Jesus Portillo : And Darren, I’ll address your question. Good morning and thank you so much for your question. So yes, I mean, as you pointed out, obviously first quarter our free cash flow was very positive. We were working in different factors in this quarter, while we anticipated collections of our receivables we also improved certain supplier payment terms, as well as we also picked the bigger part of our interest and that contributed enormously. We don’t expect every quarter to remain the same. We expect some filtrations on how the free cash flow is going to behave, but overall we maintain our expectation to provide positive free cash flow for the full 2024.
Darren Aftahi: Great. Thank you.
Jesus Portillo : Thank you.
Operator: Thank you. [Operator Instructions] The next question is from Mike Grondahl from Northland Securities. Please go ahead.
Mike Grondahl : Hey guys. Any regions to call out for travel above plan or below plan, like where you are kind of seeing the strength and what’s softer?
James Dullum : Hey, Mike, it’s Jim. Again as we mentioned a little bit ago, obviously good strengths in the whole Asia Pacific markets and that is continuing. And again just mentioned you should see that comparatively continue for the time being this year. We’ve also seen very good pick up in Latin America. That market has remained pretty robust and expected to do so. In the markets where it’s actually been interesting bifurcation of both positive uplifts somewhere and then some pressure in other places is the Middle East, because there have been a lot of that conflict in that area of the world that causes a bit of disruption in travel. So, but there is still segments of that market that are very strong and the outlook is very good for us. I can’t think of any markets where we are really seeing a lot of softening of any kind. The general trends are certainly up and we expect that to remain for the remainder of the year.
Mike Grondahl : Got it. Second question, just, non-air or non-flight net revenues went from 26% to 51%. Were you guys surprised by such a large increase or is that kind of fully part of the ’24 plan?
Orestes Fintiklis: Yeah, I mean, it was a little bit ahead of what we expected, which is also why our take rate in this quarter was also ahead of that expectation. And when you look at our – every time that we talk about our future, we always say we expect air to be around 50%. So we already achieved that, leave it at half of our expectations, so a little bit better than we thought.
Mike Grondahl : Got it. And what’s kind of your outlook for air, kind of in terms of net revenue, as you look out a year or two, do you see that growing or just kind of continuing on a same trend?
Orestes Fintiklis: We right now, we continue with that same perspective of around 50% of our business being in air. So we are investing, as we say we’re pushing forward and strong in our short haul international flight. So that will be a component, that will be categorized as air. And we continue to push again hotels, packages, and cruise lines, as you know.
Jesus Portillo: And might have one more point there as we are giving to our customer, the package option, right, many of them are choosing to book their flight and the hotel through package, right? So basically, some of the – what was classified before as air now goes inside the package component which is positive because we are giving another option to our customers and also for us because this is a higher take rate business, the same transactions toward package.
Mike Grondahl : Got it. Got it. That’s fair and I guess the reason I was asking is, it would be interesting that 28% that’s in packages, it really increase putting that in the non-air category, if you just look at what net revenues would have been from air, a year ago to this quarter without considering that package revenue it’s kind of steep drop. So what you are just seeing is part of that package is kind of really could be characterized as air. And then we will have seen such a large drop.
Orestes Fintiklis: Yeah, I mean. That’s a reason. It’s one of the reasons. Also as we continue expanding in other more lucrative businesses, we’ve been also very critical on the profitability of some of our customers and we’ve been reducing some of those as well. So, we prefer to continue growing in the most lucrative and profitable way possible.
Mike Grondahl : Fair enough. Okay. Thank you.
Operator: Thank you. We have no further questions. So I’d like to hand back to Jeff.
Jeff Houston: Thank you operator and thanks to everyone who tuned in for our first quarter 2024 earnings call. Whether it was live, replay or the transcript, if you have any questions or would like to learn more about Mondee, please don’t hesitate to schedule a call with us. You can get more information on our IR site, which is investors.mondee.com or send an email to us at ir@mondee.com. Thank you.
Operator: Thank you, everyone. This does conclude today’s call. You may now disconnect your lines and enjoy the rest of your day. Thank you.
