WeWork SPAC Presentation Deck
WeWork financial overview (Excluding China Co)
($ in millions)
2019A
2020A
2021E
Total Revenue (Excl. Ventures)
% YoY Growth
Ventures
Total Revenue
% YoY Growth
Adj. Rent, Tenancy, and Other Building Expenses(1)
Adj. Pre-Opening Expenses(1)
Adj. Functional Expenses(1)
Total Adj. EBITDA (Excl. Ventures)
% Margin (Excl. Ventures)
Ventures EBITDA(1)
Total Adj. EBITDA
% YoY Growth
% Margin
Negative impact of non-cash GAAP straight-line
lease cost on Total Adj. EBITDA
Positive impact of amortization on lease incentives
on Total Adj. EBITDA
Gross Capex (incl. Maintenance Capex and Capitalized Payroll)
TA Allowances
Net Capex
% of Revenue
$2,818
412
$3,230
(2,243)
(495)
(1,796)
($1,716)
(61%)
(227)
($1,943)
(60%)
($832)
$234
12)
$1,129
($2,183)
68%
$2,928
4%
282
$3,210
(1%)
(3,116)
(260)
(1,268)
($1,715)
(59%)
(39)
($1,754)
10%
(55%)
($554)
$340
($1,378)
$1,329
($49)
2%
$3,099
6%
147
$3,246
1%
(3,055)
(115)
(850)
($922)
(30%)
13
($909)
50%
(28%)
($285)
$294
($343)
$371
$28
ΝΑ
2022E
$4,562
47%
22
$4,584
41%
(3,191)
(79)
(807)
$485
11%
$485
153%
11%
($101)
$288
($765)
$464
($301)
7%
2023E
$5,801
27%
22
$5,822
27%
(3,484)
(112)
(846)
$1,359
23%
$1,359
180%
23%
($80)
$296
($826)
$339
($487)
8%
Please refer to reconciliation for Adj. EBITDA and Adj. EBITDA margin on pg. 46 in the appendix.
Source: Management Projections.
Note: As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of
changes may not represent the arithmetic summation or calculation of the figures that precede them. Please refer to the Definitions pages in the appendix.
1.
Adj. Rent, Tenancy, and Other Building Expenses, Adj. Pre-Opening Expenses, and Adj. Functional Expenses exclude Venture expenses, which are all reflected in Ventures EBITDA. Excludes stock based
compensation.
2024E
$6,945
20%
22
$6,967
20%
(3,905)
(143)
(909)
$1,988
29%
$1,988
46%
29%
($61)
$306
($1,
$528
($577)
8%
40 wework
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