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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Selina Hospitality PLC | NASDAQ:SLNA | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.03 | 0.0285 | 0.0289 | 0 | 00:00:00 |
From Mar 2023 to Mar 2025
Improvement in Key Operating Metrics vs 2021
Selina Hospitality PLC (“Selina”; NASDAQ: SLNA), the fast-growing experiential hospitality brand targeting millennial and Gen Z travelers, announced today its financial results for the full-year ended December 31, 2022.
Rafael Museri, Co-Founder and CEO, stated: “2022 has been a very important year in Selina's history. We completed our listing on NASDAQ in October 2022, and our business delivered strong improvement in our key operating metrics. We entered 2023 with a strong focus on three strategic imperatives: driving cash flow, executing on our path to profitability, and building our brand, which provides a differentiated travel experience to our growing number of guests. I believe that the new discipline around growth and cost management, coupled with a strong product offering, will position Selina as a leader in the hospitality space.”
Financial Summary
Year Ended
($ in millions, except hotels and bedspaces data)
December 31,
2022
2021
Percent Change
Revenue
$183.9
$92.7
98.3%
Net Loss
($198.1)
($185.7)
(6.2%)
Adjusted EBITDA1
($14.5)
($25.7)
77.2%
Net Cash Used in Operating Activities
($23.6)
($30.7)
30.1%
Free Cash Flow Before Debt Service1
($72.8)
($47.2)
(35.2%)
Occupancy Rate
47.5%
32.9%
Properties, End of Period
118
100
18.0%
Bedspaces, end of Period
29,600
23,408
26.5%
Total Annualized Revenue per Bedspace
$6,547
$4,219
56.7%
____________________1 Adjusted EBITDA and Free Cash Flow Before Debt Service are non-IFRS measures. Please see Non-IFRS Financial Measures for reconciliation
Full-Year 2022 Information
New Hotel Openings
Cash and Cash Flow Highlights
Select Unaudited Fourth Quarter 2022 Information
2 Adjusted EBITDA and Free Cash Flow Before Debt Service are non-IFRS measures. Please see Non-IFRS Financial Measures for reconciliation.
2023 Outlook
Selina reaffirms its goals, which for 2023 include annual revenue growth of 30 to 40% and achieving positive Adjusted EBITDA and operating cash flow.
Other 2023 Outlook Information
Conference Call Details
A conference call to discuss the Selina’s fiscal year ended December 31, 2022 financial results is scheduled Monday May 1, 2023:
About Selina Hospitality PLC.
Selina (NASDAQ: SLNA) 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. Founded in 2014 and custom-built for today’s nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. Each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations in 24 countries on six continents – from urban cities to remote beaches and jungles. To learn more, visit Selina.com or follow Selina on Twitter, Instagram, Facebook, Linkedin or YouTube.
SELINA HOSPITALITY PLC AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. DOLLARS IN THOUSANDS
At December 31,
At December 31,
ASSETS
2022
2021
Current assets
Cash
47,689
21,943
Trade and other receivables, net
10,543
10,527
Inventory
2,286
1,278
Assets held for sale
2,500
2,500
Other assets
16,681
10,119
Total current assets
79,699
46,367
Non-currents assets
Property, equipment and furniture, net
111,330
96,450
Right of use assets
420,800
311,637
Intangible assets, net
6,424
4,962
Goodwill
548
622
Trade and other receivables, net
1,671
1,925
Investment in associates and joint ventures
3,336
887
Non-current financial assets
3,149
3,156
Security deposits
10,910
9,773
Other assets
424
822
Total non-current assets
558,592
430,234
Total assets
638,291
476,601
LIABILITIES AND EQUITY
Current liabilities
Trade payables and other liabilities
(81,526
)
(50,066
)
Loans payable
(37,678
)
(19,458
)
Convertible notes
(7,914
)
—
Lease liabilities
(59,115
)
(45,660
)
Derivative financial liabilities
(1,216
)
(76,906
)
Warrants
(1,481
)
(21,975
)
Total current liabilities
(188,930
)
(214,065
)
Non-currents liabilities
Loans payable, net of current portion
(97,996
)
(129,714
)
Convertible notes, net of current portion
(39,182
)
(97,316
)
Lease liabilities, net of current portion
(469,745
)
(348,972
)
Accounts payable to related parties
—
(3,472
)
Deferred tax liability
(329
)
(373
)
Employee payables
(6,852
)
(6,068
)
Total non-current liabilities
(614,104
)
(585,915
)
Total liabilities
(803,034
)
(799,980
)
Equity
Common stock
(488
)
(236
)
Additional paid-in capital
(563,210
)
(191,113
)
Currency translation adjustment
1,452
(4,464
)
Other reserves
552
—
Accumulated deficit
725,248
518,979
Total equity
163,554
323,166
Non-controlling interest
1,189
213
Total liabilities and equity
(638,291
)
(476,601
)
SELINA HOSPITALITY PLC AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
U.S. DOLLARS IN THOUSANDS
2022
2021
Revenue
Rooms
108,602
51,335
Food & beverage
50,192
31,361
Other, net
25,141
10,041
Total revenue
183,935
92,737
Costs and expenses
Cost of sales
(25,370
)
(11,311
)
Payroll and employee expenses
(95,870
)
(57,162
)
Insurance, utilities and other property maintenance costs
(45,945
)
(31,480
)
Legal, marketing, IT and other operating expenses
(49,556
)
(33,676
)
Depreciation and amortization
(32,964
)
(31,235
)
Total cost and expenses
(249,705
)
(164,864
)
Loss from operations activity before impairment, government grants and COVID-related concessions
(65,770
)
(72,127
)
Impairment and write-off of non-current assets
(12,695
)
(11,153
)
Government grants
1,739
2,099
Income from COVID-related concessions
—
—
Loss from operations activity
(76,726
)
(81,181
)
Finance income
75,021
90
Finance costs
(123,251
)
(102,914
)
Share listing expense
(74,426
)
—
Gain on net monetary position
3,178
1,725
Share of profit / (loss) in associates
84
62
Other non-operating income / (expense), net
2,480
(661
)
Loss before income taxes
(193,640
)
(182,879
)
Income tax expense
(4,442
)
(2,844
)
Net loss
(198,082
)
(185,723
)
Loss attributable to:
Equity holders of the parent
(197,107
)
(184,352
)
Non-controlling interest
(976
)
(1,371
)
Earnings per share
Basic and diluted, loss for the year attributable to equity holders of the parent
$
(3.73
)
$
(4.29
)
SELINA HOSPITALITY PLC AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. DOLLARS IN THOUSANDS
Year ended December 31,
2022
2021
Cash flow from operating activities:
Loss for the year
(198,082
)
(185,723
)
Adjustments to reconcile net loss to operating cash flows:
Depreciation and amortization expense
32,964
31,235
Share-based compensation expense
5,549
5,194
Share of loss in associates
(84
)
(62
)
Impairment and write off of non-current assets
12,695
11,153
Gain on net monetary position
(3,178
)
(1,725
)
Finance costs
123,251
102,914
Finance income
(75,021
)
(90
)
Share listing expense
74,426
—
Income from COVID-related rent concessions
—
—
Income tax expense charged
4,442
2,844
Changes in working capital
Trade and other receivables
(265
)
(4,662
)
Inventory
(1,008
)
71
Trade payables and other liabilities
6,882
5,723
Other assets
(5,600
)
2,391
Taxes paid
(583
)
—
Net cash used in operating activities
(23,611
)
(30,737
)
Cash flow from investing activities:
Investments in financial assets
(352
)
(39
)
Purchases of property, equipment and furniture
(26,689
)
(14,421
)
Security deposits (paid) / returned
(1,137
)
561
Purchases of intangible assets
(2,663
)
(2,298
)
Proceeds from sales of property, equipment and furniture
404
3,760
Acquisition of business, net of cash acquired
—
312
Net cash used in investing activities
(30,437
)
(12,125
)
Cash flow from financing activities:
Proceeds from loans
66,737
43,005
Convertible note proceeds
82,000
44,350
Repayment of loans
(46,716
)
(5,424
)
Interest paid
(17,364
)
(6,018
)
Repayment of lease liabilities
(44,377
)
(24,764
)
Exercises of share options
118
84
Costs of equity raise
(7,470
)
—
Capital contributions
44,450
—
Proceeds from issuing equity instruments (DeSPAC)
6,500
—
Net cash provided by financing activities
83,878
51,233
Effect of changes in exchange rates on cash & cash equivalents
(4,084
)
—
Change in cash and cash equivalents during the year
25,746
8,371
Cash and cash equivalents at start of year
21,943
13,572
Cash and cash equivalents at end of year
47,689
21,943
KEY METRICS AND NON-IFRS FINANCIAL MEASURES
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. This release includes Adjusted EBITDA and Free Cash Flow Before Debt Service, which are not prepared in accordance with the international financing reporting standards issued by IFRS. Management believes that these non-IFRS financial measures provide useful information to investors about our business and financial performance, but there are limitations related to the use of these non-IFRS financial measures and they may not be directly comparable to similar titled measures of other companies. These non-IFRS 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 IFRS and should not be considered as an alternative to any measures derived in accordance with IFRS.
Key Metrics The table below sets forth our key business metrics for the periods presented:
Year Ended December 31,
Metric
2022
2021
Opened properties (at period end)
118
100
Open bedspaces (at period end)
29,600
23,408
Open beds (at period end)
19,975
18,438
Average daily open beds
19,018
16,017
Occupancy rate
47.5
%
32.9
%
Total daily revenue per occupied bed (TRevPOB)
$
52.60
$
45.86
Total daily revenue per occupied bedspace (TRevPOBs)
$
37.76
$
35.13
Total revenue per bedspace
$
6,547
$
4,219
Non-IFRS Financial Measures EBITDA, Adjusted EBITDA and Free Cash Flow before Debt Service
Year ended December 31,
(In millions of US$)
2022
2021
IFRS Net loss
$
(198.1
)
$
(185.7
)
Add (deduct):
Income taxes
$
4.4
$
2.8
Finance income / (expense), net
48.2
102.8
Share listing expense
74.4
—
Depreciation and amortization
33.0
31.2
EBITDA
$
(38.0
)
$
(48.8
)
Non-operational income, net
(5.7
)
(1.1
)
Impairments
12.7
11.2
Non-Cash compensation expense
6.9
6.2
Non-recurring public company readiness costs
7.6
3.3
Provision for tax risks (non-income tax related)
2.1
3.5
Adjusted EBITDA
$
(14.5
)
$
(25.7
)
Year ended December 31,
(In millions of US$)
2022
2021
Net cash used in operating activities
$
(23.6
)
$
(30.7
)
Add (deduct):
Repayment on lease liabilities
$
(44.4
)
$
(24.8
)
Net cash used in investing activities
(30.4
)
(12.1
)
Non-recurring public company readiness costs
7.6
3.3
Proceeds from partner loans
18.0
17.1
Free Cash Flow before Debt Service
$
(72.8
)
$
(47.2
)
Forward-Looking Statements
This press release 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, and include terms 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. In particular, statements in this press release regarding our beliefs regarding our goals for our performance and financial results for the fiscal year ended December 31 2023, including revenue growth, achieving and sustaining positive adjusted EBITDA and operating cash flow, the efficiency of our business model, our expansion plans, our ability to leverage our brand to negotiate flexible lease terms and variable rental arrangements, our path to profitability, and our ability to obtain additional funding, restructure liabilities or sell assets to maintain operations. Such forward-looking statements are subject to risks, uncertainties (some of which are beyond our control), 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 we consider reasonable, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, without limitation: potential negative impacts on our financial results as a result of changes in travel, hospitality, and real estate markets, including the possibility that travel demand and pricing do not recover to the extent anticipated, particularly in the current geopolitical and macroeconomic environment; volatility in the capital markets; our ability to execute on our plans to increase occupancy and margins; the potential inability to meet our obligations under our commercial arrangements and debt instruments; delays in or cancellations of our efforts to develop, redevelop, convert or renovate the properties that we own or lease; challenges to the legal rights to use certain of our leased hotels; risks associates with operating a significant portion of our business outside of the United States; risks that information technology system failures, delays in the operation of our information technology systems, or system enhancement failures could reduce our revenues; changes in applicable laws or regulations, including legal, tax or regulatory developments, and the impact of any litigation or other legal or regulatory proceedings; possible delays in ESG and sustainability initiatives; the possibility that we may be adversely affected by other economic, business and/or competitive factors, including risks related to the impact of a world health crisis, such as the ongoing COVID-19 pandemic,; and other risks and uncertainties described under the heading “Risk Factors” contained in the Annual Report on Form 20-F for the fiscal year ended December 31, 2022. 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 press release 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, we do not undertake any duty to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230428005578/en/
Media: press@selina.com Investor: investors@selina.com
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