UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
December 27, 2022
SELINA HOSPITALITY PLC
6th Floor, 2 London Wall Place
Barbican, London EC2Y 5AU
England
Tel: +44-1612369500
(Address, Including ZIP Code, and Telephone Number,
Including Area Code, of Registrant’s Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
On December 27, 2022, Selina Hospitality PLC (the “Company”) made available an updated investor presentation, which is attached hereto as Exhibit 99.1. The fact that the presentation is being made available and furnished herewith is not an admission as to the materiality of any information contained therein. The information contained in the presentation is being provided as of December 27, 2022 and the Company does not undertake any obligation to update the presentation in the future or to update forward-looking statements to reflect subsequent actual results.
The information furnished in this Report on Form 6-K, including exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SELINA HOSPITALITY PLC | ||||||
| Date: December 27, 2022 | By: | /s/ JONATHON GRECH | ||||
| Jonathon Grech | ||||||
| Chief Legal Officer and Corporate Secretary | ||||||
Exhibit 99.1 MANAGEMENT PRESENTATION December 2022 1
Disclaimer Forward-Looking Statements This presentation 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 presentation regarding the size of our potential market, and the likelihood that our products will be accepting to our target customers, our beliefs regarding the efficiency of our business model, our continued ability to scale, our ability to leverage our scaled infrastructure into product offerings, and our path to profitability. 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; 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 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 the ongoing COVID-19 pandemic, including the Omicron variant or future variants and further governmental and other restrictions (including travel restrictions) resulting therefrom; and other risks and uncertainties described under the heading “Risk Factors” contained in the Registration Statement on Form F-1 that we filed on November 30, 2022 and any subsequent amendments thereto. 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 presentation 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-lookingstatements. ThispresentationincludesAdjustedEBITDA,whichisnotpreparedinaccordancewiththeinternationalfinancingreportingstandardsissuedbytheInternationalAccountingStandardsBoard(“IFRS”).Webelievethatthisnon- IFRS financial measure provides useful information to investors about our business and financial performance, enhances their overall understanding of our past performance and future prospects, and allows for greater transparency with respect to metrics used by our management in its financial and operational decision making. We are presenting this non-IFRS financial measure to assist investors in seeing our business and financial performance through the eyes of management, and because management believes that this non-IFRS financial measure provides an additional tool for investors to use in comparing results of operations of our business over multiple periods with other companies in our industry. There are limitations related to the use of this non-IFRS financial measure and other companies may calculate non-IFRS financial measures differently or may use other measures to calculate their financial performance and therefore, our non-IFRS financial measure may not be directly comparable to similarly titled measures of other companies. Thus, this non-IFRS financial measure should be considered in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance withIFRS and should not be considered as an alternative to any measures derived in accordance with IFRS. Our investors and others are encouraged not to rely on any single financial measure, including Adjusted EBITDA. Adjusted EBITDA is defined Adjusted EBITDA is defined as EBITDA, excluding (i) non-operating income (expense), such as gain on net monetary position, share of profit/(loss) in associates, other non-operating income / (expense), and income from COVID-related concessions, (ii) impairment losses, (iii) non-cash stock- based compensation expense, (iv) non-recurring public company readiness costs, and (v) provision for tax risks that are non-income tax related. By applying IFRS 16, the impact on P&L of leases is reflected as Depreciation on right of use assets and interest expense is recognized on lease liabilities in Finance Costs, net, not impacting EBITDA. Our investors and others are also encouraged to review the related IFRS financial measures and the reconciliationofAdjustedEBITDAtoitsmostdirectlycomparableIFRSfinancialmeasures. 2 DISCLAIMER
Introduction Business Model Strategic Roadmap Financial Highlights 3
Selina Jaco, Costa Rica
NEW What is Selina Map of Selina Locations Around the Globe Selina is the world's largest lifestyle and experiential hotel business built to address the desires of Millennial and Gen Z travelers 10 We enable travelers to make real and 7 meaningful connections with people, 11 11 8 places and communities by creating 19 2 4 unique destinations around the world 1 18 11 1 3 8 11 5 Our portfolio currently consists of 14 1 1 7 112 open locations and 4 1 approximately 27,500 open 2 1 2 bedspaces , across 25 countries and 4 6 continents Number of open + secured hotels in each country 1. As of September 30, 2022. Does not include any locations or bedspaces that are secured for future openings. 2.“Bedspaces” is a metric used by Selina to measure the sleeping capacity of a property. Every 5.5 m2 of accommodation (sleeping room) area in a property, equals one bedspace. This measure is used, instead of physical beds, to give a static measure INTRODUCTION 5 of property capacity, by avoiding misleading fluctuations that would arise from changing room mixes in any given property.
Our Product is a Complete Experience at a Democratized Price Selina Tel Aviv Beach, Israel Selina Camden, United Kingdom Selina Lisbon, Portugal Selina New York, USA We provide a fully programmed experience at a democratized price point that is more accessible to Millennials and Gen Z than traditional lodging options Traditional Alternative Accommodations / Lodging Hostels INTRODUCTION 6
Company Highlights 112 / ~27,500 25 Lifestyle at Scale 1 1 1 Locations / Bedspaces Countries 2 ~90% ~$373mm Secured Pipeline for Steady Growth Commitments from Capital Partners to of Hotel Conversion Funded by 3 Fund ~41K Additional Bedspaces Capital Partners 61% 54 / 74% Loved by Guests And Locals of F&B Revenue from 4 5 NPS Score, 74% Higher Than Peers 6 Local Communities 116% ($6.0m) Path to Profitability 9M ‘22 Revenue growth over 9M ‘21 Adj. EBITDA in 9M ‘22 3 ~2.3m Long-Term Strategic Roadmap Owned, asset-lite brands to enhance Estimated unique guests and locals visit 8 7 experiential offering at Selina locations to Selina in ‘22 1.Open location, bedspaces and countries as of September 30, 2022. Does not include any properties that are secured for future openings. 6. Based on Q1 2021. Measures revenue from non-guests. 2. As of end of December 31, 2021. Assumes price per bed of $9,094 which implies ~41,000 new beds from the $373 million commitments from Capital Partners. 7. Company estimate. 3. In each of Selina's Capital Partner contracts, Selina is only responsible for funding, at most, pre-opening costs, which are generally 10% of development costs. 8. Refers to Remote Year, SIMS, Mantra. INTRODUCTION 7 4. As of September 2022 for all locations. 5.Peers include: Hilton, Hyatt, Radisson, IHG, Marriot, Airbnb, and Accor; median NPS score of 31 for peer set, data as of September 2022
Selina Lapa Rio de Janeiro, Brazil
Our journey began in a small fishing village in Central America where we brought travelers together in an environment that blended work and travel with an authentic, local experience OUR STORY 9
Selina is Positioned at the Center of a Growing Market With Niche Preferences Experiences First Wellness 78% 830mm prefer to spend on international and domestic experiences over wellness trips made by 3 4 material goods world travelers $802bn 2021 Global Hotel and Other Travel Remote Work Connections Accommodation By 2028 2 Market 23% 73% of Millennials travel specifically to of all departments meet and befriend are expected to 6 other travelers utilize remote 5 workers Millennials and Gen Z spend 1 ~$350bn per year on travel 1. Source: AARP and United Nations World Population Prospects data as of 2019. Selina estimate based on travel spend by generation and population size by generation. 2. Source: “Hotel and Other Travel Accommodation Global Market Report 2021: COVID-19 Impact and Recovery to 2030” by The Business Research Company as of January 2021. 3. Harris Interactive report based on a survey conducted online within the United States by Harris Poll on behalf of Eventbrite from June 27-July 1, 2014 among 2,083 adults ages 18 and older, among which 507 were millennials ages 18-34. BUSINESS MODEL 10 4. Global Wellness Institute 2018 reporting 2017 travel statistics. 5. Upwork’s FutureWorkplace Report published on 3/5/2019. 6. The Wandering RV – Millennial Travel Stats published on 2/7/2021.
Current Offerings Do Not Cater to the Demands of this Generation… Short-Term Rentals Global Hotel Brands Hostels Limited amenities Minimal experiential capabilities Minimal opportunity to connect with others Poor guest experience Misaligned pricing Inconsistent quality BUSINESS MODEL 11
…Which Has Created What We Believe is a Significant Market Opportunity We believe there is a significant opportunity to convert existing, poorly appointed room supply to bespoke experience driven destinations developed specifically with the Millennial and Gen Z traveler in mind Global Supply Global Demand Only 2 of the 159 brands owned by large, global hotel companies are developed 3 1 16.9mm rooms $802bn 5 for millennial and Gen Z travelers Supply White Space Neglected = ~6.5mm rooms ripe demand for conversion 43% Travel Spend From <3% Rooms Designed for = 40% Potential 2 4 Millennials and Gen Z Millennials and Gen Z Underutilized Supply 1. Global Hotel and Other Travel Accommodation Market Size per “Hotel and Other Travel Accommodation Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report by The Business Research Company as of January 2021. 2. Calculated as $350bn Millennial and Gen Z travel spend divided by Global Demand spend on travel of $802bn. 3. STR Global Reports as of 2020. BUSINESS MODEL 12 4. Selina estimate, which includes ~475K of boutique and soft brand hotel rooms per STR Global Reports as of 2020. 5. Includes Moxy Hotels and Jo&Joe. Based on total hotel brands of Marriott International, Wyndham Hotels & Resorts, Choice Hotels International, Hyatt, Accor Hotels, IHG Hotels & Resorts, and Hilton. Source: STR Global Reports as of 2020.
Selina Built an Efficient Business Model to Address this Market Opportunity Source Convert Activate and Operate Identify underperforming hotels Local experience boards create hyper- Plug converted destination into Selina’s through proprietary technology local concepts hospitality technology platform Partner with local F&B providers to 3 80%+ of deals executed off- ~140 days to convert attract locals and experience seeking 1 market and without brokers travelers Increase density of beds per location Activate programming and 20%+ discount to market content strategy 2 lease prices Add new revenue generating products 43% of location revenue generated such as co-working and F&B from non-room products (e.g., co-work, 4 experiences, and F&B) 1. Based on 169 deals since 2014. 80% includes deals sourced by Selina employees. 2. Market lease rates based on internal analysis done prior to Selina closing transactions on the last 27 deals from mid-2019 to April 23, 2021. 3. Average of last 20 locations opened between March 2020 – June 2021. Conversion time is the time between Selina receiving keys to begin Selina's own conversion, and opening, excluding months where development could not occur due to COVID-19 restrictions. BUSINESS MODEL 13 13 4. Based on Q1 and Q2 2022. Calculated as F&B and Experience revenue divided by total revenue.
Our Capabilities Have Enabled Selina to Scale Rapidly over 6 Years TODAY ~12,000 BEDSPACES 54 ~27,500 LOCATIONS 1 BEDSPACES 112 1 ~2,400 LOCATIONS 2019 BEDSPACES Does not include any locations secured for future openings 16 LOCATIONS ~250 BEDSPACES 2 2017 LOCATIONS 2014 1.Today, as of September 30, 2022. BUSINESS MODEL 14
We Have Proven the Ability to Improve Existing Supply through a Value-Add Conversion Process 1 We convert old, tired hotels into exciting, contemporary locations that generate, on average, a 2.4x increase in revenue compared to prior hotel operators Urban Remote BEFORE AFTER BEFORE AFTER Revenue Uplift Revenue Uplift 2 2 Lisbon, Puerto Viejo, 2.9x 5.9x Portugal Costa Rica BEFORE AFTER BEFORE AFTER Revenue Uplift Revenue Uplift 2 2 Rio de Janeiro, Red Frog, Brazil 3.6x Panama 7.4x 1. Calculated as total revenue uplift over previous operators based on sample of 32 hotels from Guatemala, Costa Rica, Panama, Mexico, Peru, UK, Portugal, Ecuador, Argentina, Colombia, and Israel for properties for which we are able to source pre-Selina revenue figure. Pre-Selina revenues provided by landlord, and are last full year of operations pre-Selina. Selina figures are 2019 FY (if open for less than full year then revenue is annualized) or 2021 FY for properties opened in 2020. 2. Based on 2019 Selina Unit-Level Revenue divided by pre-Selina Unit-Level Revenue. BUSINESS MODEL 15
Our Brand is Loved by Guests And Locals Alike 1 ~32% NPS Benchmarking Of Guests in YTD 54 ‘22 Are Return 2 Bookers Selina’s NPS is ~74% higher than the median of global hotel companies (31 NPS); while the Selina brand is significantly younger 37 35 34 61% 31 29 29 Of F&B Revenue from Local 3 Communities 22 62% Of Guests Say They Made a 4 Friend 1. Source: Company data and Comparably.com. NPS for September 2022. 2. Defined as customers who have checked into a Selina in the past. YTD ‘22 means as of September ‘22. BUSINESS MODEL 16 3. Based on Q1 2021. Measures revenue from non-guests. 4. Data for YTD September 2022.
Guests Are Seeking Out Our Destinations, Which Is Driving Growth in Our Direct Sales Channels Web and App % of Room Revenue 29% 25% 15% 11% 2019 2020 2021 H1 2022 Web and App share of room revenue has grown over 2x since 2019 as we continue to make major improvements to our booking experience Direct Sales % of Room Revenue 56% 52% 42% 41% 2019 2020 2021 H1 2022 Direct sales share of room revenue has grown to over 55% as OTA dependence falls 17 BUSINESS MODEL
We are Backed by Strong Real Estate Partners Select Landlord and Real Estate Partners 1 Ø $373m of allocated capital , indicating Backed by world-class landlords and real estate partners, confidence of our investors to grow the maintaining strong relationships brand globally Investor Description Ø Backed by a set of strong real estate Publicly traded in Israel; one of the largest developers and managers of real estate Hagag Group partners who have deployed capital into projects in the country and abroad buying and renovating their properties to Selina specifications One of Mexico’s most innovative real estate and financial advisory services firm Ø Through COVID, Selina did not exit any Independent Investment Manager in Brazil operating location and worked with various publicly traded real estate funds under management in the country collaboratively with our landlords and investors to maintain its operations Third largest listed real estate company in despite limited revenue Europe with over €24bn of unencumbered real estate managed within Germany, Netherlands and other parts of Europe 1.As of December 31, 2021. 18 BUSINESS MODEL
Selina Isla Mujeres, Mexico
On our way here Where We Are Today Highly differentiated, locally authentic product Lifestyle Brands Global scale (30+ countries) Large Hotel Brand Owners Selina already provides a more authentic experience than smaller boutique brands, with a clear roadmap to achieve the scale of traditional hoteliers Operational Excellence at Scale 20 STRATEGIC ROADMAP Uniqueness of Experience
We Intend to Leverage Our Scaled Infrastructure into a Creative Portfolio of Experiential Offerings Benefits to the Sales Ecosystem Experiential Capabilities • We are creating products that offer experiences at On-site • Tours, wellness, surf, ski, live music, workshops, our locations but operate in an asset-lite manner co working experiences with no long term liabilities or inventory • Extended stay programs and membership • This allows us to activate our hotels with these (including Selina CoLive product) offerings during shoulder seasons and off seasons • Many Remote Year members sleep and work in Selina locations during their programs • Ultimately, this strategy leads to increased • Production of music festivals and large scale occupancy and TrevPOBs across our portfolio events New! • Majority of SIMs events will be produced in • By expanding our experiential offerings we will also Selina venues expand the size of our community and capture a • Wellness retreat operator for B2B and B2C larger share of their wallets • Majority of Mantra retreats will be produced in New! Selina venues 21 STRATEGIC ROADMAP
Opportunity How We Will Evolve into a Community Ecosystem Global community of members Selina will leverage its strong physical and experiential layers to capture frequent and long term recurring interactions with its community of guests and locals Community Our guests want more than just rooms to stay in and demand constant content; so, we are currently expanding our experiential Constant content, programming, events, retreats, festivals, and more offerings to meet this need Experiential We have successfully delivered locally inspired hospitality offerings in sought after Global hotel network with accommodation, coworking, and F&B destinations that are loved by our guests Physical 22 STRATEGIC ROADMAP Future In Process Complete
Selina Puerto Viejo, Costa Rica
Key Financial Highlights Proven Track Record of Growth, Despite COVID Impacted Years Leading to a Diversified and Unique Portfolio of Assets With Improved Operational Performance Y-o-Y And Strong Economies of Scale Opportunities Resulting In A Clear Path to Profitability FINANCIAL HIGHLIGHTS 24
All figures are Proven Track Record of Growth unaudited 1 Countries +14% Steady pipeline of properties sourced for development 30 +32% 25 25 coupled with support from local capital partners 22 19 20 Past experience enables successively higher rate of growth 10 in new locations and additional bedspaces even during industry downturn resulting from COVID 0 FY 2020 FY 2021 9M 2021 9M 2022 1 Open Locations 1 Open Bedspaces +27% +35% 120 112 +27% +23% 27,577 30,000 100 23,408 100 88 20,402 18,411 81 20,000 80 10,000 60 40 0 FY 2020 FY 2021 9M 2021 9M 2022 FY 2020 FY 2021 9M 2021 9M 2022 1. At period end FINANCIAL HIGHLIGHTS 25
All figures are Diversified Portfolio of Assets unaudited 9M 2022 Revenues by Region 9M 2022 Revenues by Country (Top 5) USA Mexico APAC 12% 16% 2% EMEA Costa Rica Mexico Others 29% 11% 16% 38% United States 12% South Central Israel America Panama America 15% 20% 8% 21% 9M 2022 Revenues by Country Type 9M 2022 Revenues by Location Type Developed Non-Urban Emerging 43% 43% 57% Urban 57% FINANCIAL HIGHLIGHTS 26
All figures are Steady Growth in Top Line Drivers unaudited 1 Occupancy Rate Daily Total Revenue Per Occupied Bed (TRevPOB) +12% +52% 46.9% 50% $60 +35% $51.03 $45.86 $45.74 +68% 40% 32.9% 30.8% $40 $34.03 30% 19.6% 20% $20 10% $0 0% FY 2020 FY 2021 9M 2021 9M 2022 FY 2020 FY 2021 9M 2021 9M 2022 2 3 Daily Total Revenue Per Occupied Bedspace (TRevPOBs) Total Annualized Revenue Per Bedspace +2% $50 +18% $8,000 +56% $6,555 $38.38 $37.49 $40 $35.13 $6,000 +99% $29.69 $4,219 $30 $4,199 $4,000 $20 $2,118 $2,000 $10 $0 $0 FY 2020 FY 2021 9M 2021 9M 2022 FY 2020 FY 2021 9M 2021 9M 2022 1. Defined as total revenue, excluding Remote Year revenue, for any given property, divided by the number of beds sold in that same period. 2. 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 FINANCIAL HIGHLIGHTS 27 occupancy rate for any given period by the average of the total number of open bedspaces at the beginning and end of that period 3. Defined as total annualized 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.
Improved Operational Performance Y-o-Y Total Revenues Revenue growth continues to be driven primarily by strong increase in same store performance for 9M ‘22 150 133.2 +116% 1 125 +164% On a same store basis , 9M ‘22 revenue increased 75% to $99.8 92.7 100 million for the properties operated in both periods 61.7 75 35.2 50 Adjusted EBITDA improvements continue to materialize as Selina 25 continues to drive top line and control costs at the unit and corporate 0 levels FY 2020 FY 2021 9M 2021 9M 2022 Unaudited Unaudited Net Loss 2 Adjusted EBITDA (Includes impact of mark to market finance costs of a convertible loan instrument which converted to equity at time of Selina’s public offering) 0 0 (10) (6.0) (50) (11.4) (20) (100) (30) (25.8) (150) (40) (139.3) (146.5) (159.1) (200) (185.7) (50) (43.7) FY 2020 FY 2021 9M 2021 9M 2022 FY 2020 FY 2021 9M 2021 9M 2022 Unaudited Unaudited Unaudited Unaudited 1. Same store results refers to the performance of properties open on or before December 31, 2020. 2.Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA is defined as EBITDA, excluding (i) non-operating income (expense), such as gain on net monetary position, share of profit/(loss) in associates, other non-operating income / (expense), and FINANCIAL HIGHLIGHTS 28 income from COVID-related concessions, (ii) impairment losses, (iii) non-cash stock-based compensation expense, (iv) non-recurring public company readiness costs, and (v) provision for tax risks that are non-income tax related. By applying IFRS 16, the impact on P&L of leases is reflected as Depreciation on right of use assets and interest expense is recognized on lease liabilities in Finance Costs, net, not impacting EBITDA. See IFRS net loss reconciliation table. ($m) ($m) ($m)
Opportunities to Continue Driving Economies of Scale Corporate Overhead Expenses Progress toward profitability achieved through increase in 150% scale, coupled with a focus on operational efficiency and cost controls 92.8% 100% Our Corporate Level Overhead costs continue to decrease as 50% 32.2% a % of revenue, signifying operational efficiency and greater 21.0% scale, the effects of which have led to better EBITDA margins over time 0% (4.5%) FY 2020 FY 2021 9M 2022 Unaudited (27.8%) (50%) (100%) (124.4%) (150%) Corporate Expenses as % of Revenue Adjusted EBITDA Margin FINANCIAL HIGHLIGHTS 29
IFRS Net Loss to Non-IFRS Adjusted EBITDA Reconciliation Unaudited figures 1 1. Finance costs, net includes interest expense on loans, leasing arrangements, unrealized foreign exchange losses on these liabilities, mark-to-market of financial liabilities related to the convertible instrument and, in 2021, loss on extinguishment of debt FINANCIAL HIGHLIGHTS 30
