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Bond Market News

WeWork’s QoQ Losses Narrow

August 16, 2021

WeWork reported a net loss of $889mn in Q2, slightly wider than its loss of $864mn in 2Q2020, but down from $2.1bn in 1Q2021. Revenues fell 33% from a year ago to $593mn, and were down slightly from $598mn in the previous quarter. WeWork guided for Q3 revenues to improve to $650-700mn. The company ended the quarter with $844mn of cash on hand and $750mn available under their senior secured notes facility. Total occupancy increased to 52% in Q2 vs. 48% in Q1 and they expect it to rise to 57% by year-end. They also announced strategic partnerships with Cushman & Wakefield to integrate WeWork’s flex space offerings into Cushman’s global occupier portfolio. They also struck a deal with HBC, the Canadian retail group as part of “expanding its workplace experience management platform through a first-of-its-kind deal”.

WeWork’s 7.875% 2025s were up 0.1 to 101.63, yielding 7.4%.

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