Good day. Welcome to the Mondee fourth quarter and full year 2022 earnings conference call. Please note this event is being recorded. I'd now like to turn the conference over to Jeff Houston, Senior Vice President. Jeff, please go ahead. Thank you, Harry, and good morning, everyone. Welcome to Mondee's fourth quarter and full year 2022 conference call. With me today are Chairman, CEO, and founder Prasad Gundumogula, and Chief Financial Officer Dan Figenshu, who will present our preliminary results. Also available are our Vice Chairman, Chief Strategy and Business Development Officer, Orestes Fintiklis, and Chief Operating Officer Jim Dullum. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements, including statements about revenue, growth of our business, our management and government plans, and other non-historical statements as further described in our press release. These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those related to Mondee's growth, the evolution of our industry, our product development and success, our management performance, and general economic and business conditions. I would also like to point out that the fourth quarter and full year 2022 results are preliminary and subject to final audit. We undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to have a material difference from these forward-looking statements are discussed in our reports filed with the SEC and in our press release that was issued this morning. During the call, we also refer to non-GAAP financial measures. Reconciliations of the most comparable GAAP measures are also available in the press release, which is available at investors.mondee.com. With that, Prasad, I would like to turn the call over to you. Prasad? Thank you, Jeff, and welcome everyone to Mondee's fourth quarter and full year 2022 earnings call. We appreciate your interest, whether you are a shareholder, a client, supplier, business partner, employee, prospective shareholder, or analyst. I will begin today's call with a summary of our business highlights and strategy, and then I will turn the call over to our CFO, Dan Figenshu, for a more detailed review of our preliminary financial results and outlook. We will then conclude the session with time to answer a few questions. I'm excited to announce that in the fourth quarter of 2022, Mondee continued to deliver profitable growth. Gross revenue of $512 million increased 42% year-over-year, while net revenue of $40 million was up 19% year-over-year. For the full year 2022, gross revenue of $2.2 billion was 2.2x about 2021's $966 million of gross revenue. As you may recall in 2021, we equaled our 2019 benchmark revenue of $93 million, despite still being in the middle of the pandemic. Now in 2022, our net revenue of more than $159 million grew 171% over 2021's net revenue, even though the international travel market only recovered to about 70% from its pre-pandemic peak. Equally important as our continuing growth trend is that we continue to deliver profitability as we scale. Fourth quarter adjusted EBITDA was $6 million, representing an improvement of more than $7 million from the same period last year. Full year 2022 adjusted EBITDA was $16 million, up more than $20 million from 2021's adjusted EBITDA. Turning to slide four to look at the major industry trends impacting Mondee's business. While 2022 North America domestic air was about 91% recovered to 2019 levels, international travel, which is our main business, was just 69% recovered in 2022. A positive trend is that international improved to 77% in the fourth quarter of 2022. China, in particular, finally reopened for inbound travel in January 2023. We expect to experience more rapid recovery of our North America outbound travel to China in the back half of 2023, given the lead time necessary for travelers to typically plan and schedule Asia destination trips. Pandemic-led labor shortages in 2022 added to basic undersupply in air and hotel. However, in 2023, the labor shortage is generally expected to improve. Air seat capacity is expected to ramp back up in 2023 and thereafter. For example, Air India invested $70 billion to buy 470 planes. Another positive trend for Mondee is the Gen Z's and millennials' purchasing power and influence. New platforms are required to meet the needs of these growing consumer cohorts, such as real-time, always-on, curated content, combined with conversational and social commerce. On the headwind side, inflation and high fuel costs are driving price increases, while recession fears may impact both operating costs and business demand in the short to medium term. However, Mondee is well positioned to mitigate these headwinds through its tech platform and value-based content. Turning to slide five, which presents Mondee's geographic destination mix. This provides a better sense of the potential impact China's reopening could have on our business. Asia, which is about half China, represented approximately 20% of our transactions pre-pandemic in fourth quarter 2019, and in the fourth quarter of 2022 was just 15% of the mix. We expect to return to that same level and potentially even higher in late 2023 and into 2024. Outside of China, this chart shows that we continue to capitalize on the ongoing travel recovery in other international markets. For example, Europe increased to 22% in fourth quarter 2022 from 15% in fourth quarter 2019, and India increased to 21% from 16% over the same periods. It is also important to highlight that our impressive growth is not just travel recovery driven. Our net revenue recovery has far surpassed the recovery of international travel. This is being driven by many factors, including market share gains, expanding disruption into product segments of the market beyond flights such as hotels, tech-driven improvements in our diversified revenue streams such as Fintech and ancillaries. These result in improved revenue per transaction and take rates. Digging deeper into our main accomplishments in 2022 and so far in 2023, there were four key areas that continue to drive our strong financial and operating results and will support us further during 2023. First, we made significant improvements to our capital structure in 2022. After our successful debut on Nasdaq on July 19th, by raising $85 million of preferred stock with an instrument that is not convertible to common equity and hence not dilutive to our shareholders. We purchased all $12 million of our public warrants. Another important step to limiting potential dilution of Mondee's common equity, creating value for common shareholders. These actions fortified our balance sheet in a way that facilitates our organic and inorganic growth strategies. In fact, we deployed about $20 million of this capital toward acquiring Orinter just a few weeks ago, which brings us second point. Orinter strengthens Mondee's position in Brazilian and broader LatAm travel market. Their portfolio includes 4,900 travel experts as well as complementary local hotel packages and ground transport relationship that will be added to Mondee's content and distribution marketplace. Mondee plans to leverage Orinter's outstanding and proven management team, strong market position, and expertise to further expand regionally in LatAm and globally. M&A is not a new endeavor for us. We have a history of well-calibrated and successfully integrated transactions, which have delivered strong revenue and cost synergies. Orinter is the beginning of our third wave of acquisitions. We plan to continue aggressively executing a targeted, accretive acquisition strategy, which will help accelerate our growth and expansion into new geographies as well as offerings of new products and services. We plan to continue expanding our operations in Brazil and LatAm region, while also exploring opportunities in other regions such as Europe and parts of Asia. We believe that by diversifying our operations while expanding new products and services, we can better leverage our platforms and marketplace as well as achieve sustainable growth and enhance our position as a leader in the travel industry. Third, we continue to improve and evolve our tech platform, which powers our modern marketplace and consequently our revenue streams. We facilitated approximately $2.1 million transactions in 2022, up 62% from 2021. Each transaction could include multiple flights and hotels or vacation rentals as well as ancillary solutions. These diversified solutions are providing higher margin revenue streams and driving higher take rate. Our Fintech revenue grew 186% in 2022 from 2021. These Fintech products include alternate payment and settlement methods, wallets, fraud protection tools, and Fintech ancillaries. We expect to use our stronger balance sheet to further support growth of our Fintech offerings and revenue-generating items. Our transaction growth is supported by the launch of our TripPlanet platform last year, which has grown to access to over 125 million organization members. In January 2023, we introduced the Mondee expert and influencer affiliate network program, designed to enhance current customer offerings and their travelers' experiences, as well as increase distribution and reach by collaborating with new travel companies, experts, and other businesses. Affiliates can more holistically engage Mondee's technology and marketplace to create expanded travel-related experience while earning enhanced commissions on booking made through the platform. Before turning the call over to Dan, as we look into 2023, we thought it would be helpful to briefly describe Mondee's marketplace positioning and our vision. We believe Mondee is very well positioned for the rapidly developing modern travel ecosystem, as shown on slide six. Our global content hub features direct connectivity with over 500 airlines and more than 1 million hotels, vacation rentals, and rental cars. We are aggressively expanding into cruises and other activities. This expanding content is differentiated in the market by combining discounted rates, long-term contracts, real-time pricing data, and integration with revenue management systems or strategies across a wide variety of offerings. Technology is at the core of our business and further differentiates us in the travel industry. Our platform-enabled marketplace is highly scalable and flexible, featuring Fintech, Insurtech, Marketing tech, conversational commerce, and ancillaries. Later this year, we plan to roll out our next-gen platform that we believe to be many years ahead of what is currently available in the market. Without stealing too much thunder from these upcoming launch events, I can tell you that features include real-time social commerce, cruise content, and local experts on ramps. As our B2B2C content consumers, they receive access to curated travel supply and experiences, cost savings, SaaS tools to operate efficiently, and access to our tech platform. We distribute through our more than 55,000 travel experts, affiliates, intermediaries, and gig economy workers, as well as access to 125 million closed user group members. By disrupting a $70 billion sub-segment of travel and becoming a leading company in selling wholesale airfare to travel affiliates in North America, Mondee is now rapidly becoming a leading tech platform and modern marketplace, connecting travel suppliers, gig economy workers, and closed group travelers by providing all travel content and experiences through our expert and consumer apps. Our growing segments of gig economy workers include service and concierge agents, local experts, influencers, curators, and content writers. Our closed user groups include travel affiliates and influencer network, membership organizations, and SMBs, which we are expanding globally. With that overview of our business, I will now pass the call over to Dan Figenshu, CFO of Mondee, for a review to our financial performance and outlook. Dan. Thank you, Prasad. Thanks again to our audience for attending. We are proud of the company's 2022 and fourth quarter financial performance, particularly the continued growth of adjusted EBITDA profitability, especially given that this performance was driven by organic revenue growth. fourth quarter gross revenue grew 42% year-over-year to $512 million. Net revenue grew 19% year-over-year to $40 million. For 2022, gross revenue of $2.2 billion was 2.2x 2021's $966 million, while net revenue of over $159 million was 171% of 2021's $93 million. Take rate, which we define as net revenue divided by gross revenue, continued to be in line with our expectations. Take rate for the full year 2022 was 7.2%, a substantial increase from 2019's pre-pandemic level of 4.2%, driven mostly by the success of our diversified revenue streams of ancillary and Fintech solutions. Over time, we expect take rate to trend upward as a higher portion of our revenue mix comes from the stickier and higher-margin transaction add-on revenue such as ancillaries, Fintech, and subscription, as well as a greater mix of hotels and soon cruises, events, and activities. Furthermore, we are happy with our overall business trends. We had over 2.1 million transactions in the full year 2022, up from 1.3 million in 2021. Turning to expenses, Q4 GAAP sales and marketing as a percentage of gross revenue decreased to 4.6% from 5.6% in the same quarter last year. G&A as a percentage of net revenue was down to 5.8% from 8.3% a year ago, which we consider a material improvement. Adjusted EBITDA was $6 million, an improvement of $7.5 million as compared to fourth quarter 2021. We also delivered approximately $16 million of adjusted EBITDA in 2022, up over $21 million from a negative EBITDA of about $5 million in 2021. Note that reconciliations of GAAP to non-GAAP are available in today's earnings release. On a GAAP basis, the net loss was $13.5 million, compared with a net loss of $9.2 million last year. On a non-GAAP basis, adjusted net loss was $3.7 million, an improvement from a loss of $6.9 million last year. Looking at our balance sheet, we have used part of the liquidity provided by our entry to the public markets to optimize our capital structure. At the end of the fourth quarter, we had $87.5 million of cash while our net debt was reduced to $747 million. In a nutshell, we have fortified and simplified our balance sheet, which will allow us to pursue acquisitions aggressively, support our organic growth plans, and commensurate working capital needs. In fact, we used approximately $20 million of cash on January 31, 2023 to purchase Orinter along with approximately $20 million of stock. There is also a $10 million earn-out potential based on achieving additional accretive EBITDA targets in that transaction. In terms of 2023 outlook and guidance. Net revenue is projected to be in the range of $230 million-$240 million, representing year-over-year growth of 40%, 47% measured at the midpoint. Adjusted EBITDA is expected to be in the range of $40 million-$45 million. In summary, as Prasad alluded to previously, we believe that Mondee is in a strong financial position to capitalize on the reopening of the travel industry and on future organic and inorganic growth opportunities. I'll turn it back over to Prasad. Prasad? Thanks, Dan. We are very pleased by our Q4 and full-year 2022 results. We look forward to an even stronger 2023. We are proud that Mondee's highly disruptive business model and cutting-edge technology has in a decade or so made us a leading company in the $70 billion sub-market in North America. As a listed company with a strong balance sheet, we look forward to disrupting and thriving even further within the $1 trillion market with tech platform and modern marketplace, connecting travel suppliers, gig economy workers, and closed user group travelers by providing all travel content and experiences through our expert and traveler apps. Later this quarter, we will provide further updates and details on the launch of our next-gen platform and look for us to take this platform and our model for success in North America to quickly penetrate and disrupt other rapidly emerging gig economy markets throughout 2023. Thanks for attending our fourth quarter and full-year 2022 earnings call, and we look forward to your ongoing support. Operator, just a minor correction. When Dan Figenshu, the CFO, referred to the net debt figure, the correct figure, is $47 million as of the end of the year. Thank you. Operator, with that, we'd like to open it up for Q&A. Certainly. If you would like to ask a question, please dial star one on your telephone keypad now. As a reminder, that's star one for any questions, and we'll just leave a moment for any questions to come into the queue now. Our first question today is from the line of Darren Aftahi of Roth MKM. Darren, please go ahead now. Good morning, guys. Thanks for taking my questions. Nice job on the results. A couple, if I may. Can you speak to the global travel environment? I know you spoke about China reopening and that being a second-half catalyst, but just trends you've seen thus far in 2023. Has it changed at all, good, bad, indifferent? What does your guidance really reflect? Hey, Darren, it's Jim Dullum. I'll start, and then the other guys can jump in. Yeah, as you say, obviously the opening of the reopening of China and, you know, the continuing growth in Asia is very helpful. That's a great tailwind for us, given the character of our business historically and our distribution network. The other things we see is clearly we see the supply starting to open back, open up again. It's a bit nascent at this point, but we see that coming back. As the supply comes back, obviously that gives us more options and opportunities to offer a great value to our customers and to their consumers. We, we see that trend continuing into and through 2023. We understand that there are some potential headwinds out there, as Prasad mentioned in his piece. You know, we're all talking about what might happen if economies slow down globally. We see those as, you know, we're very well positioned for that. We have the type of product, we have the type of value-based pricing that in those scenarios, it gives us actually a good bit of headroom to gain even further market share. Those are the things that we see as key in 2023 as we push forward. The last thing I would mention is this, you know, Mondee has been a traditional North American footprint company. What we see happening in the gig economy across the world says that there are other markets that continue to grow very rapidly in that space. That, for us, is great headroom. It's great white space for us to move into, with the emergence of gig economies in markets such as the India subcontinent, et cetera. Bottom line, there are a number of areas that we see the opportunity to expand and grow, and we think the market in general will continue to recover and, you know, we're well positioned for it. Thank you. Thank you, Jim. I'll take the second question, which was about our guidance. so, as you know, in terms of net revenue, we closed the year with $159 million of net revenue, and we have provided guidance for next year, in the range of $230 million-$240 million. Then in relation to the EBITDA, we closed the year with $16 million of EBITDA, and we have provided guidance in the region of $40 million-$45 million, which is a very large 171% increase. On your comment about, you know, being flat or potentially being more aggressive, like Jeff mentioned, I mean, we are confident of the, of the various, growth levers in the company. We see, there is a general expectation in the overall market about the potential softening of the economy. We want to start the year with a more conservative guidance and adjust it throughout the year, consistent with our strategy of always beating and raising the guidance that we provide to the markets. That's helpful, guys. If I can just squeeze in a couple more. If my math is correct, it looks like your marginal flow-through on adjusted EBITDA to rev is about 35%. I guess, how do we think about kind of every dollar of net revenue through going through your business going forward? I guess how influential is Orinter on 2023 relative to kind of Mondee core business? Yeah, I mean, our EBITDA margin for the year of 2022 was 10%, and based on our guidance, we're looking at 18% for 2023. Of course, the dynamic there is that we have a certain amount of overheads. Once the revenue, the net revenue increases and those overheads are covered, the impact on the bottom line is disproportionately higher. This is the dynamic that is going on in our EBITDA. Of course, it also depends the source of the net revenue. We have already mentioned a bigger percentage is coming from higher margin products like hotels and more importantly, ancillaries, like Fintech another solutions. Orinter, it's the beginning. That's another element of the equation. It's the beginning of our acquisition strategy for 2023. Of course, every time that we add an acquisition, we will be likely adjusting, depending on the size of the acquisition, our guidance. I mean, we already mentioned the Orinter numbers when we closed the transaction a few weeks ago, which was in the region of $9 million of EBITDA. In the first year or so, as you know, it's customary to proceed with integration. We wanted to be very conservative with any synergies that are realized in the following few quarters. We are excited about acquisition. It is improving the take rate. This year, we had an average take rate of 7.2%, 7.7% in the last quarter. You see we are an upward trend even without the acquisitions. Given the fact that our acquisitions are mostly expanding not only geographic but also product into hotels and other higher margin product, we see also the M&A strategy complementing the increase in the take rate in the foreseeable future. Great. Thanks, guys. Appreciate it. Thank you. Our next question is from the line of Tom White of D.A. Davidson. Tom, please go ahead now. Great. Thanks for taking my question. Good morning, guys. Just a couple quickies on the outlook, then I had a follow-up. Just on the revenue growth guidance, can you just remind us or call out kind of the organic versus any inorganic impact? That's one. Then two, Dan, maybe any color you can give us on how to think about the conversion of EBITDA into free cash flow in 2023, how that might look. Sure. Thanks, Tom. On the inorganic versus organic growth and guidance, right now we're just providing a combined guidance of $230 million- $240 million. As Orestes mentioned, you know, we'll get to know Orinter and other acquisitions better as time goes on. We want to be fairly conservative with our approach here. As we learn more about them, they learn more about us, and as we go through our integration. As a result, we're not gonna be reporting those separately. We are one Mondee going forward, and that's how we are looking at it. Hopefully that answers your question. Yeah. To give you a bit of color- Okay I mean, you can reverse engineer from the announcement we made, right? I mean, we didn't provide the detailed breakdown, but from the announcement numbers, you can reverse engineer about $20 million, you know, coming from that acquisition, in the net revenue. You know, the bulk of the increase from $159, to $230-$240 is organic, right? There is a component there, of course, that is the acquisition. Like Dan mentioned, I mean, the way we integrate these companies, we take their content, we take their distribution, and we plug it into our tech-enabled ecosystem. You know, after a few months, it's difficult to differentiate the where the revenues are coming from. We're providing combined guidance, and we are updating, of course, as we go along and add more targets to, you know, to our strategy. Great. Any color on kind of free cash flow conversion? Sorry. Yeah, Tom. For 2023, we anticipate that, you know, the improvement on the free cash flow conversion compared to 2022. In 2022, obviously, we had a significant number of one-time events as being part of a business that was going public, which obviously impacted and distorted some of our free cash flow, as well as a business in 2022 that was in recovery. Remember, the early part of the year included the impacts of Omicron, war in Europe. Our business was continuing to really ramp back up to pre-pandemic levels. Obviously, we've been able to eclipse that, which is obviously terrific news. As we continue to grow and expand, our business in 2023, we'll see a more healthy return to our conversion between EBITDA and free cash flow. Okay. That's helpful. One more if I could. I think it's slide four in the deck, some of the different bar charts on the different regions. It looks like, you know, North America on a transaction basis, I presume those charts are transactions, not revenues. Looks like North America is still, you know, a bit behind versus kind of comparable period of 2019. Can you talk a little bit about, you know, maybe what's happening there? What needs to happen for you guys to kinda? Yeah. Kinda start recovering more meaningfully in North America? Yeah. Those are not absolute numbers. Those are percentage of our total revenues, you see? Now that we have gained market share in other geographies, it's only natural mathematically that the percentage of the U.S. is less. You see? This is. If you add everything together in that slide, it adds to 100%. The fact that- Got it. North America is less, it doesn't mean that we have less revenues in North America. It just means that we have more revenues from other geographies. Oh, I see. Exactly. It's normalizing. I see. This is your mix, basically. Exactly, right. Your revenue mix. Okay, great. Yeah. Just last one, if I could. Hotel business, maybe just talk a little bit about your expectations for that in 2023. I don't know if you can give us a sense of like what percentage of the business maybe it will be when 2023 is over. I don't know, I was hoping I know Expedia plays in kind of that wholesale rate distribution for hotels. They've been getting into that a little bit more meaningfully. Can you maybe just kind of compare, contrast what you guys do versus, you know, maybe that particular competitor? Historically, we have been an air player, we have a great headroom into the hotel space. Our strength here compared with any other player in the market is our distribution. We have this distribution to, you know, the closed user groups as well as, you know, a private, you know, channels through which that we would like to, you know, distribute our products and where there's a huge demand for hotels. We're expecting that to be, you know, north of 15%-20% is our overall hotel thing. However, you know, this includes the packages and other aspects that we include in our trips, you know, which may have both air, hotel, and other products into it. Yeah. For sure, hotel is a big opportunity, especially given the very low base where we're coming from. I mean, there is potential for expansion both organically and inorganically, right? If you look at most of the acquisitions that we have announced and many of the others we are working on, a unifying feature is that they have a by far higher mix of hotels, right? That's improving a lot, the product that we have to offer and the pricing on the hotel side. Like Prasad mentioned, our strength in the hotel space is not in the direct connectivity with the hotels, but in the distribution. Because we have a very differentiated distribution, you mentioned Expedia Partner Solutions, that's effectively a bed bank, with a direct connectivity, with a number of suppliers globally. Our strength is not in that direct connectivity. We have a number of ways of receiving that content, both through, you know, Expedia Partner Solutions as well as other bed banks which offer even more competitive rates in certain local geographies. In addition to that, through the acquisitions, we are building our own direct connectivity as well, which is further improving the margins. That's very helpful. Thanks, guys. Appreciate it. Thank you very much. Our next question is from the line of Brett Knoblauch of Cantor Fitzgerald. Please go ahead now. Hi, guys. Thanks for taking my question. Congrats on the quarter. As I look through, I guess, your guidance for the year, can you help us with the seasonality of it and maybe on both revenue and adjusted EBITDA given the acquisition? Should we expect maybe, you know, obviously a full quarter of contribution to getting in in the second quarter, the first quarter might have a bit of a margin impact just because you're gonna be recognizing maybe more costs than the revenue or, and how that should play out throughout the year? Yes, that is absolutely right. I mean, what we would say also is because you will see in announcements that are coming soon, the first quarter, I mean, there are a number of dynamics going on, right? The first one is seasonality, which you rightly mentioned that different quarters have different seasonalities with Q3 to Q4, especially, you know, having higher, stronger revenues overall, and then Q1, you know, kind of closer to the bottom. The other dynamic is that we're growing, right, extremely fast. So that kind of overshadows the seasonality and creates kind of a blend, which is upward looking, throughout the year. The other element, which is very important, in this Q4 of 2022 and Q4 of 2023, the company has been very busy with a number of initiatives, introducing new tech platforms. You will see a few announcements. Of course, those, when they're being launched, they tend to have a certain, you know, potential slowdown for a few weeks, a few months. We see basically or clearly Q1 being the lowest, much lower than the rest of the year. The rest of the year increasing, not only because of the seasonality, not only because of our growth, but also because in Q1, the company has been very busy introducing new platforms, integrating companies, et cetera. Got it. maybe just, I don't know if you guys gave an overall take rate guidance for the full year. I guess where should we expect that to come in at? It's north of where we finished the year of 7.2%, right? It's very difficult to give a precise number. I mean, we gave guidance on the net revenue and the EBITDA. From that, you cannot deduce the take rate, but it would be north of the 7.2% that we have closed the year. There are a lot of parameters, the mix of the new M&A, right? More hotels, you know, less hotels, more flights. So given the uncertainty of the targets that we will be closing, I mean, we have a number of targets that we're advancing, but as you know, M&A, there is always an execution risk. Because of that, we don't want to give a number that may end up materially increasing, and which would otherwise not appear to be accurate, when all this M&A is incorporated. Perfect. If I could just maybe do one follow-up. If you had to kind of point to three markets or reasons this year that, you kind of need, you know, the travel recovery to really kind of pick up steam for you guys to kind of reach your guidance, which markets would they be? If I got the question, Brett, you're asking us which of our markets will be the best performers for us this year that we expect? To get the recovery. Yeah, to get to. Right To recover. I mean, certainly, obviously, as we've talked about on a few occasions, Asia is quite important and we have great expectations. That's probably number one. We see a lot of opportunity, expanding beyond, and people tend to focus on China there, but we see going through the whole India subcontinent. We see that as another great market. Then, Latin America definitely is a big market for us, and obviously, we've taken the first big step there. You know, hopefully, it's one of many, but we see that as the next big market for us to go after. Perfect. Thanks, guys. Appreciate it. Our next question is from the line of Mike Grondahl of Northland Securities. Mike, please go ahead now. Hey, guys. Thanks. Could you help us out with a little bit more granular information? How did airlines do hotels, cars, cruise events, and then the ancillary bucket? Like, you know, just how did each one perform kind of vis-a-vis your expectations? Were they above, below? Just those five buckets would be helpful to get a little color on. Yes. So far, they are in line with our expectations. As you know, from the different decks that we have out there, we are not, we're not yet breaking them down. I mean, everything together, packages, hotels, cars, ancillaries, et cetera, it's about 20%. That's how we are classifying them now. They are growing in line with our expectations. Cruises, as you know, they were, you know, launched only to a very few number of customers to test the new platform. We'll talk more about that going into the rest of the quarter through various, you know, initiatives that we'll announce. But so far in line with our expectations, and clearly a long way to go, only up because it's a very, very small part relative to the rest of our business. Air, you know, it's, we gave the figures. Domestic travel has recovered. International travel is recovering slowly, slower, not slowly. I mean, it went to over 77% almost in the last quarter of 2022, relative to last quarter of 2019. I mean, in the last quarter, as you know, there were also a bit of a two or three disruptive events that you have seen in the results of all the major companies. I mean, two or three hailstorms, disruptions to the systems of the aviation security. It's crucial to highlight here that despite all those things that impact the flight space much more than the hotel space, despite all those and despite flights being 80% of our market, we were able to beat the street expectation in both net revenues and EBITDA and net profit. I think this is something that wasn't highlighted enough from our numbers, which is great that you're pointing it out in relation to the flight, you know, performance in the market in general, in the last quarter. Got it. Then secondly, you guys have talked about the macro a little bit, and in the past mentioned the strong dollar and that kind of helping international travel, you know, U.S. to other parts. How would you describe the macro today? Is it a bit of a tailwind, a bit of a headwind? Kinda what are you seeing? Yes. I mean, there are similar dynamics. Of course, with regard to the strong dollar, I mean, the dollar retreated a bit, right? I mean, that's kind of a general macro trend. On the other hand, you have new trends which we believe are even more positive to our business. For example, you know, for most of 2022, there was generally an undersupply, right? Especially in flights. I mean, especially in flights, especially domestic flights. We see that dynamic changing, and that's crucial, you know, because as you know, you know, we have an indispensable part of the travel ecosystem which becomes even more indispensable with, you know, with higher capacity, excess capacity. We are seeing the trend of undersupply of 2022 in reverse, not only because of changes in the labor markets. I mean, there was a report yesterday, you know, about the hotels and airlines finding it much easier to recruit. More importantly, we see it on the cabin side. I mean, you see giants like Air India, they've announced the acquisition of 470 aircraft, which is, you know, the biggest order in the history of aviation. Clearly in 2023 and 2024, we expect excess supply to increase, which as you know, is positive for our business and is more impactful than the slight kind of devaluation that we have seen in the US dollar. Which is natural, you know, after a year of... a year and a half of continued appreciation, it's only natural there is a bit of a change there. Jim, I don't know if you. Yeah. I would just the only thing I would add to that is that, you know, the whole pent-up demand that we've all been talking about through most of last year, it was not entirely satisfied, right? Now, the character might have changed a little, and the groups that will step out first will change a little. As the dollar is moderated, we don't see that as hurting anything. As a matter of fact, we see it in some of these groups as helping. We think that pent-up demand will continue to make its way out. Maybe not as, you know, straight line, bottom left to upper right that everybody had thought, but generally that trend we expect to continue. Got it. Then just lastly, anything to call out in some of your newer subscription businesses or in some of the partnerships that you've talked about in the past, EBG or Arthur Gallagher, any relevant updates? The one thing I guess we could add there is, you know, starting in fourth quarter, we started to focus on, you know, better penetration, if you will, or faster penetration of that 125 million member base that we have access to through some of those organizations. We see that starting to pay off. We see an increase in our average daily transactions from last quarter, the fourth quarter of 2022 to the first quarter of 2023 so far to date. We see those efforts paying off. We expect to be able to continue to mine that, which again, will help us as we grow. Yeah, we'll continue to expand that portfolio, right? With we're going after the experts, we're going after, you know, a lot of local, you know, local capability, local providers. As we improve that network and grow that network, you know, you'll see good results coming from those businesses. EBG specifically, you may recall from the last quarter's call that the emphasis for 2022 was to provide our flight content to them, right? Which we have provided for the most part on nearly all of their platforms. You may also recall that the next stage in the evolution of that partnership was the reverse, right? It was for Mondee to start consuming EBG content like theme parks, tickets, events, et cetera, which required more time because it required the creation of new technology platforms. So that is what we have been working in the last few quarters, and we hope that in 2023 that element of the equation will start bearing results as well. Got it. Okay. Hey, good luck in 2023, guys. Thank you. Thank you. Thank you. As a final reminder, if you'd like to ask any further questions, please star followed by one on your telephone keypad now. Our next question is from the line of Jed Kelly of Oppenheimer. Jed, please go ahead. Hey, guys. great. Thanks for taking my question and nice quarter. Just a few if I may. If I sort of look at your revenue growth, transaction growth relative to other companies that are in the travel distribution space, you seem to be recovering quicker than a lot of them are. Can you talk about what sort of the what's driving some of those underlying share gains? Then my second question sort of as a follow-up. Can you give us any metrics around the engagements of the travel agents using your platform relative to those same travel agents that are using other platforms? Thank you. I'll take the first question. The reason that you see, our net revenue is growing faster than the market is because our recovery is not, you know, is not market-driven. There is an element of market recovery, there are other dynamics that are going on here. The first one is that we are increasing market share, right? Which you have seen. I mean, there are a few slides in our decks. You can see how the growth that we've had historically, and we continue on that positive trajectory. That's the one, you know, one element that is important. The second element that is important, as you know, the segment of the market we disrupted was the flight consolidator market. It is a $70 billion market in North America. Now we're expanding beyond that. We discuss hotels, we discuss cruises, we discuss other content. As we disrupt adjacent segments, not only we are growing our market share in our main market, but we are increasing our market share in markets that were, you know, previously not there, right? Thirdly, we grow, you know, geographically, both organically and with M&A. Last but not least, our technology is an important driver because this is, you know, even on the same growth revenues, we are realizing much more net revenues because of the higher take rate, which is a result of Fintech, Insurtech, Martech, you know, all these solutions which are powered by this very unique technology that we have. Last but not least, we feel that we are in a segment, we are serving the needs of the new consumer, which are currently not being adequately addressed by the platforms that are out there. You know, we have made the point many times that the solutions out there, they are mostly catering with 90s-based technology to the, you know, to the Boomer and the Gen X. Now the new generations, the Gen Z, the millennials, they have completely different needs. They have different ways of making decisions on how they consume travel, very much in line with how, you know, e-commerce is consumed with social media, with mobile apps. We feel that the technology that we have been developing and we are developing is more in line with this generational shift, and that explains, you know, partially also, the exponential growth that we feel we'll be enjoying in the foreseeable future. Jed, it's Jim. Let me just add on to sort of the second part of your question. you know, with the travel intermediary marketplace in general, right? The travel agents, the experts, you know, the local providers, et cetera. I mean, look, we believe we have the most tech-forward platform out there. It has been, we also believe, the most comprehensive platform and everything we've talked about and you've seen us publish today, we're just continuing to build and expand on that, right? The breadth of services, starting with just flights and the richness of that content and adding to it. With that sort of very tech-forward, very user-friendly platform for that intermediary customer, I mean, our penetration has been great. It's even bigger with sort of that Gen Z and the gig economy side of that market, which is just burgeoning now. You know, with the platform continues to penetrate, we think, you know, we think it is one of the dominant platforms out there. Everything we're doing is intended to only make that better. We have big plans for that. You see that we announced the launch of our affiliate program. That affiliate program is simply to put an exclamation point on all of that effort, where we're going to allow our affiliates to have even deeper and richer access to all of our technology, all of our tech features, as Orestes just covered, and be able to service their clients so much better. You know, those things just are drawing the market to us. We will continue to very aggressively pursue that, you know, that segment, that intermediary segment and the penetration of it. Thank you. Thank you. With no more questions, I'd like to turn the call back over to Jeff Houston. Thank you. Yeah, we'd just like to express our gratitude to everyone for listening in, watching the webcast, or the replays or reading the transcripts and for their attention to Mondee. We'd welcome the opportunity to schedule a call, present the company, and answer any questions you may have. You can get more information at our website, investors.mondee.com, or you can send us an email at ir@mondee.com. Thank you. This concludes today's call. Thank you all for joining. You may now disconnect your lines.