2023 Q2 Form 10-Q Financial Statement

#000182885223000129 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $56.77M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $57.61M $71.27M
YoY Change -19.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.189M $5.586M
YoY Change 28.7%
% of Gross Profit
Operating Expenses $62.62M $5.557M
YoY Change 1027.02% 3486.94%
Operating Profit -$5.852M -$5.557M
YoY Change 5.32% 3487.03%
Interest Expense $8.415M $328.9K
YoY Change 2458.53% 3143.59%
% of Operating Profit
Other Income/Expense, Net -$6.748M $701.3K
YoY Change -1062.25% -66.93%
Pretax Income -$12.60M -$4.855M
YoY Change 159.51% -347.04%
Income Tax $2.008M $290.0K
% Of Pretax Income
Net Earnings -$14.61M -$4.855M
YoY Change 200.87% -347.04%
Net Earnings / Revenue -25.73%
Basic Earnings Per Share -$0.22 -$0.03
Diluted Earnings Per Share -$0.22 -$157.3K
COMMON SHARES
Basic Shares Outstanding 83.99M shares 60.80M shares
Diluted Shares Outstanding 77.20M shares 60.80M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.90M $242.1M
YoY Change -76.08% 33116.77%
Cash & Equivalents $48.99M $156.7K
Short-Term Investments $8.900M $241.9M
Other Short-Term Assets $7.700M $34.71K
YoY Change 22083.81% -83.39%
Inventory
Prepaid Expenses $34.71K
Receivables $110.7M
Other Receivables $0.00
Total Short-Term Assets $191.6M $242.1M
YoY Change -20.88% 25719.08%
LONG-TERM ASSETS
Property, Plant & Equipment $13.56M
YoY Change
Goodwill $76.03M
YoY Change
Intangibles $92.76M
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $2.102M
YoY Change
Total Long-Term Assets $187.5M $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $191.6M $242.1M
Total Long-Term Assets $187.5M $0.00
Total Assets $379.1M $242.1M
YoY Change 56.58% -0.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.2M
YoY Change
Accrued Expenses $20.00M $683.0K
YoY Change 2828.38% 3700.62%
Deferred Revenue $5.942M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.250M
YoY Change
Total Short-Term Liabilities $154.9M $16.80M
YoY Change 822.0% 71122.14%
LONG-TERM LIABILITIES
Long-Term Debt $145.5M $0.00
YoY Change
Other Long-Term Liabilities $3.091M $3.600M
YoY Change -14.13% -79.46%
Total Long-Term Liabilities $148.6M $3.600M
YoY Change 4028.23% -79.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.9M $16.80M
Total Long-Term Liabilities $148.6M $3.600M
Total Liabilities $325.0M $20.40M
YoY Change 1493.15% 16.23%
SHAREHOLDERS EQUITY
Retained Earnings -$307.8M -$20.21M
YoY Change 1422.64% 21.63%
Common Stock $8.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$34.82M -$20.21M
YoY Change
Total Liabilities & Shareholders Equity $379.1M $242.1M
YoY Change 56.58% -0.15%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$14.61M -$4.855M
YoY Change 200.87% -347.04%
Depreciation, Depletion And Amortization $7.189M $5.586M
YoY Change 28.7%
Cash From Operating Activities -$12.41M -$73.82K
YoY Change 16705.74% -12.74%
INVESTING ACTIVITIES
Capital Expenditures $4.474M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$22.15M $0.00
YoY Change
Cash From Investing Activities -$26.62M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.650M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -12.41M -73.82K
Cash From Investing Activities -26.62M 0.000
Cash From Financing Activities 8.650M 0.000
Net Change In Cash -30.38M -73.82K
YoY Change 41054.16% -12.74%
FREE CASH FLOW
Cash From Operating Activities -$12.41M -$73.82K
Capital Expenditures $4.474M
Free Cash Flow -$16.88M
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
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NATURE OF OPERATIONS<div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mondee Holdings, Inc. is a Delaware corporation. We refer to Mondee Holdings, Inc. and its subsidiaries, collectively as “Mondee,” the “Company,” “us,” “we”, “our” and "New Mondee" in these condensed consolidated financial statements. Mondee is a rapid-growth, travel technology company and marketplace with a portfolio of globally recognized brands in the leisure and corporate travel sectors. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reverse Recapitalization</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 18, 2022 ( the "Closing Date"), we consummated the business combination pursuant to the Business Combination Agreement, dated December 20, 2021, by and among ITHAX Acquisition Corp. ("ITHAX"), Ithax Merger Sub I, LLC, a Delaware limited liability company and wholly owned subsidiary of ITHAX (“First Merger Sub”), Ithax Merger Sub II, LLC a Delaware limited liability company and wholly owned subsidiary of ITHAX (“Second Merger Sub”) and Mondee Holdings II, Inc., a Delaware corporation (“Legacy Mondee”) (the “Business Combination”).</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the Closing Date, following the domestication, First Merger Sub merged with and into Legacy Mondee, with Legacy Mondee surviving such merger as a wholly owned subsidiary of the Company (the “First Merger”). Immediately following the First Merger, Legacy Mondee merged with and into Second Merger Sub, with Second Merger Sub surviving such merger as a wholly owned subsidiary of the Company.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the Closing Date, the registrant changed its name from ITHAX Acquisition Corp. to Mondee Holdings, Inc. The transaction was accounted for as a reverse recapitalization, rather than a business combination, for financial accounting and reporting purposes. Accordingly, Legacy Mondee was deemed the accounting acquirer (and legal acquiree) and ITHAX was treated as the accounting acquiree (and legal acquirer). Under this method of accounting, the reverse recapitalization was treated as the equivalent of Legacy Mondee issuing stock for the net assets of ITHAX, accompanied by a recapitalization.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an ongoing basis. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates.</span></div>
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Certain Risks and Concentrations</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business is subject to certain risks and concentrations including dependence on relationships with travel suppliers, primarily airlines, dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on GDS service providers and third-party service providers for certain fulfillment services.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Significant concentrations are those that represent more than 10% of the Company's total revenue or total accounts receivable and contract assets. As of June 30, 2023, there were two financing companies that accounted for 63% and 13% of the total accounts receivable balance at period end. As of December 31, 2022, two customers accounted for 23% of total accounts receivable and contract assets. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. The Company’s accounts receivable comprises of amounts due from affiliates, airline companies, GDS service providers and financing companies, which are well established institutions that the Company believes to be of high quality. The Company reviews accounts receivable balances to estimate the expected credit loss and record it within the allowance for doubtful accounts.</span></div>The Company’s cash and cash equivalents are on deposit with major financial institutions. Such deposits may be in excess of insured limits. The Company has not experienced any losses due to institutional failure or bankruptcy.
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us-gaap Prior Period Reclassification Adjustment Description
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Change in Financial Statement PresentationIn connection with the preparation of its condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022, the Company changed the presentation of “Sales and other Expense” and “Marketing Expense” within the condensed consolidated statement of operations. The Company combined “Sales and other Expense” and “Marketing Expense” into “Sales and Marketing Expense”. The change is a result of an increased overlap between the nature and purpose of expenses that fall within these groups. This change in presentation has been applied retrospectively and does not change any previously reported subtotals or totals on the condensed consolidated statement of operations and comprehensive loss.
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2113000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2113000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-32687000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-32687000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9104000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9104000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77197805 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77197805 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60800000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76774455 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76774455 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60800000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
337000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.16
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.11
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.12
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.03
CY2023Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
25000 usd
CY2022Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2000 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
62000 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
23000 usd
CY2023Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
7000 usd
CY2022Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2000 usd
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
18000 usd
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
8000 usd
CY2023Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
72000 usd
CY2022Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
12000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
162000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
15000 usd
CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost Credit Increase Decrease For Plan Amendment
DefinedBenefitPlanNetPeriodicBenefitCostCreditIncreaseDecreaseForPlanAmendment
-40000 usd
CY2022Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost Credit Increase Decrease For Plan Amendment
DefinedBenefitPlanNetPeriodicBenefitCostCreditIncreaseDecreaseForPlanAmendment
-8000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost Credit Increase Decrease For Plan Amendment
DefinedBenefitPlanNetPeriodicBenefitCostCreditIncreaseDecreaseForPlanAmendment
-82000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost Credit Increase Decrease For Plan Amendment
DefinedBenefitPlanNetPeriodicBenefitCostCreditIncreaseDecreaseForPlanAmendment
16000 usd
CY2023Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
72000 usd
CY2022Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
12000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
162000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
15000 usd
CY2023Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
0 usd
CY2022Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
0 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
0 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
0 usd
CY2023Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
72000 usd
CY2022Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
12000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
162000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
15000 usd

Files In Submission

Name View Source Status
mond-20230630_def.xml Edgar Link unprocessable
mond-20230630_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001828852-23-000129-index-headers.html Edgar Link pending
0001828852-23-000129-index.html Edgar Link pending
0001828852-23-000129.txt Edgar Link pending
0001828852-23-000129-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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mond-20230630.htm Edgar Link pending
mond-20230630.xsd Edgar Link pending
mond-form10xqq22023xex311.htm Edgar Link pending
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