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good morning // there's a bright golden wework s-1 on the meadow
it has been decreed. it shall be $we
wheeeeeeeee: sec.gov/Archives/edgar…
it has been decreed. it shall be $we
wheeeeeeeee: sec.gov/Archives/edgar…
i realize when reading an s-1 you're supposed to skip ahead to the juicy parts but i'm already stuck on wework's second page, in which the epigraph dedicates this to "the energy of we" that is "inside each of us" 
quick jaunt aside down memory lane to the first time i encountered wework's abstract uberconcept of We:
(pretty sure "big ___ energy" is played out as a joke, but if not, this is definitely an opportunity to say "big we energy")
onto slightly more serious things: WeWork's S-1 has no instances of its infamous "community-adjusted EBITDA" (or any community-adjusted anything). instead it's using "contribution margin" to discuss the profitability of its business on a building-by-building basis
how WeWork tweaks its metrics definitions:
new change in the S-1: "mature locations" now means offices open 24 mos. or more; used to be 18 mos
earlier this year, they expanded the definition of "enterprise" customers to include smaller companies
new change in the S-1: "mature locations" now means offices open 24 mos. or more; used to be 18 mos
earlier this year, they expanded the definition of "enterprise" customers to include smaller companies
so many different corporate forms of "we" here
galaxy brain: what is the plural of "we"
galaxy brain: what is the plural of "we"
@ShiraOvide is right. the "related party transactions" section is a colorful one
some tidbits: in addition to his personal line of credit with banks, ceo Adam Neumann has gotten millions in loans from WeWork, as have board members and top execs
some tidbits: in addition to his personal line of credit with banks, ceo Adam Neumann has gotten millions in loans from WeWork, as have board members and top execs
wework growth stat i had a hunch about but still surprised me: only 30% of its spots are "mature" (open for >24 mos)
wework says at maturity, a building no longer needs much marketing. that suggests most weworks rn are new (and less stable)
s-1 says at 18 mos, occupancy is ~89%
wework says at maturity, a building no longer needs much marketing. that suggests most weworks rn are new (and less stable)
s-1 says at 18 mos, occupancy is ~89%
early this year, WeWork gave CEO Adam Neumann a "significant incentive" to take the company to IPO
he was granted about 42 million shares tied to some performance metrics, including hitting public market caps (sustained for 60 days) of $50bn, $72bn, and $90bn
he was granted about 42 million shares tied to some performance metrics, including hitting public market caps (sustained for 60 days) of $50bn, $72bn, and $90bn
digging into the fate of "community adjusted EBITDA" (really should have a hyphen but I digress)
it appears 28 times in draft #3 of the wework S-1, in May sec.gov/Archives/edgar…
it has disappeared by draft #4, in June sec.gov/Archives/edgar…
may it RIP
it appears 28 times in draft #3 of the wework S-1, in May sec.gov/Archives/edgar…
it has disappeared by draft #4, in June sec.gov/Archives/edgar…
may it RIP
(more thread! more stuff!)
an odd(?) bit: WeWork cofounders (and husband & wife) Adam and Rebekah Neumann pledge to donate $1 billion to charity in the 10 yrs after IPO. What happens if they don't? All supervoting shares (currently 20 votes compared to 1) become.. 10 votes
an odd(?) bit: WeWork cofounders (and husband & wife) Adam and Rebekah Neumann pledge to donate $1 billion to charity in the 10 yrs after IPO. What happens if they don't? All supervoting shares (currently 20 votes compared to 1) become.. 10 votes
another tidbit I found amusing: In January, WeWork announced it was rebranding as The We Company. It bought trademarks for "we." From whom? We Holdings LLC, an entity controlled by WeWork CEO Adam Neumann
"we" cost $5.9 million bloomberg.com/news/articles/…
"we" cost $5.9 million bloomberg.com/news/articles/…
a couple other @business stories about WeWork today:
- its all-male board, and those of other recent IPOs bloomberg.com/news/articles/…
- @ShiraOvide, post-S-1, lost for words (and writes about it) bloomberg.com/opinion/articl…
now, WeNap
- its all-male board, and those of other recent IPOs bloomberg.com/news/articles/…
- @ShiraOvide, post-S-1, lost for words (and writes about it) bloomberg.com/opinion/articl…
now, WeNap
