WeWork Reports Second Quarter 2022 Results
Revenue Increases 7% Quarter-over-Quarter and 37% Year-over-Year

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. Second quarter and other recent highlights include:

  • Revenue for the second quarter was $815 million, an increase of 7% quarter-over-quarter and 37% year-over-year. Revenue using the Company’s budgeted foreign exchange rates was $841 million, above the Company’s guidance of $800 – $825 million.
  • Consolidated physical occupancy in the second quarter was 72%, including committed memberships.

“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 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

  • Revenue for the second quarter was $815 million, an increase of 7% quarter-over-quarter and 37% year-over-year. Revenue using the Company’s budgeted foreign exchange rates was $841 million, above the Company’s guidance of $800 – $825 million.
  • Net Loss was $635 million, a 31% improvement year-over-year. Net loss includes approximately $391 million(1) related to significant non-cash expenses.
  • Adjusted EBITDA was negative $134 million, a $78 million improvement from the first quarter of 2022 and a $315 million improvement from the prior year period, and within guidance of negative $125 – $175 million.

(1) Refer to footnote 2 in the Net Loss to Adjusted EBITDA reconciliation for significant non-cash expenses included in Net Loss.


  • 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.
  • Systemwide gross desk sales totaled 205,000 in the second quarter, or the equivalent of 12.3 million square feet sold. Systemwide new desk sales were 93,000 in the second quarter or the equivalent of 5.6 million square feet.
  • As of June 30, 2022, WeWork’s 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. The growth in consolidated physical memberships was 5% and 37% quarter-over-quarter and  year-over-year, respectively.
  • 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. Consolidated new desk sales were 73,000 in the second quarter or the equivalent of 4.4 million square feet.
  • WeWork reported average revenue per physical member (“ARPM”) of $481. ARPM, using the Company’s budgeted foreign exchange rates, was $497, an increase of 3% quarter-over-quarter.

WeWork Access:

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. Growth in All Access memberships yielded annual run-rate revenue of $180 – $190 million.

WeWork Workplace:

On July 19, WeWork launched WeWork Workplace, a new space management solution built in partnership with Yardi, the leading provider of real estate software. 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. 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. To date, the Company has signed 11 companies to the platform, providing them with 7,400 licenses to manage spaces in WeWork’s portfolio and in non-WeWork locations. The pipeline includes over 100 companies comprising more than 35,000 licenses.


WeWork ended the second quarter of 2022 with cash, commitments, and access to liquidity of approximately $1.7 billion. This includes approximately $625 millionof available cash, $550 million of unissued senior secured notes, and at least $500 million of secured debt covenant capacity.


The Company reaffirms its full year 2022 revenue guidance to $3.4 – $3.5 billion and Adjusted EBITDA of negative $400 – $475 million. Consistent with previous reporting, guidance for full year 2022 excludes the impact of fluctuations from the Company’s original budgeted foreign exchange rates.

About WeWork

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. Since then, we’ve become the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.

Forward-Looking Statements

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. 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. 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. 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. Such factors include, but are not limited to, WeWork’s 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 WeWork’s financial performance; and WeWork’s inability to implement its business plan or meet or exceed its financial projections. Forward-looking statements speak only as of the date they are made. 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 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.

Use of Non-GAAP Financial Measures

This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”): Adjusted EBITDA, Free Cash Flow, and non-GAAP financial measures of foreign exchange (including on a forward-looking basis). 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. 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. You should be aware that WeWork’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. WeWork believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about WeWork. WeWork’s management uses forward-looking non-GAAP measures to evaluate WeWork’s projected financials and operating performance. 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.

Non-GAAP Financial Definitions

Adjusted Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization (“Adjusted EBITDA”)

We supplement our GAAP results by evaluating Adjusted EBITDA, a non-GAAP measure. 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 WeWork’s 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.

Free Cash Flow

We also supplement our GAAP results by evaluating Free Cash Flow, a non-GAAP measure. 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. 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. Free Cash Flow is also a key metric used internally by our management to develop internal budgets, forecasts, and performance targets.

Non-GAAP Financial Measures of Foreign Exchange

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. 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.  We calculate our budgeted foreign exchange results by translating the current quarter functional currency results at our budgeted foreign exchange rate, which is an estimated forward rate for each of our functional currencies determined during the fourth quarter of the prior fiscal year as part of our annual budgeting process. 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.

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