WeWork Announces 2018 Earnings

  • Building on the successes of the previous eight years, WeWork achieved an exceptional performance in 2018. WeWork global network now spans 400,000+ members across 425 locations, 100 cities, 27 countries
  • WeWork entered 2019 with a revenue run-rate in excess of $2.5 billion, and our revenue continued to grow over 100%
  • Enterprise now represents 32% of our total memberships and is a key driver of the growth of our committed revenue backlog, which exceeded $2 billion at the end of 2018.
  • WeWork recorded $6.6 billion of pro forma cash and cash commitments as of December 2018
  • International market expansion is a key driver of our growth. International has grown to 43% of total revenue in Q4 2018

 

Hong Kong (March 26, 2019)  – WeWork today announced its 2018 earnings in its headquarter, New York, United States. Building on the successes of the previous eight years, WeWork achieved an exceptional performance in 2018. The company entered 2019 with a revenue run-rate in excess of $2.5 billion, and the revenue continued to grow over 100%. Currently, WeWork’s global network spans 400,000+ members across 425 locations, 100 cities, 27 countries. International market expansion and enterprise memberships are key drivers of WeWork’s growth.

 

Artie Minson, WeWork President and CFO said, “We delivered an exceptional performance in 2018, building on our successes of the previous eight years. As we head into 2019, I could not be more excited about the future growth prospects of our business.”

 

Overall

  • The We Company has a vision for a membership platform through which we provide not only workspace but a host of content and service offerings that make our members’ experience more enjoyable, and our platform stickier and more valuable.
  • We are now able to offer everyone — from individuals to small companies to large organizations — access to a desk, an office, a headquarters, or even an entire building on a global basis.
  • We delivered an exceptional performance in 2018, building on our successes of the previous eight years: Our global network now spans 400,000+ members across 425 locations, 100 cities, 27 countries.
  • We entered 2019 with a revenue run-rate in excess of $2.5 billion, and our revenue continued to grow over 100%, which is quite an accomplishment given our scale.
  • Enterprise now represents 32% of our total memberships and is a key driver of the growth of our committed revenue backlog, which exceeded $2 billion at the end of 2018.
  • Our balance sheet has never been stronger as we raised over $7.2 billion of capital over the course of 2018. With $6.6 billion of pro forma cash and cash commitments as of December, we have all the firepower we need to continue investing in our growth.

 

Operating Highlights

  • Global network spans 100 cities & 27 countries
    • Ended 2018 with 400,000+ members across 425 locations, 100 cities, 27 countries (inc. 9 new countries)
    • We ended the year with 466k total desks, an increase of 252k desks, or +118% YoY. Added a record of 112k total desks in Q4 alone.
  • International market expansion is a key driver of our growth
    • International has grown to 43% of total revenue in Q4 2018 up from 28% in Q1 of 2017
    • We now have 19 cities with over 5,000 members compared to 3 cities one year ago.
  • Significant committed backlog driven by growth in enterprise memberships
    • Enterprise now represents 32% of total membership
    • Committed revenue backlog exceeded $2B at end of 2018
  • We continued to strengthen our product offering with strong launches for WeWork Labs, Global Access, and our headquarters offering, and ventures like Flatiron School, Conductor, and Meetup reached several notable milestones.

 

Financial Highlights

  • Run-Rate Revenue continues to grow over 100%, reaches $2.4B
    • Run-Rate Community Adjusted EBITDA > $600M
    • 2018 Revenue, Community Adjusted EBITDA, and Adjusted EBITDA Before Growth Investments all grew by over 100% year over year
  • Our eight year Run-Rate Revenue CAGR ended 2018 at over 100%
  • Raised $7.2B of capital since January 2018 ($702M bond offering, $500M ChinaCo, $6B ParentCo)
  • Balance sheet has never been stronger with $6.6B pro forma Cash & Commitments

Email This Post Email This Post

Review overview
NO COMMENTS

POST A COMMENT