Q1 2022 Total Revenue of $39.9 million, a
150.8% increase Y-o-Y
Continues positive momentum from record-setting
full-year 2021
Provides update on timing of proposed business
combination with BOA Acquisition Corp.
Selina, the fast-growing lifestyle and experiential hospitality
brand targeting Millennial and Gen Z travelers which has entered
into a business combination agreement with BOA Acquisition Corp.
(NYSE: BOAS), today announced that the company generated first
quarter 2022 Total Revenue of $39.9 million, a 150.8% increase from
the first quarter of 2021. Selina’s portfolio of 155 open and
secured properties that span the globe produced strong quarterly
operational results, continuing the positive momentum from a
record-setting 2021.
Rafael Museri, Selina’s Co-Founder and Chief Executive Officer,
said, “Selina's solid first quarter performance builds on our great
momentum from 2021 and showcases the connectivity of the Selina
brand with local guests, remote workers and digital nomads alike.
I’m incredibly proud of the improvement that we have been able to
achieve during these continued challenging times, increasing our
quarterly revenue by 1.5x the same period last year. Our
performance at the unit-level continues to improve, with a
Unit-Level Contribution margin increase for the quarter of 14.7%
year-over-year, putting us on the path to reach profitability. We
continue to actively expand Selina's portfolio, having collectively
signed or opened 11 properties around the world in the first
quarter of 2022. We have high conviction in the strength of
Selina's rapidly-expanding and differentiated platform to meet the
sizable and growing market need and are steadfast in Selina's
commitment to redefine the hospitality experience for the next
generation of travelers.”
Selina continues to demonstrate the power of its proprietary
technology to identify underperforming hotels around the world, the
strength of its partnerships with local real estate owners to
finance conversion costs, and the efficiency of its renovation and
management processes to transform assets into unique cultural
destinations. As previously announced, during the first quarter,
Selina opened five new locations in Israel, Australia and Brazil
and signed another six locations in Morocco, Portugal, the United
Kingdom and Israel.
Furthermore, Selina's leadership team continues to strengthen,
adding some key hires since January 2022 as it prepares to
accelerate its multi-year growth plan, which includes expanding its
global network of unique destinations as well as introducing new
products and brand partnerships. Lena Katz, Chief Technology
Officer, and Eyal Amzallag, Chief Operations Officer, are the
latest highly experienced executives to join Selina's management
team. In addition to promoting Steven Ohayon to Head of Strategy,
Selina also announced the appointment of Sam Khazary as Senior Vice
President and Global Head of Corporate Development earlier this
year.
On December 2, 2021, Selina announced a proposed merger with BOA
Acquisition Corp. (NYSE: BOAS), a publicly traded special purpose
acquisition company. The transaction, which is subject to customary
closing conditions, is now expected to close in the third quarter
of 2022.
First Quarter 2022 Financial Results and Operational
Highlights:
- Total Revenue of $39.9 million, a 150.8% increase Y-o-Y
- Unit-Level Contribution improvement to ($1.6) million from
($2.9) million, with Unit-Level Contribution margin improvement by
14.7% to (4.3%) from (19.0%) Y-o-Y
- Average quarterly Occupancy Rate of 51.1%, an increase of 57.1%
Y-o-Y
- Total Amount of Open Bedspaces and Open and Secured Bedspaces
totaled 24,577 and 39,600, respectively as of March 31, 2022, an
increase of 3,826 and 3,126 bedspaces, respectively from December
31, 2021
About Selina
Selina is one of the world's largest hospitality brands built to
address the needs of Millennial and Gen Z travelers, blending
beautifully designed accommodation with coworking, recreation,
wellness, and local experiences. Custom-built for today's nomadic
traveler, Selina provides guests with a global infrastructure to
seamlessly travel and work abroad. Founded in 2014, each Selina
property is designed in partnership with local artists, creators,
and tastemakers, breathing new life into existing buildings in
interesting locations around the world – from urban cities to
remote beaches and jungles. Selina's portfolio includes 155 open or
secured properties across 25 countries and six continents.
To learn more, visit www.selina.com or follow Selina on
Instagram, Facebook, Twitter or YouTube. Download the Selina app on
the App Store or Google Play.
Non-GAAP Financial Measures
This press release includes Unit-Level Contribution and
Unit-Level Contribution margin, which are non-GAAP financial
measures. Selina believes that these non-GAAP financial measures
provide useful information to investors about Selina's business and
financial performance, enhance their overall understanding of
Selina's past performance and future prospects, and allow for
greater transparency with respect to metrics used by Selina's
management in their financial and operational decision making.
Selina is presenting these non-GAAP financial measures to assist
investors in seeing Selina's business and financial performance
through the eyes of management, and because management believes
that these non-GAAP financial measures provide an additional tool
for investors to use in comparing results of operations of Selina's
business over multiple periods with other companies in Selina's
industry.
There are limitations related to the use of these non-GAAP
financial measures, including that they exclude significant
expenses that are required by GAAP to be recorded in Selina's
financial measures. Other companies may calculate non-GAAP
financial measures differently or may use other measures to
calculate their financial performance, and therefore, Selina's
non-GAAP financial measures may not be directly comparable to
similarly titled measures of other companies. Thus, these non-GAAP
financial measures should be considered in addition to, and not as
a substitute for or superior to, measures of financial performance
prepared in accordance with GAAP and should not be considered as an
alternative to any measures derived in accordance with GAAP.
Selina's investors and others are encouraged not to rely on any
single financial measure, including Unit-Level Contribution and
Unit-Level Contribution margin.
Unit-Level Contribution
Unit-Level Contribution is defined as Adjusted EBITDA excluding
(i) impact of corporate overhead costs, (ii) pre-opening and cost
of non-operated spaces (operating costs incurred prior to opening a
new location as well as costs associated with physical space within
opened locations where that space is not operational), and (iii)
loss from non-Selina branded operations (losses derived from new
leased properties not operating as a hotel under the Selina
brand).
Adjusted EBITDA is defined as EBITDA, net non-operating and
other income (expense), and impairment losses and further excluding
non-cash stock-based compensation expense while adding back the
annual rent expense on leases which have been capitalized under
IFRS.
Unit-Level Contribution Margin
Unit-Level Contribution margin is defined as Unit-Level
Contribution as a percentage of Total Revenue less Remote Year
Revenue. The Remote Year business is separate to Selina’s ongoing
operations and is treated as a separate unit for operational
purposes.
Key Metrics
Management uses a number of operating and financial metrics,
including the following key business metrics, to evaluate Selina's
business, measure Selina's performance, identify trends affecting
Selina's business, formulate financial projections and business
plans, and make strategic decisions. Management regularly reviews
and may adjust Selina's processes for calculating Selina's internal
metrics to improve their accuracy.
Total Open Bedspaces
The number of open bedspaces reflects the total number of
potential bedspaces available for sale at the end of any given
period. Open bedspaces is a metric used by Selina to measure the
sleeping capacity of a given property. Every 5.5m2 of accommodation
(sleeping room) area in a property equals one bedspace. Selina's
rooms are designed to be convertible into different modalities and
with distinct bed configurations. For example, Selina offers
“Standard” accommodations with one double bed, “Twins”
accommodations with two single beds, “Family” accommodations with
space designed to accommodate up to four people, and “Community”
accommodations with space designed to accommodate up to eight
people. Accordingly, management views the number of open bedspaces,
instead of the number of physical beds, to give a static measure of
property capacity because it avoids potentially misleading
fluctuations that would arise from the changing room configurations
in any given property.
Given that a majority of Selina's revenues are derived from the
sale of rooms or individual beds, management views the number of
open bedspaces as an important driver and indicator of Selina's
revenue and as a key indicator of Selina's scale.
Occupancy Rate
Management views occupancy rates as a key indicator of revenue,
as this metric measures Selina's ability to attract and retain
guests, which in turn directly relates to Selina's revenue and
financial performance. Occupancy rate is defined as the number of
physical beds sold divided by the total number of physical beds
available for sale, over any given period.
Additional Information and Where to Find It
This document does not contain all the information that should
be considered concerning the proposed business combination between
BOA Acquisition Corp. (NYSE: BOAS) and Selina (the “Business
Combination”). In connection with the proposed Business
Combination, Selina intends to file with the U.S. Securities and
Exchange Commission (the “SEC”) a registration statement on Form
F-4 (the “Registration Statement”), which will include a
preliminary proxy statement of BOAS and a prospectus. The
definitive proxy statement and other relevant documents will be
mailed to stockholders of BOAS as of a record date to be
established for voting on the Business Combination. Stockholders of
BOAS and other interested persons are advised to read, when
available, the preliminary proxy statement and amendments thereto,
and the definitive proxy statement because these documents will
contain important information about BOAS, Selina, and the proposed
transactions contemplated by the Business Combination. Stockholders
will also be able to obtain copies of the Registration Statement
and the proxy statement/prospectus once they are available, without
charge, by directing a request to: BOA Acquisition Corp., 2600
Virginia Ave NW, Suite T23 Management Office, Washington, D.C.
20037. These documents, once available, and BOAS’ other filings and
reports filed with the SEC can also be obtained, without charge, at
the SEC’s internet site (http://www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
No Offer or Solicitation
This communication is for informational purpose only and not a
proxy statement or solicitation of a proxy, consent, or
authorization with respect to any securities or in respect of the
potential transaction and shall not constitute an offer to sell or
a solicitation of an offer to buy any securities, nor shall there
be any sale of any securities in any state or jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
Participants in Solicitation
BOAS, Selina, and their respective directors and executive
officers, other members of management and employees may be
considered participants in the solicitation of proxies with respect
to the potential transaction described in this communication under
the rules of the SEC. Information about the directors and executive
officers of BOAS is set forth in BOAS’ filings with the SEC.
Information regarding other persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the stockholders
in connection with the potential transaction and a description of
their direct and indirect interests will be set forth in the
Registration Statement (and will be included in the proxy
statement/prospectus) and other relevant documents when they are
filed with the SEC. These documents can be obtained free of charge
from the SEC as indicated above.
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events, including, without
limitation, statements regarding the timing of closing the Business
Combination, Selina’s value proposition, and expectations or plans
of Selina’s management, including, without limitation, its plan to
accelerate its multi-year growth plan. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“should,” “expect,” “intend,” “will,” “estimate,” “anticipate,”
“believe,” “predict,” “potential,” or “continue,” or the negatives
of these terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties
(some of which are beyond the control of Selina), and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by Selina and its management, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, without
limitation: (1) the occurrence of any event, change, or other
circumstances that could give rise to the termination of the
definitive agreements respecting the Business Combination; (2) the
outcome of any legal proceedings that may be instituted against
BOA, Selina, or others following the announcement of the Business
Combination; (3) the inability to complete the Business Combination
due to the failure to obtain approval of the stockholders of BOAS
or to satisfy other conditions to closing; (4) changes to the
proposed structure of the Business Combination that may be required
or appropriate as a result of applicable laws or regulations and
the affects, if any, on the proposed financing; (5) the ability of
Selina to meet applicable listing standards following the
consummation of the Business Combination; (6) the risk that the
Business Combination and the proposed financing disrupts current
plans and operations of Selina as a result of the announcement and
consummation of the Business Combination and the proposed
financing; (7) the ability to recognize the anticipated benefits of
the Business Combination and the proposed financing, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers, and retain its
management and key employees; (8) costs related to the Business
Combination and the proposed financing; (9) changes in applicable
laws or regulations; (10) the possibility that Selina may be
adversely affected by other economic, business, and/or competitive
factors; (11) the impact of the COVID-19 pandemic on Selina’s
business and/or the ability of the parties to complete the Business
Combination and the proposed financing; and (12) other risks and
uncertainties to be contained in the proxy statement/prospectus to
be filed after the date hereof. In addition, there may be
additional risks that Selina does not presently know, or that
Selina currently believes are immaterial, that could also cause
actual results to differ from those contained in the
forward-looking statements. Nothing in this communication should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Except
as may be required by law, Selina does not undertake any duty to
update these forward-looking statements.
To explore Selina real estate partnership opportunities, please
contact partnerships@selina.com
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