WeWork Inc.
wework.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 8, 2023. Its latest SEC filing is a 3 from Jul 3, 2024.
10-Q for Q2 FY2023, filed Aug 8, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Provides flexible office space and digital workspace access for members, plus workplace-management software for landlords and office operators.
10-K for FY2022, filed Mar 29, 2023We are the leading global flexible workspace provider, serving a membership base of businesses large and small through our network of 779…View ↗
Our core business offering provides flexibility across space, time and cost. Whether users are looking for a workstation, a private office…View ↗
WeWork All Access: The WeWork All Access product, launched in late 2020, is a monthly subscription-based model that provides members with…View ↗
WeWork On Demand: WeWork’s strategy to digitize its real estate began with the launch of the WeWork On Demand product in 2020, providing…View ↗
Having spent more than 10 years building a global physical network and developing the systems necessary to operate our flexible products…View ↗
How Did They Make Money?
Members pay monthly for workspace and included services; standard memberships are invoiced monthly with immediate payment terms. Design and development customers are billed as work progresses or at milestones.
10-K for FY2022, filed Mar 29, 2023Membership and Service Revenue — The Company sells memberships to individuals and organizations that provide access to office space, use of…View ↗
Membership revenue consists primarily of fees from members, net of discounts for the access to office space provided. The majority of the…View ↗
Billing terms and conditions generally vary by contract category. Amounts are billed as work progresses in accordance with agreed-upon…View ↗
$3.2B
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10-K for FY2022, filed Mar 29, 2023
$3.2B ↗
Who Were Their Customers?
Sales representatives engage companies directly, with dedicated teams for larger enterprise accounts. Individuals and companies can purchase All Access, and users book On Demand workspace through the app.
10-K for FY2022, filed Mar 29, 2023We sell our memberships and services to companies using a variety of sales and marketing efforts. We have sales representatives organized…View ↗
WeWork All Access can be purchased by individuals and companies looking for flexible solutions for touch-down space in major urban centers…View ↗
WeWork On Demand: WeWork’s strategy to digitize its real estate began with the launch of the WeWork On Demand product in 2020, providing…View ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q2 FY2023, filed Aug 9, 2023
−$349MView ↗
- ▼ −40% (Loss)
- vs −$577M in Q2 FY2022
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Jun 12, 2024
Reorganization plan took effect and new financing was arranged
The facilities provide term loans and letters of credit to support leases and other corporate obligations.
Sources
8-K, filed Jun 12, 2024
ITS DEBTOR SUBSIDIARIES (FURTHER TECHNICAL MODIFICATIONS) AND (II) OCCURRENCE OF EFFECTIVE DATEView ↗
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Jun 3, 2024
Court confirmed the reorganization plan, canceling parent interests
Sources
8-K, filed Jun 3, 2024
On May 30, 2024, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Third Amended Joint Chapter 11 Plan of…View ↗
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Apr 9, 2024
WeWork appointed Grant Thornton as its auditor
Grant Thornton was engaged to audit fiscal years 2024 and 2023.
Sources
8-K, filed Apr 9, 2024
On April 03, 2024, following approval by the Audit Committee of the Company’s board of directors and subject to final approval by the…View ↗
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