UPDATE: WeWork (WE) Reports Smaller Q4 Loss on Higher Revenue

(Updated - March 11, 2022 6:55 AM EST)

WeWork (NYSE: WE) reported a fourth-quarter loss of $803 million, a 5% improvement from last year. Revenue for the quarter came in at $718 million, representing a 9% increase from $661 million in the third quarter.

Net Loss was $803 million in the fourth quarter 2021, a 5% improvement relative to the third quarter 2021. Net loss net of $103 million of interest and other (income) expense, restructuring costs of negative $48 million driven by net gains on lease terminations, impairment of $241 million driven by building exits and depreciation and amortization of $174 million, stock-based compensation of $48 million, and $2 million of other costs, resulted in Adjusted EBITDA of negative $283 million.

Occupancy in the fourth quarter 2021 increased 6 points quarter-over-quarter to 66%, including sold but not yet occupied memberships.

GUIDANCE:

On a consolidated basis, the company expects to deliver between $3.35 and $3.5 billion revenue in 2022, including between $740 and $760 million of revenue in Q1 and between $775 and $825 million of revenue in Q2. In Q3 and Q4, the Company expects to achieve revenue of between $900 million and $1 billion, which is the range the Company expects to become Adjusted EBITDA positive. The Company expects that its 2022 beginning cash and available liquidity balance of $1.974 billion, adjusted for the midpoint of the Company’s Adjusted EBITDA guidance of negative $450 million, $240 million of interest, and $200 million of net capex, will give the Company total liquidity of approximately $1.1 billion by the end of fiscal year 2022.

For earnings history and earnings-related data on WeWork (WE) click here.

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