UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 18, 2022
MONDEE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-39943 | 88-3292448 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
10800 Pecan Park Blvd.
Suite 315
Austin, Texas 78750
(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code): (650) 646-3320
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) |
Name of each exchange on which registered | ||
Class A common stock, $0.001 par value per share | MOND | The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | MONDW | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
EXPLANATORY NOTE
This Amendment No. 1 on Form 8-K/A (this “Amendment No. 1”) amends Item 9.01 of the Current Report on Form 8-K filed by Mondee Holdings, Inc. (the “Company”) on July 20, 2022 (the “Original Report”), in which the Company reported, among other events, the completion of the Business Combination. This Amendment No. 1 amends (i) Item 9.01(a) in the Original Report to include the condensed consolidated financial statements of Mondee Holdings II, Inc. as of and for the fiscal quarter ended June 30, 2022 and 2021 and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Mondee Holdings II, Inc. for the fiscal quarter ended June 30, 2022 and (ii) Item 9.01(b) in the Original Report to include the unaudited pro forma condensed combined financial information of the Company as of the three and six months ended June 30, 2022 and for the year ended December 31, 2021. This Amendment No. 1 does not amend any other item of the Original Report or purport to provide an update or a discussion of any developments at the Company subsequent to the filing date of the Original Report.
Capitalized terms used but not defined herein have the meanings given in the Original Report.
Item 9.01 | Financial Statements and Exhibits. |
(a) Financial Statements of Business Acquired.
The condensed consolidated financial statements of Mondee Holdings II, Inc. as of and for the fiscal quarter ended June 30, 2022 and 2021 and related notes are filed herewith as Exhibit 99.1 and incorporated herein by reference.
Also included herewith as Exhibit 99.2 and incorporated herein by reference is the Management’s Discussion and Analysis of Financial Condition and Results of Operations of Mondee Holdings II, Inc. for the fiscal quarter ended June 30, 2022.
(b) Pro Forma Financial Information.
The unaudited pro forma condensed combined financial information of the Company as of the three and six months ended June 30, 2022 and for the year ended December 31, 2021 is set forth in Exhibit 99.1 hereto and is incorporated herein by reference.
(d) Exhibits.
Exhibit No. | Description | ||
99.1 | Condensed Consolidated Financial Statements of Mondee Holdings II, Inc. as of and for the fiscal quarter ended June 30, 2022 and 2021 (unaudited). | ||
99.2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations for Mondee Holdings II, Inc. for the fiscal quarter ended June 30, 2022. | ||
99.3 | Unaudited Pro Forma Condensed Combined Financial Information as of the three and six months ended June 30, 2022 and for the year ended December 31, 2021. | ||
104 | Cover Page Interactive Data File, formatted in Inline XBRL (included within the Exhibit 101 attachments). |
- 2 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MONDEE HOLDINGS, INC. | ||
Dated: September 7, 2022 | By: | /s/ Daniel Figenshu |
Name: | Daniel Figenshu | |
Title: | Chief Financial Officer |
- 3 -
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 10,932 | | | | | $ | 15,506 | | |
Restricted short-term investments
|
| | | | 8,476 | | | | | | 8,484 | | |
Accounts receivable, net of allowance of $4,998, and $5,005 as of June 30, 2022 and December 31, 2021, respectively
|
| | | | 20,260 | | | | | | 10,178 | | |
Contract assets, net of allowance of $1,000 as of June 30, 2022 and December 31,
2021 |
| | | | 8,110 | | | | | | 3,935 | | |
Prepaid expenses and other current assets
|
| | | | 12,421 | | | | | | 2,588 | | |
Total current assets
|
| | | $ | 60,199 | | | | | $ | 40,691 | | |
Property and equipment, net
|
| | | | 10,029 | | | | | | 8,874 | | |
Goodwill
|
| | | | 66,420 | | | | | | 66,420 | | |
Intangible assets, net
|
| | | | 60,539 | | | | | | 63,708 | | |
Loan receivable from related party
|
| | | | 22,310 | | | | | | 22,054 | | |
Operating lease right-of-use assets
|
| | | | 2,275 | | | | | | — | | |
Other non-current assets
|
| | | | 1,994 | | | | | | 1,588 | | |
TOTAL ASSETS
|
| | | $ | 223,766 | | | | | $ | 203,335 | | |
Liabilities and Stockholder’s Deficit | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | | 29,740 | | | | | | 19,529 | | |
Amounts payable to related parties
|
| | | | 1,552 | | | | | | 716 | | |
Paycheck Protection Program (PPP) and other government loans, current
portion |
| | | | 50 | | | | | | 338 | | |
Accrued expenses and other current liabilities
|
| | | | 21,743 | | | | | | 10,354 | | |
Deferred revenue
|
| | | | 6,743 | | | | | | 6,450 | | |
Long-term debt, current portion
|
| | | | 15,454 | | | | | | 11,063 | | |
Total current liabilities
|
| | | $ | 75,282 | | | | | $ | 48,450 | | |
Deferred income taxes
|
| | | | 604 | | | | | | 512 | | |
Note payable to related party
|
| | | | 195 | | | | | | 193 | | |
PPP and other government loans excluding current portion
|
| | | | 199 | | | | | | 1,915 | | |
Long-term debt excluding current portion
|
| | | | 166,097 | | | | | | 162,170 | | |
Deferred revenue excluding current portion
|
| | | | 13,138 | | | | | | 14,288 | | |
Operating lease liabilities excluding current portion
|
| | | | 1,648 | | | | | | — | | |
Other long-term liabilities
|
| | | | 2,543 | | | | | | 2,632 | | |
Total liabilities
|
| | | $ | 259,706 | | | | | $ | 230,160 | | |
Commitments and contingencies (Note 6) | | | | | | | | | | | | | |
Stockholder’s deficit: | | | | | | | | | | | | | |
Common stock – $0.01 par value; 1,000 stock authorized, 1 stock issued and outstanding
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 163,626 | | | | | | 163,465 | | |
Accumulated other comprehensive loss
|
| | | | (445) | | | | | | (273) | | |
Accumulated deficit
|
| | | | (199,121) | | | | | | (190,017) | | |
Total stockholder’s deficit
|
| | | $ | (35,940) | | | | | $ | (26,825) | | |
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT
|
| | | $ | 223,766 | | | | | $ | 203,335 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenues, net
|
| | | $ | 42,650 | | | | | $ | 23,557 | | | | | $ | 80,303 | | | | | $ | 37,051 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing expenses
|
| | | | 25,847 | | | | | | 12,833 | | | | | | 49,018 | | | | | | 21,075 | | |
Sales and other expenses, including non-employee stock-based compensation of $0, $2, $6, and $2 respectively
|
| | | | 3,554 | | | | | | 3,130 | | | | | | 6,378 | | | | | | 4,337 | | |
Personnel expenses, including stock-based compensation of $81, $3,769, $155, and $3,769 respectively
|
| | | | 5,752 | | | | | | 8,527 | | | | | | 11,324 | | | | | | 12,662 | | |
General and administrative expenses
|
| | | | 2,025 | | | | | | 1,228 | | | | | | 4,465 | | | | | | 2,915 | | |
Information technology expenses
|
| | | | 1,158 | | | | | | 1,088 | | | | | | 2,464 | | | | | | 2,113 | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | (121) | | | | | | 758 | | | | | | 86 | | | | | | 1,593 | | |
Depreciation and amortization
|
| | | | 2,769 | | | | | | 3,305 | | | | | | 5,586 | | | | | | 6,520 | | |
Total operating expenses
|
| | | | 40,984 | | | | | | 30,869 | | | | | | 79,321 | | | | | | 51,215 | | |
Income (loss) from operations
|
| | | | 1,666 | | | | | | (7,312) | | | | | | 982 | | | | | | (14,164) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 134 | | | | | | 128 | | | | | | 261 | | | | | | 252 | | |
Interest expense
|
| | | | (6,601) | | | | | | (5,813) | | | | | | (12,830) | | | | | | (11,362) | | |
Gain on extinguishment of PPP loan
|
| | | | 2,009 | | | | | | — | | | | | | 2,009 | | | | | | — | | |
Other expense, net
|
| | | | 915 | | | | | | (26) | | | | | | 764 | | | | | | (35) | | |
Total other expense, net
|
| | | | (3,543) | | | | | | (5,711) | | | | | | (9,796) | | | | | | (11,145) | | |
Loss before income taxes
|
| | | $ | (1,877) | | | | | $ | (13,023) | | | | | $ | (8,814) | | | | | $ | (25,309) | | |
Provision for income taxes
|
| | | | (236) | | | | | | (55) | | | | | | (290) | | | | | | (120) | | |
Net loss
|
| | | $ | (2,113) | | | | | $ | (13,078) | | | | | $ | (9,104) | | | | | $ | (25,429) | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Net loss
|
| | | $ | (2,113) | | | | | $ | (13,078) | | | | | $ | (9,104) | | | | | $ | (25,429) | | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | |
Currency translation adjustment
|
| | | | 57 | | | | | | (31) | | | | | | (172) | | | | | | (92) | | |
Comprehensive loss
|
| | | $ | (2,056) | | | | | $ | (13,109) | | | | | $ | (9,276) | | | | | $ | (25,521) | | |
| | |
Common
Stock |
| |
Additional
Paid-in-Capital |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Deficit |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at March 31, 2021
|
| | | | 1 | | | | | $ | — | | | | | $ | 159,529 | | | | | $ | (23) | | | | | $ | (163,463) | | | | | $ | (3,957) | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 3,771 | | | | | | — | | | | | | — | | | | | | 3,771 | | |
Currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (31) | | | | | | — | | | | | | (31) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,078) | | | | | | (13,078) | | |
Balance at June 30, 2021
|
| | | | 1 | | | | |
|
—
|
| | | | | 163,300 | | | | | | (54) | | | | | | (176,541) | | | | | | (13,295) | | |
| | |
Common Stock
|
| |
Additional
Paid-in-Capital |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Deficit |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at December 31, 2020
|
| | | | 1 | | | | | $ | — | | | | | $ | 159,529 | | | | | $ | 38 | | | | | $ | (151,112) | | | | | $ | 8,455 | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 3,771 | | | | | | — | | | | | | — | | | | | | 3,771 | | |
Currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (92) | | | | | | — | | | | | | (92) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,429) | | | | | | (25,429) | | |
Balance at June 30, 2021
|
| | | | 1 | | | | | $ | — | | | | | $ | 163,300 | | | | | $ | (54) | | | | | $ | (176,541) | | | | | $ | (13,295) | | |
| | |
Common
Stock |
| |
Additional
Paid-in-Capital |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Deficit |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at March 31, 2022
|
| | | | — | | | | |
$
|
—
|
| | | |
$
|
163,545
|
| | | |
$
|
(502)
|
| | | |
$
|
(197,008)
|
| | | |
$
|
(33,965)
|
| |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 81 | | | | | | — | | | | | | — | | | | | | 81 | | |
Currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 57 | | | | | | — | | | | | | 57 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(2,113)
|
| | | |
|
(2,113)
|
| |
Balance at June 30, 2022
|
| | |
|
—
|
| | | | $ | — | | | | | $ | 163,626 | | | | | $ | (445) | | | | | $ | (199,121) | | | | | $ | (35,940) | | |
| | |
Common Stock
|
| |
Additional
Paid-in-Capital |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Deficit |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at December 31, 2021
|
| | | | 1 | | | | | $ | — | | | | | $ | 163,465 | | | | | $ | (273) | | | | | $ | (190,017) | | | | | $ | (26,825) | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 161 | | | | | | — | | | | | | — | | | | | | 161 | | |
Currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (172) | | | | | | — | | | | | | (172) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,104) | | | | | | (9,104) | | |
Balance at June 30, 2022
|
| | |
|
—
|
| | | | $ | — | | | | | $ | 163,626 | | | | | $ | (445) | | | | | $ | (199,121) | | | | | $ | (35,940) | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (9,104) | | | | | $ | (25,429) | | |
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 5,586 | | | | | | 6,520 | | |
Deferred taxes
|
| | | | 92 | | | | | | 92 | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | 86 | | | | | | 1,593 | | |
Stock-based compensation
|
| | | | 161 | | | | | | 3,771 | | |
Amortization of loan origination fees
|
| | | | 1,638 | | | | | | 873 | | |
Payment in kind interest expense
|
| | | | 6,840 | | | | | | 7,169 | | |
Gain on Forgiveness of PPP Loan
|
| | | | (2,009) | | | | | | — | | |
Change in the estimated fair value of earn-out consideration
|
| | | | (595) | | | | | | 194 | | |
Changes in operating assets and liabilities | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (10,168) | | | | | | (4,084) | | |
Contract assets
|
| | | | (4,175) | | | | | | 2,051 | | |
Prepaid expenses and other current assets
|
| | | | (8,990) | | | | | | 6 | | |
Operating lease right-of-use assets
|
| | | | (76) | | | | | | — | | |
Other non-current assets
|
| | | | (662) | | | | | | (357) | | |
Amounts payable to related parties, current portion
|
| | | | 836 | | | | | | 798 | | |
Accounts payable
|
| | | | 10,211 | | | | | | 3,299 | | |
Accrued expenses and other current liabilities
|
| | | | 11,224 | | | | | | 2,984 | | |
Deferred revenue
|
| | | | (857) | | | | | | (1,290) | | |
Operating lease liabilities
|
| | | | 121 | | | | | | — | | |
Other long term liabilities
|
| | | | 5 | | | | | | — | | |
Net cash provided by (used in) operating activities
|
| | | | 164 | | | | | | (1,810) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Capital expenditure
|
| | | | (3,472) | | | | | | (2,089) | | |
Sale of restricted short term investments
|
| | | | — | | | | | | 280 | | |
Net cash used in investing activities
|
| | | | (3,472) | | | | | | (1,809) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Repayments of long-term debt
|
| | | | (259) | | | | | | (196) | | |
Repayment of short-term debt
|
| | | | — | | | | | | (191) | | |
Proceeds from PPP and other government loans
|
| | | | — | | | | | | 3,592 | | |
Payment of deferred offering costs
|
| | | | (835) | | | | | | — | | |
Net cash (used in) / provided by financing activities
|
| | | | (1,094) | | | | | | 3,205 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (172) | | | | | | (92) | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (4,574) | | | | | | (506) | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 15,506 | | | | | | 31,525 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 10,932 | | | | | $ | 31,019 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 94 | | | | | $ | 102 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | |
Deferred financing costs in accrued expenses and other current liabilities at period
end |
| | | $ | 8,125 | | | | | $ | — | | |
| | |
June 30, 2022
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Earn-out consideration(1)
|
| | | | — | | | | | $ | — | | | | | $ | 2 | | | | | $ | 2 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Earn-out consideration(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | 597 | | | | | $ | 597 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Balance, beginning of period
|
| | | $ | 762 | | | | | $ | 540 | | | | | $ | 597 | | | | | $ | 332 | | |
Change in the estimated fair value of earn-out consideration
|
| | | | (760) | | | | | | (14) | | | | | | (595) | | | | | | 194 | | |
Balance, end of the period
|
| | | $ | 2 | | | | | $ | 526 | | | | | $ | 2 | | | | | $ | 526 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenue from Travel Marketplace
|
| | | $ | 42,397 | | | | | $ | 23,467 | | | | | $ | 79,758 | | | | | $ | 36,617 | | |
Revenue from SAAS Platform
|
| | | | 253 | | | | | | 90 | | | | | | 545 | | | | | | 434 | | |
| | | | $ | 42,650 | | | | | $ | 23,557 | | | | | $ | 80,303 | | | | | $ | 37,051 | | |
| | |
Accounts
Receivable |
| |
Contract
Asset |
| |
Deferred
Revenue |
| |||||||||
Ending Balance as of December 31, 2021
|
| | | | 10,178 | | | | | | 3,935 | | | | | | (20,738) | | |
Increase/(decrease), net
|
| | | | 10,082 | | | | | | 4,175 | | | | | | 857 | | |
Ending Balance as of June 30, 2022
|
| | | $ | 20,260 | | | | | $ | 8,110 | | | | | $ | (19,881) | | |
| | |
By Period
|
| |||||||||||||||||||||
Total
|
| |
Less than 1 Year
|
| |
1 to 3 Years
|
| |
3 to 5 Years
|
| |
More than 5 Years
|
| ||||||||||||
7,119 | | | | | 7,069 | | | | | | 50 | | | | | | — | | | | | | — | | |
| | |
As of June 30, 2022
|
| |||
Reported as:
|
| | | $ | | | |
Assets: | | | | | | | |
Operating lease right-of-use assets
|
| | | $ | 2,275 | | |
Liabilities: | | | | | | | |
Accrued expenses and other current liabilities
|
| | | $ | 808 | | |
Operating lease liabilities, non-current
|
| | | | 1,648 | | |
Total operating lease liabilities
|
| | | $ | 2,456 | | |
| | |
For Six months
ended June 30, 2022 |
| |||
Cash paid within operating cash flows
|
| | | $ | 140 | | |
Operating lease right-of-use assets recognized in exchange for new operating lease
obligations |
| | |
|
2,888
|
| |
| | |
As of June 30,
2022 |
| |||
2022 (remaining six months)
|
| | | $ | 625 | | |
2023
|
| | | | 718 | | |
2024
|
| | | | 566 | | |
2025
|
| | | | 252 | | |
2026
|
| | | | 219 | | |
Thereafter
|
| | | | 438 | | |
Total operating lease payments
|
| | | | 2,818 | | |
Less: Imputed interest
|
| | | | (362) | | |
Total operating lease liabilities
|
| | | $ | 2,456 | | |
Particulars
|
| |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
|
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||
Current service cost
|
| | | | 2 | | | | | | 15 | | | | | | 23 | | | | | | 36 | | |
Interest cost
|
| | | | 2 | | | | | | 7 | | | | | | 8 | | | | | | 12 | | |
Net actuarial gain recognized in the period
|
| | | | (12) | | | | | | (68) | | | | | | (15) | | | | | | (71) | | |
(Income)/Expenses recognized in the condensed consolidated statement of operations
|
| | | | (8) | | | | | | (46) | | | | | | 16 | | | | | | (23) | | |
Particulars
|
| |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
|
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||
Actuarial gain for the period obligation
|
| | | | 12 | | | | | | 68 | | | | | | 15 | | | | | | 71 | | |
Actuarial (gain)/loss for the period plan assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total actuarial gain on obligation
|
| | | | 12 | | | | | | 68 | | | | | | 15 | | | | | | 71 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
Transactions with Related Parties
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Offshore IT, sales support and other services from | | | | | | | | | | | | | | | | | | | | | | | | | |
Metaminds Software(e)
|
| | | | — | | | | | | 48 | | | | | | — | | | | | | 83 | | |
Metaminds Technologies(e)
|
| | | | — | | | | | | 29 | | | | | | 54 | | | | | | 87 | | |
Metaminds Global(e)
|
| | | | — | | | | | | 56 | | | | | | 78 | | | | | | 95 | | |
Offshore software development services from | | | | | | | | | | | | | | | | | | | | | | | | | |
Metaminds Software(e)
|
| | | | — | | | | | | 190 | | | | | | — | | | | | | 330 | | |
Metaminds Technologies(e)
|
| | | | — | | | | | | 113 | | | | | | 216 | | | | | | 347 | | |
Metaminds Global(e)
|
| | | | — | | | | | | 224 | | | | | | 312 | | | | | | 378 | | |
Interest Income from Mondee Group Loan(b)
|
| | | | 129 | | | | | | 126 | | | | | | 256 | | | | | | 250 | | |
Service fee from Mondee Group LLC(a)
|
| | | | 974 | | | | | | — | | | | | | 1,941 | | | | | | | | |
Rent expense – from Mike Melham(d)
|
| | | | 16 | | | | | | 16 | | | | | | 33 | | | | | | 33 | | |
Rent expense – from Metaminds Software(f)
|
| | | | 58 | | | | | | — | | | | | | 58 | | | | | | — | | |
| | |
Three Months Ended June 30, 2022
|
| |||||||||||||||
| | |
Travel Marketplace
|
| |
SAAS Platform
|
| |
Total
|
| |||||||||
Third-party revenue
|
| | | $ | 42,397 | | | | | | 253 | | | | | | 42,650 | | |
Intersegment revenue
|
| | | | — | | | | | | — | | | | | | — | | |
Revenue
|
| | | $ | 42,397 | | | | | | 253 | | | | | | 42,650 | | |
Adjusted EBITDA
|
| | | $ | 4,971 | | | | | | (455) | | | | | | 4,516 | | |
Depreciation and amortization
|
| | | | (2,633) | | | | | | (136) | | | | | | (2,769) | | |
Stock-based compensation
|
| | | | (81) | | | | | | — | | | | | | (81) | | |
Operating Income (loss)
|
| | | $ | 2,257 | | | | | | (591) | | | | | | 1,666 | | |
Other expense, net
|
| | | | | | | | | | | | | | | | (3,543) | | |
Loss before income taxes
|
| | | | | | | | | | | | | | | | (1,877) | | |
Provision for income taxes
|
| | | | | | | | | | | | | | | | (236) | | |
Net loss
|
| | | | | | | | | | | | | | | | (2,113) | | |
| | |
Three Months Ended June 30, 2021
|
| |||||||||||||||
| | |
Travel Marketplace
|
| |
SAAS Platform
|
| |
Total
|
| |||||||||
Third-party revenue
|
| | | $ | 23,467 | | | | | | 90 | | | | | | 23,557 | | |
Intersegment revenue
|
| | | | — | | | | | | — | | | | | | — | | |
Revenue
|
| | | $ | 23,467 | | | | | | 90 | | | | | | 23,557 | | |
Adjusted EBITDA
|
| | | $ | 393 | | | | | | (629) | | | | | | (236) | | |
Depreciation and amortization
|
| | | | (3,165) | | | | | | (140) | | | | | | (3,305) | | |
Stock-based compensation
|
| | | | (3,771) | | | | | | — | | | | | | (3,771) | | |
Operating loss
|
| | | $ | (6,543) | | | | | | (769) | | | | | | (7,312) | | |
Other expense, net
|
| | | | | | | | | | | | | | | | (5,711) | | |
Loss before income taxes
|
| | | | | | | | | | | | | | | | (13,023) | | |
Provision for income taxes
|
| | | | | | | | | | | | | | | | (55) | | |
Net loss
|
| | | | | | | | | | | | | | | | (13,078) | | |
| | |
Six Months Ended June 30, 2022
|
| |||||||||||||||
| | |
Travel Marketplace
|
| |
SAAS Platform
|
| |
Total
|
| |||||||||
Third-party revenue
|
| | | $ | 79,758 | | | | | | 545 | | | | | | 80,303 | | |
Intersegment revenue
|
| | | | — | | | | | | — | | | | | | — | | |
Revenue
|
| | | $ | 79,758 | | | | | | 545 | | | | | | 80,303 | | |
Adjusted EBITDA
|
| | | $ | 7,737 | | | | | | (1,008) | | | | | | 6,729 | | |
Depreciation and amortization
|
| | | | (5,312) | | | | | | (274) | | | | | | (5,586) | | |
Stock-based compensation
|
| | | | (161) | | | | | | — | | | | | | (161) | | |
| | |
Six Months Ended June 30, 2022
|
| |||||||||||||||
| | |
Travel Marketplace
|
| |
SAAS Platform
|
| |
Total
|
| |||||||||
Operating Income (loss)
|
| | | $ | 2,264 | | | | | | (1,282) | | | | | | 982 | | |
Other expense, net
|
| | | | | | | | | | | | | | | | (9,796) | | |
Loss before income taxes
|
| | | | | | | | | | | | | | | | (8,814) | | |
Provision for income taxes
|
| | | | | | | | | | | | | | | | (290) | | |
Net loss
|
| | | | | | | | | | | | | | | | (9,104) | | |
|
| | |
Six Months Ended June 30, 2021
|
| |||||||||||||||
| | |
Travel Marketplace
|
| |
SAAS Platform
|
| |
Total
|
| |||||||||
Third-party revenue
|
| | | $ | 36,617 | | | | | | 434 | | | | | | 37,051 | | |
Intersegment revenue
|
| | | | | | | | | | — | | | | | | — | | |
Revenue
|
| | | $ | 36,617 | | | | | | 434 | | | | | | 37,051 | | |
Adjusted EBITDA
|
| | | $ | (2,850) | | | | | | (1,023) | | | | | | (3,873) | | |
Depreciation and amortization
|
| | | | (6,233) | | | | | | (287) | | | | | | (6,520) | | |
Stock-based compensation
|
| | | | (3,771) | | | | | | — | | | | | | (3,771) | | |
Operating loss
|
| | | $ | (12,854) | | | | | | (1,310) | | | | | | (14,164) | | |
Other expense, net
|
| | | | | | | | | | | | | | | | (11,145) | | |
Loss before income taxes
|
| | | | | | | | | | | | | | | | (25,309) | | |
Provision for income taxes
|
| | | | | | | | | | | | | | | | (120) | | |
Net loss
|
| | | | | | | | | | | | | | | | (25,429) | | |
| | |
Three Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
United States
|
| | | $ | 40,372 | | | | | $ | 23,294 | | |
International
|
| | | | 2,278 | | | | | | 263 | | |
| | | | $ | 42,650 | | | | | $ | 23,557 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
United States
|
| | | $ | 76,164 | | | | | $ | 36,556 | | |
International
|
| | | | 4,139 | | | | | | 495 | | |
| | | | $ | 80,303 | | | | | $ | 37,051 | | |
| | |
2021 Grants
|
|
Expected term (in years)
|
| |
0 – 2.5
|
|
Risk-free interest rate
|
| |
0.81% – 1.26%
|
|
Expected volatility
|
| |
50.92% – 53.85%
|
|
Expected dividend rate
|
| |
0%
|
|
Weighted average contractual life
|
| |
0 – 2.5
|
|
| | |
2018 Grants
|
|
Expected term (in years)
|
| |
0 – 2.5
|
|
Risk-free interest rate
|
| |
2.9%
|
|
Expected volatility
|
| |
26.0%
|
|
Expected dividend rate
|
| |
0%
|
|
Weighted average contractual life
|
| |
0 – 2.5
|
|
| | |
Number of Class D
Incentive Units Outstanding |
| |
Weighted
average grant date fair value of units |
| |
Weighted
average remaining contractual life (Years) |
| |
Weighted average
exercise price |
| ||||||||||||
Unvested – December 31, 2021
|
| | | | 10,278,486 | | | | | | 0.13 | | | | | | 2 | | | | | | 0.03 | | |
Granted
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Vested
|
| | | | (89,359) | | | | | | 0.002 | | | | | | | | | | | | | | |
Forfeited or canceled
|
| | | | (50,000) | | | | | | — | | | | | | | | | | | | | | |
Unvested – March 31, 2022
|
| | | | 10,139,127 | | | | | | 0.1 | | | | | | 1.75 | | | | | | 0.03 | | |
Granted
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Vested
|
| | | | (2,490,532) | | | | | | 0.125 | | | | | | | | | | | | | | |
Forfeited or canceled
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Unvested – June 30, 2022
|
| | | | 7,648,595 | | | | | | 0.128 | | | | | | 2 | | | | | | 0.03 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| |
Years Ended
December 31, |
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||
Net loss
|
| | | $ | (2,113) | | | | | $ | (13,078) | | | | | $ | (9,104) | | | | | $ | (25,429) | | | | | $ | (38,905) | | | | | $ | (41,734) | | |
Interest expense, (net)
|
| | | | 6,467 | | | | | | 5,685 | | | | | | 12,569 | | | | | | 11,110 | | | | | | 23,178 | | | | | | 19,902 | | |
Stock-based compensation expense
|
| | | | 81 | | | | | | 3,771 | | | | | | 161 | | | | | | 3,771 | | | | | | 3,936 | | | | | | 15 | | |
Depreciation and amortization
|
| | | | 2,769 | | | | | | 3,305 | | | | | | 5,586 | | | | | | 6,520 | | | | | | 12,861 | | | | | | 11,414 | | |
Provision for income taxes
|
| | | | 236 | | | | | | 55 | | | | | | 290 | | | | | | 120 | | | | | | 323 | | | | | | (14,042) | | |
Gain on forgiveness of PPP loans
|
| | | | (2,009) | | | | | | — | | | | | | (2,009) | | | | | | — | | | | | | (5,868) | | | | | | — | | |
Other expense (income), net
|
| | | | (915) | | | | | | 26 | | | | | | (764) | | | | | | 35 | | | | | | (980) | | | | | | 17 | | |
Adjusted EBITDA
|
| | | $ | 4,516 | | | | | $ | (236) | | | | | $ | 6,729 | | | | | $ | (3,873) | | | | | $ | (5,455) | | | | | $ | (24,428) | | |
| | |
Three Months
Ended June 30, |
| |
Six Months
Ended June 30, |
| |
Years Ended
December 31, |
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities
|
| | | $ | (3,254) | | | | | $ | 219 | | | | | $ | 164 | | | | | $ | (1,810) | | | | | $ | (15,673) | | | | | $ | (3,662) | | |
Capital expenditures
|
| | | | (1,754) | | | | | | (902) | | | | | | (3,472) | | | | | | (2,089) | | | | | | (4,022) | | | | | | (4,061) | | |
Cash paid for interest
|
| | | | 90 | | | | | | 51 | | | | | | 94 | | | | | | 102 | | | | | | 6,740 | | | | | | 316 | | |
Unlevered free cash flow
|
| | | $ | (4,915) | | | | | $ | (632) | | | | | $ | (3,214) | | | | | $ | (3,797) | | | | | $ | (12,955) | | | | | $ | (7,407) | | |
| | |
Three Months
Ended June 30, |
| |
Six Months
Ended June 30, |
| |
Years Ended
December 31, |
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||
Travel Marketplace
|
| | | $ | 42,397 | | | | | $ | 23,467 | | | | | $ | 79,758 | | | | | $ | 36,617 | | | | | $ | 92,038 | | | | | $ | 65,057 | | |
Subscription Based Platform
|
| | | | 253 | | | | | | 90 | | | | | | 545 | | | | | | 434 | | | | | | 1,156 | | | | | | 739 | | |
Total revenue
|
| | | $ | 42,650 | | | | | $ | 23,557 | | | | | $ | 80,303 | | | | | $ | 37,051 | | | | | $ | 93,194 | | | | | $ | 65,796 | | |
| | |
Three Months
Ended June 30, |
| | | | | | | | | | | | | |
Six Months
Ended June 30, |
| | | | | | | | | | | | | ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Revenues, net
|
| | | $ | 42,650 | | | | | $ | 23,557 | | | | | $ | 19,093 | | | | | | 81% | | | | | $ | 80,303 | | | | | $ | 37,051 | | | | | $ | 43,252 | | | | | | 117% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Marketing expenses
|
| | | | 25,847 | | | | | | 12,833 | | | | | | 13,014 | | | | | | 101% | | | | | | 49,018 | | | | | | 21,075 | | | | | | 27,943 | | | | | | 133% | | |
Sales and other expenses
|
| | | | 3,554 | | | | | | 3,130 | | | | | | 424 | | | | | | 14% | | | | | | 6,378 | | | | | | 4,337 | | | | | | 2,041 | | | | | | 47% | | |
Personnel expense
|
| | | | 5,752 | | | | | | 8,527 | | | | | | (2,775) | | | | | | (33)% | | | | | | 11,324 | | | | | | 12,662 | | | | | | (1,338) | | | | | | (11)% | | |
General and administrative expense
|
| | | | 2,025 | | | | | | 1,228 | | | | | | 797 | | | | | | 65% | | | | | | 4,465 | | | | | | 2,915 | | | | | | 1,550 | | | | | | 53% | | |
Information technology expense
|
| | | | 1,158 | | | | | | 1,088 | | | | | | 70 | | | | | | 6% | | | | | | 2,464 | | | | | | 2,113 | | | | | | 351 | | | | | | 17% | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | (121) | | | | | | 758 | | | | | | (879) | | | | | | (116)% | | | | | | 86 | | | | | | 1,593 | | | | | | (1,507) | | | | | | (95)% | | |
Depreciation and
amortization |
| | | | 2,769 | | | | | | 3,305 | | | | | | (536) | | | | | | (16)% | | | | | | 5,586 | | | | | | 6,520 | | | | | | (934) | | | | | | (14)% | | |
Total Operating Expenses
|
| | | $ | 40,984 | | | | | $ | 30,869 | | | | | $ | 10,115 | | | | | | 33% | | | | | $ | 79,321 | | | | | $ | 51,215 | | | | | $ | 28,106 | | | | | | 55% | | |
Net (loss) Income from operations
|
| | | $ | 1,666 | | | | | $ | (7,312) | | | | | $ | 8,978 | | | | | | (123)% | | | | | $ | 982 | | | | | $ | (14,164) | | | | | $ | 15,146 | | | | | | (107)% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Interest income
|
| | | | 134 | | | | | | 128 | | | | | | 6 | | | | | | 5% | | | | | | 261 | | | | | | 252 | | | | | | 9 | | | | | | 4% | | |
Interest expense
|
| | | | (6,601) | | | | | | (5,813) | | | | | | (788) | | | | | | 14% | | | | | | (12,830) | | | | | | (11,362) | | | | | | (1,468) | | | | | | 13% | | |
Gain on extinguishment of PPP loan
|
| | | | 2,009 | | | | | | — | | | | | | 2,009 | | | | | | N/A | | | | | | 2,009 | | | | | | — | | | | | | 2,009 | | | | | | N/A | | |
Other (expense) income, net
|
| | | | 915 | | | | | | (26) | | | | | | 941 | | | | | | (3,619)% | | | | | | 764 | | | | | | (35) | | | | | | 799 | | | | | | (2,283)% | | |
Total other expense
|
| | | | (3,543) | | | | | | (5,711) | | | | | | 2,168 | | | | | | (38)% | | | | | | (9,796) | | | | | | (11,145) | | | | | | 1,349 | | | | | | (12)% | | |
Net loss before income
taxes |
| | | | (1,877) | | | | | | (13,023) | | | | | | 11,146 | | | | | | (86)% | | | | | | (8,814) | | | | | | (25,309) | | | | | | 16,495 | | | | | | (65)% | | |
Benefit from (provision for) income taxes
|
| | | | (236) | | | | | | (55) | | | | | | (181) | | | | | | 329% | | | | | | (290) | | | | | | (120) | | | | | | (170) | | | | | | 142% | | |
Net loss
|
| | | $ | (2,113) | | | | | $ | (13,078) | | | | | $ | 10,965 | | | | | | (84)% | | | | | $ | (9,104) | | | | | $ | (25,429) | | | | | $ | 16,325 | | | | | | (64)% | | |
| | |
Three Months
Ended June 30, |
| | | | | | | | | | | | | |
Six Months
Ended June 30, |
| | | | | | | | | | | | | ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Revenues, net
|
| | | $ | 42,650 | | | | | $ | 23,557 | | | | | $ | 19,093 | | | | | | 81% | | | | | $ | 80,303 | | | | | $ | 37,051 | | | | | $ | 43,252 | | | | | | 117% | | |
| | |
Three Months Ended
June 30, |
| | | | | | | | | | | | | |
Six Months Ended
June 30, |
| | | ||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Marketing expenses
|
| | | $ | 25,847 | | | | | $ | 12,833 | | | | | $ | 13,014 | | | | | | 101% | | | | | $ | 49,018 | | | | | $ | 21,075 | | | | | $ | 27,943 | | | | | | 133% | | |
Sales and other expenses
|
| | | | 3,554 | | | | | | 3,130 | | | | | | 424 | | | | | | 14% | | | | | | 6,378 | | | | | | 4,337 | | | | | | 2,041 | | | | | | 47% | | |
Personnel expense
|
| | | | 5,752 | | | | | | 8,527 | | | | | | (2,775) | | | | | | (33)% | | | | | | 11,324 | | | | | | 12,662 | | | | | | (1,338) | | | | | | (11)% | | |
General and administrative expense
|
| | | | 2,025 | | | | | | 1,228 | | | | | | 797 | | | | | | 65% | | | | | | 4,465 | | | | | | 2,915 | | | | | | 1,550 | | | | | | 53% | | |
Information technology expense
|
| | | | 1,158 | | | | | | 1,088 | | | | | | 70 | | | | | | 6% | | | | | | 2,464 | | | | | | 2,113 | | | | | | 351 | | | | | | 17% | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | (121) | | | | | | 758 | | | | | | (879) | | | | | | (116)% | | | | | | 86 | | | | | | 1,593 | | | | | | (1,507) | | | | | | (95)% | | |
Depreciation and
amortization |
| | | | 2,769 | | | | | | 3,305 | | | | | | (536) | | | | | | (16)% | | | | | | 5,582 | | | | | | 6,520 | | | | | | (934) | | | | | | (14)% | | |
Interest income
|
| | | | (134) | | | | | | (128) | | | | | | (6) | | | | | | 5% | | | | | | (261) | | | | | | (252) | | | | | | (9) | | | | | | 4% | | |
Interest expense
|
| | | | 6,601 | | | | | | 5,813 | | | | | | 788 | | | | | | 14% | | | | | | 12,830 | | | | | | 11,362 | | | | | | 1,468 | | | | | | 13% | | |
Gain on extinguishment of PPP loan
|
| | | | (2,009) | | | | | | — | | | | | | (2,009) | | | | | | 100% | | | | | | (2,009) | | | | | | — | | | | | | (2,009) | | | | | | 100% | | |
Other (income) expense, net
|
| | | | (915) | | | | | | 26 | | | | | | (941) | | | | | | (3,619)% | | | | | | (764) | | | | | | 35 | | | | | | (799) | | | | | | (2,283)% | | |
| | | | $ | 44,527 | | | | | $ | 36,580 | | | | | $ | 7,947 | | | | | | 22% | | | | | $ | 89,117 | | | | | $ | 62,360 | | | | | $ | 26,757 | | | | | | 43% | | |
| | |
Three Months Ended
June 30, |
| | | | | | | | | | | | | |
Six Months Ended
June 30, |
| | | | | | | | | | | | | ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Benefit from (provision for)
income taxes |
| | | | (236) | | | | | | (55) | | | | | | (181) | | | | | | 329% | | | | | | (290) | | | | | | (120) | | | | | | (170) | | | | | | 142% | | |
| | |
For the year ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| | | | | | | | | | | | | |||||||||
Revenues, net
|
| | | $ | 93,194 | | | | | $ | 65,796 | | | | | $ | 27,398 | | | | | | 42% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing expenses
|
| | | | 54,611 | | | | | | 39,501 | | | | | | 15,110 | | | | | | 38% | | |
Sales and other expenses
|
| | | | 11,165 | | | | | | 14,434 | | | | | | (3,269) | | | | | | (23)% | | |
Personnel expense
|
| | | | 23,422 | | | | | | 20,658 | | | | | | 2,764 | | | | | | 13% | | |
General and administrative expense
|
| | | | 7,455 | | | | | | 7,736 | | | | | | (281) | | | | | | (4)% | | |
Information technology expense
|
| | | | 4,058 | | | | | | 3,255 | | | | | | 803 | | | | | | 25% | | |
Provision for doubtful accounts receivable and contract
assets |
| | | | 1,874 | | | | | | 4,655 | | | | | | (2,781) | | | | | | (60)% | | |
Depreciation and amortization
|
| | | | 12,861 | | | | | | 11,414 | | | | | | 1,447 | | | | | | 13% | | |
Total Operating Expenses
|
| | | $ | 115,446 | | | | | $ | 101,653 | | | | | $ | 13,793 | | | | | | 14% | | |
Loss from operations
|
| | | $ | (22,252) | | | | | $ | (35,857) | | | | | $ | 13,605 | | | | | | (38)% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 505 | | | | | | 508 | | | | | | (3) | | | | | | (1)% | | |
Interest expense
|
| | | | (23,683) | | | | | | (20,410) | | | | | | (3,273) | | | | | | 16% | | |
Gain on forgiveness of PPP loans
|
| | | | 5,868 | | | | | | — | | | | | | 5,868 | | | | | | N/A | | |
Other (expense) income, net
|
| | | | 980 | | | | | | (17) | | | | | | 997 | | | | | | (5,865)% | | |
Total other expense
|
| | | | (16,330) | | | | | | (19,919) | | | | | | 3,589 | | | | | | (18)% | | |
Net loss before income taxes
|
| | | | (38,582) | | | | | | (55,776) | | | | | | 17,194 | | | | | | (31)% | | |
Benefit from (provision for) income taxes
|
| | | | (323) | | | | | | 14,042 | | | | | | (14,365) | | | | | | (102)% | | |
Net loss
|
| | | $ | (38,905) | | | | | $ | (41,734) | | | | | $ | 2,829 | | | | | | (7)% | | |
| | |
Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| | | | | | | | | | | | | |||||||||
Revenues, net.
|
| | | $ | 93,194 | | | | | $ | 65,796 | | | | | $ | 27,398 | | | | | | 42% | | |
| | |
For the year ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| | | | | | | | | | | | | |||||||||
Marketing expenses
|
| | | $ | 54,611 | | | | | $ | 39,501 | | | | | $ | 15,110 | | | | | | 38% | | |
Sales and other expenses
|
| | | | 11,165 | | | | | | 14,434 | | | | | | (3,269) | | | | | | (23)% | | |
Personnel expense
|
| | | | 23,422 | | | | | | 20,658 | | | | | | 2,764 | | | | | | 13% | | |
General and administrative expense
|
| | | | 7,455 | | | | | | 7,736 | | | | | | (281) | | | | | | (4)% | | |
Information technology expense
|
| | | | 4,058 | | | | | | 3,255 | | | | | | 803 | | | | | | 25% | | |
Provision for doubtful accounts receivable and contract
assets |
| | | | 1,874 | | | | | | 4,655 | | | | | | (2,781) | | | | | | (60)% | | |
Depreciation and amortization
|
| | | | 12,861 | | | | | | 11,414 | | | | | | 1,447 | | | | | | 13% | | |
Interest Income
|
| | | | (505) | | | | | | (508) | | | | | | 3 | | | | | | (1)% | | |
Interest expense
|
| | | | 23,683 | | | | | | 20,410 | | | | | | 3,273 | | | | | | 16% | | |
Gain on extinguishment of PPP loans
|
| | | | (5,868) | | | | | | — | | | | | | (5,868) | | | | | | N/A | | |
Other (income) expense, net
|
| | | | (980) | | | | | | 17 | | | | | | (997) | | | | | | (5,865)% | | |
| | | | $ | 131,776 | | | | | $ | 121,572 | | | | | $ | 10,204 | | | | | | 8% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| | | | | | | | | | | | | |||||||||
Benefit from (provision for) income taxes
|
| | | $ | (323) | | | | | $ | 14,042 | | | | | $ | (14,365) | | | | | | (102)% | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Net cash provided by/(used in) Operating activities
|
| | | $ | 164 | | | | | $ | (1,810) | | |
Net cash used in Investing activities
|
| | | | (3,472) | | | | | | (1,809) | | |
Net cash (used in)/provided by Financing activities
|
| | | | (1,094) | | | | | | 3,205 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted
cash |
| | | | (172) | | | | | | (92) | | |
Net (decrease) in cash and cash equivalents
|
| | | $ | (4,574) | | | | | $ | (506) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Net cash used in Operating activities
|
| | | $ | (15,673) | | | | | $ | (3,662) | | |
Net cash used in Investing activities
|
| | | | (3,112) | | | | | | (37,710) | | |
Net cash provided by Financing activities
|
| | | | 3,077 | | | | | | 61,087 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (311) | | | | | | 1 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | $ | (16,019) | | | | | $ | 19,716 | | |
(In millions)
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Letters of credit
|
| | | $ | 7.1 | | | | | $ | 7.3 | | |
| | |
ITHAX
(Historical) |
| |
Mondee
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 157 | | | | | $ | 10,932 | | | | | $ | 8,304 | | | | |
|
3(a)
|
| | | | $ | 19,393 | | |
Restricted short-term investments
|
| | | | — | | | | | | 8,476 | | | | | | — | | | | | | | | | | | | 8,476 | | |
Trade accounts receivable
|
| | | | — | | | | | | 20,260 | | | | | | — | | | | | | | | | | | | 20,260 | | |
Contract assets
|
| | | | — | | | | | | 8,110 | | | | | | — | | | | | | | | | | | | 8,110 | | |
Prepaid and other current assets
|
| | | | 35 | | | | | | 12,421 | | | | | | (8,591) | | | | |
|
3(i)
|
| | | | | 3,865 | | |
Total current assets
|
| | |
|
192
|
| | | |
|
60,199
|
| | | |
|
(287)
|
| | | | | | | | | |
|
60,104
|
| |
Property and equipment, net
|
| | | | — | | | | | | 10,029 | | | | | | — | | | | | | | | | | | | 10,029 | | |
Investments held in Trust Account
|
| | | | 241,937 | | | | | | — | | | | | | (241,937) | | | | |
|
3(a)(1)
|
| | | | | — | | |
Goodwill
|
| | | | — | | | | | | 66,420 | | | | | | — | | | | | | | | | | | | 66,420 | | |
Intangible assets, net
|
| | | | — | | | | | | 60,539 | | | | | | — | | | | | | | | | | | | 60,539 | | |
Loan receivable from related parties
|
| | | | — | | | | | | 22,310 | | | | | | (22,310) | | | | |
|
3(h)
|
| | | | | — | | |
Operating lease right-of-use-assets
|
| | | | — | | | | | | 2,275 | | | | | | — | | | | | | | | | | | | 2,275 | | |
Other non-current assets
|
| | | | — | | | | | | 1,994 | | | | | | — | | | | | | | | | | | | 1,994 | | |
Total assets
|
| | | $ | 242,129 | | | | | $ | 223,766 | | | | | $ | (264,534) | | | | | | | | | | | $ | 201,361 | | |
Liabilities and stockholders’ (deficit) equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | — | | | | | $ | 29,740 | | | | | $ | — | | | | | | | | | | | $ | 29,740 | | |
Amounts payable to related parties
|
| | | | — | | | | | | 1,552 | | | | | | — | | | | | | | | | | | | 1,552 | | |
Paycheck Protection Program (PPP) and other government loans, current portion
|
| | | | — | | | | | | 50 | | | | | | — | | | | | | | | | | | | 50 | | |
Accrued expenses and other current liabilities
|
| | | | 682 | | | | | | 21,743 | | | | | | (8,807) | | | | |
|
3(g)
|
| | | | | 13,618 | | |
Deferred revenue
|
| | | | — | | | | | | 6,743 | | | | | | — | | | | | | | | | | | | 6,743 | | |
Long term debt, current portion
|
| | | | — | | | | | | 15,454 | | | | | | (7,713) | | | | |
|
3(l)
|
| | | | | 7,741 | | |
Total current liabilities
|
| | |
|
682
|
| | | |
|
75,282
|
| | | |
|
(16,520)
|
| | | | | | | | | |
|
59,444
|
| |
Deferred income taxes
|
| | | | — | | | | | | 604 | | | | | | — | | | | | | | | | | | | 604 | | |
Loan payable to related parties
|
| | | | — | | | | | | 195 | | | | | | — | | | | | | | | | | | | 195 | | |
PPP and other government loans
|
| | | | — | | | | | | 199 | | | | | | — | | | | | | | | | | | | 199 | | |
Long term debt excluding current portion
|
| | | | — | | | | | | 166,097 | | | | | | (39,123) | | | | |
|
3(l)
|
| | | | | 126,974 | | |
Deferred revenue excluding current portion
|
| | | | — | | | | | | 13,138 | | | | | | — | | | | | | | | | | | | 13,138 | | |
Operating lease liabilities
|
| | | | — | | | | | | 1,648 | | | | | | — | | | | | | | | | | | | 1,648 | | |
Other long-term liabilities
|
| | | | — | | | | | | 2,543 | | | | | | — | | | | | | | | | | | | 2,543 | | |
Deferred business combination fees
|
| | | | 7,033 | | | | | | — | | | | | | (7,033) | | | | |
|
3(k)
|
| | | | | — | | |
Warrant liability
|
| | | | 3,600 | | | | | | — | | | | | | (3,502) | | | | |
|
3(e)(2)
|
| | | | | 98 | | |
Deferred underwriting fee
|
| | | | 9,083 | | | | | | — | | | | | | (9,083) | | | | |
|
3(a)(4)
|
| | | | | — | | |
Total liabilities
|
| | | | 20,398 | | | | | | 259,706 | | | | | | (75,261) | | | | | | | | | | | | 204,843 | | |
Common stock subject to possible redemption
|
| | | | 241,937 | | | | | | — | | | | | | (241,937) | | | | |
|
3(b)
|
| | | | | — | | |
ITHAX Class A Ordinary Shares
|
| | | | 1 | | | | | | — | | | | | | (1) | | | | |
|
3(c)
|
| | | | | — | | |
ITHAX Class B Ordinary Shares
|
| | | | 6 | | | | | | — | | | | | | (6) | | | | |
|
3(c)(2)
|
| | | | | — | | |
New Mondee Common Stock
|
| | | | — | | | | | | — | | | | | | 52 | | | | |
|
3(d)
|
| | | | | 52 | | |
Treasury Stock
|
| | | | — | | | | | | — | | | | | | (20,310) | | | | |
|
3(j)
|
| | | | | (20,310) | | |
Additional paid-in capital
|
| | | | — | | | | | | 163,626 | | | | | | 60,576 | | | | |
|
3(e)
|
| | | | | 224,202 | | |
Accumulated other comprehensive income (loss)
|
| | | | — | | | | | | (445) | | | | | | — | | | | | | | | | | | | (445) | | |
Retained earnings (accumulated deficit)
|
| | | | (20,213) | | | | | | (199,121) | | | | | | 12,353 | | | | |
|
3(f)
|
| | | | | (206,981) | | |
Total stockholders’ (deficit) equity
|
| | | | (20,206) | | | | | | (35,940) | | | | | | 52,664 | | | | | | | | | | | | (3,482) | | |
Total liabilities and stockholders’ (deficit) equity
|
| | | $ | 242,129 | | | | | $ | 223,766 | | | | | $ | (264,534) | | | | | | | | | | | $ | 201,361 | | |
| | |
ITHAX
(Historical) |
| |
Mondee
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| | | | | | | ||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | 80,303 | | | | | $ | — | | | | | | | | | | | $ | 80,303 | | | | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 7,862 | | | | | | 4,465 | | | | | | — | | | | | | | | | | | | 12,327 | | | | | | | | |
Sales and other expenses
|
| | | | — | | | | | | 6,378 | | | | | | — | | | | | | | | | | | | 6,378 | | | | | | | | |
Marketing expenses
|
| | | | — | | | | | | 49,018 | | | | | | — | | | | | | | | | | | | 49,018 | | | | | | | | |
Personnel expenses, including stock based compensation
|
| | | | — | | | | | | 11,324 | | | | | | 944 | | | | |
|
3(m)
|
| | | | | 12,268 | | | | | | | | |
Information technology expenses
|
| | | | — | | | | | | 2,464 | | | | | | — | | | | | | | | | | | | 2,464 | | | | | | | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | — | | | | | | 86 | | | | | | — | | | | | | | | | | | | 86 | | | | | | | | |
Depreciation and amortization
|
| | | | — | | | | | | 5,586 | | | | | | — | | | | | | | | | | | | 5,586 | | | | | | | | |
Total operating expenses
|
| | | | 7,862 | | | | | | 79,321 | | | | | | 944 | | | | | | | | | | | | 88,127 | | | | | | | | |
Loss from operations
|
| | |
|
(7,862)
|
| | | |
|
982
|
| | | |
|
(944)
|
| | | | | | | | | |
|
(7,824)
|
| | | | | | | |
Interest income
|
| | | | 337 | | | | | | 261 | | | | | | (593) | | | | |
|
3(p)
|
| | | | | 5 | | | | | | | | |
Interest expense
|
| | | | — | | | | | | (12,830) | | | | | | (1,531) | | | | |
|
3(r)
|
| | | | | (14,361) | | | | | | | | |
Gain on extinguishment of PPP loan
|
| | | | — | | | | | | 2,009 | | | | | | — | | | | | | | | | | | | 2,009 | | | | | | | | |
Other income (expense)
|
| | | | 3,103 | | | | | | 764 | | | | | | (299) | | | | |
|
3(o)
|
| | | | | 3,568 | | | | | | | | |
Loss before income taxes
|
| | | | (4,422) | | | | | | (8,814) | | | | | | (3,367) | | | | | | | | | | | | (16,603) | | | | | | | | |
Provision from income taxes
|
| | | | — | | | | | | (290) | | | | | | — | | | | | | | | | | | | (290) | | | | | | | | |
Net income (loss)
|
| | | | (4,422) | | | | | | (9,104) | | | | | | (3,367) | | | | | | | | | | | | (16,893) | | | | | | | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Total comprehensive income (loss)
|
| | | $ | (4,422) | | | | | $ | (9,104) | | | | | $ | (3,367) | | | | | | | | | | | $ | (16,893) | | | | | | | | |
Basic and diluted income (loss) per share, Class A Ordinary shares subject to possible redemption
|
| | | $ | (0.14) | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | |
Weighted average shares outstanding, Class A Ordinary shares subject to possible redemption
|
| | | | 24,150,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted income (loss) per share, Non-redeemable Ordinary shares
|
| | | $ | (0.14) | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | |
Weighted average shares outstanding, Non-redeemable Ordinary shares
|
| | | | 6,712,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted income (loss) per share
|
| | | | N/A | | | | | | N/A | | | | | $ | — | | | | | | | | | | | $ | (0.23) | | | | | | | | |
Weighted average shares outstanding, basic and
diluted |
| | | | N/A | | | | | | N/A | | | | | | | | | | | | | | | | | | 73,319,968 | | | | |
|
3(n)
|
| |
| | |
ITHAX
(Historical) |
| |
Mondee
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| | | | | | | ||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | 93,194 | | | | | $ | — | | | | | | | | | | | $ | 93,194 | | | | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 834 | | | | | | 7,455 | | | | | | — | | | | | | | | | | | | 8,289 | | | | | | | | |
Sales and other expenses
|
| | | | — | | | | | | 11,165 | | | | | | 92 | | | | |
|
3(m)
|
| | | | | 11,257 | | | | | | | | |
Marketing expenses
|
| | | | — | | | | | | 54,611 | | | | | | — | | | | | | | | | | | | 54,611 | | | | | | | | |
Personnel expenses, including stock based compensation
|
| | | | — | | | | | | 23,422 | | | | | | 1,014 | | | | |
|
3(m)
|
| | | | | 24,436 | | | | | | | | |
Information technology expenses
|
| | | | — | | | | | | 4,058 | | | | | | — | | | | | | | | | | | | 4,058 | | | | | | | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | — | | | | | | 1,874 | | | | | | — | | | | | | | | | | | | 1,874 | | | | | | | | |
Depreciation and amortization
|
| | | | — | | | | | | 12,861 | | | | | | — | | | | | | | | | | | | 12,861 | | | | | | | | |
Total operating expenses
|
| | | | 834 | | | | | | 115,446 | | | | | | 1,106 | | | | | | | | | | | | 117,386 | | | | | | | | |
Loss from operations
|
| | | | (834) | | | | | | (22,252) | | | | | | (1,106) | | | | | | | | | | | | (24,192) | | | | | | | | |
Interest income
|
| | | | 100 | | | | | | 505 | | | | | | (607) | | | | |
|
3(p)
|
| | | | | (2) | | | | | | | | |
Interest expense
|
| | | | — | | | | | | (23,683) | | | | | | (2,917) | | | | |
|
3(s)
|
| | | | | (26,600) | | | | | | | | |
Gain on extinguishment of PPP loans
|
| | | | — | | | | | | 5,868 | | | | | | — | | | | | | | | | | | | 5,868 | | | | | | | | |
Other income (expense)
|
| | | | 4,045 | | | | | | 980 | | | | | | (4,283) | | | | |
|
3(q)
|
| | | | | 742 | | | | | | | | |
Income (Loss) before income taxes
|
| | | | 3,311 | | | | | | (38,582) | | | | | | (8,913) | | | | | | | | | | | | (44,184) | | | | | | | | |
Provision from income taxes
|
| | | | — | | | | | | (323) | | | | | | — | | | | | | | | | | | | (323) | | | | | | | | |
Net income (loss)
|
| | | | 3,311 | | | | | | (38,905) | | | | | | (8,913) | | | | | | | | | | | | (44,507) | | | | | | | | |
Other comprehensive loss
|
| | | | — | | | | | | (311) | | | | | | — | | | | | | | | | | | | (311) | | | | | | | | |
Total comprehensive income (loss)
|
| | | $ | 3,311 | | | | | $ | (39,216) | | | | | $ | (8,913) | | | | | | | | | | | $ | (44,818) | | | | | | | | |
Basic and diluted income per share, Class A Ordinary shares subject to possible redemption
|
| | | $ | 0.12 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | |
Weighted average shares outstanding, Class A Ordinary shares subject to possible redemption
|
| | | | 22,098,904 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Basic income per Ordinary share, Class A and Class B Ordinary shares
|
| | | $ | 0.12 | | | | | $ | — | | | | | $ | | | | | | | | | | | $ | | | | | | | | | ||
Weighted average shares outstanding, Class A Ordinary shares
|
| | | | 6,588,288 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Diluted income per Ordinary share, Class A and Class B Ordinary shares
|
| | | $ | 0.12 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | |
Weighted average shares outstanding, Diluted Class A and Class B Ordinary shares
|
| | | | 6,655,171 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Basic and diluted loss per share
|
| | | | N/A | | | | | | N/A | | | | | $ | — | | | | | | | | | | | $ | (0.61) | | | | | | | | |
Weighted average shares outstanding, basic and
diluted |
| | | | N/A | | | | | | N/A | | | | | | — | | | | | | | | | | | | 73,145,568 | | | | |
|
3(n)
|
| |
|
Shares transferred at Closing
|
| | | | 60,800,000 | | |
|
Value per share
|
| | | $ | 10 | | |
|
Total Share Consideration(1)
|
| | | $ | 608,000,000 | | |
| | |
Pro Forma Combined
|
| |||||||||
| | |
Number of
Outstanding Shares |
| |
Percentage of
Outstanding Shares |
| ||||||
Mondee Stockholder(1)
|
| | | | 60,800,000 | | | | | | 80.7% | | |
Initial Shareholders(2)
|
| | | | 6,502,500 | | | | | | 8.6% | | |
Cantor
|
| | | | 210,000 | | | | | | 0.3% | | |
Former ITHAX Class A Public Shareholders
|
| | | | 838,468 | | | | | | 1.1% | | |
PIPE Investors
|
| | | | 7,000,000 | | | | | | 9.3% | | |
Total | | | | | 75,350,968 | | | | | | 100% | | |
| | |
Transaction
Accounting Adjustments |
| |||
ITHAX cash held in Trust Account(1)
|
| | | $ | 241,937 | | |
PIPE Financing(2)
|
| | | | 70,000 | | |
Payment of transaction costs(3)
|
| | | | (19,597) | | |
Payment of deferred underwriting fees(4)
|
| | | | (9,083) | | |
Redemption of ITHAX Public Shareholders(5)
|
| | | | (233,586) | | |
TCW Prepayment(6)
|
| | | | (41,200) | | |
TCW 3rd Party Cost(7)
|
| | | | (167) | | |
Total transaction accounting adjustments
|
| | | $ | 8,304 | | |
| | |
Transaction
Accounting Adjustments |
| |||
Conversion and recapitalization of ITHAX Stock(1)
|
| | | $ | (31) | | |
ITHAX’s Domestication(2)
|
| | | | 6 | | |
Reclassification of ITHAX’s redeemed shares to ITHAX Class A common stock3(b)
|
| | | | 24 | | |
Total transaction accounting adjustments
|
| | | $ | (1) | | |
| | |
Transaction
Accounting Adjustments |
| |||
PIPE Offering3(a)(2)
|
| | | $ | 7 | | |
Conversion and Recapitalization of ITHAX & Mondee Stock(1)
|
| | | | 68 | | |
Redemption of ITHAX Public Shareholder(e)(5)
|
| | | | (23) | | |
Total transaction accounting adjustments
|
| | | $ | 52 | | |
| | |
Transaction
Accounting Adjustments |
| |||
Payment of Mondee and ITHAX transaction costs3(a)(3)
|
| | | $ | (12,348)(4) | | |
Reclassification of ITHAX’s redeemable shares to ITHAX Class A Common Stock3(b)
|
| | | | 241,913 | | |
PIPE Financing3(a)(2)
|
| | | | 69,993 | | |
Elimination of historical ITHAX accumulated deficit(1)
|
| | | | (20,213) | | |
| | |
Transaction
Accounting Adjustments |
| |||
Reclassification of ITHAX Public Warrants(2)
|
| | | $ | 3,502 | | |
Conversion and Recapitalization of ITHAX & Mondee Stock3(c)(1)
|
| | | | (37) | | |
Incentive Units Vesting Upon IPO(3)
|
| | | | 944 | | |
Redemption of ITHAX Public Shareholders(5)
|
| | | | (230,928) | | |
Issuance of Class G Units(6)
|
| | | | 9,750 | | |
Metaminds Purchase Price Consideration(7)
|
| | | | (2,000) | | |
Total transaction accounting adjustments
|
| | | $ | 60,576 | | |
|
| | |
Six Months Ended
June 30, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
| | |
Pro Forma Combined
|
| |
Pro Forma Combined
|
| ||||||
Unaudited Pro Forma Net Loss
|
| | | $ | (16,893) | | | | | $ | (44,507) | | |
Basic weighted average shares outstanding
|
| | | | 73,319,968 | | | | | | 73,145,568 | | |
Net loss per share- Basic and Diluted
|
| | | $ | (0.23) | | | | | $ | (0.61) | | |
Basic weighted average shares outstanding | | | | | | | | | | | | | |
Mondee Stockholder
|
| | | | 60,800,000 | | | | | | 60,800,000 | | |
Initial Shareholders
|
| | | | 6,502,500 | | | | | | 6,502,500 | | |
Cantor
|
| | | | 210,000 | | | | | | 210,000 | | |
Former ITHAX Class A Public Shareholders
|
| | | | 838,468 | | | | | | 838,468 | | |
PIPE Investors
|
| | | | 7,000,000 | | | | | | 7,000,000 | | |
Treasury Stock
|
| | | | (2,031,000) | | | | | | (2,205,400) | | |
Total
|
| | | | 73,319,968 | | | | | | 73,145,568 | | |