Brief: WeWork Posts Q1 Net Loss Of $2.062 Bln

Wework

20/05/2021 23:05

May 20 (Reuters) - BowX Acquisition Corp  BOWX.O :
    * WEWORK REPORTS FIRST QUARTER 2021 RESULTS
    * WEWORK - ADJUSTED EBITDA IN Q1 2021 WAS SLIGHTLY BETTER
THAN Q1
2020
    * WEWORK - Q1 TOTAL REVENUE WAS $598 MILLION, A QUARTER OVER
QUARTER DECLINE OF 10%, DRIVEN BY WEWORK'S EXITS OF NON-CORE
BUSINESSES
    * WEWORK - AVAILABLE LIQUIDITY WAS $2.2 BILLION AS OF
QUARTER-END
AND INCLUDED $719 MILLION OF CASH ON HAND
    * WEWORK - GROSS DESK SALES WERE ABOUT 87,000 IN QUARTER,
REPRESENTING AN INCREASE OF 19% QUARTER OVER QUARTER
    * WEWORK -  NET LOSS WAS $2,062 MILLION FOR Q1
    * WEWORK - QTRLY TOTAL OCCUPANCY INCREASED TO 50% RELATIVE
TO 47%
IN PRIOR QUARTER
    * WEWORK - SPACE AS A SERVICE SALES STRENGTH IN Q1 HAS
CONTINUED
INTO APRIL & MAY, WITH 28 OF CO'S TOTAL MARKETS OVER 60%
PHYSICAL OCCUPANCY IN APRIL
    * WEWORK - QUARTER INCLUDED RESTRUCTURING COSTS OF $494
MILLION
DRIVEN BY NON-CASH SOFTBANK STOCK PURCHASES AND SETTLEMENT WITH
ADAM NEUMANN

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