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Bond Market News

WeWork Reports Loss of $802mn, Revenues Fall 18%

November 16, 2021

Leading flexible workspace provider WeWork reported a loss of $802mn in Q3 a smaller loss compared to that of a $941mn loss in 3Q2020. While revenues fell 18% YoY to $661mn, it was up 11% QoQ. The company’s September revenues of $230mn was the highest monthly revenue recorded in 2021 and the fifth consecutive month of growth. This is WeWork’s first earnings result as a public company with the company noting that the smaller quarterly loss pointed to another gradual rise in occupancy levels. Total occupancy rose to 56% in Q3 and to 59% in October vs. 50% in 3Q2020. WeWork ended the quarter with cash and unfunded cash commitments of $2.3bn. The company was recently upgraded to CCC+ by Fitch due to an improvement in its financial position over the past year.

WeWork’s 7.875% 2025s were up 1.25 to 101.52, yielding 7.37%.

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