We employ over designers and architects who work relentlessly to create spaces that are beautiful but simple, elevated but approachable, global yet locally unique, all delivered at a high quality without the associated expense. Next, we add a team of over 2, trained community managers who foster human connection through collaboration and holistically support our members both personally and professionally.

Lastly, with a persistent dedication to improving the member experience, we add products and services to our platform, either by building them ourselves, acquiring them or entering into partnerships. Table of Contents Technology is at the foundation of our global platform.

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Our purpose-built technology and operational expertise has allowed us to scale our core WeWork space-as-a-service offering quickly, while improving the quality of our solutions and decreasing the cost to find, build, fill and run our spaces. We have approximately 1, engineers, product designers and machine learning scientists that are dedicated to building, integrating and automating the complex systems we use to operate our business.

As a result, we are able to deliver a premium experience to our members at a lower price relative to traditional alternatives. Comparison data represents annualized costs based on an average of ten select city centers in the United States, Europe, South America and Asia that are representative of our key markets. We have grown significantly since our inception.

Table of Contents The more locations we strategically cluster in a given city, the larger and more dynamic our community becomes. This clustering effect leads to greater brand awareness for our offerings and allows us to realize economies of scale, which, in turn, drives stronger monetization of our global platform. We employ a deliberate city expansion strategy within existing and new markets to achieve global scale.

We believe that operating efficiencies and the benefits of global scale have allowed us to capture a multiplying demand for our space-as-a-service offering. As we expand, we continue to add new members at a strong pace while also strengthening our relationships with existing members.

Across our member community, we have high retention rates and expanding relationships, reflecting high member satisfaction with our platform. Large enterprises are increasingly recognizing the value proposition of our global platform. With our space-as-a-service model, we can provide a headquarters in London, a satellite office in Beijing, Berlin or Buenos Aires, or a group of on-demand workstations across San Francisco. We expect enterprise to continue to be our fastest growing membership type.

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We monetize our platform through a variety of means, including selling memberships, providing ancillary value-added products and services to our members and extending our global platform beyond work. Today, we are signing more multi-year membership agreements for various space solutions across our global platform: the average commitment term of our membership agreements has nearly doubled from approximately eight months as of December 1, to more than 15 months as of June 1, This creates a backlog of committed revenue, which we expect will drive increasing recurring revenues and cash flows as well as increase our revenue visibility.

Enterprise Membership Percentage 1. Committed Revenue Backlog. Represents the percentage of our memberships with enterprise members. Table of Contents We strive to operate our business so that each new location is accretive to our long-term financial performance. After an initial investment, each additional location not only adds members to our platform and revenue to our income statement, but also becomes profitable once it reaches a break-even point.

As we move through the different lifecycle phases of each location, the cash flows shift from outgoing during the find and build phases, during which we invest to scale our location portfolio, to incoming during the fill and run phases, during which we seek to monetize our platform.

As we build and open more locations within existing markets, expand to new markets and scale our suite of products and services, we increase the value of our platform to our members and create additional capacity for incremental monetization of our platform. And as of today, we estimate that our market penetration in our target cities globally is approximately 0.

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We intend to continue deploying capital to grow and rapidly open new locations, relying on the experience, expertise, brand and scale that we have developed to date. We will leverage our leadership position to capture the global opportunity by growing in existing and new markets and expanding the scope of our solutions and the products and services we offer our members. We continue to learn from our data and experiences to innovate on what drives our member success and execute using our purpose-built technology and mission-driven team. We believe that we have laid the foundation to capitalize on our significant market opportunity by continuing to reinvent the future of work.

We are just getting started.

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Table of Contents Our Opportunity. We are reinventing the way people work and transforming the way individuals and organizations relate to the workplace. When we started, it was obvious to us that the solutions available in the market were not meeting the needs of the modern workforce and did not offer the community, flexibility and global mobility that individuals and organizations needed to grow and succeed.

Rather than a static solution locked to a long-term lease, we imagined the future of work: dynamic, well-designed workspaces for less, a suite of value-added products and services, all powered by data, analytics and deeply integrated technology that helped our members unlock creativity and productivity. We believe the following trends are enabling the re-invention of work and will allow us to continue to grow our business:.

People are moving to major global urban centers, prioritizing greater accessibility to services and increased human connection. The world is increasingly connected through trade and the movement of capital, people and information across borders. Independent workforce. People are increasingly engaged in independent work. Flexible solutions. Individuals and organizations are increasingly looking to lower fixed costs by converting long-term lease obligations into flexible solutions that can expand and contract with their evolving space needs in a capital-efficient manner.

Workplace culture. People are increasingly seeking environments that humanize the work experience. Sharing economy. People are demonstrating a greater willingness to share, driven by a desire for value, quality and variety. Addressable Market Size. As a result, we are able to aggregate demand and match an individual or organization to the right space, at the right time, at the right price. By acting in this role of demand aggregator, we are able to choose strategically where and how fast to grow. Table of Contents In the cities in which we had locations as of June 1, , we estimate that there are approximately million potential members.

For U. Businesses survey by the U. Census Bureau. For non-U. We expect to expand aggressively in our existing cities as well as launch in up to additional cities. We evaluate expansion in new cities based on multiple criteria, primarily our assessment of the potential member demand as well as the strategic value of having that city as part of our location portfolio.

Based on data from Demographia and the Organization for Economic Cooperation and Development, we have identified our market opportunity to be target cities with an estimated potential member population of approximately million people in aggregate. We are able to deliver a premium experience to our members at a lower price relative to traditional alternatives. As of June 1, Includes existing cities as of June 1, We believe these total opportunities reflect the amount employers are willing to spend and present an opportunity for us to capture greater wallet share through additional solutions and product and service offerings.

We believe that we will be able to capture a portion of this existing spend per employee given our powerful brand and what we believe is a significant first-mover advantage over our competitors as the pioneer of the space-as-a-service model. We believe that. Table of Contents our leadership position in this market, which we expect will benefit from trends enabling the re-invention of work, provides us a strong runway to continue growing. Based on our calculations, we have realized approximately 0. As we have scaled our business, our membership community has expanded from mostly freelancers, start-ups and small businesses to global enterprises.

PEER COMPANIES

Based on data from the U. Space-as-a-service is an entry point to the category of work. We believe these products and services will be a driver of higher margin revenue growth, further increasing our opportunity. Our Community. Nine years ago, we had a mission to create a world where people work to make a life, not just a living. We believed that if we created a community that helped people live life with purpose, we could have a meaningful impact on the world. From the moment we started, we had conviction that there was an entrepreneurial spirit that was underserved.

We knew there were creators all around the world who were looking for a better workplace solution at a lower price. In , we made a bold decision to expand internationally to cities around the world while simultaneously building our brand and presence in the United States.

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We started in London, followed soon after by Tel Aviv, and by , we had opened our doors in Shanghai, the first of our locations in Asia, as well as in Mexico City, the first of our locations in Latin America. As our global community grew, we realized that community, flexibility and cost efficiency can benefit the employee needs of organizations of all sizes.

In , we took another leap and made the strategic decision to expand our focus to meet the needs of a broader range of organizations, particularly enterprises. Enterprise organizations increasingly seek cost-efficient, flexible and scalable workplace solutions and a workplace environment that fosters strong community, promotes productivity and increases employee engagement. Our global platform directly addresses these needs for enterprise organizations, effectively and immediately.