{ "docId": "019de513-f731-7408-afaf-ecaf7329fff4", "docSlug": "bb6bab0ce16cf2f85877aedb7a414f03", "documentTitle": "WeWork | Results Presentation Deck | 22 slides", "authorId": "wework", "authorName": "WeWork", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2022-08-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 14, "pageCount": 22, "prevPage": 13, "nextPage": 15, "slideType": "valuation_table", "function": "show_valuation_bridge", "density": "dense", "nDataPoints": 13, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de513-f731-7408-afaf-ecaf7329fff4/14", "deckHref": "/decks/019de513-f731-7408-afaf-ecaf7329fff4", "deckJsonHref": "/decks/019de513-f731-7408-afaf-ecaf7329fff4.json", "deckAnchorHref": "/decks/019de513-f731-7408-afaf-ecaf7329fff4#slide-14", "components": [ { "bbox": { "h": 0.015, "w": 0.15, "x": 0.028, "y": 0.11 }, "kind": "paragraph", "text": "As of June 30, 2022", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "acbbd48b-06b7-42c1-9722-73d09edf29d4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.21, "w": 0.939, "x": 0.028, "y": 0.713 }, "kind": "source-note", "text": "1. In addition to these amounts, the Company had restricted cash of $7.0 million as of June 30, 2022.\n2. Prior to May 10, 2022, the 2020 LC Facility was scheduled to terminate on February 9, 2024 and the commitments thereunder were scheduled to decrease to $1.25 billion beginning on February 10, 2023. On May 10, 2022, the Company executed the\nFourth Amendment to the Credit Agreement. As amended, the 2020 LC Facility is subdivided into a $1.25 billion Senior LC Tranche and a $350 million junior LC tranche. The termination date of the Junior LC Tranche is November 30, 2023. The\ntermination date of the Senior LC Tranche, which steps down from $1.25 billion to $1.05 billion in February 2023, is February 9, 2024.\n3. As of June 30, 2022, $1.2B of standby letters of credit were outstanding under the 2020 LC Facility. The Company has also entered into various other letter of credit arrangements, the purpose of which is to guarantee payment under certain leases\nentered into by JapanCo and certain subsidiaries, totaling $4.0 million outstanding.\n4. The reimbursement obligations under the Junior LC Tranche bear interest at the ABR (as defined in the Fourth Amendment to the Credit Agreement) plus 5.50% or the Term SOFR Rate (as defined in the Fourth Amendment to the Credit Agreement),\nwith a floor of 0.75%, plus 6.50%, at the WeWork Obligor's option.\n5. On December 16, 2021, the Company, WW Co-Obligor Inc. and an affiliate of SoftBank Group Corp. (the \"Note Purchaser\") entered into an amendment to the Master Senior Secured Notes Note Purchase Agreement that governs the Senior Secured\nNotes pursuant to which the Note Purchaser agreed to extend its commitment to purchase up to an aggregate principal amount of $500.0 million of the Senior Secured Notes that may be issued by the Company from February 12, 2023 to February\n12, 2024. If issued, the Senior Secured Notes will mature on February 12, 2024. Under the terms of the amended Master Senior Secured Notes Note Purchase Agreement, the Company has the ability to issue up to an aggregate principal amount of (i)\nuntil February 11, 2023, $550.0 million and (ii) from February 12, 2023 to February 12, 2024, $500.0 million of Senior Secured Notes. No Senior Secured Notes were issued as of June 30, 2022.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5c2a277a-e8b9-43f0-83b2-92bc97003656", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.501, "w": 0.939, "x": 0.028, "y": 0.18 }, "kind": "table", "text": "$US millions\nCash & cash equivalents (1)\n$1.25B / $1.05B Senior LC Tranche (2) (3)\n$350M Junior LC Tranche (2) (4)\n$550M / $500M Senior Secured Notes (5)\nJapanCo Debt\nTotal secured debt\nSenior Unsecured Notes\nSenior Unsecured Notes (Series II)\nSenior Unsecured Notes (Series I)\nTotal outstanding debt\nNet outstanding debt\nCoupon\nMaturity\nAmount\n$625\n5.600%\n2/9/2024\n7.688%\n11/30/2023\n$350\n7.500%\n2/12/2024\n2.500% - 3.300%\nVarious\n$25\n$375\n7.875%\n5/1/2025\n$669\n5.000%\n7/10/2025\n$550\n5.000%\n7/10/2025\n$1,650\n$3,244\n$2,619", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6c50a256-eb9b-40c4-9408-679526c6cf09", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.44, "x": 0.028, "y": 0.069 }, "kind": "title", "text": "Capitalization table", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e0c8b7b3-d686-4572-ab55-be610f1ef699", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "from": 8, "beatId": "1797bafd-4569-4be6-b6df-ce3b8c67f705", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Satisfaction", "beatSlug": "monroes-sequence-satisfaction", "evidence": "Financial performance and guidance", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [ { "to": 15, "from": 8, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "f4cac65d-ee3b-4d28-9d79-0f7e37226967", "evidence": "The sequence of KPI overviews and financial results", "position": 0, "objective": "Demonstrate WeWork's growth and financial strength", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }