New York Stock Exchange

Sonida Senior Living Announces First Quarter 2022 Earnings Release Date and Conference Call

DALLAS–(BUSINESS WIRE)–Sonida Senior Living, Inc. (NYSE: SNDA) (Sonida or the Company) announced today that it will issue its First Quarter 2022 earnings release before the market opens for trading on the New York Stock Exchange on Monday, May 23, 2022. A conference call to discuss those earnings will be held on Monday, May 23, 2022, at 1:30 p.m. Eastern Time.

As previously announced, the Company hired a new Chief Financial Officer, Chief Accounting Officer, and Director of Financial Reporting, effective May 1, 2022. These recent finance and accounting personnel changes require additional time to finalize the financial statements and related disclosures contained in the Form 10-Q for the quarter ended March 31, 2022. The Company will file a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission for an extension to file the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.

The call-in number for the conference call is 877-407-0989 (no passcode required). A link to a simultaneous webcast of the teleconference will be available here through Windows Media Player or RealPlayer.

The conference call will be recorded and available for replay starting May 24, 2022, through June 7, 2022. To access the conference call replay, call 877-660-6853, passcode 13729622.

About Sonida Senior Living

Dallas-based Sonida Senior Living, Inc. is a leading owner-operator of independent living, assisted living and memory care communities and services for senior adults. The Company’s 76 communities are home to nearly 7,000 residents across 18 states providing comfortable, safe, affordable communities where residents can form friendships, enjoy new experiences and receive personalized care from dedicated team members who treat them like family. For more information, visit www.sonidaseniorliving.com or connect with the Company on Facebook, Twitter or LinkedIn.

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Wall St Week Ahead: Battered U.S. stocks may not be bargains as investors brace for inflation data

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A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri

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NEW YORK, May 6 (Reuters) – U.S. stocks’ tumble this year is putting an increased focus on equity valuations, as investors assess whether recently discounted shares are worth buying in the face of a hawkish Federal Reserve and widespread geopolitical uncertainty.

With the benchmark S&P 500 index (.SPX) down 13.5% year-to-date, valuations stand at their lowest levels in two years, putting the index’s forward price-to-earnings ratio at 17.9 times from 21.7 at the end of 2021, according to the latest data from Refinitiv Datastream.

Although many investors tended to brush off elevated valuations during the market’s dynamic surge from its post-COVID-19 lows, they have been quick to punish companies viewed as overvalued this year, as the Fed rolls back easy money policies that had kept bond yields low and buoyed equities.

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While recently discounted valuations may boost stocks’ appeal to some bargain hunters, other investors believe equities may not be cheap enough, as the Fed signals it is ready to aggressively tighten monetary policy to fight inflation, bond yields surge, and geopolitical risks such as the war in Ukraine continue roiling markets. read more

“Stocks are getting close to fair valuation … but they’re not quite there yet,” said J. Bryant Evans, portfolio manager at Cozad Asset Management in Champaign, Illinois. “If you take into account bond yields, inflation, what is going on with GDP and the broader economy, they’re not quite there yet.”

Wild swings shook markets in the past week after the Fed delivered a widely expected 50 basis point rate increase and signaled similar moves for the meetings ahead as it tries to quell the highest annual inflation rates in 40 years. The index has declined for five straight weeks, its longest losing streak since mid-2011. read more

More volatility could be in store if next week’s monthly consumer price index reading exceeds expectations, potentially bolstering the case for even more aggressive monetary policy tightening from the Fed. read more

“There has … been a healthy reset in valuations and sentiment,” wrote Keith Lerner, co-chief investment officer at Truist Advisory Services, in a recent note to clients.

“For stocks to move higher on a sustainable basis, investors will likely need to have greater confidence in the Fed’s ability to tame inflation without unduly hurting the economy.”

Though valuations have come down, S&P 500’s forward P/E stands above its long-term average of 15.5 times earnings estimates.

Reuters Graphics

Potentially burnishing stocks’ appeal, S&P 500 companies are expected to increase earnings by about 9% this year, according to Refinitiv data, as they wrap up a better-than-expected first-quarter reporting season.

One likely factor is whether Treasuries extend a sell-off that has lifted the benchmark 10-year note yield, which moves inversely to prices, to its highest since late 2018.

Higher yields in particular dull the allure of technology and other high-growth sectors, as their cash flows are often more weighted in the future and diminished when discounted at higher rates.

The forward P/E for the S&P 500 technology sector (.SPLRCT) has declined from 28.5 times to 21.4 so far this year, according to Refinitiv Datastream data as of Friday morning.

“In terms of growth valuations, they have been hit the hardest and likely the most oversold,” said Art Hogan, chief market strategist at National Securities.

But the sector continues to trade at a nearly 20% premium to the overall S&P 500, above the 15% premium it has averaged over the broader index over the past five years.

If the 10-year yield hovers between 3% to 3.5%, after being a “fraction” of that level for a long period, “that is going to continue to be a weight on the P/E and therefore the discounting mechanism for the growth and technology space,” said John Lynch, chief investment officer for Comerica Wealth Management, which favors value over growth shares.

“To a large extent, (the pressure from higher yields) has been baked in,” Lynch said. “But I don’t think it is going to go away. I think it is going to persist.”

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Reporting by Lewis Krauskopf; Editing by Ira Iosebashvili and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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KE Holdings Inc. Updates the Status under Holding Foreign Companies Accountable Act

BEIJING–(BUSINESS WIRE)–KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services, today updates its status under the Holding Foreign Companies Accountable Act (the “HFCAA”).

The Company is aware of the fact that it was identified by the United States Securities and Exchange Commission (the “SEC”) under the HFCAA on April 21, 2022. The Company understands that this identification under the HFCAA and its implementation rules issued thereunder indicates that the SEC determines the Company used a registered public accounting firm whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States (the “PCAOB”) to issue the audit opinion for its financial statements for the fiscal year ended December 31, 2021.

In accordance with the HFCAA, the SEC shall prohibit a company’s shares or American depositary shares from being traded on a U.S. stock exchange or in the over-the-counter trading market in the United States if the company has been identified by the SEC for three consecutive years due to the PCAOB’s inability to inspect the registered public accounting firm’s working paper related to such company.

The Company has been actively exploring possible solutions to protect the interest of its stakeholders. The Company will continue to comply with applicable laws and regulations in both China and the U.S., and strive to maintain its listing status on the New York Stock Exchange.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 20 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build the industry infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike’s platform; competition in our industry; relevant government policies and regulations relating to our industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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Didi sets shareholder meeting on May 23 to vote on U.S. delisting plans, article with image

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A screen displays trading information for ride-hailing giant Didi Global on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 3, 2021. REUTERS/Brendan McDermid

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April 16 (Reuters) – Didi Global Inc (DIDI.N) will hold an extraordinary general meeting (EGM) on May 23 to vote on its delisting plans in the United States, the Chinese ride-hailing giant said in a statement on Saturday.

The company also said it will not apply to list its shares on any other stock exchange before the delisting of its American Depositary Shares from the New York Stock Exchange (NYSE) was complete.

It added that it will continue to explore appropriate measures that include exploring a potential listing on another internationally recognized exchange, it said.

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Didi announced in December that it would delist from the NYSE and pursue a listing in Hong Kong after it ran foul of Chinese regulators by pushing ahead with its $4.4 billion U.S. IPO last year.

Chinese regulators had urged the firm to put its listing on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.

Days after it went ahead, the country’s powerful cyberspace watchdog ordered app stores to remove 25 mobile apps operated by Didi and told the company to stop registering new users, citing national security and the public interest.

China’s securities regulator, in a statement noting Didi’s Saturday announcement, said the decision was one that the company had made independently and had nothing to do with other U.S.-listed Chinese stocks or ongoing efforts between Chinese regulators and their U.S. counterparts to resolve an audit dispute affecting U.S.-listed Chinese firms. read more

Didi’s total revenue for the quarter ended Dec. 31, 2021 fell to 40.8 billion yuan ($6.40 billion) from 46.7 billion yuan a year earlier, the company said in a separate statement also issued on Saturday.

($1 = 6.3705 Chinese yuan renminbi)

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Reporting by Jahnavi Nidumolu in Bengaluru and Brenda Goh in Shanghai, Editing by Franklin Paul and David Evans

Our Standards: The Thomson Reuters Trust Principles.

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Camden Property Trust Announces Pricing of Common Shares

HOUSTON–(BUSINESS WIRE)–Camden Property Trust (NYSE:CPT) today announced it has priced a public offering of 2,900,000 common shares for gross proceeds of approximately $493 million. The offering is expected to close on April 12, 2022, subject to customary closing conditions. BofA Securities and Wells Fargo Securities, the joint book-running managers for the offering, have been granted a 30-day option to purchase up to an additional 435,000 common shares. The underwriters may offer the common shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Camden intends to use the net proceeds to reduce borrowings under its $900 million unsecured line of credit incurred to fund the acquisition from Teacher Retirement System of Texas of its 68.7% interest in two of Camden’s investment funds and for general corporate purposes, which may include financing for acquisitions and funding for development activities.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any Camden common shares, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from:

BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001,

Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com.

Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, or by email at cmclientsupport@wellsfargo.com or by telephone at (800) 326-5897.

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 170 properties containing 58,055 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 59,828 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8.

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause Camden’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and Camden assumes no obligation to update or supplement these statements because of subsequent events.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787.

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SmartRent Reports Fourth Quarter and Full-Year 2021 Financial Results and Provides 2022 Guidance

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–SmartRent, Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), a leading provider of smart home and smart building automation for property owners, managers, developers, homebuilders and residents, today reported financial results for the full-year and fourth quarter ended December 31, 2021.

“SmartRent celebrated many notable successes in 2021. From our public listing on the New York Stock Exchange in August 2021, to reaching record revenue levels and launching several new, best-in-class products, I could not be more proud of our team and all that we accomplished last year,” said Lucas Haldeman, SmartRent CEO. “In 2022, we’re looking forward to continuing to build on our strong foundation and solidify our position as the market leader in enterprise smart home solutions. We have sufficient capital resources to support our organic growth and incremental external growth initiatives. We are confident in the direction of our business and inspired by the opportunity ahead for our Company, our customers, and all of our stakeholders.“

Fourth Quarter 2021 Highlights

Increased total revenue 155% to $34.7 million as compared to $13.6 million for the fourth quarter of 2020.
Increased annualized software as a service (SaaS) annual recurring revenue (ARR) 114% to $10.6 million as compared to $4.9 million for the fourth quarter of 2020.
Increased Hosted Services average revenue per user (ARPU) 2% to $6.86 as compared to $6.75 for the fourth quarter of 2020.
Net loss of $(26.0) million as compared to $(10.7) million for the fourth quarter of 2020.
Adjusted EBITDA of $(21.8) million as compared to $(6.8) million for the fourth quarter of 2020.
Deferred Revenue grew 79% to $95.6 million as compared to $53.5 million as of December 31, 2020.
Deployed 52,076 organic units, up 72% as compared to 30,220 units for the fourth quarter of 2020.
Increased Units Booked 42% to 84,052 as compared to 59,067 for the fourth quarter of 2020.
Increased organic Committed Units 5% to 736,461 as of December 31, 2021, from 704,242 as of September 30, 2021.
Aggregate organic Deployed and Committed Units of 1,059,309 as of December 31, 2021.
Acquired iQuue, LLC (“iQuue”), a smart home technology company with 22,605 aggregate Deployed and Committed Units.
Cash balance of $432.1 million as of December 31, 2021.

Full-Year 2021 Highlights

Increased total revenue 111% to $110.6 million as compared to $52.5 million in 2020.
Net loss of ($72.0) million as compared to a net loss of ($37.1) million in 2020.
Adjusted EBITDA of $(55.6) million as compared to $(26.7) million in 2020.
Deployed 167,743 units, up 101% as compared to 83,293 in 2020.
Increased Units Booked 94% to 218,106 from 112,555 in 2020.
Launched multiple products including Alloy Access, Smart Video, Smart Parking and Fusion Hub.
Commenced trading on the New York Stock Exchange (NYSE).
Entered into a $75.0 million revolving credit facility and retired $4.9 million of outstanding term debt.

Fourth Quarter and Full-Year Results

Total revenue increased 155% to $34.7 million in the fourth quarter of 2021 from $13.6 million in the fourth quarter of 2020. For the year, total revenue increased 111% to $110.6 million, as compared to $52.5 million in 2020. For the fourth quarter and the full year, the increase in revenues was driven primarily by growth in the Company’s record Units Deployed, increased subscriptions for the Company’s software applications, growth in its customer base and increased monthly SaaS subscription rates.

Operating expenses rose 185% to $22.8 million in the fourth quarter of 2021 from $8.0 million in the prior year period. For the year, operating expenses increased 96% to $61.6 million as compared to $31.4 million in 2020. Contributing to the increase in both periods were higher sales and marketing, and research and development expenses associated with hiring and scaling those teams to support SmartRent’s current and anticipated pace of growth. The Company increased total headcount to 639 employees at the end of 2021, a 147% year-over-year increase. SmartRent anticipates the need to carefully expand these teams in 2022; however, the rate of growth should slow as the Company realizes efficiencies and approaches staffing levels necessary to meet near-term demand. Higher general and administrative expenses, specifically legal, insurance, banking and consulting fees, equity-based compensation, and other activities related to operating as a public company, also contributed to the increase.

Net loss was $(26.0) million in the fourth quarter 2021, as compared to $(10.7) million in the fourth quarter of 2020. For the full-year 2021, net loss was $(72.0) million as compared to $(37.1) for full-year 2020. Contributing to the loss was a warranty charge, recorded as a component of hardware cost of revenues, $0.7 million in the fourth quarter of 2021 and $6.4 million for full-year 2021, related to a battery defect in a portion of its SmartHubs.

Adjusted EBITDA was $(21.8) million for the fourth quarter of 2021 and $(55.6) million for the full-year as compared to $(6.8) million in the fourth quarter of 2020 and $(26.7) million for the full-year 2020.

Total deferred revenue was $95.6 million as of December 30, 2021, up from $53.5 million on December 31, 2020.

At year-end, the Company had $432.1 million of cash and cash equivalents on its balance sheet and no outstanding debt.

Supply Chain

The Company has taken proactive steps to support its logistics and supply chain management efforts in light of sustained headwinds in the global supply chain resulting from the COVID-19 pandemic. Despite these measures, there may be unanticipated events outside of the Company’s control that may impact its supply chain; examples include factory closures due to the resurgence of COVID-19 and continued shortages of component parts.

Subsequent Events

On March 22, 2022, SmartRent acquired SightPlan, Inc. (“SightPlan”), a leader in multifamily workflow management, for approximately $135 million in cash. The acquisition advances SmartRent’s product roadmap and augments the breadth of cloud-based SaaS solutions for current and prospective customers, creating a comprehensive property and resident management platform. Additional information regarding the acquisition is available on the Investor Relations section of SmartRent’s website at www.smartrent.com.

Key Operating Metrics⁽¹⁾

SmartRent set company records for both the quarter and the year for Units Booked and Units Deployed. Units Deployed in the fourth quarter increased 72% to 52,076 from the fourth quarter of 2020. For the full year, Units Deployed increased by 101% to 167,743 from 83,293 in 2020. Total Units Deployed at year-end were 339,485, comprising 322,848 from SmartRent’s customer base and 16,637 units that were part of the iQuue acquisition completed on December 30, 2021.

Units Booked in the fourth quarter of 2021 increased 42% to 84,052 from 59,067 in the fourth quarter of 2020. For the full year, Units Booked increased 94% to 218,106 as compared to 112,555 for 2020. The Units Booked in 2021 had an average SaaS ARPU of $3.82, up 11% from $3.45 in SaaS ARPU for Units Booked in 2020. Growth in SaaS ARPU was primarily driven by the Company’s ability to improve its pricing model with the continued diversification of its customer base.

Bookings, which represent the value of Booked Units from Hardware, Professional Services and Hubs, as well as one year of SaaS, increased 10% for the fourth quarter to approximately $67.6 million and 80% to approximately $170.1 million for the year.

Committed Units in the fourth quarter, including Committed Units acquired with iQuue, increased 5% to 742,429 on a sequential quarter basis and are up 23% since the first quarter of 2021, when the Company began tracking Committed Units as a key performance indicator. In the fourth quarter, aggregate Deployed and Committed Units increased sequentially from the third quarter of 2021 by 11% to 1,081,914, including 22,605 aggregate Deployed and Committed Units gained in the iQuue acquisition.

SmartRent’s customer base grew at a record pace in 2021, both for the fourth quarter and the full year. During the fourth quarter, SmartRent added 31 new customers and gained 19 additional customers through its acquisition of iQuue, bringing SmartRent’s total customer base to 249.

For the year, SmartRent grew its customer base 75%, from 142 customers at the end of 2020. Collectively, the Company’s 249 customers own or operate approximately 4.5 million units.

Recent Business Highlights

In December 2021, SmartRent acquired iQuue, an open-architecture smart apartment company with 16,637 Units Deployed and 5,968 Committed Units primarily located throughout the East Coast. The acquisition provides SmartRent incremental exposure in the new-build multifamily market and expands SmartRent’s presence in the Southeast by adding 19 new customers who own or control approximately 100,000 units. We anticipate iQuue will contribute approximately $2.0 million in annual recurring revenue (ARR) in 2022. The transaction closed on December 30, 2021 and did not contribute to SmartRent’s fourth quarter revenue. Additional details regarding the acquisition are available in the Company’s 2021 Annual Report on Form 10-K.

In January 2022, SmartRent announced the appointment of Brian Roberts as Chief Legal Officer. Mr. Roberts, an experienced public-company executive with over 20 years of corporate legal experience, oversees all legal, corporate governance and compliance matters for the Company.

Balance Sheet and Liquidity

As of December 31, 2021, the Company had $432.6 million in cash on its balance sheet as compared to $38.6 million as of December 31, 2020. The increase in cash reflects the capital raised from SmartRent’s financing and public listing on NYSE in August 2021. The Company ended the year with approximately $95.6 million of deferred revenue on its balance sheet, as compared to approximately $53.5 million at the end of 2020, reflecting growth in the Company’s Deployed Units.

In December 2021, SmartRent entered into a $75.0 million senior secured revolving credit facility with a five-year term and a provision for an incremental $75.0 million subject to certain conditions. The revolving facility was unused as of December 31, 2021. The Company also retired a $4.9 million term loan with its available cash. As of December 31, 2021, the Company has no outstanding debt and approximately $507.6 million in liquidity including availability under its revolving credit facility and cash on the balance sheet.

Financial and Business Outlook

The Company continues to experience strong demand for its smart home enterprise software solutions and is providing guidance for full-year 2022 and the first quarter of 2022.

The estimates presented below represent a range of possible outcomes and may differ materially from actual results. These estimates exclude the impact of potential acquisitions, capital markets activity, and unforeseen potential challenges with supply chain and logistics. The estimates are forward-looking based on the Company’s current assessment of demand for its product, execution capabilities and market conditions, as well as other risks outlined below under the caption “Forward-Looking Statements.”

Full-Year 2022 Guidance

Total Revenue of $220 to $250 million.
Adjusted EBITDA of $(50) to $(35) million.
Units Deployed of 280,000 to 320,000.

Quarter ended March 31, 2022 Guidance

Total Revenue of $35 to $37 million.
Units Deployed of 46,000 to 48,000.

Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measures are provided in subsequent sections of the press release and supplemental schedules. SmartRent has not provided a reconciliation of forward-looking Adjusted EBITDA, including certain components of the forward-looking reconciliation to the most directly comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections of non-operating matters that may arise, as not all of the information necessary for a quantitative reconciliation is available to SmartRent without unreasonable effort. For the same reasons, SmartRent is unable to address the probable significance of the information.

Conference Call Information

SmartRent is hosting a conference call today, March 24, 2022, at 5 p.m. ET to discuss its fourth quarter and full-year 2021 financial results. To join the call, dial 1-877-407-3982 in the USA or Canada, or 1-201-493-6780 if dialing in internationally. The passcode for the conference call is 13726960.

Following the call’s conclusion, a webcast of the call will be posted on the Events and Presentations section of SmartRent’s website.

About SmartRent

Founded in 2017, SmartRent (NYSE: SMRT) is an enterprise smart home and smart building technology platform for property owners, managers, developers, homebuilders and residents. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering cost savings and additional revenue opportunities through all-in-one home control offerings for residents. For more information, please visit smartrent.com.

Forward-Looking Statements

This press release contains forward-looking statements which address the Company’s expected future business and financial performance, and may contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will” or similar expressions. Examples of forward-looking statements include, among others, statements regarding the benefits of the Company’s strategic acquisitions, changes in the market for our products and services, expected financial results, product portfolio enhancements, expansion plans and opportunities and earnings guidance related to 2022 financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: (1) execute our business strategy within the smart home technology industry; (2) expand our products and solutions to meet the demands of the market; (3) meet legal obligations, including laws and regulations related to security and privacy; (4) prevent unauthorized or inadvertent access to our information technology systems and customer or resident data; (5) successfully manage the competitiveness of our market and pricing levels of our competitors; (6) hire, retain, manage and motivate employees, including key personnel; (7) successfully manage and ensure that our suppliers produce or obtain quality products and services on a timely basis or in sufficient quantity; (8) successfully manage interruptions to, or other problems with, our website and interactive user interface, information technology systems, manufacturing processes or other operations; (9) successfully identify, acquire, and integrate quality acquisition targets; (10) successfully resolve legal proceedings, recall claims, and governmental inquiries; (11) acquire and protect our intellectual property and acquire or make investments in other businesses, patents, technologies, products or services to grow the business; (12) comply with laws and regulations applicable to our business, including developments in state and local regulations; (13) fuel growth and accelerate the adoption of our products and services; (14) develop, design, and sell services that are differentiated from those of competitors; (15) manage risks associated with product liability, warranty, personal injury, property damage and recall matters; and (16) successfully deploy the proceeds from the business combination we completed last year. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company’s other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company’s reported financial results and our business outlook for future periods.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this press release. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and Adjusted EBITDA are non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures, as defined below by SmartRent, may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measurements to the most directly comparable GAAP financial measurements have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliations.

As detailed in the reconciliations, the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA is net income or loss. EBITDA and Adjusted EBITDA are not used as measures of SmartRent’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP.

SmartRent’s management uses EBITDA and Adjusted EBITDA in a number of ways to assess the Company’s financial and operating performance and believes that these measures provide useful information to investors regarding financial and business trends related to SmartRent’s results of operations. EBITDA and Adjusted EBITDA are also used to identify certain expenses and make decisions designed to help SmartRent meet its current financial goals and optimize its financial performance, while neutralizing the impact of expenses included in its operating results which could otherwise mask underlying trends in its business. SmartRent’s management believes that investors are provided with a more meaningful understanding of SmartRent’s ongoing operating performance when non-GAAP financial information is viewed with GAAP financial information.

(1) Key Operating Metrics Defined

SmartRent regularly monitors several operating and financial metrics including the following non-GAAP financial measures which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business, formulate business plans, measure its progress, and make strategic decisions. The Company’s Key Operating Metrics may not provide accurate predictions of future GAAP financial results.

Units Deployed is defined as the aggregate number of SmartHubs that have been installed (also including customer self-installations) as of a stated measurement date. The Company uses this operating metric to assess the general health and trajectory of its business growth.

New Units Deployed is defined as the aggregate number of SmartHubs that have been installed (also including customer self-installations) during a stated measurement period. The Company uses this operating metric to assess the general health and trajectory of its business growth.

Committed Units is defined as the aggregate number of SmartHub units that are subject to binding orders from customers together with units that existing customers who are parties to a SmartRent master services agreement have informed us (on a non-binding basis) that they intend to order in the future for deployment within two years of the measurement date. The Company tracks the number of Committed Units to assess the general health and trajectory of its business and to assist in its longer-term resource analysis.

Units Booked is defined as the aggregate number of SmartHubs associated with binding orders executed during a stated measurement period. The Company utilizes the concept of Units Booked to measure estimated near-term resource demand and the resulting approximate range of post-delivery revenue that it will earn and record. Units Booked represent binding orders only and accordingly are a subset of Committed Units.

Annual Recurring Revenue (“ARR”) is defined as the annualized value of our recurring SaaS revenue earned in the current quarter.

EBITDA and Adjusted EBITDA: We define EBITDA as net income or loss computed in accordance with GAAP before the following items: interest expense, income tax expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA before the following items: stock-based compensation expense, non-employee warrant expense, loss on extinguishment of debt, change in fair value of derivatives, unrealized gains and losses in currency exchange rates, and warranty provisions for battery deficiencies. Management uses EBITDA and Adjusted EBITDA to identify certain expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance, while neutralizing the impact of expenses included in our operating results which could otherwise mask underlying trends in our business. See “Use of Non-GAAP Financial Measures” for additional information and reconciliation of these measures.

SMARTRENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

	For the quarters ended December 31,						For the years ended December 31,
		2021			2020			2021			2020
Revenue
Hardware	$	21,177		$	8,022		$	69,629		$	31,978
Professional services		7,387			2,746			22,732			12,304
Hosted services		6,104			2,833			18,276			8,252
Total revenue		34,668			13,601			110,637			52,534

Cost of revenue
Hardware		21,226			10,234			70,448			35,225
Professional services		12,340			4,585			38,189			16,176
Hosted services		4,256			1,695			12,073			5,430
Total cost of revenue		37,822			16,514			120,710			56,831

Operating expense
Research and development		7,515			2,765			21,572			9,406
Sales and marketing		4,923			1,381			14,017			5,429
General and administrative		10,317			3,825			25,990			16,584
Total operating expense		22,755			7,971			61,579			31,419

Loss from operations		(25,909	)		(10,884	)		(71,652	)		(35,716	)

Interest expense, net		(50	)		(49	)		(249	)		(559	)
Other income (expense), net		(14	)		224			55			(685	)
Loss before income taxes		(25,973	)		(10,709	)		(71,846	)		(36,960	)

Provision for income taxes		(15	)		(21	)		115			149
Net loss		(25,958	)		(10,688	)		(71,961	)		(37,109	)
Other comprehensive loss
Foreign currency translation adjustment		(92	)		103			(226	)		235
Comprehensive loss	$	(26,050	)	$	(10,585	)	$	(72,187	)	$	(36,874	)
Net loss per common share
Basic and diluted	$	(0.13	)	$	(1.03	)	$	(0.96	)	$	(4.32	)
Weighted-average number of shares used in computing net loss per share
Basic and diluted		192,053			10,378			74,721			8,598

SMARTRENT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)

	December 31, 2021			December 31, 2020
ASSETS
Current assets
Cash and cash equivalents	$	430,841		$	38,618
Restricted cash, current portion		1,268			–
Accounts receivable, net		45,486			20,787
Inventory		33,208			17,628
Deferred cost of revenue, current portion		7,835			6,782
Prepaid expenses and other current assets		17,369			3,840
Total current assets		536,007			87,655
Property and equipment, net		1,874			847
Deferred cost of revenue		18,334			10,072
Goodwill		12,666			4,162
Other long-term assets		10,802			1,113
Total assets	$	579,683		$	103,849

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$	6,149		$	2,275
Accrued expenses and other current liabilities		22,234			9,555
Deferred revenue, current portion		42,185			19,348
Current portion of long-term debt		–			1,651
Total current liabilities		70,568			32,829
Long-term debt, net		–			3,169
Deferred revenue		53,412			34,153
Other long-term liabilities		6,201			516
Total liabilities		130,181			70,667

Commitments and contingencies (Note 12)
Convertible preferred stock, $0.0001 par value; 50,000 and 105,995 shares authorized as of December 31, 2021 and December 31, 2020; no shares of preferred stock issued and outstanding as of December 31, 2021; 104,822 shares issued and outstanding as of December 31, 2020.		–			111,432

Stockholders’ equity (deficit)
Common stock, $0.0001 par value; 500,000 and 140,595 shares authorized as of December 31, 2021 and December 31, 2020; 193,864 and 10,376 shares issued and outstanding as of December 31, 2021 and December 31, 2020		19			–
Additional paid-in capital		604,077			4,157
Accumulated deficit		(154,603	)		(82,642	)
Accumulated other comprehensive income		9			235
Total stockholders’ equity (deficit)		449,502			(78,250	)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$	579,683		$	103,849

SMARTRENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	For the years ended December 31,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(71,961	)	$	(37,109	)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization		463			295
Amortization of debt discount		14			8
Non-employee warrant expense		931			481
Provision for warranty expense		7,634			3,370
Loss on extinguishment of debt		27			164
Non-cash lease expense		621			461
Stock-based compensation related to acquisition		812			707
Stock-based compensation		7,319			1,052
Compensation expense related to acquisition		–			3,353
Non-cash interest expense		11			100
Provision for excess and obsolete inventory		(39	)		778
Provision for doubtful accounts		226			512
Change in operating assets and liabilities
Accounts receivable		(23,969	)		(13,526	)
Inventory		(15,778	)		(11,090	)
Deferred cost of revenue		(9,315	)		(8,584	)
Prepaid expenses and other assets		(11,284	)		1,014
Accounts payable		3,811			(72	)
Accrued expenses and other liabilities		1,605			(3,209	)
Deferred revenue		38,945			32,841
Lease liabilities		(449	)		(36	)
Net cash used in operating activities		(70,376	)		(28,490	)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for Zenith acquisition, net of cash acquired		–			(2,382	)
Payments for iQuue acquisition, net of cash acquired		(5,902	)		–
Purchase of property and equipment		(1,471	)		(298	)
Payment for loan receivable		(2,000	)		–
Net cash used in investing activities		(9,373	)		(2,680	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving line of credit		–			7,179
Payments on revolving line of credit		–			(11,981	)
Payments on term loan		(4,861	)		(139	)
Payments of senior revolving facility transaction costs		(658	)		–
Payments on note payable related to acquisition		–			(4,327	)
Proceeds from warrant exercise		5			–
Proceeds from convertible notes		–			50
Convertible preferred stock issued		35,000			57,500
Payments of convertible preferred stock transaction costs		(207	)		(61	)
Proceeds from business combination and private offering		500,628			–
Payments of business combination and private offering transaction costs		(55,981	)		–
Net cash provided by financing activities		473,926			48,221
Effect of exchange rate changes on cash and cash equivalents		(191	)		143
Net increase in cash, cash equivalents, and restricted cash		393,986			17,194
Cash, cash equivalents, and restricted cash – beginning of period		38,618			21,424
Cash, cash equivalents, and restricted cash – end of period	$	432,604		$	38,618

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	$	430,841		$	38,618
Restricted cash, current portion		1,268			–
Restricted cash, included in other long-term assets		495			–
Total cash, cash equivalents, and restricted cash	$	432,604		$	38,618

SMARTRENT, INC.
RECONCILIATION OF NON-GAAP MEASURES
(In thousands)

	Years ended December 31,
	2021			2020
Net loss	$	(71,961	)	$	(37,109	)
Interest expense, net		249			559
Provision for income taxes		115			149
Depreciation and amortization		463			295
EBITDA		(71,134	)		(36,106	)
Stock-based compensation		8,131			1,759
Non-employee warrant expense		931			481
Loss on extinguishment of debt		27			164
Loss on change in exchange rates		–			470
Compensation expense in connection with Zenith acquisition		–			3,353
Warranty provision for battery deficiencies		6,430			3,200
Adjusted EBITDA	$	(55,615	)	$	(26,679	)

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PropertyGuru Successfully Completes Business Combination With Bridgetown 2 Holdings

SINGAPORE & HONG KONG–(BUSINESS WIRE)–PropertyGuru Pte. Ltd. (“PropertyGuru” or “the Company”), Southeast Asia’s leading¹ property technology (“PropTech”) company, today completed its previously announced business combination with Bridgetown 2 Holdings Limited (“Bridgetown 2”) (NASDAQ: BTNB), a special purpose acquisition company formed by Pacific Century Group (“Pacific Century”) and Thiel Capital LLC (“Thiel Capital”). The business combination was approved by Bridgetown 2 stockholders in an Extraordinary General Meeting of Company Shareholders held on March 15, 2022.

PropertyGuru Group Limited’s (“PubCo”) ordinary shares are expected to begin trading on the New York Stock Exchange (“NYSE”) on March 18, 2022 under the ticker symbol “PGRU”.

“We are thrilled to have successfully completed our business combination with Bridgetown 2, which provides additional capital to pursue organic and strategic growth, and will accelerate our ability to access capital markets in pursuit of delivering world-class solutions for our customers,” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group. “Over the past 15 years PropertyGuru has helped shape the PropTech industry in Southeast Asia and introduced many first solutions for property seekers, agents, and developers that enabled digitalization of the property industry. As evidenced by the 23% increase in our 2021 revenue – we are entering our next post-Covid phase of growth with significant momentum.

“As we look ahead, we will continue to invest in technology and expand our services and offerings to build on our leading positions in Singapore, Vietnam, Malaysia and Thailand.¹ Southeast Asia’s real estate market is beginning to recover from the pandemic and as the region’s increasingly affluent and digitally enabled population moves to urban centers, PropertyGuru is well-positioned to benefit from these long-term trends.”

Southeast Asia is estimated to be the world’s fourth largest economy by 2030², driven by favourable long-term macroeconomic dynamics, creating significant opportunities for PropertyGuru – which has an addressable market of US$8.1 billion according to Frost & Sullivan. Through its continued investments, the Company is positioned to stay ahead of the evolving market demand and extend its leadership position as the region’s property markets recover from the pandemic.

“PropertyGuru is digitally transforming a traditional real estate market in Southeast Asia to create a trusted and transparent online property marketplace,” said Matt Danzeisen, Chairman, Bridgetown 2. “We believe PropertyGuru is just scratching the surface in the world’s most dynamic and fastest growing region, and we are excited to partner with Hari and his talented team to create lasting value for our shareholders, employees, customers and partners.”

Transaction Details

The completion of the business combination values PropertyGuru at an enterprise value of ~US$1.36 billion and an equity value of ~US$1.61 billion.

PropertyGuru received ~US$254 million in gross proceeds through the contribution of US$122 million of cash held in Bridgetown 2’s trust account, a concurrent US$100 million private placement (“PIPE”) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at US$10.00 per share. REA Group also invested an additional US$32 million. In addition, KKR, TPG Group and REA Group rolled 100% of their equity into PropertyGuru, demonstrating their continued commitment to the Company’s growth strategy.

Advisors

Merrill Lynch (Singapore) Pte. Ltd. served as exclusive financial advisor to PropertyGuru. Latham & Watkins LLP and Allen & Gledhill LLP served as legal advisors to PropertyGuru.

Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC served as placement agents to Bridgetown 2. Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP served as legal advisors to Bridgetown 2.

Ringing the Bell at the NYSE

On March 18, PropertyGuru’s Chief Executive Officer and Managing Director Hari V. Krishnan will ring the NYSE opening bell at 9:30 a.m. Eastern Time (9:30 p.m. Singapore Time). He will be joined on stage by PropertyGuru’s Leadership team, Founders, Board and Bridgetown 2’s Chairman and CEO. The bell-ringing ceremony will be livestreamed to its gala listing event in Singapore and available on NYSE’s website here: https://www.nyse.com/bell.

PropertyGuru will commemorate its listing by opening the doors to the Company’s five Southeast Asian markets through live-stream door installations between New York and its home markets, that will be set up at the NYSE’s Experience Square. The event will take place at 10:15a.m. Eastern Time.

About PropertyGuru Group

PropertyGuru Group is Southeast Asia’s leading property technology company¹, and the preferred destination for over 50 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, PropertyGuru FastKey (https://www.propertygurugroup.com/fastkey/); mortgage marketplace PropertyGuru Finance (https://www.propertyguru.com.sg/mortgage/home-loan); and a host of other property offerings including Awards (https://www.asiapropertyawards.com/en/), events and publications across Asia.

For more information, please visit: https://www.propertygurugroup.com/; https://www.linkedin.com/company/propertyguru/

Key Performance Metrics

Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the average amount of time spent on that website for the same period, in each case based on data from SimilarWeb.

Number of real estate listings is calculated as the number of listings created during the month for Vietnam and total listings at the end of the previous month for other markets.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to PropertyGuru’s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements, including statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and growth opportunities, competitive position and technological and market trends, reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: changes in domestic and foreign business, market, financial, political and legal conditions; the ability of PropertyGuru to grow and manage growth profitably and retain its key employees including its chief executive officer and executive team; failure to realize the anticipated benefits of PropertyGuru’s completed business combination; risk relating to the uncertainty of the projected financial information with respect to PropertyGuru; PropertyGuru’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; the Group’s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform, the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to produce accurate forecasts of its operating and financial results; the Group’s ability to attract traffic to its websites; the Group’s ability to assess property values accurately; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates, general economic conditions in the countries in which the Group operates, the Group’s ability to attract and retain management and skilled employees, the impact of the COVID-19 pandemic on the business of the Group, the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers, disruptions to information technology systems and networks, the Group’s ability to grow and protect its brand and the Group’s reputation, the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the completed business combination and technological advancements in the Group’s industry, as well as and other risk factors set forth in the section titled “Risk Factors” in our Prospectus filed with the Securities and Exchange Commission on February 15, 2022, and other documents filed with or furnished to the SEC.

The forward-looking statements contained in this document are subject to a number of factors, risks and uncertainties, some of which are not currently known to PropertyGuru or Bridgetown 2. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of PubCo’s registration statement on Form F-4, the proxy statement/ prospectus therein, Bridgetown 2’s Quarterly Report on Form 10-Q and other documents filed by PubCo or Bridgetown 2 from time to time with the U.S. Securities and Exchange Commission.

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that neither Bridgetown 2 nor PropertyGuru presently know, or that Bridgetown 2 or PropertyGuru currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect Bridgetown 2’s and PropertyGuru’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or Bridgetown 2’s or PropertyGuru’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements speak only as of the date they are made. Bridgetown 2 and PropertyGuru anticipate that subsequent events and developments may cause their assessments to change. However, while PubCo, Bridgetown 2 and PropertyGuru may elect to update these forward-looking statements at some point in the future, PubCo, Bridgetown 2 and PropertyGuru specifically disclaim any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by PropertyGuru nor Bridgetown 2 or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing Bridgetown 2’s or PropertyGuru’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of PropertyGuru and Bridgetown 2 contained herein are not, and do not purport to be, appraisals of the securities, assets or business of PropertyGuru, Bridgetown 2 or any other entity.

Industry and Market Data

This document contains information, estimates and other statistical data derived from third party sources and/or industry or general publications. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru, PubCo and Bridgetown 2 have not independently verified such third-party information, and make no representation as to the accuracy of such third-party information.

____________________

¹ In terms of Engagement Market Share based on SimilarWeb data.

² According to the Singapore Business Review, ASEAN to become world’s fourth largest economy for 2030: Singapore PM Lee, August 2018

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Wall Street Week Ahead: Some investors wary of ‘buying the dip’ as Ukraine, Fed gyrate stocks, article with image

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Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar

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NEW YORK, Feb 27 (Reuters) – U.S. stocks drew buyers after a recent tumble, but some investors believe buying the dip this time may be a far riskier bet than in the past as markets face geopolitical strife and a hawkish Federal Reserve.

The benchmark S&P 500 surged more than 6% from Thursday’s lows to close higher on the week, after investors swooped in following sharp declines on the heels of Russia’s invasion of Ukraine. read more

Investors were preparing for more gyrations in asset prices after Western nations announced a harsh set of sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system. [ read more

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On the surface, last week’s rebound resembled past bounces the index has experienced in its more than 200% run over the past decade, when “buying the dip” proved a winning strategy.

Yet while bargain hunters over the last two years could count on the Fed’s historically loose monetary policy to offer stocks support, today they face heightened geopolitical uncertainty and a central bank that is expected to pull out the stops in its fight against inflation – starting with a widely anticipated rate increase in March.

“Investors were trained to buy the dip because they had the backing of the Fed. But now you could make a case that this is one of the most significant geopolitical events for the last decade, and you don’t have the Fed in your corner,” said Burns McKinney, a senior portfolio manager at NFJ Investment Group.

The S&P is down 8% year-to-date and confirmed it was in a correction by falling more than 10% from its record high earlier this week – its biggest decline since stocks lost nearly a third of their value in the COVID-19 selloff of March 2020 before doubling from their lows.

Many expect geopolitical tensions to continue plaguing markets, as the implications from the war in Ukraine become clearer.

Kyle Bass, founder and chief investment officer of hedge fund Hayman Capital Management, believes investors still have not factored in all of the possible outcomes that could result from Russia’s invasion of Ukraine, including a prolonged conflict that weighs on global growth and sends inflation higher by pushing up commodity prices.

“This is going to get worse before it gets better,” he told Reuters in a recent interview. “Asset managers don’t have these outcomes in their realm of possibilities.”

Measures to cut off some Russian banks off from SWIFT and place restrictions on the Russian central bank’s international reserves may fuel more market swings, including a renewed rush to safe haven assets such as gold and Treasuries, investors said. read more

“We saw an equity rally and risk assets rally recently on the basis that the West was not going to impose very severe sanctions, but that is certainly going to change,” said Peter Kinsella, global head of FX strategy at UBP. “The fact that it looks like this is going to be a more drawn out and protracted conflict is not a particularly good environment for risky assets.”

Bass said investors should own assets that can hold value during inflationary times, such as commodities and real estate.

McKinney is buying dividend-paying stocks that he expects to withstand future volatility in the market and moving some money into defense companies.

In addition to the fast-moving situation in Ukraine, investors next week will be watching Friday’s non-farm payrolls data for February – the last such employment report the Fed will see before its monetary policy meeting in March.

Anticipation of Fed tightening has weighed on markets in recent weeks, as investors price in around 165 points of interest rate increases by next February. Fed Chairman Jerome Powell said he expected to raise interest rates in March for the first time since 2018. FEDWATCH

Though Ukraine remains in flux, those in favor of buying on weakness argue that stock declines from past geopolitical events have been short-lived. LPL Financial’s study of 37 major geopolitical events since World War Two found that stocks were up an average of 11% one year later, provided a recession does not occur.

Retail investors have been among the dip buyers, purchasing a net $1.5 billion on Thursday, data from Vanda Research showed. read more

BlackRock (BLK.N)last week added to its strategic overweight in equities, saying investors may be overestimating how hawkish central banks will need to be in their battle against inflation. JPMorgan’s (JPM.N) analysts, meanwhile, argued that “initial volatility around rate liftoff didn’t last and equities made new all-time highs 2-4 quarters out.”

Others, however, are taking a more dour view, as the markets price in Fed tightening in the face of soaring inflation.

Charles Lemonides, portfolio manager of hedge fund ValueWorks LLC has been increasing his bets against some stocks, including semiconductor maker Broadcom Inc (AVGO.O) and plant-based meat company Beyond Meat Inc , skeptical that markets will be able to sustain a rally in the face of a hawkish Fed.

“The reality is that the market has had a huge run and inevitably you give back some of those gains,” he said.

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Reporting by David Randall; Additional reporting by Ira Iosebashvili and Karin Strohecker; Writing by Ira Iosebashvili; Editing by Richard Chang, Chris Reese and Diane Craft

Our Standards: The Thomson Reuters Trust Principles.

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Intercontinental Exchange Announces Strategic Investment in tZERO Group, Inc.

NEW YORK & ATLANTA–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced today that it is making a strategic investment in tZERO, a leader in blockchain innovation and liquidity for digital assets. In connection with ICE’s investment in tZERO, David Goone, a longtime member of ICE’s management team and currently ICE’s Chief Strategy Officer, will join tZERO as its next Chief Executive Officer and will serve on tZERO’s Board of Directors.

Goone, who joined ICE in 2001, will continue to serve ICE and its Chairman and CEO, Jeff Sprecher, in a consulting capacity.

“David Goone was present at many of ICE’s milestone moments and deals over two decades, a key player on our management team as we built our world-class trading, clearing and data infrastructure and product line, and has been a steward of our problem-solving culture,” said Jeff Sprecher, Founder, Chairman and CEO of Intercontinental Exchange. “David’s leadership and his mastery of trading, data, and clearing technology will be a big asset as tZERO begins its next chapter leading the growth and adoption of next-generation market infrastructure.”

During his tenure at ICE, Goone developed and managed many of the company’s product lines and oversaw ICE Benchmark Administration, which has administered LIBOR and the global gold and silver fixings. He has served on many of ICE’s subsidiary exchange boards and represents ICE on several industry boards, including the Depository Trust Clearing Corporation (DTCC), Options Clearing Corporation (OCC), and the National Futures Association (NFA). Goone also served as Vice Chairman of CETIP S.A. until its merger with B3 exchange in Brazil.

tZERO, through a wholly owned subsidiary, operates an SEC-regulated alternative trading system (ATS) and broker-dealer in the digital asset space, and is a technology firm with the goal of democratizing access to capital markets. tZERO brings together issuers and financial firms seeking a transparent, automated, digitally enabled marketplace and investors seeking access to unique private assets, public equities, cryptocurrencies, and other digital assets, including non-fungible tokens (NFTs).

Terms of ICE’s investment in tZERO, which will make ICE a significant minority shareholder in tZERO, are not being disclosed, and the financial impact of the transaction will not be material to ICE or impact ICE’s capital return plans. Other participants in tZERO’s fundraising round include Overstock.com, Inc. (NASDAQ: OSTK), an original investor in tZERO, and Medici Ventures, L.P., a blockchain-focused fund whose general partner is an entity affiliated with Pelion Venture Partners, among others.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.

Source: Intercontinental Exchange

ICE-CORP

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Boston Omaha Corporation Announces NYSE Ticker Symbol Change from BOMN to BOC

OMAHA, Nebraska–(BUSINESS WIRE)–Boston Omaha Corporation (“Boston Omaha” or the “Company”) (NYSE: BOMN) announced today that it will be changing its ticker symbol from “BOMN” to “BOC”. Effective on Tuesday, February 22, 2022, the Company’s common shares will trade on the New York Stock Exchange (NYSE) under the new symbol “BOC”.

“BOMN was our ticker, but BOC is quicker,” said Adam Peterson, Co-Chairman, Co-Chief Executive Officer, and Co-President of Boston Omaha Corporation.

No action is required by existing Boston Omaha shareholders with respect to the ticker symbol change. The Company’s common stock will continue to be listed on the NYSE and the CUSIP will remain unchanged.

About Boston Omaha Corporation

Boston Omaha Corporation is a public holding company with three majority owned businesses engaged in outdoor advertising, surety insurance and broadband telecommunications services. The Company also maintains minority investments including investments in a bank, a national residential homebuilder, an aviation infrastructure company and commercial real estate services businesses.

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