First quarter 2022 revenue was $765million, representing a 7% quarter-over-quarter increase and a 28% year-over-year increase. Other, net includes stock-based payments for services rendered by consultants, change in fair value of contingent consideration liabilities, legal, tax and regulatory reserves or settlements, legal costs incurred by the Company in connection with regulatory investigations and litigation regarding the Companys 2019 withdrawn initial public offering and the related execution of the SoftBank Transactions, as defined in Note 1 of the notes to the consolidated financial statements included in our Form 10-Q, filed on May 12, 2022, net of any insurance or other recoveries, and expense related to mergers, acquisitions, divestitures and capital raising activities, all as included in selling, general and administrative expenses on the condensed consolidated statements of operations. 6.13.2022 June 13, 2022, New York, NY: WeWork Inc. (NYSE: WE) (or the "Company") today announced Kevin Berry has been named Senior Vice President of Investor Relations. Financials and Filings. These forward looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, pipeline, may, should, will, would, will be, will continue, will likely result, and similar expressions. 2022, December 31, WeWorks management uses forward-looking non-GAAP measures to evaluate WeWorks projected financials and operating performance. WeWork Inc. (NYSE: WE) ("WeWork"), a leading global flexible space provider, disclosed financial results for its first quarter today. Other, net includes stock-based payments for services rendered by consultants, change in fair value of contingent consideration liabilities, legal, tax and regulatory reserves or settlements, legal costs incurred by the Company in connection with regulatory investigations and litigation regarding the Companys 2019 withdrawn initial public offering and the related execution of the SoftBank Transactions, as defined in Note 1 of the notes to the condensed consolidated financial statements included in this Form 10-Q, net of any insurance or other recoveries, and expense related to mergers, acquisitions, divestitures and capital raising activities, all as included in selling, general and administrative expenses on the condensed consolidated statements of operations. Net Loss was $504 million in the first quarter of 2022, a 37% improvement relative to the fourth quarter of 2021. WeWork ended the third quarter of 2022 with cash, commitments, and access to liquidity of approximately $1.5 billion. Investors Net Loss was $635 million, a 31% improvement year-over-year. You must click the activation link in order to complete your subscription. 2021, September 30, Net loss includes $147 million of interest and other (income) expense, a gain of $130 million driven primarily by lease terminations, impairment of $91 million driven primarily by building exits, depreciation and amortization of $171 million, and stock-based compensation of $13 million, which are excluded from Adjusted EBITDA. You should be aware that WeWorks presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. The letter of credit under the Junior LC Tranche gave WeWork immediate access to $350 million for general corporate purposes through November 2023. All Access memberships grew to 62,000 as of June 30, 2022, an increase of 13% quarter-over-quarter, representing an additional 7 percentage points of occupancy. Adjusted Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization (Adjusted EBITDA). NEW YORK, August 4, 2022 - WeWork Inc. (NYSE: WE) ("WeWork"), the leading global flexible space provider, disclosed financial results today for the three months ended June 30, 2022. WeWork Reports First Quarter 2022 Results, Exceeding Revenue Guidance. A reconciliation of net loss, the most comparable GAAP measure, to Adjusted EBITDA is set forth below: Interest and other (income) expenses, net(a). Investor Relations . 15. Third quarter and other recent . The Company expects its fourth quarter revenue to be $870 million to $890 million. Having built a more sound and disciplined operating model, WeWork is well-positioned to capture demand, grow occupancy, and achieve revenue goals established at the beginning of 2022, said Sandeep Mathrani, CEO and Chairman of WeWork. Systemwide gross desk sales totaled 211,000 in the first quarter, or the equivalent of 12.7 million square feet sold. As evidenced by our recently announced partnership with Yardi, WeWork can be a solution for optimizing space utilization in a flexible hybrid work environment.. We supplement our GAAP financial results by evaluating our performance excluding the effect of foreign exchange, or by assessing our performance using the foreign exchange rates that we used to calculate certain forward-looking financial information, to facilitate period over period comparisons. WeWork Reports Third Quarter 2022 Results, WeWork Announces New SoftBank Appointment to Its Board of Directors, WeWork Reports Second Quarter 2022 Results. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. We define Adjusted EBITDA as net loss before income tax (benefit) provision, interest and other (income) expense, depreciation and amortization expense, stock-based compensation expense, expense related to stock-based payments for services rendered by consultants, income or expense relating to the changes in fair value of assets and liabilities remeasured to fair value on a recurring basis, expense related to costs associated with mergers, acquisitions, divestitures and capital raising activities, legal, tax and regulatory reserves or settlements, significant legal costs incurred by WeWork in connection with regulatory investigations and litigation regarding WeWorks 2019 withdrawn initial public offering and the related execution of the SoftBank Transactions, as defined in Note 1 of the Notes to the Consolidated Financial Statements included in our Quarterly Report for the quarter ended March 31, 2022, net of any insurance or other recoveries, significant non-ordinary course asset impairment charges and, to the extent applicable, any impact of discontinued operations, restructuring charges, and other gains and losses on operating assets. Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests mezzanine. By providing your email address below, you are providing consent to WeWork to send you the requested Investor Email Alert updates. You can sign up for additional alert options at any time. A popular way to gauge a stock's volatility is its "beta". WeWork Statement Regarding Potential Equity Investment. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. WeWork Reports Second Quarter 2022 Results Gold 1,782.40 Silver 22.40 -0.85 (-3.66%) EUR/USD 1.0500 -0.0033 (-0.3095%) 10-Yr Bond 3.5880 +0.0820 (+2.34%) GBP/USD 1.2185 -0.0101 (-0.8196%). These All Access memberships represent an incremental 7 percentage points of occupancy. WeWork Inc. (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Work from coworking spaces, meeting rooms, and private offices near you with WeWork All Access, get 25% off your monthly membership fees for up to five months. Such factors include, but are not limited to, WeWorks ability to refinance, extend, restructure or repay near and intermediate term debt; its indebtedness; its ability to raise capital through equity issuances, asset sales or the incurrence of new debt; retail and credit market conditions; impairments; its liquidity demand; changes in general economic conditions, including as a result of the COVID-19 pandemic; delays in customers and prospective customers returning to the office and taking occupancy as a result of the COVID-19 pandemic and the emergence of variants leading to a parallel delay in receiving the corresponding revenue; and WeWorks inability to implement its business plan or meet or exceed its financial projections. Growth in All Access memberships yielded annual run-rate revenue of $180 $190 million. Third quarter and other recent highlights include: Revenue for the third quarter was $817 . This includes approximately $519 million of available cash on hand, $550 million of Senior. Revenue using the Companys budgeted foreign exchange rates was $841 million, above the Companys guidance of $800 $825 million. WeWorks leasing activity represented 25% of Bostons leasing and 8% of Miamis leasing, despite representing 2% or less of the total office stock in each of those markets. NEW YORK--(BUSINESS WIRE)-- If you experience any issues with this process, please contact us for further assistance. ARPM, using the Companys budgeted foreign exchange rates, was $497, an increase of 3% quarter-over-quarter. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. WeWork reported average revenue per physical member ("ARPM") of $481. WeWork Reports Second Quarter 2022 Results. Interest and other income (expense), net: Income (loss) from equity method and other investments, Interest expense (including related party expenses of $132 and $96 for the three months and $222 and $184 for the six months ended June 30, 2022 and 2021, respectively, Gain (loss) from change in fair value of warrant liabilities (including related party financial instruments of none and $1 for the three months and none and $(351) for the six months ended June 30, 2022 and 2021, respectively, Total interest and other income (expense), net. Mar 4. Although WeWork believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. A reconciliation of net cash provided by (used in) operating activities, the most comparable GAAP measure, to Free Cash Flow is set forth below: Net cash provided by (used in) operating activities (1), Less: Purchases of property, equipment and capitalized software (1),(2). This includes approximately $460 million of available cash and cash. All Access memberships increased to 55,000 by the close of the first quarter, an increase of 22% quarter-over-quarter. Free Cash Flow is also a key metric used internally by our management to develop internal budgets, forecasts, and performance targets. NEW YORK, October 17, 2022--WeWork Inc. (NYSE: WE) ("WeWork"), the leading global flexible space provider, today announced that on Thursday, November 10, 2022, it will issue financial results for . As of June 30, 2022, WeWorks consolidated real estate portfolio consisted of 641 locations across 33 countries, which supported approximately 749,000 desks and 528,000 physical memberships and equates to occupancy of 70%, and 72% when including committed memberships. WeWork Inc. (NYSE: WE) ("WeWork"), the leading global flexible space provider, disclosed financial results today for the three months ended September 30, 2022. Free Cash Flow is both a performance measure and a liquidity measure that we believe provides useful information to management and investors about the amount of cash generated by or used in the business. (1). To date, the Company has signed 11 companies to the platform, providing them with 7,400 licenses to manage spaces in WeWorks portfolio and in non-WeWork locations. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under GAAP. Amendment of Existing Letter of Credit Facility: WeWork also enhanced its liquidity profile through an amendment of the Companys existing letter of credit facility, which was subdivided into a $350 million Junior LC Tranche and a $1.25 billion Senior LC Tranche earlier in May. WeWork Inc. shareholders' equity (deficit): Preferred stock; par value $0.0001; 100,000,000 shares authorized, zero issued and outstanding as of March 31, 2022 and December 31, 2021, Common stock Class A; par value $0.0001; 1,500,000,000 shares authorized, 707,897,654 shares issued and 704,953,442 shares outstanding as of March 31, 2022, and 1,500,000,000 shares authorized, 705,016,923 shares issued and 702,072,711 shares outstanding as of December 31, 2021, Common stock Class C; par value $0.0001; 25,041,666 shares authorized, 19,938,089 shares issued and outstanding as of March 31, 2022 and December 31, 2021, Treasury stock, at cost; 2,944,212 shares held as of March 31, 2022 and December 31, 2021, Accumulated other comprehensive income (loss), CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, (Amounts in millions, except share and per share data), Location operating expensescost of revenue (exclusive of depreciation and amortization of $158 and $175 for the three months ended March 31, 2022 and 2021, respectively, shown separately below), Selling, general and administrative expenses. Consolidated new desk sales were 73,000 in the second quarter or the equivalent of 4.4 million square feet. Source: We Work WeWork may update that discussion in its periodic reports, or as otherwise required by law, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. 1 min read NEW YORK, April 19, 2022 -- ( BUSINESS WIRE )--WeWork Inc. (NYSE: WE) ("WeWork"). Chairman and CEO of WeWork; and Andre Fernandez, Chief Financial Officer . Adjusted Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization (Adjusted EBITDA). Free Cash Flow is defined as net cash provided by (used in) operating activities less purchases of property, equipment and capitalized software, each as presented in the Company's condensed consolidated statements of cash flows and calculated in accordance with GAAP. Forward-looking statements speak only as of the date they are made. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. WeWork believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about WeWork. Financial News . Non-GAAP Financial Measures of Foreign Exchange. Consistent with previous reporting, guidance for full year 2022 excludes the impact of fluctuations from the Companys original budgeted foreign exchange rates. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. You must click the activation link in order to complete your subscription. The Company reaffirms its full year 2022 revenue guidance to $3.4 - $3.5 billion and Adjusted EBITDA of negative $400 - $475 million. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Revenue in the first quarter of 2022 was $765 million, an increase of 7% WeWorks management uses forward-looking non-GAAP measures to evaluate WeWorks projected financials and operating performance. This includes approximately $519 million of available cash on hand, $550 million of Senior Secured notes that we can issue and $550 million of capacity under our letter of credit facility. Systemwide new desk sales were 106,000 in the first quarter equating to 6.3 million square feet sold. Such factors include, but are not limited to, WeWorks ability to refinance, extend, restructure or repay near and intermediate term debt; its indebtedness; its ability to raise capital through equity issuances, asset sales or the incurrence of new debt; retail and credit market conditions; impairments; its liquidity demand; changes in general economic conditions, including as a result of the COVID-19 pandemic; delays in customers and prospective customers returning to the office and taking occupancy as a result of the COVID-19 pandemic and the emergence of variants leading to a parallel delay in receiving the corresponding revenue; and WeWork's inability to implement its business plan or meet or exceed its financial projections. Revenue in the first quarter of 2022 was $765million, an increase of 7% quarter-over-quarter and 28% year-over-year, exceeding the Companys previous revenue guidance of $740 760 million. We supplement our GAAP results by evaluating Adjusted EBITDA, a non-GAAP measure. Net loss includes approximately $391million. (Amounts in millions, except share and per share amounts), Accounts receivable and accrued revenue, net of allowance of $28 as of June 30, 2022 and $63 as of December 31, 2021, Other assets (including related party amounts of $459 as of June 30, 2022 and $596 as of December 31, 2021), Unsecured notes payable (including amounts due to related parties of $1,650 as of June 30, 2022 and December 31, 2021), CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED). Net Loss was $504million in the first quarter of 2022, a 37% improvement relative to the fourth quarter of 2021. WeWork Workplace provides companies with a universal platform that enables inventory management across office spaces, enhanced employee experiences and space optimization through insights and analytics. Total revenue for the third quarter was $661 million, an 11% increase compared to total revenue of $593 million in the prior quarter. NEW YORK, August 4, 2022 WeWork Inc. (NYSE: WE) (WeWork), the leading global flexible space provider, disclosed financial results today for the three months ended June 30, 2022. On July 19, WeWork launched WeWork Workplace, a new space management solution built in partnership with Yardi, the leading provider of real estate software. Terms apply. WeWork Inc. provided financial guidance for the fourth quarter and full year of 2022. Certain statements made in this press release may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Revenue in the first quarter of 2022 was $765 million, an increase of 7% quarter-over-quarter and 28% year-over-year, exceeding the Companys previous revenue guidance of $740 - 760 million. Outlook Report / Fri 10 Dec, 2021. This includes approximately $519 million of available cash on hand, $550 million of Senior Secured notes that we can issue and $550 million of capacity under our letter of credit facility. * Learn more Get the workspace you need, when and where you need it so you can focus on your business Flexible spaces that meet your needs NEW YORK, May 26, 2022--WeWork Inc. (NYSE: WE) ("WeWork" or the "Company"), a leading global flexible space provider, announced today the appointment of Andre J. Fernandez as Chief Financial . These forward looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, pipeline, may, should, will, would, will be, will continue, will likely result, and similar expressions. Calculated by translating the current quarter functional currency revenue at our budgeted foreign exchange rate, which is an estimated forward rate for each of our functional currencies determined . volatility (beta: 1.00) Low High. Free Cash Flow is also a key metric used internally by our management to develop internal budgets, forecasts, and performance targets. For more information about WeWork, please visit us at wework.com. This transaction enhances the Companys liquidity profile. The partnership will merge Yardis industry-leading property management and enterprise resource planning software and tech capabilities with WeWork Workplaces booking capabilities to create a universal platform designed to enable companies to optimize space across their portfolio and manage hybrid work models. WeWorks gross sales equated to 39% of Londons traditional office leasing, a market that is leading the shift to flex, 13% of Dublins leasing, 8% of Paris leasing and 15% of Berlins leasing, despite representing approximately 1% or less of total office stock in each market. Net loss: US$568.0m (loss narrowed by 29% from 3Q 2021). The presentation of financial results on a budgeted foreign exchange basis should be considered in addition to, but not a substitute for, measures of financial performance reported in accordance with U.S. GAAP. The Company tightened the range of guidance for second quarter 2022, to $800 825 million from $775 825 million announced previously. As evidenced by our recently announced partnership with Yardi, WeWork can be a solution for optimizing space utilization in a flexible hybrid work environment.. NEW YORK, March 11, 2022 - WeWork Inc. (NYSE: WE) ("WeWork"), a leading global exible space provider, today reported nancial results for its fourth quarter and scal year ending December 31, 2021. Leveraged Finance. Fernandez joins WeWork with more than thirty years of experience in financial and executive leadership roles. May 12. For certain key performance indicators the amounts we present are based on whether the indicator relates to a location for which the revenues and expenses of the location are consolidated within our results of operations ("Consolidated Locations") or whether the indicator relates to a location for which the revenues and expenses are not consolidated within our results of operations, but for which we are entitled to a management fee for our advisory services ("Unconsolidated Locations"). Systemwide new desk sales were 93,000 in the second quarter or the equivalent of 5.6 million square feet. Systemwide new desk sales were 106,000 in the first quarter equating to 6.3 million square feet sold. WeWork Announces . Outlook Report / Thu 09 Dec, 2021. WeWork updated second quarter 2022 revenue guidance to $800 - 825 million, tightening the previous range of $775 - 825 million, and announced second quarter Adjusted EBITDA guidance of negative $125 to negative $175 million. Amendment of Existing Letter of Credit Facility: . Revenue Increases 7% Quarter-over-Quarter and 37% Year-over-Year. You should be aware that WeWorks presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. The Company expects full year revenue to be $3.35 billion to $3.37 billion. NEW YORK--(BUSINESS WIRE)-- Adjusted EBITDA was negative $212million, a $71million improvement from the fourth quarter of 2021 and a $234million improvement relative to the first quarter of 2021. Beta is a measure of a share's volatility in relation to the market. otherwise required by law, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. The growth in consolidated physical memberships represents a 7% quarter-over-quarter increase and 37% year-over-year increase across consolidated regions as currently reported. Consolidated physical occupancy in the second quarter was 72%, including committed memberships. At WeWork, we promise to treat your data with respect and will not share your information with any . Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Systemwide Location membership and service revenue represents the results of all locations regardless of ownership. WeWork may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. WE.US volatility (beta: 1.2) Avg. This includes approximately $460 million of available cash and. You should be aware that WeWorks presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. We believe that the disclosure of our financial results on a budgeted foreign exchange basis is a useful supplemental measure of operating performance because it facilitates comparison of our current performance to our guidance provided by excluding the effects of foreign currency volatility. This transaction enhances the Companys liquidity profile. WeWorks leasing activity represented 25% of Bostons leasing and 8% of Miamis leasing, despite representing 2% or less of the total office stock in each of those markets. WeWork Companies LLC Entity featured on Fitch Ratings. Free Cash Flow is defined as net cash provided by (used in) operating activities less purchases of property, equipment and capitalized software, each as presented in the Companys condensed consolidated statements of cash flows and calculated in accordance with GAAP. WeWork reported average revenue per physical member (ARPM) of $481. (1) Refer to footnote 2 in the Net Loss to Adjusted EBITDA reconciliation for significant non-cash expenses included in Net Loss. Adjustments to reconcile net loss to net cash from operating activities: Non-cash transaction with principal shareholder, Issuance of stock for services rendered, net of forfeitures, Provision for allowance for doubtful accounts, (Income) loss from equity method and other investments, Change in fair value of financial instruments. By providing your email address below, you are providing consent to WeWork to send you the requested Investor Email Alert updates. The prior years' financial information has been reclassified to conform to the current year presentation for the aggregation of Capitalized software of $10 million and $7 million during the three months ended March 31, 2022 and 2021, respectively, and Purchases of property and equipment into one financial statement line item, "Purchases of property, equipment and capitalized software", Investors NEW YORK, May 12, 2022 - WeWork Inc. (NYSE: WE) ("WeWork"), a leading global flexible space provider, disclosed financial results for its first quarter today. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under GAAP. New York, NY: WeWork Inc. (NYSE: WE) (or the "Company") today announced that Jennifer Perrotta will now serve on the executive leadership team and report directly to CEO and Chairman Sandeep Mathrani as Chief Technology Officer. Revenue in the first quarter of 2022 was $765 million, an increase of 7% quarter-over-quarter and 28% year-over-year, exceeding the Company's previous revenue guidance of $740 - 760 million. On a consolidated basis, gross desk sales totaled 160,000 desks sold in the second quarter of 2022, which equates to approximately 9.6 million square feet sold. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. Our first quarter results underscore the long-term value of WeWorks holistic offerings that are tailored to a new era for the office market. WeWork Workplace provides companies with a universal platform that enables inventory management across office spaces, enhanced employee experiences and space optimization through insights and analytics. WeWork Workplace marries space, asset and people management capabilities, removing guesswork from designing a strategic work model by providing actionable data to inform decision making. All Access memberships grew to 62,000 as of June 30, 2022, an increase of 13% quarter-over-quarter, representing an additional 7 percentage points of occupancy. Brookfield Asset Management and its affiliates purchased all participations under the Junior LC Tranche. At WeWork, we promise to treat your data with respect and will not share your information with any third party. We also supplement our GAAP results by evaluating Free Cash Flow, a non-GAAP measure. All Access memberships increased to 55,000 by the close of the first quarter, an increase of 22% quarter-over-quarter. Free Cash Flow is both a performance measure and a liquidity measure that we believe provides useful information to management and investors about the amount of cash generated by or used in the business. WeWork's total expenses amounted to nearly $6.3 billion in 2021, a 3.4x increase from 2017. On a consolidated basis, gross desk sales were the highest reported since the pandemic began in the first quarter of 2020, with 166,000 desks sold in the first quarter of 2022, which equates to approximately 10.0 million square feet sold. The Company tightened the range of guidance for second quarter 2022, to $800 - 825 million from $775 - 825 million announced previously. Non-GAAP Financial Measures of Foreign Exchange. Category: Investor Relations, Earnings. Since then, weve become the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. NEW YORK-- (BUSINESS WIRE)-- WeWork Inc. (NYSE: WE) ("WeWork"), the leading global flexible space provider, disclosed financial results today for the three months ended June 30, 2022. WeWork Inc. shareholders' equity (deficit): Preferred stock; par value $0.0001; 100,000,000 shares authorized, zero issued and outstanding as of June 30, 2022 and December 31, 2021, Common stock Class A; par value $0.0001; 1,500,000,000 shares authorized, 708,926,043 shares issued and 705,981,831 shares outstanding as of June 30, 2022, and 1,500,000,000 shares authorized, 705,016,923 shares issued and 702,072,711 shares outstanding as of December 31, 2021, Common stock Class C; par value $0.0001; 25,041,666 shares authorized, 19,938,089 shares issued and outstanding as of June 30, 2022 and December 31, 2021, Treasury stock, at cost; 2,944,212 shares held as of June 30, 2022 and December 31, 2021, Accumulated other comprehensive income (loss), CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, (Amounts in millions, except share and per share data), Location operating expensescost of revenue (exclusive of depreciation and amortization of $150 and $170 for the three months and $308 and $346 for the six months ended June 30, 2022 and 2021, respectively, shown separately below), Selling, general and administrative expenses. All rights reserved. We supplement our GAAP results by evaluating Adjusted EBITDA, a non-GAAP measure. The Company enhanced its liquidity profile through a $350 million Junior LC Tranche backed by Brookfield Asset Management and its affiliates as part of the amended LC facility. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. As of the first quarter, All Access ARPM was $235, yielding an annual run-rate revenue of $155million as of March. Amendment of Existing Letter of Credit Facility: WeWork also enhanced its liquidity profile through an amendment of the Companys existing letter of credit facility, which was subdivided into a $350 million Junior LC Tranche and a $1.25 billion Senior LC Tranche earlier in May. The prior years' financial information has been reclassified to conform to the current year presentation for the aggregation of Capitalized software of $25 million and $18 million during the six months ended June 30, 2022 and 2021, respectively, and Purchases of property and equipment into one financial statement line item, "Purchases of property, equipment and capitalized software". WeWork ended the first quarter of 2022 with approximately $1.6 billion in cash and commitments. In April, WeWork announced a new partnership with Yardi, a leading provider of real estate software to landlords, institutional investors and property owner-operators, that will enhance WeWork Workplaces capabilities and accelerate the products speed to market. Revenue using the Companys budgeted foreign exchange rates was $841 million, above the Companys guidance of $800 - $825 million. Credit Ratings, Research and Analysis for the global capital markets. WeWork ended the second quarter of 2022 with cash, commitments, and access to liquidity of approximately $1.7 billion. Growth in All Access memberships yielded annual run-rate revenue of $180 - $190 million. For more information about WeWork, please visit us at wework.com. This includes approximately $460 million of available cash and cash equivalents, $500 million of unissued Senior Secured Notes, and at least $500 million of secured debt covenant capacity as of that date. WeWorks gross sales equated to 39% of Londons traditional office leasing, a market that is leading the shift to flex, 13% of Dublins leasing, 8% of Paris leasing and 15% of Berlins leasing, despite representing approximately 1% or less of total office stock in each market. This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (GAAP): Adjusted EBITDA and Free Cash Flow (including on a forward-looking basis). WeWork has more than quadrupled its revenue in the last 3 years. Net loss includes approximately $391 million. Adjusted EBITDA was negative $212 million, a $71 million improvement from the fourth quarter of 2021 and a $234 million improvement relative to the first quarter of 2021. A reconciliation of net cash provided by (used in) operating activities, the most comparable GAAP measure, to Free Cash Flow is set forth below: Net cash provided by (used in) operating activities (a), Less: Purchases of property, equipment and capitalized software (a),(b). In February 2022, WeWork announced a strategic investment in and partnership with Upex, a platform that aggregates over 4,800 coworking locations around the world. As of the first quarter, All Access ARPM was $235, yielding an annual run-rate revenue of $155 million as of March. Forward-looking statements speak only as of the date they are made. Represents the non-cash expense of our equity compensation arrangements for employees, directors, and consultants. Having built a more sound and disciplined operating model, WeWork is well-positioned to capture demand, grow occupancy, and achieve revenue goals established at the beginning of 2022, said Sandeep Mathrani, CEO and Chairman of WeWork. For scal year 2021, consolidated gross desk sales totaled 593,000, the equivalent of 35.6 million square feet. Net Loss was $635million, a 31% improvement year-over-year. As of March 31, 2022, WeWork's systemwide real estate portfolio consisted of 765 locations across 38 countries, supporting approximately 916,000 workstations and 626,000 physical memberships, an increase of 6% quarter-over-quarter and 32% year-over-year. Third quarter and other. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. The Company enhanced its liquidity profile through a $350 million Junior LC Tranche backed by Brookfield Asset Management and its affiliates as part of the amended LC facility. By 2022, the sector is expected to see annual growth of 6% each year in the U.S. and 13% in the rest of the world. Interest and other income (expense), net: Income (loss) from equity method and other investments, Interest expense (including related party expenses of $90 and $88 for the three months ended March 31, 2022 and 2021, respectively), Gain (loss) from change in fair value of warrant liabilities (including related party financial instruments of none and $(352) for the three months ended March 31, 2022 and 2021, respectively), Total interest and other income (expense), net. WeWork believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about WeWork. In the first quarter of 2022, WeWork reported an average revenue per physical member (ARPM) of $484, which was unchanged as compared to the prior quarter. As a result, the software aims to help employers reduce real estate costs, while empowering employees to more purposefully engage with the spaces they choose and create more meaningful physical connections. Following trends in 2021, WeWork captured a significant share of market demand in its top markets as it closed the quarter with the highest gross sales since the first quarter of 2020. As a result, the software aims to help employers reduce real estate costs, while empowering employees to more purposefully engage with the spaces they choose and create more meaningful physical connections. Investor Relations Contact. 5.26.2022 NEW YORK-- (BUSINESS WIRE)-- WeWork Inc. (NYSE: WE) ("WeWork" or the "Company"), a leading global flexible space provider, announced today the appointment of Andre J. Fernandez as Chief Financial Officer effective June 10, 2022. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. Although WeWork believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Copyright 2022 WeWork. Forward-looking statements speak only as of the date they are made. As of March 31, 2022, IndiaCo, ChinaCo and Israel locations are our only Unconsolidated Locations. This includes approximately $460 million of available cash and cash. Free Cash Flow is defined as net cash provided by (used in) operating activities less purchases of property, equipment and capitalized software, each as presented in the Companys condensed consolidated statements of cash flows and calculated in accordance with GAAP. WeWork ( NYSE:WE) Third Quarter 2022 Results Key Financial Results Revenue: US$817.0m (up 24% from 3Q 2021). Systemwide gross desk sales totaled 211,000 in the first quarter, or the equivalent of 12.7 million square feet sold. As we head into the second half of the year, we remain confident in our proven ability to execute against our goals of growing revenue, increasing occupancy and continuing to drive towards profitability., Second Quarter 2022 Consolidated Financial Results. Wework Inc financials, including financial statements for 2022, basic ratios and analysis of Wework account historical trends Wework Inc financials, including financial statements for 2022, basic ratios and analysis of Wework account historical trends Please click hereif you are not redirected within a few seconds. WeWork share price volatility. Fernandez joins WeWork with more than thirty years of experience in financial and executive leadership roles. As of June 30, 2022, WeWorks systemwide real estate portfolio consisted of 777 locations across 38 countries, supporting approximately 917,000 desks and 658,000 physical memberships, equating to 72% occupancy, and an increase in memberships of 5% quarter-over-quarter and 33% year-over-year. investor@wework.com. Since then, weve become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. Systemwide new desk sales were 93,000 in the second quarter or the equivalent of 5.6 million square feet. Net loss per share attributable to Class A and Class B common stockholders: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. Consolidated physical occupancy was 67% as of the end of the first quarter, a 4 percentage point increase from the fourth quarter of 2021. "As we head into the second half of the year, we remain confident in our proven ability to execute against our goals of growing revenue, increasing occupancy and continuing to drive towards profitability. Consistent with previous reporting, guidance for full year 2022 excludes the impact of fluctuations from the Companys original budgeted foreign exchange rates. In the first quarter of 2022, WeWork reported an average revenue per physical member (ARPM) of $484, which was unchanged as compared to the prior quarter. WeWork Inc. (NYSE: WE) ("WeWork"), the leading global flexible space provider, disclosed financial results today for the three months ended June 30, 2022. You can sign up for additional alert options at any time. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. This includes approximately $519 million of available cash on hand, $550 million of Senior Secured notes that we can issue and $550 million of capacity under our letter of credit facility. All Access memberships grew to 55,000 memberships as of March 31, 2022, an increase of 22% quarter-over-quarter. As of June 30, 2022, WeWork's systemwide real estate portfolio consisted of 777 locations across 38 countries, supporting approximately 917,000 desks and 658,000 physical memberships, equating to 72% occupancy, and an increase in memberships of 5% quarter-over-quarter and 33% year-over-year. After submitting your request, you will receive an activation email to the requested email address. WeWork ended the first quarter of 2022 with approximately $1.6 billion in cash and commitments. WeWork Reports Second Quarter 2022 Results Revenue Increases 7% Quarter-over-Quarter and 37% Year-over-Year. The partnership will merge Yardis industry-leading property management and enterprise resource planning software and tech capabilities with WeWork Workplaces booking capabilities to create a universal platform designed to enable companies to optimize space across their portfolio and manage hybrid work models. March 11 (Reuters) - Flexible workspace provider WeWork Inc (WE.N) said it expects 2022 revenue to jump at least 30% amid demand for office space from companies switching to a hybrid model of. For certain key performance indicators the amounts we present are based on whether the indicator relates to a location for which the revenues and expenses of the location are consolidated within our results of operations ("Consolidated Locations") or whether the indicator relates to a location for which the revenues and expenses are not consolidated within our results of operations, but for which we are entitled to a management fee for our advisory services ("Unconsolidated Locations"). Category: Investor Relations, Earnings. People; Product; Insights; . These forward looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, pipeline, may, should, will, would, will be, will continue, will likely result, and similar expressions. First quarter 2022 Operating Cash Flow was negative $338 million and Free Cash Flow was negative $412 million. This includes approximately $625millionof available cash, $550 million of unissued senior secured notes, and at least $500 million of secured debt covenant capacity. Adjusted Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization (Adjusted EBITDA). WeWork stats shows that it had a financial standing position of $3.9 billion by 2020. WeWork Reports First Quarter 2022 Results, Exceeding Revenue Guidance NEW YORK, May 12, 2022 - WeWork Inc. (NYSE: WE) ("WeWork"), a leading global flexible space provider, disclosed financial results for its first quarter today. Such factors include, but are not limited to, WeWorks ability to refinance, extend, restructure or repay near and intermediate term debt; its indebtedness; its ability to raise capital through equity issuances, asset sales or the incurrence of new debt; retail and credit market conditions; impairments; its liquidity demand; changes in general economic conditions, including as a result of the COVID-19 pandemic and the conflict in Ukraine; delays in customers and prospective customers returning to the office and taking occupancy as a result of the COVID-19 pandemic and the emergence of variants leading to a parallel delay in receiving the corresponding revenue; the impact of foreign exchange rates on WeWorks financial performance; and WeWork's inability to implement its business plan or meet or exceed its financial projections. Through this enhanced WeWork Workplace product, expected to launch commercially in July 2022, companies will be able to offer their employees the ability to seamlessly book a desk, private office or conference room across their real estate portfolio whether at a WeWork location or company-leased or owned space. The letter of credit under the Junior LC Tranche gave WeWork immediate access to $350 million for general corporate purposes through November 2023. Following trends in 2021, WeWork captured a significant share of market demand in its top markets as it closed the quarter with the highest gross sales since the first quarter of 2020. ARPM, using the Company's budgeted foreign exchange rates, was $497, an increase of 3% quarter-over-quarter. Second quarter and other recent highlights include: "From our core dedicated space offerings, to our access products and newly launched software solution, WeWork Workplace, our second quarter results demonstrate how the versatility of our offerings provide companies of all sizes with the ultimate adaptability," said Sandeep Mathrani, CEO and Chairman of WeWork. As of June 30, 2022, our India, China and Israel locations are our only Unconsolidated Locations. Consolidated new desk sales were 83,000 in the first quarter equating to 5.0 million square feet sold. NEW YORK, May 26, 2022 - WeWork Inc. (NYSE: WE) ("WeWork" or the "Company"), a leading global flexible space provider, announced today the appointment of Andre J. Fernandez as Chief Financial Officer effective June 10, 2022. WeWork ended the first quarter of 2022 with approximately $1.6 billion in cash and commitments. 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