Mondee Holdings, Inc.

Good day and welcome to the Monday second quarter 2024 earnings conference call. Please note this event is being recorded. I will now like to turn the conference call over to Jeff Houston, Senior Vice President. Jeff, please go ahead.

Thank you, Carla, and good morning to everyone. Welcome to Monday's second 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, who will 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 non-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 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 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 not to place undue reliance on any forward-looking statements. During this 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 is my pleasure to turn the call over to Prasad.

Thank you, Jeff. Good morning, good afternoon, and good evening, everyone, and welcome to Mondi's second quarter earnings call to discuss our results and significant developments. We are very pleased to report a strong second quarter with growth in net revenue, take rate, and adjusted EBITDA, the later by 38% year-over-year. We also announced the much-anticipated refinancing of our term loan and preferred equity at favorable terms that will position the company for long-term success. Looking more closely, we are encouraged by our improved take rate, which increased 20 bps to 8.6%, reflecting the positive impacts of our product mix expanding into non-air. During Q2 2024, our non-air net revenue mix increased to 47% from 42% in Q2 2023. Mondi's growth in transactions, net revenue, and adjusted EBITDA, along with our platform-driven expansion in global markets, positions as well for continued market share penetration. We are confident that the ongoing integration of acquired businesses and the growth of our international markets will contribute to faster, sustained revenue increases. We are refinancing our capital structure with favorable terms that position the company for long-term success. With a longer duration to both the term loan and preferred equity, Monty anticipates having the flexibility and financial resources to execute on its transformative plans. These plans are expected to increase revenue, profitability, and free cash flows while continuing to lead AI innovation in travel. I now turn the floor over to Jim Dellum, Chief Operating Officer, who will discuss some business strengths and Monty initiatives underpinning our results. and outlook.