WeWork Inc.
CIK:0001813756|SEC Filings
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash Flows from Operating Activities: | ||||||
| Net loss | $ (397,000) | $ (635,000) | $ (696,000) | $ (1,139,000) | $ (2,300,000) | $ (4,600,000) |
| Adjustments to reconcile net loss to net cash from operating activities: | ||||||
| Depreciation and amortization | 156,000 | 158,000 | 304,000 | 329,000 | ||
| Impairment expense/(gain on sale) | 263,000 | 36,000 | 340,000 | 127,000 | ||
| Stock-based compensation expense | 6,000 | 26,000 | ||||
| Non-cash interest expense | 57,000 | 149,000 | ||||
| Non-cash debt extinguishment | (35,000) | 0 | ||||
| Foreign currency (gain) loss | (51,000) | 201,000 | ||||
| Other non-cash operating expenses | 15,000 | 42,000 | ||||
| Changes in operating assets and liabilities: | ||||||
| Operating lease right-of-use assets | 1,895,000 | 610,000 | ||||
| Current and long-term lease obligations | (2,320,000) | (798,000) | ||||
| Accounts receivable and accrued revenue | 1,000 | 14,000 | ||||
| Other assets | 4,000 | (22,000) | ||||
| Accounts payable and accrued expenses | (42,000) | (90,000) | ||||
| Deferred revenue | (40,000) | 2,000 | ||||
| Other liabilities | 32,000 | 14,000 | ||||
| Net cash provided by (used in) operating activities | (530,000) | (535,000) | (700,000) | (1,900,000) | ||
| Cash Flows from Investing Activities: | ||||||
| Purchases of property, equipment and capitalized software | (116,000) | (175,000) | ||||
| Other investing | (5,000) | 2,000 | ||||
| Net cash provided by (used in) investing activities | (121,000) | (173,000) | ||||
| Cash Flows from Financing Activities: | ||||||
| Proceeds from issuance of debt | 1,277,000 | 350,000 | ||||
| Proceeds from issuance of stock | 34,000 | 0 | ||||
| Repayments of debt | (652,000) | (4,000) | ||||
| Debt and equity issuance costs | (48,000) | (17,000) | ||||
| Additions to members’ service retainers | 178,000 | 213,000 | ||||
| Refunds of members’ service retainers | (191,000) | (169,000) | ||||
| Other financing | (4,000) | 35,000 | ||||
| Net cash provided by (used in) financing activities | 594,000 | 408,000 | ||||
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (3,000) | (3,000) | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (60,000) | (303,000) | ||||
| Cash, cash equivalents and restricted cash—Beginning of period | 299,000 | 935,000 | 935,000 | |||
| Cash, cash equivalents and restricted cash—End of period | 239,000 | 632,000 | 239,000 | 632,000 | 299,000 | 935,000 |
| Cash, cash equivalents and restricted cash, including cash held for sale | ||||||
| Cash and cash equivalents | 205,000 | 625,000 | 205,000 | 625,000 | 287,000 | |
| Restricted cash - current (Note 7) | 29,000 | 0 | 29,000 | 0 | 0 | |
| Cash and cash equivalents held for sale (Note 7) | 5,000 | 0 | 5,000 | 0 | 7,000 | |
| Restricted cash (Note 10) | 0 | 7,000 | 0 | 7,000 | 5,000 | |
| Cash, cash equivalents and restricted cash, including cash held for sale | $ 239,000 | $ 632,000 | $ 239,000 | $ 632,000 | $ 299,000 | $ 935,000 |
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 205 | $ 287 | ||
| Accounts receivable and accrued revenue, net of allowance | [1] | 118 | 109 | |
| Prepaid expenses | [1] | 135 | 138 | |
| Other current assets | [1] | 286 | 155 | |
| Total current assets | 744 | 689 | ||
| Total property and equipment, net | 3,860 | 4,391 | ||
| Lease right-of-use assets, net | 9,275 | 11,243 | ||
| Equity method and other investments | 49 | 63 | ||
| Goodwill and intangible assets, net | 735 | 737 | ||
| Other assets | [1] | 400 | 740 | |
| Total assets | 15,063 | 17,863 | ||
| Current liabilities: | ||||
| Accounts payable and accrued expenses | [1] | 455 | 526 | |
| Members’ service retainers | 434 | 445 | ||
| Deferred revenue | [1] | 112 | 151 | |
| Current lease obligations | [1] | 883 | 936 | |
| Other current liabilities | [1] | 305 | 172 | |
| Total current liabilities | 2,189 | 2,230 | ||
| Long-term lease obligations | [1] | 13,280 | 15,598 | |
| Long-term debt, net | [1] | 2,910 | 3,208 | |
| Other liabilities | 277 | 282 | ||
| Total liabilities | 18,656 | 21,318 | ||
| Commitments and contingencies (Note 18) | ||||
| Redeemable noncontrolling interests | (33) | (20) | ||
| WeWork Inc. shareholders' equity (deficit): | ||||
| Preferred stock; par value $0.0001; 100,000,000 shares authorized, zero issued and outstanding as of June 30, 2023 and December 31, 2022 | 0 | 0 | ||
| Treasury stock, at cost; 2,944,212 shares held as of June 30, 2023 and December 31, 2022 | (29) | (29) | ||
| Additional paid-in capital | 13,004 | 12,387 | ||
| Accumulated other comprehensive income (loss) | 97 | 149 | ||
| Accumulated deficit | (16,790) | (16,177) | ||
| Total WeWork Inc. shareholders' deficit | (3,718) | (3,670) | ||
| Noncontrolling interests | 158 | 235 | ||
| Total equity | (3,560) | (3,435) | ||
| Total liabilities and equity | 15,063 | 17,863 | ||
| Common stock Class A; par value $0.0001; 4,874,958,334 shares authorized, 2,112,965,359 shares issued and 2,110,021,147 shares outstanding as of June 30, 2023, and 1,500,000,000 shares authorized, 711,106,961 shares issued and 708,162,749 shares outstanding as of December 31, 2022 | ||||
| WeWork Inc. shareholders' equity (deficit): | ||||
| Common stock | 0 | 0 | ||
| Common stock Class C; par value $0.0001; 25,041,666 shares authorized, 19,938,089 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | ||||
| WeWork Inc. shareholders' equity (deficit): | ||||
| Common stock | $ 0 | $ 0 | ||
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