WeWork Model 1

	B	C	G	H	I	J	K	L	M	N	O	P	Q	S	T	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS
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2	NOTE: Don't request edit access. Go to File -> Make a Copy to duplicate the model, or File -> Download for a version you can edit locally.
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4	Unit converter	1000
5	2022 - 2024 Occupancy	80%
6	Post 2024 Occupancy	90%														Revenue and YoY % growth
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8	Income Statement (USD M)	2016	2020E	2021E	2022E	2023E	2024E	2025E	2026E	2027E	2028E	2029E	2030E	% of mature location in total fleet
9	Revenue	436	3,748	4,292	5,139	5,913	6,807	8,607	10,357	11,520	12,732	13,996	15,477
10	YoY % Growth		9%	14%	20%	15%	15%	26%	20%	11%	11%	10%	11%
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12	Membership & Service Revenue	434	3,561	3,916	4,545	5,104	5,769	7,192	8,562	9,447	10,377	11,355	12,382
13	YoY % Growth		9%	10%	16%	12%	13%	25%	19%	10%	10%	9%	9%
14	% of rev		95%	91%	88%	86%	85%	84%	83%	82%	82%	81%	80%
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16	Other Revenue	2	187	376	594	808	1,038	1,415	1,795	2,073	2,355	2,642	3,095
17	% of rev		5%	9%	12%	14%	15%	16%	17%	18%	18%	19%	20%
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19	Customer Mix		357
20	Enterprise	78	2,136	2,350	2,727	3,318	3,750	4,675	5,993	6,613	7,783	8,516	9,286
21	% of revenue	18%	60%	60%	60%	65%	65%	65%	70%	70%	75%	75%	75%
22	SMBs	356	1,424	1,566	1,818	1,787	2,019	2,517	2,569	2,834	2,594	2,839	3,095
23	% of revenue	82%	40%	40%	40%	35%	35%	35%	30%	30%	25%	25%	25%
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25	Total Workstations ('000)	107	956	1,052	956	1,102	1,156	1,402	1,406	1,602	1,606	1,802	1,806
26	YoY % Growth		23%	10%	-9%	15%	5%	21%	0.3%	14%	0.2%	12%	0.2%
27	Net Adds ('000)	50	181	96	-96	146	54	246	4	196	4	196	4
28	Occupancy Rate	81%	62%	71%	80%	80%	80%	90%	90%	90%	90%	90%	90%
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30	Mature Workstations > 24 months	23	466	775	956	1,052	956	1,102	1,156	1,402	1,406	1,602	1,606
31	Open non-mature 0 - 24 months	84	490	277	0	50	200	300	250	200	200	200	200
32	Incremental Sign & Build Workstations	107	0	0	50	150	150	100	100	100	100	100	100
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34	% of mature location in total fleet	21%	49%	74%	100%	95%	83%	79%	82%	88%	88%	89%	89%
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36	Total Memberships ('000)	87	595	745	765	882	925	1,262	1,265	1,442	1,445	1,622	1,625				Customer mix shift towrds more enterprises
37	Growth Rate YoY	93%	-10%	25%	3%	15%	5%	36%	0%	14%	0%	12%	0%
38	Net Adds ('000)	42	-65	150	20	117	43	337	4	176	4	176	4		Total workstation ('000)
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40	Revenue/Membership (USD)	6835	5675	5845	6020	6201	6387	6578	6776	6979	7188	7404	7626
41	YoY % Growth		-8%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
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43	Operating Expenses	832	4,873	5,245	5,373	5,818	6,622	7,565	8,473	9,209	10,006	10,871	11,828
44	YoY % Growth		8%	8%	2%	8%	14%	14%	12%	9%	9%	9%	9%
45	% of rev	191%	130%	122%	105%	98%	97%	88%	82%	80%	79%	78%	76%
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47	Location operating expenses	433	3,202	3,826	3,941	4,160	4,702	5,486	6,203	6,844	7,518	8,226	8,970
48	% of rev	99%	85%	89%	77%	70%	69%	64%	60%	59%	59%	59%	58%
49	Cost per mature + new workstation (USD)	5283	3,700	3,811	3,925	4,043	4,164	4,289	4,418	4,551	4,687	4,828	4,972
50	YoY % Growth		0%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
51	Non-cash GAAP straight-line lease cost	93	230	264	290	295	270	280	283	282	279	281	281
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53	Contribution Margin (%) including straight line lease cost	0%	10%	2%	13%	18%	18%	24%	28%	28%	28%	28%	28%
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55	Other operating expenses	0	47	94	149	202	260	354	449	518	589	660	774
56	As % of other revenue		25%	25%	25%	25%	25%	25%	25%	25%	25%	25%	25%
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58	Pre-opening community expenses	116	194	-	36	148	227	193	158	161	164	167	171
59	Cost per build & signed workstation (USD)		1,399	1,427	1,456	1,485	1,515	1,545	1,576	1,607	1,640	1,672	1,706
60	YoY % Growth		2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%
61	% of rev		5%	0%	1%	3%	3%	2%	2%	1%	1%	1%	1%
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63	Sales and marketing expenses	43	386	294	152	148	244	327	367	334	324	340	357
64	cost per new + build workstation (USD)		731	768	806	847	889	933	980	1,029	1,080	1,134	1,191		Growth and operating expenses as % of revenue
65	YoY % Growth		5%	5%	5%	5%	5%	5%	5%	5%	5%	5%	5%
66	% of rev	10%	10%	7%	3%	3%	4%	4%	4%	3%	3%	2%	2%
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68	Growth and new market development	36	0	0	85	260	265	186	195	205	215	226	237
69	cost per signed + build workstation (USD)		1633	1666	1699	1733	1768	1856	1949	2046	2149	2256	2369					Total Workstations ('000)	0.1	0.2	0.5	0.8	1.0	1.1	1.0	1.1	1.2	1.4	1.4	1.6	1.6	1.8	1.8
70	YoY % Growth	8%	2%	2%	2%	2%	2%	5%	5%	5%	5%	5%	5%
71	% of rev	8%	0%	0%	2%	4%	4%	2%	2%	2%	2%	2%	2%
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73	General and administrative expenses	115	337	343	373	296	340	430	518	576	637	700	774						1000
74	YoY % Growth		-13%	2%	9%	-21%	15%	26%	20%	11%	11%	10%	11%
75	% of rev	26%	9%	8%	7%	5%	5%	5%	5%	5%	5%	5%	5%
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77	Growth and Opex as % of Revenue	45%	24%	15%	13%	14%	16%	13%	12%	11%	11%	10%	10%
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79	Depreciation and amortization	89	706	688	637	603	583	589	584	571	559	552	545
80	Depreciation life		10	10	10	10	10	10	10	10	10	10	10
81	% of rev	20%	19%	16%	12%	10%	9%	7%	6%	5%	4%	4%	4%
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83	EBITDA	(307)	(418)	(266)	403	698	769	1,632	2,467	2,882	3,286	3,677	4,194
84	EBITDA Margin	-71%	-11%	-6%	8%	12%	11%	19%	24%	25%	26%	26%	27%
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86	EBIT	(396)	(1,124)	(954)	(234)	95	185	1,043	1,883	2,311	2,727	3,125	3,650
87	EBIT Margin		-30%	-22%	-5%	2%	3%	12%	18%	20%	21%	22%	24%
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125	WeWork Valuation (USD M)
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127	Valuation date	2/8/2026
128	WACC	10.8%
129	Terminal growth rate	2.0%
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131			Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30