WeWork used $2.5B in net cash for investing activities in 2018, according to FT Alphaville citing documents it has seen.
Growth and new market development expense increased 335% Y/Y to $477M. Sales and marketing costs were up 164% to $379M. A 21% Y/Y decline in general and administration expenses helped operating cost growth stay below revenue’s 93% growth to $3.5B. Adjusted EBITDA margin fell to the three-year low -43.4% in Q4.
WeWork is expected to file for an IPO within the next few years.