Friday , May 7 2021

WeWork reports $ 1.25 billion net loss for Q3 – Axios, Axios

WeWork reported a $ 1. 25 billion net loss for the third quarter during a call on Wednesday with the embattled company’s bondholders, more than doubling its year-earlier number.

Why it matters: These results represent WeWork’s final quarter under the leadership of Adam Neumann, who was ousted after a

Axios obtained a copy of the slide deck presentation. Some highlights:

  • Annual revenue run rateis nearly $ 4.2 billion. That’s up 24 .6% from Q2, and just more than double the $ 2 billion figure from Q3 2018.
  • Net loss increasedfrom $ 497 million in Q3 2018 to $ 1. (billion in Q3) , bringing the year-to-date loss to $ 2. 16 billion. Quarterly adjusted EBITDA loss grew from $ 306 million to $ (million.
  • )Total desksare now at 719, 000, which is an increase of 115, 000 in the quarter and a 109% increase over Q3 2018

  • Total locationsnow stands at 625, representing (cities in) countries.
  • Occupancyfell slightly from its early 2018 peak, and went down from 91% to 88% for “mature” locations.
  • Enterprise membershipas a percentage of total membership rose to 43%, compared to
    % in the prior quarter and 34% in the year-earlier period. Total membership is now 264, 000.

What they ‘ re saying:WeWork did not provide any forward-looking guidance on layoffs or senior management changes.

The bottom line:The real reporting challenge will come in three months, when WeWork’s quarterly results will reflect its new, slower-growth strategy.

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