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Mondee exceeds full year 2021 revenue forecast by 43%

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Results driven by recovery of leisure travel and expansion of ancillary, fin-tech and subscription revenues. 2021 net revenue of $93M, 43% above previous forecast*.

SAN MATEO, CALIF. & NEW YORK - Mondee Inc., the high-growth, travel technology company and marketplace, with a portfolio of globally recognized platforms and brands in the leisure and corporate travel sectors, announced audited financial and operating results for the fourth quarter and year ended December 31, 2021. In addition, the Company recently filed its Form S-4 in relation to its business combination with ITHAX Acquisition Corp, which includes full audited financials for 2021.
 
2021 Financial Results
  • 2021 gross revenue of $949 million was up 116% year-over-year as compared to $439 million in 2020, and 32% above the previous 2021 forecast* of $719 million.
  • 2021 net revenue of $93 million was up 41% year-over-year as compared to $66 million in 2020, and 43% higher than the previous 2021 forecast*.
  • 2021 Net Loss was $38.9 million, an improvement of 7%, or $2.8 million as compared to a 2020 Net Loss of $41.7 million.
  • 2021 Adjusted EBITDA loss of $5.5 million was an $18.9 million, or 78%, improvement as compared to a 2020 Adjusted EBITDA loss of $24.4 million.
“We had a strong 2021 with leisure travel demand leading the travel recovery despite the impact of the COVID-19 delta and omicron variants during the year,” said Prasad Gundumogula, Founder and Chief Executive Officer of  Mondee. “Our top line results were mainly driven by impressive growth in our revenue per transaction. This increase is a result of a diversification of our revenue streams with the addition of products in ancillaries, fintech, insuretech, subscriptions and other higher margin and recurring revenues.”
 
Mr. Gundumogula continued: “Over the past two years we continued to expand Mondee’s three-pronged ecosystem flywheel - content, technology and distribution. We believe we have not only improved existing products and enhanced our omnichannel platforms, but also we launched new features such as true conversation and transactional mobile commerce backed by 24/7 support. In our global content hub, we continue to improve both flight and hotel content and expect to add new travel content such as cruises, car rentals, events, activities and other entertainment. Importantly, on the distribution side, we have added tens of millions of users to our networks through valuable partnerships with prominent players such as Arthur J. Gallagher’s Allied Business Network, a membership-based small business benefits provider.”
 
Dan Figenshu, Chief Financial Officer of Mondee, said: “We saw very positive growth results from the general market recovery and our business diversification efforts in 2021, which significantly improved our revenue per transaction and overall revenues. The travel recovery appears to be continuing despite COVID-19 omicron variant effect in January, and when combined with higher than anticipated revenue per transaction, those variables provide support for our future plans. The Company continues to invest in its TripPlanet and gig technology platforms and has opportunistically invested additional marketing dollars to capture lifetime customers during the pandemic.”
 
Recent Transactions/Milestones
  • In February 2021, Mondee continued to expand its targeted closed group networks with a strategic alliance with Arthur J. Gallagher, providing the company access to more than 287,000 business and organizations. Mondee will work closely with the Allied Business Network, a membership-based small business benefits provider, part of the Gallagher Network, which includes Gallagher Affinity, the program administrator and benefits provider for over 1,000 national associations and affinity groups and 20 million members.
  • Mondee announced partnerships with industry-leading sustainability, safety and insurance companies to enhance the Company’s ancillary offerings:
    - In November 2021, Mondee subsidiary Rocketrip announced partnerships with Sherpa and Thrust Carbon, leading safety and sustainability vendors. With Sherpa, Rocketrip customers have instant access to destination information about current COVID-19 country restrictions, documentation requirements, mask usage, quarantine policy and other information relevant for upcoming business trips. Thrust Carbon delivers real-time carbon emission data to the Rocketrip platform while also giving travel managers the ability to use the savings from their Rocketrip programs to offset the carbon emissions from their corporate travel programs.
    - In January 2022, Mondee entered into an agreement with Battleface, a full stack global travel insurance company, to give Mondee customers access to a range of Battleface travel insurance modular benefits including trip cancellation, cancel for any reason, trip interruption, trip delay and baggage loss and delay, among others.
 
*Forecast provided in ITHAX Acquisition Corp.’s 8-K (File No. 001-39943) filed with the SEC on 12/20/2021.
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