Good morning, everyone. Welcome to Mondee's conference call to discuss the acquisition of Orinter and the launch of the Mondee Affiliate Network. With me today is Chairman, CEO, and Founder, Prasad Gundumogula. Also participating in the Q&A session are Chief Financial Officer, Jesus Portillo, Vice Chairman and Chief Strategy Officer, Orestes Fintiklis, and Chief Operating Officer, Jim Dullum. Before we begin, I'd like to note that this call may contain forward-looking statements, including statements about revenue, growth of our business, our management and growth 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. We undertake no obligation to revise any statements or 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 releases that was issued yesterday and earlier in the week. During the call, we also refer to non-GAAP financial measures. Reconciliations of the most comparable GAAP measures are available at investors.mondee.com. With that, I would like to turn the call over to Prasad. Thank you, Jeff. Good morning, everyone, and thank you for joining us today to discuss two exciting developments for Mondee. We appreciate your interest, whether you are a shareholder, a client, supplier, business partner, employee, prospective shareholder, or an analyst. I will begin today's call with a brief introduction, then open up the call for Q&A. First of all, I'm excited to announce that yesterday Mondee acquired Orinter, a leading B2B travel company in Brazil and Latin America, and to welcome their stellar management team to the Mondee family. This acquisition aligns with our strategy of acquiring complementary and synergistic businesses that expand our footprint and product offerings. Let me share a few highlights and benefits of this transaction. First and most obvious is the expansion of Mondee's geographic footprint. With the addition of Orinter, we are leveraging our North American market leadership into Brazil and their strong growth market. This acquisition enhances the Mondee's marketplace by adding 4,800 travel companies to our network. Second is the expansion of our global content. Orinter expands our local and global content with several additional direct hotel packages and ground transport company connections. These provide even more options for all Mondee customers and their travelers, as well as the opportunity to further improve our take rate, as seen with Orinter's approximately 13% take rate. Third is adding significant local expertise and experiences to Mondee's marketplace offerings. Orinter's network brings numerous local experts who can create new and interesting experiences on Mondee's technology platform, enhancing our already rich offerings for our 50,000 travel experts and 125 million closed group members. Fourth are the substantial synergies to be realized by combining our two companies. These synergies include additional Orinter revenue from cross-selling, more rapid growth with tech-enabled differentiation, as well as cost savings by deploying Mondee's innovative technology. Fifth, this transaction is immediately accretive on an economic basis with a purchase price of $40 million on 2022 EBITDA of approximately $9.3 million. This approximately 4x multiple for the transaction is materially accretive at Mondee's current market multiple. The second initiative I'm excited to comment on is the one we announced earlier this week of the launch of Mondee's Influencer and Affiliate Network program. That is a win-win-win for customers, suppliers, and Mondee. Within this program, our customers, who include emerging influencers, gig workers, and existing travel affiliates, benefit from vertical integration into Mondee's full stack of content, services, and technology. This levering of our full ecosystem helps Mondee's customers and affiliates drive growth, profitability, and product expansion in the rapidly changing travel space. In parallel, our supplier partners achieve enhanced and more efficient distribution of their highly perishable seats and beds in a channel that doesn't compete or conflict with their direct booking efforts. For Mondee, the benefit is in further organic growth in the near term as the program is based on exclusivity with our participating influencers and expert affiliates. Orinter's acquisition allow us to expand our influencer and expert affiliate program more rapidly and into the Latin America markets. In conclusion, we are confident that these two exciting developments will drive growth and increase competitiveness for Mondee in $1 trillion portion of the travel market we are disrupting. Our goal is to continue to provide our customers with the best travel experiences and rich content in the rapidly expanding global gig economy. We'll open up the call now for Q&A. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you'd like to withdraw your question, please press star followed by two. As a reminder, if you are using a speaker phone, please remember to pick up your handset while asking your question. We'll just pause here momentarily while we compile the Q&A roster. Our first question comes from the line of Darren Aftahi of Roth MKM. Your line is now open. Please go ahead. Hey, guys. Good morning. Congratulations on getting this transaction done. A couple questions, if I may. First, can you talk on Orinter, just the composition of the business? Is it exclusively domestic Latin America and Latin America to other international markets? If so, can you kind of talk about the cross-sell opportunity to your current install base? My second question, can you just talk about, I know you did a little bit in the press release, but just talk about the types of verticals Orinter is in and kind of what adding Mondee can do from a low-hanging fruit perspective, just both on a sales and a profitability perspective. I didn't see anything about airlines, so I'm just curious if one of the low-hanging fruit elements is cross-selling airlines from your install base. Thanks. Yes. Thank you. Thank you for the question. This is, you know, Orestes, specifically the Vice Chairman of the company and also Business Development Officer. Taking your second question first, which is about the product. What Orinter sells primarily now is hotels. More than 60% is hotels, but they also have tours, cruises, and they do have a certain component of air, which is mostly bundled at this moment with flights, right? The cross-selling opportunities, they work on both sides. There is a big low-hanging fruit of giving our, you know, market-leading travel content to Orinter to sell to their own 5,000 travel affiliates over which there is no overlap, right? Currently, we do not have any experts or affiliates in Brazil. The second obvious opportunity is for their content, which is not just Brazilian. We'll get into your first question, is global Latin America, North America, for their unique direct contracts with hotels, tours, cruises, et cetera, for us to sell the content of Orinter to our 50,000 expert affiliates. That's the second question about the synergies and the product. The first question about geography is that what Brazil is primarily is when Brazilians travel outside Brazil. That was the main market of the company before the pandemic. More than 90% of their total revenue was effectively, you know, residents of Brazil, more than 220 million-250 million people. It's a very large market traveling from Brazil outside. In the pandemic, and that's another thing that we like about the company, which also underlines the entrepreneurial culture and the ability to adjust to circumstances. What this company did, it pivoted to more domestic, of course, because there was no international travel. This is one of the reasons that it drove this impressive 40% growth, which includes in a three-year period, effectively the two years of the pandemic, right. It's on the one hand, the pivoting and capturing the domestic market, and then on the other hand, was effectively the growth and the recovery and the growth of market share in the 1 and a half years post the pandemic. That's kind of the, you know, the geographical footprint of the distribution of the company, how it is made. Great. If I could just squeeze one more in. Based on kinda what you gave in the release, it seems like at a minimum, you're sort of doing, I think, 31 million plus in sales annually at least for Orinter. Like, is that directionally accurate? Do you have any kinda commentary about financial impact in 2023? Is this something we're gonna hear more about with your guidance when you report Q4 numbers? Thanks. Yeah. Yeah. On the second point, the guidance, we haven't reported it for 2023. When we report for the whole year, we will, of course, include the targets that would have been acquired until that moment, right? That's kind of on the guidance. On the numbers, you can infer them indirectly, right? We gave the take rates, and we gave the EBITDA margins and everything. If you work backwards, you would see like a net revenue of more than 25 million and then a gross revenue of more than 170 million. You can just, you know, you can calculate in reverse the figures. We're focusing more, you know, on the profitability of the company, and of course, on its growth, which is underlying basically the thesis for acquiring the company. So. Great. Thank you. This is Jim. Let me just add to what Orestes was saying relative to the, I think the first question. When you think about the cross-sell, upsell opportunity here, you know, as Orestes pointed out, Orinter has primarily been hotels and packages, you know, ground transport, et cetera. Now if you think about the Mondee full suite of FinTech services, of ancillaries, et cetera, and you now bring that To Orinter's distribution network, that's a big part of the cross sell, upsell opportunity here that we should be able to take advantage of fairly quickly. Thank you. Our next question comes from the line of Tom White of D.A. Davidson. Your line is now open. Please go ahead. Hey, this is Wyatt Swanson on for Tom. Thanks for taking our questions. To start, could you guys talk a little bit about how the travel recovery in Latin America has been evolving post-pandemic? Yes. Basically, Latin America has been one of the main beneficiaries of the recovery, right? Because it's so close to the United States. A big part of the first two years of travel by the North American travelers has moved to, you know, to Latin American countries. Of course, the geographies, you know, Latin America is not one market, it has multiple markets and there are particularities for each individual geography. Brazil and Mexico were, you know, we have seen a very strong recovery. What is, again, even more interesting in the case of Orinter, we have seen an even stronger recovery when it comes to Brazilians traveling outside, you know, their country. Overall, the recovery has basically occurred slightly after the United States, the U.S. market, but it has been very strong. In certain markets, like Mexico and Brazil, it has been even stronger than the U.S. Okay. That's great. Thank you. Then can you remind us whether this is your first expansion into Latin America? Could you talk a little bit about the competitive landscape there? Like, is this deal enough for you to scale broadly, or are there other assets in that market that might be interesting to you? Yes. This is not only just the first. This is the 15th acquisition of Mondee, and it's not just the first in Latin America, it's also the, you know, the first outside the U.S. and Canada, so North America. It's an important milestone. The way that Mondee captured a big part of our segment of the market in the U.S., we entered into a very fragmented market. We consolidated the certain players, and then we brought technology, right? With the technological disruption, the acceleration of the growth in market share was evident in the periods between 2015 and 2019, that we almost quadrupled our market share. We see the exact same dynamics in geographies of certain geographies of Latin America. We're not going to go into every little small country of Latin America, but the biggest market south of the U.S. is Brazil, right? We are entering into the second biggest market of the Americas continent, right? Which has very similar dynamics than what were evident in the U.S. in 2011, 2012 when Mondee was launched. We see a very fragmented market. We buy, you know, one. There is possibility to do further acquisitions here. By bringing our technology to the platform that we are establishing through this first acquisition, we're fairly confident that we will lead the same disruption into this fragmented space with a lot of tech debt that we did in North America. Great. Thank you. Thank you. Our next question comes from the line of Mike Grondahl of Northland Securities. Your line is now open. Please go ahead. Hey, guys. Good morning. How should we think about the growth rate for Orinter? Maybe what has it been the last couple years in revenue growth, adjusted EBITDA growth? What do you think it can be the next couple years? Yes. Like the figure that we have published is the figure between 2019 and 2022, which was on an annualized CAGR basis, 38%, right? These three years, they include the entire duration of the pandemic, which this company, it had some positive growth, especially because, like we said, it pivoted and captured a part of the domestic market, which is now maintaining as the international market is coming back, right? We are fairly confident that the company will be able to maintain and accelerate this rate of growth, especially with the synergies that are coming from the adoption of the Mondee technology, from the utilization of the Mondee content, the FinTech that Jim has mentioned. We are fairly confident that the company will maintain and accelerate the current levels of growth. In terms of the EBITDA and the take rate and these metrics that we have been, you know, presenting from Mondee's perspective, this I think is a case study that validates many things that we have been saying, right? One of the main things is that the margin in hotels is much larger than the margin of flights, right? You see this company, which is mostly hotels, and you have a take rate of 13% even without the very sophisticated technology of Mondee that has all this FinTech, all these fraud protection tools, all these, you know, Insurtech, market. It validates the case that as we get more and more into this adjacent to a flight kind of hotels, cruises, tools, you know, the company take rate is going to benefit. Of course, that also translates into healthier EBITDA margins. This company, without even having the scale of Mondee, primarily again, because of the type of product that is selling and also because we feel I mean, the team that is managing Orinter, they are proven operators. They are very cost conscious. They know how to control the cost. A 30% EBITDA margin is again, something that we're targeting in the medium term and short, you know, for Mondee. Again, this is the case study that shows that this is very feasible. Actually, with the additional benefits of scale and technology that Mondee has, you can see what the potential could be to be, you know, in the medium term, in the long term to even have higher than the 30% that we have communicated to the market as kind of our target over the next few years. Orestes, and Mike, it's Jim. Let me just add on to, you know, what Orestes was saying because, you know, obviously we're excited about Orinter and the growth prospects just as Orestes outlined, and we're especially excited. You know, this is a really excellent management team, and we're really looking forward to working with them. One of the things they have done is, you know, we've all had the pandemic and yes, they've grown from 2019, but this great management team, what they were able to do was take advantage of further market penetration, right? They've grown their market penetration throughout the market while it was depressed, which allowed them to continue to keep the business going nicely. Obviously as the recovery is now happening, they're getting the multiplier effect of that. Having said that, you know, you're a numbers guy. You understand the, you know, sort of the law of the larger numbers. Once you've made that penetration, the rate of penetration is naturally, because it's coming from a bigger baseline, probably going to moderate a little bit, as is the, you know, the rate of growth coming off of the pandemic with that, with that enhanced baseline might moderate a little bit. Just, you know, as you think about the future, you know, we're excited about it. We really think this is gonna be a great thing. Orestes, you know, mentioned all the points of the additional products, the cross-selling, upselling, et cetera. Keep in mind the base that this growth rate should be applied to as it goes forward. I mean, that's stuff you do every day, so you understand it. Fair. Fair. I think someone mentioned hotels at 60%. Did you guys roughly break out where tours are or cruises or any other bucket we should be aware of? Yeah. The rest of that is a combination of those, but it's not that easy to decipher them because the company is selling a lot of bundles, right? We mentioned that they do sell flights, but they bundle them together with other products, right? The rest of the, you know, the rest of the categories, the other 40% basically bundles that includes flights, cruises, tours, and ground transportation. Got it. Any seasonality in the business to call out? Yes. There is some seasonality, which is similar to the seasonality of that you have in the United States, but it's in reverse because whenever, you know, because of the North-South hemisphere kind of divide, right? When it comes to leisure travel, right? When you have the holidays and the school closed, et cetera, et cetera, when it's summer in North America, it's winter in South America. That's another good point of how basically it basically reduces the seasonality of the whole combined kind of Mondee holdings, because whenever we have a high season in the in the U.S., they would have a low season in Brazil and the other way around. It's a good complementarity there. Got it. Okay. Hey, thanks, guys. Thank you. Our next question comes from the line of Brett Knoblauch of Cantor Fitzgerald. Your line is open. Please go ahead. Thank you. Thanks, guys, for wrapping up on the transaction. Just curious on what you've historically seen from a synergy perspective in previous transactions and what you're gonna be expecting, kind of, to see out of this, and maybe the timeline that you expect to integrate this acquisition with your much larger, kind of, global distribution network? If you look at the history of Mondee made two waves of acquisitions. The first was at the inception in 2011 and 2012, the second one was during the pandemic, right? When we have the data we have, we could provide already to the market. The first seven acquisitions that were made in 2011 and 2012, within a few years, they quadrupled their revenues being part of the Mondee ecosystem. We have this data point that we have given out there. Again, you know, it's the obvious way that the synergies work. Like, for example, this company has 5,000 travel, you know, affiliates. Mondee has 50,000. When we sell the product of Mondee, it would be sold to 5,000 travel intermediaries more, and when Orinter sells, it would be sold to 50,000 travel intermediaries more. You can understand how, kind of, the ecosystem and the, and the network effects work there. The other thing that is important about Mondee is that we tend to integrate the acquisitions, because the main motivation for the acquisition is not just to do an accretion on the EBITDA, which clearly this case is, but is to acquire certain components, certain pieces that fit within the whole puzzle of the future growth of the company. Within a fairly short period of time, there are the basic synergies are realized, and then within one or two years at the maximum, the companies tend to basically just be an integral part of Mondee, which to remind you again, it has one content hub, one and one tech stack, right? It's not that we're levering different companies and maintaining their existence over decades. We are integrating with this unified ecosystem, with 1 tech, one content hub and one kind of distribution machine. The objective here again is within, you know, a year or so to basically integrate the parts into the Mondee ecosystem. Perfect. No, that's very helpful. Maybe just on the deal terms. I mean, it seems like a very attractive kind of purchase price and purchase multiple for you guys. Can you talk a bit about the kind of the sellers thinking and kind of selling at that price? Is it really because Mondee gives much larger scale, and that future earn-out, likely far exceeds maybe what they could do as a standalone? There are three reasons. The first one is that they haven't really exited because we communicated already that almost half of the 40 million is in the form of Mondee shares that have fairly long lockups, right? It's a way for them to align themselves with a big player that they feel is going to come and disrupt this segment of the market and realize full much more upside because in their minds, seeing how Mondee is growing, seeing what technology we're bringing, what content, et cetera, the $10 price at which we gave them the stock, there is a huge upside there. The management team is deeply excited to basically get half of their, you know, of what their company consideration was in cash. The other half alignment that with Mondee to realize by far higher multiples to ownership of this stock over a fairly long period of time. Again, I mean, they paid, you go in detail, which has been published on the, on the, you know, on the regulator kind of websites. You can see that the lockup periods, they are fairly long, two years, et cetera, right? The first point is that they are not really exiting. The second point is that they also have, as you mentioned, a very good earn-out, right? Which it is a much higher EBITDA target, which again, you can, you know, you can basically get a closer look from the filings. The point there is that the team is feeling confident now that with the synergies that Mondee will bring, they will be able to realize a much higher EBITDA in the future, and they will be able to basically get much more than, you know, in the combination of the shares that they got, plus the earn-out, than a fairly small multiple at which they are transacting at this point in time. The third reason is that there are a number of particularities that basically, you know, shape the valuation. For example, this is a company that has been growing fast. One of the reasons it has been growing fast is because it has introduced technology in Brazil, but they don't own any technology. They use different bits and pieces of technology for lack of a better word, is inferior from a number of vendors, some they license, some et cetera. Basically, the fact that they are working with somebody now that brings the best tech in the space to them, it was kind of both a push and a pull factor, right? I mean, of course, you know, Mondee is valued on a much higher valuation, but the primary differentiation apart from the scope, the scale, the distribution is the fact that Mondee has this unique technology, which is becoming the market leader in the space. That's kind of another reason that shaped the configuration. The difference between a company having the whole stack, content, technology and distribution, another one, you know, relying mostly on content and distribution. Then of course, you know, in these family-run companies, there is also the generational component, the founders of older age, transitioning over time. If you add all these considerations together is what effectively shaped evaluation, but people at third glance would say it's too good to be true, right? That's how it would shape the consideration. Perfect. Yeah. Thank you. That's very insightful. Really appreciate it, guys. Look forward to your guys' Q4 results. Thank you. Our next question comes from the line of Matt Pfau of William Blair. Your line is now open. Please go ahead. Great. Thanks for taking my question. Just to follow up on the commentary around the purchase price, it was really helpful. If we were to sort of take all those considerations, would that mean that the purchase price that you paid for Orinter was, you know, from a multiple perspective, perhaps unique relative to what's in your pipeline? Or is your pipeline of deals that you're looking at, are you looking to sort of pay a similar type multiple on those? The first point there is that our M and A strategy again, is not driven by pure finance considerations, right? Our M and A strategy is driven more by what pieces we need to create this vision of the super app, of consolidating the experiences, the experts. We have identified certain pieces and certain geographies that are strategic to our vision. The first reason we do M and A is not because we find an attractive multiple, but because we are acquiring something we think is unique to our ecosystem and based on which we can realize extreme revenue and cost synergies, right? Having said that, we always strive to be very disciplined and very finance accretive. I mean, I cannot disclose the precise details of the M and A we have now in the pipeline. What I can tell you is that we have targets that, of course, we are paying higher multiple because we have, there is more strategic or certain growth or certain valuable pieces that we think are crucial to our ecosystem. Also surprisingly to you, deal shareholders are even better multiples. That's kind of the short answer to your question. Yeah. That's helpful. When you look at your pipeline of deals that you have, are you starting to see that loosen up in terms of people being more willing to sell and, you know, valuation expectations just coming, you know, more in line with reality and what you're willing to pay? Yes. I mean, we announced, when the company went public, the main reason, as you know, we've highlighted many times is the cash flow positive. It's an EBITDA positive company. It doesn't need liquidity, you know, to drive the organic growth or keep the lights on, which is the case for many high growth travel tech players. The main motivation was M and A. We did raise a 70 million pipe, you know, from industry names. You know, we, you know, in our series earlier, the Morgan Stanley, et cetera, then we raised another, you know, 85 million prep. The motivation is to execute M&A. The M and A that we are executing is not that we are waking up today, and we say, "Let's buy this company." These are companies that we have been working for many years. These are companies that we were potentially customers, suppliers. At any moment in time, Mondee has a number of mature discussions. Now we're crystallizing the stage where the stars are aligned, the company's public, it has the stock, the Mondee stock has liquidity as a currency. It has cash liquidity. The market has improved. Again, you know, for this size of companies that we are talking about, there is always, you know, the benefit of being part of these larger groups. There is always the uncertainty, you know, of changing market conditions. Again, if you are an owner of a company, like for example, Orinter, you just went through the pandemic, right? You're 60 years of age, you went through four cycles, you build this amazing company, you have 9 million EBITDA. You know, you're saying, God knows what will happen in three years, right? There is always, at this size of companies, there are always opportunities regardless of market conditions, to strike these win-win and value accretive acquisitions. Very helpful. Just one more for me on the Affiliate Network. Maybe it would just be helpful if you could frame how you're thinking about the revenue opportunity associated with that or the impact to growth rates? Thanks. Yeah. Hey, it's Jim. I guess, you know, revenue growth opportunity, let me start there. You know, these similarly to what Orestes just mentioned, we do business with a lot of these people already. Most of them are, you know, some of the experts that are out there that are in our Affiliate Network, are affiliates that we deal with today. You know, we've formalized a program where there's a set of these entities, these people, these experts, these travel experts, who will join us for more direct and vertical integration into our full stack. They'll be able to take advantage of all the things that Mondee offers. As part of doing that, they will become an exclusive affiliate of Mondee's, so they will be doing all of their business through us. Today, I think a number of these companies are doing probably a lot of their business with us, but not all. As they become affiliates, there will be a revenue pickup for us by all of their business coming through. They'll be directly on our platforms and have access to all of our, as I said, our full stack of services to include, again, all the FinTech solutions, et cetera. That's, that's the first tranche of, if you will, growth opportunity with the affiliate network. The second tranche is going to come, you know, as we expand the products and the services that they can have. You know, these are local touch. They will be able to expand within their local and/or regional markets. That was the second, the second tranche. Then the third is, you know, we'll start in the way we operate today with them, which is primarily transactional. So we'll have a, you know, relatively smaller set of SaaS type revenue. But as the program expands, you know, we would expect to be able to also expand that and show more of that type of revenue stream for us, which is yet another means of growth and stability to our revenue stream. Those are sort of the primary ways in which you can expect that to impact our organic, our organic growth and opportunities here. Yeah. May I add here? This is Orestes. I was actually, I mean, most of the people, they got excited about the, you know, the M&A activity. In reality, if somebody looks at the details of this new program that we have launched and understands the strategic dynamics in the space, this could be equally or even more exciting. Let me just give you a simple example, right? Mondee now has 50,000 travel affiliates. This is one of the biggest, if not the biggest market penetration globally in this segment of the market. This market affiliates, for the most part, what we do is we sell them air. We are the market leader in air, which as everybody knows, is the lowest margin of the business. The way that we are making money, we have all these affiliates, et cetera. Mondee is one of the very few players that has, you know, the, the ability to drive bigger margins and different take rates with air. The most valuable thing that Mondee has is not necessarily the margins that come out of air, but the fact that it has built the distribution network with 50,000 travel affiliates, more than 50% of the market penetration in the world, and it is the market leader in air. There are more interesting things to sell with higher margins like for example, hotels. Our 50,000 travel agents, they are using us for air, but for the most part, they are using other companies, other technology, other traditional companies for hotels. What is this program doing? This is one-on-one strategy. I'm leveraging my dominance in one segment of the market to get another market. I go to the affiliate, I say: Look, I know you are buying the flights from me, but I know you're buying from this other, you know, folk the hotel. What are we going to do? I'm going to give you better economics. I'm going to give you better technology. I'm going to do a few other, you know, give you access to certain tools that you don't have. In return, you will become exclusive to me. This is potentially transformational. Not only is ingenious and imaginative as an idea, but it's a potentially transformational to the business model of Mondee because the strength of Mondee is not the 7% take rate and the, and the 12% margin that we have, is that we own the biggest network. Mondee took 11 years. It acquired 14 companies, most of which were around for decades, from the seventies, from the eighties, and it created the most powerful network. The value is the network. Now with the liquidity that we have, with the profile of being a public company, with ideas like this, we are leveraging to extract value from the network. The way that you see the history of Mondee, in the first 11 years, it created the network, and now it's gonna start monetizing the network. It's ideas like this that have a potentially, transformational effect. That makes a ton of sense, and appreciate taking my questions. Thank you. Thank you. Our last question comes from the line of Nick Jones of JMP Securities. Your line is now open. Please go ahead. Great. Thanks for taking the questions. Orestes, you talked about taking about a year to integrate these kinda acquisitions. What kinda incremental investment is also required to kinda get the tech stacks aligned, as we think about? Yes. this acquisition and future acquisitions? Certain things, the integration happens right away, right? For example, finance or exchanging content, right? Plugging our content on the distribution of Orinter and plugging the Orinter content. Some of the things happen fairly fast, which are kind of the low-hanging, you know, fruit. The ones that take usually a bit longer is the technological integration, right? Which as you mentioned, it has a certain cost. The cost synergies that are being realized in parallel are usually more than enough to offset this additional cost of integration. Got it. Helpful. Then one more just about kind of the M and A strategy. This one kind of fits. I look at the long-term targets you guys have in your, in your deck, kind of fits in where you're looking to drive the business over time. As we look at future acquisitions, is there a pipeline of acquisitions that kinda fit this mold, that can get take rate to double-digit and have 30% plus EBITDA margins, or is it a mix of kind of businesses that are gonna need quite a bit of work to scale profitability? Yeah. Like I said before, each acquisition brings a unique component, right? We always strive to and as a general rule, I don't think that we will ever make an acquisition of a company that is not EBITDA positive, right? Of course, the take rates and the EBITDA margins, they vary. They vary depending on geography. They vary depending on the components that we think has value that we're acquiring. You will see some companies of this nature. You will see others with, you know, lower EBITDA multiple and margins that are maybe in geographies that have a higher growth or higher size, higher scope. It's always a balancing act of basically taking into consideration all the different parameters and creating value through synergies, through buying components that add, you know, value and make the ecosystem more complete, and realizing immediately accretive value through the multiples. Right? Got it. Thanks for taking the questions. Ladies and gentlemen, as there are no additional questions waiting at this time, I'd like to hand the conference back over to Jeff for closing remarks. Sure. Thank you for participating or listening in to this call to discuss our exciting acquisition of Orinter and launch of our innovative influencer and affiliate network program. We would welcome the opportunity to schedule a call, present the company, and answer any questions you may have. You can get more information at our investor website, investors.mondee.com, or you can send us an email to ir@mondee.com. Thank you.