Mondee Holdings, Inc.

Good day and welcome to the Mondi First Quarter 2024 Earnings Conference Call. Please note this event is being recorded. I'd now like to turn the conference call over to Jeff Houston, Senior Vice President. Jeff, please go ahead.

Thank you, Operator, and good morning to everyone. Welcome to Mondi's First Quarter 2024 Conference Call. With me today is our founder, chairman, and CEO, Prasad Gundamundala, and Chief Financial Officer, Jesus Portillo. Executive Vice Chairman Aristis Venticulus, and Chief Operating Officer Jim Dullam. We'll present our results and be available for questions and answers. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements, including statements about revenue, growth of our business, our management and governance plans, and other historical statements as further described in our press release. These forward-looking statements are subject to certain risks, uncertainties, and assumptions, including those related to Monty's growth. the evolution of our industry, our product development 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 Securities and Exchange Commission and in our earnings press release that was issued this morning. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. Listeners are cautioned to not place undue reliance on any forward-looking statements. 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.mondi.com. With that, it's my pleasure to turn it over to Prasad.

Thank you, Jeff. Good morning, good afternoon, and good evening, everyone, and welcome to MONDI's first quarter 2024 earnings call to discuss our results and significant developments. We are pleased to have had a strong start to 2024 with a record first quarter, exceeding net revenue, and adjusted with the market expectations. Despite some caution expressed in our latest earnings call, take rate continued to expand with a 10% increase year over year, to 8.2% for Q1 2024. This translated into net revenue of $58 million, representing growth of 16% year-over-year. First quarter 2024 adjusted EBITDA was $5.1 million as a result of continued marketplace expansion in product and geography, driven by our innovative AI tech platform. Based on this Q1 results, we are now increasing our net revenue guidance for the year. To further support this growth trend, we are continuing to enhance and deploy Mondi's AI capabilities in every aspect of our business with exciting innovations in the pipeline. As mentioned when presenting our 2023 year-end results, we remain focused on achieving the near and long-term goals of enhancing profitability, expanding our travel marketplace, and maintaining our AI technology leadership. Let me provide a bit more detail on this. First, enhance profitability and free cash flow. We remain focused on transaction volume growth, improving take rate on our way to achieving sustained double digit levels, as well as implementing cost control measures and the AI supported ecosystem optimization. As Asus will explain in more detail, We were free cash flow positive, which led to our cash reserves increasing by $11.4 million from the prior quarter. Second, we are seeing good early results from expanding our travel marketplace across more geographies while broadening our product mix. With emphasis on packages, events, and activities, we continue to achieve notable diversification in revenue mix. During Q1 2024, Our non-air components such as hotels and packages expanded to 51% from 26% in Q1 2023. This diversification of our product mix supports further take rate improvement. Third, maintain technological leadership in AI. We are continuing to develop, innovate, train, and deploy new AI travel features and comprehensive end-to-end capabilities across our ecosystem. Stay tuned for more exciting and specific announcements in the second half of the year. I now turn the floor over to Jim Dellum, our Chief Operating Officer, who will discuss some business trends and Monty initiatives underpinning our results and outlook. Jim.