Debt Restructure and WorkPlace Signed Deals
Quarterly financial results (US$, millions)
Adj. EBITDA
Membership & Services Revenue
Other Revenue
Total Revenue
Location Operating Expenses
Pre-Opening Expenses
SG&A
(1)
Adj. EBITDA
Noncontrolling interest
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
$565
$627
$696
$747
$801
$815
$838
$844
28
34
21
18
14
2
10
5
593
661
718
765
815
817
848
849
(780)
(752)
(729)
(734)
(734)
(729)
(711)
(723)
(43)
(40)
(42)
(47)
(38)
(23)
(13)
(7)
(219)
(225)
(230)
(196)
(177)
(170)
(150)
(148)
(449)
(356)
(283)
(212)
(134)
(105)
(26)
(29)
16
23
37
26
24
17
6
10
(2)
(1)
(2)
0
2
2
2
2
(435)
(334)
(248)
(186)
(108)
(86)
(18)
(17)
Pick-up from equity method investments
Adj. EBITDA Attributable to WeWork Inc.
Building Margin & Physical Membership ARPM
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Membership & Services Revenue
$565
$627
$696
$747
$801
$815
$838
$844
Less: Unconsolidated Management Fee Revenue
1
2
2
3
5
6
4
6
Adj. Membership & Services Revenue (A)
564
625
694
744
796
809
834
$838
Less: All Access & On Demand Revenue
13
20
29
36
45
47
50
59
Physical Membership Revenue (B)
551
605
665
708
751
762
784
779
Location Operating Expenses
(780)
(752)
(729)
(734)
(734)
(729)
(711)
(723)
Less: Indirect Location Operating Expenses
(24)
(24)
(26)
(24)
(24)
(25)
(21)
(23)
Adj. Location Operating Expenses (C)
(756)
(728)
(703)
(710)
(710)
(704)
(690)
(700)
Building Margin (A - C)
(192)
(103)
(9)
34
86
105
144
138
% Building Margin
(34%)
(16%)
(1%)
5%
11%
13%
17%
16%
Average Physical Memberships (D)
381k
416k
Physical Membership Monthly ARPM (B / D) ($, ones)
482
485
458k
484
488k
521k
532k
543k
530k
484
481
477
481
490
See "Terms and definitions" page for definitions of Adjusted EBITDA and Building Margin. See "GAAP to non-GAAP reconciliations" page for a reconciliation of Adjusted EBITDA and Building Margin to their most
comparable GAAP metric.
23
1. SG&A exclusive of stock-based compensation and other expenses excluded from Adjusted EBITDA
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