The We Company (commonly referred to as WeWork) is a commercial real estate company that provides its members with flexible access to shared office spaces. The company was founded in early 2010 by Adam Neumann, Miguel McKelvey, and Rebekah Neumann, with the company's first premises located at 154 Grand Street in New York City. As of December 31, 2018, WeWork had 528 locations in 111 cities across 29 countries, with 527,000 memberships.
WeWork derives the majority of its revenue from recurring monthly membership fees, which accounted for approximately 83% of total revenue during the six months ended June 30, 2019. The company's membership and service revenue also includes revenue from business services purchased by members such as conference rooms and printing credits, and from commissions on the sale to members of additional products and services (offered in conjunction with partners), which, accounted for approximately 5% of total revenue during the six months ended June 30, 2019.
In the year ended December 31, 2018, WeWork generated revenue of US$1,822 million, made a substantial loss of US$1,927 million, and employed 12,500.
WeWork is not a listed company. Following mounting pressure from investors based on disclosures made in its S-1 (prospectus) filing, the company abandoned plans to list publicly.
Membership and Service Revenue - The company sells memberships to individuals and organisations that provide access to office space, use of a shared internet connection, access to certain facilities (kitchen, common areas, etc.), a monthly allowance of conference room reservation hours, printing and copying and access to the WeWork mobile application. The price of each membership is based on factors such as the particular characteristics of the workspace occupied by the member, the geographic location of the workspace, and the size of the workspace. The membership contracts may contain renewal options that may be exercised at the discretion of the member to extend the term beyond the initial term. Membership revenue consists primarily of fees from members, net of discounts, and is recognised over time, evenly on a ratable basis, over the life of the agreement, as services are provided and the performance obligation is satisfied. In the year ended 31 December 2018, membership and service revenue accounted for 93.17% (USD 1,697 million) of revenue.
Other Revenue - Other revenue includes income generated from sponsorships and ticket sales from WeWork branded events and is recognised upon the occurrence of the event. Other revenue also includes other management and advisory fees earned, design fees earned and revenue generated from various We Company offerings. In the year ended 31 December 2018, other revenue accounted for 6.83% (USD 124 million) of revenue.
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