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  "documentTitle": "REVEALED: Goldman Sachs' $1 trillion WeWork IPO pitch deck",
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  "notes": "The slide presents a bridge from Enterprise Value to Equity Value, followed by a comparison of valuation multiples (EV/Revenue) for 2020 and 2021 across Self-side, Buy-side, and Management cases.",
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      "text": "Assumes IPO proceeds of $4 billion per management model.",
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      "text": "Enterprise Value: $70B",
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      "text": "Metric 2020 Revenue $5.8 10.3x 12.1x 2021 Revenue 8.9 6.7 7.9 2020 Growth Adj. Revenue 62% 0.17x 0.19x 2020 Revenue $6.5 9.2x 10.7x 2021 Revenue 10.6 5.7 6.6 2020 Growth Adj. Revenue 73% 0.13x 0.15x 2020 Revenue $7.2 8.3x 9.7x 2021 Revenue 12.4 4.8 5.6 2020 Growth Adj. Revenue 82% 0.10x 0.12x",
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      "text": "Fully Distributed Enterprise Value ($B) $60 $70 (-) Minority Interest (7) (8) (-) Debt @ Q2 2019 (1) (1) (+) Cash @ Q2 2019 3 3 (+) SoftBank Commitments @ Q2 2019 2 2 (+) IPO Proceeds 4 4 Fully Distributed Equity Value ($B) $61 $70 % Dilution 6.6% 5.7%",
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      "text": "Analysis at Various Prices",
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