WeWork’s S-1 misses these three key points
After much discussion, WeWork finally dropped its S-1 filing with the SEC today as it makes preparations for its IPO. While the company has been producing sizable revenues the past few years, the company didn’t disclose everything I think it needed to in order for investors to make a judgment about its financial future.
It’s not as though WeWork hasn’t tried to give us some insight in its S-1. One of WeWork’s core operating metrics is “contribution margin including non-cash GAAP straight-line lease cost” (or what I will abbreviate just this one time as CMINCGAAAPSLLC). Through this metric, the company offers us a single number into the health of its business — essentially a way for investors