WeWork SPAC Presentation Deck
WeWork Core at maturity achieves ~$5bn of Revenue and ~$1bn of Adj. EBITDA
($ in millions)
$5,801
2023E Revenue
(excl. Ventures)
($3,484)
($112)
2023E
2023E Adj. Rent,
Tenancy, and Other Adj. Pre-Opening
Building Expenses(1) Expenses (¹)
($846)
2023E
Adj. Functional
Expenses(¹)
$1,359
2023E Revenue (excl.
Ventures) less All Access,
Platform and incremental
Core Leased: $5,176mm
($400)
2023E Total Adj. 2023E All Access &
EBITDA
Platform Revenue
Source: Management projections.
Note: The existing Core Leased base plan includes additional growth from currently contracted leases. The above analysis excludes Ventures.
($225)
2023E
Core Leased
Incremental
Growth Revenue Growth Expenses(²)
1 percentage point of 2023E core occupancy results in -$59mm of revenue. (3)
$307
2023E
Core Leased
Incremental
1. Adj. Rent, Tenancy, and Other Building Expenses, Adj. Pre-Opening Expenses, and Adj. Functional Expenses exclude Ventures expenses, which are all reflected in Ventures EBITDA.
Expenses reflect Adj. Rent, Tenancy and Other Building Expenses, Adj. Pre-Opening Expenses, and Adj. Functional Expenses associated with Core Leased Incremental Growth Revenue.
Assumes 857k existing Core Leased ending workstations and $573 Core Leased ARPM.
2.
3.
$1,042
2023E Adj. EBITDA
on Existing Core
Leased Portfolio
42 | wework
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