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#	AUTHOR DATE SUBJECT
31	member 9/21/20 11:27AM Partner Contribution
5rocks or anyone else: I am seeking to build a basic model for unit economics (pre tax cash flows), and I am struggling to understand the accounting/cash flows around Partner Contributions, both under IAS 17 and... login to read the rest 1 view available tags
27	member 8/04/20 5:03AM Re: WeWork "sees greater demand from big companies for flexible office space" 26
Hey fiverocks - thanks for the work on this one. Curious on your take on 1H? 1 view available tags
25	member 6/29/20 9:19AM Management Article Links
Found both of these interesting and useful in terms of framing the investment case: https://www.forbes.com/sites/chasewithorn/2020/04/10/the-anti-wework-how-mark-dixon-built-his-coworking-company-to-survive-coronavirus/#11789d3d621b https://fortune.com/2020/06/24/offices-coronavirus-regus-spaces-iwg-ceo-covid-19/ 1 view available tags
24	member 6/26/20 9:37AM Interview with Barry Sternlicht
https://www.bloomberg.com/news/videos/2020-06-25/sternlicht-sees-nyc-worst-off-as-pandemic-takes-toll-on-real-estate-video?sref=dDBMMhhT whole thing is interesting, but around the 15 min mark he talks about how much money WeWork is making at some of the properties they lease view available tags
23	member 6/21/20 1:01PM Return for a franchisee
fiverocks19 you wrote "At a 3x revenue multiple, we see high-teen levered IRR's for MFA's. Post-crisis with diminished competition, the IRR's could easily be in the low or even mid-20's and could support 2.5x or... login to read the rest 2 view available tags
22	member 5/28/20 11:22PM Re: Outstanding Results; FCF Positive in March/April; V-Shaped Recovery in Asia/Germany; Playing Off 21
This is a surprisingly good print. Clearly IWG members are treating the space more like offices But in prior downturns, while revs didn't fall that much, EBITDA was cut in half (in 2008) or went to 0... login to read the rest 1 view available tags
20	member 5/12/20 8:30PM Re: WeWork CEO Interview 19
Thanks for sharing. Interesting stuff. - Probably too late for WW, but interesting pivot from "elite community" to "flexibility" for WW. And they now sound like every other office farm and do not deserve higher rents,... login to read the rest view available tags
18	member 4/15/20 8:01PM Re: Re: Re: questions 17
Mason- That's what we initially thought too. But the company's CFO expressed confidence there are a lot of levers to pull on working capital. Our impression was that working capital has a reasonable probability of being a source view available tags
17	member 4/15/20 6:53PM Re: Re: questions 16
why would working capital be a source of cash this year? i would imagine if occupancy is down, they have to pay more customer deposits than they take in. some of their customers may also view available tags
15	member 4/15/20 12:33PM Re: property investments 11
Ray Palmer- IWG owns 33 properties in the UK (primarily in the South of England), primarily as a result of IWG's acquisition of a company called Basepoint in 2017 that owned rather than leased its properties. The... login to read the rest view available tags
13	member 4/14/20 7:52PM Re: Re: Re: Re: FCF 12
i was looking at the end of q3 price of 409. i guess while WeWork was already having issues by then, it didnt start impacting market pricing until later in the quarter. another question: seems like... login to read the rest view available tags
12	member 4/14/20 4:16PM Re: Re: Re: FCF 10
Mason- Here are IWG's share prices over the period in question: 1/31/20: 441.6p 10/31/19: 383.4p 7/31/19: 378.9p 4/30/19: 339.9p Looks to me like the company received credit as its business improved. fiverocks view available tags
11	member 4/14/20 3:37PM property investments
P. 34 of the annual mentions holdings $150m of property investments on the balance sheet. Do you know what those are? I'm guessing some type of interest in their centers, but there are a variety 1 view available tags
10	member 4/11/20 5:49PM Re: Re: FCF 4
thanks for the interesting idea. you state, " Our due diligence indicates a substantial improvement in profitability in late-2019 and early-2020 following WeWork's failed IPO, especially in the UK and US. We track over 50 WeWork... login to read the rest view available tags
9	member 4/02/20 10:54AM Softbank Scraps WeWork Deal
https://fortune.com/2020/04/02/softbank-scraps-deal-buy-wework-stock-adam-neumann/?utm_source=email&utm_medium=newsletter&utm_campaign=term-sheet&utm_content=2020040213pm Hard to see how this doesn't end up in restructuring. Here's our guess for what happens next. Most or all WW equity gets wiped out. WeWork closes 1/2 its locations, maybe more. The remaining sites raise... login to read the rest 1 view available tags
7	member 3/30/20 1:17PM Re: Re: Questions... 6
Thanks - appreciate the color. 2 view available tags
5	member 3/30/20 4:55AM Questions...
Thanks for the write-up. We used to own IWG a few years ago, when it was called Regus. Have not kept close with IWG for a while so perhaps things have changed, but our recollection... login to read the rest 6 view available tags
1	member 3/29/20 3:31PM Contract Duration
Thanks for the idea. You wrote that "The average tenant lease is 12 months (up from 8 months a few years ago as IWG’s tenant mix has shifted strongly towards large multi-nationals with good credit). IWG... login to read the rest 1 view available tags

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			2020	2021
Price:	1.67	EPS	0	0
Shares Out. (in M):	870	P/E	0	0
Market Cap (in $M):	1,805	P/FCF	0	0
Net Debt (in $M):	360	EBIT	0	0
TEV (in $M):	2,165	TEV/EBIT	0	0

Description

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