Selina Provides First Half 2022 Earnings Results and Update on Business Combination

Total Revenue increased 142% Y-o-Y - Total revenue per bedspace climbed 77% and Occupancy increased 60% vs. 1H21

Selina today announced financial results for the business for the first half of 2022 and provided an update on its proposed business combination with BOA Acquisition Corp (NYSE: BOAS) which would result in the Company becoming publicly traded. The Company has also added an updated investor presentation available on the Investors section of its website (www.selina.com/investors).

In the first half of 2022, Selina delivered record revenue of $86 million, up 142% year-over-year, driven primarily by improved operating performance across the existing portfolio, as well as 13 new openings.

Key highlights from the first half of the year include:

• On a same-store basis, revenue increased 96% to $67 million year-over-year for the 85 properties owned and operated in both periods
• Portfolio occupancy improved by 60% to 45.5%, up from 28.4% for the first half of 2021
• Total revenue per bedspace increased to $3,233 (or, $6,466 on an annualized basis), up 77% from the first half of 2021
• Opened 13 properties with 3,368 bedspaces in Greece, Australia, Portugal, Panama, the United States, Morocco and Israel
• Signed an additional 7,374 bedspaces within 17 new properties or expansions that had not yet opened as of June 30, 2022
• As of June 30, 2022, Selina had 163 open and secured locations in 25 countries across six continents with over 27,000 open bedspaces, a 43.3% increase from the prior year period

Rafael Museri, Selina’s Co-Founder and Chief Executive Officer, said, “We are incredibly pleased with what we believe to be our continued strong momentum across each of our key priorities – our focus on robust property operational performance, new openings, and meaningful progress towards becoming a publicly traded company. We delivered positive results in each of our key metrics, including total revenue, occupancy and revenue per occupied bed. We believe the Selina brand resonates with today’s traveler, as we continue to offer and expand our coworking, recreation, wellness, and local experiences in sought after destinations. We remain focused on achieving profitability as we grow and scale our platform, and continue to progress towards near-profitable margins. Furthermore, effective as of the closing of the business combination we will appoint five new directors who bring relevant public company leadership, finance, operations, marketing and technology experience. The demand for the travel, work and play experience that Selina provides continues to grow, and we are excited to bring Selina to more destinations across the globe.”

On October 3, 2022, the Company announced that its Registration Statement on Form F-4 (the “proxy statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) was declared effective on September 30, 2022. BOA has scheduled the Special Meeting of stockholders to seek approvals relating to the Business Combination. The Special Meeting will be held at 10:00 a.m. Eastern Time, on October 21, 2022 via live webcast at https://www.cstproxy.com/boaacquisition/2022. Please note that you will only be able to access the Special Meeting by means of remote communication. Upon closing of the transaction, the ordinary shares of Selina are expected to be publicly traded on Nasdaq under the ticker symbol “SLNA” while the BOA warrants, which will be automatically assigned to and assumed by Selina, are expected to be traded under the “SLNAW” ticker symbol.

Summary 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.

Number of Open Bedspaces, Open Beds and Average Daily Open Beds

The number of open bedspaces reflects the total number of bedspaces at opened properties at the end of any given period. Bedspaces is a metric used by Selina to measure the potential sleeping capacity of a given property. It is a static capacity measure, and not one reflecting actual capacity in a given period. 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.

Open beds reflects the total number of beds in inventory at opened properties at the end of any given period. As Selina properties have the ability to convert rooms into different bed configurations, the total number of open beds may fluctuate at any given location over any given period.

Average daily open beds is calculated as the total number of beds in inventory over any given period of time on a daily basis. This metric reflects Selina’s daily accommodations capacity and is used in the calculation of occupancy rate.

Occupancy Rate, Total Daily Revenue Per Occupied Bed and Total Daily Revenue Per Occupied Bedspace

Selina’s management views occupancy rate, total daily revenue per occupied bed (TRevPOB) and total daily revenue per occupied bedspace (TRevPOBs) as key indicators of revenue, as Selina believes that these metrics measure Selina’s ability to attract guests and guests’ spending on property, which in turn directly relate to Selina’s revenue and financial performance.

Occupancy rate is the number of beds sold divided by the total number of open beds, over any given period. Total daily revenue per occupied bed (TRevPOB) is defined as total revenue, excluding Remote Year revenue, for any given property, for any given period, divided by the number of beds sold in that same period. Total daily revenue per occupied bedspace (TRevPOBs) is defined as total revenue, excluding Remote Year revenue, for any given property, for any given period, divided by the number of bedspaces sold in that same period. The number of bedspaces sold is determined by multiplying the occupancy rate for any given period by the average of the total number of open bedspaces at the beginning and end of that period. This measure removes the impact of occupancy, as it reflects total revenue on a per occupied bedspace basis.

Total Revenue Per Bedspace

Total revenue per bedspace is calculated as total revenue, excluding Remote Year revenue, for any given property, for any given period, divided by the average of the total number of open bedspaces at the beginning and end of that period.

About Selina

Selina is one of the world's largest lifestyle and experiential hotel companies built to address the needs and desires 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, work and play. 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 over 163 open or secured properties across 25 countries and 6 continents. On December 2, 2021, Selina entered into a definitive merger agreement with BOA Acquisition Corp. (NYSE: BOAS), the closing of which, which is subject to customary conditions, will result in Selina becoming a publicly listed company.