{ "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": 2, "pageCount": 22, "prevPage": 1, "nextPage": 3, "slideType": "disclaimer", "function": "front_matter", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de513-f731-7408-afaf-ecaf7329fff4/2", "deckHref": "/decks/019de513-f731-7408-afaf-ecaf7329fff4", "deckJsonHref": "/decks/019de513-f731-7408-afaf-ecaf7329fff4.json", "deckAnchorHref": "/decks/019de513-f731-7408-afaf-ecaf7329fff4#slide-2", "components": [ { "bbox": { "h": 0.02, "w": 0.06, "x": 0.91, "y": 0.94 }, "kind": "image", "text": "wework", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "122d5239-e3c6-4188-8569-e7ba32121334", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.66, "w": 0.3, "x": 0.32, "y": 0.13 }, "kind": "paragraph", "text": "Use of Data\nThis presentation contains information concerning WeWork's solutions\nand WeWork's industry, including market size and growth rates of the\nmarkets in which WeWork participates, that are based on industry\nsurveys and publications or other publicly available information, other\nthird-party survey data and research reports commissioned by WeWork\nand its internal sources. This information involves many assumptions\nand limitations. There can be no guarantee as to the accuracy or\nreliability of such assumptions and you are cautioned not to give undue\nweight to this information. Further, no representation is made as to the\nreasonableness of the assumptions made by third parties or the\naccuracy or completeness of any projections or modeling or any other\ninformation contained herein. Any data on past performance of WeWork\nor modeling contained herein is not an indication as to future\nperformance. WeWork has not independently verified any such\nthird-party information. Similarly, other third-party survey data and\nresearch reports commissioned by WeWork, while believed by WeWork to\nbe reliable, are based on limited sample sizes and have not been\nindependently verified by WeWork. In addition, projections,\nassumptions, estimates, goals, targets, plans and trends of the future\nperformance of the industry in which WeWork operates, and WeWork's\nfuture performance, are necessarily subject to uncertainty and risk due\nto a variety of factors, including those described above. These and other\nfactors could cause results to differ materially from those expressed in\nthe estimates made by independent parties and by WeWork. Except as\nmay be required by law, WeWork assumes no obligation to update the\ninformation in this presentation.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2b6d5710-9571-4ca9-b4a0-6b83f1696460", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.26, "w": 0.3, "x": 0.62, "y": 0.39 }, "kind": "paragraph", "text": "India, China and Israel\nThis presentation includes operating metrics (including number of\nlocations, desks, and memberships) relating to WeWork's investments\nand operations in China and India, which are not consolidated.\nTherefore, the results of WeWork's operations in China and India are not\nreflected in the WeWork financial statements and projections set forth\nin this presentation on a line-by-line basis, as such operations are not\nconducted through consolidated subsidiaries or controlling interests of\nWeWork. In June 2021, WeWork closed a franchise agreement and\ntransferred the building operations and obligations of its Israel\nlocations to the franchisee. Israel results of operations have been\nincluded through May 2021, and excluded from subsequent projections.\nUnless otherwise explicitly specified in this presentation, India, China\nand Israel related metrics are excluded from all calculations.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d594343-eb6c-4cdc-9e3d-e810add79bc6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.32, "y": 0.98 }, "kind": "paragraph", "text": "Reconciliations of non-GAAP measures to their most directly\ncomparable GAAP counterparts are included in the Appendix to this\npresentation. Additionally, to the extent that forward-looking non-GAAP\nfinancial measures are provided, they are presented on a non-GAAP\nbasis without reconciliations of such forward-looking non-GAAP\nmeasures due to the inherent difficulty in forecasting and quantifying\ncertain amounts that are necessary for such reconciliations.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "358636ae-e1c1-4edb-a24e-4ad625bb58b2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.66, "w": 0.29, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Forward-Looking Statements\nCertain statements made in this press release may be deemed\n\"forward-looking statements\" within the meaning of the Private\nSecurities Litigation Reform Act of 1995, as amended. These forward\nlooking statements generally are identified by the words \"believe,\"\n\"project,\" \"expect,\" \"anticipate,\" \"estimate,\" \"intend,\" \"strategy,\" \"future,\"\n\"opportunity,\" \"plan,\" \"pipeline,\" \"may,\" \"should,\" \"will,\" \"would,\" \"will\nbe,\" \"will continue,\" \"will likely result,\" and similar expressions.\nForward-looking statements are predictions, projections and other\nstatements about future events that are based on current expectations\nand assumptions and, as a result, are subject to risks and uncertainties.\nAlthough WeWork believes the expectations reflected in any\nforward-looking statement are based on reasonable assumptions, it can\ngive no assurance that its expectations will be attained, and it is\npossible that actual results may differ materially from those indicated\nby these forward-looking statements due to a variety of risks,\nuncertainties and other factors. Such factors include, but are not limited\nto, WeWork's ability to refinance, extend, restructure or repay near and\nintermediate term debt; its indebtedness; its ability to raise capital\nthrough equity issuances, asset sales or the incurrence of new debt;\nretail and credit market conditions; impairments; its liquidity demand;\nchanges in general economic conditions, including as a result of the\nCOVID-19 pandemic; delays in customers and prospective customers\nreturning to the office and taking occupancy as a result of the COVID-19\npandemic and the emergence of variants leading to a parallel delay in\nreceiving the corresponding revenue; the impact of foreign exchange\nrates on our financial performance; and WeWork's inability to implement\nits business plan or meet or exceed its financial projections.\nForward-looking statements speak only as of the date they are made.\nWeWork discusses these and other risks and uncertainties in its annual\nand quarterly periodic reports and other documents filed with the U.S.\nSecurities and Exchange Commission. WeWork may update that\ndiscussion in its periodic reports, but otherwise takes no duty or\nobligation to update or revise these forward-looking statements,\nwhether as a result of new information, future developments, or\notherwise.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3941a34b-c89d-4208-8f9a-7b3410400c8d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.17, "w": 0.3, "x": 0.32, "y": 0.8 }, "kind": "paragraph", "text": "Use of Non-GAAP Financial Metrics\nThis presentation includes certain financial measures not presented in\naccordance with generally accepted accounting principles in the United\nStates (\"GAAP\"): Adjusted EBITDA, Free Cash Flow. and non-GAAP\nfinancial measures of foreign exchange, including ARPM at budgeted\nforeign exchange rates (including on a forward looking basis). These\nfinancial measures are not measures of financial performance in\naccordance with GAAP and may exclude items that are significant in\nunderstanding and assessing our financial results. Therefore, these\nmeasures should not be considered in isolation or as an alternative to\nnet loss or other measures of profitability, liquidity or performance\nunder GAAP. You should be aware that our presentation of these\nmeasures may not be comparable to similarly titled measures used by\nother companies, which may be defined and calculated differently.\nWeWork believes that these non-GAAP measures of financial results\n(including on a forward-looking basis) provide useful supplemental\ninformation to investors about WeWork. WeWork's management uses\nforward-looking non-GAAP measures to evaluate WeWork's projected\nfinancials and operating performance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6df74282-448f-44c9-8e61-b8e52a5f4287", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.62, "y": 0.13 }, "kind": "paragraph", "text": "Non-GAAP Financial Measures of Foreign Exchange\nWe supplement our GAAP financial results by evaluating our\nperformance excluding\nthe effect of foreign exchange. We believe that the disclosure of our\nfinancial results on a budgeted foreign basis is a useful supplemental\nmeasure of operating performance because it facilitates comparison of\nour current performance to our guidance provided by excluding the\neffects of foreign currency volatility. We calculate our budgeted foreign\nexchange results by translating the current quarter functional currency\nresults at our budgeted foreign exchange rate, which is a spot rate for\neach of our functional currencies determined early in the fiscal year as\npart of our annual budgeting process. The presentation of financial\nresults on a budgeted foreign exchange basis should be considered in\naddition to, but not a substitute for, measures of financial performance\nreported in accordance with U.S. GAAP.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bbe42489-8d88-438a-bbfe-6a8a0e9eb4e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.3, "x": 0.62, "y": 0.74 }, "kind": "paragraph", "text": "Preliminary Financial Information\nWe report our financial results in accordance with U.S. generally\naccepted accounting principles. All projected financial information and\nmetrics in this presentation are preliminary. These estimates are not a\ncomprehensive statement of our financial position and results of\noperations. There is no assurance that we will achieve our forecasted\nresults within the relevant period or otherwise.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bcf11c87-7b1c-444e-95ca-3e725243f9c1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.62, "y": 0.67 }, "kind": "paragraph", "text": "Trademarks\nThis presentation contains trademarks, service marks, trade names and\ncopyrights of WeWork and other companies, which are the property of\ntheir respective owners.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "be231fb4-6281-4067-aeec-6003a19b0756", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.01, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "1", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1abf0bff-4725-44b8-a317-1ca162ca9e52", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.06, "x": 0.91, "y": 0.97 }, "kind": "source-note", "text": "© 2022 WeWork", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7c24587-5cdc-4caf-ab1c-261a0fbbb783", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "Disclaimer", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "53e6e2da-e021-474e-b921-3dfc10ac1a32", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }