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  "documentTitle": "WeWork | Restructuring Presentation Deck | 12 slides",
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  "authorName": "WeWork",
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  "presentationDate": "2023-11-01 00:00:00",
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      "kind": "list",
      "text": "Calculated at a building level - includes rent savings from renegotiated leases",
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      "text": "Target SG&A reductions to steady state of 400 million",
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      "text": "Calculated either based upon number of remaining locations or as a % of revenues",
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      "text": "Plan assumes no new locations",
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      "text": "Capex of approximately $25 million per quarter with additional amounts in 2024 due to deferred capex spend",
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      "text": "Dependent upon individual market participation; currently, the Plan assumes no exits from any individual markets",
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      "text": "Net License Fee growth (FY'24-FY'27) of ~4.0% per annum., assuming 2.5% ARPM growth and slight membership growth\nAccess Revenues growing at ~4.3% through 2025 and then holding membership flat thereafter\nMarginal increase in penetration rates from Ancillary revenues",
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      "text": "$ in millions",
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      "text": "(1) Assumes for modeling purposes that all exits occur January 1, 2024",
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      "text": "Fcst\nFY2025\n$ 1,979\n223\n136\n76\n$ 2,414\n1,033\n276\n$ 1,309\n54.2%\n$ 396\n16.4%\n$ 710\n29.4%\n-\nnm\n83\n3.5%\n$ 400\n16.6%\n$ 227\n9.4%\n$100",
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      "text": "Fcst\nFY2026\n$ 2,074\n229\n143\n78\n$ 2,524\n1,054\n283\n$ 1,337\n53.0%\n$ 410\n16.2%\n$ 777\n30.8%\n-\nnm\n86\n3.4%\n$ 400\n15.8%\n$ 291\n11.5%\n$100",
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      "text": "Fcst\nFY2024\n$ 1,916\n214\n131\n76\n$ 2,336\n1,014\n270\n$ 1,284\n55.0%\n$ 384\n16.4%\n$ 668\n28.6%\n-\nnm\n81\n3.5%\n$ 412\n17.6%\n$ 175\n7.5%\n$125",
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      "text": "Net License Fees\nAccess Revenue\nAncillary Revenue\nOther Revenue\nTotal Revenues\nCash Rent Expense\nTenancy Expense\nTotal Occupancy Costs\n% of revenue\nTotal Location Specific Opex\n% of revenue\nCash Market Contribution Margin\nCash Market Contribution Margin - %\nPre-Opening Expenses & Other\n% of revenue\nTotal Community Support\n% of revenue\nTotal SG&A\n% of revenue\nCash EBITDA\nCash EBITDA -%\nMemo:\nCapex",
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      "text": "Actual\nFY2022\n$ 2,353\n163\n117\n149\n$ 2,783\n1,668\n363\n$ 2,032\n73.0%\n$ 499\n17.9%\n$ 253\n9.1%\n147\n5.3%\n80\n2.9%\n$ 537\n19.3%\n$ (511)\n(18.4%)\n$207",
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      "text": "Fcst\nFY2027\n$ 2,166\n233\n150\n80\n$ 2,629\n1,071\n293\n$ 1,364\n51.9%\n$ 424\n16.1%\n$ 841\n32.0%\n-\nnm\n89\n3.4%\n$ 400\n15.2%\n$ 352\n13.4%\n$100",
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      "text": "Estimate\nFY2023\n$ 2,262\n227\n111\n157\n$ 2,757\n1,663\n392\n$ 2,055\n74.5%\n$ 503\n18.2%\n$ 199\n7.2%\n29\n1.1%\n81\n2.9%\n$ 435\n15.8%\n$ (346)\n(12.6%)\n$110",
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      "text": "The Plan forecasts pro forma 2024 Cash EBITDA of $175 million (7.5% margin) growing to $352 million (13.4% margin) by FY2027.",
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      "text": "Wholly-Owned Financial Performance",
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