WeWork Inc (WE) 2022 Q4 法說會逐字稿

Welcome, everyone, to the WeWork Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

歡迎大家參加 WeWork 2022 年第四季業績電話會議。 （接線生指示）

I would now like to turn the conference over to Kevin Berry, Senior Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級副總裁 Kevin Berry。請您發言。

Thank you, Angela, and good morning, and welcome to WeWork's Fourth Quarter and Full Year 2022 Earnings Conference Call. During this call, we will refer to our earnings release and investor presentation which have been furnished with the SEC and can be accessed at investors.wework.com.

謝謝安琪拉，早安！歡迎參加 WeWork 2022 年第四季及全年業績電話會議。在本次電話會議上，我們將參考已提交給美國證券交易委員會 (SEC) 的業績報告和投資者簡報，這些內容可在 investors.wework.com 上查閱。

This discussion will include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Additional information concerning factors that could cause actual results to differ materially is contained in our latest annual and subsequent quarterly periodic reports filed with the SEC. We will also discuss certain non-GAAP financial measures, which we believe are meaningful in evaluating the company's performance. Additional disclosures regarding these non-GAAP measures, including a GAAP to non-GAAP reconciliation, are included in our earnings press release and supplemental presentation and will also be included in our Form 10-K once filed.

本討論將包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能導致實際結果與預期存在重大差異的因素的更多信息，請參閱我們提交給美國證券交易委員會 (SEC) 的最新年度報告和後續季度定期報告。我們也將討論某些非公認會計準則 (non-GAAP) 財務指標，我們認為這些指標對評估公司績效具有重要意義。有關這些非公認會計準則 (non-GAAP) 指標的更多披露信息，包括公認會計準則 (GAAP) 與非公認會計準則 (non-GAAP) 的對賬表，已包含在我們的收益新聞稿和補充報告中，並將包含在我們提交的 10-K 表格中。

I'd like to introduce Sandeep Mathrani, Chairman and Chief Executive Officer and Andre Fernandez, Chief Financial Officer. With that, let me turn it over to Sandy.

我要介紹董事長兼執行長桑迪普‧馬特拉尼 (Sandeep Mathrani) 和財務長安德烈‧費爾南德斯 (Andre Fernandez)。接下來，請桑迪發言。

Thank you, Kevin, and thank you all for joining our call this morning.

謝謝你，凱文，也謝謝大家今天早上參加我們的電話會議。

I'm incredibly pleased that in 2022, we accomplished what we set out to do. In December, WeWork, for the first time in its history, posted positive adjusted EBITDA. Our team was set up for the challenge to accomplish that by year-end, and they delivered, so thank you all.

我非常高興，我們在2022年完成了既定目標。 12月，WeWork史上首次實現了調整後EBITDA的正值。我們的團隊已做好準備，迎接在年底前實現這一目標的挑戰，他們最終做到了，謝謝大家。

As we communicated our plans to do so on our last earnings call, we extended maturity dates to 2022 -- 2025, sorry on our letter of credit, including the junior tranche and senior secured facility. Our liquidity remains intact and at the end -- at the level we anticipated. We had approximately $1.3 billion at year-end comprised of cash on hand, secured note commitment, of which we do $250 million in January and carbonate capacity.

正如我們在上次財報電話會議上溝通的計劃一樣，我們將信用證的到期日延長至2022年至2025年，包括次級部分和優先擔保貸款。我們的流動性保持穩定，最終達到了我們預期的水平。截至年底，我們持有約13億美元現金、擔保票據承諾（其中1月份我們已承諾2.5億美元）以及碳酸鹽產能。

Revenue for the fourth quarter of $848 million, an 18% increase year-over-year, excluding the impact of foreign exchange currency fluctuations, fourth quarter revenue was $905 million and $25 million above guidance at the midpoint. Adjusted EBITDA for the quarter was negative $26 million, a $257 million improvement year-over-year and a $15 million better than midpoint of guidance.

第四季營收為8.48億美元，年增18%。剔除外匯匯率波動的影響，第四季營收為9.05億美元，比預期中位數高出2,500萬美元。本季調整後息稅折舊攤提前利潤（EBITDA）為負2600萬美元，比預期中位數高出2.57億美元，比預期中位數高出1500萬美元。

During the fourth quarter, we continued to see strength in our space-as-a-service business with consolidated occupancy rising to 75%, a 12% increase year-over-year. For some regional color on occupancy at year-end, U.S. and Canada reached 70%, up from 62% year-over-year. International was 83%, up from 68%. Latin America was 73%, up from 59%. And Japan was 66%, up from 47% year-over-year.

第四季度，我們的「空間即服務」業務持續保持強勁成長，綜合入住率升至75%，較去年同期成長12%。年末入住率的地區分佈如下：美國和加拿大的入住率達70%，高於去年同期的62%。國際入住率達83%，高於去年同期的68%。拉丁美洲的入住率達73%，高於去年同期的59%。日本的入住率達66%，高於去年同期的47%。

At the market level, for some of our largest markets, occupancy ended the year at: New York City, 72%; London, 81%; Mexico City, 68%; Sao Paulo, 84%, Paris, 80%; Seoul, Korea at 94%; Los Angeles, 68%; Boston, 67%; San Francisco, 83%; and in Singapore at 82%. Some highlights in other markets include: Berlin, 85%; Toronto, 84%; Warsaw, 91%; Munich, 99%; Miami, 96%; Nashville, 94%; Milan, 92%; Madrid, 96%; and even Prague at 91%. Our market share continues to increase and our occupancy continues to rise. It reminds me of the e-commerce to bricks-and-mortar relationship, where the e-commerce sales were rising and bricks-and-mortar state flat or decline. The pool was the same, but the market share shifted.

從市場層面來看，我們一些最大的市場，年底的入住率分別為：紐約市72%、倫敦81%、墨西哥城68%、聖保羅84%、巴黎80%、韓國首爾94%、洛杉磯68%、波士頓67%、舊金山83%以及新加坡82%。其他市場的一些亮點包括：柏林85%、多倫多84%、華沙91%、慕尼黑99%、邁阿密96%、納許維爾94%、米蘭92%、馬德里96%以及布拉格91%。我們的市佔率持續成長，入住率也持續上升。這讓我想起了電商和實體店之間的關係：電商銷售額不斷上升，而實體店銷售額則持平或下降。客群不變，但市佔率發生了變化。

As you'll see in our earnings deck, on Pages 22 and 23, the growth pace of our market share accelerated during the fourth quarter. In New York, our fourth quarter debt sales equated to 23% of the total square feet leased in the traditional market, while our portfolio accounts for approximately 1% of the total office stock. Similarly, in Boston, our market share was 21%; Chicago, 19%; San Francisco, 13%; Dublin, 8%; Paris and Berlin, 11%; and London, a whopping 44%. Today, in Bloomberg -- okay, it was stated 1/4 of London companies downsized offices and shift to flexible work solutions. Again, our value proposition is front and center.

正如您在第22和23頁的財報中所看到的，我們的市佔率在第四季加速成長。在紐約，我們第四季的債務銷售額相當於傳統市場總租賃面積的23%，而我們的投資組合約佔辦公大樓總存量的1%。同樣，在波士頓，我們的市佔率為21%；芝加哥為19%；舊金山為13%；都柏林為8%；巴黎和柏林為11%；倫敦則高達44%。今天，彭博社報道稱，四分之一的倫敦公司縮減了辦公室規模，並轉向靈活的辦公計畫。再次強調，我們的價值主張是重中之重。

As occupancy continues to rise, the incremental revenue outpaces the incremental operating expenses, thus increasing building margin, illustrating the operating leverage of the WeWork platform. Fourth quarter building margin was $144 million, up $153 million year-over-year. 2/3 of our markets are now over 70% occupied and account for 75% of revenue in the fourth quarter.

隨著入住率持續上升，增量收入超過了增量營運支出，從而提升了建築利潤率，彰顯了WeWork平台的營運槓桿。第四季建築利潤率為1.44億美元，年增1.53億美元。目前，我們三分之二的市場入住率已超過70%，貢獻了第四季75%的營收。

So to focus on memberships. The memberships rose to 547,000, a 17% increase year-over-year. We leased approximately 10 million square feet in the fourth quarter, including renewals. And as you can see, it's been fairly steady through all of 2022. Average commitment term remained flat at 19 months. Our ARPU, the price we charge per month for the desk, was $481 in the fourth quarter, up slightly from the third quarter. As a reminder, ARPU was impacted by unfavorable foreign exchange movements during the year. Excluding the foreign exchange moves, our ARPU would have been $514 in the fourth quarter, up over 6% year-over-year.

所以，重點關注會員數。會員數增至54.7萬，年增17%。我們在第四季租賃了約1000萬平方英尺（包括續約面積）。如您所見，2022年全年的租賃情況相當穩定。平均承諾期限維持在19個月的水平。我們的ARPU（即每月辦公桌費用）在第四季為481美元，略高於第三季。需要提醒的是，ARPU受到了本年度不利的外匯匯率波動的影響。如果不考慮外匯匯率波動的影響，我們第四季的ARPU應為514美元，年增超過6%。

Our All Access business continued its growth, ending the quarter with 70,000 members, a 56% increase year-over-year, and now a business started only 2 years ago that is generating $200 million of annual revenue. ARPU for All Access was approximately $240. All Access continues its growth trajectory in January with the second highest month ever of gross deals, higher ARPU and lower churn.

我們的All Access業務持續成長，本季末擁有7萬名會員，較去年同期成長56%。這項業務創立僅兩年，如今年收入已達2億美元。 All Access的ARPU約為240美元。 1月份，All Access延續成長勢頭，交易總額創歷史第二高，ARPU更高，客戶流失率更低。

We recently expanded the On-Demand offering to our locations in Brazil, and we are launching our first access lounges in February in New York and London.

我們最近將按需服務擴展到了我們在巴西的辦事處，並將於二月在紐約和倫敦推出我們的第一個休息室。

Since mid-2022, we've been actively marketing our Workplace product and now have over 290 companies signed and 51,000 licenses. At the end of Q4 2022, that number was about 220 companies and about 42,000 licenses, so it has accelerated in January. The TAM for the Workplace business is estimated to be approximately $3 billion just in the U.S.A. and a multiple of that globally.

自2022年年中以來，我們一直在積極推廣我們的Workplace產品，目前已有超過290家公司簽約，並獲得了5.1萬個授權。截至2022年第四季末，這一數字約為220家公司，約4.2萬個許可證，因此，1月的成長速度有所加快。據估計，Workplace業務僅在美國就約30億美元，全球市場規模更是數倍。

The driving force behind the shift to flexible solutions is not dissimilar to the environment that contributed to the rise of WeWork at its founding. In the wake of the global financial crisis, businesses of all size faced uncertainty. They not only were looking to optimize their costs, but they were looking for a new solution to work. With intentional design and human connection at the forefront of our product and brand, we will not only solve for bringing people together with intention but also for greater flexibility with turnkey short-term options.

轉向靈活解決方案背後的驅動力與 WeWork 創立之初的環境並無二致。在全球金融危機之後，各種規模的企業都面臨不確定性。他們不僅希望優化成本，更在尋找新的工作解決方案。我們的產品和品牌以人為本，以人為本的設計理念和人際聯繫為核心，我們不僅能幫助人們有目的地聚集在一起，還能透過一站式短期方案提供更大的靈活性。

Since then, we've clearly created a category for our own separate from the traditional market. While we've concentrated on transforming our business, we're equally focused on listening to what our members need in order to continuously innovate and build solutions that go beyond physical space. Just yesterday, the Harvard Business Review released research on how co-working spaces can positively impact employee wellbeing. As part of their results, they say, "Respondents' experience, working from a third place like a co-working site as more socially fulfilling than working from the office or from home." On the office, an increase of 64%, and home, 67%.

自那時起，我們明確地在傳統市場之外，打造了屬於自己的獨特類別。我們專注於業務轉型的同時，也同樣注重傾聽會員的需求，從而不斷創新，建構超越實體空間的解決方案。就在昨天，《哈佛商業評論》發布了關於共享辦公空間如何積極影響員工福祉的研究。研究結果顯示：「受訪者體驗到，在共享辦公空間等第三方場所工作比在辦公室或在家工作更具社交滿足感。」辦公室辦公增幅達64%，在家辦公增幅達67%。

It went on to say 1 major reason is that a co-working space offers not just the flexibility employees crave in terms of where they work, but also with whom. As businesses face uncertainty around the future of work, our origins still ring true as our strongest differentiator. And Ramp, which is a corporate card and spend management software provider which release their Q4 spending benchmark's report, found that businesses are increasingly moving to flex workspaces. And specifically cite WeWork, as spend with WeWork increased 90.7% in 2022. In fact, we were consistently ranked as the second largest office vendors through the year just behind the Microsoft Store.

該公司還表示，一個主要原因是，共享辦公空間不僅提供了員工渴望的工作地點彈性，還提供了與誰一起工作的靈活性。在企業面臨未來工作模式的不確定性之際，我們的出身仍是我們最強大的差異化優勢。企業卡和支出管理軟體供應商Ramp發布了第四季度支出基準報告，發現越來越多的企業正在轉向靈活辦公空間。特別要提到的是WeWork，因為2022年WeWork的支出成長了90.7%。事實上，我們全年一直位居第二大辦公用品供應商之列，僅次於微軟商店。

Our increased market share is a testament to the value of our product and the variability of our offerings. From our access products which solve for a more hybrid and evolving world with immediate and frictionless access to workspace at a global scale to our dedicated space with full service amenities on flexible terms, we are best positioned to help companies of all sizes to find their future of work.

我們市場份額的不斷增長，充分證明了我們產品的價值和多樣化的服務。從我們為日益混合和不斷發展的世界提供的無障礙產品，到在全球範圍內提供即時、順暢的辦公空間，再到我們以靈活條款提供全方位服務設施的專屬空間，我們始終致力於幫助各種規模的公司找到未來的辦公方式。

Now with WeWork Workplace, our solution has rounded out our site of offerings by enabling companies to efficiently manage the size, cost and employee experience of their workspace. We continue to see this come to life as companies save on their real estate costs by switching to WeWork space paired with Workplace and All Access.

現在，隨著 WeWork Workplace 的推出，我們的解決方案進一步完善了我們的服務體系，使企業能夠有效地管理辦公空間的規模、成本和員工體驗。我們持續見證著，越來越多的企業透過遷移到 WeWork 辦公空間，搭配 Workplace 和 All Access 服務，節省了房地產成本。

Turning to our portfolio. As I stated before, our strategy is to continually improve the quality of the portfolio by opening new locations where it is economical and where we see demand, and exiting underperforming locations. Our portfolio strategy is similar to a retailer's approach to their store fleet, whereby investments are made into high-performing stores and lower performing stores are pruned from the portfolio. We continue on our ongoing efforts to optimize and enhance our global real estate portfolio by executing deals for new locations. In December, in Houston, we expanded an existing management agreement for 26,000 square feet. In Israel, we leased a new 12,000 square location for use by a large technology company. In January, in London, we expand our presence by 27,000 square feet at 100 -- 123 Buckingham Palace. In India, we leased 2 new locations encompassing 63,000 square feet in Bangalore. And lastly, in Scottsdale, we entered into a new management agreement for 30,000 square feet.

談到我們的投資組合。正如我之前所說，我們的策略是不斷提升投資組合的質量，在經濟實惠且有需求的地方開設新店，並退出業績不佳的門市。我們的投資組合策略類似零售商對其門市的管理方式，即投資於業績優異的門市，並將業績不佳的門市從投資組合中剔除。我們將繼續努力，透過執行新店交易來優化和增強我們的全球房地產投資組合。去年12月，我們在休士頓將現有的管理協議面積擴大了2.6萬平方英尺。在以色列，我們租賃了一塊1.2萬平方英尺的新場地，供一家大型科技公司使用。今年1月，我們在倫敦白金漢宮100-123號的面積擴大了2.7萬平方英尺。在印度，我們在班加羅爾租賃了兩塊新場地，總面積達6.3萬平方英尺。最後，在斯科茨代爾，我們簽訂了新的管理協議，面積達3萬平方英尺。

With 2022 behind us, we're now focused on 2023. We expect first quarter revenue to be $830 million to $855 million at spot FX. The midpoint of guidance is 10% higher year-over-year. We expect first quarter adjusted EBITDA to be between negative $25 million to breakeven. Achieving the midpoint of guidance would be an increase of $200 million year-over-year as we continuously improve the portfolio with simultaneously refining our internal operations and resources. During our last earnings call, we estimated our annual SG&A run rate to be approximately $725 million, as a result of previously announced workforce reductions and other planned savings initiatives, we anticipate the SG&A this year to be about 10% lower than the previous run rate, so that will be approximately $650 million.

2022年已過，我們現在專注於2023年。我們預計第一季即期外匯收入將在8.3億美元至8.55億美元之間。指導中位數比去年同期高出10%。我們預計第一季調整後的EBITDA將在負2,500萬美元至損益兩平之間。隨著我們不斷優化產品組合，同時優化內部營運和資源，實現指導中位數意味著年增2億美元。在上次財報電話會議上，我們估計年度銷售、一般及行政費用（SG&A）運作率約為7.25億美元。由於先前宣布的裁員和其他計劃中的節支舉措，我們預計今年的銷售、一般及行政費用（SG&A）將比之前的運行率低約10%，約為6.5億美元。

Our goal of generating fresh -- free cash flow later this year remains intact, but we have significant work to get there. First, somewhat out of our control is the pace of the recovery in the U.S., our largest market by revenue. As I challenged our team in 2022 to be adjusted EBITDA positive, we set the same challenge for us this year on being free cash flow positive. In addition, we are pursuing significant reductions in our operating cost, SG&A and capital expenditure. Our goals this year are focused and continued growth in our financial results, portfolio optimization and balance sheet improvement. We have the right team in place at the right time to achieve our goals. I remain incredibly confident about the short-term and long-term success of the business.

我們今年稍後創造新的自由現金流的目標仍然沒有改變，但我們仍需付出大量努力才能實現。首先，美國——我們以收入計算的最大市場——的復甦步伐有些超出我們的掌控。正如我在2022年向團隊提出的挑戰：實現調整後息稅折舊攤銷前利潤（EBITDA）為正一樣，今年我們也設定了同樣的挑戰：實現自由現金流為正。此外，我們也正在大幅削減營運成本、銷售、一般及行政費用（SG&A）及資本支出。我們今年的目標是持續專注於財務表現的成長、優化投資組合併改善資產負債表。我們在適當的時間組建了合適的團隊來實現我們的目標。我對公司短期和長期的成功仍然充滿信心。

Andre will now provide some additional commentary around our financial results, outlook and capital transactions.

安德烈現在將就我們的財務表現、前景和資本交易提供一些額外的評論。

Thanks, Sandeep, and good morning, everyone. I'll provide some additional color regarding both our fourth quarter and full year financial results.

謝謝，Sandeep，大家早安。我將進一步介紹我們第四季和全年的財務表現。

First, total company revenue was $848 million in the fourth quarter, up 18% year-over-year and up $31 million sequentially from the third quarter. As Sandeep mentioned, on a budget FX basis, fourth quarter revenue of $905 million was above the $870 million to $890 million guidance range we provided previously. Quarterly sales benefited from higher membership revenue, continued growth in All Access and improved pricing. And for the full year, consolidated revenue of $3.25 billion was up 26% versus 2021, driven by a 12-point increase in physical occupancy and a nearly 80,000 increase in physical memberships. Foreign exchange, namely a weaker euro and British pound, had an approximately $140 million negative impact on our total annual revenue compared with the company's original budgeted foreign exchange rates.

首先，第四季公司總營收為 8.48 億美元，年增 18%，季增 3,100 萬美元。正如 Sandeep 所提到的，按預算外匯計算，第四季度收入為 9.05 億美元，高於我們先前提供的 8.7 億至 8.9 億美元的指導範圍。季度銷售額受益於會員收入的增加、All Access 的持續成長以及價格的提升。全年綜合收入為 32.5 億美元，較 2021 年增長 26%，這得益於實體入住率增長 12 個百分點以及實體會員增加近 80,000 個。與公司最初預算的外匯匯率相比，外匯（即歐元和英鎊走弱）對我們的年度總收入造成了約 1.4 億美元的負面影響。

Building margin continued its positive trend in the fourth quarter, rising to $144 million, which was up $39 million sequentially and up $153 million year-over-year. Despite higher membership revenue and higher occupancy, we were once again able to reduce our OpEx through planned building exits as well as efficient expense management. And on the earnings line, we narrowed our adjusted EBITDA loss to $26 million loss in the fourth quarter, the smallest reported loss in our history, helped by the higher revenue, lower OpEx and continued reductions in our SG&A expenses. Fourth quarter SG&A also benefited from a reduction in incentive compensation since despite the improvement in adjusted EBITDA in Q4, the company slightly missed the full year revenue guidance provided a year ago. Our SG&A run rate ended the year at approximately $700 million, and as Sandeep just mentioned, we're expecting a further reduction of SG&A of approximate 10% this year. Our net loss for the fourth quarter was $527 million. The net loss was driven primarily by impairment on the buildings we are exiting as well as depreciation and amortization expenses, partially offset by unrealized foreign currency gains.

第四季度，建築利潤率延續正面趨勢，升至1.44億美元，季增3,900萬美元，較去年同期成長1.53億美元。儘管會員收入和入住率均有所提高，但我們透過有計劃的樓宇退出以及高效的費用管理，再次降低了營運支出。在獲利方面，得益於營收成長、營運支出下降以及銷售、一般及行政費用（SG&A）持續下降，第四季調整後EBITDA虧損收窄至2,600萬美元，創歷史新低。第四季的銷售、一般及行政費用（SG&A）也受惠於激勵性薪酬的減少，儘管第四季調整後EBITDA有所改善，但公司仍略低於去年全年營收預期。截至年底，我們的銷售、一般及行政費用（SG&A）運行率約為7億美元，正如Sandeep剛才提到的，我們預計今年的銷售、一般及行政費用（SG&A）將進一步減少約10%。第四季淨虧損為5.27億美元。淨虧損主要是由於我們退出的建築物的減損以及折舊和攤銷費用，部分被未實現的外匯收益所抵銷。

Now moving on to cash and liquidity. We ended the year with just under $300 million of consolidated cash on the balance sheet, which was in line with our previous projections. And our cash burn for the full year was approximately $968 million, which was also in line with estimates. Our free cash flow continued to improve in the fourth quarter, narrowing to negative $156 million, which was a $49 million sequential improvement from the third quarter, driven by the operating improvement we discussed previously as well as lower CapEx. Net CapEx for the quarter was $19 million and $176 million for the full year, which was a $243 million reduction year-over-year. With little in the way of new capacity expected to come online in 2023, we expect a further reduction in net CapEx in 2023. On liquidity, as Sandeep mentioned, we ended the year with cash commitments and debt covenant capacity of nearly $1.3 billion.

現在談談現金和流動性。截至2023年，我們的資產負債表上合併現金略低於3億美元，這與我們先前的預測一致。全年現金消耗約9.68億美元，也符合預期。我們的自由現金流在第四季度繼續改善，收窄至負1.56億美元，較第三季度環比減少4900萬美元，這得益於我們之前討論過的營運改善以及資本支出的降低。本季淨資本支出為1,900萬美元，全年淨資本支出為1.76億美元，較去年同期減少2.43億美元。由於預計2023年新增產能將很少，我們預計2023年的淨資本支出將進一步減少。關於流動性，如Sandeep所提到的，截至2023年，我們的現金承諾和債務契約額度接近13億美元。

In January, as we reported via 8-K, we drew $250 million on our senior secured line from SoftBank, leaving $250 million undrawn to fund our upcoming liquidity needs. In addition, just this week, as Sandeep mentioned in his remarks, we completed an amend and extend of this $350 million junior LC tranche of our existing LC facility. As part of the transaction, the junior LC tranche was upsized to $470 million. The maturity was extended from November 2023 to March of 2025, a new lender was added and the SoftBank Vision Fund 2 replaced SoftBank Group as an obligor under the same structure at the senior LC tranche that we amended in December. The amend and extend was approved with the consent of the senior LC lenders, and the transaction closed this week. When combined with the previously announced maturity extension of both the senior LC tranche as well as the senior secured notes, we've now extended our debt maturity, supporting a wholly owned business to 2025 and providing us with additional runway as we continue down the path to profitability and positive cash flow.

正如我們透過8-K報告所報告的那樣，1月份我們從軟銀提取了2.5億美元的優先擔保額度，剩餘2.5億美元尚未提取，用於滿足我們即將出現的流動性需求。此外，正如Sandeep在其演講中提到的，就在本週，我們完成了現有信用證工具中3.5億美元次級信用證部分的修訂和延期。作為交易的一部分，次級信用證部分的規模增加至4.7億美元。到期日從2023年11月延長至2025年3月，新增了貸款人，並且軟銀願景基金二期取代軟銀集團成為我們12月修訂的高級信用證部分相同結構下的債務人。該修訂和延期已獲得高級信用證貸款人的同意，交易已於本週完成。結合先前宣布的優先信用證部分以及優先擔保票據的到期日延長，我們現在已延長了債務到期日，支持全資業務至 2025 年，並​​為我們在繼續實現盈利和正現金流的道路上提供額外的跑道。

Regarding the first quarter, as Sandeep mentioned, we expect consolidated first quarter revenue to be in the range of $830 million to $855 million and adjusted EBITDA in the range of negative $25 million to breakeven. On the revenue side, there is some seasonality in our business, which usually results in a slower start to the year due to higher churn or a larger number of commitments ending in December. And on the earnings side, we'll continue to see savings in both OpEx and SG&A in the first quarter and beyond. The latter has helped -- was helped by a nearly 10% reduction in our workforce that we announced in mid-January.

關於第一季度，正如Sandeep所提到的，我們預計第一季合併營收將在8.3億美元至8.55億美元之間，調整後EBITDA將在-2500萬美元至盈虧平衡之間。在營收方面，我們的業務存在一些季節性因素，這通常會導致年初業績成長放緩，因為客戶流失率較高或12月到期的合約數量較多。在獲利方面，我們將在第一季及以後繼續看到營運支出（OpEx）及銷售、一般及行政費用（SG&A）方面的節省。後者有所助益——這得益於我們在1月中旬宣布的近10%的裁員計畫。

That concludes our prepared remarks. Thank you all for your continued support, and with that, I'll turn it back to the operator to open the line to questions.

我們的準備演講到此結束。感謝大家一直以來的支持，接下來，我將把時間交回接線生，開始提問。

(Operator Instructions) Your first question comes from the line of Vikram Malhotra with Mizuho.

（操作員指示）您的第一個問題來自瑞穗的 Vikram Malhotra。

I guess just to start off, Sandeep, can you maybe just outline the visibility you have in terms of committed revenue or just known terminations or move-outs heading into 1Q and maybe just the first half? You usually have like a 2-quarter visibility. So just given all the tech -- the layoffs and the churn, I'm just wondering how much visibility you have?

首先，Sandeep，您能否簡單介紹一下，在第一季度，或者說上半年，你們在承諾收入、已知的解僱或離職方面，目前有多少可預見性？你們通常能預見兩個季度的情況。所以，考慮到所有這些技術方面的問題——裁員和員工流失，我想知道你們的可預見性有多大？

Vikram, so we actually look at the committed revenue. We compare it to 2022, and we follow a pattern through the entire year when we look at our budget preparation. We're very pleased to sit back and say that when I looked at where we were in Q1 '22 and where we are in Q1 2023, we're actually slightly ahead from a year ago, which is what gives us confidence in being 10% higher year-over-year.

維克拉姆，我們實際上關注的是承諾收入。我們會將其與2022年進行比較，並且在編制預算時，我們將遵循全年的模式。我們很高興地說，當我回顧2022年第一季和2023年第一季的業績時，我們發現我們的收入實際上比去年同期略有增長，這讓我們有信心實現同比增長10%。

Again, we have fairly good visibility going into Q2. But over the last couple of quarters, we've been very focused on providing guidance for the current quarter, and the reason is the uncertainty really that we see in the U.S. recovery. We have seen an acceleration of the U.S. recovery in January and February, but at this moment in time, there's a high level of confidence in the guidance we provided you. And also, I would like to -- for you to appreciate that the guidance includes the closure of 40 locations, which we announced in the last quarter. And as you are aware, that we do transfer about 70% to 80% of the revenue from the closed location to alternate locations. So when you look at the reduction in the number of members that relocate and the reduction in the revenue, there's actually a slight acceleration in revenue in Q1 of 2023 versus Q4 of 2022.

再次強調，我們對第二季的前景有相當好的預見性。但在過去幾個季度，我們一直非常專注於為本季提供業績指引，原因在於美國經濟復甦的不確定性。我們看到美國經濟在1月和2月加速復甦，但目前，大家對我們提供的業績指引充滿信心。另外，我想提醒大家，業績指引中包含了我們在上個季度宣布的關閉40家門市的計畫。如大家所知，我們確實將關門店的約70%到80%的收入轉移到了其他門市。因此，考慮到搬遷門市的會員數量減少以及收入的減少，2023年第一季的收入實際上比2022年第四季略有增長。

Okay. That's helpful and then how should we think about the impact from all the technology churn that we're seeing both in enterprise and SMB, now that we've had like 2 quarters of bigger announcements around layoffs? Can you just maybe qualitatively even just describe what are some of the larger enterprise users telling you in terms of their space needs, the rationalization versus how does that compare and contrast with SMB?

好的。這很有幫助。那麼，既然我們已經連續兩個季度宣布了裁員，那麼我們應該如何看待大型企業和中小企業所經歷的技術變革帶來的影響呢？您能否定性地描述一下，一些大型企業用戶在空間需求方面是如何考慮的，以及這些需求的合理化程度如何？與中小企業相比，情況又有何不同？

Great. So Vikram, to put that in perspective, and generally, the companies have announced workforce reductions are the same companies that went on a hiring spree during the pandemic, and today still employ more than before the pandemic. We have been impacted in certain locations. We talked about the higher churn in Q3 mostly due to these actions by less than a handful of our enterprise companies.

好的。維克拉姆，客觀地說，總的來說，宣布裁員的公司與疫情期間大舉招募的公司是同一家，現在招募的人數仍然比疫情前多。我們在某些​​地區受到了影響。我們之前提到第三季客戶流失率較高，主要是因為只有不到少數幾家企業公司採取了這些行動。

On the positive side, our space dedicated to enterprise members are generally the full floor plates and multiple floor options, and are relatively well leased. And as those spaces become available, okay, we do have a pipeline to replace them. For example, it made news that 1 of our leading tech companies have vacated our Mountain View, California location comprising of 400,000 square feet. We have already backfilled the space with 3 new enterprise members. Interestingly, all 3 enterprise members are technology companies. And 1 of those enterprise members used our space for their corporate headquarters.

積極的一面是，我們專門為企業會員提供的辦公空間通常是整層或多層佈局，租賃情況相對較好。隨著這些空間的空置，我們確實有後續的方案來填補空缺。例如，有消息稱，我們一家領先的科技公司已經搬離了我們位於加州山景城、佔地40萬平方英尺的辦公空間。我們已經有三家新的企業會員進駐。有趣的是，這三家企業會員都是科技公司。其中一家企業會員將我們的辦公空間用作了他們的公司總部。

More so, what we are seeing is newer companies or newer technology companies and non-technology companies and other non-tech companies that use technology are hiring people and taking advantage of the current layoffs. Just yesterday, we signed an agreement with a pharmaceutical company for a full floor in Seattle. Again, their move to Seattle was triggered by the tech layoffs and then taking advantage of the ability to find talent.

更重要的是，我們看到的是，新興公司、新興科技公司、非科技公司以及其他利用科技的非科技公司都在招募員工，並利用當前的裁員潮。就在昨天，我們與一家製藥公司簽署了一項協議，將在西雅圖租用一整層樓。同樣，他們遷往西雅圖也是因為科技業的裁員，並利用了西雅圖尋找人才的優勢。

Just 1 last point I will make is that we do have 30,000 unique members, so we have a pretty diversified portfolio, and that accounts for about 15% of our business.

我要說的最後一點是，我們確實有 30,000 名獨立會員，因此我們的投資組合非常多樣化，這占我們業務的 15% 左右。

Okay. That's helpful.

好的。這很有幫助。

And just one last, Andre, just if you could clarify. I think quarter end cash balance was a little under $300 million. And if I take the $250 million you drew, you have cash of a little over $550 million. Am I correct, the upsized junior LC, the $120 million upsize, that was used to pay the step down in the senior tranche, and therefore, that kind of run rate cash balance is around $550 million?

最後，安德烈，能否解釋一下？我認為季度末的現金餘額略低於3億美元。如果算上你算出的2.5億美元，你的現金餘額略高於5.5億美元。我說得對嗎？那筆增加的次級信用證，也就是增加的1.2億美元，用於支付高級部分的遞減部分，因此，這種運行率現金餘額大約是5.5億美元。

I think -- I mean -- I guess, Andre, is looking at me.

我想──我的意思是──我猜，安德烈正在看著我。

Yes, we were debating who should answer the question. So the answer to the question is the upsize in the letter of credit facility does compensate for the downsize of the senior LC from $1.050 billion to $960 million. So it's about $90 million, and the upsize is $120 million. So effectively, it does provide $30 million additional working capital and does take into account the $90 million reduction.

是的，我們正在討論誰來回答這個問題。所以這個問題的答案是，信用狀額度的增加確實彌補了高級信用狀額度從10.5億美元降至9.6億美元的損失。所以信用證額度增加大約是9000萬美元，而增加的額度是1.2億美元。因此，實際上，它確實提供了3000萬美元的額外營運資金，並且確實將9000萬美元的減少考慮在內。

But more importantly, the upsize of the LC facility actually, in the junior LC facility is more advantageous to us. As the LCs burn throughout this year approximately about $30 million a quarter, we can actually use that money into working capital. Versus in the senior LC facility, had it stayed at the level it had stayed and as the burn downs occur, that money is not available to be drawn for working capital. So this is actually an advantage from a liquidity perspective.

但更重要的是，信用證額度的擴大，實際上，在次級信用狀額度中，對我們更有利。由於信用證額度今年每季消耗約3,000萬美元，我們實際上可以將這筆錢用作營運資金。相較之下，如果優先信用證額度維持在先前的水平，當發生消耗時，這些資金就無法用於營運資金。因此，從流動性的角度來看，這實際上是一個優勢。

Your next question comes from the line of Tayo Okusanya with Credit Suisse.

您的下一個問題來自瑞士信貸的 Tayo Okusanya。

So the EBITDA guidance and revenue guidance for 1Q, again, those numbers are very similar to kind of where you were in 4Q '22. Again, wondering exactly if there's some seasonality to that number and kind of how you would kind of think about 1Q in the context of 4Q, especially given all the great progress you've been making to ['22]? I think again to an extent we were somewhat expecting to see a little bit more of that in 1Q '23, but the number is very similar to 4Q.

因此，第一季的EBITDA指引和收入指引與您在2022年第四季的水準非常相似。再次，我想知道這個數字是否有一定的季節性，以及您如何將第一季的數據與第四季度聯繫起來看待，尤其是考慮到您在2022年取得的巨大進展？我認為，在某種程度上，我們原本預計2023年第一季的數據會略有改善，但實際數字與第四季非常相似。

So Tayo, so again, as I mentioned in my prepared remarks, the -- there is seasonality in our business, and I think Andre mentioned that as well. And generally, the largest churn occurs in the month of December because there a lot of contracts are annual in a calendar year and so we start to see the large churn. And that churn, okay, has an impact really only on January revenue. And as a matter of fact, from February onwards, as the new leasing activity that we have conducted in Q4 starts to take occupancy, that the revenue starts to increase in February and continues to drive through in the month of March, which is what we are seeing as we are now in the middle of February.

Tayo，正如我在準備好的發言中提到的，我們的業務具有季節性，我想Andre也提到了這一點。通常，最大的客戶流失發生在12月，因為在一個日曆年中，許多合約都是年度合同，所以我們開始看到客戶流失率大幅上升。而這種客戶流失其實只對1月的收入有影響。事實上，從2月開始，隨著我們在第四季度開展的新租賃活動開始入住，收入在2月份開始成長，並在3月份持續成長，也就是我們現在看到的2月中旬的情況。

So in reality, though, the revenue actually went up, as I mentioned, quarter-over-quarter because what you have to take into account is the 40 closures that we announced in Q3 which were mainly executed in Q4 by the end of December. 70% of the members transferred to newer locations, 30% didn't. So we did compensate, okay, for that loss of memberships, which is about, I think, 3,000 to 5,000 members. So we compensated for that and increased our revenue.

但實際上，正如我所提到的，收入實際上是環比增長的，因為你必須考慮到我們在第三季度宣布的40家門市關閉計劃，這些計劃主要在第四季度12月底前實施。 70%的會員轉移到了新的門市，30%的會員沒有轉移。所以我們確實彌補了會員流失，我想大概有3000到5000名會員。所以我們彌補了這些損失，增加了收入。

But to answer your question, there is an increase quarter-over-quarter because of that shift, plus there is a level of seasonality.

但要回答你的問題，由於這種轉變，季度環比有所增加，而且還有一定程度的季節性。

Last point I will make is as a matter of fact, in the international markets, okay, Q4 was the best leasing quarter in the history of this company. So the positive impacts will start to see -- we're starting to see, like I said, in February and accelerating into March and further accelerating into Q2.

我要說的最後一點是，事實上，在國際市場上，第四季是本公司史上租賃業績最好的一個季度。因此，正面影響將開始顯現——正如我之前所說，我們在2月就開始看到了，並在3月加速，並在第二季進一步加速。

Tayo, I would also say on the earnings line, you'll see that we're going from minus $26 million to 0 to minus $25 million. Remember in my remarks, I mentioned we took a slight credit in our incentive compensation in the fourth quarter. So actually, if you go now into the first quarter where you're starting to accrue at a normal incentive comp rate and you're still able to improve earnings from $26 million now to something between 0 to $25 million on comparable revenue, I think just shows you the additional costs that we're taking out of the organization.

Tayo，我還想說一下，在獲利方面，你會看到我們的利潤從-2600萬美元變成了0，再變成了-2500萬美元。記得我之前說過，我們在第四季的激勵薪酬中獲得了少量的回扣。所以實際上，如果你現在進入第一季度，開始以正常的激勵薪酬率累積，並且仍然能夠將盈利從現在的2600萬美元提高到0到25​​00萬美元之間的某個水平（基於可比收入），我認為這就表明了我們從組織中抽取的額外成本。

That's very helpful and then just 1 quick follow-up. In regards to the Workplace product and my access, how do we kind of think about the contribution of those businesses to the bottom line in 2023?

這非常有幫助，然後我還有一個快速的後續問題。關於Workplace產品和我的訪問權限，我們如何看待這些業務對2023年利潤的貢獻？

So let's just focus on All Access. We did end the year at about 70,000 members. And as we mentioned, again, I think in the last call, we would be increasing capacity. If you remember at the beginning of last year, we talked about the capacity being limited to 70,000, 75,000. Which, of course, we reached capacity end of last year. Now that's allowed us to open up additional capacity, one, not only within our spaces. We are opening pure All Access lounges in New York and London. And because in certain markets, we have actually exceeded our capacity, we're actually using capacity of third parties for All Access product. So we continue to see a lot of confidence in that business. We do anticipate a 20% to 25% increase in contribution on top line revenue by the All Access business.

所以，我們先來談談All Access。年底我們的會員人數確實在7萬左右。正如我們在上次電話會議上再次提到的，我們會增加容量。如果你還記得，去年年初我們討論過容量限制在7萬到7.5萬之間。當然，我們在去年年底就達到了這個上限。現在，我們能夠開放更多容量，而且不僅限於我們自己的空間。我們正在紐約和倫敦開設純All Access貴賓室。由於在某些市場，我們的容量實際上已經超出，我們實際上正在使用第三方的容量來提供All Access產品。因此，我們對這項業務仍然充滿信心。我們預期All Access業務對營收的貢獻將成長20%到25%。

And then switch over to Workplace. We officially launched it late last year. We actively started marketing it in the fourth quarter of 2022. As I mentioned, at the end of the year, we had over 200 companies and over 40,000 licenses signed, and that has accelerated to 290 companies and over 50,000 licenses signed in January. I almost equated to where it was, where All Access was 2 years ago. A lot of these companies that are signed are large enterprise clients who are trying it in smaller locations. And we do believe that as they scale that -- our product into their entire organizations, there could be an acceleration of licenses as we go through the year. We're not anticipating a major contribution this year from the Workplace product as it is an early launch, but we are entirely -- we're very optimistic as to its progress.

接下來是Workplace。我們在去年年底正式推出它，並於2022年第四季開始積極推廣。正如我之前提到的，截至年底，我們與超過200家公司簽署了超過4萬份許可證，而今年1月份，這一數字已飆升至290家公司，簽署了超過5萬份許可證。我幾乎將其與兩年前的All Access相比。許多簽約公司都是大型企業客戶，他們正在較小的地點試用我們的產品。我們相信，隨著他們將我們的產品擴展到整個組織，許可證數量可能會在今年加速成長。由於Workplace產品尚處於早期階段，我們預計它今年不會帶來重大貢獻，但我們對它的進展非常樂觀。

One last point I'd make, and I'm being a little repetitive. We did -- when we entered this business, we're actually using the technology that we built, and we married that with our partnership with Yardi, who is the leader in the business of software management for properties, to actually -- to build the product. But we also did that and used an outside consultant to determine what the TAM, the total addressable market, was. And the U.S. TAM was quite large at $3 billion. So we will see what percentage we capture. But even if you capture a small percentage, it will be a large contributor in the long term to WeWork's topline revenue.

最後我想說一點，我可能有點重複了。當我們進入這個行業時，確實在使用我們開發的技術，並將其與房地產軟體管理領域的領導者Yardi的合作結合起來，打造了產品。我們也這麼做了，並聘請了一位外部顧問來確定TAM（潛在市場規模）。美國的TAM相當大，達到30億美元。所以我們會看看我們能佔據多少份額。但即使只佔據一小部分，從長遠來看，它也將對WeWork的營收做出巨大貢獻。

Your next question comes from the line of Alex Kramm with UBS.

您的下一個問題來自瑞銀的 Alex Kramm。

I understand, of course, that you only given first quarter guidance given some of the uncertainties out there. But maybe remind us about budgets for the full year? And you don't have to be specific on revenues and EBITDA, but how do we think about new locations opened, ARPU trends and other major KPI that we should -- that may have changed as you think about 2023?

當然，我理解您只給出了第一季的業績指引，因為目前存在一些不確定性。但能否提醒一下我們全年的預算？您不必具體說明收入和EBITDA，但我們如何看待新開店、ARPU趨勢以及其他重要的KPI？考慮到2023年，這些指標可能會有所變化。

Let me just rewind you to 2022, to give you an idea.

讓我把時間倒回 2022 年，給你一個大概的概念。

In 2022, I think our revenue went up $700 million, okay, let's say. If you think about the business that we're in, that's just -- it's a very good increment. Occupancy went up 12% points, right? So we do see an acceleration, as I mentioned in Q2, and continuing through the year. So we do see the revenue increase in 2023. And as I said, we've challenged the teams by year-end to be free cash flow positive.

2022年，我們的收入成長了7億美元，好吧，這麼說吧。想想我們目前的業務，這真是相當不錯的增幅。入住率上升了12個百分點，對吧？所以，正如我在第二季提到的，我們確實看到了成長的加速，而且這種加速會持續到今年。所以我們確實預計2023年的收入會成長。正如我之前所說，我們已向團隊發出挑戰，力爭在年底前實現自由現金流為正。

In the International markets, demand continues to be incredibly strong. We have reached 83% occupancy, and we know the trends have continued to be positive in the first 45 days or so of this year. And ARPM in the international markets are increasing. The increase in ARPM that we demonstrated this quarter is really a function of the international markets. As the pandemic level pricing rolls, we're able to basically go to pre-pandemic pricing in our international markets.

在國際市場，需求持續強勁。我們的入住率已達到83%，我們知道，今年前45天左右，趨勢持續向好。國際市場的ARPM（平均每日平均收入）也在成長。我們本季ARPM的成長其實是國際市場的表現。隨著疫情期間價格的回落，我們國際市場的定價基本上能夠恢復到疫情前的水準。

Again, sticking true to our original projections that once you get past 70% occupancy, you can start having some pricing power. And you can -- and we get above 80% occupancy, the margins in our business at the building level is between 25% to 35%. So everything that we projected in late 2021, early '22, and the results are coming into fruition.

再次強調，我們堅持最初的預測，一旦入住率超過70%，就能開始擁有一些定價權。入住率超過80%後，我們樓盤業務的利潤率在25%到35%之間。因此，我們在2021年末、2022年初所做的所有預測，以及最終結果，都正在逐步實現。

As we sort of look at the U.S., again, like I said, we are starting to see -- we're starting to see the come back to work having a much bigger impact. And I did mention earlier when Vikram asked the question about tech, I said the tech companies have hired actually more people through the pandemic, and the layoff still will result in having more employees in those companies than pre-pandemic. Again, for those companies, as they come back to work, we become a natural extension to take up space. So we're cautiously optimistic as we start to see the rebound.

再看看美國，就像我說的，我們開始看到──我們開始看到復工帶來更大的影響。我之前提到過，當維克拉姆問到科技問題時，科技公司實際上在疫情期間僱用了更多人，而裁員仍然會導致這些公司的員工人數比疫情前更多。同樣，對於這些公司來說，隨著他們復工，我們自然會成為他們佔用空間的延伸。因此，隨著經濟開始反彈，我們持謹慎樂觀的態度。

Last point I will make is that what we found, which I don't think we fully anticipated when we announced the closures of the 40 locations, we did appreciate that we would create a relocation of 70% to 80% of our members. But what we didn't anticipate is that demand would actually go up by potentially new members as they sort of look forward and realize that WeWork could be -- Workspace could be at a premium. And we saw that in markets like Chicago, whereby we closed a couple of locations, it took our occupancy up. But what it also did was it increased our market share to 19% of the market in Q4. And so we're starting to see that as the -- as our supply is getting minimal, people are not staying by the sidelines, they're actually reacting to get space.

最後我想說的是，當我們宣布關閉40個辦公地點時，我們並沒有完全預料到，我們確實意識到70%到80%的會員將會搬遷。但我們沒想到的是，隨著潛在新會員的加入，隨著他們對WeWork未來的發展，並意識到辦公空間可能供不應求，需求反而會增加。我們發現，在芝加哥等市場，我們關閉了一些辦公地點，這不僅提高了我們的入住率，也使我們的市場份額在第四季度提升到了19%。因此，我們開始看到，隨著我們的辦公空間供應越來越少，人們不再袖手旁觀，而是積極尋求空間。

So look, we're cautiously optimistic. But as I said over and over again, the U.S. has been sluggish whereas the rest of the world is back to pre-pandemic levels.

所以，我們保持謹慎樂觀的態度。但正如我一再強調的那樣，美國經濟一直低迷，而世界其他地區則已恢復到疫情前的水平。

Okay.

好的。

Just to be a little bit more specific then, and maybe I don't remember these numbers right. But I do feel like in the past, you committed to something around 50,000, I guess, work capacity added by -- in 2023. And then also, I think, historically, you said something around occupancy potentially trickling higher, 2% a quarter. A, are these numbers right? And B, should we still hold you accountable to that, or is there just too much uncertainty that it's hard to commit to any of these numbers?

那麼，稍微具體一點，我可能就記不太清楚這些數字了。但我記得你過去曾承諾過，到2023年，工作容量大概會增加5萬個。而且，我記得，從歷史上看，你也說過入住率可能會逐漸上升，每季2%。 A，這些數字對嗎？ B，我們是否仍應該要求你為此負責，還是說，存在太多不確定性，很難對這些數字做出承諾？

We do expect occupancy to rise this year. If I was to provide full year guidance, I am actually not doing full year guidance, I'm providing guidance for Q1 and providing new commentary in what I see in the business.

我們確實預計今年的入住率會上升。如果我要提供全年業績指引，我實際上所做的不是全年業績指引，而是第一季的業績指引，並根據我對業務的觀察提供新的評論。

We did add 50,000 new members last year, and occupancy did go up 12% last year. We do expect a moderation of that number this year, and the reason for the moderation is much more driven by the high occupancy in the international markets, giving us less inventory to sell than driven by the demand characteristics, right? So the aspect here is that occupancy in the portfolio is 75% today, and we do expect that to rise through the end of the year.

去年我們確實新增了5萬名會員，入住率也確實上升了12%。我們預計今年入住率會有所回落，而回落的原因更多是受國際市場入住率高的影響，導致我們可供出售的庫存減少，而不是需求因素，對吧？所以，目前的入住率是75%，我們預計到年底入住率還會繼續上升。

Okay. Just one quick follow-up. The $650 million target for SG&A, is that a run rate at the end of the year? Is it a full year achievement? How should we be thinking about that number?

好的。我只想快速跟進一下。 6.5億美元的銷售、行政及行政管理費用目標，是年底的營運率嗎？是全年目標嗎？我們該如何看待這個數字？

Full year achievement.

全年成績斐然。

That's correct.

沒錯。

Your next question comes from the line of Tom Catherwood with BTIG.

您的下一個問題來自 BTIG 的 Tom Catherwood。

Maybe I want to go through the ins and the outs on your number of locations, but first, I just want to loop back on some things that you said about closures. Sandeep, it sounds like the bulk of those locations, the 40 you talked about previously, were closed at year-end. Are there any kind of still left to occur in 1Q, or is that fully off?

也許我想詳細談談你們門市數量，但首先，我想再說一下你之前提到的關於關閉門市的情況。 Sandeep，聽起來你之前提到的40家門市，大部分都在年底關閉了。第一季還會有其他門市關閉嗎？還是說完全沒有關閉的跡象？

So as part of that 40 closure list, it's basically all done. There were few stragglers in January, but as of now they're all completed. We do continue to look at our portfolio. As I said, we achieved increased EBITDA and drive towards cash flow positive by continuously looking at our portfolio, and so we will continue to review our portfolio. But as it relates to that 40, I believe, as of now, they're all done.

因此，作為那40家即將關閉的項目的一部分，基本上已經全部完成了。 1月份有一些項目沒有完成，但截至目前，它們都已全部完成。我們確實在持續審視我們的投資組合。正如我所說，透過持續審視我們的投資組合，我們實現了EBITDA的成長，並推動了現金流的正成長，因此我們將繼續審查我們的投資組合。至於那40個項目，我相信，截至目前，它們都已經完成了。

Perfect. Perfect. And then if we think about the ins throughout of the year, there were some that you had announced in fourth quarter, some new management agreements back then. There were some build-outs still happening, and obviously, the new ones you announced today between Bangalore, Scottsdale and London. How many more do you have coming on in '23, and what do you expect to be the pace of those deliveries?

完美！完美！如果我們回顧一下全年的營運情況，你會發現有些專案你們在第四季就已經宣布了，當時也有一些新的管理協議。還有一些擴建項目仍在進行中，當然，還有你們今天宣布的班加羅爾、斯科茨代爾和倫敦之間的新項目。 2023年你們還會有多少項目？你預計這些專案的交付速度是多少？

Obviously, we're looking at it very opportunistically in markets that we perform incredibly well. I do expect the India business to continue to grow this year. It is at a very high occupancy and has been profitable for quite some time. We do expect the Israel business to grow as well.

顯然，我們非常看好那些我們表現優異的市場。我預計印度業務今年將持續成長。那裡的入住率很高，而且獲利時間也相當長。我們預期以色列業務也會成長。

But at this moment in time, if you would -- I expect essentially the desk count to be flat for the year with new desk added to the inventory, but I also do expect a little bit of pruning as the year progresses.

但目前，如果你願意的話——我預計今年的辦公桌數量基本上保持不變，因為會有新辦公桌加入庫存，但我也預計隨著時間的推移，辦公桌數量會有所減少。

Got it. Appreciate that, Sandeep. And then, Andre, just one last one for me. You mentioned, obviously, that you expect 2023 CapEx to moderate compared to 2022's spend. You do have -- it sounds like you continue to expand the All Access lounges, so there's some spend there. There's obviously the new locations you're adding on. What do you expect, if you have a sense of either the magnitude of CapEx spend or kind of how the pace could be throughout the year, what are your expectations that you have built into your outlook?

明白了。謝謝你，Sandeep。然後，Andre，我還有最後一個問題。你顯然提到，你預計2023年的資本支出將比2022年的支出放緩。聽起來你們在繼續擴建All Access貴賓室，所以這方面確實有一些支出。顯然，你們還在增加新的門市。你有什麼預期？如果你對資本支出的規模或全年的節奏有所了解，那麼你在展望中已經考慮到了哪些預期？

Yes. I think it's related to the conversation we just had too, right, about the number of particularly day 1 or to the extent we open new facilities, if that requires some CapEx. So I think there's some variability there with respect to the new opens versus the "Day 2 CapEx", which is the maintenance CapEx. I think we've got a good understanding of what that is on a run rate basis. So it's really the day 1 that ultimately is going to drive the variability.

是的。我認為這也與我們剛才的討論有關，特別是關於第一天的資本支出，或者我們開設新設施的規模，如果這需要一些資本支出的話。所以我認為新設施的開業數量與「第二天資本支出」（即維護資本支出）之間存在一些差異。我認為我們對基於運行率的資本支出有了很好的理解。所以，最終決定差異的是第一天的資本支出。

Listen, I think if you look at the fourth quarter, that's unusually low at a net CapEx of $19 million. And that benefit because you didn't have a lot of opens in the fourth quarter, but you had a lot of TA coming in from your third quarter that brought the net number down in the fourth quarter. So I don't think that $19 million a quarter is the correct run rate. It's something higher than that.

聽著，我認為如果你看一下第四季的數據，你會發現1900萬美元的淨資本支出異常低。之所以能取得這樣的成績，是因為第四季的新增項目不多，但第三季有許多技術顧問（TA）到位，導致第四季的淨資本支出下降。所以我認為每季1900萬美元並不是正確的營運率。應該比這個數字高一些。

So if you figure, okay, could you get to something around -- again, we spent $176 million in '22. Could you get something down in the $100 million or low 100s range, I think that's very achievable for the year on net basis.

所以，如果你算一下，好的，你能不能達到──再說一次，我們在2022年花了1.76億美元。你能不能把這個數字降到1億美元或100億美元出頭的範圍？我認為，以淨額計算，今年這個數字是完全可以實現的。

Your next question comes from the line of Alexander Goldfarb with Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Alexander Goldfarb。

Just a few questions, Sandeep. And first, the big picture, I just want to make sure I heard correctly. Obviously, everyone's focus is cash flow profitability. Last quarter, because of FX, you pushed it for middle of this year to late this year. Great to see sort of FX be a positive impact in the fourth quarter. Obviously, we don't know what this year is going to be. But do you still stand, by from what you see now, that end of this year is when we'll see cash flow profitability?

桑迪普，我有幾個問題。首先，我想確認一下整體狀況，我只是想確認一下我沒聽錯。顯然，大家都關注的是現金流獲利能力。上個季度，由於外匯因素，你們把獲利能力推遲到了今年年中到年底。很高興看到外匯因素對第四季度產生了積極的影響。當然，我們不知道今年的情況會如何。但從目前的情況來看，您是否仍認為，我們到今年年底就能實現現金流獲利？

Alex, as I've said a few times today the we're going to -- we drove the team last year to be adjusted EBITDA positive by December. We've achieved adjusted EBITDA positively by more than a few million dollars, so which is -- which was very good. Again, we are driving the team this year to achieve -- to be free cash flow by year-end as long as the U.S. market doesn't deteriorate. It doesn't really have to accelerate, okay? We do believe that is achievable.

亞歷克斯，正如我今天多次提到的，我們去年推動團隊在12月前實現調整後息稅折舊攤提前利潤（EBITDA）正成長。目前，我們的調整後息稅折舊攤銷前利潤已經增加了數百萬美元，這已經非常出色了。再說一次，只要美國市場不惡化，我們今年就將推動團隊在年底前實現自由現金流。其實，這不需要加速，對吧？我們相信這是可以實現的。

Okay. The next question, and hopefully, you'll humor me, Sandeep. But one of the -- obviously, we think that you've done tremendous for what you -- the hand you were dealt. You've performed. But there's still a narrative out there about restructuring, debt restructuring, et cetera. You know our views, we've written our views. But just sort of any comments to help squash some of the naysayers that say like, hey, there needs to be a restructuring I mean, certainly, you did a great job on the refinancing of the debt. SoftBank gave you a pass on temporarily not charging you certain fees as you transition through. But is there anything that you can elaborate to help sort of squash the narrative that's out there?

好的。下一個問題，希望你能順著我，桑迪普。但其中一點——顯然，我們認為你為你所處的境況做出了巨大的貢獻。你表現出色。但外界仍然有一些關於重組、債務重組等等的說法。你知道我們的觀點，我們已經寫下了我們的觀點。但任何評論都可以幫助平息一些反對者，比如說，嘿，需要進行重組。我的意思是，你在債務再融資方面做得很好。軟銀允許你在過渡期間暫時不向你收取某些費用。但是，你能詳細說明一下，以幫助平息外界的這些說法嗎？

Alex, I always say actions speak louder than words, right? I think the fact that we actually moved the 2023 maturity to 2025 is an indicator of the confidence in the market to us to actually be able to push that maturity to 2025. We've always maintained and I maintained this for over a year that once we get to adjusted EBITDA positive, we will focus our attention on the balance sheet and start working on towards the end of this year as we have more visibility, we'll start working towards the extension of the debt maturities. And I think you have to learn to walk before running, so we actually don't see a need for additional liquidity for 2023. So we feel that we're in a good position, and that will allow us to also discuss the debt extensions with our debt holders.

亞歷克斯，我總是說行動勝於雄辯，對吧？我認為，我們將2023年到期的債務實際延長至2025年，顯示市場對我們能夠將債務期限延長至2025年充滿信心。我們一直堅持這一點，而且我堅持了一年多，一旦調整後的EBITDA達到正值，我們就會專注於資產負債表，並在今年年底前開始努力，隨著情況更加明朗，我們將開始著手延長債務期限。我認為，先學走路，再學跑步，所以我們實際上認為2023年不需要額外的流動性。因此，我們認為我們處於有利地位，這將使我們能夠與債權人討論債務延期事宜。

So like I said, our actions have continued to prove that we've continued to improve our business and continued at each event to extend our maturities as they come to exploration.

所以就像我說的，我們的行動不斷證明，我們一直在不斷改善我們的業務，並在每次探索中不斷延長我們的成熟度。

Okay and just this final thing. Andre, as CapEx, you said to the prior question, will come down versus '22, you guys also, if I heard correctly, spoke about possibly leasing new spaces. So the CapEx isn't just on existing space that you've already leased that you're building out, but it sounds like you're also taking some incremental space. Did I hear correctly? And maybe just elaborate how you view new space versus your existing space that you've leased but not yet opened.

好的，還有最後一點。安德烈，正如您在上一個問題中提到的，資本支出會比2022年下降。如果我沒聽錯的話，你們也提到了可能會租用新的空間。所以，資本支出不只是用於你們已經租賃的、正在建造的現有空間，聽起來你們還會佔用一些新增的空間。我沒聽錯吧？或許您可以解釋一下，您是如何看待新空間與已經租賃但尚未開放的現有空間的。

So let me answer that, Alex.

那麼讓我來回答這個問題，亞歷克斯。

I think Andre gave a range of $100 million to low 100s for day 1 and day 2 CapEx. The deals that we've actually signed are fully funded from a tenant. Just a large perspective by the landlord, the one in London, which is fully funded. And the other transactions are essentially management agreements as they are in Houston and in Scottsdale. And our India operations, as you may have heard, that they raised money through Bearings and that raised some money through Bearings, which closed. I think we know what's actually raised for expansion of that business, so it's a fully funded operation.

我認為安德烈給出的第一天和第二天的資本支出範圍在1億美元到幾百萬美元之間。我們實際簽署的交易完全由租戶提供資金。倫敦的那家公司，只是房東提供的大型項目，資金充足。其他交易本質上是管理協議，就像休士頓和斯科茨代爾的一樣。至於我們的印度業務，正如你們可能聽說的那樣，他們透過Bearings籌集了資金，而Bearings也透過Bearings籌集了一些資金，Bearings後來關閉了。我想我們知道實際籌集的資金用於業務擴張的金額，所以這是一個資金充足的業務。

Your next question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

您的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。

I guess -- you talked about the fourth quarter being one of your best quarters in terms of leasing activity ever. Could you maybe just, I guess, qualitate about how the type of space you're getting on those properties compared to previously, I guess you see a lot of weakness in the commercial office property space. So I was just wondering if that's allowing you to kind of get more advantageous pricing?

您剛才說第四季是您們租賃業務有史以來最好的季度之一。您能否具體談談，與之前相比，您目前獲得的物業空間類型如何？我想您看到商業辦公物業領域存在很多疲軟。所以我想知道，這是否能讓你們獲得更優惠的價格？

I would sort of sit back and say, as I mentioned again in my earlier comments, and if I look at the progress that we've made, right, we leased about 206,000 gross desks and on a consolidated basis, 165,000 gross desks. And in Q1 '22, it was 166,000, so about the same. So that's why we continue to maintain -- the demand for our space has continued to be very strong. Again, once you get past that 70% occupancy number, you start to get pricing power, which is again what we've seen, at least in the international markets, as very prevalent. As I mentioned in the international markets, our pricing is at pre-pandemic levels. The -- it's a slow increase when you look at it from a reporting perspective because obviously, the base is still -- got a lower ARPM and so the impact of the new leasing is small, but we are seeing in that.

我想稍微冷靜一下，就像我之前評論中提到的那樣，回顧一下我們取得的進展，我們租賃了大約20.6萬張辦公桌，合併後租賃了16.5萬張辦公桌。 2022年第一季租賃了16.6萬張，大致相同。這就是為什麼我們能夠持續保持強勁的市場需求。同樣，一旦入住率超過70%，我們就開始擁有定價權，至少在國際市場上，這種情況非常普遍。正如我在國際市場上提到的，我們的定價處於疫情前的水平。從報告的角度來看，這是一個緩慢的成長，因為顯然，基數仍然較低，平均每千美元收入較低，所以新租賃的影響很小，但我們已經看到了這一點。

And like I said, in the national markets, the reason for seeing the strength is the flexibility that we offer, okay? Even though the larger market could be soft, the flexibility is very important. The turnkey solution to the clients are very important. And really, what's the icing on the cake is the space is available today, right? So effectively, having space available today that's turnkey and that's flexible, okay, as people start to come back to work in those international markets, the demand actually increases. And again, just to reemphasize, the number of companies that have hired more during the pandemic, so even if you account for the layoffs, it's still higher.

正如我所說，在國內市場，我們之所以表現強勁，是因為我們提供了彈性，懂嗎？即使更大的市場可能比較疲軟，靈活性也非常重要。為客戶提供交鑰匙解決方案至關重要。而錦上添花的是，現在就有可用的空間，對吧？所以，實際上，現在有可用的交鑰匙、靈活的空間，隨著人們開始重返國際市場工作，需求實際上會增加。再次強調，疫情期間招募更多員工的公司數量增加，所以即使考慮到裁員的影響，招募人數仍然更高。

The last point I'll make why our SMB business is so strong in the United States is in 2021, I think, there were 5 million new businesses. And I think in 2022, there were 11 million new businesses. And our SMB business is about 50% of our business, and so we've seen an incredible strength in our SMB business, which is more than made up for the churn of the enterprise clients. And so in the U.S., we are not seeing pricing power yet. We just about hit 70%, but the international markets, we are seeing very good pricing power even though there's a softness in the market from an overall commercial office market.

我要解釋的最後一點是，為什麼我們的中小企業業務在美國如此強勁，我認為2021年新增了500萬家企業。而2022年新增了1,100萬家企業。我們的中小企業業務約占我們業務的50%，因此，我們看到了中小企業業務令人難以置信的強勁成長，足以彌補企業客戶的流失。因此，在美國，我們還沒有看到定價能力。我們剛好達到70%左右，但在國際市場上，儘管整體商業辦公市場有所疲軟，但我們看到了非常好的定價能力。

Got it. That makes sense. And then I guess you talked about being adjusted EBIT positive in December. But I guess, the first quarter, guiding midpoint, negative $12.5 million. Is that really just because of the kind of elevated churn impacting January revenues plus the accrual on the intense comp?

明白了。這很有道理。然後我想您提到了12月份調整後的息稅前利潤為正。但我想，第一季的指導中位數為負1250萬美元。這真的只是因為客戶流失率高影響了1月的收入，加上應計的應計利潤嗎？

No. I would say the 2 reasons for it are that when you look at quarter-over-quarter, one is that there is the elevated churn, like I mentioned. And the second is when you close locations, okay, you are moving 70% of the revenues. If you take into account, you're losing 30% of the revenue, so you actually have to comp that quarter-over-quarter. But again, like I said, the -- we're guiding to the negative $25 million to 0. Obviously, we'll do everything in the next 45 days to deliver hopefully a better result.

不。我想說有兩個原因：一是客戶流失率上升，就像我之前提到的。二是當你關門店時，70%的收入就流失了。如果把損失30%也算進去，你實際上需要進行環比比較。不過，就像我說的，我們預期的虧損額會從-2500萬美元到0美元不等。當然，我們會在接下來的45天內竭盡全力，希望能有更好的表現。

Your next question comes from the line of Vikram Malhotra with Mizuho.

您的下一個問題來自瑞穗的 Vikram Malhotra。

I just want to clarify 2 things, maybe Andre or Sandeep.

我只想澄清兩件事，也許是安德烈或桑迪普。

So just based on all your comments around the $30 million incremental, I just wanted to clarify. So it's roughly, if I just did the math correctly, you have $600 million of cash run rate for working capital needs. Do you still have the access to the additional $250 million from SoftBank and then an ability to go out and raise an additional $500 million of debt. Is that all intact?

所以，基於你們關於3000萬美元增量資金的所有評論，我只是想澄清一下。如果我沒算錯的話，粗略地說，你們有6億美元的現金流來滿足營運資金需求。你們還能從軟銀獲得額外的2.5億美元資金，然後還能再透過債務融資5億美元嗎？這些都還好嗎？

Yes. I mean, again, like I said, it's slightly advantageous, right? So you have the $250 million, which is completely intact, and let me just reemphasize what I said earlier. When we increased the $350 million to $470 million, even though that $120 million, $100 million of it was cash collaterized for letter of credits, and those letter of credits burn through the entire year at about $30 million a quarter, we can use that $100 million in working capital. So in an ironic way, the increase in the junior LC actually allowed us to tap into the capacity that we had of the senior secured, that additional $500 million senior secured. So we've actually, in a way, accessed $100 million of that if we need, we can use for working capital.

是的。我的意思是，就像我說的，這確實有點優勢，對吧？所以你手上有2.5億美元，這筆錢完全沒變，讓我再強調一下我之前說的。當我們把3.5億美元增加到4.7億美元時，即使這1.2億美元中，有1億美元是用現金抵押信用證的，而這些信用證全年每個季度都會消耗掉大約3000萬美元，我們仍然可以用這1億美元作為營運資金。所以，諷刺的是，增加次級信用證實際上讓我們能夠利用我們擁有的優先擔保貸款的能力，也就是那額外的5億美元優先擔保貸款。所以，某種程度上，我們實際上已經獲得了其中的1億美元，如果需要的話，我們可以用它來作為營運資金。

Actually, our cash -- our ability actually increased by effectively $100 million.

實際上，我們的現金——我們的能力實際上增加了 1 億美元。

So Sandeep said that when those LCs burned down, that cash is returned to us as if we had monetized part of that unused capacity.

因此 Sandeep 說，當這些信用證燒毀時，現金就會回饋給我們，就好像我們將部分未使用的產能貨幣化了一樣。

And then your other question was, yes, we still have $250 million available to us on the SoftBank line.

然後你的另一個問題是，是的，我們仍然有 2.5 億美元軟銀資金可用。

And an ability to raise an additional $500 million if you need to?

如果需要的話，還能再籌 5 億美元嗎？

Yes. Again, like I said, the $100 million goes against the $500 million, so --

是的。我再說一遍，1億美元和5億美元是相反的，所以——

The $500 million. Okay. $400 million.

5億美元。好的，4億美元。

We have another $400 million.

我們還有另外4億美元。

$400 million, okay. And then one other thing...

4億美元，好的。還有一件事…

We've actually raised $100 million by default.

我們實際上已經默認籌集了 1 億美元。

Your next question comes from Tayo Okusanya with Credit Suisse.

您的下一個問題來自瑞士信貸的 Tayo Okusanya。

Just to talk about the extension of the junior tranche to max 2025. Were there any significant changes to the terms, such as you stop paying higher interest rates in '24, or anything of that nature we should be aware of?

我只是想談談將次級債券期限延長至 2025 年。條款方面是否有任何重大變化，例如在 24 年內不再支付更高的利率，或任何我們應該注意的此類變化？

Yes. The pricing was marginally higher than the pricing of the paper that was distinguished. Obviously, the amount increased, the term increased and at the time we placed last paper was, as you know, when rates were lower. So yes, commensurately, the pricing was higher. And I think we'll be filing an 8-K providing all the details on the -- tomorrow, on the LC.

是的。定價略高於之前那份信用證的定價。顯然，金額增加了，期限也延長了，而且正如你所知，我們提交最後一份信用證時，利率較低。所以，定價相應地也更高了。我想我們明天會提交一份8-K表格，提供有關信用證的所有詳細資訊。

There are no further questions at this time.

目前沒有其他問題。

Mr. Sandeep Mathrani, I'll turn the call back over to you.

桑迪普·馬特拉尼先生，我將把電話轉回給您。

Once again, thank you all for joining our call this morning and for your continued support of WeWork. Have a great day, and have a wonderful long weekend.

再次感謝大家今天早上參加我們的電話會議，也感謝大家一直以來對 WeWork 的支持。祝大家今天愉快，也祝大家有個美好的長週末。

This concludes today's call. You may now disconnect.

今天的通話到此結束。您可以掛斷電話了。