Shulou(Shulou.com)11/24 Report--

According to news on the evening of February 16, Beijing time, shared office giant WeWork (NYSE: WE) today released its results for the fourth quarter and full year of 2022, which ended December 31. WeWork reported fourth-quarter revenue of $848 million (currently about 5.809 billion yuan), up 18% from a year earlier. The net loss was $527 million (currently about 3.61 billion yuan), compared with a net loss of $803 million (currently about 5.501 billion yuan) in the same period last year.

For the whole of 2022, WeWork's revenue was $3.245 billion (currently about 22.228 billion yuan), compared with $2.57 billion in 2021 (currently about 17.604 billion yuan). A net loss of $2.295 billion (currently about 15.721 billion yuan), compared with a net loss of $4.632 billion (currently about 31.729 billion yuan) in 2021.

Fourth quarter financial results:

Revenue was $848 million, up 18% from a year earlier, below analysts' expectations of $859 million. Revenue, based on the WeWork budget exchange rate, was $905 million, up 26% from a year earlier and higher than the company's expectations of $870 million to $890 million.

Total expenditure was $1.429 billion, compared with $1.42 billion in the same period last year.

The operating loss was $5.81, compared with an operating loss of $702 million in the same period last year.

The net loss was $527 million, below analysts' expectations of a net loss of $328 million, compared with a net loss of $803 million a year earlier.

The net loss attributable to Wework was $454 million, compared with a net loss of $715 million attributable to Wework in the same period last year.

The adjusted EBITDA (profit before interest, tax, depreciation and amortization) lost $26 million, a 75% reduction from the previous month, and a loss of $257 million from the same period last year.

Fourth quarter operating results:

As of December 31, 2022, WeWork's system-wide real estate portfolio (systemwide real estate portfolio) includes 779 locations in 39 countries, supporting approximately 906000 workstations and 682000 entity members.

In the fourth quarter, Wework physical membership grew by 17 per cent year-on-year, and physical occupancy increased to 75 per cent. The number of all Access and On-Demand members increased to about 70000, up 56 per cent from a year earlier.

In the fourth quarter, the average income per entity (ARPM) was $481.

Annual results for 2022:

Revenue was $3.245 billion, compared with $2.57 billion in 2021.

The net loss was $2.295 billion, compared with a net loss of $4.632 billion in 2021.

Performance outlook:

WeWork expects revenue of $830 million to $855 million in the first quarter of 2023. The adjusted EBITDA will reach-$25 million to break even.

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