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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ITHAX Acquisition Corporation | NASDAQ:ITHX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.13 | 11.90 | 12.06 | 0 | 01:00:00 |
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Year Ended December 31,
|
| | ||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Net loss
|
| | | $ | (90,238) | | | | | $ | (38,905) | | | | | $ | (51,333) | | | | | | 132% | | |
Interest expense, (net)
|
| | | $ | 26,017 | | | | | $ | 23,178 | | | | | $ | 2,839 | | | | | | 12% | | |
Stock-based compensation expense
|
| | | $ | 62,042 | | | | | $ | 3,936 | | | | | $ | 58,106 | | | | | | 1476% | | |
Depreciation and amortization
|
| | | $ | 11,770 | | | | | $ | 12,861 | | | | | $ | (1,091) | | | | | | (8)% | | |
Restructuring and related costs
|
| | | $ | 2,542 | | | | | $ | — | | | | | $ | 2,542 | | | | | | —% | | |
Provision for income taxes
|
| | | $ | 127 | | | | | $ | 323 | | | | | $ | (196) | | | | | | (61)% | | |
Extinguishment of PPP Loan
|
| | | $ | (2,009) | | | | | $ | (5,868) | | | | | $ | 3,859 | | | | | | (66)% | | |
Changes in fair value of warrant liability
|
| | | $ | 108 | | | | | $ | — | | | | | $ | 108 | | | | | | —% | | |
Legal expense
|
| | | $ | 744 | | | | | $ | — | | | | | $ | 744 | | | | | | —% | | |
Warrant transaction expense
|
| | | $ | 326 | | | | | $ | — | | | | | $ | 326 | | | | | | —% | | |
Other expense (income), net
|
| | | $ | (308) | | | | | $ | (980) | | | | | $ | 672 | | | | | | (69)% | | |
Sale of export incentives
|
| | | $ | 760 | | | | | $ | — | | | | | $ | 760 | | | | | | —% | | |
Adjusted EBITDA
|
| | | $ | 11,881 | | | | | $ | (5,455) | | | | | $ | 17,336 | | | | | | (318)% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Net cash provided by (used in) operating activities
|
| | | $ | (10,612) | | | | | $ | (15,673) | | | | | $ | 5,061 | | | | | | (32)% | | |
Capital expenditures
|
| | | $ | (7,267) | | | | | $ | (4,022) | | | | | $ | (3,245) | | | | | | 81% | | |
Cash paid for interest
|
| | | $ | 10,820 | | | | | $ | 6,740 | | | | | $ | 4,080 | | | | | | 61% | | |
Unlevered free cash flow
|
| | | $ | (7,059) | | | | | $ | (12,955) | | | | | $ | 5,896 | | | | | | (46)% | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Revenue from Travel Marketplace
|
| | | $ | 157,473 | | | | | $ | 92,038 | | |
Revenue from SAAS Platform
|
| | | $ | 2,011 | | | | | $ | 1,156 | | |
| | | | $ | 159,484 | | | | | $ | 93,194 | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Revenues, net
|
| | | $ | 159,484 | | | | | $ | 93,194 | | | | | $ | 66,290 | | | | | | 71% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | $ | 114,111 | | | | | $ | 65,776 | | | | | $ | 48,335 | | | | | | 73% | | |
Personnel expense
|
| | | $ | 82,057 | | | | | $ | 23,422 | | | | | $ | 58,635 | | | | | | 250% | | |
General and administrative expense
|
| | | $ | 9,662 | | | | | $ | 7,455 | | | | | $ | 2,207 | | | | | | 30% | | |
Information technology expense
|
| | | $ | 5,333 | | | | | $ | 4,058 | | | | | $ | 1,275 | | | | | | 31% | | |
Provision for doubtful accounts receivable and contract assets
|
| | | $ | 312 | | | | | $ | 1,874 | | | | | $ | (1,562) | | | | | | (83)% | | |
Depreciation and amortization
|
| | | $ | 11,770 | | | | | $ | 12,861 | | | | | $ | (1,091) | | | | | | (8)% | | |
Restructuring and related costs
|
| | | $ | 2,542 | | | | | $ | — | | | | | $ | 2,542 | | | | | | —% | | |
Total Operating Expenses
|
| | | $ | 225,787 | | | | | $ | 115,446 | | | | | $ | 110,341 | | | | | | 96% | | |
Net (loss) Income from operations
|
| | | $ | (66,303) | | | | | $ | (22,252) | | | | | $ | (44,051) | | | | | | 198% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 637 | | | | | $ | 505 | | | | | $ | 132 | | | | | | 26% | | |
Interest expense
|
| | | $ | (26,654) | | | | | $ | (23,683) | | | | | $ | (2,971) | | | | | | 13% | | |
Gain on extinguishment of PPP loan
|
| | | $ | 2,009 | | | | | $ | 5,868 | | | | | $ | (3,859) | | | | | | (66)% | | |
Changes in fair value of warrant liability
|
| | | | (108) | | | | | | — | | | | | $ | (108) | | | | | | —% | | |
Other (expense) income, net
|
| | | $ | 308 | | | | | $ | 980 | | | | | $ | (672) | | | | | | (69)% | | |
Total other expense
|
| | | $ | (23,808) | | | | | $ | (16,330) | | | | | $ | (7,478) | | | | | | 46% | | |
Net loss before income taxes
|
| | | $ | (90,111) | | | | | $ | (38,582) | | | | | $ | (51,529) | | | | | | 134% | | |
Benefit from (provision for) income taxes
|
| | | $ | (127) | | | | | $ | (323) | | | | | $ | 196 | | | | | | (61)% | | |
Net loss
|
| | | $ | (90,238) | | | | | $ | (38,905) | | | | | $ | (51,333) | | | | | | 132% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Revenues, net
|
| | | $ | 159,484 | | | | | $ | 93,194 | | | | | | 66,290 | | | | | | 71% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
$Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Sales and marketing expenses
|
| | | | 114,111 | | | | | | 65,776 | | | | | | 48,335 | | | | | | 73% | | |
Personnel expense
|
| | | | 82,057 | | | | | | 23,422 | | | | | | 58,635 | | | | | | 250% | | |
General and administrative expense
|
| | | | 9,662 | | | | | | 7,455 | | | | | | 2,207 | | | | | | 30% | | |
Information technology expense
|
| | | | 5,333 | | | | | | 4,058 | | | | | | 1,275 | | | | | | 31% | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | 312 | | | | | | 1,874 | | | | | | (1,562) | | | | | | (83)% | | |
Depreciation and amortization
|
| | | | 11,770 | | | | | | 12,861 | | | | | | (1,091) | | | | | | (8)% | | |
Restructuring and related costs
|
| | | | 2,542 | | | | | | — | | | | | | 2,542 | | | | | | —% | | |
Interest income
|
| | | | (637) | | | | | | (505) | | | | | | (132) | | | | | | 26% | | |
Interest expense
|
| | | | 26,654 | | | | | | 23,683 | | | | | | 2,971 | | | | | | 13% | | |
Gain on extinguishment of PPP loan
|
| | | | (2,009) | | | | | | (5,868) | | | | | | 3,859 | | | | | | (66)% | | |
Changes in fair value of warrant liability
|
| | | | 108 | | | | | | — | | | | | | 108 | | | | | | —% | | |
Other (income) expense, net
|
| | | | (308) | | | | | | (980) | | | | | | 672 | | | | | | (69)% | | |
| | | | $ | 249,595 | | | | | $ | 131,776 | | | | | $ | 117,819 | | | | | | 89% | | |
| | |
Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Benefit from (provision for) income taxes
|
| | | | (127) | | | | | | (323) | | | | | | 196 | | | | | | (61)% | | |
| | |
Year Ended
December 31, 2022 |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Net cash (used in) Operating activities
|
| | | | (10,612) | | | | | | (15,673) | | |
Net cash used in Investing activities
|
| | | | (7,422) | | | | | | (3,112) | | |
Net cash provided by Financing activities
|
| | | | 81,734 | | | | | | 3,077 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (365) | | | | | | (311) | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | $ | 63,335 | | | | | $ | (16,019) | | |
(In millions)
|
| |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||
Letters of credit
|
| | | | 7.4 | | | | | | 7.3 | | |
KEY METRICS(1)
|
| |
FY21
|
| |
FY22
|
| ||||||
Transactions
|
| | | | 1,320,036 | | | | | | 2,137,530 | | |
Take rate
|
| | | | 9.6% | | | | | | 7.2% | | |
Gross revenue
|
| | | | 966,031 | | | | | | 2,221,876 | | |
Net revenue
|
| | | | 93,194 | | | | | | 159,484 | | |
YoY Growth
|
| | | | 42% | | | | | | 71% | | |
ADJUSTED EBITDA RECONCILIATION(1)
|
| |
FY21
|
| |
FY22
|
| ||||||
Net income (loss)
|
| | | | (38,905) | | | | | | (90,238) | | |
Interest expense (net)
|
| | | | 23,178 | | | | | | 26,017 | | |
Stock-based comp exp
|
| | | | 3,936 | | | | | | 62,042 | | |
Depreciation & amortization
|
| | | | 12,861 | | | | | | 11,770 | | |
Restructuring expense
|
| | | | — | | | | | | 2,542 | | |
Changes in fair value of Warrant liability
|
| | | | — | | | | | | 108 | | |
Legal expense
|
| | | | — | | | | | | 744 | | |
Income tax provision
|
| | | | 323 | | | | | | 127 | | |
Gain on forgiveness of PPP loan
|
| | | | (5,868) | | | | | | (2,009) | | |
Warrant transaction expense
|
| | | | — | | | | | | 326 | | |
Other expenses (income), net
|
| | | | (980) | | | | | | (308) | | |
Sale of export incentives
|
| | | | — | | | | | | 760 | | |
Adjusted EBITDA
|
| | | | (5,455) | | | | | | 11,881 | | |
Name
|
| |
Age*
|
| |
Position
|
|
Executive Officers | | | | | | | |
Prasad Gundumogula | | |
48
|
| | Founder, Chief Executive Officer, and Director (Chairman) | |
Orestes Fintiklis | | |
43
|
| | Chief Corporate Strategy and Business Development Officer and Director (Vice-Chairman) | |
Jesus Portillo | | |
47
|
| | Chief Financial Officer | |
Jim Dullum | | |
70
|
| | Chief Operating Officer | |
Venkat Pasupuleti | | |
60
|
| | Chief Technology Officer | |
Meredith Waters | | |
42
|
| | General Counsel | |
Non-Employee Directors | | | | | | | |
Mona Aboelnaga Kanaan | | |
55
|
| | Director | |
Asi Ginio | | |
50
|
| | Director | |
Roopa Purushothaman | | |
45
|
| | Director | |
Noor Sweid | | |
42
|
| | Director | |
Pradeep Udhas | | |
64
|
| | Director | |
Name
|
| |
Year
|
| |
Fees earned or
paid in cash ($)(1) |
| |
Stock
Awards ($)(2)(3)(4) |
| |
Total
($) |
| ||||||||||||
Asi Ginio(5)
|
| | | | 2022 | | | | | $ | 22,690 | | | | | $ | 91,730 | | | | | $ | 114,420 | | |
Mona Aboelnaga Kanaan(6)
|
| | | | 2022 | | | | | $ | 22,690 | | | | | $ | 141,730 | | | | | $ | 164,420 | | |
Roopa Purushothaman(7)
|
| | | | 2022 | | | | | $ | 22,690 | | | | | $ | 141,730 | | | | | $ | 164,420 | | |
Noor Sweid(8)
|
| | | | 2022 | | | | | $ | 22,690 | | | | | $ | 91,730 | | | | | $ | 114,420 | | |
Pradeep Udhas(9)
|
| | | | 2022 | | | | | $ | 22,690 | | | | | $ | 141,730 | | | | | $ | 164,420 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| ||||||||||||||||||
Prasad Gundumogula,
Chief Executive Officer |
| | | | 2022 | | | | | $ | 272,877(3) | | | | | $ | — | | | | | $ | 51,251,730(5)(6) | | | | | $ | 22,690 | | | | | $ | 51,552,297 | | |
| | | 2021 | | | | | $ | —(4) | | | | | $ | — | | | | | $ | 3,736,697(7) | | | | | $ | — | | | | | $ | 3,736,697 | | | ||
Dan Figenshu,
Chief Financial Officer(8) |
| | | | 2022 | | | | | $ | 280,000 | | | | | $ | 70,000 | | | | | $ | 1,196,000(10) | | | | | $ | — | | | | | $ | 1,546,000 | | |
| | | 2021 | | | | | $ | 280,000 | | | | | $ | 28,000(9) | | | | | $ | — | | | | | $ | — | | | | | $ | 308,000 | | | ||
Jim Dullum,
Chief Operating Officer(11) |
| | | | 2022 | | | | | $ | 300,000 | | | | | $ | — | | | | | $ | 1,120,000(12) | | | | | $ | — | | | | | $ | 1,420,000 | | |
| | | 2021 | | | | | $ | 50,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 50,000 | | | ||
Orestes Fintiklis,
Former Chief Executive Officer |
| | | | 2022 | | | | | $ | 45,289(13) | | | | | $ | — | | | | | $ | 10,049,730(14) | | | | | $ | 22,690 | | | | | $ | 10,117,709 | | |
| | | 2021 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Stock awards
|
| |||||||||||||||||||||
Name
|
| |
Number of shares
or units of stock that have not vested (#) |
| |
Market value of
shares of units of stock that have not vested ($)(1) |
| |
Equity incentive plan
awards: Number of unearned shares, units or other rights that have not vested (#) |
| |
Equity incentive plan
awards: Market or payout value of unearned shares, units or other rights that have not vested ($)(1) |
| ||||||||||||
Prasad Gundumogula,
Chief Executive Officer |
| | | | 6,000,000(2) | | | | | $ | 65,280,000 | | | | | | 20,000(3)(4) | | | | | $ | 217,600 | | |
Dan Figenshu,
Chief Financial Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jim Dullum,
Chief Operating Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Orestes Fintiklis,
Former Chief Executive Officer of ITHAX |
| | | | 900,000(5) | | | | | $ | 9,792,000 | | | | | | 20,000(3)(4) | | | | | $ | 217,600 | | |
Plan Category
|
| |
Number of Securities to be
Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) |
| |
Weighted
Average Exercise Price of Outstanding Options, Warrants and Rights (b) |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c) |
| |||||||||
Equity compensation plans approved by
security holders(1) |
| | | | 7,205,000 | | | | | $ | — | | | | | | 12,502,565 | | |
Equity compensation plans not approved
by security holders |
| | | | — | | | | | | — | | | | | | — | | |
Totals
|
| | | | 7,205,000(1) | | | | | $ | —(2) | | | | | | 12,502,565(3) | | |
| | |
Amount and
Nature of Beneficial Ownership |
| |
Percentage of
Outstanding Shares |
| ||||||
Name and Address of Beneficial Owner | | | | | | | | | | | | | |
Directors and Executive Officers(1) | | | | | | | | | | | | | |
Prasad Gundumogula(2)(3)(4)
|
| | | | 34,276,662 | | | | | | 40.8% | | |
Jesus Portillo(5)
|
| | | | 250,000 | | | | | | * | | |
Venkat Pasupuleti(6)
|
| | | | 128,946 | | | | | | * | | |
Jim Dullum(7)
|
| | | | 112,000 | | | | | | * | | |
Orestes Fintiklis(8)
|
| | | | 4,221,046 | | | | | | 5.0% | | |
Asi Ginio(9)
|
| | | | 10,000 | | | | | | * | | |
Mona Aboelnaga Kanaan(10)
|
| | | | 34,000 | | | | | | * | | |
Roopa Purushothaman(11)
|
| | | | 15,000 | | | | | | * | | |
Noor Sweid(12)
|
| | | | 10,000 | | | | | | * | | |
Pradeep Udhas(13)
|
| | | | 15,000 | | | | | | * | | |
Meredith Waters(14)
|
| | | | 23,355 | | | | | | * | | |
All Executive Officers and Directors as a group (11 individuals)
|
| | | | 39,096,009 | | | | | | 46.1% | | |
Greater than Five Percent Holders | | | | | | | | | | | | | |
Orestes Fintiklis(8)
|
| | | | 4,221,046 | | | | | | 5.0% | | |
FLY OCP LLC(15)
|
| | | | 9,453,577 | | | | | | 11.3% | | |
Prasad Gundumogula(2)(3)(4)
|
| | | | 34,276,662 | | | | | | 40.8% | | |
Entities Affiliated with Morgan Stanley(16)
|
| | | | 9,506,770 | | | | | | 11.3% | | |
Vajid Jafri(17)
|
| | | | 4,772,840 | | | | | | 5.7% | | |
| | |
Shares of Common Stock
|
| |
Warrants
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||||||||
Abdul Mateen Mohammed(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Acharyulu Peesapati(1)(2)
|
| | | | 128,946 | | | | | | * | | | | | | 128,946 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Adam Meron(1)(2)
|
| | | | 17,193 | | | | | | * | | | | | | 17,193 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Adriana Equihua(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Alexandros Argyros(3)
|
| | | | 153,617 | | | | | | * | | | | | | 35,812 | | | | | | 117,805 | | | | | | — | | | | | | 5,812 | | | | | | * | | | | | | 5,812 | | | | | | 0 | | | | | | — | | |
Alkobi Zahari(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Alma Ortiz(1)(2)
|
| | | | 1,719 | | | | | | * | | | | | | 1,719 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Anath Satya Prasad Chillara(1)(2)
|
| | | | 15,134 | | | | | | * | | | | | | 14,327 | | | | | | 807 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Andre John Salgado(1)(2)
|
| | | | 2,006 | | | | | | * | | | | | | 2,006 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Andrea Christina Bereciartu(1)(2)
|
| | | | 1,719 | | | | | | * | | | | | | 1,719 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Antonios Achilleoudis(4)
|
| | | | 460,853 | | | | | | * | | | | | | 117,438 | | | | | | 343,415 | | | | | | — | | | | | | 17,438 | | | | | | * | | | | | | 17,438 | | | | | | 0 | | | | | | — | | |
Anuj Garg(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Anuradha Jadhav(1)(2)
|
| | | | 1,146 | | | | | | * | | | | | | 1,146 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | |
Shares of Common Stock
|
| |
Warrants
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||||||||
Aravind Neerukattu(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Arnold Aguas(1)(2)
|
| | | | 143 | | | | | | * | | | | | | 143 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Arpit Bhatt(1)(2)
|
| | | | 2,149 | | | | | | * | | | | | | 2,149 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Ashok Krishnan(1)(2)
|
| | | | 25,789 | | | | | | * | | | | | | 25,789 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Asset Recovery Management(5)
|
| | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Balla Pratima(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Barbara Villacin(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Bhanu Prakash Thogunoori(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Bhanukiran Bodapati(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Bharath Kolla Venkatesh(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Bindiya Puri(1)(2)
|
| | | | 802 | | | | | | * | | | | | | 802 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Bobcat Private Holdings, LLC(6)
|
| | | | 2,000,000 | | | | | | 2.38% | | | | | | 2,000,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Borra Naga Vamsi Krishna(1)(2)
|
| | | | 14,327 | | | | | | * | | | | | | 14,327 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Boyapati Niranjan Prasad(1)(2)
|
| | | | 22,924 | | | | | | * | | | | | | 22,924 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Brian Bonner(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Cecille Venoza(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Celier Investments Inc.(7)
|
| | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Charlyne Cumine(1)(2)
|
| | | | 2,106 | | | | | | * | | | | | | 2,106 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Chinniah Dinadyalu
Kesavalu(1)(2) |
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Cho Mong Tai(1)(2)
|
| | | | 57,309 | | | | | | * | | | | | | 57,309 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Cindy Wong(1)(2)
|
| | | | 860 | | | | | | * | | | | | | 860 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Clement Allen Bason(1)(2)
|
| | | | 78,294 | | | | | | * | | | | | | 78,294 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Colby Trading Ltd.(8)
|
| | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Daniel Ostersehlte
|
| | | | 75,000 | | | | | | * | | | | | | 75,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Deric Joel James(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
DH Deutsch Holdings Limited(9)
|
| | | | 400,000 | | | | | | * | | | | | | 400,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Dhagu Ashwanth Reddy(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Dimitrios Athansopoulos(10)
|
| | | | 470,852 | | | | | | * | | | | | | 117,437 | | | | | | 353,415 | | | | | | — | | | | | | 17,437 | | | | | | * | | | | | | 17,437 | | | | | | 0 | | | | | | — | | |
Durval Duprat(1)(2)
|
| | | | 17,193 | | | | | | * | | | | | | 17,193 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Dwain Thomas Jay(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Edwin Alvarado(1)(2)
|
| | | | 1,605 | | | | | | * | | | | | | 1,605 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
El Hadji Malick Diouf(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Elias Melhem(1)
|
| | | | 688,377 | | | | | | * | | | | | | 688,377 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Elisetty Deekshith(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Eman Alqeram(1)(2)
|
| | | | 229 | | | | | | * | | | | | | 229 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Entertainment Benefits Group, LLC(11)
|
| | | | 150,000 | | | | | | * | | | | | | 150,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Entities Affiliated with Cantor Fitgerald L.P.(12)
|
| | | | 615,000 | | | | | | * | | | | | | 405,000 | | | | | | 210,000 | | | | | | — | | | | | | 105,000 | | | | | | * | | | | | | 105,000 | | | | | | 0 | | | | | | — | | |
Entities Affiliated with Morgan Stanley(13)
|
| | | | 9,506,770 | | | | | | 11.32% | | | | | | 9,506,770 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Entities Affiliated with Steve Chaby(14)
|
| | | | 1,457,342 | | | | | | 1.74% | | | | | | 500,000 | | | | | | 975,342 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | |
Shares of Common Stock
|
| |
Warrants
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||||||||
Entities Affiliated with TCW(15)
|
| | | | 1,494,191 | | | | | | 1.78% | | | | | | 1,494,191 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Evgenia Tzannini(16)
|
| | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Fly OCP LLC(17)
|
| | | | 9,453,577 | | | | | | 11.26% | | | | | | 9,453,577 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
George Chryssikos
|
| | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Georgia Tsakos(1)
|
| | | | 688,377 | | | | | | * | | | | | | 688,377 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Georgios Linastas(18)
|
| | | | 460,853 | | | | | | * | | | | | | 117,438 | | | | | | 343,415 | | | | | | — | | | | | | 17,438 | | | | | | * | | | | | | 17,438 | | | | | | 0 | | | | | | — | | |
Georgios Syllantavos(19)
|
| | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gowri Sankar Suserla(1)(2)
|
| | | | 8,023 | | | | | | * | | | | | | 8,023 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Gowri Yeduka(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Grace Ma(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
GV 2017, L.P.(20)
|
| | | | 18,420 | | | | | | * | | | | | | 18,420 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Harshavardhan Hulsurkar(1)(2)
|
| | | | 860 | | | | | | * | | | | | | 860 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Hasan Mahmud(1)(2)
|
| | | | 229 | | | | | | * | | | | | | 229 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Hee S Park(1)(2)
|
| | | | 1,032 | | | | | | * | | | | | | 1,032 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Hiranyandra Kumar
Godugu(1)(2) |
| | | | 17,193 | | | | | | * | | | | | | 17,193 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
ITHAX Acquisition Sponsor CY Ltd(21)
|
| | | | 260,000 | | | | | | * | | | | | | 260,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jagadeesh Chinthapally(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jagmit Soni(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jalendar Pottabathula(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jaspal Kaur(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jasvinder Binning(1)(2)
|
| | | | 28,655 | | | | | | * | | | | | | 28,655 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jeff Snetiker(1)
|
| | | | 46,183 | | | | | | * | | | | | | 46,183 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jermias D(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jianmei Chen(1)(2)
|
| | | | 1,146 | | | | | | * | | | | | | 1,146 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jing Zhao(1)(2)
|
| | | | 1,146 | | | | | | * | | | | | | 1,146 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Jitendra Kumar Parida(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Juliette Li Qiu(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kannan Mapara(1)(2)
|
| | | | 1,032 | | | | | | * | | | | | | 1,032 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kariba LLC(22)
|
| | | | 1,232 | | | | | | * | | | | | | 1,232 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kate Leung(1)(2)
|
| | | | 645 | | | | | | * | | | | | | 645 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Katta Vara Prasad(1)(2)
|
| | | | 1,719 | | | | | | * | | | | | | 1,719 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kent Karpawich
|
| | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Keshaba Kumar Gantayat(1)(2)
|
| | | | 2,292 | | | | | | * | | | | | | 2,292 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kiran Kumar S(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kishore Rasala(1)(2)
|
| | | | 2,149 | | | | | | * | | | | | | 2,149 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Konstantinos Karamanis(23)
|
| | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Koser T Masalawala(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Krishna Babu Addala(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Kulasekara Pandiyan Sivagnanam(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Lakshmi Prashanth Bonam(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | |
Shares of Common Stock
|
| |
Warrants
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||||||||
Lakshmi Vara Prasad Yerramsetty(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Lalit Kumar(1)(2)
|
| | | | 28,655 | | | | | | * | | | | | | 28,655 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Larry Yin-Fat Leung(1)(2)
|
| | | | 6,877 | | | | | | * | | | | | | 6,877 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
LBF Travel Management
Corp.(1)(24) |
| | | | 1,499,834 | | | | | | 1.79% | | | | | | 1,499,834 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Lisa Wai Sin Chan(1)(2)
|
| | | | 1,361 | | | | | | * | | | | | | 1,361 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Madhu Babu Ravi(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Malathi Booreddy(1)(2)
|
| | | | 4,012 | | | | | | * | | | | | | 4,012 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Manikanta Prudhvi Prabhakar Jonnala(1)(2)
|
| | | | 5,731 | | | | | | * | | | | | | 5,731 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Maria Cecilia Belista(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Merica Quan(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Michael Hjalmar Thomas(1)(2)(24)
|
| | | | 166 | | | | | | * | | | | | | 166 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Michelle Yang(1)(2)
|
| | | | 2,006 | | | | | | * | | | | | | 2,006 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Micki Adams(1)(2)
|
| | | | 1,605 | | | | | | * | | | | | | 1,605 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mike Melhem(1)
|
| | | | 688,377 | | | | | | * | | | | | | 688,377 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mike Melhem, Jr.(1)
|
| | | | 688,377 | | | | | | * | | | | | | 688,377 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Minchielyn Castro(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mohammed Ghouse Sheriff Khaleel(1)(2)
|
| | | | 14,327 | | | | | | * | | | | | | 14,327 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mohana Venkata Satish Babu Chode(1)(2)
|
| | | | 40,117 | | | | | | * | | | | | | 40,117 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mondee Group LLC(25)
|
| | | | 21,837,168 | | | | | | 26.00% | | | | | | 21,837,168 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Monika Mioduszewski(1)(2)
|
| | | | 12,321 | | | | | | * | | | | | | 12,321 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Motaleb Khan(1)(2)
|
| | | | 860 | | | | | | * | | | | | | 860 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mridula Pasam(1)(2)
|
| | | | 71,637 | | | | | | * | | | | | | 71,637 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Mukesh Pandey(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Muralikrishna Garapati(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Nadeem Ahmed(1)(2)
|
| | | | 3,324 | | | | | | * | | | | | | 3,324 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Nadira Kermani(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Nakka Durga Kiran Kumar(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Naresh Kumar Patnam(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Nigel Kneafsey
|
| | | | 150,000 | | | | | | * | | | | | | 150,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Nirav Ghunchala(1)(2)
|
| | | | 1,060 | | | | | | * | | | | | | 1,060 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Orestes Fintiklis(26)
|
| | | | 4,221,046 | | | | | | 5.00% | | | | | | 3,941,046 | | | | | | 280,000 | | | | | | — | | | | | | 174,375 | | | | | | * | | | | | | 174,375 | | | | | | 0 | | | | | | — | | |
Papaduck Investments Ltd(27)
|
| | | | 500,000 | | | | | | * | | | | | | 500,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Parbattie Ulla(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Parvez Kamal(1)(2)
|
| | | | 8,596 | | | | | | * | | | | | | 8,596 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Patsy Ho(1)
|
| | | | 42,982 | | | | | | * | | | | | | 42,982 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Paul Pessutti(1)(2)
|
| | | | 2,063 | | | | | | * | | | | | | 2,063 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Paula Svadlena(1)(2)
|
| | | | 931 | | | | | | * | | | | | | 931 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Pavan Kumar Theeti(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Pete Chhabra(1)(2)
|
| | | | 2,006 | | | | | | * | | | | | | 2,006 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | |
Shares of Common Stock
|
| |
Warrants
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||||||||
Serena Yeh(1)(2)
|
| | | | 860 | | | | | | * | | | | | | 860 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Shahnaz Pithawala(1)(2)
|
| | | | 3,582 | | | | | | * | | | | | | 3,582 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Shailaja Gurram(1)(2)
|
| | | | 42,982 | | | | | | * | | | | | | 42,982 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sharadha Nanavath(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Shreepal Kandarp Shah(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Shu-Hui Chen Chang(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Siu Ling Bennett(2),(31)
|
| | | | 773 | | | | | | * | | | | | | 573 | | | | | | 200 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Siva Petluru(1)(2)
|
| | | | 4,012 | | | | | | * | | | | | | 4,012 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Soujanya Basina(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sravani Pasam(1)(2)
|
| | | | 1,074 | | | | | | * | | | | | | 1,074 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sridhar Battala(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Srinivasa Anji Reddy
Gujavarthi(1)(2) |
| | | | 7,450 | | | | | | * | | | | | | 7,450 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sriramachandra Rao Tallapragada(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Subbarao Mutyala(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sudha Vaddi(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sudharani Bhamidipati(1)(2)
|
| | | | 8,596 | | | | | | * | | | | | | 8,596 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sudhir Puppala(1)(2)
|
| | | | 1,074 | | | | | | * | | | | | | 1,074 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sukhwinder Singh Dhami(1)(2)
|
| | | | 716 | | | | | | * | | | | | | 716 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Sunil Bhardwaj(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Suntharesar Tharmalingam(1)(2)
|
| | | | 17,909 | | | | | | * | | | | | | 17,909 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Surendar S Rawat(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Suresh Gonepudi(1)(2)
|
| | | | 5,731 | | | | | | * | | | | | | 5,731 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Suresh Jalagam(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Suresh Ramanjeri(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Surya Manikanta Krishna Rahul Kumara Lankalapalli(1)(2)
|
| | | | 5,731 | | | | | | * | | | | | | 5,731 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Surya Teja Lankalapalli(1)(2)
|
| | | | 28,655 | | | | | | * | | | | | | 28,655 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Syed John Raza Rizvi(1)(2)
|
| | | | 1,089 | | | | | | * | | | | | | 1,089 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Tak Yin Wong(1)(2)
|
| | | | 1,146 | | | | | | * | | | | | | 1,146 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Tapan Mahmud(1)(2)
|
| | | | 3,324 | | | | | | * | | | | | | 3,324 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
TDO Technology Fund LLC(32)
|
| | | | 1,385,412 | | | | | | 1.65% | | | | | | 1,385,412 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Thrace Wind Investments IKE(33)
|
| | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Tim Turner(1)
|
| | | | 938,058 | | | | | | 1.12% | | | | | | 938,058 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Tirunahari Saicharan(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Trisha Ann Mendoza(1)(2)
|
| | | | 34,386 | | | | | | * | | | | | | 34,386 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Truemagic Trading Limited(34)
|
| | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Ursula Williams(1)(2)
|
| | | | 8,596 | | | | | | * | | | | | | 8,596 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vajid Jafri(1)
|
| | | | 4,772,840 | | | | | | 5.68% | | | | | | 4,772,840 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vedavathi Kakinada Vara Lakshmi(1)(2)
|
| | | | 1,433 | | | | | | * | | | | | | 1,433 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Veerendra Munugalavadla(1)(2)
|
| | | | 14,900 | | | | | | * | | | | | | 14,900 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Veladi Santosh Kumar(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | |
Shares of Common Stock
|
| |
Warrants
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| |
Beneficially
Owned Prior to Offering |
| |
Number
Registered for Sale |
| |
Beneficially
Owned After Offering |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Hereby
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||||||||
Venkata Naidu Mutyala(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Venkata Narender Kumar Kondavaty(1)(2)
|
| | | | 17,193 | | | | | | * | | | | | | 17,193 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Venkata Ramana Prasad Kusampudi(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Venkata Rohith Siripuram(1)(2)
|
| | | | 573 | | | | | | * | | | | | | 573 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Venkateshwara Rao
Pasupuleti(1)(2) |
| | | | 128,946 | | | | | | * | | | | | | 128,946 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Venkateswara Rao
Akkireddi(1)(2) |
| | | | 17,193 | | | | | | * | | | | | | 17,193 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vetrivel Thiagarajan(1)(2)
|
| | | | 8,023 | | | | | | * | | | | | | 8,023 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vijay Kumar Bodakunti(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vikas Kochhar(1)(2)
|
| | | | 14,327 | | | | | | * | | | | | | 14,327 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vikas Prabhakar(1)(2)
|
| | | | 11,462 | | | | | | * | | | | | | 11,462 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vinod Manchhani(1)(2)
|
| | | | 14,327 | | | | | | * | | | | | | 14,327 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Vivek Mishra(1)(2)
|
| | | | 1,719 | | | | | | * | | | | | | 1,719 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Wai Yoke Yoong(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Western Alliance
Bancorporation(35) |
| | | | 209,632 | | | | | | * | | | | | | 209,632 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
William Gomes(1)(2)
|
| | | | 65,906 | | | | | | * | | | | | | 65,906 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Yossi Ben-Arouch(1)(2)
|
| | | | 287 | | | | | | * | | | | | | 287 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Yuvraj Datta(1)(2)
|
| | | | 171,928 | | | | | | * | | | | | | 171,928 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
Zarina Khan(1)(2)
|
| | | | 2,865 | | | | | | * | | | | | | 2,865 | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | | | | F-2 | | | |
| Financial Statements: | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | |
| | |
December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 78,841 | | | | | $ | 15,506 | | |
Restricted short-term investments
|
| | | | 8,639 | | | | | | 8,484 | | |
Accounts receivable, net of allowance of $4,861, and $5,005 as of December 31, 2022 and December 31, 2021, respectively
|
| | | | 21,733 | | | | | | 10,178 | | |
Contract assets, net of allowance of $750 and $1,000 as of December 31, 2022 and December 31, 2021, respectively
|
| | | | 5,794 | | | | | | 3,935 | | |
Prepaid expenses and other current assets
|
| | | | 4,673 | | | | | | 2,588 | | |
Total current assets
|
| | | $ | 119,680 | | | | | $ | 40,691 | | |
Property and equipment, net
|
| | | | 11,332 | | | | | | 8,874 | | |
Goodwill
|
| | | | 66,420 | | | | | | 66,420 | | |
Intangible assets, net
|
| | | | 57,370 | | | | | | 63,708 | | |
Loan receivable from related party
|
| | | | — | | | | | | 22,054 | | |
Operating lease right-of-use assets
|
| | | | 1,384 | | | | | | — | | |
Deferred income taxes
|
| | | | 237 | | | | | | — | | |
Other non-current assets
|
| | | | 1,674 | | | | | | 1,588 | | |
TOTAL ASSETS
|
| | | $ | 258,097 | | | | | $ | 203,335 | | |
Liabilities, Redeemable Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | | 33,749 | | | | | | 19,529 | | |
Deferred underwriting fee
|
| | | | 500 | | | | | | — | | |
Amounts payable to related parties
|
| | | | 13 | | | | | | 716 | | |
Paycheck Protection Program (PPP) and other government loans, current portion
|
| | | | 72 | | | | | | 338 | | |
Accrued expenses and other current liabilities
|
| | | | 9,319 | | | | | | 10,354 | | |
Deferred revenue
|
| | | | 5,828 | | | | | | 6,450 | | |
Long-term debt, current portion
|
| | | | 7,514 | | | | | | 11,063 | | |
Total current liabilities
|
| | | $ | 56,995 | | | | | $ | 48,450 | | |
Deferred income taxes
|
| | | | 307 | | | | | | 512 | | |
Note payable to related party
|
| | | | 197 | | | | | | 193 | | |
PPP and other government loans excluding current portion
|
| | | | 159 | | | | | | 1,915 | | |
Warrant liability
|
| | | | 1,293 | | | | | | — | | |
Long-term debt excluding current portion
|
| | | | 126,882 | | | | | | 162,170 | | |
Deferred revenue excluding current portion
|
| | | | 14,656 | | | | | | 14,288 | | |
Operating lease liabilities excluding current portion
|
| | | | 1,620 | | | | | | — | | |
Other long-term liabilities
|
| | | | 2,713 | | | | | | 2,632 | | |
Total liabilities
|
| | | $ | 204,822 | | | | | $ | 230,160 | | |
Commitments and contingencies (Note 13) | | | | | | | | | | | | | |
Redeemable Preferred Stock | | | | | | | | | | | | | |
Series A Preferred stock – 85,000 authorized, $0.0001 par value, 85,000 shares issued and outstanding as of December 31, 2022 (liquidation preference $87,323)
|
| | | | 82,597 | | | | | | — | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock – $0.0001 par value; 500,000,000 and 60,800,000 shares authorized as of December 31,
2022 and December 31, 2021, respectively; 82,266,160 and 60,800,000 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively |
| | | | 7 | | | | | | 6 | | |
Shareholder receivable
|
| | | | (20,336) | | | | | | — | | |
Additional paid-in capital
|
| | | | 271,883 | | | | | | 163,459 | | |
Accumulated other comprehensive loss
|
| | | | (621) | | | | | | (273) | | |
Accumulated deficit
|
| | | | (280,255) | | | | | | (190,017) | | |
Total stockholders’ deficit
|
| | | $ | (29,322) | | | | | $ | (26,825) | | |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 258,097 | | | | | $ | 203,335 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Revenues, net
|
| | | $ | 159,484 | | | | | $ | 93,194 | | |
Operating expenses: | | | | | | | | | | | | | |
Sales and marketing expenses, including non-employee stock-based compensation of $0 and $16 respectively
|
| | | | 114,111 | | | | | | 65,776 | | |
Personnel expenses, including stock-based compensation of $61,690 and $3,920 respectively
|
| | | | 82,057 | | | | | | 23,422 | | |
General and administrative expenses, including non-employee stock-based compensation of $352 and $0 respectively
|
| | | | 9,662 | | | | | | 7,455 | | |
Information technology expenses
|
| | | | 5,333 | | | | | | 4,058 | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | 312 | | | | | | 1,874 | | |
Depreciation and amortization
|
| | | | 11,770 | | | | | | 12,861 | | |
Restructuring and related costs
|
| | | | 2,542 | | | | | | — | | |
Total operating expenses
|
| | | | 225,787 | | | | | | 115,446 | | |
Loss from operations
|
| | | | (66,303) | | | | | | (22,252) | | |
Other income (expense):
|
| | | | | | | | | | | | |
Interest income
|
| | | | 637 | | | | | | 505 | | |
Interest expense
|
| | | | (26,654) | | | | | | (23,683) | | |
Gain on extinguishment of PPP loan
|
| | | | 2,009 | | | | | | 5,868 | | |
Changes in fair value of warrant liability
|
| | | | (108) | | | | | | — | | |
Other income, net
|
| | | | 308 | | | | | | 980 | | |
Total other expense, net
|
| | | | (23,808) | | | | | | (16,330) | | |
Loss before income taxes
|
| | | $ | (90,111) | | | | | $ | (38,582) | | |
Provision for income taxes
|
| | | | (127) | | | | | | (323) | | |
Net loss
|
| | | $ | (90,238) | | | | | $ | (38,905) | | |
Net loss attributable per share to common stockholders: | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (1.34) | | | | | $ | (0.64) | | |
Weighted-average shares used to compute net loss attributable per share to common stockholders
|
| | | | | | | | | | | | |
Basic and diluted
|
| | | | 67,368,620 | | | | | | 60,800,000 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net loss
|
| | | $ | (90,238) | | | | | $ | (38,905) | | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | |
Loss on currency translation adjustment
|
| | | | (348) | | | | | | (311) | | |
Comprehensive loss
|
| | | $ | (90,586) | | | | | $ | (39,216) | | |
| | |
Mezzanine Equity
|
| |
Stockholders’ Deficit
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Redeemable
Preferred stock |
| |
Class A
Common Stock |
| |
Shareholder
Receivable |
| |
Additional
Paid-in- Capital |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | 159,529 | | | | | $ | 38 | | | | | $ | (151,112) | | | | | $ | 8,455 | | |
Retroactive application of recapitalization
|
| | | | — | | | | | | — | | | | | | 60,799,999 | | | | | | 6 | | | | | $ | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | $ | — | | |
Balance at December 31, 2020
|
| | |
|
—
|
| | | | | — | | | | | | 60,800,000 | | | | | | 6 | | | | | | — | | | | | | 159,523 | | | | | | 38 | | | | | | (151,112) | | | | | | 8,455 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,936 | | | | | | — | | | | | | — | | | | | | 3,936 | | |
Currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (311) | | | | | | — | | | | | | (311) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | 0 | | | | | | — | | | | | $ | — | | | | | | — | | | | | | — | | | | | | (38,905) | | | | | $ | (38,905) | | |
Balance at December 31, 2021
|
| | | | — | | | | | | — | | | | | | 60,800,000 | | | | | | 6 | | | | | | — | | | | | | 163,459 | | | | | | (273) | | | | | | (190,017) | | | | | | (26,825) | | |
Issuance of Class A Common Stock upon the reverse recapitalization including PIPE financing, net of transaction costs
|
| | | | — | | | | | | — | | | | | | 13,947,218 | | | | | | 1 | | | | | | — | | | | | | 48,465 | | | | | | — | | | | | | — | | | | | | 48,466 | | |
Issuance of Mondee Holdings LLC Class G units upon prepayment of debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,750 | | | | | | — | | | | | | — | | | | | | 9,750 | | |
Merger earn-out shares (Refer to note 3)
|
| | | | — | | | | | | — | | | | | | 7,400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Settlement of related party loan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,336) | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,336) | | |
Common control acquisition
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,000) | | | | | | — | | | | | | — | | | | | | (2,000) | | |
Payment made on behalf of Mondee Holdings LLC
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,241) | | | | | | — | | | | | | — | | | | | | (5,241) | | |
Shares issued upon exercise of common stock warrants
|
| | | | — | | | | | | — | | | | | | 118,942 | | | | | | — | | | | | | — | | | | | | 1,368 | | | | | | — | | | | | | — | | | | | | 1,368 | | |
Transfer of Private Warrants to Public
Warrants |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 536 | | | | | | — | | | | | | — | | | | | | 536 | | |
Issuance of redeemable series A preferred stock,
net of issuance costs |
| | | | 85,000 | | | | | | 79,691 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,891 | | | | | | — | | | | | | — | | | | | | 3,891 | | |
Accrual of dividends and accretion of redeemable series A redeemable preferred stock
|
| | | | — | | | | | | 2,906 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,906) | | | | | | — | | | | | | — | | | | | | (2,906) | | |
Repurchase of public warrants (Refer to
note 4) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,481) | | | | | | — | | | | | | — | | | | | | (7,481) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 62,042 | | | | | | — | | | | | | — | | | | | | 62,042 | | |
Currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (348) | | | | | | — | | | | | | (348) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (90,238) | | | | | | (90,238) | | |
Balance at December 31, 2022
|
| | | | 85,000 | | | | | $ | 82,597 | | | | | | 82,266,160 | | | | | $ | 7 | | | | | $ | (20,336) | | | | | $ | 271,883 | | | | | $ | (621) | | | | | $ | (280,255) | | | | | $ | (29,322) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (90,238) | | | | | $ | (38,905) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 11,770 | | | | | | 12,861 | | |
Deferred taxes
|
| | | | (437) | | | | | | 184 | | |
Provision for doubtful accounts receivable and contract assets
|
| | | | 312 | | | | | | 1,874 | | |
Stock-based compensation
|
| | | | 62,042 | | | | | | 3,936 | | |
Amortization of loan origination fees
|
| | | | 6,563 | | | | | | 2,361 | | |
Payment in kind interest expense
|
| | | | 9,036 | | | | | | 14,582 | | |
Gain on forgiveness of PPP Loan
|
| | | | (2,009) | | | | | | (5,868) | | |
Change in the estimated fair value of LBF earn-out considerations and warrant liability
|
| | | | (489) | | | | | | 265 | | |
Changes in operating assets and liabilities | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (11,867) | | | | | | (6,697) | | |
Contract assets
|
| | | | (1,859) | | | | | | 485 | | |
Prepaid expenses and other current assets
|
| | | | (2,085) | | | | | | 23 | | |
Operating lease right-of-use assets
|
| | | | 1,846 | | | | | | — | | |
Other non-current assets
|
| | | | (373) | | | | | | (757) | | |
Amounts payable to related parties
|
| | | | (689) | | | | | | (358) | | |
Accounts payable
|
| | | | 10,554 | | | | | | 2,115 | | |
Accrued expenses and other liabilities
|
| | | | (742) | | | | | | 892 | | |
Deferred revenue
|
| | | | (254) | | | | | | (2,666) | | |
Operating lease liabilities
|
| | | | (1,693) | | | | | | — | | |
Net cash used in operating activities
|
| | | | (10,612) | | | | | | (15,673) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (7,267) | | | | | | (4,022) | | |
Purchase of restricted short term investments
|
| | | | (417) | | | | | | — | | |
Sale of restricted short term investments
|
| | | | 262 | | | | | | 910 | | |
Net cash used in investing activities
|
| | | | (7,422) | | | | | | (3,112) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Repayments of long-term debt
|
| | | | (45,338) | | | | | | (638) | | |
Loan origination fees for long-term debt
|
| | | | — | | | | | | (75) | | |
Proceeds from PPP and other government loans
|
| | | | — | | | | | | 3,790 | | |
Proceeds from issuance of redeemable preferred stock
|
| | | | 85,000 | | | | | | — | | |
Issuance cost from preferred stock
|
| | | | (1,418) | | | | | | — | | |
Proceeds from exercise of common stock warrants
|
| | | | 1,368 | | | | | | — | | |
Proceeds from Business Combination and issuance of PIPE shares
|
| | | | 78,548 | | | | | | — | | |
Payment of offering costs
|
| | | | (23,704) | | | | | | — | | |
Payment made on behalf of Mondee Holdings LLC
|
| | | | (5,241) | | | | | | — | | |
Repurchase of public warrants
|
| | | | (7,481) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 81,734 | | | | | | 3,077 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (365) | | | | | | (311) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | 63,335 | | | | | | (16,019) | | |
Cash, cash equivalents and restricted cash at beginning of year
|
| | | | 15,506 | | | | | | 31,525 | | |
Cash, cash equivalents and restricted cash at end of year
|
| | | $ | 78,841 | | | | | $ | 15,506 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 10,820 | | | | | $ | 6,740 | | |
Cash paid for income taxes
|
| | | $ | 677 | | | | | $ | 82 | | |
Non-cash investing and financing activities
|
| | | | | | | | | | | | |
Legacy Mondee shares converted to Mondee Holdings Inc.
|
| | | | 6 | | | | | | — | | |
Assumption of net liabilities from Business Combination
|
| | | | 15,002 | | | | | | — | | |
Unpaid offering costs
|
| | | | 4,656 | | | | | | — | | |
Redeemable Preferred stock dividend accrual
|
| | | | 2,906 | | | | | | — | | |
Issuance of common stock warrants
|
| | | | 3,891 | | | | | | — | | |
Conversion of warrant classification
|
| | | | 536 | | | | | | — | | |
Settlement of related party loan
|
| | | | (20,336) | | | | | | — | | |
Common control acquisition
|
| | | | (2,000) | | | | | | — | | |
Issuance of Mondee Holdings LLC Class G units upon modification of debt
|
| | | | 9,750 | | | | | | — | | |
| | |
December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash and cash equivalents
|
| | | $ | 78,841 | | | | | $ | 15,506 | | |
| | | | $ | 78,841 | | | | | $ | 15,506 | | |
| | |
Useful Lives
|
|
Computer equipment
|
| |
3 – 7 years
|
|
Furniture and office equipment
|
| |
5 – 7 years
|
|
Capitalized software
|
| |
3 years
|
|
Leasehold improvements
|
| |
Shorter of the useful life and the remaining lease term
|
|
| | |
Amortization Period
|
|
Covenants not to compete
|
| |
5 years
|
|
Trade name with definite life
|
| |
20 years
|
|
Acquired technology
|
| |
10 years
|
|
Customer relationships
|
| |
5 – 10 years
|
|
Supplier relationships
|
| |
15 years
|
|
Developed technology
|
| |
5 – 10 years
|
|
Shareholder Type
|
| |
Grant Date
|
| |
Number
of Shares |
| |||
Employee
|
| |
7/18/2022
|
| | | | 6,000,000 | | |
Investor
|
| |
7/18/2022
|
| | | | 500,000 | | |
Employee
|
| |
9/7/2022
|
| | | | 900,000 | | |
Non-employee
|
| |
9/12/2022
|
| | | | 200,000 | | |
Unallocated shares
|
| |
—
|
| | | | 1,400,000 | | |
Total
|
| | | | | | | 9,000,000 | | |
| | |
Assumptions
|
| |||
Fair Value of Class A Common Stock
|
| | | $ | 10.13 | | |
Selected Volatility
|
| | | | 60% | | |
Risk-free interest rate
|
| | | | 3.14% | | |
Contractual terms (years)
|
| | | | 4.0 | | |
| | |
Assumptions
|
|
Fair Value of Class A Common Stock
|
| |
$10.19 – $12.32
|
|
Selected Volatility
|
| |
61.0% – 61.1%
|
|
Risk-free interest rate
|
| |
3.48% – 3.56%
|
|
Contractual terms (years)
|
| |
3.8 – 3.9
|
|
| | |
Recapitalization
|
| |||
Cash proceeds from ITHAX, net of redemptions
|
| | | $ | 8,548 | | |
Cash proceeds from PIPE Financing
|
| | | $ | 70,000 | | |
Less: Cash payment of ITHAX transaction costs and underwriting fees
|
| | | $ | (7,357) | | |
Less: Cash payment of Legacy Mondee transaction costs and advisory fees paid
|
| | | $ | (9,000) | | |
Net cash proceeds upon the closing of the Business Combination and PIPE financing
|
| | | $ | 62,191 | | |
Less: Cash payment of ITHAX and Legacy Mondee transaction costs subsequent
to closing of the Business Combination |
| | | $ | (7,347) | | |
Net cash proceeds as of December 31, 2022
|
| | | $ | 54,844 | | |
Less: Non-cash net liabilities assumed from ITHAX
|
| | | $ | (3,105) | | |
Less: Legacy Mondee transaction costs incurred and unpaid as of December 31, 2022
|
| | | $ | (3,274) | | |
Net contributions from the Business Combination and PIPE financing as of December 31, 2022
|
| | | $ | 48,465 | | |
|
ITHAX Class A Ordinary Shares, outstanding prior to Business Combination
|
| | | | 24,825,000 | | |
|
ITHAX Class B Ordinary Shares, outstanding prior to Business Combination
|
| | | | 5,433,750 | | |
|
Less: Redemption of ITHAX Class A Ordinary Shares
|
| | | | (23,311,532) | | |
|
Shares issued from PIPE financing
|
| | | | 7,000,000 | | |
|
Total shares from the Business Combination and PIPE Financing
|
| | | | 13,947,218 | | |
|
Legacy Mondee shares(1)
|
| | | | 60,800,000 | | |
|
Total shares of Class A Common Stock immediately after Business Combination (Class A Common Stock)*
|
| | | | 74,747,218 | | |
| | |
Warrants
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration
|
| ||||||||||||
Private Warrants
|
| | | | 232,500 | | | | | | 11.50 | | | | | | 7/18/2022 | | | | | | 7/18/2027 | | |
Common Stock Warrants
|
| | | | 1,275,000 | | | | | | 11.50 | | | | | | 9/29/2022 | | | | | | 9/29/2027 | | |
Total
|
| | | | 1,507,500 | | | | | | | | | | | | | | | | | | | | |
| | |
July 18, 2022
|
| |
December 31, 2022
|
| ||||||
Stock price
|
| | | | 10.13 | | | | | | 10.88 | | |
Term (in years)
|
| | | | 5.0 | | | | | | 4.55 | | |
Expected volatility
|
| | | | 60% | | | | | | 60% | | |
Risk-free rate
|
| | | | 3.1% | | | | | | 4.1% | | |
Dividend yield
|
| | | | —% | | | | | | —% | | |
| | |
September 29, 2022
|
| |||
Fair Value of Class A Common Stock
|
| | | | 9.13 | | |
Selected Volatility
|
| | | | 40% | | |
Risk-free interest rate
|
| | | | 3.98% | | |
Contractual terms (years)
|
| | | | 5 | | |
| | |
December 31, 2022
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability – private warrants(2)
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,293 | | | | | $ | 1,293 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
LBF earn-out consideration(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | 597 | | | | | $ | 597 | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Balance, beginning of year
|
| | | $ | 597 | | | | | $ | 332 | | |
Change in the estimated fair value of LBF earn-out consideration
|
| | | | (597) | | | | | | 265 | | |
Balance, end of the year
|
| | | $ | — | | | | | $ | 597 | | |
| | |
Year Ended
December 31, 2022 |
| |||
Private warrants recognized upon closing of Business Combination
|
| | | | 1,721 | | |
Transfer of Private Warrants to Public Warrants
|
| | | | (536) | | |
Change in the estimated fair value of warrants
|
| | | | 108 | | |
Balance, end of the year
|
| | | $ | 1,293 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Capitalized software
|
| | | $ | 32,283 | | | | | $ | 27,606 | | |
Computer equipment
|
| | | | 912 | | | | | | 749 | | |
Furniture and office equipment
|
| | | | 332 | | | | | | 428 | | |
Leasehold improvements
|
| | | | 14 | | | | | | 233 | | |
Capitalized software development in process
|
| | | | 4,107 | | | | | | 1,218 | | |
Total property and equipment
|
| | | | 37,648 | | | | | | 30,234 | | |
Less: accumulated depreciation and amortization
|
| | | | (26,316) | | | | | | (21,360) | | |
Total property and equipment, net
|
| | | $ | 11,332 | | | | | $ | 8,874 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Goodwill
|
| | | $ | 66,420 | | | | | $ | 66,420 | | |
Intangible assets with indefinite lives
|
| | | | 12,028 | | | | | | 12,028 | | |
Intangible assets with definitive lives, net
|
| | | | 45,342 | | | | | | 51,680 | | |
| | |
Travel
Marketplace |
| |
SAAS
Platform |
| |
Total
|
| |||||||||
Balance as of December 31, 2020
|
| | | $ | 58,999 | | | | | $ | 7,421 | | | | | $ | 66,420 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | |
Impairment charges
|
| | | | — | | | | | | — | | | | | | — | | |
Balance as of December 31, 2021
|
| | | | 58,999 | | | | | | 7,421 | | | | | | 66,420 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | |
Impairment charges
|
| | | | — | | | | | | — | | | | | | — | | |
Balance as of December 31, 2022
|
| | | $ | 58,999 | | | | | $ | 7,421 | | | | | $ | 66,420 | | |
| | |
Weighted-average
Remaining Useful Life (in years |
| |
Gross Carrying
Amount |
| |
Accumulated
Amortization |
| |
Net Carrying
Amount |
| ||||||||||||
Customer relationships
|
| | | | 6.74 | | | | | $ | 60,778 | | | | | | (29,288) | | | | | | 31,490 | | |
Trade name
|
| | | | 8.95 | | | | | | 9,580 | | | | | | (5,295) | | | | | | 4,285 | | |
Acquired technology
|
| | | | 0.00 | | | | | | 7,430 | | | | | | (7,430) | | | | | | — | | |
Supplier relationships
|
| | | | 12.00 | | | | | | 5,767 | | | | | | (1,153) | | | | | | 4,614 | | |
Developed technology
|
| | | | 6.19 | | | | | | 7,220 | | | | | | (2,267) | | | | | | 4,953 | | |
Covenants not to compete
|
| | | | 0.00 | | | | | | 332 | | | | | | (332) | | | | | | — | | |
Balances as of December 31, 2022
|
| | | | | | | | | $ | 91,107 | | | | | | (45,765) | | | | | | 45,342 | | |
| | |
Weighted-average
Remaining Useful Life (in years |
| |
Gross Carrying
Amount |
| |
Accumulated
Amortization |
| |
Net Carrying
Amount |
| ||||||||||||
Customer relationships
|
| | | | 7.74 | | | | | $ | 60,778 | | | | | | (24,613) | | | | | | 36,165 | | |
Trade name
|
| | | | 9.95 | | | | | | 9,580 | | | | | | (4,816) | | | | | | 4,764 | | |
Acquired technology
|
| | | | 0.00 | | | | | | 7,430 | | | | | | (7,430) | | | | | | — | | |
Supplier relationships
|
| | | | 13.02 | | | | | | 5,767 | | | | | | (769) | | | | | | 4,998 | | |
Developed technology
|
| | | | 7.26 | | | | | | 7,220 | | | | | | (1,467) | | | | | | 5,753 | | |
Covenants not to compete
|
| | | | 0.00 | | | | | | 332 | | | | | | (332) | | | | | | — | | |
Balances as of December 31, 2021
|
| | | | | | | | | $ | 91,107 | | | | | | (39,427) | | | | | | 51,680 | | |
December 31,
|
| | | | | | |
2023
|
| | | $ | 6,338 | | |
2024
|
| | | | 6,337 | | |
2025
|
| | | | 6,163 | | |
2026
|
| | | | 5,815 | | |
2027
|
| | | | 5,815 | | |
Thereafter
|
| | | | 14,874 | | |
| | | | $ | 45,342 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Accrued expenses
|
| | | $ | 3,314 | | | | | $ | 4,834 | | |
Provision for chargebacks
|
| | | | 377 | | | | | | 3,176 | | |
Accrued compensation and benefits
|
| | | | 1,374 | | | | | | 1,427 | | |
Accrued travel agent incentives
|
| | | | 3,458 | | | | | | 296 | | |
Earn-out consideration payable
|
| | | | — | | | | | | 597 | | |
Operating lease liabilities
|
| | | | 796 | | | | | | — | | |
Other current liabilities
|
| | | | — | | | | | | 24 | | |
| | | | $ | 9,319 | | | | | $ | 10,354 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
HASCAP
|
| | | $ | 179 | | | | | $ | 198 | | |
CEBA
|
| | | | 52 | | | | | | 55 | | |
PPP
|
| | | | — | | | | | | 2,000 | | |
Total PPP and other governmental loans
|
| | | $ | 231 | | | | | $ | 2,253 | | |
Less: current portion of PPP and other governmental loans
|
| | | | (72) | | | | | | (338) | | |
Total PPP and other governmental loans, net of current portion
|
| | | $ | 159 | | | | | $ | 1,915 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
TCW Credit Agreement
|
| | | $ | 106,250 | | | | | $ | 150,000 | | |
Cumulative PIK interest for TCW Credit Agreement(1)
|
| | | | 46,518 | | | | | | 36,858 | | |
GDS Obligation
|
| | | | — | | | | | | 298 | | |
Others
|
| | | | 14 | | | | | | — | | |
Total outstanding principal balance
|
| | | $ | 152,782 | | | | | $ | 187,156 | | |
Less: Unamortized debt issuance costs and discounts
|
| | | | (18,386) | | | | | | (13,923) | | |
Total debt
|
| | | $ | 134,396 | | | | | $ | 173,233 | | |
Less : Current portion of long term debt
|
| | | | (7,514) | | | | | | (11,063) | | |
Long term debt, net of current portion
|
| | | $ | 126,882 | | | | | $ | 162,170 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash interest expense
|
| | | $ | 10,903 | | | | | $ | 6,587 | | |
Payment in kind interest, net(2)
|
| | | | 9,036 | | | | | | 14,582 | | |
LOC commitment charges
|
| | | | 152 | | | | | | 153 | | |
Amortization of debt issuance costs
|
| | | | 6,563 | | | | | | 2,361 | | |
| | | | $ | 26,654 | | | | | $ | 23,683 | | |
Year ending December 31,
|
| |
Borrowing
Arrangements |
| |
PPP and Other
Governmental Loans |
| ||||||
2023
|
| | | $ | 7,514 | | | | | $ | 72 | | |
2024
|
| | | | 145,268 | | | | | | 20 | | |
2025
|
| | | | — | | | | | | 20 | | |
2026
|
| | | | — | | | | | | 21 | | |
2027
|
| | | | — | | | | | | 21 | | |
Thereafter
|
| | | | — | | | | | | 77 | | |
| | | | | 152,782 | | | | | | 231 | | |
Less: Loan origination fees
|
| | | | (18,386) | | | | | | — | | |
| | | | $ | 134,396 | | | | | $ | 231 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Revenue from Travel Marketplace
|
| | | $ | 157,473 | | | | | $ | 92,038 | | |
Revenue from SAAS Platform
|
| | | | 2,011 | | | | | | 1,156 | | |
| | | | $ | 159,484 | | | | | $ | 93,194 | | |
| | |
Accounts
Receivable |
| |
Contract
Asset |
| |
Deferred
Revenue |
| |||||||||
Ending Balance as of December 31, 2020
|
| | | $ | 5,355 | | | | | $ | 4,420 | | | | | $ | (23,404) | | |
Increase/(decrease), net
|
| | | | 4,823 | | | | | | (485) | | | | | | 2,666 | | |
Ending Balance as of December 31, 2021
|
| | | | 10,178 | | | | | | 3,935 | | | | | | (20,738) | | |
Increase/(decrease), net
|
| | | | 11,555 | | | | | | 1,859 | | | | | | 254 | | |
Ending Balance as of December 31, 2022
|
| | | $ | 21,733 | | | | | $ | 5,794 | | | | | $ | (20,484) | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
United States
|
| | | $ | (90,611) | | | | | $ | (38,396) | | |
International
|
| | | | 500 | | | | | | (186) | | |
| | | | $ | (90,111) | | | | | $ | (38,582) | | |
| | |
Year ended
December 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Current tax expense: | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | 109 | | | | | | 18 | | |
International
|
| | | | 455 | | | | | | 121 | | |
| | | | | 564 | | | | | | 139 | | |
Deferred | | | | | | | | | | | | | |
Federal
|
| | | | (11) | | | | | | 42 | | |
State
|
| | | | (195) | | | | | | 142 | | |
International
|
| | | | (231) | | | | | | — | | |
| | | | | (437) | | | | | | 184 | | |
Total provision (benefit) for income taxes
|
| | | $ | 127 | | | | | $ | 323 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net operating loss
|
| | | $ | 29,822 | | | | | $ | 32,329 | | |
Interest expense limitation
|
| | | | 19,068 | | | | | | 12,278 | | |
Deferred revenue
|
| | | | 4,787 | | | | | | 5,212 | | |
Accrual and reserves
|
| | | | 2,033 | | | | | | 3,232 | | |
Stock based compensation
|
| | | | 1,251 | | | | | | — | | |
Fixed assets
|
| | | | 274 | | | | | | — | | |
Capitalized research and development costs
|
| | | | 4,380 | | | | | | — | | |
Lease liability
|
| | | | 627 | | | | | | — | | |
Other
|
| | | | 194 | | | | | | 169 | | |
| | | | | 62,436 | | | | | | 53,220 | | |
Valuation allowance
|
| | | | (47,827) | | | | | | (35,611) | | |
Total deferred tax assets
|
| | | | 14,609 | | | | | | 17,609 | | |
Intangible assets
|
| | | | (14,314) | | | | | | (16,533) | | |
Fixed Assets
|
| | | | — | | | | | | (1,588) | | |
Right-of-use lease asset
|
| | | | (365) | | | | | | — | | |
Total deferred tax liabilities
|
| | | | (14,679) | | | | | | (18,121) | | |
Total net deferred tax liability
|
| | | $ | (70) | | | | | $ | (512) | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Federal tax at statutory rate
|
| | | | 21.06% | | | | | | 21.00% | | |
State, net of federal benefit
|
| | | | 5.77 | | | | | | 9.05 | | |
Stock-based compensation
|
| | | | (1.24) | | | | | | — | | |
Permanent differences
|
| | | | 0.86 | | | | | | 0.74 | | |
Prior year payable true ups
|
| | | | — | | | | | | — | | |
Adjustment to deferred through goodwill
|
| | | | — | | | | | | — | | |
Transaction costs
|
| | | | 3.69 | | | | | | — | | |
PPP loan forgiveness
|
| | | | 0.60 | | | | | | — | | |
Foreign rate differential
|
| | | | (0.08) | | | | | | (0.23) | | |
Change in valuation allowance
|
| | | | (13.56) | | | | | | (31.29) | | |
Sec. 162(m) net down
|
| | | | (16.73) | | | | | | — | | |
Other
|
| | | | (0.51) | | | | | | (0.11) | | |
Effective tax rate
|
| | | | (0.14)% | | | | | | (0.84)% | | |
| | |
As of
December 31, 2022 |
| |||
Reported as: | | | | | | | |
Assets: | | | | | | | |
Operating lease right-of-use assets
|
| | | $ | 1,384 | | |
Liabilities: | | | | | | | |
Accrued expenses and other current liabilities
|
| | | $ | 796 | | |
Operating lease liabilities, non-current
|
| | | | 1,620 | | |
Total operating lease liabilities
|
| | | $ | 2,416 | | |
| | |
Year Ended
December 31, 2022 |
| |||
Cash paid within operating cash flows
|
| | | $ | 1,178 | | |
Operating lease right-of-use assets recognized in exchange for new operating lease obligations
|
| | | | 3,313 | | |
| | |
As of
December 31, 2022 |
| |||
2023
|
| | | | 1,026 | | |
2024
|
| | | | 689 | | |
2025
|
| | | | 384 | | |
2026
|
| | | | 281 | | |
2027
|
| | | | 210 | | |
Thereafter
|
| | | | 540 | | |
Total operating lease payments
|
| | | | 3,130 | | |
Less: Imputed interest
|
| | | | (714) | | |
Total operating lease liabilities
|
| | | $ | 2,416 | | |
Particulars
|
| |
Year Ended
December 31, |
| |||||||||
|
2022
|
| |
2021
|
| ||||||||
Present value of obligation as at the beginning of the year
|
| | | $ | 444 | | | | | $ | 383 | | |
Interest cost
|
| | | | 30 | | | | | | 25 | | |
Acquisitions
|
| | | | — | | | | | | — | | |
Current service cost
|
| | | | 169 | | | | | | 90 | | |
Benefits paid
|
| | | | (142) | | | | | | — | | |
Net actuarial (gain)/loss recognized in the year
|
| | | | 113 | | | | | | (46) | | |
Effect of exchange rate changes
|
| | | | (52) | | | | | | (8) | | |
Present value of obligation as at the end of the year
|
| | | $ | 562 | | | | | $ | 444 | | |
Particulars
|
| |
Year Ended
December 31, |
| |||||||||
|
2022
|
| |
2021
|
| ||||||||
Present value of obligation as at the end of the year
|
| | | | 562 | | | | | | 444 | | |
Fair value of plan assets as at the end of the year
|
| | | | — | | | | | | — | | |
Funded status / (unfunded status)
|
| | | | (562) | | | | | | (444) | | |
Excess of actual over estimated
|
| | | | — | | | | | | — | | |
Unrecognized actuarial (gains)/losses
|
| | | | — | | | | | | — | | |
Net asset/(liability)recognized in consolidated balance sheet
|
| | | | (562) | | | | | | (444) | | |
Current portion
|
| | | | 10 | | | | | | 12 | | |
Non-current portion
|
| | | | 552 | | | | | | 432 | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Accumulated benefit obligation
|
| | | | 146 | | | | | | 168 | | |
Particulars
|
| |
Year Ended
December 31, |
| |||||||||
|
2022
|
| |
2021
|
| ||||||||
Current service cost
|
| | | | 169 | | | | | | 90 | | |
Interest cost
|
| | | | 30 | | | | | | 25 | | |
Net actuarial gain recognized in the period
|
| | | | 113 | | | | | | (46) | | |
Expenses recognized in the consolidated statement of operations
|
| | | | 312 | | | | | | 69 | | |
| | |
Year Ended
December 31, |
| |||||||||
Particulars
|
| |
2022
|
| |
2021
|
| ||||||
Actuarial (gain) / loss on arising from change in financial assumption
|
| | | | 162 | | | | | | (34) | | |
Actuarial gain on arising from experience adjustment
|
| | | | (49) | | | | | | (12) | | |
Total actuarial gain/(loss) on obligation
|
| | | | 113 | | | | | | (46) | | |
| | |
Year Ended
December 31, |
| |||||||||
Particulars
|
| |
2022
|
| |
2021
|
| ||||||
Discount rate
|
| | | | 7.45% | | | | | | 7.06% | | |
Rate of compensation increase
|
| | | | 10.00% | | | | | | 7.00% | | |
December 31:
|
| | | | | | |
2023
|
| | | $ | 10 | | |
2024
|
| | | | 21 | | |
2025
|
| | | | 18 | | |
2026
|
| | | | 33 | | |
2027
|
| | | | 46 | | |
2028 – 2032
|
| | | | 463 | | |
| | | | $ | 591 | | |
Transactions with Related Parties
|
| |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||
Offshore IT, sales support and other services from | | | | | | | | | | | | | |
Metaminds Software(d)
|
| | | | — | | | | | | 90 | | |
Metaminds Technologies(d)
|
| | | | 54 | | | | | | 230 | | |
Metaminds Global(d)
|
| | | | 78 | | | | | | 208 | | |
Offshore software development services from | | | | | | | | | | | | | |
Metaminds Software(d)
|
| | | | — | | | | | | 362 | | |
Metaminds Technologies(d)
|
| | | | 216 | | | | | | 919 | | |
Metaminds Global(d)
|
| | | | 312 | | | | | | 831 | | |
Interest income from Mondee Group Loan(b)
|
| | | | 282 | | | | | | 505 | | |
Service fee from Mondee Group LLC(a)
|
| | | | 2,379 | | | | | | 1,223 | | |
Rent expense – from Metaminds Software(e)
|
| | | | 169 | | | | | | — | | |
Payment made on behalf of Mondee Holdings LLC(f)
|
| | | | 5,241 | | | | | | — | | |
| | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||
| | |
Travel
Marketplace |
| |
SAAS
Platform |
| |
Corporate
|
| |
Total
|
| ||||||||||||
Third-party revenue
|
| | | $ | 157,473 | | | | | | 2,011 | | | | | | — | | | | | | 159,484 | | |
Intersegment revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Revenue
|
| | | $ | 157,473 | | | | | | 2,011 | | | | | | — | | | | | | 159,484 | | |
Adjusted EBITDA
|
| | | $ | 12,451 | | | | | | (570) | | | | | | — | | | | | | 11,881 | | |
Depreciation and amortization
|
| | | | (11,223) | | | | | | (547) | | | | | | — | | | | | | (11,770) | | |
Stock-based compensation
|
| | | | (62,042) | | | | | | — | | | | | | — | | | | | | (62,042) | | |
Restructuring and related costs
|
| | | | (2,542) | | | | | | — | | | | | | — | | | | | | (2,542) | | |
Sale of export incentives
|
| | | | (760) | | | | | | — | | | | | | — | | | | | | (760) | | |
Legal expense
|
| | | | | | | | | | | | | | | | (744) | | | | | | (744) | | |
Warrant transaction expense
|
| | | | | | | | | | | | | | | | (326) | | | | | | (326) | | |
Operating loss
|
| | | | | | | | | | | | | | | | | | | | | | (66,303) | | |
Other expense, net
|
| | | | | | | | | | | | | | | | | | | | | | (23,808) | | |
Loss before income taxes
|
| | | | | | | | | | | | | | | | | | | | | | (90,111) | | |
Provision for income taxes
|
| | | | | | | | | | | | | | | | | | | | | | (127) | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | (90,238) | | |
| | |
Year Ended December 31, 2021
|
| |||||||||||||||
| | |
Travel
Marketplace |
| |
SAAS
Platform |
| |
Total
|
| |||||||||
Third-party revenue
|
| | | $ | 92,038 | | | | | | 1,156 | | | | | | 93,194 | | |
Intersegment revenue
|
| | | | — | | | | | | — | | | | | | — | | |
Revenue
|
| | | $ | 92,038 | | | | | | 1,156 | | | | | | 93,194 | | |
Adjusted EBITDA
|
| | | $ | (3,745) | | | | | | (1,710) | | | | | | (5,455) | | |
Depreciation and amortization
|
| | | | (12,296) | | | | | | (565) | | | | | | (12,861) | | |
Stock-based compensation
|
| | | | (3,936) | | | | | | — | | | | | | (3,936) | | |
Operating loss
|
| | | | | | | | | | | | | | | | (22,252) | | |
Other expense, net
|
| | | | | | | | | | | | | | | | (16,330) | | |
Loss before income taxes
|
| | | | | | | | | | | | | | | | (38,582) | | |
Provision for income taxes
|
| | | | | | | | | | | | | | | | (323) | | |
Net loss
|
| | | | | | | | | | | | | | | | (38,905) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
United States
|
| | | $ | 149,781 | | | | | $ | 91,432 | | |
International
|
| | | | 9,703 | | | | | | 1,762 | | |
| | | | $ | 159,484 | | | | | $ | 93,194 | | |
| | | | ||||
United States
|
| | | $ | 1,016 | | |
International
|
| | | $ | 642 | | |
| | | | $ | 1,658 | | |
| | |
2018, 2017,
and 2016 Grants |
|
Expected term (in years)
|
| |
0 – 2.5
|
|
Risk-free interest rate
|
| |
2.9%
|
|
Expected volatility
|
| |
26.0%
|
|
Expected dividend rate
|
| |
0%
|
|
Weighted average contractual life
|
| |
0 – 2.5
|
|
| | |
2021 Grants
|
|
Expected term (in years)
|
| |
0 – 2.5
|
|
Risk-free interest rate
|
| |
0.81% – 1.26%
|
|
Expected volatility
|
| |
50.92% – 53.85%
|
|
Expected dividend rate
|
| |
0%
|
|
Weighted average contractual life
|
| |
0 – 2.5
|
|
| | |
Number of Class D
Incentive Units Outstanding |
| |
Weighted
average grant date fair value of units |
| |
Weighted
average remaining contractual life (Years) |
| |
Weighted average
exercise price |
| ||||||||||||
Unvested – December 31, 2020
|
| | | | 394,669 | | | | | | 0.003 | | | | | | 0.67 | | | | | | 0.01 | | |
Granted
|
| | | | 42,288,769 | | | | | | 0.12 | | | | | | — | | | | | | 0.07 | | |
Vested
|
| | | | (29,036,941) | | | | | | 0.130 | | | | | | — | | | | | | 0.01 | | |
Forfeited or canceled
|
| | | | (3,368,011) | | | | | | 0.002 | | | | | | — | | | | | | 0.71 | | |
Unvested – December 31, 2021
|
| | | | 10,278,486 | | | | | | 0.13 | | | | | | 2.00 | | | | | | 0.03 | | |
Granted
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Vested
|
| | | | (10,228,486) | | | | | | 0.127 | | | | | | 2.40 | | | | | | 0.03 | | |
Forfeited or canceled
|
| | | | (50,000) | | | | | | 0.004 | | | | | | — | | | | | | 0.01 | | |
Unvested – December 31, 2022
|
| | | | — | | | | | | — | | | | | | 0 | | | | | | — | | |
| | |
Number of
Restricted Stock Incentive Units Outstanding |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
Unvested – December 31, 2021
|
| | | $ | — | | | | | $ | — | | |
Granted
|
| | | | 436,600 | | | | | | 9.9 | | |
Vested
|
| | | | (331,600) | | | | | | 10.0 | | |
Forfeited or canceled
|
| | | | — | | | | | | — | | |
Unvested – December 31, 2022
|
| | | | 105,000 | | | | | $ | 9.4 | | |
| | |
For the year ended
December 31,, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (90,238) | | | | | $ | (38,905) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 67,368,620 | | | | | | 60,800,000 | | |
Basic and diluted net loss per share
|
| | | $ | (1.34) | | | | | $ | (0.64) | | |
| | |
For the year ended
December 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Warrants (Private Warrants and Preferred Financing Warrants)
|
| | | | 1,507,500 | | | | | | — | | |
Outstanding earn-out shares
|
| | | | 7,600,000 | | | | | | — | | |
Restricted stock units*
|
| | | | 105,000 | | | | | | — | | |
Potential common share excluded from diluted net loss per share
|
| | | | 9,212,500 | | | | | | — | | |
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