[posting]60459839[/posting]13.5.
https://www.fnlondon.com/articles/an-audience-with-patrick-n…
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...Critics of the co-working craze have pointed out that sudden economic downturns can be disastrous for companies like WeWork, leaving them with long leases on space they cannot rent out. Nelson is eager to paint a picture of a company whose customers are not short-term tenants but “members” who are part of “an incredibly strong community” that transcends mere bricks and mortar.
In an interview given before news of the IPO broke, he describes his properties as a “gateway” to what he calls the “WeWork platform”. “The building is the hardware and WeWork is the software that we can put in it,” he says. <FC:
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WeWork has not always made its numbers simple for the finance community to understand. The company’s first bond offering, about a year ago, introduced debt investors to what it called “community-adjusted earnings before interest, tax, depreciation and amortisation”, which unusually stripped out expenses such as marketing and design costs. <
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=> Halleluja
