99.1 Revised GAAP to Non-GAAP Reconciliation, dated AprilĀ 10, 2023 - Mondee Holdings, Inc.
KEY METRICS1 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | ||||||||||||||||||||||
Transactions | 262,706 | 377,720 | 290,151 | 389,459 | 1,320,036 | 462,931 | 549,729 | 591,760 | 533,110 | 2,137,530 | ||||||||||||||||||||||
Take rate | 8.7% | 10.3% | 10.4% | 9.2% | 9.6% | 7.9% | 6.8% | 6.6% | 7.8% | 7.2% | ||||||||||||||||||||||
Gross revenue | 155,350 | 228,172 | 220,818 | 361,691 | 966,031 | 478,181 | 631,689 | 600,213 | 511,794 | 2,221,876 | ||||||||||||||||||||||
Net revenue | 13,494 | 23,557 | 22,870 | 33,273 | 93,194 | 37,653 | 42,650 | 39,466 | 39,715 | 159,484 | ||||||||||||||||||||||
YoY Growth | 42% | 179% | 81% | 73% | 19% | 71% | ||||||||||||||||||||||||||
QoQ Growth | 75% | (3)% | 45% | 13% | 13% | (7)% | 1% | |||||||||||||||||||||||||
ADJUSTED EBITDA RECONCILIATION1 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | ||||||||||||||||||||||
Net income (loss) | (12,351) | (13,078) | (4,268) | (9,208) | (38,905) | (6,991) | (2,113) | (64,608) | (16,526) | (90,238) | ||||||||||||||||||||||
Interest expense (net) | 5,425 | 5,685 | 5,937 | 6,131 | 23,178 | 6,102 | 6,467 | 7,129 | 6,319 | 26,017 | ||||||||||||||||||||||
Stock-based comp exp | - | 3,769 | 75 | 92 | 3,936 | 80 | 74 | 55,236 | 6,652 | 62,042 | ||||||||||||||||||||||
Depreciation & amortization | 3,215 | 3,305 | 3,252 | 3,089 | 12,861 | 2,817 | 2,769 | 2,963 | 3,221 | 11,770 | ||||||||||||||||||||||
Restructuring expense | - | - | - | - | - | - | - | 2,130 | 412 | 2,542 | ||||||||||||||||||||||
Changes in fair value of Warrant liability | - | - | - | - | - | - | - | (683) | 791 | 108 | ||||||||||||||||||||||
Legal expense | - | - | - | - | - | - | - | - | 744 | 744 | ||||||||||||||||||||||
Income tax provision | 65 | 55 | 115 | 88 | 323 | 54 | 236 | 321 | (484) | 127 | ||||||||||||||||||||||
Gain on forgiveness of PPP loan | - | - | (4,292) | (1,576) | (5,868) | - | (2,009) | - | - | (2,009) | ||||||||||||||||||||||
Warrant transaction expense | - | - | - | - | - | - | - | - | 326 | 326 | ||||||||||||||||||||||
Other expenses (income), net | 9 | 26 | (872) | (143) | (980) | 151 | (915) | 1,080 | (624) | (308) | ||||||||||||||||||||||
Sale of export incentives | - | - | - | - | - | - | - | - | 760 | 760 | ||||||||||||||||||||||
Adjusted EBITDA | (3,637) | (238) | (53) | (1,527) | (5,455) | 2,213 | 4,509 | 3,568 | 1,591 | 11,881 | ||||||||||||||||||||||
Adjusted EBITDA margin | (27.0)% | (1.0)% | (0.2)% | (4.6)% | (5.9)% | 5.9% | 10.6% | 9.0% | 4.0% | 7.4% | ||||||||||||||||||||||
Deferred items | ||||||||||||||||||||||||||||||||
Supplier contract renegotiation2 | 2,768 | 2,768 | ||||||||||||||||||||||||||||||
Chargeback recoveries3 | 989 | 989 | ||||||||||||||||||||||||||||||
Total Adjusted EBITDA | 5,348 | 15,638 | ||||||||||||||||||||||||||||||
Total Adjusted EBITDA margin | 13.5% | 9.8% | ||||||||||||||||||||||||||||||
ADJUSTED NET INCOME RECONCILIATION1 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | ||||||||||||||||||||||
Net Income (loss) | (12,351) | (13,078) | (4,268) | (9,208) | (38,905) | (6,991) | (2,113) | (64,608) | (16,526) | (90,238) | ||||||||||||||||||||||
Stock-based comp exp | - | 3,769 | 75 | 92 | 3,936 | 80 | 74 | 55,236 | 6,652 | 62,042 | ||||||||||||||||||||||
Amortization - intangibles | 2,078 | 2,071 | 1,977 | 1,756 | 7,882 | 1,584 | 1,584 | 1,584 | 1,586 | 6,338 | ||||||||||||||||||||||
Income tax provision | 65 | 55 | 115 | 88 | 323 | 54 | 236 | 321 | (484) | 127 | ||||||||||||||||||||||
One-time expenses | 209 | (241) | (4,530) | (2,005) | (6,566) | 168 | (2,683) | 1,674 | 2,885 | 2,044 | ||||||||||||||||||||||
Adjusted Net Income (Loss) | (9,999) | (7,424) | (6,631) | (9,277) | (33,330) | (5,105) | (2,902) | (5,793) | (5,887) | (19,687) | ||||||||||||||||||||||
Deferred items | ||||||||||||||||||||||||||||||||
Supplier contract renegotiation2 | 2,768 | 2,768 | ||||||||||||||||||||||||||||||
Chargeback recoveries3 | 989 | 989 | ||||||||||||||||||||||||||||||
Total Adjusted Net Income (Loss) | (2,130) | (15,930) | ||||||||||||||||||||||||||||||
ADJUSTED EPS RECONCILIATION1 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | ||||||||||||||||||||||
Net income (loss) | (12,351) | (13,078) | (4,268) | (9,208) | (38,905) | (6,991) | (2,113) | (64,608) | (16,526) | (90,238) | ||||||||||||||||||||||
Common shares outstanding | 60,800 | 60,800 | 60,800 | 60,800 | 60,800 | 60,800 | 60,800 | 72,500 | 82,266 | 69,092 | ||||||||||||||||||||||
GAAP EPS | (0.20) | (0.22) | (0.07) | (0.15) | (0.64) | (0.11) | (0.03) | (0.89) | (0.20) | (1.31) | ||||||||||||||||||||||
Adjusted net income (loss) | (9,999) | (7,424) | (6,631) | (9,277) | (33,330) | (5,105) | (2,902) | (5,793) | (5,887) | (19,687) | ||||||||||||||||||||||
Diluted shares outstanding | 94,600 | 94,600 | 94,600 | 94,600 | 94,600 | 94,600 | 94,600 | 94,600 | 83,866 | 91,917 | ||||||||||||||||||||||
Adjusted EPS | (0.11) | (0.08) | (0.07) | (0.10) | (0.35) | (0.05) | (0.03) | (0.06) | (0.07) | (0.21) | ||||||||||||||||||||||
Total adjusted net income (loss) | (2,130) | (15,930) | ||||||||||||||||||||||||||||||
Diluted shares outstanding | 83,866 | 91,917 | ||||||||||||||||||||||||||||||
Total adjusted EPS | (0.03) | (0.17) |
_________________________________________________________
1 In $ thousands. except transactions which are in ones, per share data, and percentages.
2 Gain realized from renegotiation of supplier agreement in 2022 as per US GAAP to be recorded in future periods and the remaining life of the agreement in question.
3 Anticipated recovery from credit card chargebacks deferred to the future point in time when the funds are physically recovered.