(Exact Name of Registrant as Specified in Its Charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Page | ||||||||
5 | ||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted short-term investments | |||||||||||
Accounts receivable, net of allowance of $ | |||||||||||
Contract assets, net of allowance of $ | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred income taxes | |||||||||||
Other non-current assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
Liabilities, Redeemable Preferred Stock and Stockholders’ Deficit | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Deferred underwriting fee | |||||||||||
Amounts payable to related parties | |||||||||||
Government loans, current portion | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Earn-out liability, net, current portion | |||||||||||
Deferred revenue | |||||||||||
Long-term debt, current portion | |||||||||||
Total current liabilities | |||||||||||
Deferred income taxes | |||||||||||
Note payable to related party | |||||||||||
Government loans, excluding current portion | |||||||||||
Earn-out liability, net, excluding current portion | |||||||||||
Warrant liability | |||||||||||
Long-term debt, excluding current portion | |||||||||||
Deferred revenue, excluding current portion | |||||||||||
Operating lease liabilities, excluding current portion | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 11) | |||||||||||
Redeemable preferred stock |
Series A preferred stock - | |||||||||||
Stockholders' deficit | |||||||||||
Class A Common Stock – | |||||||||||
Treasury stock - | ( | ||||||||||
Shareholder receivable | ( | ||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive gains (losses) | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ deficit | ( | ( | |||||||||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues, net | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Sales and marketing expenses | |||||||||||||||||||||||
Personnel expenses, including stock-based compensation of $ | |||||||||||||||||||||||
General and administrative expenses, including non-employee stock-based compensation of $ | |||||||||||||||||||||||
Information technology expenses | |||||||||||||||||||||||
Provision for credit losses, net | ( | ( | ( | ||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Restructuring expense (income), net | ( | ||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income (loss) from operations | ( | ( | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Gain on extinguishment of PPP loan | |||||||||||||||||||||||
Changes in fair value of warrant liability | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Total other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Provision for income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net loss | ( | ( | ( | ( | |||||||||||||||||||
Cumulative dividends allocated to preferred stockholders | ( | ( | |||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss attributable per share to common stockholders | |||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average shares used to compute net loss attributable per share to common stockholders | |||||||||||||||||||||||
Basic and diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive gain (loss), net of tax | |||||||||||||||||||||||
Gain (loss) on currency translation adjustment | ( | ||||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Mezzanine Equity | Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Class A Common Stock | Treasury Stock | Shareholder | Additional Paid-in- Capital | Accumulated Other Comprehensive Gains (Losses) | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to vesting of restricted stock units | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholding related to vesting of restricted stock units | — | — | ( | — | — | — | — | (1,015) | — | — | (1,015) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares in escrow for Interep Acquisition | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual of dividends and accretion of redeemable series A preferred stock | — | — | — | — | $ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ( |
Mezzanine Equity | Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Class A Common Stock | Treasury Stock | Shareholder | Additional Paid-in- Capital | Accumulated Other Comprehensive Gains (Losses) | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to vesting of restricted stock units | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholding related to vesting of restricted stock units | — | — | ( | — | — | — | — | (1,015) | — | — | (1,015) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of shareholder receivable | — | — | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares in escrow for Orinter Acquisition | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares in escrow for Interep Acquisition | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual of dividends and accretion of redeemable series A preferred stock | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ( |
Mezzanine Equity | Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Class A Common Stock | Treasury Stock | Shareholder Receivable | Additional Paid-in-Capital | Accumulated Other Comprehensive Gains (Losses) | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retroactive application of recapitalization | — | — | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Mezzanine Equity | Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Class A Common Stock | Treasury Stock | Shareholder | Additional Paid-in-Capital | Accumulated Other Comprehensive Gains (Losses) | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retroactive application of recapitalization | — | — | — | — | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Deferred taxes | |||||||||||
Provision for credit losses, net | ( | ||||||||||
Stock-based compensation | |||||||||||
Non-cash lease expense and lease impairment charges | ( | ||||||||||
Amortization of loan origination fees | |||||||||||
Payment in kind interest expense | |||||||||||
Gain on forgiveness of PPP Loan | ( | ||||||||||
Gain on termination of lease | ( | ||||||||||
Unrealized loss on foreign currency exchange derivatives | |||||||||||
Change in the estimated fair value of earn-out considerations and warrant liability | ( | ||||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | ( | ( | |||||||||
Contract assets | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Other non-current assets | ( | ( | |||||||||
Amounts payable to related parties | |||||||||||
Accounts payable | |||||||||||
Accrued expenses and other liabilities | ( | ||||||||||
Deferred revenue | ( | ( | |||||||||
Operating lease liabilities | ( | ||||||||||
Other long term liabilities | |||||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Cash paid for acquisitions, net of cash acquired | ( | ||||||||||
Purchase of restricted short term investments | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Repayment of long term debt | ( | ( | |||||||||
Loan origination fee for long term debt | ( | ||||||||||
Proceeds from long term debt | |||||||||||
Payment of offering costs | ( | ( | |||||||||
Net cash provided by (used in) by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Cash paid for interest | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Non-cash financing and investing activities | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ |
Property and equipment included in accounts payable | $ | $ | |||||||||
Fair value of Class A Common Stock issued in connection with acquisition of Orinter | $ | $ | |||||||||
Fair value of Class A Common Stock issued in connection with acquisition of Interep | $ | $ | |||||||||
Fair value of earn-out liability issued in connection with acquisition of Orinter | $ | $ | |||||||||
Fair value of earn-out liability issued in connection with acquisition of Interep | $ | $ | |||||||||
Fair value of earn-out liability issued in connection with acquisition of Consolid | $ | $ | |||||||||
Deferred consideration in connection with acquisition of Interep | $ | $ | |||||||||
Deferred financing costs in accrued expenses and other current liabilities at period end | $ | $ | |||||||||
Accrued series A preferred stock dividend | $ | $ | |||||||||
Interest capitalized for software development | $ | $ | |||||||||
Shares withheld for tax withholding on vesting of restricted stock units | $ | $ | |||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||
As Previously Reported | Adjustments | As Corrected | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Revenues, net | $ | $ | $ | ||||||||||||||
Marketing expenses | |||||||||||||||||
Sales and other expenses | |||||||||||||||||
Total operating expenses | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||
As Previously Reported | Adjustments | As Corrected | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Revenues, net | $ | $ | $ | ||||||||||||||
Marketing expenses | |||||||||||||||||
Sales and other expenses | |||||||||||||||||
Total operating expenses | $ | $ | $ |
June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Warrant liability - private placement warrants(1) | $ | $ | $ | $ | |||||||||||||||||||
Orinter earn-out consideration(2) | |||||||||||||||||||||||
Consolid earn-out consideration(3) | |||||||||||||||||||||||
Interep earn-out consideration(4) | |||||||||||||||||||||||
Foreign currency exchange derivatives(5) | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Warrant liability - private placement warrants(1) | $ | $ | $ | $ |
(1) | On February 1, 2021, with the closing of its initial public offering, ITHAX consummated the sale of | ||||
(2) | The Orinter earn-out consideration represents arrangements to pay the former owners of Orinter, which was acquired by the Company in 2023. The undiscounted maximum payment under the arrangement is $ | ||||
(3) | The Consolid earn-out consideration represents arrangements to pay the former owners of Consolid, which was acquired by the Company in 2023. The Company may be required to make earn-out payments up to an aggregate of $ | ||||
(4) | The Interep earn-out consideration represents arrangements to pay the former owners and key executives of Interep, which was acquired by the Company in 2023. The Company may be required to make earn-out payments of up to $ | ||||
(5) | The Company uses foreign currency forwards contracts with maturities of up to |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Additions of earn-out consideration with the acquisition of Orinter | |||||||||||||||||||||||
Additions of earn-out consideration with the acquisition of Interep | |||||||||||||||||||||||
Additions of earn-out consideration with the acquisition of Consolid | |||||||||||||||||||||||
Change in the estimated fair value of earn-out consideration | ( | ( | |||||||||||||||||||||
Balance, end of the period | $ | $ | $ | $ |
Orinter | Interep | Consolid | |||||||||||||||
Cost of equity | |||||||||||||||||
EBITDA volatility | |||||||||||||||||
Equity volatility | |||||||||||||||||
Required metric risk premium | |||||||||||||||||
Management's projected EBITDA | $ | $ | $ | ||||||||||||||
Risk-neutral adjustment factor | |||||||||||||||||
Risk-neutral EBITDA | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
( | ( | ||||||||||||||||||||||
Balance, end of the period | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Stock price | $ | $ | |||||||||
Term (in years) | |||||||||||
Expected volatility | |||||||||||
Risk-free rate | |||||||||||
Dividend yield |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue from travel marketplace | $ | $ | $ | $ | |||||||||||||||||||
Revenue from SaaS platform | |||||||||||||||||||||||
$ | $ | $ | $ |
Accounts Receivable | Contract Asset | Deferred Revenue | |||||||||||||||
Ending Balance as of December 31, 2022 | $ | $ | $ | ||||||||||||||
Increase/(decrease), net | ( | ||||||||||||||||
Ending Balance as of June 30, 2023 | $ | $ | $ |
Cash consideration (i) | $ | ||||
Issuance of Class A Common Stock (ii) | |||||
Fair value of earn-out consideration (iii) | |||||
Total purchase price consideration | $ |
Assets acquired: | Estimated Fair Value | ||||
Cash | $ | ||||
Accounts receivable | |||||
Prepaid expenses and other current assets | |||||
Property and equipment |
Goodwill | |||||
Operating lease right-of-use-assets | |||||
Intangible assets | |||||
Fair value of assets acquired | |||||
Liabilities assumed: | |||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Operating lease liabilities | |||||
Fair value of liabilities assumed | |||||
Total purchase consideration | $ |
Useful life (years) | Fair value | |||||||
Customer relationships | $ | |||||||
Trade names | ||||||||
Total acquired intangibles | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Net earnings |
Cash consideration (i) (ii) | $ | ||||
Issuance of Class A Common Stock (iii) | |||||
Other consideration - travel credit (iv) | |||||
Fair value of earn-out consideration (v) | |||||
Total purchase consideration | $ |
Assets acquired: | Estimated Fair Value | ||||
Cash | $ | ||||
Accounts receivable | |||||
Prepaid expenses and other current assets | |||||
Property and equipment | |||||
Operating lease right-of-use-assets | |||||
Other non-current assets | |||||
Deferred income tax asset | |||||
Goodwill | |||||
Intangible assets | |||||
Fair value of assets acquired | |||||
Liabilities assumed: | |||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Operating lease liabilities | |||||
Other long-term liabilities | |||||
Fair value of liabilities assumed | |||||
Total purchase consideration | $ |
Amount | |||||
Cash consideration | $ | ||||
Fair value of earn-out consideration | |||||
Total purchase consideration | $ |
Assets acquired: | Estimated Fair Value | ||||
Cash | $ | ||||
Accounts receivable | |||||
Prepaid expenses and other current assets | |||||
Deferred income tax assets | |||||
Property and equipment | |||||
Goodwill | |||||
Operating lease right-of-use-assets | |||||
Intangible assets | |||||
Other non-current assets | |||||
Fair value of assets acquired | |||||
Liabilities assumed: | |||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Operating lease liability | |||||
Deferred income tax | |||||
Other long-term liabilities | |||||
Fair value of liabilities assumed | |||||
Total purchase consideration | $ |
Travel Marketplace | SaaS Platform | Total | |||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | ||||||||||||||
Additions | |||||||||||||||||
Foreign currency translation impact | |||||||||||||||||
Balance as of June 30, 2023 | $ | $ | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||
Trade name | ( | |||||||||||||||||||
Acquired technology | ( | |||||||||||||||||||
Supplier relationships | ( | |||||||||||||||||||
Developed technology | ( | |||||||||||||||||||
Covenants not to compete | ( | |||||||||||||||||||
Balances as of June 30, 2023 | $ | $ | ( | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
Customer relationships | $ | $ | ( | $ | |||||||||||||
Trade name | ( | ||||||||||||||||
Acquired technology | ( | ||||||||||||||||
Supplier relationships | ( | ||||||||||||||||
Developed technology | ( | ||||||||||||||||
Covenants not to compete | ( | ||||||||||||||||
Balances as of December 31, 2022 | $ | $ | ( | $ |
Fiscal years ending December 31, | |||||
2023 (remaining six months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
$ |
As of June 30, | As of December 31, | ||||||||||
2023 | 2022 | ||||||||||
Term Loan B | $ | $ | |||||||||
Term Loan A | |||||||||||
Term Loan B payment in-kind interest | |||||||||||
Term Loan A payment in-kind interest | |||||||||||
Others | |||||||||||
Total outstanding principal balance | |||||||||||
Less: Term Loan B unamortized debt issuance costs and discounts | ( | ( | |||||||||
Less: Term Loan A unamortized debt issuance costs and discounts | ( | ||||||||||
Total debt | |||||||||||
Less: Current portion of long-term debt | ( | ( | |||||||||
Long-term debt, excluding current portion | $ | $ |
Warrants | Exercise Price | Issuance Date | Expiration | |||||||||||||||||||||||
Private Placement Warrants | $ | 7/18/2022 | 7/18/2027 | |||||||||||||||||||||||
Common Stock Warrants | 9/29/2022 | 9/29/2027 | ||||||||||||||||||||||||
Total |
Number of Restricted Stock Incentive Units Outstanding | Weighted-Average Grant Date Fair Value | |||||||||||||
Unvested - December 31, 2022 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited or canceled | ||||||||||||||
Unvested – June 30, 2023 | $ |
Shareholder Type | Grant Date | Number of Shares | ||||||||||||
Employee | 7/18/2022 | |||||||||||||
Investor | 7/18/2022 | |||||||||||||
Employee | 9/7/2022 | |||||||||||||
Non-employee | 9/12/2022 | |||||||||||||
Employee | 4/20/2023 | |||||||||||||
Unallocated shares | — | |||||||||||||
Total |
April 20, 2023 | |||||
Fair value of Class A Common Stock | $ | ||||
Selected volatility | |||||
Risk-free interest rate | |||||
Contractual term (years) |
Balances at Period End | June 30, 2023 | December 31, 2022 | ||||||||||||
Amount payable to related party (f) | $ | $ | ||||||||||||
Amount receivable from related party (a) | ||||||||||||||
Note payable to related party (c) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Transactions with Related Parties | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Offshore IT and software development services, sales support and other services (d) | $ | $ | $ | $ | ||||||||||||||||||||||
Interest income (b) | ||||||||||||||||||||||||||
Service fees (a) | ||||||||||||||||||||||||||
Lease expense (e) |
(a) | Pursuant to a Universal Air Travel Plan ("UATP") Servicing Agreement dated May 11, 2021, the Company sold certain airline tickets using prepaid UATP credit cards arranged by Mondee Group, LLC (“Mondee Group”), in exchange for a service fee equal to |
(b) | The Company had a secured promissory note receivable from Mondee Group, bearing an interest rate of |
(c) | The Company has a note payable to the CEO amounting to $ |
(d) | Metaminds Technologies Pvt. Ltd. and Metaminds Software Solutions Ltd, corporations limited by shares organized under the laws of India, and Metaminds Global Solutions Inc. (“Metaminds”), provide certain consulting services to Mondee and its subsidiaries in the areas of software development, fulfillment and other support. The CEO co-owns Metaminds with his wife. The CEO is a material shareholder in Mondee, and both the CEO and his wife serve on the Board of Directors of Mondee, Inc. and certain of its subsidiaries. Prior to acquisition of certain assets and liabilities of Metaminds Technologies Pvt Ltd ("Metaminds Technologies"), Mondee hired all employees of Metaminds Technologies and Metaminds Software Solutions Ltd ("Metaminds Software") in April 2022. There were no services rendered by Metaminds Technologies and Metaminds Software for offshore IT, offshore software development, or sales support for the three and six months ended June 30, 2023. |
(e) | The Company currently leases office space from Metaminds Software. The lease commencement date for this was April 1, 2022. The lease had a original lease term of |
(f) | As of December 31, 2022 Mondee Tech Pvt Ltd had a payable to Metaminds Software, which was settled in the three months ending March 31, 2023. As of June 30, 2023, Interep owes a travel credit of $ |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Travel Marketplace | SaaS Platform | Corporate | Total | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Adjusted EBITDA | ( | ||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ||||||||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||||||||
Payroll tax expense related to stock-based compensation | ( | ( | |||||||||||||||||||||
Restructuring (expense) income, net | |||||||||||||||||||||||
Acquisition cost | ( | ( | |||||||||||||||||||||
One time non-recurring expense | ( | ( | |||||||||||||||||||||
Legal expense | ( | ( | |||||||||||||||||||||
Change in fair value of earn-out liability | ( | ( | |||||||||||||||||||||
Operating loss | $ | ( | |||||||||||||||||||||
Other expense, net | ( | ||||||||||||||||||||||
Loss before income taxes | ( | ||||||||||||||||||||||
Provision for income taxes | ( | ||||||||||||||||||||||
Net loss | $ | ( |
Three Months Ended June 30, 2022 | |||||||||||||||||
Travel Marketplace | SaaS Platform | Total | |||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Adjusted EBITDA | ( | ||||||||||||||||
Depreciation and amortization | ( | ( | ( | ||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||
Change in fair value of earn-out liability | |||||||||||||||||
Operating loss | $ | ||||||||||||||||
Other expense, net | ( | ||||||||||||||||
Loss before income taxes | ( | ||||||||||||||||
Provision for income taxes | ( | ||||||||||||||||
Net loss | $ | ( |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Travel Marketplace | SaaS Platform | Corporate | Total | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Adjusted EBITDA | ( | ||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ||||||||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||||||||
Payroll tax expense related to stock-based compensation | ( | ( | |||||||||||||||||||||
Restructuring (expense) income, net | ( | ( | |||||||||||||||||||||
Acquisition cost | ( | ( | |||||||||||||||||||||
One time non-recurring expense | ( | ( | |||||||||||||||||||||
Change in fair value of earn-out liability | ( | ( | |||||||||||||||||||||
Legal expense | ( | ( | |||||||||||||||||||||
Operating loss | $ | ( | |||||||||||||||||||||
Other expense, net | ( | ||||||||||||||||||||||
Loss before income taxes | ( | ||||||||||||||||||||||
Provision for income taxes | ( | ||||||||||||||||||||||
Net loss | $ | ( |
Six Months Ended June 30, 2022 | |||||||||||||||||
Travel Marketplace | SaaS Platform | Total | |||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Adjusted EBITDA | ( | ||||||||||||||||
Depreciation and amortization | ( | ( | ( | ||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||
Change in fair value of earn-out liability | |||||||||||||||||
Operating loss | $ | ||||||||||||||||
Other expense, net | ( | ||||||||||||||||
Loss before income taxes | ( | ||||||||||||||||
Provision for income taxes | ( | ||||||||||||||||
Net loss | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Brazil | |||||||||||||||||||||||
Rest of the world | |||||||||||||||||||||||
$ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
United States | $ | $ | |||||||||
Rest of the world | |||||||||||
$ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Cumulative dividends allocated to preferred stockholders | ( | ( | |||||||||||||||||||||
Net loss attributable to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding, basic and diluted | |||||||||||||||||||||||
Basic and diluted net loss per share | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, | |||||||||||
2023 | 2022 | ||||||||||
Warrants (private warrants, common stock warrants) | |||||||||||
Outstanding earn-out shares (a) | |||||||||||
Consolid earn-out shares | |||||||||||
Restricted stock units | |||||||||||
ESPP shares | |||||||||||
Class D incentive units | |||||||||||
Potential common share excluded from diluted net loss per share |
(a) | While |
Balance as of December 31, 2022 | Additions | Adjustments | Cash Payments | Balance as of June 30, 2023 | ||||||||||||||||||||||||||||
Severance and termination-related costs | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Other exit costs | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Current service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Net actuarial (gain) recognized in the period | ( | ( | ( | ( | |||||||||||||||||||
Expenses recognized in the condensed consolidated statement of operations | $ | ( | $ | ( | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Actuarial gain for the period obligation | $ | $ | $ | $ | |||||||||||||||||||
Actuarial gain for the period plan assets | |||||||||||||||||||||||
Actuarial gain for the period | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Revenue from travel marketplace | $ | 56,652 | $ | 45,403 | $ | 11,249 | 24.8 | % | $ | 106,201 | $ | 84,178 | $ | 22,023 | 26.2 | % | ||||||||||||||||||||||||||||
Revenue from SaaS platform | $ | 119 | $ | 253 | $ | (134) | (53.0) | % | $ | 499 | $ | 545 | $ | (46) | (8.4) | % | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 56,771 | $ | 45,656 | $ | 11,115 | 24.3 | % | $ | 106,700 | $ | 84,723 | $ | 21,977 | 25.9 | % | |||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing expenses | 40,060 | 32,407 | 7,653 | 23.6 | % | 77,505 | 59,816 | 17,689 | 29.6 | % | |||||||||||||||||||||||||||||||||||||
Personnel expense | 12,359 | 5,752 | 6,607 | 114.9 | % | 19,825 | 11,324 | 8,501 | 75.1 | % | |||||||||||||||||||||||||||||||||||||
General and administrative expense | 5,227 | 2,025 | 3,202 | 158.1 | % | 9,721 | 4,465 | 5,256 | 117.7 | % | |||||||||||||||||||||||||||||||||||||
Information technology expense | 1,376 | 1,158 | 218 | 18.8 | % | 2,299 | 2,464 | (165) | (6.7) | % | |||||||||||||||||||||||||||||||||||||
Provision for credit losses, net | (34) | (121) | 87 | (71.9) | % | (701) | 86 | (787) | (915.1) | % | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 3,803 | 2,769 | 1,034 | 37.3 | % | 7,189 | 5,586 | 1,603 | 28.7 | % | |||||||||||||||||||||||||||||||||||||
Restructuring expense (income), net | (168) | — | (168) | N/A% | 1,361 | — | 1,361 | N/A% | |||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | 62,623 | 43,990 | 18,633 | 42.4 | % | 117,199 | 83,741 | 33,458 | 40.0 | % | |||||||||||||||||||||||||||||||||||||
Income (loss) from operations | (5,852) | 1,666 | (7,518) | (451.3) | % | (10,499) | 982 | (11,481) | (1169.1) | % | |||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 290 | 134 | 156 | 116.4 | % | 637 | 261 | 376 | 144.1 | % | |||||||||||||||||||||||||||||||||||||
Interest expense | (8,415) | (6,601) | (1,814) | 27.5 | % | (16,632) | (12,830) | (3,802) | 29.6 | % | |||||||||||||||||||||||||||||||||||||
Gain on extinguishment of PPP loan | — | 2,009 | (2,009) | N/A% | — | 2,009 | (2,009) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||
Changes in fair value of warrant liability | 393 | — | 393 | N/A% | 372 | — | 372 | N/A% | |||||||||||||||||||||||||||||||||||||||
Other income, net | 984 | 915 | 69 | 7.5 | % | 1,306 | 764 | 542 | 70.9 | % | |||||||||||||||||||||||||||||||||||||
Total other expense, net | (6,748) | (3,543) | (3,205) | 90.5 | % | (14,317) | (9,796) | (4,521) | 46.2 | % | |||||||||||||||||||||||||||||||||||||
Loss before income taxes | (12,600) | (1,877) | (10,723) | 571.3 | % | (24,816) | (8,814) | (16,002) | 181.6 | % | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | (2,008) | (236) | (1,772) | 750.8 | % | (2,707) | (290) | (2,417) | 833.4 | % | |||||||||||||||||||||||||||||||||||||
Net loss | $ | (14,608) | $ | (2,113) | $ | (12,495) | 591.3 | % | $ | (27,523) | $ | (9,104) | $ | (18,419) | 202.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (14,608) | $ | (2,113) | $ | (12,495) | 591.3 | % | $ | (27,523) | $ | (9,104) | $ | (18,419) | 202.3 | % | |||||||||||||||||||||||||||||||
Interest expense, (net) | 8,125 | 6,467 | 1,658 | 25.6 | % | 15,995 | 12,569 | 3,426 | 27.3 | % | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,804 | 81 | 4,723 | 5830.9 | % | 7,365 | 161 | 7,204 | 4474.5 | % | |||||||||||||||||||||||||||||||||||||
Payroll tax expense related to stock-based compensation | 86 | — | 86 | — | % | 86 | — | 86 | — | % | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 3,803 | 2,769 | 1,034 | 37.3 | % | 7,189 | 5,586 | 1,603 | 28.7 | % | |||||||||||||||||||||||||||||||||||||
Restructuring expense (income), net | (168) | — | (168) | — | % | 1,361 | — | 1,361 | — | % | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,008 | 236 | 1,772 | 750.8 | % | 2,707 | 290 | 2,417 | 833.4 | % | |||||||||||||||||||||||||||||||||||||
Changes in fair value of warrant liabilities | (393) | — | (393) | — | % | (372) | — | (372) | — | % | |||||||||||||||||||||||||||||||||||||
Changes in fair value of earn-out liabilities | 530 | (760) | 1,290 | (169.7) | % | 701 | (595) | 1,296 | (217.8) | % | |||||||||||||||||||||||||||||||||||||
Acquisition costs | 264 | — | 264 | — | % | 543 | — | 543 | — | % | |||||||||||||||||||||||||||||||||||||
Other non-recurring expenses | 394 | — | 394 | — | % | 610 | — | 610 | — | % | |||||||||||||||||||||||||||||||||||||
Legal expense | 577 | — | 577 | — | % | 1,239 | — | 1,239 | — | % | |||||||||||||||||||||||||||||||||||||
Extinguishment of PPP Loan | — | (2,009) | 2,009 | (100.0) | % | — | (2,009) | 2,009 | (100.0) | % | |||||||||||||||||||||||||||||||||||||
Other income, net | (984) | (915) | (69) | 7.5 | % | (1,306) | (764) | (542) | 70.9 | % | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,438 | $ | 3,756 | $ | 682 | 18.2 | % | $ | 8,595 | $ | 6,134 | $ | 2,461 | 40.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (2,427) | $ | (3,254) | $ | 827 | (25.4) | % | $ | (12,406) | $ | 164 | $ | (12,570) | (7664.6) | % | |||||||||||||||||||||||||||||||
Capital expenditures | (2,506) | (1,751) | (755) | 43.1 | % | (4,474) | (3,472) | (1,002) | 28.9 | % | |||||||||||||||||||||||||||||||||||||
Cash paid for interest | 451 | 90 | 361 | 401.1 | % | 5,476 | 94 | 5,382 | 5725.5 | % | |||||||||||||||||||||||||||||||||||||
Unlevered free cash flow | $ | (4,482) | $ | (4,915) | $ | 433 | (8.8) | % | $ | (11,404) | $ | (3,214) | $ | (8,190) | 254.8 | % |
June 30, | December 31, | ||||||||||
(In millions) | 2023 | 2022 | |||||||||
Letters of credit | $ | 7.6 | $ | 7.4 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
($ in thousands) | |||||||||||
Net cash (used in) provided by operating activities | $ | (12,406) | $ | 164 | |||||||
Net cash used in investing activities | (26,624) | (3,472) | |||||||||
Net cash provided (used in) by financing activities | 8,650 | (1,094) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 528 | (172) | |||||||||
Net (decrease)/increase in cash, cash equivalents and restricted cash | $ | (29,852) | $ | (4,574) |
Exhibit No | Description | Form | File No | Exhibit | Filing Date | ||||||||||||
2.1 | 8-K | 001-39943 | 2.1 | December 20, 2021 | |||||||||||||
2.2 | 8-K | 001-39943 | 2.1 | February 1, 2023 | |||||||||||||
2.3† | 8-K | 001-39943 | 2.1 | May 16, 2023 | |||||||||||||
2.4† | 8-K | 001-39943 | 2.1 | May 16, 2023 | |||||||||||||
3.1 | 8-K | 001-39943 | 3.1 | July 20, 2022 | |||||||||||||
3.2 | 8-K | 001-39943 | 3.2 | July 13, 2023 | |||||||||||||
3.3 | 8-K | 001-39943 | 3.1 | September 30, 2022 | |||||||||||||
4.1 | S-4 | 333-263727 | 4.1 | March 21, 2022 | |||||||||||||
4.2 | 8-K | 001-39943 | 4.1 | July 20, 2022 | |||||||||||||
4.3 | 8-K | 01-39943 | 4.2 | July 20, 2022 |
4.4 | 10-K/A | 001-39943 | 4.4 | April 19, 2023 | |||||||||||||
4.5 | 8-K | 001-39943 | 4.3 | July 20, 2022 | |||||||||||||
4.6 | 8-K | 001-39943 | 10.1 | October 21, 2022 | |||||||||||||
4.7 | 8-K | 001-39943 | 10.3 | September 30, 2022 | |||||||||||||
10.1† | S-4/A | 333-266 277 | 10.43 | May 20, 2022 | |||||||||||||
10.2† | 8-K | 001-39943 | 10.2 | January 18, 2023 | |||||||||||||
10.3† | 8-K | 001-39943 | 10.2 | February 3, 2023 | |||||||||||||
10.4† | 8-K | 001-39943 | 10.3 | April 19, 2023 | |||||||||||||
10.5+† | 8-K | 001-39943 | 10.1 | April 20, 2023 |
31.1* | |||||||||||||||||
31.2* | |||||||||||||||||
32.1** | |||||||||||||||||
32.2** | |||||||||||||||||
101.INS* | Inline XBRL Instance Document | ||||||||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | ||||||||||||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | ||||||||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||
104** | Cover Page Interactive Data File, formatted in Inline XBRL (formatted as inline XBRL and contained in Exhibit 101) |
MONDEE HOLDINGS, INC. | ||||||||
Date: August 14, 2022 | By: | /s/ Prasad Gundumogula | ||||||
Name: | Prasad Gundumogula | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer) | ||||||||
Date: August 14, 2022 | By: | /s/ Jesus Portillo | ||||||
Name: | Jesus Portillo | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial and Accounting Officer) |
/s/ Prasad Gundumogula | |||||
Prasad Gundumogula | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Jesus Portillo | |||||
Jesus Portillo | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
/s/ Prasad Gundumogula | |||||
Prasad Gundumogula | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Jesus Portillo | |||||
Jesus Portillo | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
Condendsed Consolidated Balance Sheets (Parenthetical) - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 6,063,000 | $ 4,861,000 |
Contract assets, allowance | $ 0 | $ 750,000 |
Temporary equity, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Temporary equity, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Temporary equity, shares issued (in shares) | 85,000 | 85,000 |
Temporary equity shares outstanding (in shares) | 85,000 | 85,000 |
Temporary equity, liquidation preference | $ 92,486 | $ 87,323 |
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares, par value (per share) | $ 0.0001 | $ 0.0001 |
Common shares, shares issued (in shares) | 84,242,767 | 82,266,160 |
Common shares, shares outstanding (in shares) | 84,242,767 | 82,266,160 |
Treasury stock (in shares) | 2,033,578 | 0 |
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Allocated share based compensation | $ 4,804 | $ 81 | $ 7,365 | $ 161 |
Personnel expenses | ||||
Allocated share based compensation | 4,467 | 81 | 6,623 | 155 |
Sales and other expenses | ||||
Allocated share based compensation | $ 337 | $ 0 | $ 742 | $ 6 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (14,608) | $ (2,113) | $ (27,523) | $ (9,104) |
Other comprehensive gain (loss), net of tax | ||||
Gain (loss) on currency translation adjustment | 2,913 | 57 | 2,904 | (172) |
Comprehensive loss | $ (11,695) | $ (2,056) | $ (24,619) | $ (9,276) |
Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Deficit (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Statement of Stockholders' Equity [Abstract] | ||
Dividends payable (in USD per share) | $ 60.75 | $ 31.60 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash flows from operating activities | ||
Net loss | $ (27,523) | $ (9,104) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Depreciation and amortization | 7,189 | 5,586 |
Deferred taxes | 62 | 92 |
Provision for credit losses, net | (701) | 86 |
Stock-based compensation | 7,365 | 161 |
Non-cash lease expense and lease impairment charges | 457 | (76) |
Amortization of loan origination fees | 4,126 | 1,638 |
Payment in kind interest expense | 2,807 | 6,840 |
Gain on forgiveness of PPP Loan | 0 | (2,009) |
Gain on termination of lease | 337 | 0 |
Unrealized loss on foreign currency exchange derivatives | 129 | 0 |
Change in the estimated fair value of earn-out considerations and warrant liability | 329 | (595) |
Changes in operating assets and liabilities | ||
Accounts receivable | (20,468) | (10,168) |
Contract assets | (8,795) | (4,175) |
Prepaid expenses and other current assets | 494 | (8,990) |
Other non-current assets | (377) | (662) |
Amounts payable to related parties | 25 | 836 |
Accounts payable | 24,667 | 10,211 |
Accrued expenses and other liabilities | (262) | 11,224 |
Deferred revenue | (985) | (857) |
Operating lease liabilities | (608) | 121 |
Other long term liabilities | 0 | 5 |
Net cash (used in) provided by operating activities | (12,406) | 164 |
Cash flows from investing activities | ||
Capital expenditures | (4,474) | (3,472) |
Cash paid for acquisitions, net of cash acquired | (21,919) | 0 |
Purchase of restricted short term investments | (231) | 0 |
Net cash used in investing activities | (26,624) | (3,472) |
Cash flows from financing activities | ||
Repayment of long term debt | (2,063) | (259) |
Loan origination fee for long term debt | (615) | 0 |
Proceeds from long term debt | 15,000 | 0 |
Payment of offering costs | (3,672) | (835) |
Net cash provided by (used in) by financing activities | 8,650 | (1,094) |
Effect of exchange rate changes on cash and cash equivalents | 528 | (172) |
Net decrease in cash and cash equivalents | (29,852) | (4,574) |
Cash and cash equivalents at beginning of period | 78,841 | 15,506 |
Cash and cash equivalents at end of period | 48,989 | 10,932 |
Supplemental cash flow information | ||
Cash paid for interest | 5,476 | 94 |
Cash paid for income taxes | 85 | 0 |
Non-cash financing and investing activities | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 246 | 2,888 |
Property and equipment included in accounts payable | 22 | 0 |
Unpaid offering costs | 0 | 8,125 |
Preferred stock dividend accrual | 5,164 | 0 |
Interest capitalized for software development | 123 | 0 |
Shares withheld for tax withholding on vesting of restricted stock units | 1,015 | 0 |
Interep | ||
Non-cash financing and investing activities | ||
Deferred consideration in connection with acquisition of Interep | 683 | 0 |
Common Class A | Orinter | ||
Non-cash financing and investing activities | ||
Stock issued | 16,037 | 0 |
Common Class A | Interep | ||
Non-cash financing and investing activities | ||
Stock issued | 3,097 | 0 |
Earnout Shares | Orinter | ||
Non-cash financing and investing activities | ||
Stock issued | 3,719 | 0 |
Earnout Shares | Interep | ||
Non-cash financing and investing activities | ||
Stock issued | 1,390 | 0 |
Earnout Shares | Consolid | ||
Non-cash financing and investing activities | ||
Stock issued | $ 2,520 | $ 0 |
NATURE OF OPERATIONS |
6 Months Ended |
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Jun. 30, 2023 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS Mondee Holdings, Inc. is a Delaware corporation. We refer to Mondee Holdings, Inc. and its subsidiaries, collectively as “Mondee,” the “Company,” “us,” “we”, “our” and "New Mondee" in these condensed consolidated financial statements. Mondee is a rapid-growth, travel technology company and marketplace with a portfolio of globally recognized brands in the leisure and corporate travel sectors. Reverse Recapitalization On July 18, 2022 ( the "Closing Date"), we consummated the business combination pursuant to the Business Combination Agreement, dated December 20, 2021, by and among ITHAX Acquisition Corp. ("ITHAX"), Ithax Merger Sub I, LLC, a Delaware limited liability company and wholly owned subsidiary of ITHAX (“First Merger Sub”), Ithax Merger Sub II, LLC a Delaware limited liability company and wholly owned subsidiary of ITHAX (“Second Merger Sub”) and Mondee Holdings II, Inc., a Delaware corporation (“Legacy Mondee”) (the “Business Combination”). On the Closing Date, following the domestication, First Merger Sub merged with and into Legacy Mondee, with Legacy Mondee surviving such merger as a wholly owned subsidiary of the Company (the “First Merger”). Immediately following the First Merger, Legacy Mondee merged with and into Second Merger Sub, with Second Merger Sub surviving such merger as a wholly owned subsidiary of the Company. On the Closing Date, the registrant changed its name from ITHAX Acquisition Corp. to Mondee Holdings, Inc. The transaction was accounted for as a reverse recapitalization, rather than a business combination, for financial accounting and reporting purposes. Accordingly, Legacy Mondee was deemed the accounting acquirer (and legal acquiree) and ITHAX was treated as the accounting acquiree (and legal acquirer). Under this method of accounting, the reverse recapitalization was treated as the equivalent of Legacy Mondee issuing stock for the net assets of ITHAX, accompanied by a recapitalization.
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IMMATERIAL CORRECTIONS OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL INFORMATION |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IMMATERIAL CORRECTIONS OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL INFORMATION | IMMATERIAL CORRECTIONS OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL INFORMATION During the fourth quarter of the year ended December 31, 2022, the Company identified an error related to arrangements with travel agents which requires the recording of travel agent commissions to revenue with a corresponding off-setting entry to sales and marketing expense. As a result, there was an understatement of revenues, net and reported sales and marketing expenses for the unaudited three and six months ended June 30, 2022. Additionally, the Company identified an error related to the classification of credit card processing fees which should have been recorded in sales and marketing expense rather than revenues, net thereby contributing to the understatement of such financial statement line items. There was no impact to net loss for either period. The Company previously disclosed marketing expenses and sales and other expenses separately through the quarter ended September 30, 2022, and for the year ended December 31, 2022, the Company changed its manner of presentation to its current presentation of sales and marketing expense as one financial statement line item. Management assessed the materiality of these errors and concluded the misstatements were not material to the unaudited financial statements for the period ended June 30, 2022. The following table summarizes the effect of the revision on the affected financial statement line items, corresponding to the Company’s presentation of the relevant financial statement line item in the period relevant to the error:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other than policies noted below, there have been no changes to the Company's significant accounting policies described in the annual consolidated financial statements for the year ended December 31, 2022. Basis of Presentation We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting. We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. Our interim unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, previously filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of the Company's subsidiaries is generally the respective local currency. For international operations, assets and liabilities are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of accumulated other comprehensive gains (losses) in the accompanying condensed consolidated balance sheets. Foreign currency transaction gains and losses are included in other income, net in the accompanying condensed consolidated statements of operations. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an ongoing basis. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable from customers are recorded at the original invoiced amounts net of an allowance for doubtful accounts. We make estimates of expected credit losses for our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history continually updated for new collections data, the credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect our ability to collect from customers. The provision for estimated credit losses is recorded in accounts receivable, net of allowance on our condensed consolidated balance sheets. Foreign Currency Exchange Derivatives The Company is exposed to foreign currency fluctuations and enters into foreign currency exchange derivative financial instruments to reduce the exposure to variability in certain expected future cash flows. The Company uses foreign currency forward contracts with maturities of up to four months to hedge a portion of anticipated exposures. These contracts are not designated as hedging instruments and changes in fair value are recorded in other income, net on the condensed consolidated statement of operations. Realized gains and losses from the settlement of the derivative assets and liabilities are classified as operating activities on the condensed consolidated statement of cash flows. The foreign currency exchange derivatives are recognized on the condensed consolidated balance sheet at fair value within accrued expenses and other current liabilities. The Company does not hold or issue derivatives for trading purposes. Revenue Recognition Our revenues are predominantly generated by providing online travel reservation services, which principally allow travelers to book travel reservations with travel suppliers through our technology solutions. These services are primarily related to reservation of airline tickets. They also include, to a lesser extent, services related to the reservation of hotel accommodations, rental cars, travel packages and purchases of travel insurance and other travel products and services. We have determined the nature of our promise is to arrange for travel services to be provided by travel suppliers, and are therefore an agent in the transaction, whereby we record as revenue the net commission we receive in exchange for our travel reservation services. In these transactions, the travel supplier is determined to be our customer. Travel suppliers consist of Global Distribution System (“GDS”) service providers and airline companies. Our revenue is earned through mark-up fees and commissions, and is recorded net of estimated cancellation, refunds, and chargebacks. Revenue is recognized when the traveler completes a reservation, as our performance obligation is satisfied upon issuance of the ticket or reservation details to the traveler. From time to time, the Company issues credits or refunds to the traveler in the event of cancellations. Additionally, when travel bookings are made, there is a risk of transaction losses as a result of chargebacks pursued by payment processors in connection with fraudulent charges. We record estimates for chargebacks against our mark-up fees or commission earned upon travel bookings as variable consideration. We record estimates for losses related to chargebacks of the travel supplier cost as sales and marketing expense. Reserves are recorded based on our assessment of various factors, including the amounts of actual chargeback activity during the current year. We earn incentives from airline companies that are recognized based on the achievement of contractual targets, which primarily relate to the volume of airline ticket bookings that have taken place, and consequently, are not subject to cancellation. We also receive incentives from our GDS service providers based on the volume of segment bookings mediated by us through the GDS systems. Incentive payments from airline companies and GDS service providers are recognized when performance targets are achieved, as it is probable that a significant reversal of any incremental revenue will not occur. This revenue is recognized net of variable consideration, including cancellations, refunds, and shortfall penalty fees, as applicable. In Brazil and Mexico, the Company partners with financing companies to allow travelers the possibility of purchasing the product of their choice through financing plans established, offered and administrated by such financing companies. Participating financing companies bear full risk of fraud, delinquency, or default by travelers. When travelers elect to finance their purchase, we receive payments from financing companies as installments become due regardless of when the traveler makes the scheduled payments. In most cases, we receive payments before travel occurs or during travel, and the period between completion of booking and receipt of scheduled payments is typically one year or less. The Company uses the practical expedient and does not recognize a significant financing component when the difference between payment and revenue recognition is less than a year. In partnering with the financing companies mentioned above, the Company has the option to collect payments upfront or receive in installments as they become due. Upfront payments are determined to be factoring transactions, and therefore financing fees associated with these payments are recorded within interest expense. Financing fees for payments received in installments are recorded within sales and marketing expense. During the three and six months ended June 30, 2023, the Company incurred factoring fees of $697 and $1,075, respectively, which represents 10% and 8%, respectively, of the total other income, net on the condensed consolidated statements of operations. In addition to travel-related revenue, we also earn incentives from fintech programs held with banks and financial institutions, which we leverage in our payment processing and settlement platform. Our fintech programs include a wide array of payment options, such as credit cards, wallets, alternate payment methods, and next generation fraud protection tools. These incentives received are based on the aggregate transaction amounts processed by us. Our Rocketrip platform offers a corporate travel cost savings solution through its technology platform. We generate subscription revenues from customers who are provided access to our platform as software-as-a-service ("SaaS"). When the customer signs up to use the platform, payment is collected upfront. Subscription revenue is recognized on a straight-line basis over the term of the agreement using a time-based measure of progress, as the nature of the Company’s promise to the customer is to stand ready to provide platform access. TripPlanet is an end-to-end business travel platform for small-to-medium sized enterprises, membership organizations, associations, educational institutions, and non-governmental organizations. The platform combines the Company's global content hub, marketplace, and conversational commerce engine to provide organizations discounted rates for airfare, hotels, and car rentals using our private platform. Individuals within these organizations can also utilize the platform for leisure travel. When the customer signs up to use the platform, payment is collected upfront. Subscription revenue is recognized on a straight-line basis over the term of the agreement using a time-based measure of progress, as the nature of the Company’s promise to the customer is to stand ready to provide platform access. The subscription term is generally one month or one year depending on the type of subscription purchased. The Company also earns variable consideration from commissions and margins earned from each travel booking made on the platform. The Company applies the series guidance variable consideration estimation exception to recognize the variable fees upon the completion of travel bookings as this is when our performance obligation is satisfied. Unpub provides consumer groups access to a subscription-based private membership travel platform where they can purchase flights, reserve hotel rooms and rental cars, and receive member benefits. When the customer signs up to use the platform, payment is collected upfront. Subscription revenue is recognized on a straight-line basis over the term of the agreement using a time-based measure of progress, as the nature of the Company’s promise to the customer is to stand ready to provide platform access. The subscription term is generally for one year. The Company also earns variable consideration from commissions and margins earned from each travel booking made on the platform. The Company applies the series guidance variable consideration estimation exception to recognize the variable fees upon the completion of travel bookings as this is when our performance obligation is satisfied. Certain Risks and Concentrations Our business is subject to certain risks and concentrations including dependence on relationships with travel suppliers, primarily airlines, dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on GDS service providers and third-party service providers for certain fulfillment services. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Significant concentrations are those that represent more than 10% of the Company's total revenue or total accounts receivable and contract assets. As of June 30, 2023, there were two financing companies that accounted for 63% and 13% of the total accounts receivable balance at period end. As of December 31, 2022, two customers accounted for 23% of total accounts receivable and contract assets. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. The Company’s accounts receivable comprises of amounts due from affiliates, airline companies, GDS service providers and financing companies, which are well established institutions that the Company believes to be of high quality. The Company reviews accounts receivable balances to estimate the expected credit loss and record it within the allowance for doubtful accounts. The Company’s cash and cash equivalents are on deposit with major financial institutions. Such deposits may be in excess of insured limits. The Company has not experienced any losses due to institutional failure or bankruptcy. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” or ASU No. 2016-13. The amendments in ASU No. 2016-13 introduce an approach based on expected losses to estimated credit losses on certain types of financial instruments, modify the impairment model for available-for-sale debt securities and provide for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new standard requires financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The Company adopted ASU 2016-13 as of January 1, 2023 with no material impact to its condensed consolidated financial statements. In October 2021, the FASB issued new guidance related to recognizing and measuring contract assets and contract liabilities from contracts with customers acquired in a business combination. The new guidance will require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination as compared to current U.S. GAAP where an acquirer generally recognizes such items at fair value on the acquisition date. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance as of January 1, 2023 and applied Topic 606 to recognize and measure contract assets and contract liabilities of business combinations executed beginning January 1, 2023 and onwards. Recently Issued Accounting Pronouncements Not Yet Adopted The Company has considered the applicability of recently issued accounting pronouncements by the FASB and have determined that they are either not applicable or are not expected to have a material impact on the Company's condensed consolidated financial statements. Change in Financial Statement Presentation In connection with the preparation of its condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022, the Company changed the presentation of “Sales and other Expense” and “Marketing Expense” within the condensed consolidated statement of operations. The Company combined “Sales and other Expense” and “Marketing Expense” into “Sales and Marketing Expense”. The change is a result of an increased overlap between the nature and purpose of expenses that fall within these groups. This change in presentation has been applied retrospectively and does not change any previously reported subtotals or totals on the condensed consolidated statement of operations and comprehensive loss.
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GOODWILL AND INTANGIBLE ASSETS, NET |
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GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET The following table presents the changes in goodwill by reportable segments:
Indefinite-lived Intangible Assets. Our indefinite-lived intangible assets relate to trade names acquired in various acquisitions in past periods. Intangible assets, net includes indefinite-life intangible assets of $12,028 as of June 30, 2023 and December 31, 2022, respectively. Definite-life intangible assets, net consisted of the following as of June 30, 2023:
Definite-life intangible assets, net consisted of the following as of December 31, 2022:
Amortization expense for intangible assets was $2,329 and $1,584 for the three months ended June 30, 2023 and 2022, respectively, and $4,290 and $3,169 for the six months ended June 30, 2023 and 2022, respectively. The estimated future amortization expense related to intangible assets with definite lives is as follows:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The following table summarizes the Company's outstanding borrowing arrangements, excluding governmental loans:
TCW Credit Agreement On December 23, 2019, the Company, entered into a financing agreement (the “TCW Agreement”) with TCW (the "Lenders") consisting of a $150,000 multi-draw term loan with a maturity date of December 23, 2024 (the “TCW Term Loan”). Additionally, on the same day, the Company entered into a revolving credit facility (" TCW LOC") with an aggregate principal amount not exceeding $15,000. Undrawn balances available under the revolving credit facility are subject to commitment fees of 1%. These facilities are guaranteed and are secured by substantially all of the assets of the Company. On January 11, 2023, the Company executed a Ninth Amendment to the financing agreement with TCW (the “Ninth Agreement”), wherein Wingspire Capital LLC ("Wingspire") became a party to the TCW Agreement. Wingspire funded an additional $15,000 of term loan commitment on top of the already outstanding TCW Term Loan (the “Wingspire Term Loan”). Additionally, the Ninth Amendment split the TCW Term Loan into two loans (“Term Loan A” and “Term Loan B”). Term Loan A will be represented by Wingspire with an outstanding principal balance of $30,000 and Term Loan B will be represented by TCW with an outstanding principal balance of $137,753. Additionally, pursuant to the Ninth Amendment, Wingspire consented to take over the TCW LOC for a principal amount not to exceed $15,000. Until January 11, 2024, the Company has the option to increase Term Loan A by $20,000 under two conditions: (i) the Company must have a trailing 12-month EBITDA of at least $25,000; and (ii) the Company must draw in increments of at least $5,000. On January 31, 2023, the Company executed a tenth amendment to the TCW Agreement (the “Tenth Amendment”). The Tenth Amendment (1) set forth the terms on which we could acquire Tour & Travel, S.A. (“Orinter”), pursuant to that certain Share Purchase and Sale Agreement, dated as of January 31, 2023, among us, Mondee Brazil, LLC, a Delaware limited liability company (“Mondee Brazil”), OTT Holdings Ltda. (“OTT Holdings”), Orinter, and the other parties named therein (the “Orinter Purchase Agreement”); (2) set forth the terms on which we could pay the earn-out payment contemplated to be paid to OTT Holdings and certain key executives of OTT Holdings pursuant to the Orinter Purchase Agreement; (3) required that Mondee Brazil join as a party to the TCW Agreement and the Security Agreement (as defined in the TCW Agreement); (4) required that Mondee, Inc. pledge 100% of the equity interests of Mondee Brazil; and (5) required that Mondee Brazil and Mondee Inc. pledge 100% of the equity interests of Orinter. The effective interest on Term Loan B for the six months ended June 30, 2023, and 2022 is 24% and 16%, respectively. The effective interest on the Term Loan A for the six months ended June 30, 2023 is 17%. As of June 30, 2023, and December 31, 2022, the total estimated fair value of the Company’s TCW Credit Agreement was $140,033 and $143,651, respectively. As of June 30, 2023, the total fair value of the Company's Wingspire loan was $13,734. The fair value of debt is calculated using a market-based discount rate.
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FAIR VALUE MEASUREMENT |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table sets forth the Company’s financial liabilities that were measured at fair value, on a recurring basis:
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Short-Term Financial Assets and Liabilities The fair value of Company’s short-term financial assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable, deferred underwriting fee, and accrued expenses approximated their carrying values as of June 30, 2023 and December 31, 2022, due to their short-term nature. The Company’s restricted short-term investments are certificate of deposits held at banks and the Company intends to hold to maturity, and as such are recorded on an amortized cost basis. All of the Company's outstanding debt are recorded on an amortized cost basis. Foreign Currency Exchange Derivatives The notional amount of the foreign currency exchange derivatives outstanding as of June 30, 2023 is $6,404. The notional amount of a foreign currency forward contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheets. The changes in fair value of the foreign currency exchange derivatives are recorded in other income, net in the condensed consolidated statement of operations for the three and six months ended June 30, 2023 is $117 and $129, respectively. Roll-forward of Level 3 Recurring Fair Value Measurements The following tables summarizes the fair value adjustments for liabilities measured using significant unobservable inputs (Level 3): Earn-out consideration
The earn-out consideration consists of the fair values of the contingent consideration for the acquisition of Orinter, Interep and Consolid. See Note 6 for further detail. The earn-out considerations are fair valued using the Monte Carlo Method and is a Level 3 measurement because the Company estimates projections during the earn-out period utilizing various potential pay-out scenarios. The Monte Carlo simulation method repeats a process thousands of times in an attempt to predict all the possible future outcomes. At the end of the simulation, several random trials produce a distribution of outcomes that are then analyzed to determine the average present value of the earn-out liability. The valuation model utilized the following assumptions for the valuation of the earn-out liabilities as of June 30, 2023:
The earn-out consideration is recorded in earn-out liability, net, current portion and earn-out liability, net, excluding current portion on the Company’s condensed consolidated balance sheets. Changes to the unobservable inputs do not have a material impact on the Company’s condensed consolidated financial statements. The Company recognized a loss of $530 and $701 for the remeasurement of the earn-out liabilities during the three and six months ended June 30, 2023, respectively, recorded as general and administrative expenses within the condensed consolidated statements of operations. Private placement warrant liability
The private placement warrant liability is fair valued using the Black-Scholes option-pricing model. The following table provides quantitative information regarding assumptions used in the Black-Scholes option-pricing model to determine the fair value of the private placement warrants as of June 30, 2023 and December 31, 2022:
Changes to the unobservable inputs do not have a material impact on the Company’s condensed consolidated financial statements. The Company recognized a gain of $393 and $372 during the three and six months ended June 30, 2023, respectively, recorded in changes in fair value of warrant liability within the condensed consolidated statements of operations. There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments for the six months ended June 30, 2023 and the twelve months ended December 31, 2022. Assets Measured at Fair Value on a Nonrecurring Basis Our non-financial assets, such as goodwill, intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial instrument is required to be evaluated for impairment and an impairment is recorded to reduce the non-financial instrument’s carrying value to the fair value as a result of such triggering events, the non-financial assets are measured at fair value for the period such triggering events occur. For the three and six months ended June 30, 2023 and 2022, respectively, the Company has not recorded any impairment charges on non-financial assets.
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BUSINESS COMBINATIONS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Orinter Acquisition On January 31, 2023 (the "Orinter Closing Date"), the Company executed the Share Purchase and Sale Agreement (the "Orinter Purchase Agreement") to acquire all of the outstanding equity interests in Orinter Tour & Travel, S.A. ("Orinter") from OTT Holding Ltd (the "Sellers") (such transactions contemplated by the Orinter Purchase Agreement, the “Orinter Acquisition”). Orinter is a high-growth and leading travel provider that currently serves a multitude of travel companies, with a strong presence in Brazil and Latin America. Through this acquisition, the Company has expanded its geographic footprint to include Brazil's domestic and outbound travel market. Additionally, Orinter’s direct relationships with Latin American hotels will provide valuable cross-sell opportunities for the Company. The acquisition date fair value of consideration transferred for Orinter is as follows:
i.Cash consideration of $20,020 paid and $1,536 holdback consideration transferred to an escrow account as a guarantee in case of necessity of reimbursement, payment and/or use by Orinter for fulfillment of obligations of Orinter deriving from customers credits and customers prepayment. ii.Issuance of 1,726,405 shares of common stock to be maintained in an escrow account. The release of the shares are as follows: (a) 903,202 after a period of 12 months from the Orinter Closing Date, and (b) 823,203 shares after a period of 24 months from the Orinter Closing Date. iii.The purchase price consideration includes an earn-out obligation of $10,000 (paid in equal installments over 3 years) contingent on Orinter meeting EBITDA targets of $10,500, $11,500, and $12,500, for the years ended December 31, 2024, 2025 and 2026, respectively. The Company estimated the preliminary fair value of acquired assets and liabilities as of the effective time of the business combination based on information currently available and continues to adjust those estimates upon refinement of market participant assumptions for integrating businesses. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period, but no later than one year from the date of the Business Combination. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments to the values presented in the following table.
During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. Goodwill The excess of the purchase price consideration over the fair values assigned to the assets acquired and liabilities assumed was recorded as goodwill. The resulting goodwill is primarily attributable to expected post-acquisition synergies from integrating Orinter’s technology with Mondee’s platform and technology. Goodwill recorded in connection with the acquisition was allocated to the travel marketplace segment and is amortizable for income tax purposes. The goodwill attributable to the acquisition was recorded as a non-current asset and is not amortized but is subject to an annual review for impairment. Identifiable Intangible Assets The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
Since the acquisition, Orinter was included in the Company's travel marketplace segment. Acquisition costs related to the Orinter Acquisition were not material. The amounts of revenue and pretax net income of Orinter included in the Company’s condensed consolidated statement of operations from the Orinter Closing Date to June 30, 2023 were $24,923 and $5,359, respectively. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information gives effect to the acquisition of Orinter as if it were consummated on January 1, 2022 (the beginning of the comparable prior reporting period), including certain pro forma adjustments that were directly attributable to the Orinter Acquisition, including additional amortization adjustments for the fair value of the assets acquired. This data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on January 1, 2022. Actual results may differ from the unaudited combined pro forma information presented below:
Interep Acquisition On May 12, 2023 (the “Interep Closing Date”), the Company acquired all of the outstanding stock of Interep Representações Viagens E Turismo S.A. (“Interep”, such transaction referred to as the "Interep Acquisition") . Interep is a Brazilian travel operator that focuses on the upscale segment of the travel market. This acquisition further expands the Company's geographical footprint in Latin America, enhance its product offerings and provide a complementary distribution network to that of Orinter, given Interep's focus on the luxury market. The acquisition date fair value of consideration transferred for Interep is as follows:
In connection with the acquisition, the Company agreed to pay total consideration of (i) $4,000 on the Interep Closing Date, (ii) a deferred payment of $720 paid in 36 installments, (iii) 411,000 shares of Company Class A Common Stock, (iv) $50 in travel credits, and (v) an earn-out component up to an aggregate of $3,000 contingent on Interep meeting certain adjusted EBITDA targets. The 411,000 shares of Company Class A Common Stock were legally issued on July 12, 2023. The Company estimated the preliminary fair value of acquired assets and liabilities as of the effective time of the Interep Acquisition based on information currently available and continues to adjust those estimates upon refinement of market participant assumptions for integrating businesses. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period, but no later than one year from the date of the Interep Acquisition. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized, to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. Final determination of the fair values may result in further adjustments to the values presented in the following table.
The Company recorded $4,880 for customer relationships with an estimated useful life of 7.5 years, and $2,180 for trade names with an estimated useful life of 15 years. The resulting goodwill is primarily attributable to the assembled workforce and expanded market opportunities from the Interep Acquisition. Goodwill recorded in connection with the acquisition was allocated to the travel marketplace segment and is amortizable for income tax purposes. Acquisition costs related to the Interep Acquisition were not material. The Company has included the financial results of Interep in its condensed consolidated financial statements from the Interep Closing Date, which have not been material to date. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the condensed consolidated statements of operations. Consolid Acquisition On May 12, 2023 (the “Consolid Closing Date”), the Company acquired all of the outstanding stock in Consolid Mexico Holding, S.A. P.I. de C.V. ("Consolid") (such transaction referred to as the "Consolid Acquisition”). Consolid is a high-growth, leading travel provider based in Mexico with the main objective of generating higher income for travel agencies in Mexico and around the world through first-class technological tools with products and services. Through this acquisition, the Company expands its geographic footprint in Mexico's domestic and outbound travel market, as well as in other areas of Latin America. The acquisition date fair value of consideration transferred for Consolid is as follows:
In connection with the Consolid Acquisition, the Company agreed to pay cash consideration of $3,406 and an earn-out component up to an aggregate of $1,000 cash and 400,000 shares of Company Class A Common Stock, contingent on Consolid meeting certain adjusted EBITDA targets. The Company intends to claw back the net working capital adjustment of $556 net of future earn-out payments, and therefore, the $556 is recorded net against the fair value of the earn-out liability on the condensed consolidated balance sheet since these amounts have the right to offset. The Company estimated the preliminary fair value of acquired assets and liabilities as of the effective time of the Consolid Acquisition based on information currently available and continues to adjust those estimates upon refinement of market participant assumptions for integrating businesses. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period, but no later than one year from the date of the Consolid Acquisition. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized, to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. Final determination of the fair values may result in further adjustments to the values presented in the following table.
The intangible assets acquired include for customer relationships with a fair value of $924 and an estimated useful life of 8.5 years, as well as trade names with a fair value of $758 and an estimated useful life of 15 years. The Company recorded approximately $1,709 of goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities obtained through the Consolid Acquisition. Goodwill recorded in connection with the acquisition was allocated to the travel marketplace segment and is not deductible for income tax purposes. Acquisition costs related to the Consolid Acquisition were not material. The Company has included the financial results of Consolid in its condensed consolidated financial statements from the Consolid Closing Date, which have not been material to date. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the condensed consolidated statements of operations.
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REVENUE |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE Disaggregation of Revenue The Company believes that the disaggregation based on the reportable segments best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market, and other factors. As described in Note 13, the Company has two reportable segments, travel marketplace and SaaS platform.
Contract Balances The timing of revenue recognition, billing, and cash collection results in the recognition of accounts receivable, contract assets and contract liabilities on the condensed consolidated balance sheets. Contract assets represent unbilled and accrued incentive revenues from airline companies and our GDS service providers based on the achievement of contractual targets defined at contract inception. Contract liabilities, discussed below, are recorded as deferred revenue on the condensed consolidated balance sheets and disclosures. Cash received that are contingent upon the satisfaction of performance obligations are accounted for as deferred revenue. Deferred revenue primarily relates to cash advances received from GDS service providers for future bookings of airline tickets. The opening and closing balances of accounts receivable and deferred revenue are as follows:
During the six months ended June 30, 2023, the Company recognized revenue of $1,830 from the deferred revenue balance as of December 31, 2022. As of June 30, 2023, the Company expects approximately 30% of total deferred revenue to be realized within one year, approximately 35% within to three years and the remaining 35% within to six years.
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INCOME TAXES |
6 Months Ended |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We have assessed our ability to realize our deferred tax assets and have recorded a valuation allowance against such assets to the extent that, based on the weight of all available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. In assessing the likelihood of future realization of our deferred tax assets, we placed significant weight on our history of generating tax losses. As a result, we have a valuation allowance against substantially all of our net deferred tax assets in the United States and certain other jurisdictions. We expect to maintain a valuation allowance in such jurisdictions for the foreseeable future. We determine our provision for income taxes for interim periods using an estimate of our annual effective tax rate. We record any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs, including discrete items. The tax expense arising on account of tax amortization of an indefinite lived intangible asset and the state minimum taxes is calculated based on the discrete approach. The Company recorded a $1,476 liability for an income tax contingency related to the acquisition of Orinter. At the date of acquisition, we recognized an indemnification asset at the same time and on the same basis as the recognized liability, to the extent that collection is reasonably assured, in accordance with ASC 805. The effective income tax rate was (16)% and (11)% on the pre-tax loss for the three and six months ended June 30, 2023, respectively, and (12)% and (3)% for the three and six months ended June 30, 2022, respectively. The effective tax rate differs from the U.S. statutory rate primarily due to the valuation allowance on certain of the Company’s deferred tax assets as not all of the deferred tax assets are more likely than not to be realized.
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COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company may be a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. As of June 30, 2023 the Company currently has two outstanding legal claims that may have a material impact. Litigation Relating to LBF Acquisition. Thomas DeRosa, a shareholder of LBF Travel Management Corp. (f/k/a LBF Travel, Inc.), the entity that sold LBF Travel Holdings, LLC to Mondee, sued LBF Travel Management Corp. and its CEO to recover a portion of the proceeds of the sale of LBF Travel Holdings, LLC to Mondee. Mondee was later added as a party to this litigation via a third-party complaint that alleges, among other things, that Mondee aided and abetted the directors and officers of LBF Travel Management Corp. in breaches of their fiduciary duties in connection with the acquisition. The case remains pending in Federal Court. There is a separate state court action that has been stayed. While the Company believes that they will be successful based on their position, it is nevertheless reasonably possible that the Company could be required to pay any assessed amounts in order to contest or litigate the assessment and an estimate for a reasonably possible range of loss of any such payments cannot be made. On October 13, 2021, Mondee received a summons from Global Collect Services B.V. to appear in the District Court of Amsterdam with respect to a claim of $548 for past dues and outstanding invoices, fees, plus interest and costs of collection. The Company is in current discussions to settle this lawsuit and at this time the Company cannot reasonably estimate the possible loss. Letters of Credit The Company had $7,578 and $7,432 secured letters of credit outstanding as of June 30, 2023 and December 31, 2022, respectively. These primarily relate to securing the payment for the potential purchase of airline tickets in the ordinary course of business and are collateralized by term deposits, for which the contractual obligation is less than a year.
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EMPLOYEE BENEFIT PLAN |
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Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLAN | EMPLOYEE BENEFIT PLAN The Company sponsors a 401(k) defined contribution plan covering its employees in the United States of America. Participants may contribute a portion of their compensation to the 401(k) plan, subject to limitations under the Internal Revenue Code. The Company does not match contributions to its 401(k) plan. The Company’s Gratuity Plan in India (the “India Plan”) provides for a lump sum payment to vested employees on retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. Liabilities with regard to the India Plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and reported as personnel expenses in the condensed consolidated statement of operations. Components of net periodic benefit costs are as follows:
The components of actuarial gain/(loss) on retirement benefits are as follows:
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RELATED PARTY TRANSACTIONS |
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RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS A summary of balances due to and from related parties, and transactions with related parties are as follows:
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In addition to the above transactions, in connection with the Orinter Acquisition, the former owners of Orinter agreed that upon the release of the 903,202 escrow shares from escrow 12 months after the Orinter Closing Date, the former owners will transfer 80,000 of those escrow shares to Asi Ginio, in connection with general advisory services Mr. Ginio provided to the former owners. In July 2023, subsequent to the quarter end, the Company provided financing of $100 to its Chief Financial Officer ("CFO") as part of his relocation package. The promissory note bears an annual interest rate of 3.25% per annum and matures at the earlier of April 2026 or when the CFO's employment with the Company terminates. All outstanding principal, inclusive of any accrued and unpaid interest, is slated for settlement upon maturity of the note. The Company has the option to forgive the obligation in one-third increments which is contingent upon the absence of any breach of the CFO's obligations with the Company and his continued service.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION We have the following reportable segments: travel marketplace and SaaS platform. These reportable segments offer different products and services and are managed separately because the nature of products and services, and methods used to distribute the services are different. Our primary segment measure is Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). Assets, liabilities, one-time legal expenses, income tax expense and other income, net are reviewed on an entity-wide basis by the Chief Operating Decision Maker (“CODM”), and hence are not allocated to these reportable segments. Segment revenue is reported and reviewed by the CODM on a monthly basis. Such amounts are detailed in our segment reconciliation below.
Geographic Information Revenue by geographic area, based on the geographic location of the Company’s subsidiaries, is as follows:
Long-lived assets (excluding capitalized software) and operating lease assets by geographic area is as follows:
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Equity |
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EQUITY | EQUITY Class A Common Stock As of June 30, 2023, the Company had authorized a total of 500,000,000 shares for issuance of common stock, of which 84,242,767 shares are issued and outstanding. Not reflected in the shares issued and outstanding is approximately 97,449 shares related to RSUs that vested during the three months ended June 30, 2023, but have not been settled and issued. As of December 31, 2022, the Company had 82,266,160 shares of the Company's common stock issued and outstanding. Not reflected in the shares issued and outstanding is approximately 331,600 shares related to RSUs that vested in 2022, but had not been settled and issued. Warrants As of June 30, 2023 and December 31, 2022, the Company had the following common stock warrants outstanding:
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STOCK-BASED COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 2022 Equity Incentive Plan The Board adopted, and the stockholders of the Company approved, the 2022 Plan, effective as of the Closing Date. The maximum number of shares of common stock that may be issued pursuant to the 2022 Plan is 9,615,971. Restricted Stock Units RSU activity during the six months ended June 30, 2023 was as follows:
The Company recognized $1,366 and $1,427 in personnel expense for RSUs in the three and six months ended June 30, 2023. The Company recognized $48 and $168, respectively, in general and administrative expense for RSUs in the three and six months ended June 30, 2023. There were no RSUs outstanding during the three and six months ended June 30, 2022 and thus no expense was incurred during those periods. Secondary Sale In June 2023, the Company facilitated the sale of 5,250,000 shares of the Company’s Class A Common Stock at a price of $10.00 per share to investors for an aggregate purchase price of $52,500. Of the 5,250,000 shares that were sold in the transaction, 2,148,783 shares of common stock were sold by current and former employees. The Company did not receive any proceeds from the secondary sale, however, as the shares were sold above fair value, the Company recognized the excess purchase price paid above fair value to current and former employees as stock-based compensation expense. The Company recognized $1,848 in personnel expense on the condensed consolidated statement of operations for the three and six months ended June 30, 2023. Of the 5,250,000 shares sold, 2,122,529 shares, or an aggregate purchase price of $1,825, were sold by related parties of the Company. Earn-out Shares Earn-out shares were issued following the closing of the reverse recapitalization on July 18, 2022. Holders of the earn-out shares are entitled to the right to receive up to an aggregate amount of 9,000,000 shares of common stock. The earn-out shares would vest in equal thirds if the trading price of the Company's common stock was greater than or equal to $12.50, $15.00, and $18.00 for any 20 trading days in any 30 consecutive trading day period, at any time during the period beginning on the first anniversary of the Closing Date and ending on the fourth anniversary of the Closing Date. These earn-out shares were determined to be equity-classified As of June 30, 2023, the earn-out shares were allocated as follows:
Except for the 380,000 earn-out shares allocated on September 12, 2022 and April 20, 2023, the remaining earn-out shares have been legally issued to the respective shareholders and have restrictions that prohibit the shareholders from transferring them until the vesting market conditions are met. These earn-out shares in escrow are not considered outstanding for accounting purposes until resolution of the earn-out contingency. The estimated grant date fair value of these allocated shares was determined using the Monte Carlo simulation method. Assumptions used in the valuation were as follows:
The Company recognized $1,242 and $3,336 of compensation expense for employees to personnel expenses within the condensed consolidated statement of operations for the three and six months ended June 30, 2023, respectively. The non-employee is an advisor to the Company and its stock-based compensation expense of $288 and $573 for the three and six months ended June 30, 2023, respectively was recorded to general and administrative expenses within the condensed consolidated statement of operations. Employee Stock Purchase Plan The Board adopted, and the stockholders of the Company approved, the Employee Stock Purchase Plan ("ESPP") which became effective as of the Closing Date. The ESPP initially reserves and authorizes the issuances of up to a total of 1,923,194 shares of common stock to participating employees. The ESPP permits participants to purchase common stock of up to the lesser of 8% of their eligible compensation or $25,000 per offering period. The initial offering period began May 1, 2023 and will end on October 31, 2023. On each purchase date, participating employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of our common stock on the offering date or (2) the fair market value of our common stock on the purchase date. Stock-based compensation for ESPP for the three and six months ended June 30, 2023 was not material. As of June 30, 2023, the remaining unrecognized stock-based compensation for ESPP is not material.
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NET LOSS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET LOSS PER SHARE | NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2023 and 2022:
The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common shares as of the periods presented because including them would be anti-dilutive:
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RESTRUCTURING EXPENSE (INCOME), NET |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING EXPENSE (INCOME), NET | RESTRUCTURING EXPENSE (INCOME), NET During the three and six months ended June 30, 2023, the Company took actions at some of the office locations to reduce the size of its workforce to optimize efficiency and reduce costs. The Company completed the vast majority of announcements that affected employees by March 2023, including office closures. During the three and six months ended June 30, 2023, the Company recorded a benefit and expense of $168 and $1,361, respectively, within restructuring expense (income), net in the condensed consolidated statements of operations. These expenses are one-time and are primarily related to employee severance and other termination benefits. During the three months ended June 30, 2023, the Company recognized a gain of $337 from the termination of an office lease in India, and when netted against other restructuring charges, resulted in a net benefit of $168 for the period. During the three and six months ended June 30, 2023, the Company made employee severance, other termination benefits, and other restructuring costs payments of $437 and $1,136, respectively. The restructuring activity was completed by the end of June 30, 2023 and the Company does not expect material costs associated with the activity in future periods. Activities related to our restructuring impacted our travel marketplace segment. The following is a roll forward of the outstanding restructuring charges by cost type for the six months ended June 30, 2023:
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SUBSEQUENT EVENTS |
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Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, other than as described below, the Company did not identify any additional subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. Skypass Acquisition On August 12, 2023 (the “Skypass Closing Date”), the Company executed the Share Purchase Agreement to purchase all of the outstanding shares of Skypass Travel Inc., Skypass Travel de Mexico Sa de CV, Skypass Travel Private Limited and Skypass Holidays, LLC (collectively, the "Transferred Companies"). The Transferred Companies comprise an international travel operator specializing in national and international air travel and hotel bookings primarily for travelers and employees associated with international corporations. The Transferred Companies also allow the Company to expand its reach in the cruise and holiday packages travel sectors. In connection with the acquisition, the Company agreed to pay total consideration of (i) $3,000 on the Skypass Closing Date, with an adjustment for working capital, (ii) 900,000 shares of Company Class A Common Stock on the Skypass Closing Date, (iii) 100,000 shares of Company Class A Common Stock within 60 days after each of the first, second and third anniversaries of the Skypass Closing Date, collectively representing approximately a four times multiple of adjusted EBITDA and (iv) an earn-out component up to an aggregate of 1,800,000 shares of Company Class A Common Stock over a four year period contingent on the Transferred Companies meeting certain adjusted EBITDA growth targets, plus an additional percentage of EBITDA that might exceed these growth targets. The Company is estimating the impact of the acquisition on its financial statements as of the date of the financial statements are available to be issued, and expects these estimates to be further refined during the purchase accounting measurement period. The Company has concluded that, due to the limited amount of time since the date of this transaction, in accordance with the accounting guidance, it is impracticable to provide all of the disclosures required for a business combination at the time of this filing.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting. We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. Our interim unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, previously filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of the Company's subsidiaries is generally the respective local currency. For international operations, assets and liabilities are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of accumulated other comprehensive gains (losses) in the accompanying condensed consolidated balance sheets. Foreign currency transaction gains and losses are included in other income, net in the accompanying condensed consolidated statements of operations.
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Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an ongoing basis. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates.
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Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable from customers are recorded at the original invoiced amounts net of an allowance for doubtful accounts. We make estimates of expected credit losses for our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history continually updated for new collections data, the credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect our ability to collect from customers. The provision for estimated credit losses is recorded in accounts receivable, net of allowance on our condensed consolidated balance sheets.
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Foreign Currency Exchange Transactions | Foreign Currency Exchange DerivativesThe Company is exposed to foreign currency fluctuations and enters into foreign currency exchange derivative financial instruments to reduce the exposure to variability in certain expected future cash flows. The Company uses foreign currency forward contracts with maturities of up to four months to hedge a portion of anticipated exposures. These contracts are not designated as hedging instruments and changes in fair value are recorded in other income, net on the condensed consolidated statement of operations. Realized gains and losses from the settlement of the derivative assets and liabilities are classified as operating activities on the condensed consolidated statement of cash flows. The foreign currency exchange derivatives are recognized on the condensed consolidated balance sheet at fair value within accrued expenses and other current liabilities. The Company does not hold or issue derivatives for trading purposes. |
Revenue Recognition | Revenue Recognition Our revenues are predominantly generated by providing online travel reservation services, which principally allow travelers to book travel reservations with travel suppliers through our technology solutions. These services are primarily related to reservation of airline tickets. They also include, to a lesser extent, services related to the reservation of hotel accommodations, rental cars, travel packages and purchases of travel insurance and other travel products and services. We have determined the nature of our promise is to arrange for travel services to be provided by travel suppliers, and are therefore an agent in the transaction, whereby we record as revenue the net commission we receive in exchange for our travel reservation services. In these transactions, the travel supplier is determined to be our customer. Travel suppliers consist of Global Distribution System (“GDS”) service providers and airline companies. Our revenue is earned through mark-up fees and commissions, and is recorded net of estimated cancellation, refunds, and chargebacks. Revenue is recognized when the traveler completes a reservation, as our performance obligation is satisfied upon issuance of the ticket or reservation details to the traveler. From time to time, the Company issues credits or refunds to the traveler in the event of cancellations. Additionally, when travel bookings are made, there is a risk of transaction losses as a result of chargebacks pursued by payment processors in connection with fraudulent charges. We record estimates for chargebacks against our mark-up fees or commission earned upon travel bookings as variable consideration. We record estimates for losses related to chargebacks of the travel supplier cost as sales and marketing expense. Reserves are recorded based on our assessment of various factors, including the amounts of actual chargeback activity during the current year. We earn incentives from airline companies that are recognized based on the achievement of contractual targets, which primarily relate to the volume of airline ticket bookings that have taken place, and consequently, are not subject to cancellation. We also receive incentives from our GDS service providers based on the volume of segment bookings mediated by us through the GDS systems. Incentive payments from airline companies and GDS service providers are recognized when performance targets are achieved, as it is probable that a significant reversal of any incremental revenue will not occur. This revenue is recognized net of variable consideration, including cancellations, refunds, and shortfall penalty fees, as applicable. In Brazil and Mexico, the Company partners with financing companies to allow travelers the possibility of purchasing the product of their choice through financing plans established, offered and administrated by such financing companies. Participating financing companies bear full risk of fraud, delinquency, or default by travelers. When travelers elect to finance their purchase, we receive payments from financing companies as installments become due regardless of when the traveler makes the scheduled payments. In most cases, we receive payments before travel occurs or during travel, and the period between completion of booking and receipt of scheduled payments is typically one year or less. The Company uses the practical expedient and does not recognize a significant financing component when the difference between payment and revenue recognition is less than a year. In partnering with the financing companies mentioned above, the Company has the option to collect payments upfront or receive in installments as they become due. Upfront payments are determined to be factoring transactions, and therefore financing fees associated with these payments are recorded within interest expense. Financing fees for payments received in installments are recorded within sales and marketing expense. During the three and six months ended June 30, 2023, the Company incurred factoring fees of $697 and $1,075, respectively, which represents 10% and 8%, respectively, of the total other income, net on the condensed consolidated statements of operations. In addition to travel-related revenue, we also earn incentives from fintech programs held with banks and financial institutions, which we leverage in our payment processing and settlement platform. Our fintech programs include a wide array of payment options, such as credit cards, wallets, alternate payment methods, and next generation fraud protection tools. These incentives received are based on the aggregate transaction amounts processed by us. Our Rocketrip platform offers a corporate travel cost savings solution through its technology platform. We generate subscription revenues from customers who are provided access to our platform as software-as-a-service ("SaaS"). When the customer signs up to use the platform, payment is collected upfront. Subscription revenue is recognized on a straight-line basis over the term of the agreement using a time-based measure of progress, as the nature of the Company’s promise to the customer is to stand ready to provide platform access. TripPlanet is an end-to-end business travel platform for small-to-medium sized enterprises, membership organizations, associations, educational institutions, and non-governmental organizations. The platform combines the Company's global content hub, marketplace, and conversational commerce engine to provide organizations discounted rates for airfare, hotels, and car rentals using our private platform. Individuals within these organizations can also utilize the platform for leisure travel. When the customer signs up to use the platform, payment is collected upfront. Subscription revenue is recognized on a straight-line basis over the term of the agreement using a time-based measure of progress, as the nature of the Company’s promise to the customer is to stand ready to provide platform access. The subscription term is generally one month or one year depending on the type of subscription purchased. The Company also earns variable consideration from commissions and margins earned from each travel booking made on the platform. The Company applies the series guidance variable consideration estimation exception to recognize the variable fees upon the completion of travel bookings as this is when our performance obligation is satisfied. Unpub provides consumer groups access to a subscription-based private membership travel platform where they can purchase flights, reserve hotel rooms and rental cars, and receive member benefits. When the customer signs up to use the platform, payment is collected upfront. Subscription revenue is recognized on a straight-line basis over the term of the agreement using a time-based measure of progress, as the nature of the Company’s promise to the customer is to stand ready to provide platform access. The subscription term is generally for one year. The Company also earns variable consideration from commissions and margins earned from each travel booking made on the platform. The Company applies the series guidance variable consideration estimation exception to recognize the variable fees upon the completion of travel bookings as this is when our performance obligation is satisfied.
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Certain Risks and Concentrations | Certain Risks and Concentrations Our business is subject to certain risks and concentrations including dependence on relationships with travel suppliers, primarily airlines, dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on GDS service providers and third-party service providers for certain fulfillment services. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Significant concentrations are those that represent more than 10% of the Company's total revenue or total accounts receivable and contract assets. As of June 30, 2023, there were two financing companies that accounted for 63% and 13% of the total accounts receivable balance at period end. As of December 31, 2022, two customers accounted for 23% of total accounts receivable and contract assets. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. The Company’s accounts receivable comprises of amounts due from affiliates, airline companies, GDS service providers and financing companies, which are well established institutions that the Company believes to be of high quality. The Company reviews accounts receivable balances to estimate the expected credit loss and record it within the allowance for doubtful accounts. The Company’s cash and cash equivalents are on deposit with major financial institutions. Such deposits may be in excess of insured limits. The Company has not experienced any losses due to institutional failure or bankruptcy.
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Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” or ASU No. 2016-13. The amendments in ASU No. 2016-13 introduce an approach based on expected losses to estimated credit losses on certain types of financial instruments, modify the impairment model for available-for-sale debt securities and provide for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new standard requires financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The Company adopted ASU 2016-13 as of January 1, 2023 with no material impact to its condensed consolidated financial statements. In October 2021, the FASB issued new guidance related to recognizing and measuring contract assets and contract liabilities from contracts with customers acquired in a business combination. The new guidance will require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination as compared to current U.S. GAAP where an acquirer generally recognizes such items at fair value on the acquisition date. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance as of January 1, 2023 and applied Topic 606 to recognize and measure contract assets and contract liabilities of business combinations executed beginning January 1, 2023 and onwards. Recently Issued Accounting Pronouncements Not Yet Adopted The Company has considered the applicability of recently issued accounting pronouncements by the FASB and have determined that they are either not applicable or are not expected to have a material impact on the Company's condensed consolidated financial statements.
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Change in Financial Statement Presentation | Change in Financial Statement PresentationIn connection with the preparation of its condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022, the Company changed the presentation of “Sales and other Expense” and “Marketing Expense” within the condensed consolidated statement of operations. The Company combined “Sales and other Expense” and “Marketing Expense” into “Sales and Marketing Expense”. The change is a result of an increased overlap between the nature and purpose of expenses that fall within these groups. This change in presentation has been applied retrospectively and does not change any previously reported subtotals or totals on the condensed consolidated statement of operations and comprehensive loss. |
IMMATERIAL CORRECTIONS OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL INFORMATION (Tables) |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The following table summarizes the effect of the revision on the affected financial statement line items, corresponding to the Company’s presentation of the relevant financial statement line item in the period relevant to the error:
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GOODWILL AND INTANGIBLE ASSETS, NET (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Goodwill by reportable segments | The following table presents the changes in goodwill by reportable segments:
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Finite-Lived Intangible Assets Amortization Expense | Definite-life intangible assets, net consisted of the following as of June 30, 2023:
Definite-life intangible assets, net consisted of the following as of December 31, 2022:
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Schedule of estimated future amortization expense | The estimated future amortization expense related to intangible assets with definite lives is as follows:
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DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding loan arrangements | The following table summarizes the Company's outstanding borrowing arrangements, excluding governmental loans:
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FAIR VALUE MEASUREMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measured on Recurring Basis | The following table sets forth the Company’s financial liabilities that were measured at fair value, on a recurring basis:
______________________________
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Schedule of Changes in the Fair Value of Warrant Liabilities | The following tables summarizes the fair value adjustments for liabilities measured using significant unobservable inputs (Level 3): Earn-out consideration
Private placement warrant liability
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Schedule of significant inputs to the Monte Carlo Simulation for the fair value | The valuation model utilized the following assumptions for the valuation of the earn-out liabilities as of June 30, 2023:
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BUSINESS COMBINATIONS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of acquisition date fair value of purchase consideration | The acquisition date fair value of consideration transferred for Orinter is as follows:
i.Cash consideration of $20,020 paid and $1,536 holdback consideration transferred to an escrow account as a guarantee in case of necessity of reimbursement, payment and/or use by Orinter for fulfillment of obligations of Orinter deriving from customers credits and customers prepayment. ii.Issuance of 1,726,405 shares of common stock to be maintained in an escrow account. The release of the shares are as follows: (a) 903,202 after a period of 12 months from the Orinter Closing Date, and (b) 823,203 shares after a period of 24 months from the Orinter Closing Date. iii.The purchase price consideration includes an earn-out obligation of $10,000 (paid in equal installments over 3 years) contingent on Orinter meeting EBITDA targets of $10,500, $11,500, and $12,500, for the years ended December 31, 2024, 2025 and 2026, respectively. The acquisition date fair value of consideration transferred for Interep is as follows:
The acquisition date fair value of consideration transferred for Consolid is as follows:
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Summary of fair values of assets acquired and liabilities assumed | The Company estimated the preliminary fair value of acquired assets and liabilities as of the effective time of the business combination based on information currently available and continues to adjust those estimates upon refinement of market participant assumptions for integrating businesses. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period, but no later than one year from the date of the Business Combination. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments to the values presented in the following table.
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Summary of identifiable intangible assets and estimated useful lives | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
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Summary of pro forma information | Actual results may differ from the unaudited combined pro forma information presented below:
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REVENUE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | As described in Note 13, the Company has two reportable segments, travel marketplace and SaaS platform.
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Schedule of Contract Balances | The opening and closing balances of accounts receivable and deferred revenue are as follows:
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EMPLOYEE BENEFIT PLAN (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic benefit costs | Components of net periodic benefit costs are as follows:
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Schedule of components of actuarial loss / (gain) on retirement benefits | The components of actuarial gain/(loss) on retirement benefits are as follows:
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RELATED PARTY TRANSACTIONS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party balances and transactions | A summary of balances due to and from related parties, and transactions with related parties are as follows:
_________________________
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amounts detailed in segment reconciliation | Such amounts are detailed in our segment reconciliation below.
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Schedule of revenue by geographic area | Revenue by geographic area, based on the geographic location of the Company’s subsidiaries, is as follows:
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Long-lived assets and operating lease assets by geographical areas | Long-lived assets (excluding capitalized software) and operating lease assets by geographic area is as follows:
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Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants outstanding to purchase shares of common stock | As of June 30, 2023 and December 31, 2022, the Company had the following common stock warrants outstanding:
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STOCK-BASED COMPENSATION (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Incentive Units and RSU activity | RSU activity during the six months ended June 30, 2023 was as follows:
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Schedule of Allocation of Earn-Out Shares | As of June 30, 2023, the earn-out shares were allocated as follows:
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Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | Assumptions used in the valuation were as follows:
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NET LOSS PER SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2023 and 2022:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common shares as of the periods presented because including them would be anti-dilutive:
______________________________
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RESTRUCTURING EXPENSE (INCOME), NET (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Costs | Activities related to our restructuring impacted our travel marketplace segment. The following is a roll forward of the outstanding restructuring charges by cost type for the six months ended June 30, 2023:
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IMMATERIAL CORRECTIONS OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL INFORMATION - Summary of Revision of Financial Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenues, net | $ 56,771 | $ 45,656 | $ 106,700 | $ 84,723 |
Marketing expenses | 28,041 | 51,962 | ||
Sales and other expenses | 4,366 | 7,854 | ||
Total operating expenses | $ 62,623 | 43,990 | $ 117,199 | 83,741 |
As Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenues, net | 42,650 | 80,303 | ||
Marketing expenses | 25,847 | 49,018 | ||
Sales and other expenses | 3,554 | 6,378 | ||
Total operating expenses | 40,984 | 79,321 | ||
Adjustments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenues, net | 3,006 | 4,420 | ||
Marketing expenses | 2,194 | 2,944 | ||
Sales and other expenses | 812 | 1,476 | ||
Total operating expenses | $ 3,006 | $ 4,420 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
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Accounts receivable factoring fee expense | $ 697 | $ 1,075 | |
Credit Concentration Risk | Accounts Receivable Factoring Fees | Operating Expense | |||
Concentration risk | 10.00% | 8.00% | |
Credit Concentration Risk | Accounts Receivable | Customer 1 | |||
Concentration risk | 63.00% | ||
Credit Concentration Risk | Accounts Receivable | Customer 2 | |||
Concentration risk | 13.00% | ||
Credit Concentration Risk | Accounts Receivable | Customer 1 and 2 | |||
Concentration risk | 23.00% |
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill By Segment (Details) $ in Thousands |
6 Months Ended |
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Jun. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning Balance | $ 66,420 |
Additions | 9,172 |
Impairment charges | 438 |
Ending Balance | 76,030 |
Travel Marketplace | |
Goodwill [Roll Forward] | |
Beginning Balance | 58,999 |
Additions | 9,172 |
Impairment charges | 438 |
Ending Balance | 68,609 |
SaaS Platform | |
Goodwill [Roll Forward] | |
Beginning Balance | 7,421 |
Additions | 0 |
Impairment charges | 0 |
Ending Balance | $ 7,421 |
GOODWILL AND INTANGIBLE ASSETS, NET- Definite Life Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
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Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 130,843 | $ 91,107 |
Accumulated Amortization | (50,111) | (45,765) |
Net Carrying Amount | 80,732 | 45,342 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 89,402 | 60,778 |
Accumulated Amortization | (32,569) | (29,288) |
Net Carrying Amount | 56,833 | 31,490 |
Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 20,692 | 9,580 |
Accumulated Amortization | (5,767) | (5,295) |
Net Carrying Amount | 14,925 | 4,285 |
Acquired technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,430 | 7,430 |
Accumulated Amortization | (7,430) | (7,430) |
Net Carrying Amount | 0 | 0 |
Supplier relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,767 | 5,767 |
Accumulated Amortization | (1,346) | (1,153) |
Net Carrying Amount | 4,421 | 4,614 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,220 | 7,220 |
Accumulated Amortization | (2,667) | (2,267) |
Net Carrying Amount | 4,553 | 4,953 |
Covenants not to compete | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 332 | 332 |
Accumulated Amortization | (332) | (332) |
Net Carrying Amount | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
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Acquired Indefinite-Lived Intangible Assets [Line Items] | |||||
Amortization expense for intangible assets | $ 2,329 | $ 1,584 | $ 4,290 | $ 3,169 | |
Trade names | |||||
Acquired Indefinite-Lived Intangible Assets [Line Items] | |||||
Intangible assets with indefinite lives | $ 12,028 | $ 12,028 | $ 12,028 |
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 (remaining six months) | $ 4,992 | |
2024 | 9,983 | |
2025 | 9,805 | |
2026 | 9,449 | |
2027 | 9,449 | |
Thereafter | 37,054 | |
Net Carrying Amount | $ 80,732 | $ 45,342 |
DEBT - Outstanding borrowing arrangements, excluding PPP and other governmental loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total outstanding principal balance | $ 168,635 | $ 152,782 |
Total debt | 153,760 | 134,396 |
Less: Current portion of long-term debt | (8,250) | (7,514) |
Long-term debt, excluding current portion | 145,510 | 126,882 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Total outstanding principal balance | 104,371 | 106,250 |
Less: unamortized debt issuance costs and discounts | (14,541) | (18,386) |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Total outstanding principal balance | 14,816 | 0 |
Less: unamortized debt issuance costs and discounts | (334) | 0 |
Term Loan B payment in-kind interest | ||
Debt Instrument [Line Items] | ||
Total outstanding principal balance | 49,201 | 46,518 |
Term Loan A payment in-kind interest | ||
Debt Instrument [Line Items] | ||
Total outstanding principal balance | 247 | 0 |
Others | ||
Debt Instrument [Line Items] | ||
Total outstanding principal balance | $ 0 | $ 14 |
DEBT - TCW Credit Agreement (Details) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 11, 2023
USD ($)
loan
|
Dec. 23, 2019
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jan. 31, 2023 |
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Proceeds from long term debt | $ 15,000 | $ 0 | ||||
Total debt | 153,760 | $ 134,396 | ||||
Wingspire Capital LLC | ||||||
Debt Instrument [Line Items] | ||||||
Number of loans | loan | 2 | |||||
Brazil | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of interest acquired | 100.00% | |||||
Orinter | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of interest acquired | 100.00% | |||||
Term Loan B | Level 3 | ||||||
Debt Instrument [Line Items] | ||||||
Estimated fair value of TCW credit agreement | 140,033 | $ 143,651 | ||||
Term Loan B | Secured Debt | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Minimum aggregate principal amount | $ 150,000 | |||||
Term Loan B | Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Minimum aggregate principal amount | $ 15,000 | |||||
Commitment fee (in percent) | 1.00% | |||||
Term Loan B | Revolving Credit Facility | Line of Credit | Wingspire Capital LLC | ||||||
Debt Instrument [Line Items] | ||||||
Minimum aggregate principal amount | $ 15 | |||||
Wingspire Capital, Term Loan | Wingspire Capital LLC | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from long term debt | 15,000 | |||||
Wingspire Capital, Term Loan | Level 3 | ||||||
Debt Instrument [Line Items] | ||||||
Estimated fair value of TCW credit agreement | $ 13,734 | |||||
Term Loan A | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate | 17.00% | |||||
Term Loan A | Wingspire Capital LLC | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 30,000 | |||||
Term Loan A | Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Term Loan A increase limit | 20,000 | |||||
EBITDA threshold minimum | 25,000 | |||||
Minimum draw threshold | 5,000 | |||||
Term Loan B | Wingspire Capital LLC | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 137,753 | |||||
Orinter | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate | 24.00% | 16.00% |
FAIR VALUE MEASUREMENT - Financial assets and liabilities that were measured at fair value, on a recurring basis (Details) - USD ($) |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
May 12, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Feb. 01, 2021 |
|
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Warrants outstanding (in shares) | 1,507,500 | ||||||||
Maximum foreign currency forwards maturity | 4 months | ||||||||
Private Placement Warrants | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Warrants outstanding (in shares) | 232,500 | 675,000 | |||||||
Consolid | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out component aggregate | $ 1,000 | ||||||||
Number of shares receivable as merger consideration (in shares) | 400,000 | ||||||||
Interep | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out component aggregate | $ 3,000,000 | ||||||||
Number of shares receivable as merger consideration (in shares) | 411,000 | ||||||||
Orinter | Earn Out Liability | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out obligation | $ 10,000,000 | ||||||||
Fair Value, Recurring | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Foreign currency exchange derivatives(5) | $ 289,000 | ||||||||
Total liabilities | 9,540,000 | ||||||||
Fair Value, Recurring | Private Warrants | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Warrant liability - private warrants | 921,000 | $ 1,293,000 | |||||||
Fair Value, Recurring | Orinter | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 4,220,000 | ||||||||
Fair Value, Recurring | Consolid | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 2,630,000 | ||||||||
Fair Value, Recurring | Interep | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 1,480,000 | ||||||||
Fair Value, Recurring | Level 1 | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Foreign currency exchange derivatives(5) | 0 | ||||||||
Total liabilities | 0 | ||||||||
Fair Value, Recurring | Level 1 | Private Warrants | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Warrant liability - private warrants | 0 | 0 | |||||||
Fair Value, Recurring | Level 1 | Orinter | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 0 | ||||||||
Fair Value, Recurring | Level 1 | Consolid | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 0 | ||||||||
Fair Value, Recurring | Level 1 | Interep | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 0 | ||||||||
Fair Value, Recurring | Level 2 | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Foreign currency exchange derivatives(5) | 289,000 | ||||||||
Total liabilities | 289,000 | ||||||||
Fair Value, Recurring | Level 2 | Private Warrants | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Warrant liability - private warrants | 0 | 0 | |||||||
Fair Value, Recurring | Level 2 | Orinter | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 0 | ||||||||
Fair Value, Recurring | Level 2 | Consolid | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 0 | ||||||||
Fair Value, Recurring | Level 2 | Interep | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 0 | ||||||||
Fair Value, Recurring | Level 3 | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Foreign currency exchange derivatives(5) | 0 | ||||||||
Total liabilities | 9,251,000 | ||||||||
Fair Value, Recurring | Level 3 | Earn Out Liability | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out obligation | 8,330,000 | $ 3,890,000 | 0 | $ 2,000 | $ 762,000 | $ 597,000 | |||
Fair Value, Recurring | Level 3 | Private Warrants | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Warrant liability - private warrants | 921,000 | 1,293,000 | |||||||
Earn-out obligation | 921,000 | $ 1,314,000 | $ 1,293,000 | $ 0 | $ 0 | $ 0 | |||
Fair Value, Recurring | Level 3 | Orinter | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 4,220,000 | ||||||||
Fair Value, Recurring | Level 3 | Consolid | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | 2,630,000 | ||||||||
Fair Value, Recurring | Level 3 | Interep | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||||
Earn-out consideration | $ 1,480,000 |
FAIR VALUE MEASUREMENT - Fair value adjustments for earn-out consideration measured using significant unobservable inputs (level 3) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value Recurring Extensible Enumeration | Change in the estimated fair value of warrants | |||
Fair Value, Recurring | Level 3 | Private Warrants | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair value as beginning | $ 1,314 | $ 0 | $ 1,293 | $ 0 |
Change in the estimated fair value of earn-out consideration | (393) | 0 | (372) | 0 |
Fair value as ending | 921 | 0 | 921 | 0 |
Fair Value, Recurring | Level 3 | Earn Out Liability | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair value as beginning | 3,890 | 762 | 0 | 597 |
Change in the estimated fair value of earn-out consideration | 530 | (760) | 701 | (595) |
Fair value as ending | 8,330 | 2 | 8,330 | 2 |
Fair Value, Recurring | Level 3 | Earn Out Liability | Orinter | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Additions of earn-out consideration with the acquisition of Orinter | 0 | 0 | 3,719 | 0 |
Fair Value, Recurring | Level 3 | Earn Out Liability | Interep | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Additions of earn-out consideration with the acquisition of Orinter | 1,390 | 0 | 1,390 | 0 |
Fair Value, Recurring | Level 3 | Earn Out Liability | Consolid | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Additions of earn-out consideration with the acquisition of Orinter | $ 2,520 | $ 0 | $ 2,520 | $ 0 |
FAIR VALUE MEASUREMENT - Measurement Inputs (Details) - Private Placement Warrants |
Jun. 30, 2023
$ / shares
|
Dec. 31, 2022
$ / shares
|
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term (in years) | 4 years 1 month 6 days | 4 years 7 months 6 days |
Stock price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Stock price | $ 8.91 | $ 10.88 |
Expected volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, measurement input | 0.620 | 0.600 |
Risk-free rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, measurement input | 0.043 | 0.041 |
Dividend yield | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, measurement input | 0 | 0 |
FAIR VALUE MEASUREMENT - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Changes in fair value of warrant liability | $ (393) | $ 0 | $ (372) | $ 0 |
Foreign currency transaction gain (loss) | 117 | 129 | ||
Private Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Changes in fair value of warrant liability | 393 | 372 | ||
Foreign Exchange Forward | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notional amount of foreign currency forward contract | $ 6,404 | $ 6,404 |
FAIR VALUE MEASUREMENT - Fair Value Measurement of Earn-Out Consideration (Details) - Level 3 $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Orinter | Cost of equity | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.270 |
Orinter | EBITDA volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.480 |
Orinter | Equity volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.590 |
Orinter | Required metric risk premium | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.220 |
Orinter | Management's projected EBITDA | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 11,121 |
Orinter | Management's projected EBITDA | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 13,485 |
Orinter | Risk-neutral adjustment factor | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.95 |
Orinter | Risk-neutral adjustment factor | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.78 |
Orinter | Risk-neutral EBITDA | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 10,578 |
Orinter | Risk-neutral EBITDA | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 10,398 |
Interep | Cost of equity | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.320 |
Interep | EBITDA volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 1.050 |
Interep | Equity volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.590 |
Interep | Required metric risk premium | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.570 |
Interep | Management's projected EBITDA | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 5,085 |
Interep | Management's projected EBITDA | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 6,628 |
Interep | Risk-neutral adjustment factor | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.57 |
Interep | Risk-neutral adjustment factor | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.89 |
Interep | Risk-neutral EBITDA | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 3,621 |
Interep | Risk-neutral EBITDA | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 4,672 |
Consolid | Cost of equity | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.280 |
Consolid | EBITDA volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.630 |
Consolid | Equity volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.590 |
Consolid | Required metric risk premium | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.300 |
Consolid | Management's projected EBITDA | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 1,596 |
Consolid | Management's projected EBITDA | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 1,993 |
Consolid | Risk-neutral adjustment factor | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.89 |
Consolid | Risk-neutral adjustment factor | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 0.82 |
Consolid | Risk-neutral EBITDA | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 1,385 |
Consolid | Risk-neutral EBITDA | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Earn-out consideration, measurement input | 1,591 |
BUSINESS COMBINATIONS - Acquisition date fair value of purchase consideration (Details) - USD ($) $ in Thousands |
May 12, 2023 |
Jan. 31, 2023 |
---|---|---|
Orinter | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 21,556 | |
Issuance of Class A Common Stock | 16,037 | |
Fair value of earn-out consideration | 3,719 | |
Total purchase price consideration | 41,312 | |
Cash paid at close | 20,020 | |
Escrow deposit | $ 1,536 | |
Earn-out period (in years) | 3 years | |
Orinter | Common Class A | ||
Business Acquisition [Line Items] | ||
Number of shares receivable as merger consideration (in shares) | 1,726,405,000 | |
Orinter | Period One | Common Class A | ||
Business Acquisition [Line Items] | ||
Maintained in escrow, term (in days, months) | 12 months | |
Shares acquired, maintained in escrow (in shares) | 903,202,000 | |
Orinter | Period Two | Common Class A | ||
Business Acquisition [Line Items] | ||
Maintained in escrow, term (in days, months) | 24 months | |
Shares acquired, maintained in escrow (in shares) | 823,203,000 | |
Orinter | Earn Out Liability | ||
Business Acquisition [Line Items] | ||
Earn-out obligation | $ 10,000 | |
Orinter | Earn Out Liability | Earn Out Period One | ||
Business Acquisition [Line Items] | ||
Earn out condition, adjusted earnings target | 10,500 | |
Orinter | Earn Out Liability | Earn Out Period Two | ||
Business Acquisition [Line Items] | ||
Earn out condition, adjusted earnings target | 11,500 | |
Orinter | Earn Out Liability | Earn Out Period Three | ||
Business Acquisition [Line Items] | ||
Earn out condition, adjusted earnings target | $ 12,500 | |
Interep | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 4,000 | |
Issuance of Class A Common Stock | 3,097 | |
Fair value of earn-out consideration | 1,390 | |
Total purchase price consideration | $ 9,170 | |
Number of shares receivable as merger consideration (in shares) | 411,000 | |
Consolid | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 3,406 | |
Fair value of earn-out consideration | 2,520 | |
Total purchase price consideration | $ 5,926 | |
Number of shares receivable as merger consideration (in shares) | 400,000 |
BUSINESS COMBINATIONS - Fair values of assets acquired and liabilities assumed as of the date of acquisition (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
May 12, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 76,030 | $ 66,420 | ||
Orinter | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 624 | |||
Accounts receivable | 40,431 | |||
Prepaid expenses and other current assets | 1,447 | |||
Property and equipment | 336 | |||
Operating lease liabilities | 103 | |||
Goodwill | 6,905 | |||
Operating lease right-of-use-assets | 172 | |||
Intangible assets | 29,180 | |||
Fair value of assets acquired | 79,095 | |||
Accounts payable | 31,243 | |||
Accrued expenses and other current liabilities | 6,437 | |||
Fair value of liabilities assumed | 37,783 | |||
Total purchase consideration | $ 41,312 | |||
Interep | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 2,925 | |||
Accounts receivable | 21,697 | |||
Prepaid expenses and other current assets | 683 | |||
Property and equipment | 61 | |||
Operating lease liabilities | 63 | |||
Goodwill | 558 | |||
Operating lease right-of-use-assets | 63 | |||
Other non-current assets | 9 | |||
Deferred income tax assets | 265 | |||
Intangible assets | 7,060 | |||
Fair value of assets acquired | 33,321 | |||
Accounts payable | 22,962 | |||
Accrued expenses and other current liabilities | 1,112 | |||
Other long-term liabilities | 14 | |||
Fair value of liabilities assumed | 24,151 | |||
Total purchase consideration | 9,170 | |||
Consolid | ||||
Business Acquisition [Line Items] | ||||
Cash | 4,050 | |||
Accounts receivable | 3,569 | |||
Prepaid expenses and other current assets | 1,236 | |||
Property and equipment | 90 | |||
Operating lease liabilities | 143 | |||
Operating lease right-of-use-assets | 143 | |||
Other non-current assets | 41 | |||
Deferred income tax assets | 1,067 | |||
Intangible assets | 1,682 | |||
Fair value of assets acquired | 13,587 | |||
Accounts payable | 5,441 | |||
Accrued expenses and other current liabilities | 1,261 | |||
Deferred income tax | 505 | |||
Other long-term liabilities | 311 | |||
Fair value of liabilities assumed | 7,661 | |||
Total purchase consideration | 5,926 | |||
Consolid | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,709 |
BUSINESS COMBINATIONS - Fair value of identifiable intangible assets and their estimated useful lives (Details) $ in Thousands |
Jan. 31, 2023
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Fair value | $ 29,180 |
Customer relationships | |
Business Acquisition [Line Items] | |
Useful life (years) | 11 years |
Fair value | $ 21,500 |
Trade names | |
Business Acquisition [Line Items] | |
Useful life (years) | 15 years |
Fair value | $ 7,680 |
BUSINESS COMBINATIONS - Additional information (Details) |
May 12, 2023
USD ($)
numberOfInstallment
shares
|
Jan. 31, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Clawback amount | $ 556,000 | |||
Fair value | $ 29,180,000 | |||
Goodwill | $ 76,030,000 | $ 66,420,000 | ||
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Fair value | $ 21,500,000 | |||
Useful life (years) | 11 years | |||
Trade names | ||||
Business Acquisition [Line Items] | ||||
Fair value | $ 7,680,000 | |||
Useful life (years) | 15 years | |||
Orinter | ||||
Business Acquisition [Line Items] | ||||
Revenue of acquiree | $ 24,923,000 | |||
Pretax net income of acquiree | 5,359,000 | |||
Cash consideration | 21,556,000 | |||
Goodwill | $ 6,905,000 | |||
Interep | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | 4,000,000 | |||
Deferred payment | $ 720,000 | |||
Number of payment installments | numberOfInstallment | 36 | |||
Number of shares receivable as merger consideration (in shares) | shares | 411,000 | |||
Other consideration - travel credit | $ 50,000 | |||
Earn-out component aggregate | 3,000,000 | |||
Goodwill | 558,000 | |||
Interep | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Fair value | $ 4,880,000 | |||
Useful life (years) | 7 years 6 months | |||
Interep | Trade names | ||||
Business Acquisition [Line Items] | ||||
Fair value | $ 2,180,000 | |||
Useful life (years) | 15 years | |||
Consolid | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 3,406,000 | |||
Number of shares receivable as merger consideration (in shares) | shares | 400,000 | |||
Earn-out component aggregate | $ 1,000 | |||
Consolid | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Fair value | $ 924,000 | |||
Useful life (years) | 8 years 6 months | |||
Goodwill | $ 1,709,000 | |||
Consolid | Trade names | ||||
Business Acquisition [Line Items] | ||||
Fair value | $ 758,000 | |||
Useful life (years) | 15 years |
BUSINESS COMBINATIONS - Pro Forma Revenue (Details) - Orinter - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Business Acquisition [Line Items] | ||||
Revenue | $ 15,872 | $ 10,560 | $ 29,343 | $ 19,452 |
Net earnings | $ 3,211 | $ 1,554 | $ 5,046 | $ 1,806 |
BUSINESS COMBINATIONS - Fair Value Consideration (Details) - Interep $ in Thousands |
May 12, 2023
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Cash consideration | $ 4,633 |
Issuance of Class A Common Stock | 3,097 |
Other consideration - travel credit | 50 |
Fair value of earn-out consideration | 1,390 |
Total purchase consideration | $ 9,170 |
REVENUE - Disaggregation of revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 56,771 | $ 45,656 | $ 106,700 | $ 84,723 |
Travel Marketplace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | 56,652 | 45,403 | 106,201 | 84,178 |
SaaS Platform | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 119 | $ 253 | $ 499 | $ 545 |
REVENUE - Contract balances (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |
Accounts receivables, beginning balance | $ 21,733 |
Accounts receivables, increase/(decrease), net | 88,939 |
Accounts receivables, ending balance | 110,672 |
Contract asset, beginning balance | 5,794 |
Contract Asset, Increase/(decrease), net | 9,545 |
Contract asset, ending balance | 15,339 |
Deferred revenue, beginning balance | (20,484) |
Deferred Revenue, Increase/(decrease), net | (985) |
Deferred revenue, ending balance | $ (19,499) |
REVENUE - Additional information (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
segment
| |
Disaggregation of Revenue [Line Items] | |
Number of reportable segments | segment | 2 |
Revenue recognition is included in contract liability | $ | $ 1,830 |
Percentage of deferred revenue to be realized in the first year, percentage | 30.00% |
Deferred revenue realization term | 1 year |
Percentage of deferred revenue to be realized second milestone, percentage | 35.00% |
Percentage of deferred revenue to be realized third milestone, percentage | 35.00% |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Deferred revenue realization, second term | 1 year |
Deferred revenue realization, third term | 4 years |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Deferred revenue realization, second term | 3 years |
Deferred revenue realization, third term | 6 years |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Contingency [Line Items] | ||||
Effective tax rate, percent | (16.00%) | (12.00%) | (11.00%) | (3.00%) |
Orinter | ||||
Income Tax Contingency [Line Items] | ||||
Liability for tax contingency | $ 1,476 | $ 1,476 |
COMMITMENTS AND CONTINGENCIES - Additional information (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
claim
|
Oct. 13, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
---|---|---|---|
Line of Credit Facility [Line Items] | |||
Number of outstanding claims | claim | 2 | ||
Global Collect Services B.V. | |||
Line of Credit Facility [Line Items] | |||
Collection claim | $ 548 | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Secured letters of credit outstanding | $ 7,578 | $ 7,432 |
EMPLOYEE BENEFIT PLAN - Summary of Components of net periodic benefit costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Defined Benefit Plan [Abstract] | ||||
Current service cost | $ 25 | $ 2 | $ 62 | $ 23 |
Interest cost | 7 | 2 | 18 | 8 |
Net actuarial (gain) recognized in the period | (72) | (12) | (162) | (15) |
Expenses recognized in the condensed consolidated statement of operations | $ (40) | $ (8) | $ (82) | $ 16 |
EMPLOYEE BENEFIT PLAN - Summary of components of actuarial gain on retirement benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Defined Benefit Plan [Abstract] | ||||
Actuarial gain for the period obligation | $ 72 | $ 12 | $ 162 | $ 15 |
Actuarial gain for the period plan assets | 0 | 0 | 0 | 0 |
Actuarial gain for the period | $ 72 | $ 12 | $ 162 | $ 15 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
May 12, 2023 |
Mar. 10, 2023 |
May 11, 2021 |
Jul. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | |||||||||
Interest income | $ 290 | $ 134 | $ 637 | $ 261 | |||||
Interep | |||||||||
Related Party Transaction [Line Items] | |||||||||
Equtiy interests issued | $ (3,097) | ||||||||
Other consideration - travel credit | $ 50 | ||||||||
Treasury Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Settlement of shareholder receivable (in shares) | 2,033,578 | ||||||||
Related Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amount payable to related party (f) | 50 | 50 | $ 13 | ||||||
Amount receivable from related party (a) | 0 | 0 | 38 | ||||||
Note payable to related party | 199 | 199 | 197 | ||||||
Metaminds Technologies | Offshore IT and software development services, sales support and other services (d) | |||||||||
Related Party Transaction [Line Items] | |||||||||
Offshore IT and software development services, sales support and other services (d) | 0 | 0 | 0 | 660 | |||||
Mondee Group Loan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest income | 0 | 129 | 0 | 256 | |||||
Mondee Group LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service fees (a) | $ 0 | 974 | $ 0 | 1,941 | |||||
Percentage of service fee | 10.00% | ||||||||
Interest rate | 2.30% | ||||||||
Notes receivable, term | 10 years | ||||||||
Number of units secured | 14,708 | 14,708 | |||||||
Metaminds Software | |||||||||
Related Party Transaction [Line Items] | |||||||||
Lease expense (e) | $ 55 | $ 58 | $ 110 | $ 58 | |||||
Lease term | 11 months | 11 months | |||||||
Chief Executive Officer | |||||||||
Related Party Transaction [Line Items] | |||||||||
Note payable to related party | $ 199 | $ 199 | $ 197 | ||||||
Interest rate | 2.00% | ||||||||
Mondee Group LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Equtiy interests issued | $ (20,336) | ||||||||
Chief Financial Officer | July 2023 Promissory Note | Subsequent Event | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest rate | 3.25% | ||||||||
Financing provided | $ 100 | ||||||||
Director | Interep | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other consideration - travel credit | $ 50 |
RELATED PARTY TRANSACTIONS - Additional information (Details) - Orinter - Escrow Shares |
6 Months Ended |
---|---|
Jun. 30, 2023
shares
| |
Related Party Transaction [Line Items] | |
Number of shares receivable as merger consideration (in shares) | 903,202 |
Asi Ginio | |
Related Party Transaction [Line Items] | |
Number of shares receivable as merger consideration (in shares) | 80,000 |
SEGMENT INFORMATION - Amounts detailed in segment reconciliation (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | $ 56,771,000 | $ 45,656,000 | $ 106,700,000 | $ 84,723,000 |
Adjusted EBITDA | 4,438,000 | 3,756,000 | 8,595,000 | 6,134,000 |
Depreciation and amortization | (3,803,000) | (2,769,000) | (7,189,000) | (5,586,000) |
Stock-based compensation | (4,804,000) | (81,000) | (7,365,000) | (161,000) |
Payroll tax expense related to stock-based compensation | 86,000 | (86,000) | ||
Restructuring (expense) income, net | 168,000 | 0 | (1,361,000) | 0 |
Acquisition cost | (264,000) | (543,000) | ||
One time non-recurring expense | (394,000) | (610,000) | ||
Legal expense | (577,000) | (1,239,000) | ||
Change in fair value of earn-out liability | (530,000) | (760,000) | (701,000) | (595,000) |
Income (loss) from operations | (5,852,000) | 1,666,000 | (10,499,000) | 982,000 |
Other expense, net | (6,748,000) | (3,543,000) | (14,317,000) | (9,796,000) |
Loss before income taxes | (12,600,000) | (1,877,000) | (24,816,000) | (8,814,000) |
Provision for income taxes | (2,008,000) | (236,000) | (2,707,000) | (290,000) |
Net loss | (14,608,000) | (2,113,000) | (27,523,000) | (9,104,000) |
Travel Marketplace | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 56,652,000 | 45,403,000 | 106,201,000 | 84,178,000 |
Restructuring (expense) income, net | (1,714,000) | |||
SaaS Platform | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 119,000 | 253,000 | 499,000 | 545,000 |
Operating Segments | Travel Marketplace | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 56,652,000 | 45,403,000 | 106,201,000 | 84,178,000 |
Adjusted EBITDA | 4,948,000 | 4,211,000 | 8,984,000 | 7,142,000 |
Depreciation and amortization | (3,667,000) | (2,633,000) | (6,917,000) | (5,312,000) |
Stock-based compensation | (4,804,000) | (81,000) | (7,365,000) | (161,000) |
Payroll tax expense related to stock-based compensation | 86,000 | (86,000) | ||
Restructuring (expense) income, net | 168,000 | (1,361,000) | ||
Acquisition cost | (264,000) | (543,000) | ||
One time non-recurring expense | (394,000) | (610,000) | ||
Legal expense | 0 | 0 | ||
Change in fair value of earn-out liability | (530,000) | (760,000) | (701,000) | (595,000) |
Operating Segments | SaaS Platform | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 119,000 | 253,000 | 499,000 | 545,000 |
Adjusted EBITDA | (510,000) | (455,000) | (389,000) | (1,008,000) |
Depreciation and amortization | (136,000) | (136,000) | (272,000) | (274,000) |
Stock-based compensation | 0 | 0 | 0 | 0 |
Payroll tax expense related to stock-based compensation | 0 | 0 | ||
Restructuring (expense) income, net | 0 | 0 | ||
Acquisition cost | 0 | 0 | ||
One time non-recurring expense | 0 | 0 | ||
Legal expense | 0 | 0 | ||
Change in fair value of earn-out liability | 0 | $ 0 | 0 | $ 0 |
Corporate | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 0 | 0 | ||
Adjusted EBITDA | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Stock-based compensation | 0 | 0 | ||
Payroll tax expense related to stock-based compensation | 0 | 0 | ||
Restructuring (expense) income, net | 0 | 0 | ||
Acquisition cost | 0 | 0 | ||
One time non-recurring expense | 0 | 0 | ||
Legal expense | (577,000) | (1,239,000) | ||
Change in fair value of earn-out liability | $ 0 | $ 0 |
SEGMENT INFORMATION - Revenue by geographic area (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, net | $ 56,771 | $ 45,656 | $ 106,700 | $ 84,723 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues, net | $ 33,025 | $ 43,378 | $ 70,577 | $ 80,584 |
SEGMENT INFORMATION - Long-lived assets and operating lease assets by geographic areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues, net | $ 56,771 | $ 45,656 | $ 106,700 | $ 84,723 | |
Long-lived assets | 2,300 | 2,300 | $ 1,658 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues, net | 33,025 | 43,378 | 70,577 | 80,584 | |
Long-lived assets | 472 | 472 | 1,016 | ||
Brazil | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues, net | 19,760 | 0 | 28,864 | 0 | |
Rest of the world, excluding Brazil | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues, net | 3,986 | $ 2,278 | 7,259 | $ 4,139 | |
Rest of the world | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 1,828 | $ 1,828 | $ 642 |
Equity (Details) - shares |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Common shares, shares issued (in shares) | 84,242,767 | 84,242,767 | 82,266,160 |
Common shares, shares outstanding (in shares) | 84,242,767 | 84,242,767 | 82,266,160 |
Restricted Stock Units (RSUs) | |||
Class of Stock [Line Items] | |||
Restricted stock units vested (in shares) | 97,449 | 120,949 | |
Restricted Stock Units (RSUs) | 2022 Equity Incentive Plan | |||
Class of Stock [Line Items] | |||
Restricted stock units vested (in shares) | 331,600 | ||
Common Class A | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common shares, shares issued (in shares) | 84,242,767 | 84,242,767 | |
Common shares, shares outstanding (in shares) | 84,242,767 | 84,242,767 |
Equity - Schedule of Warrants (Details) - $ / shares |
Jun. 30, 2023 |
Feb. 01, 2021 |
---|---|---|
Class of Stock [Line Items] | ||
Warrants outstanding (in shares) | 1,507,500 | |
Common Stock Warrants | ||
Class of Stock [Line Items] | ||
Warrants outstanding (in shares) | 1,275,000 | |
Exercise price of warrants (in dollars per share) | $ 11.50 | |
Private Placement Warrants | ||
Class of Stock [Line Items] | ||
Warrants outstanding (in shares) | 232,500 | 675,000 |
Exercise price of warrants (in dollars per share) | $ 11.50 |
STOCK-BASED COMPENSATION - Additional Information (Details) |
1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 20, 2023
shares
|
Sep. 12, 2022
shares
|
Sep. 07, 2022
shares
|
Jul. 18, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
shares
|
Jun. 30, 2023
USD ($)
$ / shares
|
Jun. 30, 2022
USD ($)
|
Apr. 20, 2023
shares
|
Aug. 18, 2022
tradingDay
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Personnel expense for RSUs | $ 12,359,000 | $ 5,752,000 | $ 19,825,000 | $ 11,324,000 | ||||||||
General and admin expense for RSUs | 5,227,000 | 2,025,000 | 9,721,000 | 4,465,000 | ||||||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | shares | 9,000,000 | 9,000,000 | ||||||||||
Allocated share based compensation | $ 4,804,000 | 81,000 | $ 7,365,000 | 161,000 | ||||||||
Secondary Sale | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Sale of private placement units (in shares) | shares | 5,250,000 | |||||||||||
Stock price (in dollars per share) | $ / shares | $ 10.00 | $ 10.00 | $ 10.00 | |||||||||
Consideration received | $ 52,500,000 | |||||||||||
Allocated share based compensation | $ 1,848,000 | $ 1,848,000 | ||||||||||
Secondary Sale, Shares From Current and Former Employees | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Sale of private placement units (in shares) | shares | 2,148,783 | |||||||||||
Public Stock Offering - Shares From Related Parties | Related Party | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Sale of private placement units (in shares) | shares | 2,122,529 | |||||||||||
Consideration received | $ 1,825,000 | |||||||||||
Non-employee | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | shares | 200,000 | |||||||||||
Allocated share based compensation | 288,000 | 573,000 | ||||||||||
Employee | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | shares | 180,000 | 900,000 | 6,000,000 | |||||||||
Allocated share based compensation | 1,242,000 | 3,336,000 | ||||||||||
Unallocated shares | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | shares | 1,220,000 | |||||||||||
Employee and Nonemployee | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | shares | 380,000 | |||||||||||
Earn-Out Scenario One | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Closing share price trigger for Business Combination (in dollars per share) | $ / shares | $ 12.50 | |||||||||||
Earn-Out Scenario Two | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Closing share price trigger for Business Combination (in dollars per share) | $ / shares | 15.00 | |||||||||||
Earn-Out Scenario Three | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Closing share price trigger for Business Combination (in dollars per share) | $ / shares | $ 18.00 | |||||||||||
Public Warrants | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Threshold trading days | tradingDay | 20 | |||||||||||
Trading period | tradingDay | 30 | |||||||||||
2022 Equity Incentive Plan | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares authorizes for issuance (in shares) | shares | 9,615,971 | |||||||||||
ESPP shares | 2022 Equity Incentive Plan | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares authorizes for issuance (in shares) | shares | 1,923,194 | |||||||||||
Maximum contribution amount | $ 25,000 | |||||||||||
Maximum percent of eligible compensation | 8.00% | |||||||||||
Exercise price of stock as a percent of fair market value | 85.00% | |||||||||||
Class D Management Incentive Units | General and Administrative Expense [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Allocated share based compensation | 48,000 | 0 | 168,000 | 0 | ||||||||
Class D Management Incentive Units | Labor and Related Expense | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Allocated share based compensation | $ 1,366,000 | $ 0 | $ 1,427,000 | $ 0 |
STOCK-BASED COMPENSATION - Incentive Units and RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
|
Number of Restricted Stock Incentive Units Outstanding | ||
Unvested at the beginning of the period (in shares) | 105,000 | |
Granted (in shares) | 552,855 | |
Vested (in shares) | (97,449) | (120,949) |
Forfeited or canceled (in shares) | 0 | |
Unvested at the end of the period (in shares) | 536,906 | 536,906 |
Weighted-Average Grant Date Fair Value | ||
Unvested at the beginning of the period (dollars per share) | $ 9.40 | |
Granted (dollars per share) | 10.20 | |
Vested (dollars per share) | 10.20 | |
Forfeited or canceled (dollars per share) | 0 | |
Unvested at the end of the period (dollars per share) | $ 10.20 | $ 10.20 |
STOCK-BASED COMPENSATION - Schedule of Allocation of Earnout Shares (Details) - shares |
5 Months Ended | ||||
---|---|---|---|---|---|
Apr. 20, 2023 |
Sep. 12, 2022 |
Sep. 07, 2022 |
Jul. 18, 2022 |
Dec. 31, 2022 |
|
Schedule Of Reverse Recapitalization [Line Items] | |||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | 9,000,000 | 9,000,000 | |||
Employee | |||||
Schedule Of Reverse Recapitalization [Line Items] | |||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | 180,000 | 900,000 | 6,000,000 | ||
Investor | |||||
Schedule Of Reverse Recapitalization [Line Items] | |||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | 500,000 | ||||
Non-employee | |||||
Schedule Of Reverse Recapitalization [Line Items] | |||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | 200,000 | ||||
Unallocated shares | |||||
Schedule Of Reverse Recapitalization [Line Items] | |||||
Shares entitled to earn-out shareholders for Business Combination (in shares) | 1,220,000 |
STOCK-BASED COMPENSATION - Assumption Used in Valuation (Details) |
Apr. 20, 2023
$ / shares
|
---|---|
Share-Based Payment Arrangement [Abstract] | |
Fair value of Class A Common Stock (in dollars per share) | $ 10.70 |
Selected volatility | 65.00% |
Risk-free interest rate | 3.90% |
Contractual term (years) | 3 years 2 months 12 days |
NET LOSS PER SHARE - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||
Net loss | $ (14,608,000) | $ (2,113,000) | $ (27,523,000) | $ (9,104,000) |
Cumulative dividends allocated to preferred stockholders | (2,686,000) | 0 | (5,164,000) | 0 |
Net loss attributable to common stockholders, diluted | (17,294,000) | (2,113,000) | (32,687,000) | (9,104,000) |
Net loss attributable to common stockholders, basic | $ (17,294,000) | $ (2,113,000) | $ (32,687,000) | $ (9,104,000) |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 77,197,805 | 60,800,000 | 76,774,455 | 60,800,000 |
Weighted average shares outstanding, diluted (in shares) | 77,197,805 | 60,800,000 | 76,774,455 | 60,800,000 |
Basic net loss per share (in dollars per share) | $ (0.22) | $ (0.03) | $ (0.43) | $ (0.15) |
Diluted net loss per share (in dollars per share) | $ (0.22) | $ (0.03) | $ (0.43) | $ (0.15) |
NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 10,224,962 | 610,203 |
Warrants (private warrants, common stock warrants) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 1,507,500 | 0 |
Outstanding earn-out shares (a) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 7,780,000 | 0 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 536,906 | 0 |
ESPP shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 556 | 0 |
Class D incentive units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 0 | 610,203 |
Consolid Earn Out Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 400,000 | |
Contingently Returnable Earnout Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common share excluded from diluted net loss per share (in shares) | 7,400,000 |
RESTRUCTURING EXPENSE (INCOME), NET (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Restructuring Cost and Reserve [Line Items] | |||
Gain on termination of lease | $ 337,000 | $ 337,000 | $ 0 |
Travel Marketplace | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash Payments | (1,136,000) | ||
Severance and termination-related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Additions | (168,000) | 1,361,000 | |
Cash Payments | $ 437,000 | 1,136,000 | |
Severance and termination-related costs | Travel Marketplace | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash Payments | $ (886,000) |
RESTRUCTURING EXPENSE (INCOME), NET - Schedule of Restructuring (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Restructuring Reserve [Roll Forward] | ||||
Additions | $ (168,000) | $ 0 | $ 1,361,000 | $ 0 |
Severance and termination-related costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Cash Payments | 437,000 | 1,136,000 | ||
Travel Marketplace | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | |||
Additions | 1,714,000 | |||
Adjustments | (16,000) | |||
Cash Payments | (1,136,000) | |||
Ending balance | 563,000 | 563,000 | ||
Travel Marketplace | Severance and termination-related costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | |||
Additions | 1,438,000 | |||
Adjustments | (13,000) | |||
Cash Payments | (886,000) | |||
Ending balance | 539,000 | 539,000 | ||
Travel Marketplace | Other exit costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | |||
Additions | 277,000 | |||
Adjustments | (3,000) | |||
Cash Payments | (250,000) | |||
Ending balance | $ 24,000 | $ 24,000 |
SUBSEQUENT EVENTS (Details) - Subsequent Event - Skypass Travel Inc |
Aug. 11, 2026
shares
|
Aug. 11, 2025
shares
|
Aug. 11, 2024
shares
|
Aug. 11, 2023
USD ($)
shares
|
---|---|---|---|---|
Subsequent Event [Line Items] | ||||
Cash consideration | $ | $ 3,000,000 | |||
Number of shares receivable as merger consideration (in shares) | 900,000 | |||
Contingent consideration arrangement, term (in days) | 60 days | |||
Contingent earn out period (in years) | 4 years | |||
Forecast | ||||
Subsequent Event [Line Items] | ||||
Number of shares receivable as merger consideration (in shares) | 100,000 | 100,000 | 100,000 | |
Measurement Input, EBITDA Multiple | ||||
Subsequent Event [Line Items] | ||||
Measurement input | $ | 4 | |||
Outstanding earn-out shares (a) | ||||
Subsequent Event [Line Items] | ||||
Number of shares receivable as merger consideration (in shares) | 1,800,000 |
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