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Mondee Corrects Revenue Misstatement One Year Later
Travel technology firm did not report $1.4 million in sales it should have and understated certain expenses by 19%.
May 24, 2023
Mondee Holdings (MOND), which runs a marketplace connecting travel agents and businesses, revealed two issues that resulted in the misstatement of revenue and sales & marketing expenses for the three months ended March 31, 2022. The company blamed the error on the arrangements it has and the commissions paid to travel agents.
Mondee also revealed a second error resulting in misstatements in the period:
“Additionally, the Company identified a classification error for the fees charged by a credit card processing Company, that too resulted in a misstatement of reported net revenues and sales and marketing expense.”
Mondee revised sales and other line items in its latest quarterly report, which resulted in:
—Revenue being understated by $1.4 million, or 3.5%
—Marketing expense being understated by $700k, or 3.1%
—Sales and other expense understated by $664k, or 19%
Though potentially an Edgar timestamp issue, it appears Mondee filed the latest quarterly report containing the revisions nearly 9-minutes prior to submitting a filing disclosing it would not be able to file the quarterly report on time.
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