Wework Inc (NYSE:WE) stock fell 2.11% (As on Nov 16, 11:18:47 AM UTC-4, Source: Google Finance) after the company in the third quarter of FY 21 has reported 11% rise in the revenue to $661 million. The company also saw a loss of $4.54 per share, which is an improvement from the loss of $5.51 per share in the year-ago quarter. Adjusted EBITDA loss was $356 million for the third quarter, a $93 million improvement relative to the prior quarter Adjusted EBITDA loss of $449 million. WeWork ended the third quarter with pro forma cash and unfunded cash commitments of $2.3 billion, including $477 million of available cash on hand as of September 30, 2021, $1.2 billion of net proceeds from the business combination with BowX, $550 million currently available under the Senior Secured Notes facility, the repayment of the $350 million secured commercial paper facility and $450 million currently available under the $1.75 billion letter of credit facility. WeWork went public through a SPAC merger in October, almost two years after its botched IPO. When it went debuted, WeWork was valued at roughly $9 billion, a steep drop from 2019, when it was privately valued at $47 billion by SoftBank Group. That slowly fell as news of the company’s finances unraveled and investors raised concerns over its business model and its founder and then-CEO Adam Neumann. By the end of September, WeWork said physical memberships grew to 432,000 with a 56% occupancy rate. As companies continue to embrace flexibility, All Access memberships increased to 32,000 by the end of September or 60% over the previous quarter. Operating Cash Flow was $(380) million for the third quarter. Free Cash Flow was $(430) million, which was an improvement of $219 million relative to the prior quarter.

Moreover, as of September 30, 2021, WeWork’s global real estate portfolio consisted of 764 locations across 38 countries, supporting approximately 932,000 workstations and 546,000 physical memberships. WeWork’s consolidated real estate portfolio included 631 locations across 33 countries, supporting approximately 766,000 workstations and 432,000 physical memberships.

Additionally, on October 20, 2021, WeWork and BowX Acquisition Corp. (“BowX”) announced the closing of their business combination. The combined company was named “WeWork Inc.” and began trading on the New York Stock Exchange under the ticker symbol “WE” starting October 21, 2021. The business combination provided WeWork with the previously announced gross cash proceeds of approximately $1.3 billion.