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Business

WeWork doubled revenues and losses in 2018 – Axios




Why is it important: Collaborative Space Operator continues to push for a listing, but has plenty of money if it wants to wait any longer.

Revenue: 2018 revenue was $ 1.82 88% is considered membership income – from 93% in 2017.

  • "We have a global membership network that sits at the top of this global physical platform, which we have the opportunity to further make money, says WeWorks vice president Michael Gross, Axios.
  • Gross adds that the WeWorks compound annual growth rate (CAGR) has been over 1[ads1]00% for each of the last eight years.

Loss: Net Losses were $ 1.9 billion for 2018, greater than the revenue figure and up by 103% from 2017.

  • Included was $ 372 million for sales and marketing (+ 162% from 2017) and $ 237 million of interest related to 2018 bond loan.
  • WeWork President and Chief Financial Officer Artie Minson says both revenue and net loss figures continue to grow, as the latter largely relate to pre-construction and long-term lease costs. Companies to show profits, but that doesn't mean they don't make much value. "

All Goals: WeWork prefers investors to focus on a novel metric called" community-adjusted EBITDA, more than doubling to $ 467.1 million in 2018.

Total membership increased 116% in 2018 to 401,000. It now has a presence of 425 facilities in 100 cities in 27 countries.

  • 32% of members come via corporate customers, while total occupancy rose to 90%.
  • WeWork reports a $ 2.2 billion "committed backlog" of new membership agreements.
  • It is also stated that one in every eight first-time entrepreneurs in large US cities is WeWork members.
  • The company now has a presence of 425 facilities in 100 cities in 27 countries.
  • When asked about the impact of reduced economic growth, Gross said: "We have lived through some level of economic withdrawal in regions such as Latin America and China, but have only seen our growth accelerate."

WeWork had 2, NOK 2 billion in cash at the end of the year, which is the same as it was at the time of the public offer in April.

This does not include $ 400 million of committed capital from SoftBank, or $ 4 billion of convertible quotes from SoftBank ($ 1.5 billion received in January).



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