整後的 EBITDA 為 440 萬美元，比 2022 年第二季度增長 118% 或 380 萬美元，儘管一次性費用的營銷增量不斷增加，但我們仍繼續實現盈利增長。

Note that reconciliation of GAAP to non-GAAP are available in today's earnings release. On a GAAP basis, the net loss was $14.6 million including approximately $14 million of noncash and/or nonrecurring items such as $3.8 million of depreciation and amortization, $4.8 million of stock-based compensation, $2 million of tax provisions, $0.5 million of changes in fair value earn out and liabilities, $0.3 million of M&A costs, noncash financing cost of $1.5 million and onetime marketing costs associated with our new AI platform launch of approximately $1 million.

請注意，今天的收益發布中提供了 GAAP 與非 GAAP 的調整。根據GAAP 計算，淨虧損為1,460 萬美元，包括約1,400 萬美元的非現金和/或非經常性項目，例如380 萬美元的折舊和攤銷、480 萬美元的股票薪酬、200 萬美元的稅收準備金、50 萬美元的變動公允價值收益和負債、30 萬美元的併購成本、150 萬美元的非現金融資成本以及與我們新的人工智慧平台推出相關的一次性營運成本約100 萬美元。

Comparatively, net loss was $2.1 million in Q2 of '22. On a non-GAAP basis, adjusted net loss was $5 million versus a loss of $2.9 million last year.

相比之下，2022 年第二季的淨虧損為 210 萬美元。以非公認會計準則計算，調整後淨虧損為 500 萬美元，去年為虧損 290 萬美元。

Looking at our balance sheet. At the end of second quarter, we had approximately $58 million in cash and $153 million of debt compared to $67 million and $150 million, respectively, at the end of first quarter of 2023. The small decrease in cash reserves was mainly due to acquisitions and working capital increase.

看看我們的資產負債表。截至第二季末，我們擁有約 5,800 萬美元現金和 1.53 億美元債務，而 2023 年第一季末分別為 6,700 萬美元和 1.5 億美元。現金儲備小幅減少主要是由於收購和營運資金增加。

Turning to our 2023 outlook and guidance. We're increasing our 2023 net revenue guidance by $5 million and expect to continue delivering profitable growth. Our projections include both organic and inorganic growth from Mondee's recent acquisitions.

轉向我們的 2023 年展望與指導。我們將 2023 年淨收入指引提高了 500 萬美元，並預計將繼續實現獲利成長。我們的預測包括 Mondee 最近收購帶來的有機成長和無機成長。

Net revenue for the 2023 fiscal year is expected to range between $245 million and $250 million, representing a 155% of our 2022 net revenue measured at the midpoint. As Prasad mentioned earlier, we made the decision during the second quarter to ramp up our investment in marketing and accelerated execution of our AI roadmap. We expect those investments to be around $20 million over the course of the year. We believe this will facilitate capturing new market share, accelerating revenue growth in 2024 and disrupting the travel industry with our next-gen AI platform.

2023 財年的淨收入預計在 2.45 億美元至 2.5 億美元之間，占我們 2022 年淨收入中點的 155%。正如普拉薩德之前提到的，我們在第二季度做出了增加行銷投資並加速執行人工智慧路線圖的決定。我們預計全年投資額約 2000 萬美元。我們相信，這將有助於佔領新的市場份額，加速 2024 年的收入成長，並透過我們的下一代人工智慧平台顛覆旅遊業。

With all of this in mind, we're updating our 2023 adjusted EBITDA guidance to be in the range of $25 million to $30 million, which would represent a 250% of our 2022 adjusted EBITDA measured at the midpoint.

考慮到所有這些，我們將 2023 年調整後 EBITDA 指導值更新為 2500 萬美元至 3000 萬美元，這將占我們按中點衡量的 2022 年調整後 EBITDA 的 250%。

Finally, and before turning the call over to Prasad, we would like to formally welcome Deloitte as our new auditor effective July 6, 2023. We're very excited about this partnership and the capabilities and experience that Deloitte will continue to Mondee.

最後，在將電話轉給Prasad 之前，我們要正式歡迎德勤成為我們的新審計師，自2023 年7 月6 日起生效。我們對這種合作夥伴關係以及德勤將繼續為Mondee 提供的能力和經驗感到非常興奮。

Thank you. And over to you now, Prasad.

謝謝。現在輪到你了，普拉薩德。

Thank you, Jesus. We are excited with the initial results of the investments we are making in AI technology, marketing and infrastructure to position Mondee as a driving force in the rapidly emerging world-class social commerce travel. I'm especially proud of our entire team for making this happen while continuing to deliver a very strong second quarter and more importantly, putting us on track for an even more exciting rest of 2023 and beyond.

謝謝你，耶穌。我們對人工智慧技術、行銷和基礎設施的投資所取得的初步成果感到非常興奮，這些投資旨在將 Mondee 定位為快速新興的世界級社交商務旅行的驅動力。我為我們的整個團隊感到特別自豪，他們實現了這一目標，同時繼續交付非常強勁的第二季度，更重要的是，讓我們走上了 2023 年及以後更加激動人心的軌道。

Mondee is truly transforming the travel industry with its modern tech platform, connecting airlines, hotels and vacation rentals with millions of travelers through an expanding network of travel experts, freelancers and social media influencers. Mondee is now best poised to capitalize on our investments and penetrate all market segments rapidly with our next-generation AI marketplace, led by the increasing traveler demand for socially based collaboration and personalization of their travel experiences.

Mondee 憑藉其現代技術平台真正改變了旅遊業，透過不斷擴大的旅遊專家、自由工作者和社交媒體影響者網絡，將航空公司、酒店和度假租賃公司與數百萬旅客聯繫起來。在旅行者對基於社交的協作和個性化旅行體驗的需求不斷增長的帶動下，Mondee 現在已做好充分準備，充分利用我們的投資，並透過我們的下一代人工智慧市場快速滲透所有細分市場。

With our rapidly expanding on segmented distribution network and AI-enabled trip creation, our comprehensive solution also provides supplier with a one-stop shop to best place excess capacity, unlike the online broadcast distribution channels. This is further enhanced by our ability to offer not only unique privately negotiated value content, but also full Fintech solution and ancillary, many of which also benefit our supply partners.

隨著我們快速擴展分段分銷網路和人工智慧驅動的行程創建，我們的綜合解決方案還為供應商提供一站式服務，以最好地解決過剩產能，這與線上廣播分銷管道不同。我們不僅能夠提供獨特的私下協商的價值內容，而且能夠提供完整的金融科技解決方案和輔助產品，其中許多也使我們的供應合作夥伴受益，這進一步增強了這一點。

We are thrilled by the progress we expect to make over the next several quarters and the vast opportunity now before us with our next-gen AI-enabled tech platform, expanding and deepening content and substantially enhanced and expanding distribution. We are uniquely positioned once again to continue disrupting and serving the travel market, which is approximately $2 trillion in size.

我們對未來幾季預期的進展以及現在擺在我們面前的巨大機會感到興奮，我們的下一代人工智慧技術平台將擴展和深化內容，並大幅增強和擴大發行。我們再次處於獨特的地位，可以繼續顛覆和服務規模約 2 兆美元的旅遊市場。

Thanks for attending our first quarter earnings call, and we look forward to your ongoing support.

感謝您參加我們的第一季財報電話會議，我們期待您的持續支持。

Operator, we're ready for questions now.

接線員，我們現在準備好回答問題了。

(Operator Instructions) Our first question comes from Darren Aftahi from ROTH MKM.

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

First one, just some clarification on the commentary about the $20 million investment in the AI marketplace. Like I guess you guys kind of called out $1 million in the second quarter. So it does assume the bulk of that investment is going to be made in the second half. And then I'm kind of curious in the context of that number, where is that money going to besides marketing? And what is the rationale that's sort of onetime in nature?

首先，對人工智慧市場 2000 萬美元投資的評論進行一些澄清。就像我猜你們在第二季籌集了 100 萬美元一樣。因此，它確實假設大部分投資將在下半年進行。然後我很好奇這個數字，除了行銷之外，這些錢還會去哪裡？本質上一次性的理由是什麼？

Yes. Thank you, Darren, I'll add some thoughts on -- Jim, go ahead and then I'll add.

是的。謝謝你，達倫，我會添加一些想法——吉姆，請繼續，然後我會添加。

Yes. Orestes, I'll start and then you go. Yes, Darren, I was just going to say that, look, we're -- as we go to the market now with this just this really industry-leading AI platform, we're going to be rebranding. So there is a onetime investment in branding. There are a number of very significant marketing programs that we will launch that will bring in substantial numbers of travel influencers. And obviously, behind travel influencers are all of their followers and then obviously going through our travel experts, our agents providing them with not just these tools to do the job better, but the marketing incentives to really get this going quickly.

是的。俄瑞斯忒斯，我先出發，然後你就走。是的，達倫，我只是想說，看，當我們現在帶著這個真正行業領先的人工智慧平台進入市場時，我們將進行品牌重塑。因此，品牌建立需要一次性投資。我們將推出許多非常重要的行銷計劃，這些計劃將吸引大量旅遊影響者。顯然，旅遊影響者的背後是他們所有的追隨者，然後顯然是透過我們的旅遊專家，我們的代理商不僅為他們提供了這些工具來更好地完成工作，而且還為他們提供了行銷激勵，以真正快速推進這項工作。

I mean this is a market window that is substantial. We are the only ones that we believe properly positioned to take advantage of it, given our excellent tech platform. And so this is the time for us to go ahead and accelerate our investments to go in and really get significant penetration. So those are the characters of the types of things we're going to be doing. And we've put together a full budget for this that our marketing team is managing now through the end of the year and into 2024.

我的意思是，這是一個重要的市場窗口。鑑於我們卓越的技術平台，我們是唯一一家相信能夠充分利用這一優勢的公司。因此，現在是我們繼續前進並加速投資並真正獲得顯著滲透的時候了。這些就是我們要做的事情類型的特徵。我們已經為此制定了完整的預算，我們的行銷團隊現在正在管理該預算，直到今年年底直至 2024 年。

Thank you, Jim. And just to add a few more thoughts there. I mean, the launch of the new marketplace was always a 2023 project, but the addition of the AI was always more of a '24 one. And thanks to the advancements of our own tech team, we have created what we believe to be the most powerful and the only fully integrated AI travel platform out there. So being a first-mover and having this advantage, it makes total sense to deploy additional marketing resources before a few years from now when other players may develop their own AI platforms, right?

謝謝你，吉姆。只是想補充一些想法。我的意思是，新市場的推出始終是 2023 年的項目，但人工智慧的添加始終更像是 24 年的項目。由於我們自己的技術團隊的進步，我們創建了我們認為最強大且唯一完全整合的人工智慧旅行平台。因此，作為先行者並擁有這一優勢，在幾年後其他參與者可能開發自己的人工智慧平台時部署額外的行銷資源是完全有意義的，對嗎？

So this is first-mover advantage and the way to capitalizing and maximize the market share is to deploy additional resources in marketing. Another element here is, as Jim mentioned, there is a clear window of opportunity. We have seen not only in the U.S., but also geographically, parts of Asia, Latin America, Europe, where we are expanding now, we have seen this movement of social media influencers and their interest in travel accelerating in the last few quarters.

因此，這就是先發優勢，而利用和最大化市場份額的方法是在行銷中部署額外的資源。正如吉姆所提到的，這裡的另一個因素是，有一個明顯的機會之窗。我們不僅看到在美國，而且在亞洲、拉丁美洲、歐洲的部分地區，我們現在正在擴張，我們看到社交媒體影響者的這種運動以及他們對旅行的興趣在過去幾個季度中加速增長。

And then last but not least, in addition to the marketing campaigns, you have seen, we have built a team of 14 individuals who came effectively from Amazon, from Google, from Microsoft in the last 6 or 7 months. So this is an enhancement to our marketing team to focus on the new era experts of social media influencers, freelancers, et cetera. And now that we have assembled this team, we feel much more confident. But also we can quantify the types of marketing campaigns that are necessary to attract these new era customers of ours. I don't know if anybody else has anything to add on this.

最後但並非最不重要的一點是，除了行銷活動之外，您已經看到，我們還建立了一個由 14 名人員組成的團隊，他們在過去 6 或 7 個月內來自亞馬遜、谷歌、微軟。因此，這是對我們行銷團隊的增強，專注於社群媒體影響者、自由工作者等新時代專家。現在我們組建了這個團隊，我們感到更有自信。但我們也可以量化吸引這些新時代顧客所需的行銷活動類型。我不知道還有沒有其他人對此有什麼補充。

Yes. I will add. This is Jesus. I would probably also add and point out the fact that we made the decision within the context of understanding our EBITDA still 255% of 2022 adjusted EBITDA, right? So I want to make sure that we all also contemplate that.

是的。我會加。這是耶穌。我可能還會補充並指出這樣一個事實，即我們在了解 EBITDA 仍佔 2022 年調整後 EBITDA 的 255% 的情況下做出了這一決定，對嗎？所以我想確保我們大家也考慮這一點。

And we anticipate to invest in implementing and continuing with our AI roadmap, which is important. We are an innovation-led company, and we continue to do that while we are reaping the benefits from the financially and/or capturing our market share, we will continue to invest into our AI platform roadmap.

我們預計將投資於實施和繼續我們的人工智慧路線圖，這很重要。我們是一家以創新為主導的公司，在我們從財務和/或占領市場份額中獲得收益的同時，我們將繼續這樣做，我們將繼續投資於我們的人工智慧平台路線圖。

That's all very helpful. Just one last one for me. Is there any way to duplicate what organic revenue and EBITDA kind of growth was in the quarter?

這一切都非常有幫助。給我的只是最後一張。有沒有辦法複製本季的有機收入和 EBITDA 成長？

So as you know, I mean, usually, we integrate all of our new acquisitions, get very quickly integrated in our ecosystem and platforms. So we do not track revenues or EBITDA coming out of new acquisitions simply as that.

如您所知，我的意思是，通常我們會整合所有新收購的產品，並很快整合到我們的生態系統和平台中。因此，我們不會簡單地追蹤新收購帶來的收入或 EBITDA。

Yes. I mean, and just to highlight here, again, this is Orestes. Our strategy when it comes to acquisitions is that we are buying components that we are adding into our own marketplace, right? So say we buy a company that is giving us hotel content in Latin America and then we start selling to their customers and then they -- our own content, the flight content or they start selling to our own 65,000 customers their content, then it's very difficult -- even if you keep the performance separately by company, it's very difficult to pinpoint what is organic and -- and what inorganic. And this is precisely because we're not necessarily buying companies, but we're buying components that we plugged into one single and unified marketplace.

是的。我的意思是，再次強調一下，這是俄瑞斯忒斯。我們的收購策略是購買我們正在添加到自己市場中的組件，對吧？假設我們收購了一家在拉丁美洲為我們提供酒店內容的公司，然後我們開始向他們的客戶出售我們自己的內容、航班內容，或者他們開始向我們自己的65,000 名客戶出售他們的內容，那麼這就非常了不起。困難——即使你按公司單獨保存績效，也很難確定什麼是有機的，什麼是無機的。這正是因為我們不一定會購買公司，而是購買插入單一統一市場的組件。

Our next question comes from Nick Jones from JMP Securities.

我們的下一個問題來自 JMP 證券的尼克瓊斯。

Great. I guess just kind of following up on the updated full year guidance. It looks like probably half of the revenue increase is coming from the Skypass acquisition? And then with this kind of incremental investment in the back half, it doesn't seem like you're expecting any kind of return on that investment this year. So I guess, can you help contextualize kind of how we should think about the time to return on investment of this incremental kind of second half investment around the marketplace and the AI product?

偉大的。我想這只是對更新後的全年指導的跟進。看起來營收成長的一半可能來自於對 Skypass 的收購？然後，透過下半年的這種增量投資，您似乎不期望今年的投資獲得任何回報。所以我想，你能幫助我們了解我們應該如何思考這種圍繞市場和人工智慧產品的下半年增量投資的投資回報時間嗎？

Yes. Nick, thank you for your questions. So yes, obviously, as Skypass will contribute slightly to that, but would not be -- will not represent 100% of the increase of the guidance that we're providing on revenue.

是的。尼克，謝謝你的提問。所以，是的，顯然，Skypass 會對此做出輕微貢獻，但不會——不會代表我們提供的收入指導成長的 100%。

Yes. Nick, it's Jim. I'll also just add, bear in mind, when we acquire a company like that, right, we're bringing in an excellent management team, understands their market well, have tuned their operation to that market. Now there are great synergies to be had from all of this, right? We bring these businesses in, we're able to bring them -- provide them with technology they didn't have before, which then allows them to take that out to their customer base.

是的。尼克，是吉姆。我還要補充一點，請記住，當我們收購這樣的公司時，我們引入了一支優秀的管理團隊，很好地了解他們的市場，並根據該市場調整了他們的營運。現在所有這些都可以產生巨大的協同效應，對嗎？我們引入這些企業，我們能夠引入它們——為他們提供以前沒有的技術，然後讓他們能夠將這些技術帶給他們的客戶群。

But what we have learned over the several years that we've been doing acquisitions successfully and accretively is that you want to do it in a very organized, disciplined and planned way. So usually, we'll look at this and say, while there are immediate synergies to be had, we're going to work off of more, like, say, a 2- to 3-quarter plan to get these things fully integrated, get the synergies so that you don't press too hard.

但多年來我們一直在成功且不斷地進行收購，我們了解到，你希望以一種非常有組織、有紀律和有計劃的方式進行收購。因此，通常情況下，我們會考慮這一點並說，雖然可以立即產生協同效應，但我們將製定更多計劃，例如 2 到 3 個季度的計劃，以將這些東西完全整合，獲得協同效應，這樣你就不會壓力太大。

So I think, yes, it's somewhat additive for whatever period of months, but you just have to make sure you'd be a little, let's say, conservative in how you look at the future results and not just try to add them all in and throw the synergies on top day one. So we're generally a little more conservative, having done this so successfully time and again over the last several years.

所以我認為，是的，無論幾個月的時間，這都有些累加，但你只需要確保你在看待未來結果時有點保守，而不是僅僅試圖將它們全部添加進去。並將協同效應放在第一天。所以我們總體上比較保守，在過去幾年我們一次又一次成功地做到了這一點。

And remember as we integrate companies to our platform, it creates a change and change always brings its own challenges, and it takes a few months or a few quarters to settle that out and to get a good ramp in those companies. So our focus is on integration of these companies and not to expect a huge growth or synergies immediately, but to help us to fill in the components into our bigger vision.

請記住，當我們將公司整合到我們的平台時，它會帶來變化，而變化總是會帶來挑戰，需要幾個月或幾個季度才能解決這個問題並在這些公司中獲得良好的發展。因此，我們的重點是整合這些公司，而不是期望立即實現巨大的成長或協同效應，而是幫助我們將各個組成部分填充到我們更大的願景中。

And while we're focusing organically taking those components and to produce the results. And hence, that the increase in our guidance comes from our overall vision to continue with it while the recent acquisition adds some contribution to those results in the next 4 months.

當我們專注於有機地採用這些組件並產生結果時。因此，我們指引的增加來自於我們繼續堅持下去的整體願景，而最近的收購為未來 4 個月的業績做出了一些貢獻。

And Prasad, just to answer that, the second part of Nick's question, I mean the first part, it has been answered sufficiently that the Skypass is adding a few million out of those 5, right? You can do the back of development. So which means that we are only adding about $3 million-or-so from the new marketplace which, to your point, Nick, yes, we all anticipate most of the fruit of this incremental -- of this $20 million incremental investment to come into 2024. And this is because we are targeting new era audiences.

普拉薩德，只是為了回答這個問題，尼克問題的第二部分，我的意思是第一部分，已經得到了充分的回答，Skypass 正在這 5 個中增加幾百萬，對吧？可以做後面的開發。因此，這意味著我們僅從新市場增加約 300 萬美元左右，對於您的觀點，尼克，是的，我們都預計這一增量投資的大部分成果 - 這 2000 萬美元的增量投資將進入2024年。這是因為我們瞄準的是新時代的觀眾。

There is a lot of learning in the process. Even when we sign up, the social media influencers, so basically, we are conservatively assuming that most of the incremental revenue will come in '24 with only a small part coming in '23.

在這個過程中，有很多學習的東西。即使我們註冊了社群媒體影響者，所以基本上，我們保守地假設大部分增量收入將在 24 年實現，只有一小部分在 23 年實現。

Now it may end up being that we get more in '23. But again, it's much -- I mean, from the new marketplace, but it's much better to be conservative. And also to remind you that this is our fourth quarter that we are reporting as a public listed company and in the net revenue segment, we have been bidding and raising every single quarter since we went public, right? So there is an element to that as well.

現在可能最終我們會在 23 年獲得更多。但同樣，我的意思是，來自新市場的東西很多，但保守一點更好。也要提醒您，這是我們作為上市公司報告的第四季度，在淨收入部分，自上市以來我們每個季度都在競價和融資，對嗎？所以這也是有一個因素的。

Our next question comes from Brett Knoblauch from Cantor Fitzgerald.

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

I guess the first one, if I look at maybe just revenue by geography. Revenue in the U.S. was down 15% year-over-year. So it looks like most of growth came from international and specifically Brazil, which, I guess, I believe is coming from the Orinter acquisition because, I guess, a, can you just talk to me about why U.S. revenues were down 15% year-over-year?

如果我只看按地理位置劃分的收入，我猜是第一個。美國的營收年減 15%。因此，看起來大部分成長來自國際市場，特別是巴西，我想，我相信這來自 Orinter 收購，因為，我想，a，你能跟我談談為什麼美國收入同比下降了 15%嗎？超過一年？

And b, I guess, if you're not tracking organic or inorganic growth and acquisitions you made, what criteria are you using to evaluate if that acquisition was successful or not? And how should we gauge if those acquisitions were success or not?

b，我想，如果你沒有追蹤有機或無機成長以及你所做的收購，你用什麼標準來評估收購是否成功？我們該如何衡量這些收購是否成功？

Yes. Let me give you a few thoughts. I mean in the first part is that when we show the chart about the different geographies, everything is relative as well, right? So if we get more revenues from a certain geography, the percentage of revenues that comes from the U.S. or another geography reduces, right? So that's the first point. The second point with regard to the success of acquisitions, as you know, most of -- all of these acquisitions, a substantial part of the consideration is linked to future performance metrics in the form of earnouts, right?

是的。讓我給你一些想法。我的意思是，在第一部分中，當我們顯示不同地理位置的圖表時，一切都是相對的，對嗎？因此，如果我們從某個地區獲得更多收入，來自美國或其他地區的收入百分比就會減少，對嗎？這是第一點。關於收購成功的第二點，如您所知，所有這些收購中的大部分，很大一部分考慮因素都與收益形式的未來績效指標相關，對嗎？

So you will be seeing most of which start to be triggered a year ahead of -- after the acquisition itself. So one measure of the success of this acquisition will be whether those targets are met and the earn-outs are paid, right? And number three, and most importantly, for us, when we are acquiring companies, like I said before, we are acquiring contracts effectively and customers. So in the contract ends, we are valued in comparing those contracts, and whenever one of the targets that we acquired in a certain hotel or in a certain airline, they have a better contract, then we incorporate that in our own unified content hub.

因此，您將看到其中大部分在收購本身之後的一年前開始觸發。因此，衡量此次收購是否成功的一個標準是是否實現了這些目標並支付了收益，對嗎？第三，對我們來說最重要的是，當我們收購公司時，就像我之前所說的那樣，我們正在有效地收購合約和客戶。因此，在合約結束時，我們很重視比較這些合同，每當我們在某家酒店或某家航空公司收購的目標之一時，他們有更好的合同，然後我們會將其合併到我們自己的統一內容中心中。

So basically, from our perspective, the success is, number 1, in the ability to diversify and enrich and improve the content of the entire platform; and number 2, to keep adding new customers and new travel experts in geographies where we have been very difficult to acquire them organically, such as the U.S. and Canada? I don't know, Jim or Prasad, if you have any other thoughts?

所以基本上，從我們的角度來看，成功在於，第一，能夠使整個平台的內容多樣化、豐富和改進；第二，在我們很難有機取得的地區（例如美國和加拿大）不斷增加新客戶和新旅行專家？我不知道，吉姆或普拉薩德，你們還有其他想法嗎？

No, I think you hit it correctly, right, at the beginning there, Orestes. I think, but it's -- you're looking at a mix issue, right? I mean there are relative growth across all of the platforms and all of the geographic platforms. It's just that if some of the areas are growing faster, the relative percentage of one geography over another is going to moderate somewhat. So I think that, that may be what you're seeing.

不，我認為你一開始就擊中了它，俄瑞斯忒斯。我想，但你正在考慮一個混合問題，對嗎？我的意思是所有平台和所有地理平台都有相對成長。只是如果某些地區成長得更快，一個地區相對於另一個地區的相對百分比就會下降。所以我認為，這可能就是你所看到的。

So if revenue in the U.S. is down 15%, should I assume that less people are traveling in the U.S. and more of your transactions are international transactions in the quarter?

因此，如果美國的收入下降了 15%，我是否應該假設在美國旅行的人減少了，而本季的交易中有更多是國際交易？

I mean, we don't see that it's 15% down, as Jim and Orestes mentioned. It is the market share of that segment is on the market that U.S. market is down by 15%, but not the actual numbers is down. However, the other markets are growing fastly. And by the way, for us, the international is a sweet market, and we see that as a improvement there is what we wanted to anticipate and what we are working for to create a good value for our customers. And historically, which we have a good share of market share in those segments and contribute...

我的意思是，正如 Jim 和 Orestes 所提到的那樣，我們沒有看到下降 15%。美國市場下降了15%的是該細分市場的市場份額，但實際數字並未下降。然而，其他市場正在快速成長。順便說一句，對我們來說，國際市場是一個甜蜜的市場，我們看到，作為一種改進，我們想要期待什麼，我們正在努力為我們的客戶創造良好的價值。從歷史上看，我們在這些細分市場中擁有良好的市場份額並做出了貢獻...

And I guess if I could -- got it. And then maybe just one last question. The second quarter from a seasonality perspective has historically been your largest quarter for the year. But I guess, your guidance implies we're going to see a relatively stronger back half of the year relative to the first half of the year, at least on a net revenue basis. I guess any puts or takes as to why it's going to be different from a seasonality perspective this year relative to the previous years?

我想如果我能——明白了。也許只是最後一個問題。從季節性角度來看，第二季歷來是今年最大的季度。但我想，你的指導意味著我們將看到下半年相對於上半年相對強勁，至少在淨收入基礎上是如此。我想對於為什麼今年從季節性角度來看與前幾年會有所不同有什麼看法？

Yes. I mean let me give you a few points there. This is Orestes -- okay, Jim, go ahead and then I'll add.

是的。我的意思是讓我給你幾點。這是俄瑞斯忒斯——好吧，吉姆，請繼續，然後我會補充。

I was just -- part of that, Brett, is, again, with some of these international acquisitions, that will change a little bit the seasonality because there are different seasonalities in different parts of the world. If you think about it, you even have different weather patterns as an example.

我只是 - 布雷特，其中的一部分是，透過一些國際收購，這將稍微改變季節性，因為世界不同地區有不同的季節性。如果你仔細想想，你甚至可以有不同的天氣模式作為例子。

So given that, what we will see is a little shift in the seasonality. But then the second part of it is also with the -- with what we've just introduced the new technologies, the new markets that we're opening up, our seasonal pattern is probably going to be off a little bit simply because we will overwhelm that seasonal pattern with the organic growth of the business in all of these different market segments that previously we really weren't playing in very strongly.

因此，我們將看到季節性的一些變化。但第二部分也與我們剛推出的新技術、我們正在開放的新市場有關，我們的季節性模式可能會稍微偏離，因為我們將透過所有這些不同細分市場中業務的有機成長來壓倒季節性模式，而先前我們在這些細分市場中的表現並不十分強勁。

The 2 factors that impact seasonality -- the other 2 factors that add seasonality is the prices in the second quarter, the price of this the airline tickets or the transactional cost, okay, is very high. And people have usually when the prices are high, they look for alternative options and look for the other quarters to travel, and we see that trend based on this shopping requests what we are receiving for the future periods. So this is supported and which we believe that we want to continue in the future period and may increase the transaction count there.

影響季節性的兩個因素——另外兩個增加季節性的因素是第二季的價格，機票的價格或交易成本，好吧，非常高。人們通常在價格較高時尋找替代方案並尋找其他季度的旅行，我們根據這種購物要求看到了這種趨勢，要求我們在未來一段時間收到什麼。因此，這是得到支持的，我們相信我們希望在未來繼續下去，並可能增加那裡的交易數量。

And the second aspect is the recovery. So remember that we are only recovered off 88% of our pre-pandemic levels. And as the international markets are opening, and that more and more travel is coming, so it is changing these dynamics day by day. So it's not a linear thing or to follow the historical trends, but also we have to factor in all these important changes and the trends into consideration and which we believe that the second and third and fourth quarter would be better than second or first quarter.

第二個方面是恢復。因此請記住，我們僅恢復到疫情前水準的 88%。隨著國際市場的開放，越來越多的旅行即將到來，這些動態正在日益改變。因此，這不是線性的事情，也不是遵循歷史趨勢，但我們也必須考慮所有這些重要的變化和趨勢，我們相信第二、第三和第四季會比第二或第一季更好。

And thirdly, we are a growing business. So we are not thinking about ourselves as just following the trend of last year and doing that. It's about how we take the market share. The market may be having the same seasonality effect, but we plan to take more market share from other players, and that will increase our numbers that may be different from the previous quarters. Over to you, Orestes.

第三，我們是一家不斷成長的企業。因此，我們並不認為自己只是追隨去年的趨勢而這樣做。這關係到我們如何佔領市場份額。市場可能具有相同的季節性影響，但我們計劃從其他參與者那裡獲得更多市場份額，這將增加我們的數量，這可能與前幾季不同。交給你了，俄瑞斯忒斯。

Yes. And one last point. I mean I think Prasad and Jim covered all the points, but one last point is that if you look at the last 12 years of our history, Q2 is not our strongest quarter. I mean Q2 in '22 was a very strong quarter, particularly because you had Omicron in Q1. So a lot of the travel that was going to happen in Q1 happened in Q2, right?

是的。最後一點。我的意思是，我認為 Prasad 和 Jim 涵蓋了所有要點，但最後一點是，如果你看看我們過去 12 年的歷史，第二季並不是我們最強勁的季度。我的意思是，22 年第二季度是一個非常強勁的季度，特別是因為第一季有 Omicron。所以第一季發生的很多旅行都發生在第二季度，對吧？

So you have that element of the equation for 2022, in particular. But as far as Mondee is concerned, traditionally, our strongest quarters were towards the end of the year, specifically Q4. And to that, you have to add all the elements that Jim mentioned, the change in seasonality in geographies we have added, the growth that Prasad mentioned, so if you add all these 3, 4 variables, we are very confident that Q3 and Q4, which will be much stronger than Q2, which itself is an exceptional quarter.

所以你已經得到了 2022 年等式中的這個元素。但就 Mondee 而言，傳統上我們最強勁的季度是在年底，特別是第四季。為此，你必須添加吉姆提到的所有元素，我們添加的地理位置的季節性變化，普拉薩德提到的增長，所以如果你添加所有這3、4 個變量，我們非常有信心第三季度和第四季度，這將比第二季度強得多，而第二季度本身就是一個特殊的季度。

(Operator Instructions) Our next question is from Mike Grondahl from Northland Securities.

（操作員說明）我們的下一個問題來自 Northland Securities 的 Mike Grondahl。

Just a couple more questions on the $20 million investment. How would you describe the mix between peer or direct marketing and personnel cost? And then secondly, would you say the marketing dollars are more targeted at influencers for agents. And I'm just trying to understand, in the marketing, what will the hook be for each one?

關於 2000 萬美元的投資還有幾個問題。您如何描述同儕行銷或直接行銷與人員成本之間的組合？其次，您是否會說行銷資金更多針對代理商的影響者。我只是想了解，在行銷中，每個產品的吸引力是什麼？

So I'll -- Mike, it's Jim. I'll start. So I'll let the last part first. I mean, look, the hook here is if you think about the whole Millennial, Gen Z, buying population, which is now the most significant buying population in travel, I mean these are tech-savvy people to begin with, right?

所以我會——麥克，我是吉姆。我開始吧。所以我先講最後一部分。我的意思是，看，這裡的問題在於，如果你考慮一下整個千禧世代、Z 世代的購買人群，他們現在是旅遊領域最重要的購買人群，我的意思是，這些人一開始就是精通技術的人，對嗎？

And they are looking for -- they are the ones that have most embraced all of the Generative AI features that have come out anywhere in any industry vertical. So the hook here is, you have -- I mean, this is not just AI supporting a little bit of shopping. This is AI supporting the entire experience creation, the entire ability to go hyper-local, et cetera.

他們正在尋找——他們是最能接受所有垂直行業中出現的所有生成式人工智慧功能的人。所以這裡的重點是，我的意思是，這不僅僅是人工智慧支援一點購物。這是人工智慧支援整個體驗創建、超本地化的全部能力等等。

So when you think about that, the hook here is just going to be -- it's more than just the new toy. This is truly the new way of as an individual building my experiences, right, as an expert or a channel to market of facilitating that happening most effectively, most efficiently. So our hook is not just at the end traveler, it's all the way through the chain here to include the service support because this is -- I mean, the unique thing about our platform is it is fully deployed end to end.

所以當你想到這一點時，這裡的吸引力就在於——它不僅僅是新玩具。這確實是作為個人累積經驗的新方式，對吧，作為專家或市場管道，以最有效、最高效的方式促進這一切的發生。因此，我們的鉤子不僅僅在終端旅行者，它貫穿整個鏈條，包括服務支持，因為這是——我的意思是，我們平台的獨特之處在於它是端到端完全部署的。

So that's primarily on the hook side. In terms of the way we're thinking of the investment that we'll continue to make here, about 50% of it will be in the marketing programs and then the other 50% is going to be in personnel as well as continued enhancement and deployment of the AI capabilities within our platform. So it's generally in that range.

所以這主要是在鉤子方面。就我們考慮繼續在這裡進行的投資的方式而言，大約 50% 將用於行銷計劃，另外 50% 將用於人員以及持續增強和在我們的平台內部署人工智慧功能。所以一般都在這個範圍內。

And just to add little bit of color, right?

只是添加一點顏色，對嗎？

Sure, go ahead.

好，去吧。

So just a bit more color, Mike. So you may recall that our -- I mean before we're focusing our marketing mostly on credits, right? We would go to travel experts and tell them, "look, we'll give you a $1,000 credit and you can use it on the first 30 transactions that you make," right? So now like you rightly mentioned, we are targeting the new era experts, which is more freelancers and social media influencers.

麥克，再多一點顏色。所以你可能還記得我們的——我的意思是在我們將行銷主要集中在積分上之前，對嗎？我們會去找旅遊專家並告訴他們，「看，我們會給您 1,000 美元的積分，您可以在前 30 筆交易中使用它，」對嗎？所以現在就像你正確提到的那樣，我們的目標是新時代專家，更多的是自由工作者和社群媒體影響者。

And the way that these new customers are making money is they're making 1% of all transactions of their followers that they book through our platform. And then for the traveler, the traveler gets a $10 credit, et cetera, et cetera. So we need to educate the market, but for to know, how would you know? If you're an influencer, how would you know about this platform?

這些新客戶賺錢的方式是，他們的追蹤者透過我們的平台預訂的所有交易的 1% 都是由他們完成的。然後對於旅行者來說，旅行者可以獲得 10 美元的積分，等等。所以我們需要教育市場，但要知道，你怎麼知道？如果您是有影響力的人，您會如何了解這個平台？

If you are a main traveler, how would you know about the $10 credit? So now we have to do different types of campaigns which are more performance marketing as opposed to credits, right? So this basically explains also why we built an additional team to our existing marketing team with 14 individuals with experience in this new era expert and customer.

如果您是主要旅行者，您怎麼知道 10 美元的積分？所以現在我們必須進行不同類型的活動，這些活動更多的是績效行銷而不是積分，對嗎？因此，這基本上也解釋了為什麼我們在現有行銷團隊的基礎上建立了一個額外的團隊，該團隊由 14 名具有新時代專家和客戶經驗的人員組成。

Got it. And then one more. If you look at the overall transaction and take rate in the second quarter, is there anything to call out there like air travel was better or worse, hotels, cruises, the ancillaries? Just any kind of detailed commentary on that underlying performance, if you will, whether it's transactions or take rates?

知道了。然後還有一張。如果你看看第二季的整體交易和成交率，有什麼值得指出的，例如航空旅行、飯店、遊輪、輔助設施是好是壞？如果您願意的話，是否可以對基本表現進行任何形式的詳細評論，無論是交易還是匯率？

I think, Mike, one of the main things to point out is that as we continue expanding on our hotel offering, that take rate is going to continue to improve. And that's probably, as you referred to second quarter is clearly the main driver for that improvement in that take rate.

麥克，我認為需要指出的主要事情之一是，隨著我們繼續擴大酒店服務，入住率將繼續提高。正如您所提到的那樣，第二季度顯然是採取率改善的主要驅動力。

That concludes the Q&A for today. I'd like to turn the call back over to Jeff Houston, Senior Vice President. Jeff, please go ahead.

今天的問答就到此結束。我想將電話轉回給高級副總裁傑夫休斯頓。傑夫，請繼續。

Sure. Thank you, and thanks to all who tuned in for our second quarter 2023 earnings call, whether it was here on the live call, replay or reading the transcript, we really 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. You can get more information at our IR site, which is investors.mondee.com or send me email to ir@mondee.com. Thank you.

當然。謝謝你們，也感謝所有收聽我們 2023 年第二季財報電話會議的人，無論是現場電話會議、重播還是閱讀文字記錄，我們非常感謝您對 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，請隨時致電我們。您可以在我們的投資者關係網站 Investors.mondee.com 上獲取更多信息，或向我發送電子郵件至 ir@mondee.com。謝謝。

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

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。