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WeWork Misses On Q2; Reaffirms FY22 Outlook

Published 04/08/2022, 13:05
Updated 04/08/2022, 13:40
© Reuters.  WeWork Misses On Q2; Reaffirms FY22 Outlook
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  • WeWork Inc (NYSE: WE) reported second-quarter FY22 revenue growth of 7% quarter-on-quarter to $815 million, missing the consensus of $824.3 million. Revenue rose 37% year-over-year.
  • EPS loss of $(0.76) missed the consensus loss of $(0.57).
  • The global flexible space provider's occupancy improved 400 bps Q/Q to 72%. Systemwide gross desk sales totaled 205,000.
  • Consolidated gross desk sales totaled 160,000, equating to 9.6 million square feet sold. Consolidated new desk sales totaled 73,000.
  • The average revenue per member for physical memberships was $481. ARPM, using the company's budgeted foreign exchange rates, was $497, up 3% Q/Q. All-Access memberships increased to 62,000, up 13% Q/Q.
  • Loss from operations improved to $(316) million from $(851) million Y/Y. Adjusted EBITDA loss narrowed to $(134) million from $(449) million a year ago.
  • WeWork held $1.7 billion in cash, cash commitments, and access to liquidity.
  • Outlook: WeWork reaffirmed its FY22 revenue outlook of $3.4 billion - $3.5 billion and Adjusted EBITDA of negative $(400) million - $(475) million.
  • Price Action: WE shares traded lower by 2.13% at $5.06 in the premarket on the last check Thursday.
  • Photo Via Company
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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