Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Filer Category | Non-accelerated Filer |
Entity Registrant Name | WeWork Inc. |
Entity Central Index Key | 0001813756 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Current assets: | ||||||
Cash and cash equivalents | $ 843,957,000 | [1] | $ 800,535,000 | [1],[2] | $ 1,340,140,000 | [2] |
Accounts receivable and accrued revenue, net of allowance | 118,205,000 | 176,521,000 | 230,239,000 | |||
Assets held for sale | 134,958,000 | |||||
Other current assets | 435,448,000 | 352,172,000 | 422,938,000 | |||
Due from related party | ||||||
Total current assets | 1,397,610,000 | 1,329,228,000 | 2,128,275,000 | |||
Property and equipment, net | 5,991,011,000 | 6,859,163,000 | 8,399,541,000 | |||
Lease right-of-use assets, net | 13,923,373,000 | 15,107,880,000 | 17,496,004,000 | |||
Restricted cash | 11,528,000 | [1] | 53,618,000 | [1],[2] | 856,255,000 | [2] |
Equity method and other investments | 198,163,000 | 214,940,000 | 203,719,000 | |||
Goodwill | 678,668,000 | 679,351,000 | 698,416,000 | |||
Intangible assets, net | 53,806,000 | 49,896,000 | 79,865,000 | |||
Other assets | 932,151,000 | 1,062,258,000 | 1,285,739,000 | |||
Total assets | 23,186,310,000 | [1] | 25,356,334,000 | [1],[2] | 31,147,814,000 | [2] |
Current liabilities: | ||||||
Accounts payable and accrued expenses | 537,600,000 | 723,411,000 | 1,371,677,000 | |||
Members Service Retainers | 347,057,000 | 358,566,000 | 605,574,000 | |||
Deferred revenue | 138,207,000 | 176,004,000 | 180,390,000 | |||
Current lease obligations | 873,531,000 | 847,531,000 | 685,629,000 | |||
Liabilities related to assets held for sale | 25,442,000 | |||||
Other current liabilities | 440,374,000 | 83,755,000 | 218,820,000 | |||
Total current liabilities | 2,336,769,000 | 2,189,267,000 | 3,087,532,000 | |||
Long-term lease obligations | 18,977,544,000 | 20,263,606,000 | 21,251,163,000 | |||
Unsecured related party debt | 2,200,000,000 | 1,200,000,000 | ||||
Convertible related party liabilities, net | 57,944,000 | 418,908,000 | 2,151,075,000 | |||
Long-term debt, net | 659,446,000 | 688,356,000 | 1,389,431,000 | |||
Other liabilities | 242,522,000 | 221,780,000 | 137,641,000 | |||
Total liabilities | 24,474,225,000 | [1] | 24,981,917,000 | [1],[2] | 28,016,842,000 | [2] |
Commitments and Contingencies | ||||||
Convertible preferred stock | 8,379,182,000 | 7,666,098,000 | 6,473,604,000 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 291,901,000 | 380,242,000 | 1,032,080,000 | |||
Stockholders' Equity: | ||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of June 30, 2021 and December 31, 2020 | ||||||
Common stock value | ||||||
Additional paid-in capital | 2,775,762,000 | 2,188,319,000 | 1,879,838,000 | |||
Accumulated other comprehensive income (loss) | (116,269,000) | (158,810,000) | (2,611,000) | |||
Accumulated deficit | (12,624,690,000) | (9,703,490,000) | (6,574,322,000) | |||
Total WeWork Inc. shareholders' deficit | (9,964,996,000) | (7,673,785,000) | (4,696,897,000) | |||
Noncontrolling interests | 5,998,000 | 1,862,000 | 322,185,000 | |||
Total stockholders' equity | (9,958,998,000) | (7,671,923,000) | (4,374,712,000) | |||
Total Liabilities and Stockholders' Equity | 23,186,310,000 | 25,356,334,000 | 31,147,814,000 | |||
Class A Common Stock | ||||||
Stockholders' Equity: | ||||||
Common stock value | 177,000 | 42,000 | 41,000 | |||
Class B Common Stock | ||||||
Stockholders' Equity: | ||||||
Common stock value | 129,000 | 129,000 | ||||
Class C Common Stock | ||||||
Stockholders' Equity: | ||||||
Common stock value | 24,000 | 25,000 | $ 28,000 | |||
BOWX ACQUISITION CORP [Member] | ||||||
Current assets: | ||||||
Cash | 506,334 | 921,049 | ||||
Cash and cash equivalents | 506,334 | 921,049 | ||||
Prepaid expenses | 322,498 | 372,412 | ||||
Prepaid expenses | 372,265 | |||||
Due from related party | 147 | |||||
Total current assets | 828,832 | 1,293,461 | ||||
Investments held in Trust Account | 483,071,704 | 483,227,051 | ||||
Total assets | 483,900,536 | 484,520,512 | ||||
Current liabilities: | ||||||
Accounts payable | 65,468 | 315 | ||||
Accrued expenses | 3,608,438 | 76,695 | ||||
Accrued income tax | 0 | 12,010 | ||||
Franchise tax payable | 47,709 | 122,242 | ||||
Total current liabilities | 3,721,615 | 211,262 | ||||
Deferred underwriting commissions in connection with the initial public offering | 16,905,000 | 16,905,000 | ||||
Warrant liabilities | 25,962,932 | 13,292,400 | ||||
Unsecured related party debt | 195,000 | 195,000 | ||||
Total liabilities | 46,589,547 | 30,408,662 | ||||
Commitments and Contingencies | ||||||
Class A common stock, $0.0001 par value; 87,500,000 shares authorized; 43,231,098 and 44,911,184 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 432,310,980 | 449,111,840 | ||||
Stockholders' Equity: | ||||||
Additional paid-in capital | 26,609,471 | 9,808,779 | ||||
Accumulated deficit | (21,611,177) | (4,810,316) | ||||
Total WeWork Inc. shareholders' deficit | 5,000,009 | 5,000,010 | ||||
Total stockholders' equity | 5,000,009 | 5,000,010 | ||||
Total Liabilities and Stockholders' Equity | 483,900,536 | 484,520,512 | ||||
BOWX ACQUISITION CORP [Member] | Class A Common Stock | ||||||
Stockholders' Equity: | ||||||
Common stock value | 507 | 339 | ||||
Total WeWork Inc. shareholders' deficit | 507 | 339 | ||||
BOWX ACQUISITION CORP [Member] | Class B Common Stock | ||||||
Stockholders' Equity: | ||||||
Common stock value | 1,208 | 1,208 | ||||
Total WeWork Inc. shareholders' deficit | $ 1,208 | $ 1,208 | ||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | |||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Accounts receivable and accrued revenue, allowance for credit loss | $ 99,674,000 | $ 107,806,000 | $ 16,658,000 | |||
Due from related party current | ||||||
Convertible preferred stock, shares authorized | 959,370,218 | 947,127,740 | 947,127,740 | |||
Convertible preferred stock, shares issued | 499,018,795 | 368,912,507 | 222,329,647 | |||
Convertible preferred stock, shares outstanding | 499,018,795 | 368,912,507 | 222,329,647 | |||
Total assets | $ 23,186,310,000 | [1] | $ 25,356,334,000 | [1],[2] | $ 31,147,814,000 | [2] |
Cash and cash equivalents | 843,957,000 | [1] | 800,535,000 | [1],[2] | 1,340,140,000 | [2] |
Restricted cash | 11,528,000 | [1] | 53,618,000 | [1],[2] | 856,255,000 | [2] |
Total liabilities | 24,474,225,000 | [1] | 24,981,917,000 | [1],[2] | 28,016,842,000 | [2] |
Other Current Assets [Member] | ||||||
Due from related party current | 0 | 780,000 | 0 | |||
Other Noncurrent Assets [Member] | ||||||
Due from related party noncurrent | 596,534,000 | 699,478,000 | 873,317,000 | |||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Due to related party current | 72,010,000 | 14,497,000 | 51,500,000 | |||
Deferred Revenue Current [Member] | ||||||
Due to related party current | 2,706,000 | 9,717,000 | 22,876,000 | |||
Operating Lease Liabilities Current [Member] | ||||||
Due to related party current | 13,217,000 | 10,148,000 | 10,190,000 | |||
Other Current Liabilities [Member] | ||||||
Due to related party current | 0 | 900,000 | 0 | |||
Operating Lease Liabilities Noncurrent [Member] | ||||||
Due to related party noncurrent | 558,062,000 | 436,074,000 | 587,417,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Total assets | 1,900,000,000 | 2,100,000,000 | 6,700,000,000 | |||
Cash and cash equivalents | 102,600,000 | 166,600,000 | 417,700,000 | |||
Restricted cash | 10,100,000 | 10,000,000 | 94,000,000 | |||
Total liabilities | 1,600,000,000 | 1,700,000,000 | 5,400,000,000 | |||
Lease guarantees | $ 13,600,000 | $ 14,600,000 | $ 36,300,000 | |||
Class A Common Stock | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized | 941,647,617 | 941,647,617 | ||||
Common stock, shares issued | 176,628,752 | 41,512,605 | 41,304,381 | |||
Common stock, shares outstanding | 176,628,752 | 41,512,605 | 41,304,381 | |||
Class B Common Stock | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized | 234,910,597 | 234,910,597 | ||||
Common stock, shares issued | 0 | 129,382,459 | 129,220,654 | |||
Common stock, shares outstanding | 0 | 129,382,459 | 129,220,654 | |||
Class C Common Stock | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized | 50,967,800 | 50,967,800 | ||||
Common stock, shares issued | 24,132,575 | 25,168,938 | 27,752,323 | |||
Common stock, shares outstanding | 24,132,575 | 25,168,938 | 27,752,323 | |||
Class D Common Stock | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized | 234,910,597 | 234,910,597 | ||||
Common stock, shares issued | 0 | 0 | 0 | |||
Common stock, shares outstanding | 0 | 0 | 0 | |||
BOWX ACQUISITION CORP [Member] | ||||||
Due from related party current | $ 147 | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Total assets | $ 483,900,536 | $ 484,520,512 | ||||
Cash and cash equivalents | 506,334 | 921,049 | ||||
Total liabilities | $ 46,589,547 | $ 30,408,662 | ||||
BOWX ACQUISITION CORP [Member] | Class A Common Stock | ||||||
Temporary equity , par value | $ 0.0001 | $ 0.0001 | ||||
Class A common stock, subject to possible redemption price per share | $ 10 | $ 10 | ||||
Class A common stock, subject to possible redemption | 43,231,098 | 44,911,184 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares authorized | 87,500,000 | 87,500,000 | ||||
Common stock, shares issued | 5,068,902 | 3,388,816 | ||||
Common stock, shares outstanding | 5,068,902 | 3,388,816 | ||||
BOWX ACQUISITION CORP [Member] | Class B Common Stock | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares authorized | 12,500,000 | 12,500,000 | ||||
Common stock, shares issued | 12,075,000 | 12,075,000 | ||||
Common stock, shares outstanding | 12,075,000 | 12,075,000 | ||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | |||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Revenue | $ 593,478,000 | $ 881,734,000 | $ 1,191,331,000 | $ 1,938,617,000 | $ 3,415,865,000 | $ 3,458,592,000 | $ 1,821,751,000 | ||||||
Operating expenses | |||||||||||||
Location operating expenses — cost of revenue | 780,489,000 | 881,468,000 | 1,598,812,000 | 1,804,802,000 | 3,542,918,000 | 2,758,318,000 | 1,491,783,000 | ||||||
Pre-opening location expenses | 43,435,000 | 78,184,000 | 76,839,000 | 165,919,000 | 273,049,000 | 571,968,000 | 357,831,000 | ||||||
Selling, general and administrative expenses | 225,082,000 | [1] | 392,818,000 | [1] | 499,502,000 | [1] | 925,101,000 | [1] | 1,604,669,000 | 2,793,663,000 | 1,349,622,000 | ||
Restructuring and other related costs | (27,794,000) | 80,529,000 | 466,045,000 | 136,216,000 | 206,703,000 | 329,221,000 | |||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 242,104,000 | 280,476,000 | 541,585,000 | 555,959,000 | 1,355,921,000 | 335,006,000 | |||||||
Depreciation and amortization | 180,157,000 | 195,797,000 | 364,341,000 | 390,156,000 | 779,368,000 | 589,914,000 | 313,514,000 | ||||||
Total expenses | 1,443,473,000 | 1,909,272,000 | 3,547,124,000 | 3,978,153,000 | 7,762,628,000 | 7,378,090,000 | 3,512,750,000 | ||||||
Loss from operations | (849,995,000) | (1,027,538,000) | (2,355,793,000) | (2,039,536,000) | (4,346,763,000) | (3,919,498,000) | (1,690,999,000) | ||||||
Interest and other income (expense), net: | |||||||||||||
Income (loss) from equity method and other investments | 6,068,000 | (43,204,000) | (24,510,000) | (47,111,000) | (44,788,000) | (32,206,000) | (12,638,000) | ||||||
Interest expense | (113,259,000) | (93,249,000) | (217,828,000) | (138,090,000) | (331,217,000) | (99,587,000) | (183,697,000) | ||||||
Interest income | 4,358,000 | 1,978,000 | 9,455,000 | 8,742,000 | 16,910,000 | 53,244,000 | 37,663,000 | ||||||
Foreign currency gain (loss) | 33,025,000 | 54,473,000 | (37,925,000) | (149,985,000) | 149,196,000 | 29,652,000 | (78,598,000) | ||||||
(Loss) gain from change in fair value of related party financial instruments | 1,309,000 | 4,197,000 | (350,822,000) | 792,313,000 | 819,647,000 | 239,145,000 | |||||||
Loss on extinguishment of debt | (76,295,000) | (77,336,000) | |||||||||||
Total interest and other income (expense), net | (68,499,000) | (75,805,000) | (621,630,000) | 389,574,000 | 532,412,000 | 190,248,000 | (237,270,000) | ||||||
Pre-tax loss | (918,494,000) | (1,103,343,000) | (2,977,423,000) | (1,649,962,000) | (3,814,351,000) | (3,729,250,000) | (1,928,269,000) | ||||||
Income tax benefit (provision) | (4,015,000) | (7,095,000) | (7,282,000) | (16,115,000) | (19,506,000) | (45,637,000) | 850,000 | ||||||
Net loss | (922,509,000) | (1,110,438,000) | (2,984,705,000) | (1,666,077,000) | (3,833,857,000) | (3,774,887,000) | (1,927,419,000) | ||||||
Net loss attributable to noncontrolling interests: | |||||||||||||
Redeemable noncontrolling interests — mezzanine | 34,134,000 | 244,706,000 | 64,120,000 | 603,763,000 | 675,631,000 | 493,047,000 | 292,134,000 | ||||||
Noncontrolling interest — equity | (470,000) | 1,903,000 | (615,000) | 14,616,000 | 28,868,000 | 17,102,000 | 24,493,000 | ||||||
Net loss | $ (888,845,000) | $ (863,829,000) | $ (2,921,200,000) | $ (1,047,698,000) | $ (3,129,358,000) | $ (3,264,738,000) | $ (1,610,792,000) | ||||||
Net loss per share attributable to stockholders: | |||||||||||||
Basic | $ (5.05) | $ (5.06) | $ (16.81) | $ (6.14) | $ (18.38) | $ (19.38) | $ (9.87) | ||||||
Diluted | $ (5.05) | $ (5.06) | $ (16.81) | $ (6.14) | $ (18.38) | $ (19.38) | $ (9.87) | ||||||
Weighted-average shares used to compute net loss per share attributable to stockholders, basic and diluted | 175,941,649 | 170,754,546 | 173,751,116 | 170,691,538 | 170,275,761 | 168,436,109 | 163,148,918 | ||||||
BOWX ACQUISITION CORP [Member] | |||||||||||||
Operating expenses | |||||||||||||
General and administrative expenses | $ 401 | $ 1,818,150 | $ 4,090,515 | $ 219,771 | |||||||||
Franchise tax expense | 23,064 | 49,863 | 99,178 | 122,242 | |||||||||
Total expenses | (23,465) | (1,868,013) | (4,189,693) | (342,013) | |||||||||
Loss from operations | 4,900,000 | ||||||||||||
Interest and other income (expense), net: | |||||||||||||
Change in fair value of warrant liabilities | 0 | (9,327,999) | (12,670,532) | (4,664,000) | |||||||||
Offering costs associated with private placement warrants | (9,344) | ||||||||||||
Net gain from investments held in Trust Account | 0 | 12,297 | 59,364 | 227,051 | |||||||||
Pre-tax loss | (4,788,306) | ||||||||||||
Income tax benefit (provision) | 22,010 | ||||||||||||
Net loss | (23,465) | (11,183,715) | (16,800,861) | (4,810,316) | |||||||||
Net loss attributable to noncontrolling interests: | |||||||||||||
Net loss | $ (23,465) | $ (11,183,715) | $ (16,800,861) | (4,810,316) | |||||||||
BOWX ACQUISITION CORP [Member] | Class A Common Stock | |||||||||||||
Operating expenses | |||||||||||||
Loss from operations | $ 4,800,000 | ||||||||||||
Net loss per share attributable to stockholders: | |||||||||||||
Weighted-average shares used to compute net loss per share attributable to stockholders, basic and diluted | 0 | 48,300,000 | 48,300,000 | 48,042,857 | |||||||||
Basic and diluted net income (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
BOWX ACQUISITION CORP [Member] | Class B Common Stock | |||||||||||||
Operating expenses | |||||||||||||
Loss from operations | $ 83,000 | ||||||||||||
Net loss per share attributable to stockholders: | |||||||||||||
Weighted-average shares used to compute net loss per share attributable to stockholders, basic and diluted | 10,500,000 | 12,075,000 | 12,075,000 | 11,509,432 | |||||||||
Basic and diluted net income (loss) per share | $ 0 | $ (0.93) | $ (1.39) | $ (0.43) | |||||||||
[1] | Includes cost of revenue in the amount of $20.6 million and $50.1 million for the three months and $32.7 million and $142.5 million for the six months ended June 30, 2021 and 2020, respectively. Excludes depreciation and amortization of none for the three months and none and $0.2 million for the six months ended June 30, 2021 and 2020, respectively shown separately below. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from related parties | $ 38,758 | $ 45,375 | $ 87,694 | $ 92,637 | $ 169,783 | $ 179,651 | $ 28,653 |
Cost, depreciation and amortization | 170,319 | 176,804 | 345,626 | 351,618 | 715,413 | 515,309 | 281,502 |
Related party expenses | 14,793 | 24,281 | 38,253 | 45,526 | 80,524 | 290,748 | 21,098 |
Interest expense, related party | (96,399) | (71,361) | (184,275) | (95,032) | (246,875) | (11,024) | (122,852) |
Cost of revenue | 780,489 | 881,468 | 1,598,812 | 1,804,802 | 3,542,918 | 2,758,318 | |
Depreciaton and amortization | 0 | 0 | 200 | 200 | 200 | 14,100 | 12,600 |
Selling, General and Administrative Expenses [Member] | |||||||
Cost of revenue | $ 20,600 | $ 50,100 | $ 32,700 | $ 142,500 | $ 248,800 | $ 384,700 | $ 164,700 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net loss | $ (922,509) | $ (1,110,438) | $ (2,984,705) | $ (1,666,077) | $ (3,833,857) | $ (3,774,887) | $ (1,927,419) |
Other comprehensive income (loss), net of tax: | |||||||
Foreign currency translation adjustments, net of tax | (17,748) | (25,040) | 20,583 | 66,906 | (146,737) | (17,014) | 7,666 |
Unrealized (loss) gain on available-for-sale securities, net of tax | (2,429) | 3,595 | (2,263) | 3,595 | 3,273 | ||
Other comprehensive income (loss), net of tax | (20,177) | (21,445) | 18,320 | 70,501 | (143,464) | (17,014) | 7,666 |
Comprehensive loss | (942,686) | (1,131,883) | (2,966,385) | (1,595,576) | (3,977,321) | (3,791,901) | (1,919,753) |
Net (income) loss attributable to noncontrolling interests | 33,664 | 246,609 | 63,505 | 618,379 | 704,499 | 510,149 | 316,627 |
Other comprehensive (income) loss attributable to noncontrolling interests | (273) | (586) | 24,221 | (12,304) | (23,161) | (1,108) | 18,931 |
Comprehensive loss attributable to WeWork Inc. | $ (909,295) | $ (885,860) | $ (2,878,659) | $ (989,501) | $ (3,295,983) | $ (3,282,860) | $ (1,584,195) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||
Other comprehensive income, foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Other comprehensive income, unrealized gain or loss on available for sale securities, tax | $ 54 | $ (996) | $ (1) | $ (996) | $ (1,096) | $ 0 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Convertible Preferred Stock, Noncontrolling Interests And Equity - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Convertible Preferred Stock | Preferred Stock | Preferred StockConvertible Preferred Stock | Redeemable Noncontrolling Interests | Common StockClass A Common Stock | Common StockClass B Common Stock | Common StockClass C Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest | BOWX ACQUISITION CORP [Member] | BOWX ACQUISITION CORP [Member]Class A Common Stock | BOWX ACQUISITION CORP [Member]Class B Common Stock | BOWX ACQUISITION CORP [Member]Additional Paid-in Capital | BOWX ACQUISITION CORP [Member]Accumulated Deficit | ||
Temporary Equity, Beginning balance at Dec. 31, 2017 | $ 3,405,435,000 | $ 854,577,000 | |||||||||||||||||||
Temporary Equity, Beginning balance, shares at Dec. 31, 2017 | 170,300,623 | ||||||||||||||||||||
Balance at Dec. 31, 2017 | $ (1,302,451,000) | $ 30,000 | $ 132,000 | $ 407,804,000 | $ (9,924,000) | $ (1,700,493,000) | |||||||||||||||
Balance, shares at Dec. 31, 2017 | 30,299,542 | 131,787,453 | |||||||||||||||||||
Issuance of noncontrolling interests | 78,739,000 | 720,513,000 | 24,666,000 | (2,260,000) | $ 56,333,000 | ||||||||||||||||
Stock-based compensation | 85,842,000 | $ 1,000 | 85,657,000 | 184,000 | |||||||||||||||||
Stock-based compensation, shares | 419,217 | 74,538 | |||||||||||||||||||
Exercise of warrants, net | 571,000 | $ 2,000 | 569,000 | ||||||||||||||||||
Exercise of warrants, net, shares | 1,577,434 | ||||||||||||||||||||
Issuance of stock in connection with acquisitions | 124,826,000 | $ 93,261,000 | 55,105,000 | 119,530,000 | 1,098,000 | 4,198,000 | |||||||||||||||
Issuance of stock in connection with acquisitions, shares | 1,456,948 | 65,515 | |||||||||||||||||||
Issuance of stockholder notes receivable | (19,599,000) | (19,599,000) | |||||||||||||||||||
Issuance of stock for services rendered | 18,220,000 | 1,798,000 | 15,663,000 | 2,557,000 | |||||||||||||||||
Issuance of stock for services rendered, shares | 62,351 | ||||||||||||||||||||
Exercise of stock options | 2,934,000 | 2,934,000 | |||||||||||||||||||
Exercise of stock options, shares | 114,614 | 443,513 | |||||||||||||||||||
Transactions with principal shareholder | 169,961,000 | 169,961,000 | |||||||||||||||||||
Transfer of Common Stock Class B to Class A, shares | 18,182 | (18,182) | |||||||||||||||||||
Gain on transfer to consolidated variable interest entity | 1,217,000 | 1,217,000 | |||||||||||||||||||
Common share repurchase and retirement | (10,439,000) | (10,439,000) | |||||||||||||||||||
Common share repurchase and retirement, shares | (204,580) | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | 26,888,000 | (19,222,000) | 26,597,000 | 291,000 | |||||||||||||||||
Net income (loss) | (1,635,285,000) | (1,610,792,000) | (24,493,000) | ||||||||||||||||||
Net income (loss) | (1,927,419,000) | (292,134,000) | |||||||||||||||||||
Balance at Dec. 31, 2018 | (2,458,576,000) | $ 31,000 | $ 134,000 | 797,963,000 | 15,511,000 | (3,311,285,000) | 39,070,000 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 1,701,000 | $ 1,701,000 | |||||||||||||||||||
Balance, shares at Dec. 31, 2018 | 30,979,421 | 133,660,176 | |||||||||||||||||||
Temporary Equity, Ending balance at Dec. 31, 2018 | $ 3,498,696,000 | 1,320,637,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Dec. 31, 2018 | 171,758,000 | 171,757,571 | |||||||||||||||||||
Issuance of noncontrolling interests | 339,773,000 | 203,382,000 | 9,329,000 | 330,444,000 | |||||||||||||||||
Stock-based compensation | 236,637,000 | $ 391,000 | 236,107,000 | 530,000 | |||||||||||||||||
Stock-based compensation, shares | 400,700 | 105,664 | |||||||||||||||||||
Exercise of warrants, net | $ 2,119,446,000 | ||||||||||||||||||||
Exercise of warrants, net, shares | 39,968,652 | 187 | |||||||||||||||||||
Distributions to noncontrolling interests | (40,000,000) | (40,000,000) | |||||||||||||||||||
Settlement of stockholder notes receivable | 9,210,000 | $ (2,732,000) | 9,210,000 | ||||||||||||||||||
Settlement of stockholder notes receivable , shares | (97,229) | (301,630) | |||||||||||||||||||
Issuance of stock in connection with acquisitions | 66,886,000 | $ 134,826,000 | $ 2,000 | 61,415,000 | 5,469,000 | ||||||||||||||||
Issuance of stock in connection with acquisitions, shares | 1,609,744 | 1,713,293 | |||||||||||||||||||
Issuance of shares in connection with convertible note conversion | $ 722,977,000 | ||||||||||||||||||||
Issuance of shares in connection with convertible note conversion, shares | 9,090,909 | ||||||||||||||||||||
Issuance of stock for services rendered | 21,387,000 | 17,613,000 | 3,774,000 | ||||||||||||||||||
Issuance of stock for services rendered, shares | 7,588 | ||||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ (43,000) | 43,000 | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | (42,888,903) | ||||||||||||||||||||
Exercise of stock options | 38,303,000 | $ 1,000 | $ 2,000 | 38,300,000 | |||||||||||||||||
Exercise of stock options, shares | 1,547,658 | 2,411,978 | |||||||||||||||||||
Transactions with principal shareholder | 709,929,000 | 709,929,000 | |||||||||||||||||||
Issuance of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ 71,000 | (71,000) | |||||||||||||||||||
Issuance of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | 70,641,226 | ||||||||||||||||||||
Transfer of Common Stock Class B to Class A | $ 7,000 | $ (7,000) | |||||||||||||||||||
Transfer of Common Stock Class B to Class A, shares | 6,957,164 | (6,957,164) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (18,122,000) | 1,108,000 | (18,122,000) | ||||||||||||||||||
Net income (loss) | (3,281,840,000) | (3,264,738,000) | (17,102,000) | ||||||||||||||||||
Net income (loss) | (3,774,887,000) | (493,047,000) | |||||||||||||||||||
Balance at Dec. 31, 2019 | (4,374,712,000) | $ 41,000 | $ 129,000 | $ 28,000 | 1,879,838,000 | (2,611,000) | (6,574,322,000) | 322,185,000 | |||||||||||||
Balance at Dec. 31, 2019 | $ (4,696,897,000) | 190,000 | 190,000 | ||||||||||||||||||
Balance, shares at Dec. 31, 2019 | 41,304,381 | 129,220,654 | 27,752,323 | ||||||||||||||||||
Temporary Equity, Ending balance at Dec. 31, 2019 | $ 6,473,604,000 | $ 6,473,604,000 | 1,032,080,000 | ||||||||||||||||||
Temporary Equity, Ending balance, shares at Dec. 31, 2019 | 222,329,647 | 222,329,000 | 222,329,647 | 222,329,647 | |||||||||||||||||
Issuance of noncontrolling interests | $ 528,000 | 101,000 | 528,000 | ||||||||||||||||||
Stock-based compensation | 166,861,000 | $ 257,000 | $ 52,832,000 | 166,851,000 | 10,000 | ||||||||||||||||
Stock-based compensation, shares | 251,324 | ||||||||||||||||||||
Acquisition of noncontrolling interests | (187,523,000) | $ 280,345,000 | (92,822,000) | (197,949,000) | 10,426,000 | ||||||||||||||||
Acquisition of noncontrolling interests, shares | 34,482,759 | ||||||||||||||||||||
Exercise of warrants, net | $ 911,121,000 | ||||||||||||||||||||
Exercise of warrants, net, shares | 112,068,966 | ||||||||||||||||||||
Distributions to noncontrolling interests | (315,015,000) | (42,801,000) | (272,214,000) | ||||||||||||||||||
Settlement of stockholder notes receivable | 11,140,000 | 11,140,000 | |||||||||||||||||||
Settlement of stockholder notes receivable , shares | (206,147) | ||||||||||||||||||||
Issuance of stock for services rendered | 10,071,000 | 8,204,000 | 1,867,000 | ||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ (3,000) | 3,000 | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | (2,522,930) | ||||||||||||||||||||
Exercise of stock options | 125,000 | 68,386,000 | 125,000 | ||||||||||||||||||
Exercise of stock options, shares | 16,334 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | 58,197,000 | 12,304,000 | 58,197,000 | ||||||||||||||||||
Net income (loss) | (1,062,314,000) | (1,047,698,000) | (14,616,000) | ||||||||||||||||||
Net income (loss) | (1,666,077,000) | (603,763,000) | |||||||||||||||||||
Balance at Jun. 30, 2020 | $ (5,692,452,000) | $ 41,000 | $ 129,000 | $ 25,000 | 1,825,411,000 | 66,012,000 | (7,621,830,000) | 37,760,000 | |||||||||||||
Balance at Jun. 30, 2020 | 1,825,411,000 | $ 1,535 | $ 1,208 | $ 23,792 | $ (23,465) | ||||||||||||||||
Balance, shares at Jun. 30, 2020 | 41,365,892 | 129,341,872 | 25,229,393 | 12,075,000 | [1] | ||||||||||||||||
Temporary Equity, Ending balance at Jun. 30, 2020 | $ 7,665,327,000 | 347,900,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Jun. 30, 2020 | 368,881,372 | ||||||||||||||||||||
Temporary Equity, Beginning balance at Dec. 31, 2019 | $ 6,473,604,000 | $ 6,473,604,000 | 1,032,080,000 | ||||||||||||||||||
Temporary Equity, Beginning balance, shares at Dec. 31, 2019 | 222,329,647 | 222,329,000 | 222,329,647 | 222,329,647 | |||||||||||||||||
Balance at Dec. 31, 2019 | $ (4,374,712,000) | $ 41,000 | $ 129,000 | $ 28,000 | 1,879,838,000 | (2,611,000) | (6,574,322,000) | 322,185,000 | |||||||||||||
Balance at Dec. 31, 2019 | (4,696,897,000) | $ 190,000 | $ 190,000 | ||||||||||||||||||
Balance, shares at Dec. 31, 2019 | 41,304,381 | 129,220,654 | 27,752,323 | ||||||||||||||||||
Issuance of noncontrolling interests | 544,000 | 100,100,000 | 544,000 | ||||||||||||||||||
Stock-based compensation | 182,045,000 | $ 1,028,000 | 182,007,000 | 38,000 | |||||||||||||||||
Stock-based compensation, shares | 31,135 | 251,324 | 62,048 | ||||||||||||||||||
Acquisition of noncontrolling interests | (187,523,000) | $ 280,345,000 | (92,822,000) | (197,949,000) | 10,426,000 | ||||||||||||||||
Acquisition of noncontrolling interests, shares | 34,482,759 | ||||||||||||||||||||
Exercise of warrants, net | $ 911,121,000 | ||||||||||||||||||||
Exercise of warrants, net, shares | 112,068,966 | ||||||||||||||||||||
Distributions to noncontrolling interests | (317,264,000) | (6,646,000) | (42,801,000) | (274,463,000) | |||||||||||||||||
Settlement of stockholder notes receivable | 16,667,000 | 16,667,000 | |||||||||||||||||||
Settlement of stockholder notes receivable , shares | (206,147) | ||||||||||||||||||||
Issuance of stock in connection with acquisitions | 217,000 | 217,000 | |||||||||||||||||||
Issuance of stock in connection with acquisitions, shares | 129,239 | ||||||||||||||||||||
Issuance of stock for services rendered | 8,215,000 | 12,874,000 | (4,659,000) | ||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ (3,000) | 3,000 | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | (2,583,385) | ||||||||||||||||||||
Exercise of stock options | 220,000 | $ 1,000 | 219,000 | ||||||||||||||||||
Exercise of stock options, shares | 33,808 | 99,757 | |||||||||||||||||||
Deconsolidation of consolidated subsidiaries | 302,689,000 | 315,604,000 | (12,915,000) | ||||||||||||||||||
Transactions with principal shareholder | 21,640,000 | 21,640,000 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (166,625,000) | 23,161,000 | (166,625,000) | ||||||||||||||||||
Net income (loss) | (3,158,226,000) | (3,129,358,000) | (28,868,000) | ||||||||||||||||||
Net income (loss) | (3,833,857,000) | (675,631,000) | |||||||||||||||||||
Balance at Dec. 31, 2020 | (7,671,923,000) | $ 42,000 | $ 129,000 | $ 25,000 | 2,188,319,000 | (158,810,000) | (9,703,490,000) | 1,862,000 | 5,000,010 | ||||||||||||
Balance at Dec. 31, 2020 | $ (7,673,785,000) | 5,000,010 | $ 339 | $ 1,208 | 9,808,779 | (4,810,316) | |||||||||||||||
Balance, shares at Dec. 31, 2020 | 41,512,605 | 129,382,459 | 25,168,938 | 3,388,816 | 12,075,000 | ||||||||||||||||
Temporary Equity, Ending balance at Dec. 31, 2020 | $ 7,666,098,000 | 380,242,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Dec. 31, 2020 | 368,912,507 | 368,912,000 | 368,912,507 | ||||||||||||||||||
Temporary Equity, Beginning balance at Mar. 31, 2020 | $ 6,473,861,000 | 684,741,000 | |||||||||||||||||||
Temporary Equity, Beginning balance, shares at Mar. 31, 2020 | 222,329,647 | ||||||||||||||||||||
Balance at Mar. 31, 2020 | $ (4,782,049,000) | $ 41,000 | $ 129,000 | $ 27,000 | 1,859,685,000 | 77,617,000 | (6,758,001,000) | 38,453,000 | |||||||||||||
Balance, shares at Mar. 31, 2020 | 41,415,205 | 129,285,737 | 27,252,322 | ||||||||||||||||||
Issuance of noncontrolling interests | 244,000 | 101,000 | 244,000 | ||||||||||||||||||
Stock-based compensation | 153,433,000 | $ 26,416,000 | 153,401,000 | 32,000 | |||||||||||||||||
Stock-based compensation, shares | 86,526 | ||||||||||||||||||||
Acquisition of noncontrolling interests | (187,523,000) | $ 280,345,000 | (92,822,000) | (197,949,000) | 10,426,000 | ||||||||||||||||
Acquisition of noncontrolling interests, shares | 34,482,759 | ||||||||||||||||||||
Cancellation of shares | (10,199,000) | $ (1,000) | (10,198,000) | ||||||||||||||||||
Cancellation of shares ,shares | (536,180) | ||||||||||||||||||||
Exercise of warrants, net | $ 911,121,000 | ||||||||||||||||||||
Exercise of warrants, net, shares | 112,068,966 | ||||||||||||||||||||
Settlement of stockholder notes receivable | 6,129,000 | 6,129,000 | |||||||||||||||||||
Settlement of stockholder notes receivable , shares | (141,658) | ||||||||||||||||||||
Issuance of stock for services rendered | 5,037,000 | 4,103,000 | 934,000 | ||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ (2,000) | 2,000 | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | (2,022,929) | ||||||||||||||||||||
Exercise of stock options | 40,000 | 29,719,000 | 40,000 | ||||||||||||||||||
Exercise of stock options, shares | 5,819 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | (22,031,000) | 586,000 | (22,031,000) | ||||||||||||||||||
Net income (loss) | (865,732,000) | (863,829,000) | (1,903,000) | ||||||||||||||||||
Net income (loss) | (1,110,438,000) | (244,706,000) | |||||||||||||||||||
Other | 3,521,000 | 3,521,000 | |||||||||||||||||||
Balance at Jun. 30, 2020 | (5,692,452,000) | $ 41,000 | $ 129,000 | $ 25,000 | 1,825,411,000 | 66,012,000 | (7,621,830,000) | 37,760,000 | |||||||||||||
Balance at Jun. 30, 2020 | 1,825,411,000 | 1,535 | $ 1,208 | 23,792 | (23,465) | ||||||||||||||||
Balance, shares at Jun. 30, 2020 | 41,365,892 | 129,341,872 | 25,229,393 | 12,075,000 | [1] | ||||||||||||||||
Temporary Equity, Ending balance at Jun. 30, 2020 | $ 7,665,327,000 | 347,900,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Jun. 30, 2020 | 368,881,372 | ||||||||||||||||||||
Balance at May. 18, 2020 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||||
Balance, shares at May. 18, 2020 | 0 | 0 | [1] | ||||||||||||||||||
Issuance of Class B common stock to initial stockholders | 25,000 | $ 1,208 | 23,792 | ||||||||||||||||||
Issuance of Class B common stock to initial stockholders, shares | [1] | 12,075,000 | |||||||||||||||||||
Net income (loss) | (23,465) | (23,465) | |||||||||||||||||||
Balance at Jun. 30, 2020 | (5,692,452,000) | $ 41,000 | $ 129,000 | $ 25,000 | 1,825,411,000 | 66,012,000 | (7,621,830,000) | 37,760,000 | |||||||||||||
Balance at Jun. 30, 2020 | 1,825,411,000 | 1,535 | $ 1,208 | 23,792 | (23,465) | ||||||||||||||||
Balance, shares at Jun. 30, 2020 | 41,365,892 | 129,341,872 | 25,229,393 | 12,075,000 | [1] | ||||||||||||||||
Temporary Equity, Ending balance at Jun. 30, 2020 | $ 7,665,327,000 | 347,900,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Jun. 30, 2020 | 368,881,372 | ||||||||||||||||||||
Balance at May. 18, 2020 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||||
Balance, shares at May. 18, 2020 | 0 | 0 | [1] | ||||||||||||||||||
Issuance of Class B common stock to initial stockholders | 25,000 | $ 1,208 | 23,792 | ||||||||||||||||||
Issuance of Class B common stock to initial stockholders, shares | 12,075,000 | ||||||||||||||||||||
Sale of units in initial public offering, gross | 483,000,000 | $ 4,830 | 482,995,170 | ||||||||||||||||||
Sale of units in initial public offering, gross, shares | 48,300,000 | ||||||||||||||||||||
Offering costs | (27,134,434) | (27,134,434) | |||||||||||||||||||
Excess cash received over the fair value of the private warrants | 3,031,600 | 3,031,600 | |||||||||||||||||||
Common stock subject to possible redemption | (449,111,840) | $ (4,491) | (449,107,349) | ||||||||||||||||||
Common stock subject to possible redemption, shares | (44,911,184) | ||||||||||||||||||||
Net income (loss) | (4,810,316) | (4,810,316) | |||||||||||||||||||
Balance at Dec. 31, 2020 | (7,671,923,000) | $ 42,000 | $ 129,000 | $ 25,000 | 2,188,319,000 | (158,810,000) | (9,703,490,000) | 1,862,000 | 5,000,010 | ||||||||||||
Balance at Dec. 31, 2020 | $ (7,673,785,000) | 5,000,010 | $ 339 | $ 1,208 | 9,808,779 | (4,810,316) | |||||||||||||||
Balance, shares at Dec. 31, 2020 | 41,512,605 | 129,382,459 | 25,168,938 | 3,388,816 | 12,075,000 | ||||||||||||||||
Temporary Equity, Ending balance at Dec. 31, 2020 | $ 7,666,098,000 | 380,242,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Dec. 31, 2020 | 368,912,507 | 368,912,000 | 368,912,507 | ||||||||||||||||||
Common stock subject to possible redemption | 5,617,140 | $ 56 | 5,617,084 | ||||||||||||||||||
Common stock subject to possible redemption, shares | 561,714 | ||||||||||||||||||||
Net income (loss) | (5,617,146) | (5,617,146) | |||||||||||||||||||
Balance at Mar. 31, 2021 | $ (9,145,690,000) | $ 172,000 | $ 25,000 | 2,683,770,000 | (95,819,000) | (11,735,845,000) | 2,007,000 | ||||||||||||||
Balance at Mar. 31, 2021 | 5,000,004 | $ 395 | $ 1,208 | 15,425,863 | (10,427,462) | ||||||||||||||||
Balance, shares at Mar. 31, 2021 | 171,833,523 | 25,041,666 | 3,950,530 | 12,075,000 | |||||||||||||||||
Temporary Equity, Ending balance at Mar. 31, 2021 | $ 8,379,182,000 | 325,762,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Mar. 31, 2021 | 498,800,426 | ||||||||||||||||||||
Temporary Equity, Beginning balance at Dec. 31, 2020 | $ 7,666,098,000 | 380,242,000 | |||||||||||||||||||
Temporary Equity, Beginning balance, shares at Dec. 31, 2020 | 368,912,507 | 368,912,000 | 368,912,507 | ||||||||||||||||||
Balance at Dec. 31, 2020 | $ (7,671,923,000) | $ 42,000 | $ 129,000 | $ 25,000 | 2,188,319,000 | (158,810,000) | (9,703,490,000) | 1,862,000 | 5,000,010 | ||||||||||||
Balance at Dec. 31, 2020 | (7,673,785,000) | 5,000,010 | $ 339 | $ 1,208 | 9,808,779 | (4,810,316) | |||||||||||||||
Balance, shares at Dec. 31, 2020 | 41,512,605 | 129,382,459 | 25,168,938 | 3,388,816 | 12,075,000 | ||||||||||||||||
Stock-based compensation | 159,786,000 | $ 1,000 | 159,785,000 | ||||||||||||||||||
Stock-based compensation, shares | 873,142 | ||||||||||||||||||||
Exercise of warrants, net | $ 713,084,000 | $ 1,000 | (1,000) | ||||||||||||||||||
Exercise of warrants, net, shares | 129,887,919 | 494 | |||||||||||||||||||
Issuance of shares in connection with convertible note conversion, shares | 218,369 | ||||||||||||||||||||
Issuance of stock for services rendered | (2,143,000) | (2,143,000) | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ (1,000) | 1,000 | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | (1,036,363) | ||||||||||||||||||||
Exercise of stock options | 11,715,000 | $ 5,000 | 11,710,000 | ||||||||||||||||||
Exercise of stock options, shares | 5,396,232 | ||||||||||||||||||||
Transactions with principal shareholder | 428,289,000 | 428,289,000 | |||||||||||||||||||
Transfer of Common Stock Class B to Class A | $ 129,000 | $ (129,000) | |||||||||||||||||||
Transfer of Common Stock Class B to Class A, shares | 129,382,459 | (129,382,459) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 42,541,000 | (24,221,000) | 42,541,000 | ||||||||||||||||||
Net income (loss) | (2,920,585,000) | (2,921,200,000) | 615,000 | ||||||||||||||||||
Net income (loss) | (2,984,705,000) | (64,120,000) | (16,800,861) | ||||||||||||||||||
Balance at Jun. 30, 2021 | (9,958,998,000) | $ 177,000 | $ 24,000 | 2,775,762,000 | (116,269,000) | (12,624,690,000) | 5,998,000 | 5,000,009 | |||||||||||||
Balance at Jun. 30, 2021 | $ (9,964,996,000) | 5,000,009 | $ 507 | $ 1,208 | 26,609,471 | (21,611,177) | |||||||||||||||
Balance, shares at Jun. 30, 2021 | 176,628,752 | 24,132,575 | 5,068,902 | 12,075,000 | |||||||||||||||||
Temporary Equity, Ending balance at Jun. 30, 2021 | $ 8,379,182,000 | 291,901,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Jun. 30, 2021 | 499,018,795 | 499,018,795 | |||||||||||||||||||
Temporary Equity, Beginning balance at Mar. 31, 2021 | $ 8,379,182,000 | 325,762,000 | |||||||||||||||||||
Temporary Equity, Beginning balance, shares at Mar. 31, 2021 | 498,800,426 | ||||||||||||||||||||
Balance at Mar. 31, 2021 | $ (9,145,690,000) | $ 172,000 | $ 25,000 | 2,683,770,000 | (95,819,000) | (11,735,845,000) | 2,007,000 | ||||||||||||||
Balance at Mar. 31, 2021 | 5,000,004 | $ 395 | $ 1,208 | 15,425,863 | (10,427,462) | ||||||||||||||||
Balance, shares at Mar. 31, 2021 | 171,833,523 | 25,041,666 | 3,950,530 | 12,075,000 | |||||||||||||||||
Common stock subject to possible redemption | 11,183,720 | $ 112 | 11,183,608 | ||||||||||||||||||
Common stock subject to possible redemption, shares | 1,118,372 | ||||||||||||||||||||
Stock-based compensation | 91,595,000 | $ 1,000 | 91,594,000 | ||||||||||||||||||
Stock-based compensation, shares | 873,142 | ||||||||||||||||||||
Cancellation of shares | (10,199,000) | $ (1,000) | (10,198,000) | ||||||||||||||||||
Cancellation of shares ,shares | (536,180) | ||||||||||||||||||||
Exercise of warrants, net | $ 1,000 | (1,000) | |||||||||||||||||||
Exercise of warrants, net, shares | 4,494 | ||||||||||||||||||||
Issuance of shares in connection with convertible note conversion, shares | 218,369 | ||||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C | $ (1,000) | 1,000 | |||||||||||||||||||
Forfeiture of noncontrolling WeWork Partnerships Profits Interest Units in the WeWork Partnership and Common Stock Class C, shares | (909,091) | ||||||||||||||||||||
Exercise of stock options | 10,600,000 | $ 4,000 | 10,596,000 | ||||||||||||||||||
Exercise of stock options, shares | 4,457,773 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | (20,450,000) | 273,000 | (20,450,000) | ||||||||||||||||||
Net income (loss) | (888,375,000) | (888,845,000) | 470,000 | ||||||||||||||||||
Net income (loss) | (922,509,000) | (34,134,000) | (11,183,715) | (11,183,715) | |||||||||||||||||
Other | 3,521,000 | 3,521,000 | |||||||||||||||||||
Balance at Jun. 30, 2021 | (9,958,998,000) | $ 177,000 | $ 24,000 | $ 2,775,762,000 | $ (116,269,000) | $ (12,624,690,000) | $ 5,998,000 | 5,000,009 | |||||||||||||
Balance at Jun. 30, 2021 | $ (9,964,996,000) | $ 5,000,009 | $ 507 | $ 1,208 | $ 26,609,471 | $ (21,611,177) | |||||||||||||||
Balance, shares at Jun. 30, 2021 | 176,628,752 | 24,132,575 | 5,068,902 | 12,075,000 | |||||||||||||||||
Temporary Equity, Ending balance at Jun. 30, 2021 | $ 8,379,182,000 | $ 291,901,000 | |||||||||||||||||||
Temporary Equity, Ending balance, shares at Jun. 30, 2021 | 499,018,795 | 499,018,795 | |||||||||||||||||||
[1] | This number included up to 1,575,000 shares of Class B common stock subject to forfeiture if the over-allotment option was not exercised in full or in party by the underwriter. On August 13, 2020, the underwriter fully exercised the over-allotment option; thus, these shares were no longer subject to forfeiture. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Convertible Preferred Stock, Noncontrolling Interests And Equity (Parenthetical) | Jun. 30, 2020shares |
Class B Common Stock | BOWX ACQUISITION CORP [Member] | |
Common stock shares subject to possible redemption | 1,575,000 |
Condensed Consolidated Statem_7
Condensed Consolidated Statement of Cash Flows | 1 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||||||
Cash Flows from Operating Activities: | ||||||||||||
Net loss | $ (2,984,705,000) | $ (1,666,077,000) | $ (3,833,857,000) | $ (3,774,887,000) | $ (1,927,419,000) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 364,341,000 | 390,156,000 | 779,368,000 | 589,914,000 | 313,514,000 | |||||||
Impairment of property and equipment | 2,825,000 | 3,066,000 | 63,128,000 | 29,572,000 | ||||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 541,585,000 | 555,959,000 | 1,355,921,000 | 335,006,000 | ||||||||
Non-cash transaction with principal shareholder | 428,289,000 | 185,000,000 | ||||||||||
Loss on extinguishment of debt | 76,295,000 | 77,336,000 | ||||||||||
Stock-based compensation expense | 159,874,000 | 44,961,000 | 62,776,000 | 358,969,000 | 69,400,000 | |||||||
Cash paid to settle employee stock awards | (3,141,000) | (13,939,000) | ||||||||||
Issuance of stock for services rendered | (2,273,000) | 9,834,000 | 7,893,000 | 20,367,000 | 18,957,000 | |||||||
Non-cash interest expense | 105,137,000 | 67,390,000 | 172,112,000 | 14,917,000 | 127,716,000 | |||||||
Provision for allowance for doubtful accounts | 17,247,000 | 20,956,000 | 67,482,000 | 22,221,000 | 6,722,000 | |||||||
Income (loss) from equity method and other investments | 24,510,000 | 47,111,000 | 44,788,000 | 32,206,000 | 12,638,000 | |||||||
Distribution of income from equity method and other investments | 3,210,000 | 4,191,000 | ||||||||||
Foreign currency gain (loss) | 37,925,000 | 148,854,000 | (149,196,000) | (30,915,000) | 80,587,000 | |||||||
Change in fair value of financial instruments | 350,822,000 | (792,313,000) | (819,647,000) | (239,145,000) | ||||||||
Contingent consideration fair market value adjustment | (194,000) | (122,000) | (60,667,000) | 76,439,000 | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Operating lease right-of-use assets | 830,935,000 | 234,284,000 | 1,024,709,000 | (5,850,744,000) | ||||||||
Current and long-term lease obligations | (909,490,000) | 752,026,000 | 502,025,000 | 7,672,358,000 | ||||||||
Deferred rent | 1,278,348,000 | |||||||||||
Lease incentive receivable | (121,734,000) | |||||||||||
Deferred lease acquisition costs | (40,352,000) | |||||||||||
Accounts receivable and accrued revenue | 11,630,000 | (69,988,000) | (32,749,000) | (175,262,000) | (69,403,000) | |||||||
Other assets | (58,838,000) | (13,638,000) | (28,148,000) | (126,870,000) | (211,690,000) | |||||||
Accounts payable and accrued expenses | (40,704,000) | (30,901,000) | (164,190,000) | 390,609,000 | 147,627,000 | |||||||
Deferred revenue | (36,684,000) | 36,233,000 | 32,803,000 | 90,445,000 | 54,782,000 | |||||||
Other liabilities | (3,488,000) | 17,959,000 | 39,731,000 | 38,840,000 | 1,618,000 | |||||||
Deferred income taxes | 1,720,000 | (284,000) | (159,000) | (3,734,000) | (10,112,000) | |||||||
Net cash provided by (used in) operating activities | (1,158,957,000) | (168,552,000) | (857,008,000) | (448,244,000) | (176,729,000) | |||||||
Cash Flows from Investing Activities | ||||||||||||
Purchases of property and equipment | (153,142,000) | (985,011,000) | (1,441,232,000) | (3,488,086,000) | (2,055,020,000) | |||||||
Capitalized software | (17,986,000) | (12,705,000) | (22,614,000) | (40,735,000) | (8,891,000) | |||||||
Sale of software license | 9,000,000 | |||||||||||
Change in security deposits with landlords | 2,885,000 | (4,875,000) | 526,000 | (140,071,000) | (95,463,000) | |||||||
Proceeds from asset divestitures and sale of investments, net of cash divested | 8,319,000 | 1,088,876,000 | 1,172,860,000 | 16,599,000 | 2,202,000 | |||||||
Contributions to investments | (26,704,000) | (93,357,000) | (99,146,000) | (80,674,000) | (121,626,000) | |||||||
Loans to employees and related parties | (5,580,000) | (1,859,000) | ||||||||||
Cash used for acquisitions, net of cash acquired | (1,036,973,000) | (204,141,000) | ||||||||||
Deconsolidation of cash of ChinaCo, net of cash received | (54,481,000) | |||||||||||
Net cash provided by (used in) investing activities | (186,628,000) | (7,072,000) | (444,087,000) | (4,775,520,000) | (2,475,798,000) | |||||||
Cash Flows from Financing Activities: | ||||||||||||
Principal payments for property and equipment acquired under finance leases | (2,184,000) | (2,144,000) | (4,021,000) | (3,590,000) | (1,869,000) | |||||||
Proceeds from issuance of debt | 349,011,000 | 32,445,000 | 34,309,000 | 662,395,000 | 768,795,000 | |||||||
Proceeds from LC Debt Facility | 349,011,000 | |||||||||||
Proceeds from unsecured related party debt | 1,000,000,000 | 1,200,000,000 | ||||||||||
Proceeds from issuance of convertible related party liabilities | 4,000,000,000 | 1,000,000,000 | ||||||||||
Repayments of debt | (759,196,000) | (813,140,000) | (3,088,000) | (1,085,000) | ||||||||
Repayment of security deposit loan | (2,615,000) | |||||||||||
Bond repurchase | (32,352,000) | |||||||||||
Debt and equity issuance costs | (4,124,000) | (12,039,000) | (71,075,000) | (23,227,000) | ||||||||
Loans payable to related parties | 2,413,000 | 149,000 | (27,552,000) | |||||||||
Proceeds from exercise of stock options and warrants | 2,413,000 | 212,000 | 38,823,000 | 3,505,000 | ||||||||
Proceeds from issuance of noncontrolling interests | 629,000 | 100,628,000 | 538,934,000 | 747,907,000 | ||||||||
Distributions to noncontrolling interests | (315,015,000) | (319,860,000) | (40,000,000) | |||||||||
Payments for contingent consideration and holdback of acquisition proceeds | (2,523,000) | (32,792,000) | (39,701,000) | (38,280,000) | (14,436,000) | |||||||
Proceeds relating to contingent consideration and holdbacks of disposition proceeds | 12,177,000 | 613,000 | ||||||||||
Additions to members' service retainers | 198,194,000 | 205,734,000 | 382,184,000 | 703,265,000 | 359,634,000 | |||||||
Refunds of members' service retainers | (204,763,000) | (280,814,000) | (575,999,000) | (497,761,000) | (153,203,000) | |||||||
Net cash provided by (used in) financing activities | 1,349,710,000 | (1,155,128,000) | (46,814,000) | 5,257,271,000 | 2,658,469,000 | |||||||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (2,793,000) | (22,610,000) | 1,374,000 | 3,239,000 | (13,119,000) | |||||||
Net decrease in cash | 1,332,000 | (1,353,362,000) | (1,346,535,000) | 36,746,000 | (7,177,000) | |||||||
Cash - beginning of the period | 800,535,000 | [1],[2] | 1,340,140,000 | [2] | 1,340,140,000 | [2] | 1,744,209,000 | |||||
Cash - end of the period | $ 713,984,000 | 843,957,000 | [1] | 713,984,000 | $ 800,535,000 | [1],[2] | 800,535,000 | [1],[2] | 1,340,140,000 | [2] | 1,744,209,000 | |
Cash, cash equivalents and restricted cash—Beginning of period | 854,153,000 | 2,200,688,000 | 2,200,688,000 | 2,163,942,000 | 2,171,119,000 | |||||||
Cash, cash equivalents and restricted cash—End of period | 847,326,000 | 855,485,000 | 847,326,000 | 854,153,000 | 854,153,000 | 2,200,688,000 | 2,163,942,000 | |||||
Cash and cash equivalents | 713,984,000 | 843,957,000 | [1] | 713,984,000 | 800,535,000 | [1],[2] | 800,535,000 | [1],[2] | 1,340,140,000 | [2] | 1,744,209,000 | |
Restricted cash | 132,342,000 | 11,528,000 | 132,342,000 | 53,618,000 | 53,618,000 | 856,255,000 | 419,733,000 | |||||
Cash and cash equivalents held for sale | 1,000,000 | 1,000,000 | 1,138,000 | |||||||||
Restricted cash held for sale | 3,155,000 | |||||||||||
Cash, cash equivalents and restricted cash | 847,326,000 | 855,485,000 | 847,326,000 | 854,153,000 | 854,153,000 | 2,200,688,000 | 2,163,942,000 | |||||
Supplemental Cash Flow Information | ||||||||||||
Cash paid during the period for interest | 87,907,000 | 48,368,000 | 120,234,000 | 74,195,000 | 41,326,000 | |||||||
Cash paid for income taxes | 29,376,000 | 27,989,000 | 4,376,000 | |||||||||
Cash received for operating lease incentives — tenant improvement allowances | 233,339,000 | 737,392,000 | 1,331,660,000 | 1,134,216,000 | 673,415,000 | |||||||
Cash received for operating lease incentives — broker commissions | 670,000 | 14,904,000 | 17,583,000 | 64,246,000 | 30,627,000 | |||||||
Supplemental Disclosure of Non-cash Investing & Financing Activities: | ||||||||||||
Property and equipment included in accounts payable and accrued expenses | 85,877,000 | 306,503,000 | 198,040,000 | 642,161,000 | 485,037,000 | |||||||
Conversion of related party liabilities to into Preferred Stock | 711,786,000 | |||||||||||
Additions to property and equipment from non-cash capitalized interest and amortization of deferred financing costs | 7,436,000 | 36,699,000 | ||||||||||
Issuance of shares for goods received capitalized in property and equipment | 390,000 | 1,100,000 | 1,087,000 | |||||||||
Issuance of stock in connection with acquisitions | 217,000 | 198,521,000 | 274,118,000 | |||||||||
Acquisition consideration holdback included in other liabilities | 1,593,000 | 45,043,000 | 43,156,000 | |||||||||
Transfer of assets to held for sale | 134,958,000 | |||||||||||
Transfer of liabilities related to assets held for sale | 25,442,000 | |||||||||||
Consideration holdbacks and other receivables relating to dispositions | 20,500,000 | |||||||||||
Decrease in consolidated total assets resulting from the deconsolidation of ChinaCo (excluding amounts that previously eliminated in consolidation) | 1,764,458,000 | |||||||||||
Decrease in consolidated total liabilities resulting from the deconsolidation of ChinaCo (excluding amounts that previously eliminated in consolidation) | 1,983,631,000 | |||||||||||
Conversion of net intercompany receivables into equity method investment in ChinaCo, at fair value | 26,330,000 | |||||||||||
Conversion of equity method investment to equity in consolidated 424 Fifth Venture | 50,000,000 | |||||||||||
Transfer of acquisition deposit to contribution to equity method investment | $ 52,858,000 | |||||||||||
Non-cash settlement of employee loans | 14,736,000 | 21,666,000 | ||||||||||
Non-cash transaction with principal shareholder | 428,289,000 | 185,000,000 | ||||||||||
Warrants issued as debt issuance costs | 853,317,000 | |||||||||||
Conversion of related party liabilities to into capital | 21,641,000 | 2,697,522,000 | ||||||||||
Distribution of investment to noncontrolling interest holder | 6,646,000 | |||||||||||
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities | 1,133,455,000 | 964,093,000 | 2,289,691,000 | 1,551,573,000 | ||||||||
Cash paid for interest relating to finance leases in operating activities | 2,170,000 | 2,368,000 | 4,676,000 | 4,622,000 | ||||||||
Cash paid for principal relating to finance leases in financing activities | 2,184,000 | 2,144,000 | 4,021,000 | 3,590,000 | ||||||||
Right-of-use assets obtained in exchange for finance lease obligations | 920,000 | 920,000 | 14,803,000 | |||||||||
Right-of-use assets obtained in exchange for operating lease obligations, net of modifications and terminations | (1,011,144,000) | (469,083,000) | (106,796,000) | $ 9,304,066,000 | ||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net loss | (23,465) | (16,800,861) | (4,810,316) | |||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
General and administrative expenses paid by related party | 381 | 381 | ||||||||||
Change in fair value of warrant liabilities | 0 | 12,670,532 | 4,664,000 | |||||||||
Offering costs associated with private placement warrants | 9,344 | |||||||||||
Net gain from investments held in Trust Account | (59,364) | (227,051) | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses | 49,914 | (372,265) | ||||||||||
Accounts payable | 20 | 65,153 | 315 | |||||||||
Accrued expenses | 3,531,743 | 1,695 | ||||||||||
Due to related party | (147) | |||||||||||
Accrued income tax | (12,010) | 12,010 | ||||||||||
Franchise tax payable | 23,064 | (74,533) | 122,242 | |||||||||
Net cash provided by (used in) operating activities | (629,426) | (599,792) | ||||||||||
Cash Flows from Investing Activities | ||||||||||||
Cash deposited in Trust Account | (483,000,000) | |||||||||||
Interest released from Trust Account | 214,711 | |||||||||||
Net cash provided by (used in) investing activities | 214,711 | (483,000,000) | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds received from initial public offering, gross | 483,000,000 | |||||||||||
Proceeds received from private placement | 11,660,000 | |||||||||||
Offering costs paid | (9,943,684) | |||||||||||
Proceeds from unsecured related party debt | 45,000 | 45,000 | ||||||||||
Repayments of debt | (195,475) | |||||||||||
Net cash provided by (used in) financing activities | 484,520,841 | |||||||||||
Net decrease in cash | (414,715) | 921,049 | ||||||||||
Cash - beginning of the period | 921,049 | |||||||||||
Cash - end of the period | 506,334 | 921,049 | 921,049 | |||||||||
Cash and cash equivalents | 506,334 | 921,049 | $ 921,049 | |||||||||
Supplemental Cash Flow Information | ||||||||||||
Cash paid for income taxes | 21,000 | |||||||||||
Supplemental disclosure of noncash activities: | ||||||||||||
Offering costs paid by related party in exchange for issuance of Class B common stock | 25,000 | 25,000 | ||||||||||
Offering costs included in accrued expenses | 138,600 | 75,000 | ||||||||||
Offering costs included in note payable | 109,325 | 195,094 | ||||||||||
Deferred underwriting commissions in connection with the initial public offering | 16,905,000 | |||||||||||
Warrant liabilities | 8,628,400 | |||||||||||
Initial value of Class A common stock subject to possible redemption | 401,719,790 | |||||||||||
Change in value of Class A common stock subject to possible redemption | $ (16,800,860) | $ 47,392,050 | ||||||||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | |||||||||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. |
Condensed Consolidated Statem_8
Condensed Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||||
Capitalized interest | $ 0 | $ 2,981 | $ 2,981 | $ 13,358 | $ 0 |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Description of Organization and Business Operations | Note 1. Organization and Business WeWork Companies Inc. was founded in 2010. The We Company was incorporated under the laws of the state of Delaware in April 2019 as a direct wholly-owned subsidiary of WeWork Companies Inc. As a result of various legal entity reorganization transactions undertaken in July 2019, The We Company became the holding company of our business, and the then-stockholders of WeWork Companies Inc. became the stockholders of The We Company. Effective October 14, 2020, The We Company changed its legal name to WeWork Inc. WeWork Inc. holds an indirect general partner interest and indirect limited partner interests in The We Company Management Holdings L.P. (the “WeWork Partnership”). The WeWork Partnership owns 100% of the equity in WeWork Companies LLC. WeWork Inc., through the WeWork Partnership and WeWork Companies LLC, holds all the assets held by WeWork Companies Inc. prior to the legal entity reorganization and is subject to all the liabilities to which WeWork Companies Inc. was subject prior to the legal entity reorganization. The legal entity reorganization was accounted for as a transfer among entities under common control and the assets and liabilities transferred were recorded based on historical cost and the financial statements are presented as if the transfer occurred at the beginning of the periods presented. WeWork Companies Inc. is the predecessor of WeWork Inc. for financial reporting purposes. Our core global business offering integrates space, community, services and technology in 763 locations around the world as of June 1, 2021. Our membership offerings are designed to accommodate our members’ distinct space needs. We provide our members the optionality to choose from a dedicated desk, a private office or a fully customized floor with the flexibility to choose the type of membership that works for them on a monthly subscription basis, through a multi-year membership agreement or on a pay-as-you-go The Company’s operations are headquartered in New York. All references to “we”, “us”, “our”, “WeWork” and the “Company” are references to WeWork Inc. and its subsidiaries on a consolidated basis; and all references to “SBG” are references to SoftBank Group Corp. or a controlled affiliate or subsidiary thereof, but, unless the context otherwise requires, does not include SVF Endurance (Cayman) Limited (“SVFE”) or the SoftBank Vision Fund (AIV M1) L.P. (“SoftBank Vision Fund”). In October 2019, and as subsequently amended, the Company entered into an agreement with SBG and SoftBank Vision Fund for additional equity and debt financing, as well as a number of changes to the Company’s corporate governance, including changes to the voting rights associated with certain series of the Company’s capital stock (the “Master Transaction Agreement”). The changes associated with this October 2019 agreement, and related agreements and amendments entered into subsequent to October 2019, as described throughout these financial statement notes, are collectively referred to as the “SoftBank Transactions.” SBG is a principal stockholder with representation on the Company’s Board of Directors. BowX Merger Agreement On March 25, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, BowX Acquisition Corp. (“BowX”), and BowX Merger Subsidiary Corp., a Delaware corporation and a direct wholly owned subsidiary of BowX (“Merger Sub”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following will occur (together with the other agreements and transactions contemplated by the Merger Agreement, the Business Combination): • at the closing of the transactions contemplated by the Merger Agreement (the Closing), upon the terms and subject to the conditions of the Merger Agreement and in accordance with the Delaware General Corporation Law, as amended (the “DGCL”), Merger Sub will merge with and into the Company, the separate corporate existence of Merger Sub will cease and the Company will be the surviving corporation and a wholly owned subsidiary of BowX (the “Merger”); • as promptly as practicable following the Closing, the Company will merge with and into BowX Merger Subsidiary II, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of BowX (Merger Sub II and such transaction, the “Second Merger”), with Merger Sub II being the surviving entity of the Second Merger; • as a result of the Merger, among other things, all outstanding shares of capital stock of the Company (other than shares of Class C common stock of the Company, treasury shares, shares held by stockholders who have perfected and not withdrawn a demand for appraisal rights pursuant to the DGCL and shares of Company stock subject to options, warrants and RSUs) will be cancelled in exchange for the right to receive a number of newly issued shares of Class A common stock, par value $0.0001 per share, of BowX (“BowX Class A Common Stock”) determined using an exchange ratio (the “Exchange Ratio”) which is determined based on a pre-money • shares of Class C common stock of the Company will be cancelled in exchange for the right to receive a number of newly issued shares of Class C common stock, par value $0.0001 per share, of BowX (“Bow X Class C Common Stock”) determined using the Exchange Ratio; • outstanding options and warrants to purchase Company stock and RSUs will be converted into the right to receive options or warrants to purchase shares of BowX Class A Common Stock or restricted stock units representing the right to receive shares of BowX Class A Common Stock, as applicable, on the same terms and conditions that are in effect with respect to such options, warrants or RSUs on the day of Closing, subject to adjustments using the Exchange Ratio, as described below; and • BowX will immediately be renamed “WeWork Inc.” or such other name as agreed to by the Company and BowX prior to Closing. The Merger Agreement is subject to the satisfaction or waiver of certain customary closing conditions, including, among others, (i) approval of the Business Combination and related agreements and transactions by the respective stockholders of the Company and BowX, (ii) effectiveness of the proxy statement / registration statement on Form S-4 in the Merger Agreement) on the Company and (ix) customary bringdown of the representations, warranties and covenants of the parties therein. Another condition to the parties’ obligations to consummate the Merger is that as of the Closing the sum of (x) the amount of cash available in the trust account into which substantially all of the proceeds of BowX’s initial public offering and private placements of its securities have been deposited, after deducting the amount required to satisfy BowX’s obligations to its stockholders (if any) that exercise their rights to redeem all or a portion of their BowX Class A Common Stock pursuant to BowX’s certificate of incorporation and bylaws (but prior to payment of any deferred underwriting commissions being held in the trust account and any transaction expenses of BowX, the Company or their affiliates) plus (y) the amount of the PIPE Investment (as defined below) actually received by BowX prior to or substantially concurrently with the Closing, is equal to or greater than $800.0 million. The Merger Agreement contains additional covenants, including, among others, providing for (i) the parties to use reasonable best efforts to conduct their respective businesses in the ordinary course through the Closing, (ii) the parties not to initiate any negotiations or enter into any agreements for certain alternative transactions, (iii) the Company to prepare and deliver to BowX certain unaudited consolidated financial statements of the Company, (iv) BowX and the Company jointly to prepare, and BowX to file, a proxy statement / registration statement on Form S-4 The Merger Agreement may be terminated at any time prior to the Closing (i) by mutual written consent of BowX and the Company, (ii) by the Company or BowX, if certain approvals of the shareholders of BowX are not obtained, (iii) by the Company, if there is an Acquiror Modification in Recommendation (as defined in the Merger Agreement), (iv) by BowX if there is a Company Modification in Recommendation (as defined in the Merger Agreement) (v) by BowX, if certain approvals of the stockholders of the Company are not obtained within certain time periods, or (vi) by either BowX or the Company in certain other circumstances set forth in the Merger Agreement, including (a) if any Governmental Authority (as defined in the Merger Agreement) shall have enacted, issued, promulgated, enforced or entered any final and nonappealable Governmental Order (as defined in the Merger Agreement) that has the effect of making consummation of the Merger illegal or otherwise preventing or prohibiting consummation of the Merger and (b) in the event of certain uncured breaches by the other party or if the Closing has not occurred on or before October 31, 2021, subject to extension by sixty (60) days in certain circumstances (the “Agreement End Date”). Certain Related Agreements Subscription Agreements On March 25, 2021, concurrently with the execution of the Merger Agreement, BowX entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 80,000,000 shares of BowX Class A Common Stock for $10.00 per share, for an aggregate subscription price equal to $800.0 million, (the “PIPE Investment”). The PIPE Investment will be consummated substantially concurrently with the Closing. The Subscription Agreements will terminate with no further force and effect upon the earliest to occur of: (i) such date and time as the Merger Agreement is terminated in accordance with its terms; (ii) the mutual written agreement of the parties to such Subscription Agreement; (iii) if any of the conditions to closing set forth in such Subscription Agreement are not satisfied on or prior to the Closing and, as a result thereof, the transactions contemplated by the Subscription Agreement fail to occur; and (iv) the Agreement End Date. For two key anchor investors, each with an aggregate investment amount of $125.0 million (collectively, the “Key Anchor Investors”), the obligation to close under the Subscription Agreements is further conditioned upon the total investment by the PIPE Investors equaling or exceeding $700.0 million, with such amount including (i) an investment of at least $125.0 million in the aggregate from the other Key Anchor Investor and its affiliates and any investment funds controlled by their affiliates, (ii) an investment of at least $15.0 million from investors identified, cultivated or referred by Bow Capital or otherwise associated with Bow Capital, and (iii) an investment of at least $10.0 million in the aggregate from The Obsidian Master Fund and its affiliates and any investment funds controlled by its affiliates. Sponsor Support Agreement On March 25, 2021, the Company entered into a Sponsor Support Agreement (the “Sponsor Support Agreement”), with BowX Sponsor, LLC (the “Sponsor”) and other persons party thereto (the “Sponsor Persons”), pursuant to which the Sponsor and the Sponsor Persons agreed to, among other things, (i) cause to be forfeited 3,000,000 shares of Class B common stock, par value $0.0001 per share, of BowX held by the Sponsor and certain other persons and (ii) vote in favor of the Merger Agreement and the transactions contemplated thereby, in each case, subject to the terms and conditions contemplated by the Sponsor Support Agreement. Stockholder Support Agreement On March 25, 2021, the Company entered into Stockholder Support Agreements (the “Stockholder Support Agreements”), with BowX and certain stockholders of the Company (the “Key Stockholders”). Pursuant to the Stockholder Support Agreements, the Key Stockholders agreed to, among other things, execute and deliver a written consent adopting the Merger Agreement and related transactions and approving the Business Combination with respect to the outstanding shares of the Company common stock and preferred stock held by the Key Stockholders on the terms and subject to the conditions set forth therein. The shares of the Company that are subject to the Stockholder Support Agreements represent a majority of the outstanding voting power of the Company’s capital stock (voting as a single class and on an as converted basis) and a majority of outstanding senior preferred stock held by stockholders other than SBG and its affiliates sufficient to approve certain transactions contemplated by the Business Combination for purposes of certain Company charter provisions. Transfer Restrictions and Registration Rights The Merger Agreement contemplates that, at the Closing, BowX, the Company, the Sponsor, the Key Stockholders and certain of their respective affiliates will enter into an amended and restated registration rights Agreement (the Registration Rights Agreement), pursuant to which BowX will agree to register for resale, pursuant to Rule 415 under the Securities Act, certain shares of BowX Class A Common Stock and other equity securities of BowX that are held by the parties thereto from time to time. In certain circumstances, various parties in the Registration Rights Agreement can collectively demand up to nine underwritten offerings and will be entitled to piggyback registration rights, in each case subject to certain limitations set forth in the Registration Rights Agreement. Additionally, in connection with the Business Combination, the Sponsor and certain of the Company’s officers, directors and stockholders entered into a lock-up “Lock-Up agreed not to (i) sell or otherwise dispose of, or agree to sell or dispose of, directly or indirectly, any shares of BowX Class A Common Stock held by such persons immediately after the Closing or any shares of BowX Class A Common Stock issuable upon the exercise of options, warrants or other convertible securities to purchase shares of BowX Class A Common Stock held by such persons immediately after the Closing (“Lock-Up Lock-Up “Lock-Up The foregoing description of the Merger Agreement, Subscription Agreements, Sponsor Support Agreement, Stockholder Support Agreement, Registration Rights Agreement and Lock-Up 8-K/A Credit Support Letter (LC) On March 25, 2021, WeWork Companies LLC, SBG and BowX entered into a letter agreement (the “Credit Support Letter”) pursuant to which SBG has committed to consent to an extension of the termination date of the Credit Agreement from February 10, 2023 to no later than February 10, 2024 (the “LC Facility Termination Extension”), subject to the terms and conditions set forth therein. Any LC Facility Termination Extension will require the requisite consent of the lenders thereunder. Credit Support Letter (SSN) On March 25, 2021, the Company and an affiliate of SBG entered into a letter agreement pursuant to which the Company and an affiliate of SBG have agreed to amend and restate the terms of the Master Senior Secured Notes Note Purchase Agreement that governs the SoftBank Senior Secured Notes (as amended and restated, the “A&R Senior Secured Note Purchase Agreement”) on the earlier of (i) the Closing and (ii) August 12, 2021. The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow up to an aggregate principal amount of $550.0 million of senior secured debt in the form of new 7.5% senior secured notes (the “A&R Senior Secured Notes”). It is a condition to the execution of the A&R Senior Secured Note Purchase Agreement that any outstanding SoftBank Senior Secured Notes be redeemed, repurchased or otherwise repaid and canceled at a price of 101% of the principal amount thereof plus accrued and unpaid interest. The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow once every 30 days with minimum draws of $50.0 million. The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. Warrants Concurrently with and contingent upon the Closing, BowX will issue to SBWW or its designees one or more warrants (collectively, the “First Warrant”) to purchase a number of shares of BowX Class A Common Stock (rounded to the nearest whole share) equal to 47,366,404 multiplied by the Exchange Ratio, subject to the terms set forth therein, at a price per share equal to $0.01 divided by the Exchange Ratio (rounded to the nearest full cent). The First Warrant will expire on the tenth (10th) anniversary of the Closing. Although the First Warrant will be issued by BowX, solely for purposes of calculating the Exchange Ratio used in the Business Combination, the First Warrant is treated in the same manner as a hypothetical outstanding warrant to purchase 47,366,404 class A common shares of the Company at an exercise price of $0.01. Additionally, concurrently with and contingent upon the LC Facility Termination Extension, BowX will issue to SBG or its designees one or more warrants (collectively, the “LC Warrant”) to purchase a number of shares of BowX Class A Common Stock (rounded to the nearest whole share) equal to 14,431,991 multiplied by the Exchange Ratio, subject to the terms set forth therein, at a price per share equal to $0.01 divided by the Exchange Ratio (rounded to the nearest full cent). The LC Warrant would expire on the tenth (10th) anniversary of the date of issuance. We Company Partnership Under the partnership agreement for the We Company Partnership, vested WeWork Partnerships Profits Interest Units (“PIUs”) can, at the election of the holder of the PIUs, be (a) converted into WeWork Partnerships Class B Common Units, or (b) exchanged (along with the corresponding shares of WeWork Class C Common Stock) for (at WeWork’s election) shares of WeWork Class B Common Stock or cash of an equivalent value, assuming that the value of a share of WeWork Class A Common Stock exceeds the per-unit catch-up catch-up catch-up Under the Company’s amended and restated certificate of incorporation, following the threshold automatic conversion on February 26, 2021, any newly-issued shares of WeWork Class B Common Stock exchanged from vested PIUs will, immediately after such issuance, automatically convert into shares of WeWork Class A Common Stock. In connection with the Business Combination, the partnership agreement for the WeWork Partnership will be amended at the Closing to implement mechanical changes to reflect the conversion of shares of capital stock of the Company to shares of BowX Class A Common Stock (including the conversion of shares of class C common stock into shares of Class C Common stock of BowX). Specifically, the number of outstanding partnership interests (including all PIUs) will be adjusted to equal the number of shares of the corresponding class of common stock of BowX (which, in the case of the PIUs, is the Class C Common stock of BowX), taking into account the Exchange Ratio in the Merger. The distribution threshold and catch-up pre-Business | Note 1. Organization and Business WeWork Companies Inc. was founded in 2010. The We Company was incorporated under the laws of the state of Delaware in April 2019 as a direct wholly-owned subsidiary of WeWork Companies Inc. As a result of various legal entity reorganization transactions undertaken in July 2019, The We Company became the holding company of our business, and the then-stockholders of WeWork Companies Inc. became the stockholders of The We Company. Effective October 14, 2020, The We Company changed its legal name to WeWork Inc. WeWork Inc. holds an indirect general partner interest and indirect limited partner interests in The We Company Management Holdings L.P. (the “WeWork Partnership”). The WeWork Partnership owns 100% of the equity in WeWork Companies LLC. WeWork Inc., through the WeWork Partnership and WeWork Companies LLC, holds all the assets held by WeWork Companies Inc. prior to the legal entity reorganization and is subject to all the liabilities to which WeWork Companies Inc. was subject prior to the legal entity reorganization. The legal entity reorganization was accounted for as a transfer among entities under common control and the assets and liabilities transferred were recorded based on historical cost and the financial statements are presented as if the transfer occurred at the beginning of the periods presented. WeWork Companies Inc. is the predecessor of WeWork Inc. for financial reporting purposes. Our core global business offering integrates space, community, services and technology in 851 locations around the world as of December 1, 2020. Our membership offerings are designed to accommodate our members’ distinct space needs. We provide our members the optionality to choose from a dedicated desk, a private office or a fully customized floor with the flexibility to choose the type of membership that works for them on a monthly subscription basis, through a multi-year membership agreement or on a pay-as-you-go basis. The Company’s operations are headquartered in New York. All references to “we”, “us”, “our”, “WeWork” and the “Company” are references to WeWork Inc. and its subsidiaries on a consolidated basis; and all references to “SBG” are references to SoftBank Group Corp. or a controlled affiliate or subsidiary thereof, but, unless the context otherwise requires, does not include SVF Endurance (Cayman) Limited (“SVFE”) or SoftBank Vision Fund (AIV M1) L.P. (“SoftBank Vision Fund”). In October 2019, and as subsequently amended, the Company entered into an agreement with SBG and SoftBank Vision Fund for additional equity and debt financing, as well as a number of changes to the Company’s corporate governance, including changes to the voting rights associated with certain series of the Company’s capital stock (the “Master Transaction Agreement”). The changes associated with this October 2019 agreement, and related agreements and amendments entered into subsequent to October 2019, as described throughout these financial statement notes, are collectively referred to as the “SoftBank Transactions”. SBG is a principal stockholder with representation on the Company’s Board of Directors. | |
BOWX ACQUISITION CORP [Member] | |||
Description of Organization and Business Operations | Note 1—Description of Organization and Business Operations Organization and General BowX Acquisition Corp. (the “Company”) was incorporated as a Delaware corporation on May 19, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination (“Business Combination”) with one or more operating businesses or entities that it has not yet selected. The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company has neither engaged in any operations nor generated revenue to date. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). As of June 30, 2021, the Company had not commenced any operations. All activity for the period from May 19, 2020 (inception) through June 30, 2021 had been related to the Company’s formation and the initial public offering (“Initial Public Offering”) described below, and since the offering, the search for a prospective Business Combination. The Company will not generate any operating revenue until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating Sponsor and Financing The Company’s sponsor is BowX Sponsor, LLC, a Delaware limited liability company of which Vivek Ranadivé, the Company’s Chairman of the Board and Co-Chief Co-Chief Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,933,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to certain of the Company’s initial stockholders and certain funds and accounts managed by subsidiaries of BlackRock, Inc (the “Private Placement Warrants Purchasers”), generating gross proceeds of $10.4 million (Note 4), and incurring offering costs of approximately $8,000. In connection with the consummation of the sale of additional Units pursuant to the underwriter’s over-allotment option on August 13, 2020, the Company sold an additional 840,000 Private Placement Warrants to the Private Placement Warrants Purchasers, generating additional gross proceeds of approximately $1.3 million. Trust Account Upon the closing of the Initial Public Offering and the Private Placement (including the exercise of the over-allotment option), $483.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and held as cash or invested only in U.S. “government securities,” within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under the Investment Company Act, which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Pursuant to stock exchange listing rules, the Company must complete an initial Business Combination with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest earned on the funds that may be released to the Company to pay taxes, none of the funds held in Trust Account will be released until the earliest of: (i) the completion of the Business Combination; (ii) the redemption of any of Public Shares to its holders (the “Public Stockholders”) properly tendered in connection with a stockholder vote to amend certain provisions of the Company’s amended and restated certificate of incorporation prior to an initial Business Combination and (iii) the redemption of 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below). Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially all of the net proceeds of the Initial Public Offering are intended to be generally applied toward completing a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully complete a Business Combination. In connection with the proposed transaction with WeWork described below, the Company will seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which Public Stockholders may seek to redeem their Public Shares, regardless of whether they vote for or against the Business Combination or do not vote at all, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes. The Company will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 either immediately prior to or upon consummation of the Company’s initial Business Combination. In such case, the Company would not proceed with the redemption of its Public Shares and the related Business Combination, and instead may search for an alternate Business Combination. A stockholder will have the right to redeem such holder’s Public Shares for an amount in cash equal to such holder’s pro rata share of the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest not previously released to the Company to pay its franchise and income taxes. As a result, such common stock has been recorded at redemption amount and classified as temporary equity, in accordance with the Financial Accounting Standard Board (“FASB”), Accounting Standard Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” The amount in the Trust Account was initially $10.00 per Public Share. The Company has 24 months from the closing of the Initial Public Offering, or August 7, 2022, to complete its initial Business Combination (the “Combination Period”). If the Company does not complete a Business Combination within this period of time (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date), it will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable . Proposed Business Combination On March 25, 2021, the Company, BowX Merger Subsidiary Corp., a Delaware corporation (“Merger Sub”) and a direct, wholly owned subsidiary of the Company, and WeWork Inc., a Delaware corporation (“WeWork”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other transactions, on the terms and conditions set forth therein, Merger Sub is to merge with and into WeWork (the “First Merger”), with WeWork surviving the First Merger as a wholly owned subsidiary of the Company (WeWork, in its capacity as the surviving corporation of the First Merger, is sometimes referred to as the “Surviving Corporation”); and as promptly as practicable and as part of the same overall transaction as the First Merger, such Surviving Corporation will be merged with and into BowX Merger Subsidiary II, LLC, a Delaware limited liability company (“Merger Sub II”) and a direct wholly owned subsidiary of the Company (the “Second Merger” and, together with the First Merger, the “Mergers” and, collectively with the other transactions described in the Merger Agreement, the “Business Combination”), with Merger Sub II being the surviving entity of the Second Merger (Merger Sub II, in its capacity as the surviving entity of the Second Merger, is sometimes referred to herein as the “Surviving Entity”). In connection with the Closing (as defined herein), BowX intends to change its name to WeWork Inc. (such post-Closing entity, “New WeWork”). As a result of and upon the Closing, among other things, all outstanding shares of WeWork capital stock as of the First Merger (other than shares of WeWork Class C common stock, treasury shares, the dissenting shares and shares of WeWork capital stock reserved in respect of WeWork awards) will be cancelled in exchange for the right to receive an aggregate of 655,300,000 shares of New WeWork Class A common stock (at a deemed value of $10.00 per share) representing a pre-transaction “Aggregate Merger Consideration”). An additional 80,000,000 shares of New WeWork Class A common stock will be purchased (at a price of $10.00 per share) at the Closing by certain third-party investors (collectively, the “PIPE Investors”), for a total aggregate purchase price of $800,000,000 (the “PIPE Investment”). The proceeds of the PIPE Investment, together with the amounts remaining in the Company’s trust account will be retained by New WeWork following the Closing. Liquidity and Capital Resources The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2021, the Company had approximately $506,000 of cash in its operating account and approximately $2.9 million of working capital deficit. Through June 30, 2021, the Company’s liquidity needs were satisfied through a payment of $25,000 from the Company’s Chairman and Co-Chief Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. Management continues to evaluate the impact of the COVID-19 | Note 1 — Description of Organization and Business Operations Organization and General BowX Acquisition Corp. (the “Company”) was incorporated as a Delaware corporation on May 19, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination (“Initial Business Combination”) with one or more operating businesses or entities that it has not yet selected (a “target business”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company initially intends to focus its search on target businesses in the technology, media and telecommunications industries. The Company has neither engaged in any operations nor generated revenue to date. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). As of December 31, 2020, the Company had not commenced any operations. All activity for the period from May 19, 2020 (inception) through December 31, 2020 had been related to the Company’s formation and the IPO described below, and since the offering, the search for a prospective Initial Business Combination. The Company will not generate any operating revenue until after the completion of its Initial Business Combination, at the earliest. The Company will generate non-operating Sponsor and Financing The Company’s sponsor is BowX Sponsor, LLC, a Delaware limited liability company of which Vivek Ranadivé, the Company’s Chairman of the Board and Co-Chief Co-Chief Simultaneously with the closing of the IPO, the Company consummated the private placement (“Private Placement”) of 6,933,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to certain of the Company’s initial stockholders and certain funds and accounts managed by subsidiaries of BlackRock, Inc . Trust Account Upon the closing of the IPO and the Private Placement (including the exercise of the over-allotment option), $483.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the IPO and Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and held as cash or invested only in U.S. “government securities,” within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in money market funds meeting certain conditions under the Investment Company Act, which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Pursuant to stock exchange listing rules, the Company must complete an initial Business Combination with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest earned on the funds that may be released to the Company to pay taxes, none of the funds held in Trust Account will be released until the earliest of: (i) the completion of the Business Combination; (ii) the redemption of any of Public Shares to its holders (the “Public Stockholders”) properly tendered in connection with a stockholder vote to amend certain provisions of the Company’s amended and restated certificate of incorporation prior to an initial Business Combination and (iii) the redemption of 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below). Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of its IPO, although substantially all of the net proceeds of the IPO are intended to be generally applied toward completing a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully complete a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which Public Stockholders may seek to redeem their Public shares, regardless of whether they vote for or against the Business Combination or do not vote at all, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, or (ii) provide the Public Stockholders with the opportunity to sell their shares to the Company by means of a tender offer for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes. Except as required by applicable law, the decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 either immediately prior to or upon consummation of the Company’s initial Business Combination. In such case, the Company would not proceed with the redemption of its Public Shares and the related Business Combination, and instead may search for an alternate Business Combination. If the Company holds a stockholder vote or there is a tender offer for shares in connection with an Initial Business Combination, a stockholder will have the right to redeem such holder’s Public Shares for an amount in cash equal to such holder’s pro rata share of the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest not previously released to the Company to pay its franchise and income taxes. As a result, such common stock has been recorded at redemption amount and classified as temporary equity, in accordance with the Financial Accounting Standard Board (“FASB”), Accounting Standard Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” The amount in the Trust Account was initially $10.00 per Public Share. The Company will only have 24 months from the closing of the IPO, or August 7, 2022, to complete its initial Business Combination (the “Combination Period”). If the Company does not complete a Business Combination within this period of time (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date), it will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, . Liquidity and Capital Resources As of December 31, 2020, the Company had approximately $0.9 million of cash in its operating account and approximately $227,000 of investment income in the Trust Account. Through December 31, 2020, the Company’s liquidity needs were satisfied through a payment of $25,000 from the Company’s Chairman and Co-Chief 5) to the Company to cover for offering costs in connection with the IPO. Subsequent to the consummation of the IPO on August 7, 2020, the liquidity needs have been satisfied through the remaining balance of the Note and advancement of funds of approximately $45,000 from a related party, for total outstanding balance of Note and advances of approximately $195,000, and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note and advances on August 7, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s officers, directors and initial stockholders may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). As of December 31, 2020, there were no amounts outstanding under any Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Quarterly Presentation and Principles of Consolidation financial statements reflect all normal recurring adjustments, which are considered necessary for the fair presentation of the financial position of the Company at June 30, 2021 and the results of operations for the interim periods presented. The operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020, included in WeWork Inc.’s Annual Report for the year ended December 31, 2020. Other than the changes described below, no material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies The Company operates as a single operating segment. See Note 18 for further discussion on the Company’s segment reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company is required to consolidate entities deemed to be VIEs in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when the Company has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. JapanCo, WeCap Manager and WeCap Holdings Partnership (each as defined and discussed in Note 5) are the Company’s only consolidated VIEs as of June 30, 2021. In March 2020, in connection with the sale of the property held by the 424 Fifth Venture (the “424 Fifth Venture Transaction”), redemption payments were made to the noncontrolling interest holders in the 424 Fifth Venture and the 424 Fifth Venture became a wholly owned subsidiary of the Company and is no longer a VIE. In April 2020, in connection with the SoftBank Transactions, the Company completed the acquisition of the noncontrolling interest in PacificCo (as defined in Note 5) and PacificCo became a wholly owned subsidiary of the Company and is no longer a VIE. In September 2020, the Company transferred its variable interest and control over the Creator Fund to an affiliate of SBG and the Creator Fund was deconsolidated from the Company’s financial statements. In October 2020, the Company restructured its ownership interests in ChinaCo (as defined in Note 5) such that the Company is no longer the primary beneficiary of ChinaCo and as a result, beginning on October 2, 2020, ChinaCo was deconsolidated (the “ChinaCo Deconsolidation”) and the Company’s remaining ordinary share investment represents an unconsolidated VIE that is accounted for as an equity method investment. See Note 5 for further discussion of these transactions. See Note 6 for discussion of the Company’s non-consolidated A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the condensed consolidated balance sheets and the presentation of net income in the condensed consolidated statements of comprehensive loss, is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. The Company’s convertible preferred stock and noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the control of the Company are classified outside of permanent equity. As it is not probable that amounts will become redeemable, no remeasurement is required. The Company will continue to monitor the probability of redemption. The Company’s noncontrolling interests that have redemption features within the Company’s control are classified within permanent equity and are described further below. The redemption value of the WeWork Partnerships Profits Interest Units (as discussed in Note 14) that were awarded to management are measured based upon the aggregate redemption value and takes into account the proportion of employee services rendered under the WeWork Partnerships Profits Interest Units vesting provisions. The redemption value will vary from period to period based upon the fair value of the Company, whereby the intrinsic value (per-unit per-unit paid-in-capital. The Company’s other noncontrolling interests represent substantive profit-sharing arrangements and profits and losses are attributed to the controlling and noncontrolling interests using the hypothetical-liquidation-at-book-value Use of Estimates Estimates inherent in the current financial reporting process inevitably involve assumptions about future events. Actual results could differ from those estimates. Since December 2019, a novel strain of coronavirus, referred to as the COVID-19 COVID-19 stay-at-home COVID-19 Our liquidity forecasts are based upon continued execution of the Company’s operational restructuring program and also includes management’s best estimate of the impact that the outbreak of COVID-19, COVID-19 COVID-19, Restricted Cash Allowance for Doubtful Accounts No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”) Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense when received. As of June 30, 2021 and December 31, 2020, the Company recorded $99.7 million and $107.8 million, respectively, as an allowance for doubtful accounts on accounts receivable and accrued revenue. Income Taxes 740-270, Income Taxes — Interim Reporting, pre-tax The Company analyzed its various tax positions and did not identify any material uncertain tax positions for the three and six months ended June 30, 2021 and 2020. The Company files U.S. federal, U.S. state and foreign income tax returns. Depending on the statute of limitation of the specific jurisdictions in which we operate, three to ten years of the Company’s income tax returns remain subject to examination. Globally, the Company is involved in various tax matters, and various annual filings in certain jurisdictions are under examination. Stock Based Compensation non-employees non-employee The Company generally estimates the fair value of stock option awards granted using the Black-Scholes-Merton option-pricing formula (the “Black-Scholes Model”) and a single option award approach. This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate, and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method.” This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. Dividend yields are based on the Company’s history and expected future actions. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant. In situations where the exercise price of a stock option is greater than the fair market value of the Company’s common stock on the date of grant, the Company estimates the fair value of stock option awards granted using the binomial model. The binomial model incorporates assumptions regarding anticipated employee exercise behavior, expected stock price volatility, dividend yield and risk-free interest rate. Anticipated employee exercise behavior and expected post-vesting cancellations over the contractual term used in the binomial model are primarily based on historical exercise patterns. These historical exercise patterns indicate that exercise behavior between employee groups is not significantly different. For our expected stock price volatility assumption, the Company weights historical volatility and implied volatility and uses daily observations for historical volatility, while our implied volatility assumptions are based on actively traded options related to our common stock. The expected term is derived from the binomial model, based on assumptions incorporated into the binomial model as described above. The Company estimated the fair value of the WeWork Partnerships Profits Interest Units awards in connection with the modification of the original stock options using the Hull-White model and a binomial lattice model in order to apply appropriate weight and consideration of the associated distribution threshold and catch-up Because the Company is privately held and there is no public market for our stock, the fair value of the Company’s equity is approved by the Company’s Board of Directors or the Compensation Committee thereof as of the date stock-based awards are granted. In estimating the fair value of our stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date. The Company has elected to recognize forfeitures of stock-based compensation awards as they occur. For awards subject to performance conditions, no compensation cost will be recognized before the performance condition is probable of being achieved. Recognition of any compensation expense relating to stock grants that vest contingent on an initial public offering or “Acquisition” (as defined in the 2015 Plan detailed in Note 14) will be deferred until consummation of such initial public offering or Acquisition. Fair Value Measurements non-financial available-for-sale Distinguishing Liabilities from Equity Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company assumes the highest and best use of non-financial Level 1 Level 2 Level 3 See Note 11 for additional discussion on the Company’s fair value measurements. Recently Adopted Accounting Pronouncements In April 2020, the FASB issued interpretive guidance in response to questions it received about how to account for the concessions many lessors are providing or are expecting to provide to lessees in response to the operational and financial challenges lessees are facing as a result of the COVID-19 question-and-answer COVID-19 COVID-19-related The Company has elected to treat short-term COVID-19 Leases contemplated in the existing contract and member concessions and deferrals that are expected to extend greater than 12 months or change the other terms of member leases are treated as modifications. The Company elected to treat short-term COVID-19 COVID-19 re-valuation In December 2019, the FASB issued ASU 2019-12, 2019-12”). 2019-12 2019-12 | Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company is required to consolidate entities deemed to be VIEs in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when the Company has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. JapanCo, WeCap Manager and WeCap Holdings Partnership (each as defined and discussed in Note 6) are the Company’s only consolidated VIEs as of December 31, 2020. In March 2020, in connection with the sale of the property held by the 424 Fifth Venture (the “424 Fifth Venture Transaction”), redemption payments were made to the noncontrolling interest holders in the 424 Fifth Venture and the 424 Fifth Venture became a wholly owned subsidiary of the Company and is no longer a VIE. In April 2020, in connection with the SoftBank Transactions, the Company completed the acquisition of the noncontrolling interest in PacificCo (as defined in Note 6) and PacificCo became a wholly owned subsidiary of the Company and is no longer a VIE. In September 2020, the Company transferred its variable interest and control over the Creator Fund (as defined in Note 6) to an affiliate of SBG and the Creator Fund was deconsolidated from the Company’s financial statements. In October 2020, the Company restructured its ownership interests in ChinaCo (as defined in Note 6) such that the Company is no longer the primary beneficiary of ChinaCo and as a result, beginning on October 2, 2020, ChinaCo was deconsolidated (the “ChinaCo Deconsolidation”) and the Company’s remaining ordinary share investment represents an unconsolidated VIE that is accounted for as an equity method investment. See Note 6 for further discussion of these transactions. See Note 11 for discussion of the Company’s non-consolidated A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheets and the presentation of net income in the consolidated statements of comprehensive loss, is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. The Company’s convertible preferred stock and noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the control of the Company are classified outside of permanent equity. As it is not probable that amounts will become redeemable, no remeasurement is required. The Company will continue to monitor the probability of redemption. The Company’s noncontrolling interests that have redemption features within the Company’s control are classified within permanent equity and are described further below. The redemption value of the WeWork Partnerships Profits Interest Units (as discussed in Note 22) that were awarded to management are measured based upon the aggregate redemption value and takes into account the proportion of employee services rendered under the WeWork Partnerships Profits Interest Units vesting provisions. The redemption value will vary from period to period based upon the fair value of the Company, whereby the intrinsic value (per-unit fair value of the Company is greater than the per-unit distribution threshold) will be reflected as a noncontrollling interests in the equity section of the consolidated balance sheets with a corresponding entry to additional paid-in-capital. The intrinsic value of the WeWork Partnership Profits Interests will be remeasured each period until the WeWork Partnerships Profits Interests are converted to shares. The Company’s other noncontrolling interests represent substantive profit-sharing arrangements and profits and losses are attributed to the controlling and noncontrolling interests using the hypothetical-liquidation-at-book-value Use of Estimates Estimates inherent in the current financial reporting process inevitably involve assumptions about future events. Actual results could differ from those estimates. Since December 2019, a novel strain of coronavirus, referred to as the COVID-19 COVID-19 stay-at-home COVID-19 Our liquidity forecasts are based upon continued execution of the Company’s operational restructuring program and also includes management’s best estimate of the impact that the outbreak of COVID-19 COVID-19 COVID-19, pre-COVID Cash and Cash Equivalents Restricted Cash Allowance for Doubtful Accounts No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”) Recently Adopted Accounting Pronouncements” Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense when received. As of December 31, 2020 and 2019, the Company recorded $107.8 million and $16.7 million, respectively, as an allowance for doubtful accounts on accounts receivable and accrued revenue. Property and Equipment three Business Combinations Transaction costs associated with business combinations are expensed as incurred, and are included in selling, general and administrative expenses in our consolidated statements of operations. Goodwill The guidance for goodwill impairment testing begins with an optional qualitative assessment to determine whether it is more likely than not that goodwill is impaired. The Company is not required to perform a quantitative impairment test unless it is determined, based on the results of the qualitative assessment, that it is more likely than not that goodwill is impaired. The quantitative impairment test is prepared at the reporting unit level. In performing the impairment test, management compares the estimated fair values of the applicable reporting units to their aggregate carrying values, including goodwill. If the carrying amounts of a reporting unit including goodwill were to exceed the fair value of the reporting unit, an impairment loss is recognized within our consolidated statements of operations in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The process of evaluating goodwill for impairment requires judgments and assumptions to be made to determine the fair value of the reporting unit, including discounted cash flow calculations, assumptions market participants would make in valuing each reporting unit and the level of the Company’s own share price. Intangible Assets, net Acquired intangible assets are carried at cost and finite-lived intangible asset are amortized on a straight-line basis over their estimated useful lives. We determine the appropriate useful life of our intangible assets by measuring the expected cash flows of acquired assets. The initial estimated useful life of the Company’s finite-lived intangible assets range from one year to ten years. The Company tests goodwill and indefinite-lived intangible asset balances for impairment annually in the fourth quarter of each year as of October 1, or more frequently if circumstances indicate that the value of goodwill may be impaired. Impairment of Long-Lived Assets right-of-use non-core COVID-19, non-routine non-routine Assets Held for Sale Assets that are classified as held for sale and the related liabilities directly associated with those that will be transferred in that transaction are initially measured at the lower of their carrying value or fair value less any costs to sell and depreciation and amortization expense is no longer recorded. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. The fair value of assets held for sale less any costs to sell is assessed each reporting period they remain classified as held for sale and any subsequent changes are reported as an adjustment to the carrying amount of the assets, as long as the adjusted carrying amount does not exceed the carrying amount of the assets at the time it was initially classified as held for sale. Gains are not recognized on the sale of an asset until the date of sale. During the fourth quarter of 2019, management approved the disposal through sale of certain assets and businesses. As of December 31, 2019, these assets and the liabilities directly associated with those assets that were expected to be transferred in those transactions were reclassified to held for sale on the accompanying balance sheet. These disposal transactions and others that closed during 2020 did not qualify as discontinued operations. As of December 31, 2020 there are no assets classified as held for sale. See Note 8 for further discussion. Deferred Financing Costs Income Taxes The Company has elected to recognize earnings of foreign affiliates that are determined to be global intangible low tax income in the period it arises and do not recognize deferred taxes for basis differences that may reverse in future years. Revenue Recognition Revenue from Contracts with Customers, Revenue Recognition Leases The Company’s primary revenue categories, related performance obligations and associated recognition patterns are as follows: Membership and Service Revenue Membership revenue consists primarily of fees from members, net of discounts for the access to office space provided. The majority of the Company’s membership contracts are accounted for as revenue in accordance with ASC 606 and are recognized over time, evenly on a ratable basis, over the life of the agreement, as services are provided and the performance obligation is satisfied. Certain of the Company’s membership contracts with its members related to “configured” workspaces which meet the definition of operating leases under ASC 842. The Company has elected not to separate non-lease Service revenue consists of additional billings to members for the ancillary services they may access through their memberships in excess of monthly allowances included in membership revenue, commissions earned by the Company on various services and benefits provided to our members and management fee income for services provided to Unconsolidated Locations subject to joint venture or other management arrangements, which as of December 31, 2020 included locations in India (“IndiaCo”) and Greater China (as defined in Note 6 (“ChinaCo”)). Members may elect whether they want to add-on add-on add-on add-on The Company’s individual locations may include a combination of membership contracts for which revenue is recognized in accordance with ASC 606 and ASC 842 and the location operating expenses are incurred for the location as a whole and not segregated by individual member spaces and as a result, when evaluating the cost of services for membership and service revenue, both contract types are combined to evaluate the gross profit or performance of an individual location. Other Revenue space-as-a-service. Design and development services performed are recognized as revenue over time based on a percentage of contract costs incurred to date compared to the total estimated contract cost. The Company identifies only the specific costs incurred which contribute to the Company’s progress in satisfying the performance obligation. Contracts are generally segmented between types of services, such as consulting contracts, design and construction contracts, and operate contracts. Revenues related to each respective type of contract are recognized as or when the respective performance obligations are satisfied. When total cost estimates for these types of arrangements exceed revenues in a fixed-price arrangement, the estimated losses are recognized immediately. The Company performs ongoing profitability analyses of its design and build services contracts accounted for using a cost-to-cost catch-up Pre-contract Income generated from sponsorships and ticket sales from WeWork branded events are recognized upon the occurrence of the event. Other revenues are generally recognized over time, on a monthly basis, as the services are performed. Billing terms and conditions generally vary by contract category. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., upfront, monthly or quarterly) or upon achievement of contractual milestones. For most of our standard memberships which are typically invoiced monthly, our payment terms are immediate. In most cases where timing of revenue recognition significantly differs from the timing of invoicing, the Company has determined that its contracts do not include a significant financing component. The Company elects the financing component practical expedient and does not adjust the promised amount of consideration in contracts where the time between cash collection and performance is less than one year. Members’ Service Retainers non-payment Contract Assets and Receivables Deferred Revenue Assets Recognized from the Costs to Obtain a Contract with a Customer underlying contract period if the Company expects to recover those costs. The incremental costs of obtaining a contract include only those costs the Company incurs to obtain a contract that it would not have incurred if the contract had not been obtained. The costs associated with significant member referral fees are amortized over the underlying contract period, even if the contract term is less than twelve months. Taxes collected from customers and remitted to governmental authorities are presented on a net basis. Leasing Arrangements Leases The Company has a significant portfolio of real estate leases entered into in connection with operating its business. The Company also leases certain equipment and has service contracts, including warehouse agreements, where we control identified assets, such as warehouse space, and therefore these arrangements represent embedded leases under ASC 842. The Company determines whether an arrangement is a lease at inception. The Company has made an accounting policy election to exempt leases with an initial term of 12 months or less from being recognized on the balance sheet. Short-term leases primarily relate to leases of office equipment and are not significant in comparison to the Company’s overall real estate portfolio. Payments related to those leases are recognized in the consolidated statement of operations on a straight-line basis over the lease term. For leases with initial terms of greater than 12 months, the Company determines its classification as an operating or finance lease. At lease commencement, the Company recognizes a lease obligation and corresponding right-of-use The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company utilized a model consistent with the credit quality for its outstanding debt instruments to estimate its specific incremental borrowing rates that align with applicable lease terms. Non-cancelable 10-20 right-of-use The Company’s leases may include base rent payments and rent payments that include escalation terms on the amount of base rent which may vary by market with examples including fixed-rent escalations or escalations based on an inflation index or other market adjustments. Variable lease payments that depend on an index or rate are included in lease payments and are measured using the prevailing index or rate at lease inception or the measurement date. Changes to the index or rate are recognized in the period of change. Most leases require the Company to pay common area maintenance, real estate taxes and other similar costs. Common area maintenance is considered a non-lease non-lease non-lease The Company expends cash for leasehold improvements and to build out and equip its leased locations. Generally, a portion of the cost of leasehold improvements is reimbursed to us by our landlords as a tenant improvement allowance. The Company may also receive a broker commission from the lessor for its role in identifying and negotiating certain of the Company’s leases. The Company recognizes lease incentives receivable relating to tenant improvement allowances and broker commissions receivable for its role in negotiating the Company’s leases, as a reduction of fixed lease payments at the lease commencement date, reducing the initial measurement of the lease obligation and right-of-use The Company also incurs certain costs in connection with obtaining or modifying a lease. Initial direct costs, or incremental costs of a lease that would not have been incurred if the lease had not been obtained, are included in the initial and subsequent measurement of the right-of-use The Company evaluates its right-of-use Operating Lease Cost For leases that qualify as operating leases, the Company recognizes the associated fixed lease cost on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Company enters the leased premises and begins to make improvements in preparation for its intended use. Cash payments made to landlords reduce the Company’s total lease obligation while the accretion of the lease obligation using the effective interest rate method, increases the liability over time. The difference between the total lease cost expensed on a straight-line basis and the accretion of the lease obligation over time using the effective interest rate method is recognized as a reduction to the lease right-of-use Variable lease cost includes any contingent rent payments based on percentages of revenue or other profitability metrics as defined in the lease, common area maintenance, the Company’s share of real estate taxes, or similar charges that are variable in nature. Variable lease costs are not included as lease payments in the calculation of the lease obligation and are included in variable lease costs as incurred and when probable. All cash payments for lease costs and cash receipts for lease incentives are included within operating activities in the statements of cash flows. Finance Lease Cost right-of-use In the statements of cash flows, cash payments associated with finance leases are allocated between financing cash flows, for the portion related to the reduction of the lease obligation, and operating cash flows for the portion representing interest expense. Lease Modifications/Termination Fees Asset Retirement Obligations Location Operating Expenses Pre-opening Pre-opening Pre-opening operations and all members have been relocated to a new workspace location, prior to management’s decision to enter negotiations to terminate a lease. The primary components of pre-opening Selling, General and Administrative Expenses Selling, general and administrative expenses also Includes cost of revenue in the amount of $248.8 million, $384.7 million and $164.7 million during the years ended December 31, 2020, 2019 and 2018, respectively, excluding depreciation and amortization of $0.2 million, $14.1 million and $12.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with our Powered by We on-site space-as-a-service Also included are corporate design, development, warehousing, logistics and real estate costs and expenses incurred researching and pursuing new markets, solutions and services, and other expenses related to the Company’s growth and global expansion incurred during periods when the Company was focused on expansion. These costs include non-capitalized write-off Restructuring and Other Related Costs Exit or Disposal Cost Obligations one-time Stock-Based Compensation non-employees non-employee The Company generally estimates the fair value of stock option awards granted using the Black-Scholes-Merton option-pricing formula (the “Black-Scholes Model”) and a single option award approach. This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate, and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method”. This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. Dividend yields are based on the Company’s history and expected future actions. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant. In situations where the exercise price of a stock option is greater than the fair market value of the Company’s common stock on the date of grant, the Company estimates the fair value of stock option awards granted using the binomial model. The binomial model incorporates assumptions regarding anticipated employee exercise behavior, expected stock price volatility, dividend yield and risk-free interest rate. Anticipated employee exercise behavior and expected post-vesting cancellations over the contractual term used in the binomial model are primarily based on historical exercise patterns. These historical exercise patterns indicate that exercise behavior between employee groups is not significantly different. For our expected stock price volatility assumption, the Company weights historical volatility and implied volatility and uses daily observations for historical volatility, while our implied volatility assumptions are based on actively traded options related to our common stock. The expected term is derived from the binomial model, based on assumptions incorporated into the binomial model as described above. The Company estimated the fair value of the WeWork Partnerships Profits Interest Units awards in connection with the modification of the original stock options using the Hull-White model and a binomial lattice model in order to apply appropriate weight and consideration of the associated distribution threshold and catch-up Because the Company is privately held and there is no public market for our stock, the fair value of the Company’s equity is approved by the Company’s Board of Directors or the Compensation Committee thereof as of the date stock-based awards are granted. In estimating the fair value of our stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date. The Company has elected to recognize forfeitures of stock-based compensation awards as they occur. For awards subject to performance conditions, no compensation cost will be recognized before the performance condition is probable of being achieved. Recognition of any compensation expense relating to stock grants that vest contingent on an initial public offering or “Acquisition” (as defined in the 2015 Plan detailed in Note 22) will be deferred until consummation of such initial public offering or Acquisition. Equity Method and Other Investments influence over the operations of the investee. When the requirements for consolidation and significant influence are not met, the Company also uses the equity method of accounting to account for investments in limited partnerships and investments in limited liability companies that maintain specific ownership accounts unless the Company’s interest is so minor that the Company has virtually no influence over partnership operating and financial policies. Equity method investments are initially recorded at cost and subsequently adjusted for the Company’s share of net income or loss and cash contributions and distributions and are included in equity method and other investments in the accompanying consolidated balance sheets. Equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value, with any changes in fair value recognized in net income. For any such investments that do not have readily determinable fair values, the Company elects the measurement alternative to measure the investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, and available information at the time the analysis is prepared. Certain of the Company’s investments in convertible notes are designated as available-for-sale When the fair value of an available-for-sale 2016-13 more-likely-than-not more-likely-than-not Foreign Currency which the foreign entity primarily generates and expends cash. The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in foreign currency gain (loss) on the accompanying consolidated statements of operations. Foreign currency transactions resulted in net gains (losses) of $149.2 million, $29.7 million and $(78.6) million, for the years ended December 31, 2020, 2019 and 2018, respectively, and relate primarily to intercompany transactions that are not of a long-term investment nature. At each balance sheet reporting date, the Company translates the assets and liabilities of its non-U.S. Fair Value Measurements non-financial available-for-sale Distinguishing Liabilities from Equity Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company assumes the highest and best use of non-financial Level 1 Level 2 Level 3 See Note 16 for additional discussion on the Company’s fair value measurements. Contingent Consideration unobservable inputs, including the discount rate, the price of the Company’s stock, estimated probabilities and timing of achieving specified milestones and the estimated amount of future sales. Contingent consideration liabilities are remeasured to fair value at each subsequent reporting date until the related contingency is resolved. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of inputs, including discount rates, the probabilities of achieving the milestones, the time required to achieve the milestones and estimated future sales. Significant judgment is employed in determining the appropriateness of these inputs. Changes to the inputs described above could have a material impact on the Company’s financial position and results of operations in any given period. Cash paid soon after the close of an acquisition is classified as a cash outflow from investing activities, while cash payments made after that time are classified as cash outflows from either financing or operating activities, depending on whether the amount paid is in excess of the contingent consideration recognized during the measurement period. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13, available-for-sale 2016-13 in-scope 2016-13 available-for-sale In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17”). No. 2018-17 2018-17 In April 2020, the FASB issued interpretive guidance in response to questions it received about how to account for the concessions many lessors are providing or are expecting to provide to lessees in response to the operational and financial challenges lessees are facing as a result of the COVID-19 question-and-answer COVID-19 COVID-19-related The Company has elected to treat short-term COVID-19 COVID-19 COVID-19 re-valuation right-of use-asset Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 2019-12 | |
BOWX ACQUISITION CORP [Member] | |||
Basis of Presentation and Summary of Significant Accounting Policies | Note 2—Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021or for any future periods. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10K/A filed with the SEC on May 12, 2021. Principles of Consolidation The condensed consolidated financial statements of the Company include its wholly-owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. Emerging Growth Company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at June 30, 2021 and December 31, 2020. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in net gain from investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximate the carrying amounts represented in the condensed balance sheets. Fair Value Measurement Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Offering Costs Associated with Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred, presented as non-operating non-current Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued shares purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed The Company accounts for its warrants issued in connection with the Private Placement as derivative warrant liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement non-current Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 43,231,098 and 44,911,184 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s unaudited condensed consolidated balance sheets. Net Income (Loss) per Share of Common Stock The Company’s unaudited condensed consolidated statements of operations include a presentation of income (loss) per share of Class A common stock subject to redemption in a manner similar to the two-class income (loss) per share. Net income per share of Class A common stock, basic and diluted, is calculated by dividing the investment income earned on the Trust Account, net of applicable franchise taxes, by the weighted average number of Class A common stock outstanding for the periods. Net loss per shares of Class B common stock, basic and diluted, is calculated by dividing the net loss, less income attributable to Class A common stock, by the weighted average number of Class B common stock outstanding for the periods. The calculation of diluted net income (loss) per share of common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering and Private Placement since the inclusion of such warrants would be anti-dilutive. The following table reflects the calculation of basic and diluted net income (loss) per share of common stock: For the Three For the Six For the Period from Class A common stock Numerator: Net gain from investments held in Trust Account $ 12,297 $ 59,364 $ — Less: Company’s portion available to be withdrawn to pay taxes (12,297 ) (59,364 ) — Net income attributable to Class A common stock $ — $ — $ — Denominator: Weighted average shares outstanding of Class A common stock , basic and diluted 48,300,000 48,300,000 — Basic and diluted net income per share, Class A common stock $ — $ — $ — Class B common stock Numerator: Net loss $ (11,183,715 ) $ (16,800,861 ) $ (23,465 ) Less: Net income attributable to Class A common stock — — — Net loss attributable to Class B common stock $ (11,183,715 ) $ (16,800,861 ) $ (23,465 ) Denominator: Weighted average shares outstanding of Class B common stock, basic and diluted 12,075,000 12,075,000 10,500,000 Basic and diluted net loss per share, Class B common stock $ (0.93 ) $ (1.39 ) $ (0.00 ) Income Taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying unaudited condensed consolidated financial statements. | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As described in Note 2 — Restatement of Previously Issued Financial Statements, the Company’s financial statements for the Affected Periods are restated in this Annual Report on Form 10-K/A Emerging Growth Company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2020. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain from investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, franchise tax payable and income tax payable approximate their fair values due to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities and are recognized at fair value. The fair value of investments held in Trust Account is determined using quoted prices in active markets. Offering Costs Associated with Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 44,911,184 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Net Loss Per Common Share Net loss per share of common stock is computed by dividing net loss applicable to stockholders by the weighted average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the IPO and Private Placement to purchase an aggregate of 23,873,333 shares of Class A common stock in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted earnings per common share is the same as basic earnings per common share for the period presented. The Company’s statement of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of Income Taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to Warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The Company accounts for its 7,773,333 common stock warrants issued in connection with the Private Placement as derivative warrant liabilities in accordance with ASC 815-40. re-measurement Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 7 Months Ended |
Dec. 31, 2020 | |
BOWX ACQUISITION CORP [Member] | |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In April 2021, the Company concluded that, because of a misapplication of the accounting guidance related to its Private Placement warrants the Company issued in August 2020, the Company’s previously issued financial statements for the period from May 19, 2020 (inception) through December 31, 2020 and for the quarter ended September 30, 2020 (collectively, the “Affected Periods”) should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report. On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on August 7, 2020 and August 13, 2020, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets, and after discussion and evaluation, management concluded that warrants that were issued to the Company’s sponsor in a private placement that closed concurrently with the closing of the IPO (the “Private Placement Warrants”) should be presented as liabilities with subsequent fair value remeasurement. Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash 815-40, 815-40). 815-40 Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements for the Affected Periods should be restated because of a misapplication in the guidance around accounting for the Private Placement Warrants should no longer be relied upon. Impact of the Restatement The impact of the restatement on the balance sheet, statement of operations and statements of cash flows for the Affected Periods is presented below. As of December 31, 2020 As Previously Reported Restatement As Restated Balance Sheet Total assets $ 484,520,512 $ — $ 484,520,512 Liabilities and stockholders’ equity Total current liabilities $ 211,262 $ — $ 211,262 Deferred underwriting commissions 16,905,000 — 16,905,000 Warrant liabilities — 13,292,400 13,292,400 Total liabilities 17,116,262 13,292,400 30,408,662 Class A common stock, $0.0001 par value; shares subject to possible redemption 462,404,240 (13,292,400 ) 449,111,840 Stockholders’ equity Preferred stock - $0.0001 par value — — — Class A common stock - $0.0001 par value 206 133 339 Class B common stock - $0.0001 par value 1,208 — 1,208 Additional paid-in-capital 5,135,568 4,673,211 9,808,779 Accumulated deficit (136,972 ) (4,673,344 ) (4,810,316 ) Total stockholders’ equity 5,000,010 — 5,000,010 Total liabilities and stockholders’ equity $ 484,520,512 $ — $ 484,520,512 For the Period from May 19, 2020 As Previously Restatement As Restated Statement of Operations Loss from operations $ (342,013 ) $ — $ (342,013 ) Change in fair value of warrant liabilities — (4,664,000 ) (4,664,000 ) Offering costs associated with private placement warrants — (9,344 ) (9,344 ) Net gain from investments held in Trust Account 227,051 — 227,051 Loss before income tax expense (114,962 ) (4,673,344 ) (4,788,306 ) Income tax expense 22,010 — 22,010 Net loss $ (136,972 ) $ (4,673,344 ) $ (4,810,316 ) Weighted average Class A common stock outstanding, basic and diluted 48,042,857 — 48,042,857 Basic and diluted net income per Class A common stock $ — $ — $ 0.00 Weighted average Class B common stock outstanding, basic and diluted 11,509,432 — 11,509,432 Basic and diluted net loss per Class B common stock $ (0.02 ) $ — $ (0.43 ) For the Period from May 19, 2020 (inception) to December 31, 2020 As Previously Restatement As Restated Statement of Cash Flows Net cash used in operating activities (599,792 ) — (599,792 ) Net cash used in investing activities (483,000,000 ) (483,000,000 ) Net cash provided by financing activities 484,520,841 484,520,841 Net change in cash $ 921,049 $ — $ 921,049 In addition, the impact to the balance sheet dated August 7, 2020, filed on Form 8-K As of August 7, 2020 As Previously Reported Restatement As Restated Balance Sheet Total assets $ 422,012,234 $ — $ 422,012,234 Liabilities and stockholders’ equity Total current liabilities $ 592,438 $ — $ 592,438 Deferred underwriting commissions 14,700,000 — 14,700,000 W’arrant liabilities — 7,696,000 7,696,000 Total liabilities 15,292,438 7,696,000 22,988,438 Class A common stock, $0.0001 par value; shares subject to possible redemption 401,719,790 (7,696,000 ) 394,023,790 Stockholders’ equity Preferred stock- $0.0001 par value — — — Class A common stock - $0.0001 par value 183 77 260 Class B common stock - $0.0001 par value 1,208 — 1,208 Additional paid-in-capital 5,050,490 8,257 5,058,747 Accumulated deficit (51,875 ) (8,334 ) (60,209 ) Total stockholders’ equity 5,000,006 — 5,000,006 Total liabilities and stockholders’ equity $ 422,012,234 $ — $ 422,012,234 |
Restructuring, Impairments and
Restructuring, Impairments and Gains on Sale | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring, Impairments and Gains on Sale | Note 3. Restructuring, Impairments and Gains on Sale In September 2019, the Company initiated an operational restructuring program that included a change in executive leadership and plans for cost reductions that aim to improve the Company’s operating performance. Throughout 2020, the Company has made significant progress towards it operational restructuring goals including divesting or winding down various non-core space-as-a-service pre-open During 2021, the Company anticipates there will be additional restructuring and related costs consisting primarily of lease termination charges, other exit costs and costs related to ceased use buildings and one-time employee termination benefits, as the Company is still in the process of finalizing its operational restructuring plans. The Company anticipates all such activities will be substantially complete by the end of 2021. Restructuring and other related costs totaled $(27.8) million and $80.5 million during the three months ended June 30, 2021 and 2020, respectively, and $466.0 million and $136.2 million during the six months ended June 30, 2021 and 2020, respectively. The details of these net charges are as follows: Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 One-time (1) $ 7,076 $ 106,910 $ 545,102 $ 153,031 Ceased use buildings 41,495 — 65,745 — Gains on lease terminations, net (96,415 ) (39,193 ) (179,995 ) (31,686 ) Other, net 20,050 12,812 35,193 14,871 Total $ (27,794 ) $ 80,529 $ 466,045 $ 136,216 (1) In connection with the Settlement Agreement, as described in Note 15, SBG purchased 30,139,971 shares of Class B Common Stock of the Company from We Holdings LLC, which is Adam Neumann’s affiliated investment vehicle, for a price per share of $19.19, representing an aggregate purchase price of approximately $578.4 million. The Company recorded $428.3 million of restructuring and other related costs in its consolidated statement of operations for the six-months catch-up de-SPAC As of June 30, 2021, net restructuring liabilities totaled approximately $24.9 million, including $28.3 million in accounts payable and accrued expenses, $7.8 million in other liabilities, net of $11.2 million in receivables from landlords in connection with lease terminations, included in other current assets in the consolidated balance sheet. A reconciliation of the beginning and ending restructuring liability balances is as follows: (Amounts in thousands) One-time Legal (1) Other Total Restructuring liability balance — December 31, 2020 $ 16,119 $ — $ 12,756 $ 28,875 Restructuring and other related costs expensed during the period 14,832 530,271 (79,058 ) 466,045 Cash payments of restructuring liabilities, net (2) (23,898 ) — (207,867 ) (231,765 ) Non-cash (2,010 ) (530,271 ) 294,062 (238,219 ) Restructuring liability balance — June 30, 2021 $ 5,043 $ — $ 19,893 $ 24,936 (1) For further details on the costs in connection with the Settlement Agreement recorded in restructuring and other related costs for the six months ended June 30, 2021, see footnote 1 to the preceding table. (2) Includes cash payments received from the landlord for terminated leases of $18.0 million for the six months ended June 30, 2021. In connection with the operational restructuring program and related changes in the Company’s leasing plans and planned or completed disposition or wind down of certain non-core non-routine During the three and six months ended June 30, 2021, the Company also performed its quarterly impairment assessment for long-lived assets. As a result of the COVID-19 right-of-use COVID-19 COVID-19. Non-routine Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 Impairment of assets held for sale $ — $ 17,462 $ — $ 120,005 Impairment and write-off 230,489 231,306 510,940 423,063 Impairment of long-lived assets primarily associated with COVID-19 12,436 34,669 31,461 62,314 Gain on sale of assets (821 ) (2,961 ) (816 ) (49,423 ) Total $ 242,104 $ 280,476 $ 541,585 $ 555,959 The table above excludes certain routine impairment charges for property and equipment write-offs relating to excess, obsolete, or slow-moving inventory of furniture and equipment, early termination of leases and cancellation of other deals or projects occurring in the ordinary course of business totaling $(0.01) million and $2.8 million, respectively, during the three months ended June 30, 2021 and 2020, and totaling $0.03 million and $2.8 million, respectively, during the six months ended June 30, 2021 and 2020, respectively, included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. In connection with the Company’s operational restructuring program, the Company has divested or wound down certain non-core space-as-a-service In January 2020, the Company sold Teem for total cash consideration of $50.5 million. The Company recorded a gain on the sale of $37.2 million, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying condensed consolidated statements of operations for the six months ended June 30, 2020, which includes an adjustment of $(0.1) million for the three months ended June 30, 2020. In March 2020, the Company sold Managed by Q for total cash consideration of $28.1 million. Of the total consideration, $2.5 million was heldback at closing and is included as a disposition proceeds holdback receivable within other current assets on the accompanying condensed consolidated balance sheet as of June 30, 2020. As of June 30, 2021, $2.2 million of the holdback was released and $0.3 million included as a disposition proceeds holdback receivable within other current assets on the accompanying condensed consolidated balance sheet. The Company recorded a gain on the sale in the amount of $8.9 million, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2020, respectively. The gain on sale in 2020 was recognized after a $20.7 million impairment of intangible assets and a $145.0 million impairment of goodwill associated with Managed by Q that was recorded during the year ended December 31, 2019. In March 2020, the Company also sold 91% of the equity of Meetup for total cash consideration of $9.5 million and the remaining 9% was retained by the Company. Upon closing, Meetup was deconsolidated and the Company’s 9% interest in the equity of Meetup is reflected within equity method and other investments on the accompanying condensed consolidated balance sheet as of June 30, 2020. Prior to the sale, the Company recorded an impairment loss of $26.1 million, on the assets held for sale, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2020. In March 2020, the Company completed the sale of the real estate investment held by the 424 Fifth Venture and recognized an impairment loss on the assets sold totaling $53.7 million, included in impairment/(gain on sale) of goodwill, intangibles and other assets on the accompanying condensed consolidated statements of operations during the three and six months ended June 30, 2020. Of the total consideration, $15.0 million was heldback at closing of which $10.0 million was received as of June 30, 2021. See Note 5 for further details. In May 2020, the Company sold SpaceIQ for a total cash consideration of $9.6 million. Prior to the sale, the Company recorded an impairment loss of $0.3 million and $23.1 million, respectively, on the assets held for sale, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2020. During the three months ended June 30, 2020, and also in connection with the Company’s operational restructuring program, Flatiron LLC, Designation Labs LLC, SecureSet Academy LLC, Flatiron School UK Limited, Flatiron School Australia Pty Ltd and certain other corporate equipment met the criteria to be classified as held for sale. As a result, the assets and related liabilities directly associated with those assets that were expected to be transferred in the future sale transactions were reclassified as held for sale as of June 30, 2020 on the accompanying condensed consolidated balance sheet. In connection with these assets being classified as held for sale, the Company recorded an impairment charge totaling $17.2 million, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2020. The impairments were recorded based on the sales price from executed contracts for the sale of the assets. There were no dispositions or intangible asset or goodwill impairments during the three and six months ended June 30, 2021. | Note 3. Restructuring, Impairments and Gains on Sale In September 2019, the Company initiated an operational restructuring program that included a change in executive leadership and plans for cost reductions that aim to improve the Company’s operating performance. Throughout 2020, the Company has made significant progress towards it operational restructuring goals including divesting or winding down various non-core space-as-a-service pre-open right-sizing During 2021, the Company anticipates there will be additional restructuring and related costs consisting primarily of one-time During the year ended December 31, 2020, the Company incurred a total of $206.7 million of expense included in restructuring and other related costs on the accompanying consolidated statements of operations. The $206.7 million of expense consists of $191.6 million of one-time During the year ended December 31, 2019, the Company incurred a total of $329.2 million of expense included in restructuring costs and other related costs on the accompanying consolidated statements of operations. The $329.2 million of expense consists of $185.0 million in connection with a non-compete one-time As of December 31, 2020, net restructuring liabilities totaled approximately $28.9 million including $29.5 million included in accounts payable and accrued expenses, net of $0.6 million in receivables from landlords in connection with lease terminations included in other current assets in the consolidated balance sheet. A reconciliation of the beginning and ending restructuring liability balances is as follows: (Amounts in thousands) One-time Employee Benefits Consulting Fees Other Total Restructuring Costs Restructuring liability balance — January 1, 2020 $ 89,872 $ — $ 1,497 $ 91,369 Restructuring and other related costs expensed during the period 191,582 — 15,121 206,703 Cash payments of restructuring liabilities (254,456 ) — (124,738 ) (379,194 ) Non-cash (10,879 ) — 120,876 109,997 Restructuring liability balance — December 31, 2020 $ 16,119 $ — $ 12,756 $ 28,875 As of December 31, 2019, restructuring liabilities of approximately $91.4 million were included in accounts payable and accrued expenses in the consolidated balance sheet. A reconciliation of the beginning and ending restructuring liability balances is as follows: (Amounts in thousands) One-time Consulting (1) Other Total Restructuring liability balance — January 1, 2019 $ — $ — $ — $ — Restructuring and other related costs expensed during the period 139,330 185,000 4,891 329,221 Cash payments of restructuring liabilities (29,700 ) — (4,047 ) (33,747 ) Non-cash (19,758 ) — 653 (19,105 ) Liability to be settled directly by SBG included in additional paid-in (1) — (185,000 ) — (185,000 ) Restructuring liability balance — December 31, 2019 $ 89,872 $ — $ 1,497 $ 91,369 (1) During the year ended December 31, 2019, SBG entered into a non-compete paid-in non-compete Additionally, the Company withdrew its registration statement that had been previously filed with the Securities and Exchange Commission on Form S-1 Company expensed $50.5 million of previously deferred costs associated with the canceled initial public offering and related bank credit facilities, such costs are included as a component of selling, general and administrative costs in the accompanying consolidated statement of operations. In August 2019, the Company also entered into an agreement in connection with a potential financing arrangement. The agreement, as subsequently amended required that if the Company did not execute the negotiated financing arrangement, the Company would have to pay a fee of $44.0 million (the ”Alternate Transaction Fee”). As a result of the execution of the SoftBank Transactions in October 2019, the Alternate Transaction Fee became payable by the Company. The Company expensed the $44.0 million included as a component of selling, general and administrative costs on the accompanying consolidated statement of operations for the year ended December 31, 2019. In connection with the operational restructuring program and related changes in the Company’s leasing plans and planned or completed disposition or wind down of certain non-core non-routine During the year ended December 31, 2020, the Company also performed its quarterly impairment assessment for long-lived assets. As a result of the COVID-19 right-of-use COVID-19 COVID-19. Non-routine Year Ended December 31, (Amounts in thousands) 2020 2019 Impairment of assets held for sale (see Note 8) $ 120,273 $ 2,559 Impairment of goodwill — 214,515 Impairment of intangible assets — 51,789 Impairment and write-off 796,734 66,187 Impairment of long-lived assets primarily associated with COVID-19 345,034 — Gain on sale of assets (see Note 8) (59,165 ) (44 ) Loss on ChinaCo Deconsolidation (See Note 6) 153,045 — Total $ 1,355,921 $ 335,006 The table above excludes certain routine impairment charges for property and equipment write-offs relating to excess, obsolete, or slow-moving inventory of furniture and equipment, early termination of leases and cancellation of other deals or projects occurring in the ordinary course of business totaling $3.1 million, $63.1 million and $29.6 million, respectively during the years ended December 31, 2020, 2019 and 2018, respectively included in selling, general and administrative expenses in the accompanying consolidated statements of operations. |
Other Current Assets
Other Current Assets | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets Current [Abstract] | ||
Other Current Assets | Note 4. Other Current Assets Other current assets consists of the following: (Amounts in thousands) June 30, December 31, Net receivable for value added tax (“VAT”) $ 144,439 $ 107,104 Prepaid lease cost 50,328 61,232 Deposits held by landlords 48,315 25,574 Straight-line revenue receivable 34,885 35,418 Prepaid software 33,249 19,981 Prepaid member referral fees 27,861 31,617 Disposition proceeds holdback amounts receivable (Note 5 and 3) 5,323 17,500 Deposits on property and equipment 3,275 3,161 Other prepaid expenses and current assets 87,773 50,585 Total other current assets $ 435,448 $ 352,172 | Note 4. Other Current Assets Other current assets consists of the following: December 31, (Amounts in thousands) 2020 2019 Net receivable for value added tax (“VAT”) $ 107,104 $ 146,135 Deposits on property and equipment 3,161 47,716 Prepaid lease cost 61,232 50,970 Prepaid member referral fees 31,617 57,937 Prepaid software 19,981 30,246 Straight-line revenue receivable 35,418 28,162 Deposits held by landlords 25,574 — Disposition proceeds holdback amounts receivable (Note 6 and 8) 17,500 — Other prepaid expenses and current assets 50,585 61,772 Total other current assets $ 352,172 $ 422,938 |
Initial Public Offering
Initial Public Offering | 6 Months Ended | 7 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
BOWX ACQUISITION CORP [Member] | ||
Initial Public Offering | Note 3—Initial Public Offering Public Units In August 2020, the Company sold 48,300,000 Units, including 6,300,000 over-allotment Units at $10.00 per Unit, generating gross proceeds of $483.0 million, and incurring offering costs of approximately $27.1 million, inclusive of $16.9 million in deferred underwriting commissions. Upon the closing of the Initial Public Offering and the Private Placement Warrants in the Private Placement (including the exercise of the over-allotment option), $483.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed in the Trust Account. Each Unit consists of one of the Company’s shares of Class A common stock, $0.0001 par value, and one-third | Note 4 — Initial Public Offering Public Units In August 2020, the Company sold 48,300,000 Units, including 6,300,000 over-allotment Units at $10.00 per Unit, generating gross proceeds of $483.0 million, and incurring offering costs of approximately $27.1 million, inclusive of $16.9 million in deferred underwriting commissions. Upon the closing of the IPO and the Private Placement Warrants in the Private Placement (including the exercise of the over-allotment option), $483.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the IPO and the Private Placement were placed in the Trust Account. Each Unit consists of one of the Company’s shares of Class A common stock, $0.0001 par value, and one-third of |
Property Plant And Equipment
Property Plant And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property Plant And Equipment | Note 5. Property and Equipment, Net Property and equipment, net, consists of the following: December 31, (Amounts in thousands) 2020 2019 Leasehold improvements $ 6,671,107 $ 6,011,954 Finance lease assets 48,116 35,580 Land — 356,473 Equipment 539,636 575,581 Furniture 869,057 726,900 Construction in progress 458,845 1,788,297 Property and equipment 8,586,761 9,494,785 Less: accumulated depreciation (1,727,598 ) (1,095,244 ) Total property and equipment, net $ 6,859,163 $ 8,399,541 The land and construction in progress balances as of December 31, 2019 includes the 2019 acquisition of a $852.8 Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $737.9 million, $523.7 million and $284.1 million, respectively. |
Consolidated VIEs and Noncontro
Consolidated VIEs and Noncontrolling Interests | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Consolidated VIEs and Noncontrolling Interests | Note 5. Consolidated VIEs and Noncontrolling Interests ARK/WPI Combination WeWork Capital Advisors LLC (formerly known as “ARK Capital Advisors LLC”, the “WeCap Manager”) is a majority-owned subsidiary of the Company and its controlled affiliates. The WeCap Manager is also owned in part by Rhône Group L.L.C. and its affiliates (other than the WeCap Manager) (“Rhône” and, together with the Company, the “Sponsor Group”), a global alternative asset management firm with assets under management across its private equity and real estate platforms. In August 2019, the Company reorganized its real estate acquisition platform (such platform, following the ARK/WPI combination described herein, and inclusive of the investment vehicles sponsored, co-sponsored, managed, or co-managed Through its 80% equity ownership interest, the Company is entitled to a corresponding share of the income earned by the WeCap Manager, primarily in the form of customary management fees, subject to provisions of the governing documents of the WeCap Manager relating to funding of losses incurred by the WeCap Manager. During the three and six months ended June 30, 2021, the WeCap Manager recognized $3.4 million and $7.0 million, respectively, in management fee income, classified as other revenue as a component of the total revenue on the accompanying condensed consolidated statements of operations. During the three and six months ended June 30, 2020, the WeCap Manager recognized $3.3 million and $7.7 million, respectively, in management fee income. The post-reorganization WeCap Investment Group also includes the Company’s general partner interests in Waller Creek, DSQ, WPI Fund and ARK Master Fund (each as defined in Note 6), which are held through a limited partnership created as part of the ARK/WPI combination (the “WeCap Holdings Partnership”) in which Rhône also participates to the extent provided by the governing documents of the WeCap Holdings Partnership. The Company consolidates the WeCap Holdings Partnership. Net carried interest distributions earned in respect of the WeCap Investment Group from its investments are distributable to the Company and Rhône, indirectly through the WeCap Holdings Partnership, based on percentages that vary by the WeCap Investment Group vehicle and range from a 50% to 85% share to the Company of total net carried interest distributions received by the WeCap Holdings Partnership (after a profit participation allocation to certain personnel associated with the WeCap Manager). The portion of consolidated equity attributable to Rhône’s interest in the WeCap Holdings Partnership is reflected as a noncontrolling interest in the equity section of the accompanying condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. Primarily because our investments through the WeCap Holdings Partnership in the underlying real estate acquisition vehicles generally represent a small percentage of the total capital invested by third parties, and the terms on which we have agreed to provide services and act as general partner are consistent with the market for similar arrangements, the underlying real estate acquisition vehicles managed by the WeCap Manager are generally not consolidated in our financial statements (subject to certain exceptions based on the specific facts of the particular vehicle). The Company accounts for its share of the underlying real estate acquisition vehicles as unconsolidated investments under the equity method of accounting, see Note 6 for additional details regarding the holdings of WeCap Holdings Partnership. 424 Fifth Venture In February 2019, a consolidated subsidiary of the Company (the “424 Fifth Venture”) closed on the acquisition of a $852.8 million real estate investment located in New York City (the “424 Fifth Property”). The acquisition of real estate by the 424 Fifth Venture was accounted for as an asset acquisition and the purchase price was allocated among the assets purchased, including land of $356.5 million and building of $496.3 million. As of December 31, 2019, the real estate was under development and as a result was included within the Company’s construction in progress balance within the property and equipment table detailed in Note 5. Just prior to the redemption of the noncontrolling interest holders in March 2020 described below, the consolidated 424 Fifth Venture was owned 17.2% by the Company, 44.8% by the WPI Fund and 38.0% by another investor. Prior to redemption, the portion of consolidated equity attributable to the interest of the 424 Fifth Venture’s other investors was reflected as noncontrolling interests within the equity section of the accompanying consolidated balance sheet as of December 31, 2019. Upon completion of the redemption of the noncontrolling interest holders in March 2020, the 424 Fifth Venture became a wholly owned subsidiary of the Company . In March 2020, the 424 Fifth Property was sold by the 424 Fifth Venture to an unrelated third party for a gross purchase price of approximately $978.1 million. Included in the sale was $356.5 million in land and $653.8 million in construction in progress associated with the investment. The $930.2 million in net cash proceeds received at closing were net of closing costs and holdbacks. Of the total consideration, $15.0 million was heldback at closing of which $10.0 million was received as of March 31, 2021. The Company recognized an impairment loss on the assets sold totaling $53.7 million, included in impairment/ (gain on sale) of goodwill, intangibles and other assets on the accompanying condensed consolidated statements of operations during the three and six months ended June 30, 2020. The underlying debt facility that secured the 424 Fifth Property since acquisition was extinguished upon the sale (see Note 6 for further details). In March 2020, in connection with the sale of the 424 Fifth Property, the Company also made a payment of $128.0 million to the 424 Fifth Venture and the 424 Fifth Venture made redemption payments to the noncontrolling interest holders totaling $315.0 million including a return of capital of $272.2 million and a return on their capital of $42.8 million. The sale and debt extinguishment also resulted in the termination in March 2020 of the Company’s original development management agreements over the property, its 20 year master lease of the property, its $1.2 billion lease guaranty, various loan guarantees, various loan covenant requirements and various partnership guarantees and indemnities entered into in connection with the original acquisition. Upon the sale of the property, a wholly owned subsidiary of the Company entered into an escrow and construction agreement with the buyer for approximately $0.2 billion to finalize the core and shell infrastructure work of the property. These funds were held in escrow upon closing of the sale and are available to pay construction costs, contingencies and cost overruns. The $0.2 billion is expected to be earned by the Company over 12-18 Creator Fund During 2018, the Company launched a fund (the “Creator Fund”) that previously made investments in recipients of WeWork’s “Creator Awards” and other investments through use of a venture capital strategy. A wholly-owned subsidiary of the Company was the managing member of the Creator Fund. As of September 17, 2020, the Creator Fund had received contributions from SoftBank Group Capital Limited totaling $72.4 million, representing 99.99% of the interest of the Creator Fund. No contributions were received during the three and six months ended June 30, 2021. In September 2020, the Company agreed to transfer its rights as managing member and all of its other rights, titles, interests, obligations and commitments in respect of the Creator Fund to an affiliate of SBG. Accordingly, the Company no longer has a variable interest in the Creator Fund and is no longer the primary beneficiary and the Company has deconsolidated the net assets of the Creator Fund and removed the carrying amount of the noncontrolling interest from the consolidated balance sheet as of December 31, 2020. As substantially all of the net assets of the Creator Fund were previously allocated to the noncontrolling interests, no gain or loss was recognized on deconsolidation of the Creator Fund. In connection with this transaction, the parties also agreed that WeWork would not be required to reimburse SBG for the $21.6 million Creator Awards production services reimbursement obligation payable to an affiliate of SBG as of December 31, 2019, as described in Note 17. As SBG is a principal shareholder of the Company, the forgiveness of this obligation was accounted for as a capital contribution and reclassified from liabilities to additional paid-in-capital ChinaCo During 2017 and 2018, a consolidated subsidiary of the Company (“ChinaCo”) sold to investors $500.0 million of Series A Preferred Stock at a price of $10.00 per share and a liquidation preference of $10.00 per share and $500.0 million of Series B Preferred Stock at a price of $18.319 per share and a liquidation preference of $18.319 per share, respectively. The portion of consolidated equity attributable to ChinaCo’s Series A and B Preferred shareholders were reflected as redeemable noncontrolling interests, within the mezzanine section of the accompanying consolidated balance sheet as of December 31, 2019. As of December 31, 2019, ChinaCo had also issued a total of 45,757,777 Class A Ordinary Shares in connection with an acquisition of naked Hub Holdings Ltd. (“naked Hub”) that occurred during 2018 and an additional 2 million Class A Ordinary Shares to a consultant as described in Note 9. The portion of consolidated equity attributable to ChinaCo’s Class A Ordinary shareholders were reflected as noncontrolling interests, within the equity section of the accompanying consolidated balance sheet as of December 31, 2019. Pursuant to the terms of the shareholders’ agreement of ChinaCo, as long as certain investors remain shareholders of ChinaCo, ChinaCo will be the exclusive operator of the Company’s businesses in the “Greater China” territory, defined in the agreement to include China, Hong Kong, Taiwan and Macau. In August 2020, a wholly owned subsidiary of WeWork Inc. made a short-term loan to ChinaCo totaling $25.0 million (the “ChinaCo Loan”). In connection with ChinaCo’s 2018 acquisition of naked Hub, as of December 31, 2019, ChinaCo also had a $191.1 million obligation to reimburse a wholly owned subsidiary of WeWork Inc. for WeWork Inc. shares issued to the sellers of naked Hub (the “Parent Note”). As ChinaCo was consolidated as of December 31, 2019, the Parent Note was eliminated against the Company’s receivables in the Company’s consolidated financial statements. In September 2020, the shareholders of ChinaCo and an affiliate of TrustBridge Partners (“TBP”), also an existing shareholder of ChinaCo, executed a restructuring and Series A subscription agreement (the “ChinaCo Agreement”). Pursuant to the ChinaCo Agreement, TBP agreed to subscribe for a new series of ChinaCo shares for $100.0 million in total gross proceeds to ChinaCo, received in connection with the initial investment closing on October 2, 2020 (the “Initial Investment Closing”) and an additional $100.0 million in gross proceeds to ChinaCo, with such additional shares issued and proceeds to be received at the earlier of 1 year following the Initial Investment Closing or such earlier date as determined by the ChinaCo board, to the extent such funds are necessary to support the operations of ChinaCo (the “Second Investment Closing”). The ChinaCo Agreement also included the restructuring of the ownership interests of all other preferred and ordinary shareholders’ interests into new ordinary shares in ChinaCo and the conversion of the $191.1 million Parent Note and certain other net intercompany payables totaling approximately $42.0 million, payable by ChinaCo to various wholly owned subsidiaries of WeWork Inc. into new ordinary shares of ChinaCo such that subsequent to the Initial Investment Closing in October 2020, and as of December 31, 2020, WeWork now holds 21.6% of the total shares issued by ChinaCo. The Company’s remaining interest is scheduled to be diluted down to 19.7% in connection with the Second Investment Closing, assuming no other changes in the ChinaCo equity prior to the Second Investment Closing. As of June 30, 2021, TBP now holds a total of 50.5% of the total shares issued by ChinaCo subsequent to the Initial Investment Closing and is expected to hold 55.0% of the total shares after the Second Investment Closing. TBP’s shares are preferred shares which have a liquidation preference totaling $100.0 million and $200.0 million as of the Initial Investment Closing and the Second Investment Closing, respectively. Upon Initial Investment Closing on October 2, 2020, ChinaCo received the $100.0 million in gross proceeds from TBP and a portion of those proceeds were used to repay WeWork $25.0 million for the ChinaCo Loan. In addition, pursuant to the terms of the ChinaCo Agreement, the rights of the ChinaCo shareholders were also amended such that upon the Initial Investment Closing, WeWork no longer retained the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. As a result, WeWork was no longer the primary beneficiary of ChinaCo and ChinaCo was deconsolidated from the Company’s consolidated financial statements on October 2, 2020 (the “ChinaCo Deconsolidation”). million upon deconsolidation and will be accounted for as an equity method investment as the Company has retained rights that allow it to exercise significant influence over ChinaCo as a related party. During the fourth quarter of 2020, the Company recorded a loss on the ChinaCo Deconsolidation of $153.0 million included in impairment/(gain on sale) of goodwill, intangibles and other assets in the consolidated statement of operations calculated based on the difference between (i) the $26.3 million fair value of the Company’s retained equity method investment in ChinaCo plus the carrying amount of the noncontrolling interest in ChinaCo as of the date of deconsolidation, which was in a negative deficit position of $(22.6) million and (ii) the carrying value of ChinaCo’s net assets just prior to deconsolidation of $156.7 million. The remeasurement loss recognized on deconsolidation primarily relates to the remeasurement of our retained equity method investment in ChinaCo, recorded at fair value upon deconsolidation, in comparison to the carrying value of the net intercompany receivables that were converted into equity in ChinaCo in conjunction with the ChinaCo restructuring that ultimately resulted in the deconsolidation. The net assets of ChinaCo that were deconsolidated on October 2, 2020, included a total of $344.3 million of goodwill related to ChinaCo’s 2018 acquisition of naked Hub Holdings Ltd. As this goodwill was integrated into the Company’s single reporting unit, upon deconsolidation of a portion of the reporting unit, the Company’s total goodwill was reallocated among the Company and ChinaCo on a relative fair value basis with $315.6 million of ChinaCo’s goodwill retained by the Company with a corresponding increase to additional-paid-in See Note 17 for details regarding various related party fees payable by ChinaCo to the Company subsequent to the ChinaCo Deconsolidation. ChinaCo contributed the following to the Company’s consolidated results of operations prior to its deconsolidation on October 2, 2020, in each case excluding amounts that eliminate in consolidation: Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 Revenue $ — $ 68,068 $ — $ 136,921 Location operating expenses — 84,265 — 179,221 Restructuring and other related costs — (131,238 ) — 28,982 Impairments/(gain on sale) of goodwill, intangibles and other assets — 335,489 — 371,871 Depreciation and amortization — 14,571 — 28,346 Total Expenses — 329,269 — 670,000 Pre-tax — (260,151 ) — (540,290 ) Net loss — (263,060 ) — (543,599 ) Net (loss) income attributable to WeWork Inc. — (29,832 ) — (30,264 ) JapanCo During 2017, a consolidated subsidiary of the Company (“JapanCo”) entered into an agreement with an affiliate of SBG for the sale of a 50.0% membership interest in JapanCo for an aggregate contribution of $500.0 million which will be funded over a period of time. As of December 31, 2018, JapanCo had received contributions totaling $300.0 million and during the year ended December 31, 2019, an additional $100.0 million was received. Pursuant to the terms of the agreement an additional $100.0 million was required to be contributed and was received during the third quarter of 2020. The portion of consolidated equity attributable to the outside investors’ interests in JapanCo are reflected as redeemable noncontrolling interests, within the mezzanine section of the accompanying condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. As long as the investors remain shareholders of JapanCo, JapanCo will be the exclusive operator of the Company’s WeWork branded space-as-a-service PacificCo During 2017, a consolidated subsidiary of the Company (“PacificCo”) sold $500.0 million of Series A-1 The initial closing occurred on October 30, 2017 and all of the PacificCo Series A-1 $100.0 million in August 2019 and the remaining $100.0 million scheduled to be received in 2020 was canceled effective upon our entry into a definitive agreement providing for the completion of the PacificCo Roll-up In October 2019, in connection with the SoftBank Transactions, the Company, SBG and SoftBank Vision Fund agreed to use reasonable best efforts to negotiate and finalize the final forms for the exchange of all interests held by affiliates of SBG in PacificCo for 34,482,759 shares of the Company’s Series H-1 H-2 Roll-up”). Roll-up Roll-up H-1 Roll-up The 34,482,759 shares of Series H-1 Roll-up Just prior to the PacificCo Roll-up, Roll-up, paid-in H-1 paid-in Consolidated Variable Interest Entities As of June 30, 2021 and December 31, 2020, JapanCo, WeCap Manager and WeCap Holdings Partnership are the Company’s only consolidated VIEs. The Company is considered to be the primary beneficiary as we have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and the right to receive benefits that could potentially be significant to the VIEs. As a result, these entities remain consolidated subsidiaries of the Company and the interests owned by the other investors and the net income or loss and comprehensive income or loss attributable to the other investors are reflected as redeemable noncontrolling interests and noncontrolling interests on our condensed consolidated balance sheets, statements of operations and statements of comprehensive loss, respectively. The following table includes selected condensed consolidated financial information as of June 30, 2021 and December 31, 2020 of our consolidated VIEs, as included in our condensed consolidated financial statements, as of the periods they were considered VIEs and in each case, after intercompany eliminations. June 30, 2021 December 31, 2020 (Amounts in thousands) Asia JVs (1) Other VIEs (2) Asia JVs (1) Other VIEs (2) Consolidated VIE balance sheets information: Cash and cash equivalents $ 94,540 $ 8,065 $ 161,411 $ 5,194 Property and equipment, net 399,514 — 445,599 — Restricted cash 10,059 — 10,000 — Total assets 1,871,367 15,741 2,096,389 13,834 Long-term debt, net 632 — 30,638 — Total liabilities 1,554,760 1,705 1,693,267 573 Redeemable stock issued by VIEs 500,000 — 500,000 — Total net assets (3) (183,393 ) 14,036 (96,878 ) 13,261 The following tables include selected condensed consolidated financial information for the three and six months ended June 30, 2021 and 2020 of our consolidated VIEs, as included in our condensed consolidated financial statements, for the periods they were considered VIEs and in each case, after intercompany eliminations. June 30, 2021 June 30, 2020 (Amounts in thousands) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Consolidated VIE statements of operations information: Net income (loss) for the three months ended $ (34,174 ) $ 455 $ (243,433 ) $ (1,038 ) Net income (loss) for the six months ended $ (64,079 ) $ 284 $ (599,762 ) $ (11,777 ) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (Amounts in thousands) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Consolidated VIE statements of operations information: Net cash provided by (used in) operating activities $ (42,752) $ 610 $ (2,812) $ (333 ) Net cash used in investing activities (10,901 ) — (123,714 ) (222 ) Net cash provided by (used in) financing activities (998 ) 2,261 (20,975 ) 4,480 (1) The “Asia JVs” include ChinaCo, JapanCo and PacificCo as of and for the periods that each represented a consolidated VIE. The ChinaCo deconsolidation occurred on October 2, 2020 and as a result, ChinaCo results and balances are not included above for the period subsequent to deconsolidation. The PacificCo Roll-up (2) For the three and six months ended June 30, 2020, “Other VIEs” includes all other consolidated VIEs, other than the Asia JVs discussed separately in (1) and include WeWork Waller Creek, WeCap Manager and WeCap Holdings Partnership, 424 Fifth Venture and the Creator Fund in the periods prior to any disposal or deconsolidation as discussed above. For the three and six months ended June 30, 2021, “Other VIEs” includes WeCap Manager and WeCap Holdings Partnership. (3) Total net assets represents total assets less total liabilities and redeemable stock issued by VIEs after the total assets and total liabilities have both been reduced to remove amounts that eliminate in consolidation. The assets of consolidated VIEs will be used first to settle obligations of the VIE. Remaining assets may then be distributed to the VIEs’ owners, including the Company, subject to the liquidation preferences of certain noncontrolling interest holders and any other preferential distribution provisions contained within the operating agreements of the relevant VIEs. Other than the restrictions relating to the Company’s Asia JVs discussed in (1) above, third-party approval for the distribution of available net assets is not required for the Company’s Other VIEs as of June 30, 2021. See Note 16 for a discussion of additional restrictions on the net assets of WeWork Companies LLC. | Note 6. Consolidated VIEs and Noncontrolling Interests ARK/WPI Combination WeWork Capital Advisors LLC (formerly known as “ARK Capital Advisors LLC”, the “WeCap Manager”) is a majority-owned subsidiary of the Company and its controlled affiliates. The WeCap Manager is also owned in part by Rhône Group L.L.C. and its affiliates (other than the WeCap Manager) (“Rhône” and, together with the Company, the “Sponsor Group”), a global alternative asset management firm with assets under management across its private equity and real estate platforms. In August 2019, the Company reorganized its real estate acquisition platform (such platform, following the ARK/WPI combination described herein, and inclusive of the investment vehicles sponsored, co-sponsored, co-managed Through its 80% equity ownership interest, the Company is entitled to a corresponding share of the income earned by the WeCap Manager, primarily in the form of customary management fees, subject to provisions of the governing documents of the WeCap Manager relating to funding of losses incurred by the WeCap Manager. During the year ended December 31, 2020 and 2019, the WeCap Manager recognized $24.9 million and $10.7 million, respectively in management fee income, classified as other revenue as a component of the total revenue on the accompanying consolidated statements of operations. The post-reorganization WeCap Investment Group also includes the Company’s general partner interests in Waller Creek, DSQ, WPI Fund and ARK Master Fund (each as defined in Note 11), which are held through a limited partnership created as part of the ARK/WPI combination (the “WeCap Holdings Partnership”) in which Rhône also participates to the extent provided by the governing documents of the WeCap Holdings Partnership. The Company consolidates the WeCap Holdings Partnership. Net carried interest distributions earned in respect of the WeCap Investment Group from its investments are distributable to the Company and Rhône, indirectly through the WeCap Holdings Partnership, based on percentages that vary by the WeCap Investment Group vehicle and range from a 50% to 85% share to the Company of total net carried interest distributions received by the WeCap Holdings Partnership (after a profit participation allocation to certain personnel associated with the WeCap Manager). The portion of consolidated equity attributable to Rhône’s interest in the WeCap Holdings Partnership is reflected as a noncontrolling interest in the equity section of the accompanying consolidated balance sheets as of December 31, 2020 and 2019. As of December 31, 2019, there was also a 67% noncontrolling interest in the Company’s investment in WW Caesar Member LLC (“WeWork Waller Creek”), originally issued for total consideration of $6.5 million. During July 2020, the $6.6 million share of the net assets of WeWork Waller Creek attributable to noncontrolling interests was distributed to the noncontrolling interest holders and the Company sold its share of the investment in WeWork Waller Creek for total proceeds of $8.6 million, including a $0.3 million reimbursement of legal fees paid by the Company, and the Company recognized a $5.0 million gain on the sale of its investment included within income (loss) from equity method and other investments on the consolidated statement of operations for the year ended December 31, 2020. Primarily because our investments through the WeCap Holdings Partnership in the underlying real estate acquisition vehicles generally represent a small percentage of the total capital invested by third parties, and the terms on which we have agreed to provide services and act as general partner are consistent with the market for similar arrangements, the underlying real estate acquisition vehicles managed by the WeCap Manager are generally not consolidated in our financial statements (subject to certain exceptions based on the specific facts of the particular vehicle). The Company accounts for its share of the underlying real estate acquisition vehicles as unconsolidated investments under the equity method of accounting, see Note 11 for additional details regarding the holdings of WeCap Holdings Partnership. 424 Fifth Venture In February 2019, a consolidated subsidiary of the Company (the “424 Fifth Venture”) closed on the acquisition of a $852.8 million real estate investment located in New York City (the “424 Fifth Property”). The acquisition of real estate by the 424 Fifth Venture was accounted for as an asset acquisition and the purchase price was allocated among the assets purchased, including land of $356.5 million and building of $496.3 million. As of December 31, 2019, the real estate was under development and as a result was included within the Company’s construction in progress balance within the property and equipment table detailed in Note 5. Just prior to the redemption of the noncontrolling interest holders in March 2020 described below, the consolidated 424 Fifth Venture was owned 17.2% by the Company, 44.8% by the WPI Fund and 38.0% by another investor. Prior to redemption, the portion of consolidated equity attributable to the interest of the 424 Fifth Venture’s other investors was reflected as noncontrolling interests within the equity section of the accompanying consolidated balance sheet as of December 31, 2019. Upon completion of the redemption of the noncontrolling interest holders in March 2020, the 424 Fifth Venture became a wholly owned subsidiary of the Company. In March 2020, the 424 Fifth Property was sold by the 424 Fifth Venture to an unrelated third party for a gross purchase price of approximately $978.1 million. Included in the sale was $356.5 million in land and $653.8 million in construction in progress associated with the investment. The $930.2 million in net cash proceeds received at closing were net of closing costs and holdbacks. The Company recognized an impairment loss on the assets sold totaling $53.7 million, included in impairment/(gain on sale) of goodwill, intangibles and other assets on the accompanying consolidated statements of operations during the year ended December 31, 2020. The underlying debt facility that secured the 424 Fifth Property since acquisition was extinguished upon the sale (see Note 15 for further details). In March 2020, in connection with the sale of the 424 Fifth Property, the Company also made a payment of $128.0 million to the 424 Fifth Venture and the 424 Fifth Venture made redemption payments to the noncontrolling interest holders totaling $315.0 million including a return of capital of $272.2 million and a return on their capital of $42.8 million. The sale and debt extinguishment also resulted in the termination in March 2020 of the Company’s original development management agreements over the property, its 20 year master lease of the property, its $1.2 billion lease guaranty, various loan guarantees, various loan covenant requirements and various partnership guarantees and indemnities entered into in connection with the original acquisition. Upon the sale of the property, a wholly owned subsidiary of the Company entered into an escrow and construction agreement with the buyer for approximately $0.2 billion to finalize the core and shell infrastructure work of the property. These funds were held in escrow upon closing of the sale and are available to pay construction costs, contingencies and cost overruns. The $0.2 billion is expected to be earned by the Company over 12-18 Creator Fund During 2018, the Company launched a fund (the “Creator Fund”) that previously made investments in recipients of WeWork’s “Creator Awards” and other investments through use of a venture capital strategy. A wholly-owned subsidiary of the Company was the managing member of the Creator Fund. As of September 17, 2020, the Creator Fund had received contributions from SoftBank Group Capital Limited totaling $72.4 million, representing 99.99% of the interest of the Creator Fund, including $0.2 million and $27.4 million received during the years ended December 31, 2020 and 2019, respectively. The portion of consolidated equity attributable to the interest of the Creator Fund’s investors in the Creator Fund is reflected as noncontrolling interests, within the equity section of the accompanying consolidated balance sheets as of December 31, 2019. In September 2020, the Company agreed to transfer its rights as managing member and all of its other rights, titles, interests, obligations and commitments in respect of the Creator Fund to an affiliate of SBG. Accordingly, the Company no longer has a variable interest in the Creator Fund and is no longer the primary beneficiary and the Company has deconsolidated the net assets of the Creator Fund and removed the carrying amount of the noncontrolling interest from the consolidated balance sheet as of December 31, 2020. As substantially all of the net assets of the Creator Fund were previously allocated to the noncontrolling interests, no gain or loss was recognized on deconsolidation of the Creator Fund. In connection with this transaction, the parties also agreed that WeWork would not be required to reimburse SBG for the $21.6 million Creator Awards production services reimbursement obligation payable to an affiliate of SBG as of December 31, 2019 as described in Note 25. As SBG is a principal shareholder of the Company, the forgiveness of this obligation was accounted for as a capital contribution and reclassified from liabilities to additional paid-in-capital ChinaCo During 2017 and 2018, a consolidated subsidiary of the Company (“ChinaCo”) sold to investors $500.0 million of Series A Preferred Stock at a price of $10.00 per share and a liquidation preference of $10.00 per share and $500.0 million of Series B Preferred Stock at a price of $18.319 per share and a liquidation preference of $18.319 per share, respectively. The portion of consolidated equity attributable to ChinaCo’s Series A and B Preferred shareholders were reflected as redeemable noncontrolling interests, within the mezzanine section of the accompanying consolidated balance sheet as of December 31, 2019. As of December 31, 2019, ChinaCo had also issued a total of 45,757,777 Class A Ordinary Shares in connection with an acquisition of naked Hub Holdings Ltd. (“naked Hub”) that occurred during 2018 and an additional 2 million Class A Ordinary Shares to a consultant as described in Note 24. The portion of consolidated equity attributable to ChinaCo’s Class A Ordinary shareholders were reflected as noncontrolling interests, within the equity section of the accompanying consolidated balance sheet as of December 31, 2019. Pursuant to the terms of the shareholders’ agreement of ChinaCo, as long as certain investors remain shareholders of ChinaCo, ChinaCo will be the exclusive operator of the Company’s businesses in the “Greater China” territory, defined in the agreement to include China, Hong Kong, Taiwan and Macau. In August 2020, a wholly owned subsidiary of WeWork Inc. made a short-term loan to ChinaCo totaling $25.0 million (the “ChinaCo Loan”). In connection with ChinaCo’s 2018 acquisition of naked Hub, as of December 31, 2019, ChinaCo also had a $191.1 million obligation to reimburse a wholly owned subsidiary of WeWork Inc. for WeWork Inc. shares issued to the sellers of naked Hub (the “Parent Note”). As ChinaCo was consolidated as of December 31, 2019, the Parent Note was eliminated against the Company’s receivables in the Company’s consolidated financial statements. In September 2020, the shareholders of ChinaCo and an affiliate of Trustbridge Partners (“TBP”), also an existing shareholder of ChinaCo, executed a restructuring and Series A subscription agreement (the “ChinaCo Agreement”). Pursuant to the ChinaCo Agreement, TBP agreed to subscribe for a new series of ChinaCo shares for $100.0 million in total gross proceeds to ChinaCo, received in connection with the initial investment closing on October 2, 2020 (the “Initial Investment Closing”) and an additional $100.0 million in gross proceeds to ChinaCo, with such additional shares issued Upon Initial Investment Closing on October 2, 2020, ChinaCo received the $100.0 million in gross proceeds from TBP and a portion of those proceeds were used to repay WeWork $25.0 million for the ChinaCo Loan. In addition, pursuant to the terms of the ChinaCo Agreement, the rights of the ChinaCo shareholders were also amended such that upon the Initial Investment Closing, WeWork no longer retained the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. As a result, WeWork was no longer the primary beneficiary of ChinaCo and ChinaCo was deconsolidated from the Company’s consolidated financial statements on October 2, 2020 (the “ChinaCo Deconsolidation”). The Company’s remaining 21.6% ordinary share investment was valued at $26.3 million upon deconsolidation and will be accounted for as an equity method investment as the Company has retained rights that allow it to exercise significant influence over ChinaCo as a related party. During the fourth quarter of 2020, the Company recorded a loss on the ChinaCo Deconsolidation of $153.0 million included in impairment/(gain on sale) of goodwill, intangibles and other assets in the consolidated statement of operations calculated based on the difference between (i) the $26.3 million fair value of the Company’s retained equity method investment in ChinaCo plus the carrying amount of the noncontrolling interest in ChinaCo as of the date of deconsolidation, which was in a negative deficit position of ($22.6) million and (ii) the carrying value of ChinaCo’s net assets just prior to deconsolidation of $156.7 million. The remeasurement loss recognized on deconsolidation primarily relates to the remeasurement of our retained equity method investment in ChinaCo, recorded at fair value upon deconsolidation, in comparison to the carrying value of the net intercompany receivables that were converted into equity in ChinaCo in conjunction with the ChinaCo restructuring that ultimately resulted in the deconsolidation. The net assets of ChinaCo that were deconsolidated on October 2, 2020, included a total of $344.3 million of goodwill related to ChinaCo’s 2018 acquisition of naked Hub Holdings Ltd. As this goodwill was integrated into the Company’s single reporting unit, upon deconsolidation of a portion of the reporting unit, the Company’s total goodwill was reallocated among the Company and ChinaCo on a relative fair value basis with $315.6 million of ChinaCo’s goodwill retained by the Company with a corresponding increase to additional-paid-in See Note 25 for details regarding various related party fees payable by ChinaCo to the Company subsequent to the ChinaCo Deconsolidation. ChinaCo contributed the following to the Company’s consolidated results of operations prior to its deconsolidation on October 2, 2020, in each case excluding amounts that eliminate in consolidation: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Revenue $ 206,261 $ 228,537 $ 99,529 Location operating expenses 266,318 290,254 116,173 Restructuring and other related costs (18,660 ) 6,684 — Impairments/(gain on sale) of goodwill, intangibles and other assets 450,312 — — Depreciation and amortization 39,208 42,257 20,584 Total Expenses 819,527 496,113 341,237 Pre-tax (598,727 ) (266,230 ) (243,508 ) Net loss (609,820 ) (274,019 ) (244,613 ) Net loss attributable to WeWork Inc. (62,997 ) 39,072 (48,569 ) JapanCo During 2017, a consolidated subsidiary of the Company (“JapanCo”) entered into an agreement with an affiliate of SBG for the sale of a 50% membership interest in JapanCo for an aggregate contribution of $500.0 million which will be funded over a period of time. As of December 31, 2018, JapanCo had received contributions totaling $300.0 million and during the year ended December 31, 2019, an additional $100.0 million was received. Pursuant to the terms of the agreement an additional $100.0 million was required to be contributed and was received during the third quarter of 2020. The portion of consolidated equity attributable to the outside investors’ interests in JapanCo are reflected as redeemable noncontrolling interests, within the mezzanine section of the accompanying consolidated balance sheets as of December 31, 2020 and 2019. As long as the investors remain shareholders of JapanCo, JapanCo will be the exclusive operator of the Company’s WeWork branded space-as-a-service PacificCo During 2017, a consolidated subsidiary of the Company (“PacificCo”) sold $500.0 million of Series A-1 The initial closing occurred on October 30, 2017 and all of the PacificCo Series A-1 100.0 Roll-up In October 2019, in connection with the SoftBank Transactions, the Company, SBG and SoftBank Vision Fund agreed to use reasonable best efforts to negotiate and finalize the final forms for the exchange of all interests held by affiliates of SBG in PacificCo for 34,482,759 shares of the Company’s Series H-1 H-2 Roll-up”). Roll-up Roll-up H-1 Roll-up The 34,482,759 shares of Series H-1 Roll-up Just prior to the PacificCo Roll-up, Roll-up, paid-in H-1 paid-in Consolidated Variable Interest Entities As of December 31, 2020, JapanCo, WeCap Manager and WeCap Holdings Partnership are the Company’s only consolidated VIEs. As of December 31, 2019, the 424 Fifth Venture, PacificCo, ChinaCo, WeWork Waller Creek and the Creator Fund were also consolidated VIEs. The Company is considered to be the primary beneficiary as we have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and the right to receive benefits that could potentially be significant to the VIEs. As a result, these entities remain consolidated subsidiaries of the Company and the interests owned by the other investors and the net income or loss and comprehensive income or loss attributable to the other investors are reflected as redeemable noncontrolling interests and noncontrolling interests on our consolidated balance sheets, statements of operations and statements of comprehensive loss, respectively. The following tables include selected consolidated financial information as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 of our consolidated VIEs, as included in our consolidated financial statements, as of and for the periods they were considered VIEs and in each case, after intercompany eliminations. December 31, 2020 December 31, 2019 (Amounts in thousands) Asia JVs (1) Other VIEs (2) Asia JVs (1) Other VIEs (2) Consolidated VIE balance sheets information: Cash and cash equivalents $ 161,411 $ 5,194 $ 388,400 $ 29,303 Property and equipment, net 445,599 — 895,015 979,655 Restricted cash 10,000 — 93,964 — Total assets 2,096,389 13,834 5,639,177 1,073,621 Long-term debt, net 30,638 — 41,945 642,184 Total liabilities 1,693,267 573 4,686,200 665,513 Redeemable stock issued by VIEs 500,000 — 1,799,157 6,545 Total net assets (3) (96,878 ) 13,261 (846,180 ) 401,563 Year Ended Year Ended Year Ended (Amounts in thousands) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Consolidated VIE statements of operations information: Net income (loss) $ (750,472 ) $ (2,502 ) $ (776,113 ) $ (24,747 ) $ (373,776 ) $ (146 ) Consolidated VIE statements of cash flows information: Net cash provided by (used in) operating activities $ (38,259 ) $ 2,549 $ (108,246 ) $ 4,247 $ (120,831 ) $ (71 ) Net cash used in investing activities $ (236,971 ) $ (573 ) $ (592,574 ) $ (826,707 ) $ (516,814 ) $ (23,601 ) Net cash provided by (used in) financing activities $ 73,447 $ (1,908 ) $ 292,775 $ 843,312 $ 763,229 $ 47,905 (1) The “Asia JVs” include ChinaCo, JapanCo and PacificCo as of and for the periods that each represented a consolidated VIE. The ChinaCo deconsolidation occurred on October 2, 2020 and as a result, ChinaCo results and balances are not included above for the period subsequent to deconsolidation. The PacificCo Roll-up (2) “Other VIEs” includes all other consolidated VIEs, other than the Asia JVs discussed separately in (1) and include WeWork Waller Creek, WeCap Manager and WeCap Holdings Partnership, 424 Fifth Venture and the Creator Fund in the periods prior to any disposal or deconsolidation as discussed above. (3) Total net assets represents total assets less total liabilities and redeemable stock issued by VIEs after the total assets and total liabilities have both been reduced to remove amounts that eliminate in consolidation. The assets of consolidated VIEs will be used first to settle obligations of the VIE. Remaining assets may then be distributed to the VIEs’ owners, including the Company, subject to the liquidation preferences of certain noncontrolling interest holders and any other preferential distribution provisions contained within the operating agreements of the relevant VIEs. Other than the restrictions relating to the Company’s Asia JVs discussed in (1) above, third-party approval for the distribution of available net assets is not required for the Company’s Other VIEs as of December 31, 2020. See Note 24 for a discussion of additional restrictions on the net assets of WeWork Companies LLC. |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 7 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
BOWX ACQUISITION CORP [Member] | ||
Related Party Transactions | Note 4—Related Party Transitions Founder Shares On May 26, 2020, the Company’s Chairman and Co-Chief Co-Chief The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Private Placement Warrants Purchasers purchased an aggregate of 6,933,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrants, generating gross proceeds of $10.4 million in the Private Placement, and incurring offering costs of approximately $8,000. In connection with the sale of Units pursuant to the over-allotment option on August 13, 2020, the Company sold an additional 840,000 Private Placement Warrants to the Private Placement Warrants Purchasers, generating additional gross proceeds of approximately $1.3 million. Each whole Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share, subject to adjustment. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable The Private Placement Warrants (and the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination (subject to certain exceptions). Related Party Loans On May 26, 2020, the Company’s Chairman and Co-Chief Working Capital Loans In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination, the initial stockholders, officers and directors and their affiliates may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans to date. To date, the Company had no borrowings under the Working Capital Loans. | Note 5 — Related Party Transactions Founder Shares On May 26, 2020, the Company’s Chairman and Co-Chief $0.0001 per share (the “Founder Shares”). In July 2020, the Company’s Chairman and Co-Chief The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day Private Placement Warrants Simultaneously with the closing of the IPO, the Private Placement Warrants Purchasers purchased an aggregate of 6,933,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrants, generating gross proceeds of $10.4 million in the Private Placement, and incurring offering costs of approximately $8,000. In connection with the sale of Units pursuant to the over-allotment option on August 13, 2020, the Company sold an additional 840,000 Private Placement Warrants to the Private Placement Warrants Purchasers, generating additional gross proceeds of approximately $1.3 million, and incurring offering cost of approximately $1,000. Each whole Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share, subject to adjustment. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for The Private Placement Warrants (and the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination (subject to certain exceptions). Related Party Loans On May 26, 2020, the Company’s Chairman and Co-Chief Working Capital Loans In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination, the initial stockholders, officers and directors and their affiliates may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans to date. As of December 31, 2020, the Company had no borrowings under the Working Capital Loans. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2021 | |
BOWX ACQUISITION CORP [Member] | |
Warrants | Note 6—Warrants Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their Public Warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its reasonable best efforts to file, and within 60 business days following the initial Business Combination to have declared effective, a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the Warrants and to maintain the effectiveness of such registration statement and a current prospectus relating to those shares of Class A common stock until the Warrants expire or are redeemed; provided that, if the Class A common stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, but it will be required to use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Warrants will have an exercise price of $11.50 per share, subject to adjustment, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Company’s initial stockholders, officers, directors or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of each Warrant will be adjusted (to the nearest cent) such that the effective exercise price per full share will be equal to 115% of the higher of (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per-share The Private Placement Warrants are identical to the Public Warrants, except that (1) the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (2) the Private Placement Warrants will be non-redeemable Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except for the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 • if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. Commencing ninety days after the Warrants become exercisable, the Company may redeem the outstanding Warrants: • in whole and not in part; • at $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Company’s Class A common stock; • if, and only if, the last reported sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders; • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock (or a security other than the Class A common stock into which the Class A common stock has been converted or exchanged for in the event the Company is not the surviving company in the initial Business Combination) issuable upon exercise of the Warrants and a current prospectus relating thereto available throughout the 30-day The “fair market value” of the Class A common stock for this purpose shall mean the average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants. In no event will the Company be required to net cash settle any Warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any of such funds with respect to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such Warrants. Accordingly, the Warrants may expire worthless. The Public Warrants are accounted for as equity and the Private Placement warrants are accounted for as liabilities on the balance sheet. |
Equity Method and Other Investm
Equity Method and Other Investment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Abstract] | ||
Equity Method and Other Investments | Note 6. Equity Method and Other Investments The Company’s investments consist of the following: June 30, 2021 December 31, (Amounts in thousands, except percentages) Investment Type Carrying Cost Basis Percentage Carrying Investments held by WeCap Holdings Partnership (1) Equity method investments $ 72,769 $ 74,147 Various $ 61,688 WPI Fund (2) Equity method investment 82,261 52,805 8% 63,301 IndiaCo (3) Investment in convertible 39,275 105,248 N/A 49,849 ChinaCo (4) Equity method investment — 29,323 21.6% 29,323 Other (5) Various 3,858 4,066 Various 10,779 Total equity method and other investments $ 198,163 $ 265,589 $ 214,940 (1) As discussed in Note 5, subsequent to the August 2019 reorganization of the WeCap Investment Group real estate acquisition platform, the following investments are owned through the WeCap Holdings Partnership in which Rhône has a 20% equity interest: • “DSQ” — a venture in which WeCap Holdings Partnership owns a 10% equity interest. DSQ owns a commercial real estate portfolio located in London, United Kingdom. The investment balance as of June 30, 2021 also includes a note receivable with an outstanding balance of $43.1 million that accrues interest at a rate of 5.77% and matures in April 2028. • “WPI Fund” — a real estate investment fund in which WeCap Holdings Partnership holds the 0.5% general partner interest. The WPI Fund’s focus is acquiring, developing and managing office assets with current or expected vacancy suitable for WeWork occupancy, currently primarily focusing on opportunities in North America and Europe. • “ARK Master Fund” — an investment fund in which WeCap Holdings Partnership holds the general partner and a limited partner interest totaling 2% of the fund’s invested capital. ARK Master Fund invests in real estate and real estate-related investments that it expects could benefit from the Company’s occupancy or involvement or the involvement of the limited partners of the ARK Master Fund. (2) In addition to the general partner interest in the WPI Fund held by WeCap Holdings Partnership described above, a wholly owned subsidiary of the WeCap Investment Group also owns an 8% limited partner interest in the WPI Fund. (3) In June 2020, the Company entered into an agreement with WeWork India Management Private Limited (“IndiaCo”), an affiliate of Embassy Property Developments Private Limited (“Embassy”), to subscribe for new convertible debentures to be issued by IndiaCo in an aggregate principal amount of $100.0 million (the “2020 Debentures”). During June 2020, $85.0 million of the principal had been funded, with the remaining $ 15.0 15.0 18-month 18 months available-for-sale available-for-sale (4) In October 2020, the Company deconsolidated ChinaCo and its retained 21.6% ordinary share equity method investment was recorded at a fair value of $26.3 million plus capitalized legal cost for a total initial cost basis and carrying value as of December 31, 2020 of $29.3 million. Pursuant to ASC 323-10-35-20, (5) The Company holds various other investments as of June 30, 2021 and December 31, 2020. On June 30, 2021, the Company sold its 5.7% interest in Sound Ventures II, LLC for total consideration of $6.1 million. During the six months ended June 30, 2021, the Company recorded a loss on the sale of $4.1 million, included in income (loss) from equity method and other investments in the condensed consolidated statements of operations. See Note 17 for details regarding the remaining profit-sharing arrangement between the Company and SB Fast Holdings (Cayman) Limited (“Buyer”) as part of the Creator Fund sale in 2020. The Buyer assumed the Company’s remaining capital commitments of $1.9 million. As of June 30, 2021, the WPI Fund, IndiaCo, ARK Master Fund, ChinaCo and certain other entities in which the Company has invested are unconsolidated VIEs. In all cases, the Company is not the primary beneficiary, as the Company does not have both the power to direct the activities of the entity that most significantly impact the entity’s economic performance and exposure to benefits or losses that could potentially be significant to the VIE. None of the debt held by these investments is recourse to the Company, except the $3.5 million in lease guarantees provided to landlords of ChinaCo as described in Note 17. The Company’s maximum loss is limited to the amount of our net investment in these VIEs, the $3.5 million in ChinaCo lease guarantees and the unfunded commitments discussed below. For the three months ended June 30, 2021 and 2020, the Company recorded approximately $6.1 million and $(43.2) million, respectively, for its share of gain/(loss) related to its equity method and other investments included in income (loss) from equity method and other investments. For the six months ended June 30, 2021 and 2020, the Company recorded $(24.5) million and $(47.1) million, respectively, for its share of loss related to equity method and other investments included in income (loss) from equity method and other investments in the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company had recorded a credit loss valuation allowance on its available-for-sale available-for-sale For the six months ended June 30, 2021 and 2020, the Company contributed a total of $26.7 million and $93.4 million, respectively, to its investments and received distributions from its investments totaling $3.2 million and $35.2 million, respectively. As of June 30, 2021, the Company had a total of $33.3 million in unfunded capital commitments to its investments; however, if requested, in each case, the Company may elect to contribute additional amounts in the future. | Note 11. Equity Method and Other Investments The Company’s investments consist of the following: December 31, 2020 December 31, 2019 (Amounts in thousands, except percentages) Carrying Cost Percentage Carrying Investee Investment Type Value Basis Ownership Value Investments held by WeCap Holdings Partnership (1) Equity method investment / Note receivable 61,688 63,413 Various 66,002 WPI Fund (2) Equity method investment 63,301 52,805 8% 54,387 IndiaCo (3) Investment in convertible notes 49,849 90,248 N/A 5,541 ChinaCo (4) Equity method investment 29,323 29,323 21.6% — Creator Fund Investments (5) Various — — N/A 38,162 Other (6) Various 10,779 9,520 Various 39,627 Total equity method and other investments $ 214,940 $ 245,309 $ 203,719 (1) As discussed in Note 6, subsequent to the August 2019 reorganization of the WeCap Investment Group real estate acquisition platform, the following investments are owned through the WeCap Holdings Partnership in which Rhône has a 20% equity interest: • “DSQ” — a venture in which WeCap Holdings Partnership owns a 10% equity interest. DSQ owns a commercial real estate portfolio located in London, United Kingdom. The investment balance also includes a note receivable with an outstanding balance of $28.6 million and $26.0 million as of December 31, 2020 and 2019, respectively, that accrues interest at a rate of 5.81% and matures in April 2028. • “Waller Creek” — a joint venture in which WeCap Holdings Partnership previously owned an 8% equity interest. Waller Creek was established to develop a parcel of land in Texas and then manage, operate, and eventually sell the developed property. During August 2020, the Waller Creek investment was disposed of. See Note 6 for additional details. • “WPI Fund” — a real estate investment fund in which WeCap Holdings Partnership holds the 0.5% general partner interest. The WPI Fund’s focus is acquiring, developing and managing office assets with current or expected vacancy suitable for WeWork occupancy, currently primarily focusing on opportunities in North America and Europe. • “ARK Master Fund” — an investment fund in which WeCap Holdings Partnership holds the general partner and a limited partner interest totaling 2% of the fund’s invested capital. ARK Master Fund invests in real estate and real estate-related investments that it expects could benefit from the Company’s occupancy or involvement or the involvement of the limited partners of the ARK Master Fund. (2) In addition to the general partner interest in the WPI Fund held by WeCap Holdings Partnership described above, a wholly owned subsidiary of the WeCap Investment Group also owns an 8% limited partner interest in the WPI Fund. (3) In June 2020, the Company entered into an agreement with WeWork India Management Private Limited (“IndiaCo”), an affiliate of Embassy Property Developments Private Limited (“Embassy”), to subscribe for new convertible debentures to be issued by IndiaCo in an aggregate principal amount of $100.0 million (the “2020 Debentures”). During June 2020, $85.0 million of the principal had been funded, with the remaining $15.0 million to be funded over time based on milestones achieved by IndiaCo. The 2020 Debentures earn interest at a coupon rate of 12.5% per annum for the 18-month available-for-sale (4) In October 2020, the Company deconsolidated ChinaCo and its retained 21.6% ordinary share equity method investment was recorded at a fair value of $26.3 million plus capitalized legal cost for a total initial cost basis and carrying value as of December 31, 2020 of $29.3 million. See Note 6 for additional details regarding the ChinaCo Deconsolidation and see Note 25 for details regarding various related party fees payable by ChinaCo to the Company subsequent to the ChinaCo Deconsolidation. (5) During 2018, the Company launched the Creator Fund that previously made investments in recipients of WeWork’s Creator Awards and other investments through use of a venture capital strategy. Prior to September 2020, the Creator Fund was a consolidated subsidiary owned 99.99% by related party noncontrolling interest holders. In September 2020, the Company transferred its variable interest and control over the Creator Fund to an affiliate of SBG and the Creator Fund and its investments were deconsolidated from the Company’s financial statements. See Note 6 for further detail. During the years ended December 31, 2020, 2019 and 2018, the Company recorded impairments on Creator Fund investments totaling $10.4 million, $8.9 million and $1.0 million, respectively, included in income (loss) from equity method and other investments on the accompanying consolidated statements of operations. (6) The Company holds various other investments as of December 31, 2020 and 2019. On March 27, 2020, the Company sold 91% of the equity of Meetup for total consideration of $9.5 million and the remaining 9% was retained by the Company in the amount of $1.1 million. In February 2020, the Company completed the sale of its investment in Refresh Club, Inc. (“The Wing”) for $35.0 million. As of December 31, 2020, the WPI Fund, IndiaCo, ARK Master Fund, ChinaCo and certain other entities in which the Company has invested are unconsolidated VIEs. The Wing was also an unconsolidated VIE prior to the sale of the Company’s investment. In all cases, the Company is not the primary beneficiary, as the Company does not have both the power to direct the activities of the entity that most significantly impact the entity’s economic performance and exposure to benefits or losses that could potentially be significant to the VIE. None of the debt held by these investments is recourse to the Company, except the $4.9 million in lease guarantees provided to landlords of ChinaCo as described in Note 25. The Company’s maximum loss is limited to the amount of our net investment in these VIEs, the $4.9 million in ChinaCo lease guarantees and the unfunded commitments discussed below. For the years ended December 31, 2020, 2019 and 2018, the Company recorded approximately $(44.8) million, $(32.2) million and $(12.6) million, respectively, for its share of loss related to its equity method and other investments included in income (loss) from equity method and other investments in the consolidated statements of operations. As of December 31, 2020, the Company had recorded a credit loss valuation allowance on its available-for-sale available-for-sale For the years ended December 31, 2020 and 2019, the Company contributed a total of $99.1 million and $80.7 million, respectively, to its investments and received distributions from its investments totaling $48.0 and $16.6 million, respectively. As of December 31, 2020, the Company had a total of $50.8 million in unfunded capital commitments to its investments; however, if requested, in each case, the C o |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Note 7. Acquisitions In August 2019, the Company acquired 100% of the equity of Spacious Technologies Inc. for a total consideration of $35.1 million. The total consideration consisted of $21.9 million in cash and $13.2 million in Series AP-4 In August 2019, the Company acquired 100% of the equity of Effective Technology Solutions, Inc. (“SpaceIQ”) for a total consideration of $32.6 million. The total consideration consisted of $21.4 million in cash and $11.2 million in Series AP-4 AP-4 In July 2019, the Company acquired 100% of the equity of Prolific Interactive LLC for a total consideration of $22.0 million. The total consideration consisted of $18.5 million in cash and $3.5 million in Class A Common Stock. At closing, $1.6 million of cash consideration and $0.1 million of Class A Common Stock was held back and included in other current liabilities and additional paid in capital, respectively, as of both December 31, 2020 and 2019. Prolific Interactive LLC was founded in 2009 and is a mobile-focused product agency delivering design, engineering and digital strategy to increase user engagement. Prolific was wound down during the year ended December 31, 2020. See Note 8 for further details. In July 2019, the Company acquired 100% of the equity of Waltz Inc. for a total consideration of $35.9 million. The total consideration consisted of $19.2 million in cash and $16.7 million in Series AP-4 AP-4 In May 2019, the Company acquired 100% of the equity of seven entities collectively known as “Emprenurban” for total consideration of $31.2 million. The total consideration consisted of $29.2 million in cash paid at closing with an additional $2.0 million of the cash consideration held back at closing which was subsequently released prior to December 31, 2019. Emprenurban is a Latin American construction manager, real estate developer, builder and consultant with operations in Argentina, Uruguay, Paraguay, Peru, Colombia, Brazil, Chile and Mexico. In April 2019, the Company acquired 100% of the equity of Managed by Q Inc. (“Managed by Q”) for total consideration of $189.7 million. The total consideration consisted of $107.5 million in cash, $0.2 million in Class A Common Stock options and $82.0 million in Series AP-3 During 2019, the Company acquired 100% of the equity of two other companies for total consideration of $10.8 million. Total consideration consisted of $9.5 million in cash and $1.3 million in Series AP-4 The allocation of the total acquisition consideration during the year ended December 31, 2019 is estimated as follows (amounts below exclude the asset acquisitions acquired by non-wholly (Amounts in thousands) Total 2019 Cash and cash equivalents $ 20,379 Property and equipment 7,232 Capitalized software 32,370 Goodwill 289,951 Finite-lived intangible assets 21,257 Lease right-of-use 9,720 Lease obligation, net (9,720 ) Deferred revenue (2,574 ) Other assets acquired and liabilities assumed, net (11,236 ) Total consideration $ 357,379 In 2018, ChinaCo acquired 100% of the equity of naked Hub Holdings Ltd. (“NH Holdings”) for total consideration of $449.7 million, consisting of $177.0 million in cash and $272.7 million in ChinaCo Class A Ordinary Shares and Class A Common Stock of the Company. At closing, the Company transferred $146.3 million in cash and $179.7 million in ChinaCo Class A Ordinary Shares. The remaining consideration included a holdback of $15.9 million payable in cash and contingent consideration consisting of $14.7 million payable in cash and $93.1 million payable in a combination of ChinaCo Class A Ordinary Shares and Class A Common Stock of the Company. ChinaCo was required, pursuant to the terms of the Parent Note, to reimburse the Company for any shares of the Company issued on ChinaCo’s behalf in connection with the acquisition. The Company determined the fair value of the contingent consideration, based on the likelihood of reaching set milestones. Each period, the contingent consideration was be remeasured to fair market value through the statement of operations. During the years ended December 31, 2020, 2019 and 2018, the Company recorded gains of none and $61.7 million, and a loss of $80.6 million, respectively, related to the remeasurement of the contingent consideration payable in stock, included as a reduction in selling, general and administrative expenses on the accompanying condensed consolidated statements of operations. The change in fair value of the contingent consideration is driven by changes in the Company’s projected obligation to issue additional ChinaCo Class A Ordinary Shares based on the anti-dilution provisions of the acquisition agreement, changes in the likelihood of achieving certain milestones, and changes in the fair market value of the ChinaCo Class A Ordinary Shares and the Company’s Class A Common Stock during the period. During the year ended December 31, 2019, the Company settled $68.1 million of the contingent consideration payable in Class A Common Stock of the Company. As of December 31, 2019, there was $15.9 million in cash holdback and $0.4 million in contingent consideration payable in a combination of Class A Ordinary Shares of ChinaCo and Class A Common Stock of the Company included in other current liabilities on the accompanying consolidated balance sheet, which was released from holdback during the year ended December 31, 2020. NH Holdings was deconsolidated during the year ended December 31, 2020 as a part of the ChinaCo Deconsolidation. See Note 6 for further details. There were no acquisitions during the year ended December 31, 2020. All 2019 acquisitions, other than the real estate asset investments described in Note 6, were accounted for as business combinations and the total consideration was allocated to the identifiable assets acquired and liabilities assumed based on their fair values (using primarily Level 3 inputs) as of the closing date of each acquisition, with amounts exceeding the net fair value recognized as goodwill. The goodwill is non-tax During the year ended December 31, 2020, the Company released acquisition holdbacks of $39.7 million of cash, $2.4 million of preferred stock, representing 32,337 shares of Series AP-4 AP-1 AP-2 During the years ended December 31, 2020, 2019 and 2018 , the Company incurred transaction costs relating to business combinations totaling none, $9.8 million and $7.0 million, respectively. |
Other Assets
Other Assets | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets, Noncurrent [Abstract] | ||
Other Assets | Note 7. Other Assets Other non-current (Amounts in thousands) June 30, 2021 December 31, Deferred financing costs, net — SoftBank Senior Unsecured Notes Warrant (1) $ 434,833 $ 488,312 Deferred financing costs, net — 2020 LC Facility Warrant issued to SBG (1) 152,503 199,832 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to SBG (1) 9,198 11,334 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to third parties (1) 4,613 5,440 Other deferred financing costs, net 6,088 64 Security deposits with landlords 251,734 274,822 Other security deposits 3,172 3,271 Straight-line revenue receivable 45,623 46,313 Deferred income tax assets, net — 1,377 Other long-term prepaid expenses and other assets 24,387 31,493 Total other assets $ 932,151 $ 1,062,258 (1) See Note 9 for details. Amounts are net of accumulated amortization totaling $273.7 million and $169.7 million as of June 30, 2021 and December 31, 2020, respectively. | Note 12. Other Assets Other non-current December 31, (Amounts in thousands) 2020 2019 Deferred financing costs, net — SoftBank Senior Unsecured Notes Warrant (1) $ 488,312 $ 568,877 Deferred financing costs, net — 2020 LC Facility Warrant issued to SBG (1) 199,832 284,440 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to SBG (1) 11,334 20,000 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to third parties (1) 5,440 5,172 Other deferred financing costs, net 64 5,068 Security deposits with landlords 274,822 305,623 Other security deposits 3,271 16,437 Straight-line revenue receivable 46,313 34,274 Deferred income tax assets, net 1,377 1,150 Other long-term prepaid expenses and other assets 31,493 44,698 Total other assets $ 1,062,258 $ 1,285,739 (1) See Note 14 for details. Amounts are net of accumulated amortization totaling $169.7 million and none as of December 31, 2020 and 2019 respectively. |
Assets Held for Sale and Dispos
Assets Held for Sale and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Dispositions | Note 8. Assets Held for Sale and Dispositions In connection with the Company’s operational restructuring program, the Company has divested of or wound down certain non-core space-as-a-service As of December 31, 2019, the following non-core web-based Managed by Q (acquired in 2019), Space IQ (acquired in 2019) and Teem Technologies, Inc. (a software-as-a-service During the third quarter of 2019, prior to its held for sale classification, Management had committed to a strategy of disposition of Conductor (a search engine optimization and enterprise content marketing solutions software company acquired in 2018) and Managed by Q at a value substantially less than the value the Company had recently paid to acquire such assets, which resulted in indicators of impairment of certain acquired intangible assets associated with those operations. In addition, as Managed by Q had not been fully integrated into the Company’s reporting unit during the third quarter of 2019, this also triggered a quantitative fair value assessment of the associated asset group, including the Managed by Q goodwill. The fair value assessment, which applied a combination of the income and market valuation approach, resulted in an impairment of intangible assets totaling $51.8 million and an impairment of goodwill totaling $145.0 million during the third quarter of 2019. These impairment charges are included as a component of impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statement of operations for the year ended December 31, 2019. In December 2019, the Company entered into a definitive agreement to sell Conductor and the sale was consummated on December 16, 2019. Total sale proceeds were $3.5 million in cash and the Company recorded an impairment of $2.6 million on the assets held for sale, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statement of operations for the year ended December 31, 2019. During the fourth quarter of 2019, the Company also decided to wind down certain other recently acquired non-core In January 2020, the Company sold Teem for total cash consideration of $50.5 million. The Company recorded a gain on the sale of $37.2 million, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statements of operations for the year ended December 31, 2020. In March 2020, the Company sold Managed by Q for total cash consideration of $28.1 million. Of the total consideration, $2.5 million was heldback at closing and is included as a disposition proceeds holdback receivable within other current assets on the accompanying consolidated balance sheet as of December 31, 2020. The Company recorded a gain on the sale in the amount of $9.8 million, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statements of operations for the year ended December 31, 2020. The gain on sale in 2020 was recognized after a $20.7 million impairment of intangible assets and a $145.0 million impairment of goodwill associated with Managed by Q that was recorded during the year ended December 31, 2019 as discussed above. In March 2020, the Company also sold 91% of the equity of Meetup for total cash consideration of $9.5 million and the remaining 9% was retained by the Company. Upon closing, Meetup was deconsolidated and the Company’s 9% interest in the equity of Meetup is reflected within equity method and other investments on the consolidated balance sheet as of December 31, 2020. Prior to the sale, the Company recorded an impairment loss of $26.1 million, on the assets held for sale, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statements of operations for the year ended December 31, 2020. In March 2020, the Company completed the sale of the real estate investment held by the 424 Fifth Venture and recognized an impairment loss on the assets sold totaling $53.7 million, included in impairment/(gain on sale) of goodwill, intangibles and other assets on the accompanying consolidated statements of operations during the year ended December 31, 2020. See Note 6 for further details. In May 2020, the Company sold SpaceIQ for a total cash consideration of $9.6 million. Prior to the sale, the Company recorded an impairment loss of $23.1 million on the assets held for sale, included in the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statements of operations for the year ended December 31, 2020. In July 2020, the Company sold certain non-core In August 2020, the Company sold Flatiron LLC, Designation Labs LLC, SecureSet Academy LLC, Flatiron School UK Limited and Flatiron School Australia Pty Ltd (collectively “Flatiron”) to Carrick Capital Partners (“Carrick”), for total cash consideration of $28.5 million. Prior to the sale, the Company recorded an impairment loss of $3.0 million and then recorded a gain on the ultimate sale of $6.0 million, each included as a component of the impairment/(gain on sale) of goodwill, intangibles and other assets in the accompanying consolidated statements of operations for the year ended December 31, 2020. Arthur Minson, WeWork’s former Co-Chief non-compete During 2020, the Company sold the assets of two other non-core Assets and liabilities held for sale on the accompanying consolidated balance sheets consist of the following: December 31, (Amounts in thousands) 2020 2019 Assets held for sale: Cash and cash equivalents $ — $ 1,138 Accounts receivable and accrued revenue, net — 11,086 Other current assets — 2,786 Property and equipment, net — 846 Lease right-of-use — 879 Restricted cash — 3,155 Goodwill — 52,996 Intangible assets, net of accumulated amortization of none and $21,408 as of December 31, 2020 and 2019, respectively — 61,856 Other assets — 216 Impairment of disposal group — — Total assets held for sale $ — $ 134,958 Liabilities related to assets held for sale: Accounts payable and accrued expenses $ — $ 8,264 Deferred revenue — 16,061 Current lease obligations — 722 Other current liabilities — 216 Long-term lease obligations — 175 Other liabilities — 4 Total liabilities related to assets held for sale $ — $ 25,442 None of the Company’s dispositions meet the criteria to qualify as discontinued operations during 2020 or 2019. There were no dispositions or intangible asset or goodwill impairments during the year ended December 31, 2018. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Stockholders' Equity | Note 21. Shareholders’ Equity Common Stock Each share of Class B Common Stock is convertible, at the option of the holder thereof, at any time, into one fully paid and nonassessable share of Class A Common Stock. Shares of Class B Common Stock also automatically convert into shares of Class A Common Stock in the event of a transfer (other than in the case of certain permitted transfers). If any shares of Class B Common Stock are transferred to SBG or its affiliates, such transferred shares of Class B Common Stock will automatically convert into shares of Class D Common Stock. Except as described in the previous sentence, the Amended and Restated Certificate of Incorporation prohibits the Company from issuing shares of Class D Common Stock. Shares of Class D Common Stock will be convertible into shares of Class A Common Stock on a one-for-one The Amended and Restated Certificate of Incorporation prohibits the Company from issuing additional shares of Class B Common Stock or shares of Class C Common Stock, except in limited circumstances such as pursuant to the exercise of options to purchase shares of Class B Common Stock that are granted as of the date on which the Amended and Restated Certificate of Incorporation became effective. Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. The holders of the shares of Class B, and Class C Common Stock, voting together exclusively and as a separate class, shall be entitled to elect two directors of the Company, so long as any shares of Class B Common Stock or Class C Common Stock remain outstanding. The shares of Class A, Class B and Class D Common Stock are ranked equally and are entitled to the same treatment with respect to cash dividends and the same rights to participate in the distribution of proceeds upon liquidation, sale or dissolution of the Company. The shares of Class C Common Stock are deemed to be a non-economic Warrants Convertible Into Number of Shares Exercise Price Expiration Date Class A Common Stock 5,941 $ 13.12 July 31, 2025 Class A Common Stock 250,000 $ 0.001 February 8, 2026 255,941 During the year ended December 31, 2018, certain warrant holders exercised warrants and acquired an aggregate of 1,577,434 shares of Class B Common Stock. The Company received $0.6 million in proceeds from these warrant exercises. Common Stock Repurchase In October 2019, the Company’s Board of Directors approved the repurchase from an former employee of 56,755 shares of Class A Common Stock of unvested shares at a price of $16.93 per share. As the repurchase price was | ||
BOWX ACQUISITION CORP [Member] | |||
Stockholders' Equity | Note 6—Stockholders’ Equity Preferred stock Class A Common Stock Class B Common Stock The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one adjustment as described herein). In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of the initial Business Combination (including pursuant to a specified future issuance), the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance, including pursuant to a specified future issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted | Note 7 — Stockholders’ Equity Class A Common Stock Class B Common Stock 0.2 share dividend. Of the 12,075,000 shares of Class B common stock issued and outstanding, up to 1,575,000 were subject to forfeiture to the Company to the extent that the underwriter’s over-allotment option is not exercised in full or in part, so that the shares of Class B common stock will represent 20% of the Company’s issued and outstanding common stock after the IPO. On August 10, 2020, the underwriter fully exercised the over-allotment option and the Company consummated the sale of Units pursuant to the over-allotment option on August 13, 2020; thus, these 1,575,000 Founder Shares were no longer subject to forfeiture. Accordingly, as of December 31, 2020, 12,075,000 shares of Class B common stock were issued and outstanding. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis as-converted basis, Preferred stock Warrants The warrants will have an exercise price of $11.50 per share, subject to adjustment, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Company’s initial stockholders, officers, directors or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of each Warrant will be adjusted (to the nearest cent) such that the effective exercise price per full share will be equal to 115% of the higher of (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per-share redemption The Private Placement Warrants are identical to the Public Warrants, except that (1) the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (2) the Private Placement Warrants will be non-redeemable Once the warrants become exercisable, the Company may redeem the outstanding warrants (except for the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. Commencing ninety days after the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Company’s Class A common stock; • if, and only if, the last reported sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock (or a security other than the Class A common stock into which the Class A common stock has been converted or exchanged for in the event the Company is not the surviving company in the initial Business Combination) issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period The “fair market value” of the Class A common stock for this purpose shall mean the average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the Warrants may expire worthless. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Liabilities, Current [Abstract] | ||
Other Current Liabilities | Note 8. Other Current Liabilities Other current liabilities consists of the following: (Amounts in thousands) June 30, 2021 December 31, 2021 LC Debt Facility (See Note 16) $ 349,011 $ — Current portion of long-term debt (See Note 10) 37,534 13,114 Refunds payable to former members 36,485 35,761 Current portion of acquisition holdbacks — 1,593 IndiaCo Forward Liability (See Note 6) — 7,907 Other current liabilities 17,344 25,380 Total other current liabilities $ 440,374 $ 83,755 | Note 13. Other Current Liabilities Other current liabilities consists of the following: December 31, (Amounts in thousands) 2020 2019 Current portion of acquisition holdbacks $ 1,593 $ 43,246 Contingent consideration relating to acquisitions payable in stock (See Note 7) — 445 Current portion of long-term debt (See Note 15) 13,114 2,862 2020 Tender Offer (See Note 22) — 123,409 Refunds payable to former members 35,761 20,675 IndiaCo Forward Liability (See Note 11) 7,907 — Other current liabilities 25,380 28,183 Total other current liabilities $ 83,755 $ 218,820 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | |
Goodwill | Note 9. Goodwill Goodwill includes the following activity during the year ended December 31, 2020 and 2019: Year Ended December 31, (Amounts in thousands) 2020 2019 Balance at beginning of period $ 698,416 $ 681,017 Goodwill acquired — 289,951 Goodwill sold (2,652 ) — Goodwill impairment — (214,515 ) Goodwill held for sale — (52,996 ) Measurement period and other adjustments 3,577 (3,093 ) ChinaCo Deconsolidation (Note 6) (28,692 ) — Effect of foreign currency exchange rate changes 8,702 (1,948 ) Balance at end of period $ 679,351 $ 698,416 |
Convertible Related Party Liabi
Convertible Related Party Liabilities and SoftBank Debt Financing | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Convertible Related Party Liabilities And Softbank Debt Financing [Abstract] | ||
Convertible Related Party Liabilities and SoftBank Debt Financing | Note 9. Convertible Related Party Liabilities and SoftBank Debt Financing Convertible related party liabilities, net consist of the following: (Amounts in thousands) June 30, 2021 December 31, SoftBank Debt Financing Warrant Liability: SoftBank Senior Unsecured Notes Warrant liability capitalized as deferred financing cost at issuance $ 568,877 $ 568,877 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (54,793 ) (288,674 ) Less: Senior Unsecured Notes Warrant liability deferred financing cost adjustment (934 ) (934 ) Less: Exercise of warrants into Series H-3 (474,521 ) — Total SoftBank Senior Unsecured Notes Warrant Liability, at fair value 38,629 279,269 2020 LC Facility Warrant liability capitalized as deferred financing cost at issuance 284,440 284,440 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (27,394 ) (144,335 ) Less: 2020 LC Facility Warrant liability deferred financing cost adjustment (466 ) (466 ) Less: Exercise of warrants into Series H-3 (237,265 ) — Total LC Facility Warrant Liability, at Fair Value 19,315 139,639 Total SoftBank Debt Financing Warrant Liability, at fair value 57,944 418,908 Total convertible related party liabilities, net $ 57,944 $ 418,908 SoftBank Debt Financing included a commitment from SBG for the provision of (i) $1.1 billion in senior secured debt in the form of senior secured notes or a first lien term loan facility (“SoftBank Senior Secured Debt”), (ii) $2.2 billion in 5.0% senior unsecured notes (the “SoftBank Senior Unsecured Notes”) with associated warrants issued to SoftBank Group Corp. (“SoftBank Obligor”) to purchase 86,591,946 shares of the Company’s Series H-3 H-4 H-3 H-4 SoftBank Senior Secured Debt The funding of the $1.1 billion of SoftBank Senior Secured Debt originally contemplated per the Master Transaction Agreement was contingent on the completion of the 2020 Tender Offer (as defined in Note 14) and the 2020 Tender Offer was not completed therefore the SoftBank Senior Secured Debt was also considered terminated in April 2020. See Note 14 for additional details regarding the 2020 Tender Offer. In August 2020, the Company, WW Co-Obligor Amended and Restated Senior Secured Notes In March 2021, the Company and an affiliate of SBG entered into a letter agreement pursuant to which the Company and an affiliate of SBG have agreed to amend and restate the terms of the Master Senior Secured Notes Note Purchase Agreement that governs the SoftBank Senior Secured Notes (as amended and restated, the “A&R Senior Secured Note Purchase Agreement”) on the earlier of (i) the Closing and (ii) August 12, 2021. The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow up to an aggregate principal amount of $550.0 million of senior secured debt in the form of new 7.5% senior secured notes (the “A&R Senior Secured Notes”). It is a condition to the execution of the A&R Senior Secured Note Purchase Agreement that any outstanding SoftBank Senior Secured Notes be redeemed, repurchased or otherwise repaid and canceled at a price of 101% of the principal amount thereof plus accrued and unpaid interest. The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow once every 30 days with minimum draws of $50.0 million. The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. SoftBank Senior Unsecured Notes To formalize SBG’s October 2019 commitment to provide WeWork Companies LLC with up to $2.2 billion of unsecured debt, on December 27, 2019, WeWork Companies LLC, WW Co-Obligor subsidiary of WeWork Companies LLC and a co-obligor Pursuant to the terms of the Master Note Purchase Agreement, WeWork Companies LLC may deliver from time to time to the Note Purchaser draw notices and accordingly sell to the Note Purchaser SoftBank Senior Unsecured Notes up to an aggregate original principal amount of $2.2 billion. A draw notice pursuant to the Master Note Purchase Agreement, may be delivered only if WeWork Companies LLC’s net liquidity is, or prior to the applicable closing is reasonably expected to be, less than $750.0 million, and the amount under each draw shall not be greater than the lesser of (a) $250.0 million and (b) the remaining commitment (defined as the original principal amount of $2.2 billion less notes issued) and shall not be greater than an amount sufficient to cause, or reasonably expected to cause, the net liquidity of WeWork Companies LLC to be equal to $750.0 million after giving effect to receipt of proceeds from the issuance of the applicable SoftBank Senior Unsecured Notes. As of June 30, 2021, the Company had delivered draw notices in respect of $2.2 billion under the Master Note Purchase Agreement and an aggregate principal amount of $2.2 billion of SoftBank Senior Unsecured Notes were issued to the Note Purchaser and reflected as unsecured related party debt on the condensed consolidated balance sheet as of June 30, 2021. As of December 31, 2020, the Company had delivered draw notices in respect of $1.2 billion under the Master Note Purchase Agreement and an aggregate principal amount of $1.2 billion of SoftBank Senior Unsecured Notes were issued to the Note Purchaser and reflected as unsecured related party debt on the condensed consolidated balance sheet as of December 31, 2020. Following the delivery of a draw notice, the Note Purchaser may notify WeWork Companies LLC that it intends to engage an investment bank or investment banks to offer and sell the applicable SoftBank Senior Unsecured Notes or any portion thereof to third-party investors in a private placement. Solely with respect to the first $200.0 million in draws (the “Initial Notes”), the Note Purchaser waived this syndication right and no action has been taken on the remainder of the draws. The SoftBank Senior Unsecured Notes have a stated interest rate of 5.0%. However because the associated warrants obligate the Company to issue shares in the future, the implied interest rate upon closing, assuming the full commitment is drawn, was approximately 11.69%. The SoftBank Senior Unsecured Notes will mature in July 2025. SoftBank Debt Financing Costs due to SBG The warrants issued to SoftBank Obligor in December 2019 to purchase 86,591,946 shares of the Company’s Series H-3 H-4 (loss) from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. During the three and six months ended June 30, 2021, none and 86,591,946, respectively, H-3 H-4 The SoftBank Senior Unsecured Notes Warrant of $568.9 million was capitalized at issuance as a deferred financing cost and included, net of accumulated amortization, as a component of other assets on the accompanying condensed consolidated balance sheets as June 30, 2021 and December 31, 2020. This asset will be amortized into interest expense over the five year life of the SoftBank Senior Unsecured Notes. During the three and six months ended June 30, 2021, the Company recorded $26.6 million and $53.2 million, respectively of interest expense associated with the amortization of this deferred financing cost. During the three and six months ended June 30, 2020, the Company recorded $26.6 million of interest expense associated with the amortization of this deferred financing cost. The warrants issued to SoftBank Obligor in December 2019 to purchase 43,295,973 shares of the Company’s Series H-3 H-4 H-3 H-4 H-3 H-4 The 2020 LC Facility Warrant of $284.4 million was capitalized at issuance as a deferred financing cost and included, net of accumulated amortization, as a component of other assets on the accompanying condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. This asset will be amortized into interest expense from February 10, 2020 through the February 10, 2023 termination date of the 2020 LC Facility. During the three and six months ended June 30, 2021, the Company recorded $23.7 million and $47.4 million, respectively, of interest expense associated with the amortization of this deferred financing cost. During the three and six months ended June 30, 2020, the Company recorded $23.7 million and $36.8 million of interest expense associated with the amortization of this deferred financing cost. Other than customary adjustments for recapitalizations and other reorganizations, the warrants associated with the SoftBank Senior Unsecured Notes Warrant and the 2020 LC Facility Warrant, (collectively the “Penny Warrants” or the “SoftBank Debt Financing Warrant Liability”) were subject to anti-dilution protection for any increase in the Company’s capital stock outstanding prior to December 27, 2020, as a result SoftBank Obligor was entitled to an additional 6,121,239 number of warrants that were also outstanding as of December 31, 2020. The Penny Warrants became exercisable on April 1, 2020 and expire on December 27, 2024. In August 2021, the Penny Warrants were transferred to a wholly-owned subsidiary of SBG. The Company recorded an ASC 480 liability representing the fair value of the Penny Warrants. The measurement of the Penny Warrants is considered to be a Level 3 fair value measurement, as it was determined using observable and unobservable inputs. As of June 30, 2021 and December 31, 2020, the SoftBank Debt Financing Warrant Liability totaled $57.9 million and $418.9 million, respectively and was included as a component of the convertible related party liabilities, net on the accompanying condensed consolidated balance sheets. The Company also agreed to reimburse SBG for all fees and expenses incurred in connection with the SoftBank Transactions in an aggregate amount up to $50.0 million of which none were paid during the six months ended June 30, 2021, $35.5 million was paid the year ended December 31, 2020, and the remaining $14.5 million was included as a component of accounts payable and accrued expenses on the accompanying condensed consolidated balance sheet as of June 30, 2021. The Company allocated $20.0 million of the total costs as deferred financing costs included net of accumulated amortization within other assets on the condensed consolidated balance sheet which will be amortized into interest expense over the life of the debt facility to which it was allocated. During the three and six months ended June 30, 2021 the Company recorded $1.1 million and $2.2 million, respectively, of interest expense associated with the amortization of these deferred financing costs. During the three and six months ended June 30, 2020, the Company recorded $1.1 million and $1.5 million, respectively, of interest expense associated with the amortization of these deferred financing costs and $5.0 million of these costs were written off and were allocated to the terminated SoftBank Senior Secured Debt noted above. The Company allocated $15.0 million as equity issuance costs associated with the 2019 Warrant, recorded as a reduction of the Series H-1 SoftBank Debt Financing Costs due to Third Parties As of June 30, 2021 and December 31, 2020, respectively the Company had capitalized a total of $4.6 million and $5.4 million, respectively in net debt issuance costs paid or payable to third parties associated with the SoftBank Debt Financing which will be amortized over a thre 2019 Warrant per-share off-setting paid-in H-1 H-2 H-1 H-1 219.7 H-1 H-1 | Note 14. Convertible Related Party Liabilities and SoftBank Debt Financing Convertible related party liabilities, net consist of the following: December 31, (Amounts in thousands) 2020 2019 2019 Warrant Liability: Cash received on draw in October 2019 $ 1,500,000 $ 1,500,000 Less: Cost basis of related party financial instrument included in additional paid in capital prior to draw (219,708 ) (219,708 ) Less: Cumulative issuance of Series H-1 (200,000 ) (200,000 ) Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (169,172 ) 217,466 Less: Conversion to Series H-1 (911,120 ) — Total 2019 Warrant Liability, at fair value — 1,297,758 SoftBank Debt Financing Warrant Liability: SoftBank Senior Unsecured Notes Warrant liability capitalized as deferred financing cost at issuance 568,877 568,877 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (288,674 ) — Less: Senior Unsecured Notes Warrant liability deferred financing cost adjustment (934 ) — Total SoftBank Senior Unsecured Notes Warrant Liability, at fair value 279,269 568,877 2020 LC Facility Warrant liability capitalized as deferred financing cost at issuance 284,440 284,440 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (144,335 ) — Less: 2020 LC Facility Warrant liability deferred financing cost adjustment (466 ) — Total LC Facility Warrant Liability, at Fair Value 139,639 284,440 Total SoftBank Debt Financing Warrant Liability, at fair value 418,908 853,317 Total convertible related party liabilities, net $ 418,908 $ 2,151,075 2019 Warrant per-share off-setting paid-in In October 2019, in accordance with the SoftBank Transactions, the 2019 Warrant was amended to accelerate SBG’s obligation for payment of $1.5 billion from April 3, 2020 to October 30, 2019, and the exercise price was amended from $110 per share to $11.60 per share for a new security in the form of Series H-1 H-2 H-1 H-1 H-1 H-1 SoftBank Debt Financing H-3 H-4 H-3 H-4 SoftBank Senior Secured Debt The funding of the $1.1 billion of SoftBank Senior Secured Debt originally contemplated per the Master Transaction Agreement was contingent on the completion of the 2020 Tender Offer (as defined in Note 22) and the 2020 Tender Offer was not completed as described further in Note 22. During the year ended December 31, 2020, the Company expensed $5.9 million of financing costs previously deferred in connection with the SoftBank Senior Secured Debt included within selling, general and administrative expenses on the accompanying consolidated statements of operations. In August 2020, the Company and WW Co-Obligor SoftBank Senior Unsecured Notes To formalize SBG’s October 2019 commitment to provide WeWork Companies LLC with up to $2.2 billion of unsecured debt, on December 27, 2019, WeWork Companies LLC, WW Co-Obligor co-obligor Pursuant to the terms of the Master Note Purchase Agreement, WeWork Companies LLC may deliver from time to time to the Note Purchaser draw notices and accordingly sell to the Note Purchaser SoftBank Senior Unsecured Notes up to an aggregate original principal amount of $2.2 billion. A draw notice pursuant to the Master Note Purchase Agreement, may be delivered only if WeWork Companies LLC’s net liquidity is, or prior to the applicable closing is reasonably expected to be, less than $750.0 million, and the amount under each draw shall not be greater than the lesser of (a) $250.0 million and (b) the remaining commitment (defined as the original principal amount of $2.2 billion less notes issued) and shall not be greater than an amount sufficient to cause, or reasonably expected to cause, the net liquidity of WeWork Companies LLC to be equal to $750.0 million after giving effect to receipt of proceeds from the issuance of the applicable SoftBank Senior Unsecured Notes. As of December 31, 2019, no draw notices had been delivered pursuant to the Master Note Purchase Agreement and the balance outstanding was zero. As of December 31, 2020, the Company had delivered draw notices in respect of $1.2 billion under the Master Note Purchase Agreement and an aggregate principal amount of $1.2 billion of SoftBank Senior Unsecured Notes were issued to the Note Purchaser and reflected as unsecured related party debt on the consolidated balance sheet as of December 31, 2020. Following the delivery of a draw notice, the Note Purchaser may notify WeWork Companies LLC that it intends to engage an investment bank or investment banks to offer and sell the applicable SoftBank Senior Unsecured Notes or any portion thereof to third-party investors in a private placement. Solely with respect to the first $200.0 million in draws (the “Initial Notes”), the Note Purchaser waived this syndication right and no action has been taken on the remainder of the draws. The SoftBank Senior Unsecured Notes have a stated interest rate of 5.0%. However because the associated warrants obligate the Company to issue shares in the future, the implied interest rate upon closing, assuming the full commitment is drawn, was approximately 11.69%. The SoftBank Senior Unsecured Notes will mature in July 2025. SoftBank Debt Financing Costs due to SBG The warrants issued to SoftBank Obligor in December 2019 to purchase 86,591,946 shares of the Company’s Series H-3 H-4 H-3 H-4 The SoftBank Senior Unsecured Notes Warrant of $568.9 million was capitalized at issuance as a deferred financing cost and included, net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheets as of both December 31, 2020 and 2019. This asset will be amortized into interest expense over the five year life of the SoftBank Senior Unsecured Notes. During the year ended December 31, 2020, the Company recorded $79.9 million of interest expense associated with the amortization of this deferred financing cost. The warrants issued to SoftBank Obligor in December 2019 to purchase 43,295,973 shares of the Company’s Series H-3 H-4 H-3 H-4 The 2020 LC Facility Warrant of $284.4 million was capitalized at issuance as a deferred financing cost and included, net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheets as of December 31, 2020 and 2019. This asset will be amortized into interest expense from February 10, 2020 through the February 10, 2023 termination date of the 2020 LC Facility. During the year ended December 31, 2020, the Company recorded $84.1 million of interest expense associated with the amortization of this deferred financing cost. Other than customary adjustments for recapitalizations and other reorganizations, the warrants associated with the SoftBank Senior Unsecured Notes Warrant and the 2020 LC Facility Warrant, (collectively the “Penny Warrants” or the “SoftBank Debt Financing Warrant Liability”) were subject to anti-dilution protection for any increase in the Company’s capital stock prior to December 27, 2020, as a result SoftBank Obligor was entitled to an additional 6,121,239 number of warrants that were also outstanding as of December 31, 2020. The Penny Warrants became exercisable on April 1, 2020 and expire on December 27, 2024. The Company recorded an ASC 480 liability representing the fair value of the Penny Warrants. The measurement of the Penny Warrants is considered to be a Level 3 fair value measurement, as it was determined using observable and unobservable inputs. As of December 31, 2020 and 2019 the SoftBank Debt Financing Warrant Liability totaled $418.9 million and $853.3 million, respectively and was included as a component of the convertible related party liabilities, net on the accompanying consolidated balance sheets. The Company also agreed to reimburse SBG for all fees and expenses incurred in connection with the SoftBank Transactions in an aggregate amount up to $50.0 million of which $35.5 million was paid during the year ended December 31, 2020 and the remaining $14.5 million was included as a component of accounts payable and accrued expenses on the accompanying consolidated balance sheet as of December 31, 2020. The Company allocated $20.0 million of the total costs as deferred financing costs included net of accumulated amortization within other assets on the consolidated balance sheet which will be amortized into interest expense over the life of the debt facility to which it was allocated. During the year ended December 31, 2020, the Company recorded $3.7 million of interest expense associated with the amortization of these deferred financing costs and wrote-off H-1 SoftBank Debt Financing Costs due to Third Parties As of December 31, 2020 and 2019, respectively the Company had capitalized a total of $5.4 million and $5.2 million, respectively in net debt issuance costs paid or payable to third parties associated with the SoftBank Debt Financing which will be amortized over a three Convertible Note Under the original terms of the Convertible Note, interest was scheduled to begin accruing on September 1, 2019, at a rate of 2.80%, compounded annually, and required repayment upon maturity on February 12, 2024, unless converted earlier. If not earlier converted or repaid in connection with a qualifying initial public offering as defined or the sale of the Company, all of the outstanding principal and interest due under the original terms of the Convertible Note would have converted into preferred stock of the Company upon a preferred stock financing providing to the Company gross proceeds of at least $2.0 billion (including the value of the Convertible Note). In 2019, the Company and SBWW agreed to modify certain provisions of the Convertible Note. As the Convertible Note was payable to a principal stockholder, the Company recognized the change in fair value of the Convertible Note before and after modification, as an increase to additional paid in capital in the amount of $236.4 million during the year ended December 31, 2019. As the Convertible Note included an interest-free period and the interest rate was also below the market effective rate for a similar borrowing, an original issue discount of $170.0 million was recorded upon the initial draw in August 2018 and an original issue discount of $286.8 million was recorded upon the modification in January 2019, each based on the fair value of the Convertible Note on the relevant date. As the borrowing at a discount was provided by a principal stockholder, the original discount of $170.0 million and the $116.9 million incremental increase in value of the discount upon amendment were both treated as capital contributions and included in additional paid in capital during 2018 and 2019, respectively. In addition, the Company recognized $119.5 million of additional capital contributions during the year ended December 31, 2019, relating to a change in fair value upon amendment of the terms of the Convertible Note. The Company estimated the fair values of the Convertible Note using a probability-weighted valuation scenario model. The Convertible Note’s original and amended terms also contained embedded redemption features that are required to be bifurcated and separately accounted for as derivatives. These embedded features were accounted for together as a single compound derivative. The Company estimated the fair value of the compound derivative at inception, upon amendment and at each reporting period, by comparing the value of the Convertible Note to a similar note without redemption features, the difference between the two values representing the value of the bifurcated redemption features. The bifurcation of the embedded redemption features represented a value of $178.8 million at the date of issuance and $25.3 million upon the subsequent amendment. As of June 30, 2019, the embedded redemption derivative had a fair value of zero as the probability of the redemption became remote upon the draw of the Amended 2018 Warrant discussed below. The embedded redemption derivative was accounted for in the same manner as a freestanding derivative pursuant to ASC 815, Derivatives and Hedging Prior to conversion, the fair value measurements of the debt discount and the embedded redemption features were considered to be Level 3 fair value measurements in the fair value hierarchy as per ASC 820 , Fair Value Measurements In July 2019, the Amended 2018 Warrant was exercised, as further discussed below, which also triggered the conversion of the $1.0 billion principal amount of the Convertible Note into 9,090,909 shares of Series G-1 G-1 During the year ended December 31, 2019, the Company recorded interest expense of $36.4 million, which represents the imputed interest on the Convertible Note at an effective interest rate of 10% and also recorded a reduction of interest expense of $1.7 million which represents the decline in the fair value of the embedded redemption derivative liability from January 1, 2019 through the January 2019 amendment and a reduction of interest expense of $25.3 million which represents the decline in the fair value of the embedded redemption derivative liability from the January 2019 amendment through December 31, 2019. During the year ended December 31, 2018, the Company recorded imputed interest expense on the Convertible Note totaling $22.4 million and interest expense totaling $97.6 million related to the change in fair value of the embedded redemption feature. Amended 2018 Warrant off-setting paid-in In January 2019 and April 2019 the Company drew down on the Amended 2018 Warrant and received $1.5 billion and $1.0 billion in cash, respectively. Upon the draws, during the year ended December 31, 2019, the Company removed $68.8 million of the equity asset that was established upon entering into the arrangement in November 2018 from its consolidated balance sheet. During the year ended December 31, 2019, the Company recorded a gain totaling $456.6 million, resulting from an increase in fair value of the related party instrument. The Amended 2018 Warrant was classified as a liability in accordance with ASC 480 , Distinguishing Liabilities from Equity , In July 2019, immediately prior to the legal entity reorganization transactions discussed in Note 1, the early exercise provision was triggered and the outstanding Amended 2018 Warrant was exercised for the issuance of 22,727,273 shares of Series G-1 G-1 |
Long-Term Debt, Net
Long-Term Debt, Net | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Long-Term Debt, Net | Note 10. Long-Term Debt, Net Long-term debt, net consists of the following: (Amounts in thousands, except percentages) Maturity Year Interest Rate June 30, 2021 December 31, 2020 Senior Notes: Outstanding principal balance 2025 7.875% $ 669,000 $ 669,000 Less: Unamortized debt issuance costs (10,251 ) (11,363 ) Total Senior Notes, net 658,749 657,637 Other Loans: Outstanding principal balance 2021 - 2022 2.5% - 3.0% 38,231 43,833 Less: Current portion of Other Loans (See Note 8) (37,534 ) (13,114 ) Total non-current 697 30,719 Total long-term debt, net $ 659,446 $ 688,356 Senior Notes No Senior Notes were repurchased during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021, $669.0 million in aggregate principal remains outstanding. Upon the occurrence of certain change of control triggering events, the Company may be required to repurchase the Senior Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest through the date of repurchase. The Senior Notes contain certain restrictive covenants that limit the Company’s ability to create certain liens, to enter into certain affiliated transactions and to consolidate or merge with, or convey, transfer or lease all or substantially all of its assets, subject to important qualifications and exceptions. The Senior Notes (i) rank equally in right of payment with the SoftBank Senior Unsecured Notes, any payment obligations under the 2020 LC Facility and any existing and future senior indebtedness of the Company, (ii) are senior in right of payment to any existing and future subordinated obligations of the Company, and (iii) are effectively subordinated to all secured indebtedness of the Company (including obligations under the 2020 LC Facility discussed in Note 16) to the extent of the value of the collateral securing such indebtedness, and are structurally subordinated to all liabilities of any subsidiary that does not guarantee the Senior Notes. The Senior Notes are unconditionally guaranteed on a senior basis by each of our subsidiaries that guarantees obligations under the Company’s 2020 LC Facility or certain other indebtedness of the Company as a guarantor. As of June 30, 2021, each restricted subsidiary that guaranteed obligations under the 2020 LC Facility discussed in Note 16 also guaranteed the Senior Notes. Subsequent to the July 2019 legal entity reorganization, WeWork Companies LLC is the obligor of its Senior Notes, which is also fully and unconditionally guaranteed by WeWork Inc. WeWork Inc. and the other subsidiaries that sit above WeWork Companies LLC in our legal structure are holding companies that conduct substantially all of their business operations through WeWork Companies LLC. As of June 30, 2021, based on the covenants and other restrictions of the Senior Notes, WeWork Companies LLC is restricted in its ability to transfer funds by loans, advances or dividends to WeWork Inc. and as a result all of the net assets of WeWork Companies LLC are considered restricted net assets of WeWork Inc. See the Supplementary Information — Consolidating Balance Sheet, The indenture that governs the Senior Notes also restricts us from incurring indebtedness or liens or making certain investments or distributions, subject to a number of exceptions. Certain of these exceptions included in the indenture that governs our Senior Notes are subject to us having Minimum Liquidity (as defined in the indenture that governs our Senior Notes). For incurrences in 2019, Minimum Liquidity was required to be 0.7 times Total Indebtedness (as defined in the indenture that governs our Senior Notes) and for incurrences in 2020, Minimum Liquidity was required to be 0.3 times Total Indebtedness. Beginning on January 1, 2021, there is no longer a Minimum Liquidity requirement. Certain of these exceptions included in the indenture that governs our Senior Notes are subject to us having Minimum Growth-Adjusted EBITDA (as defined in the indenture that governs our Senior Notes) for the most recent four consecutive fiscal quarters. For incurrences in fiscal years ending December 31, 2019, 2020, 2021 and 2022-2025, the Minimum Growth-Adjusted EBITDA required for the immediately preceding four consecutive fiscal quarters is $200.0 million, $500.0 million, $1.0 billion and $2.0 billion, respectively. For the four quarters ended June 30, 2021, the Company’s Minimum Growth-Adjusted EBITDA, as calculated in accordance with the indenture, was less than the $1.0 billion requirement effective as of January 1, 2021. As a result, the Company will be restricted in its ability to incur certain new indebtedness in 2021 that was not already executed or committed to as of December 31, 2019, until such Minimum Growth-Adjusted EBITDA increases above the threshold required. The restrictions of the Senior Notes do not impact our ability to access the unfunded commitments pursuant to the SoftBank Senior Unsecured Notes and the SoftBank Senior Secured Notes. During the three and six months ended June 30, 2021, the Company recorded interest expense of $13.2 million and $26.4 million, respectively, and amortization of deferred financing costs recorded as interest expense of $0.6 million and $1.2 million related to the Senior Notes, respectively. During the three and six months ended June 30, 2020, the Company recorded interest expense of $13.2 million and $26.4 million, respectively, and amortization of deferred financing costs recorded as interest expense of $0.5 million and $1.0 million related to the Senior Notes, respectively. 424 Fifth Venture Loans Debt During 2020, for the period prior to extinguishment, the weighted average interest rate on the 424 Fifth Venture Loans was 7.8% and $10.4 million of interest expense was originally included within the Company’s construction in progress balance as a component of property and equipment, immediately prior to the sale, as the 424 Fifth Property was under development and not ready for its intended use before it was sold. The 424 Fifth Venture Loans were secured only by the assets and equity of the 424 Fifth Venture, and were recourse to the Company in certain limited circumstances, and the Company had provided certain customary performance guarantees standard for real estate and construction financing. Other Loans Principal Maturities (Amounts in thousands) Total Remainder of 2021 $ 9,730 2022 28,501 2023 — 2024 — 2025 669,000 2026 and beyond — Total minimum payments $ 707,231 | Note 15. Long-Term Debt, Net Long-term debt, net consists of the following: December 31, (Amounts in thousands, except percentages) Maturity Year Interest Rate 2020 2019 Senior Notes: 2025 7.875% Outstanding principal balance $ 669,000 $ 669,000 Less: Unamortized debt issuance costs (11,363) (13,453) Total Senior Notes, net 657,637 655,547 424 Fifth Venture Loans: Mortgage Loan 2022 (1) LIBOR (2) — 335,750 Senior Mezzanine Loan 2022 (1) LIBOR (2) — 100,725 Junior Mezzanine Loan 2022 (1) LIBOR (2) — 222,336 Less: Unamortized debt issuance costs — (17,538) Total 424 Fifth Venture Loans, net — 641,273 Other Loans: Outstanding principal balance 2021 - 2022 2.5% - 3.0% 43,833 95,473 Less: Current portion of Other Loans (13,114) (2,862) Total non-current 30,719 92,611 Total long-term debt, net $ 688,356 $ 1,389,431 (1) The original maturity date excluded two one-year (2) The 424 Fifth Venture loan agreements included a LIBOR floor of 2.513% and a LIBOR cap of 4%. The LIBOR interest rate cap was scheduled to expire on February 9, 2021 prior to the termination of these contracts in March 2020 in conjunction with the repayment of the underlying loans. Senior Notes During the year ended December 31, 2019, the Company repurchased $33.0 million in aggregate principal amount of the Senior Notes for total consideration of $32.4 million. The Company recorded a gain of $0.3 million in connection with these repurchases, net of the write off of related unamortized debt issuance costs, which is included as a reduction to interest expense in the accompanying consolidated statements of operations for the year ended December 31, 2019. No Senior Notes were repurchased during the year ended December 31, 2020 and 2018. As of December 31, 2020 and 2019, $669.0 million in aggregate principal remains outstanding. Upon the occurrence of certain change of control triggering events, the Company may be required to repurchase the Senior Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest through the date of repurchase. The Senior Notes contain certain restrictive covenants that limit the Company’s ability to create certain liens, to enter into certain affiliated transactions and to consolidate or merge with, or convey, transfer or lease all or substantially all of its assets, subject to important qualifications and exceptions. The Senior Notes (i) rank equally in right of payment with the SoftBank Senior Unsecured Notes, any payment obligations under the 2020 LC Facility and any existing and future senior indebtedness of the Company, (ii) are senior in right of payment to any existing and future subordinated obligations of the Company, and (iii) are effectively subordinated to all secured indebtedness of the Company (including obligations under the 2020 LC Facility discussed in Note 24) to the extent of the value of the collateral securing such indebtedness, and are structurally subordinated to all liabilities of any subsidiary that does not guarantee the Senior Notes. The Senior Notes are unconditionally guaranteed on a senior basis by each of our subsidiaries that guarantees obligations under the Company’s 2020 LC Facility or certain other indebtedness of the Company as a guarantor. As of December 31, 2020, each restricted subsidiary that guaranteed obligations under the 2020 LC Facility discussed in Note 24 also guaranteed the Senior Notes. Subsequent to the July 2019 legal entity reorganization, WeWork Companies LLC is the obligor of its Senior Notes, which is also fully and unconditionally guaranteed by WeWork Inc. WeWork Inc. and the other subsidiaries that sit above WeWork Companies LLC in our legal structure are holding companies that conduct substantially all of their business operations through WeWork Companies LLC. As of December 31, 2020, based on the covenants and other restrictions of the Senior Notes, WeWork Companies LLC is restricted in its ability to transfer funds by loans, advances or dividends to WeWork Inc. and as a result all of the net assets of WeWork Companies LLC are considered restricted net assets of WeWork Inc. See the Supplementary Information — Consolidating Balance Sheet, The indenture that governs the Senior Notes also restricts us from incurring indebtedness or liens or making certain investments or distributions, subject to a number of exceptions. Certain of these exceptions included in the indenture that governs our Senior Notes are subject to us having Minimum Liquidity (as defined in the indenture that governs our Senior Notes). For incurrences in 2019, Minimum Liquidity was required to be 0.7 times Total Indebtedness (as defined in the indenture that governs our Senior Notes) and for incurrences in 2020, Minimum Liquidity was required to be 0.3 times Total Indebtedness. Beginning on January 1, 2021, there is no longer a Minimum Liquidity requirement. Certain of these exceptions included in the indenture that governs our Senior Notes are subject to us having Minimum Growth-Adjusted EBITDA (as defined in the indenture that governs our Senior Notes) for the most recent four consecutive fiscal quarters. For incurrences in fiscal years ending December 31, 2019, 2020, 2021 and 2022-2025, the Minimum Growth-Adjusted EBITDA required for the immediately preceding four consecutive fiscal quarters is $200 million, $500 million, $1,000 million and $2,000 million, respectively. For the four quarters ended December 31, 2020, the Company’s Minimum Growth-Adjusted EBITDA, as calculated in accordance with the indenture, was less than the $1,000 million requirement effective as of January 1, 2021. As a result, the Company will be restricted in its ability to incur certain new indebtedness in 2021 that was not already executed or committed to as of December 31, 2019, until such Minimum Growth-Adjusted EBITDA increases above the threshold required. The restrictions of the Senior Notes do not impact our ability to access the unfunded commitments pursuant to the SoftBank Senior Unsecured Notes and the SoftBank Senior Secured Notes. During the year ended December 31, 2020, the Company recorded interest expense of $52.7 million and amortization of deferred financing costs recorded as interest expense of $2.1 million related to the Senior Notes. During the year ended December 31, 2019, the Company recorded interest expense of $53.8 million and amortization of deferred financing costs recorded as interest expense of $2.1 million related to the Senior Notes. During the year ended December 31, 2018, the Company recorded interest expense of $37.0 million and amortization of deferred financing costs recorded as interest expense of $1.2 million related to the Senior Notes. 424 Fifth Venture Loans Debt During 2020, for the period prior to extinguishment, the weighted average interest rate on the 424 Fifth Venture Loans was 7.8% and $10.4 million of interest expense was originally included within the Company’s construction in progress balance as a component of property and equipment, immediately prior to the sale, as the 424 Fifth Property was under development and not ready for its intended use before it was sold. During the year ended December 31, 2019, the weighted average interest rate on the 424 Fifth Venture Loans was 7.6%, and $43.4 million of interest expense was capitalized. The 424 Fifth Venture Loans were secured only by the assets and equity of the 424 Fifth Venture, and were recourse to the Company in certain limited circumstances, and the Company had provided certain customary performance guarantees standard for real estate and construction financing. Other Loans Principal Maturities (Amounts in thousands) Total 2021 $ 13,114 2022 30,719 2023 — 2024 — 2025 669,000 2026 and beyond — Total minimum payments $ 712,833 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets, Net | Note 10. Intangible Assets, Net Intangible assets, net consist of the following: December 31, 2020 (Amounts in thousands) Weighted- Remaining Gross Carrying Accumulated Net Carrying Capitalized software 2.1 $ 103,122 $ (58,496 ) $ 44,626 Other finite-lived intangible assets - customer 7.7 17,670 (14,263 ) 3,407 Indefinite-lived intangible assets - trademarks 1,863 — 1,863 Total intangible assets, net $ 122,655 $ (72,759 ) $ 49,896 December 31, 2019 (Amounts in thousands) Weighted- Remaining Gross Carrying Accumulated Net Carrying Capitalized software 2.9 $ 87,068 $ (41,393 ) $ 45,675 Other finite-lived intangible assets - 6.5 53,874 (24,614 ) 29,260 Indefinite-lived intangible assets - trademarks 4,930 — 4,930 Total intangible assets, net $ 145,872 $ (66,007 ) $ 79,865 Amortization expense of intangible assets was $31.1 million, $61.7 million and $27.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization expense related to intangible assets as of December 31, 2020 is expected to be as follows: (Amounts in thousands) Total 2021 $ 23,194 2022 17,233 2023 5,427 2024 444 2025 444 2026 and beyond 1,291 Total $ 48,033 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Fair Value Measurements | Note 11. Fair Value Measurements Recurring Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following: June 30, 2021 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 415,027 $ — $ — $ 415,027 Other investments — available-for-sale — — 39,275 39,275 Total assets measured at fair value $ 415,027 $ — $ 39,275 $ 454,302 Liabilities: Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant $ — $ — $ 38,629 $ 38,629 Convertible related party liabilities — 2020 LC Facility Warrant — — 19,315 19,315 Total liabilities measured at fair value $ — $ — $ 57,944 $ 57,944 December 31, 2020 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 330,049 $ — $ — $ 330,049 Other investments — available-for-sale — — 49,849 49,849 Total assets measured at fair value $ 330,049 $ — $ 49,849 $ 379,898 Liabilities: Other current liabilities — IndiaCo Forward Contract Liability $ — $ — $ 7,907 $ 7,907 Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant — — 279,269 279,269 Convertible related party liabilities — 2020 LC Facility Warrant — — 139,639 139,639 Total liabilities measured at fair value $ — $ — $ 426,815 $ 426,815 The tables below provide a summary of the changes in assets and liabilities recorded at fair value and classified as Level 3: (Amounts in thousands) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Assets: Balance at beginning of period $ 49,849 $ 5,541 Purchases 15,000 85,000 Credit loss valuation allowance included in income (loss) from equity method and other investments (15,265 ) (43,857 ) Reclassification of forward contract liability to credit valuation allowance upon funding of commitment (8,499 ) — Unrealized (loss) gain on available-for-sale (2,263 ) 4,369 Accrued interest income 5,603 5,840 Accrued interest collected (5,269 ) (2,678 ) Foreign currency translation (losses) gain included in other comprehensive income 119 3,810 Foreign currency gain (loss) included in net income — (8,176 ) Balance at end of period $ 39,275 $ 49,849 Six Months Ended June 30, 2021 (Amounts in thousands) Balance at Beginning of Period Additions Settlements Change in (1) Foreign Currency Balance at Liabilities: IndiaCo Forward Contract Liability $ 7,907 $ — $ (8,499 ) $ 592 $ — $ — SoftBank Senior Unsecured Notes Warrant 279,269 — (474,521 ) 233,881 — 38,629 2020 LC Facility Warrant 139,639 — (237,265 ) 116,941 — 19,315 Total $ 426,815 $ — $ (720,285 ) $ 351,414 $ — $ 57,944 (1) During the six months ended June 30, 2021, $0.6 million of the change in fair value was included as a loss within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $350.8 million was included as a loss from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. Year Ended December 31, 2020 (Amounts in thousands) Balance at Additions Settlements Change in (1) Foreign Balance at Liabilities: Contingent consideration payable in stock $ 445 $ — $ (319 ) $ (122 ) $ (4 ) $ — IndiaCo Forward Contract Liability — 9,507 — (1,600 ) — 7,907 2019 Warrant 1,297,758 — (911,120 ) (386,638 ) — — SoftBank Senior Unsecured Notes Warrant 568,877 — (934 ) (288,674 ) — 279,269 2020 LC Facility Warrant 284,440 — (466 ) (144,335 ) — 139,639 Total $ 2,151,520 $ 9,507 $ (912,839 ) $ (821,369 ) $ (4 ) $ 426,815 (1) During the year ended December 31, 2020, $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. During the three and six months ended June 30, 2021, there were $12.9 million and $15.3 million, respectively, of unrealized losses included in income (loss) from equity method and other investments, relating to Level 3 assets held as of June 30, 2021. During the year ended December 31, 2020, there were $43.9 million of unrealized losses included in income (losses) from equity method and other investments, relating to Level 3 assets held as of December 31, 2020. The Company does not intend to sell its investments in available-for-sale During the three and six months ended June 30, 2021, there were none and $(0.6) million, respectively, of unrealized losses included as a loss within income (loss) from equity method and other investments and $1.3 million and $(350.8) million, respectively, of unrealized gains (losses) included as gain (loss) from change in fair value of related party financial instruments relating to Level 3 liabilities held as of June 30, 2021. During the year ended December 31, 2020, there were $0.1 million of unrealized gains included as a reduction in selling, general and administrative, $1.6 million included as a gain within income (loss) from equity method and other investments and $433.0 million of unrealized gains included as gain (loss) from change in fair value of related party financial instruments relating to Level 3 liabilities held as of December 31, 2020. The valuation techniques and significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy are as follows: June 30, 2021 Fair Value (in thousands) Valuation Technique Significant Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 39,275 Discounted cash flow Price per share $ 2.25 Level 3 Liabilities: Convertible related party liabilities $ 57,944 Discounted cash flow Preferred share $ 9.48 December 31, 2020 Fair Value (in Valuation Technique Significant Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 49,849 Discounted cash flow/Market approach Price per share $ 2.97 Level 3 Liabilities: IndiaCo Forward Contract Liability $ 7,907 Discounted cash flow Price per share $ 2.97 Convertible related party liabilities $ 418,908 Discounted cash flow Preferred share $ 3.09 Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s assets and liabilities may differ from values that would have been used had a ready market for the securities existed. Nonrecurring Fair Value Measurements Non-financial As discussed in Note 5, on October 2, 2020, ChinaCo was deconsolidated. The Company’s remaining 21.6% ordinary share investment was valued at $26.3 million upon deconsolidation and will be accounted for as an equity method investment. The initial fair value of the Company’s retained investment in ChinaCo was determined using a combination of the market approach and the implied value of ChinaCo based on the TBP investment and a discounted cash flow valuation model that incorporated level 3 unobservable inputs relevant to the valuation of the Company’s retained ordinary shares versus the preferred shares acquired by TBP. As of June 30, 2021 and December 31, 2020, there were no assets or related liabilities held for sale included on the accompanying condensed consolidated balance sheet. During the three and six months ended June 30, 2021, the Company recorded an impairment charge of none related to assets and liabilities previously classified as held for sale. During the three and six months ended June 30, 2020, the Company recorded an impairment charge of $17.0 million related to assets and liabilities previously classified as held for sale determined to be Level 2 within the fair value hierarchy based primarily on respective contracts of sale. The Company also recorded impairment charges and other write-offs of certain other long-lived assets, impairing such assets to a carrying value of zero, for impairment charges totaling $195.3 million and $438.1 million during the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2021, the Company also recorded impairment charges totaling $47.6 million and $104.3 million, respectively, relating to right-of-use right-of-use Other Fair Value Disclosures The estimated fair value of the Company’s accounts receivable, accounts payable, and accrued expenses approximate their carrying values due to their short maturity periods. As of June 30, 2021, the estimated fair value of the Company’s Senior Notes, excluding unamortized debt issuance costs, was approximately $699.6 million based on recent trading activity (Level 1). For the remainder of the Company’s long-term debt, the carrying value approximated the fair value as of June 30, 2021. | Note 16. Fair Value Measurements Recurring Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following: December 31, 2020 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 330,049 $ — $ — $ 330,049 Other investments — available-for-sale — — 49,849 49,849 Total assets measured at fair value $ 330,049 $ — $ 49,849 $ 379,898 Liabilities: Other current liabilities — contingent consideration relating to acquisitions payable in stock $ — $ — $ — $ — Other current liabilities — IndiaCo Forward Contract Liability — — 7,907 7,907 Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant — — 279,269 279,269 Convertible related party liabilities — 2020 LC Facility Warrant — — 139,639 139,639 Total liabilities measured at fair value $ — $ — $ 426,815 $ 426,815 December 31, 2019 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 910,093 $ — $ — $ 910,093 Other investments — available-for-sale — — 5,541 5,541 Total assets measured at fair value $ 910,093 $ — $ 5,541 $ 915,634 Liabilities: Other current liabilities — contingent consideration relating to acquisitions payable in stock $ — $ — $ 445 $ 445 Convertible related party liabilities — 2019 Warrant — — 1,297,758 1,297,758 Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant — — 568,877 568,877 Convertible related party liabilities — 2020 LC Facility Warrant — — 284,440 284,440 Total liabilities measured at fair value $ — $ — $ 2,151,520 $ 2,151,520 The tables below provide a summary of the changes in assets and liabilities recorded at fair value and classified as Level 3: Year Ended December 31, (Amounts in thousands) 2020 2019 Assets: Balance at beginning of period $ 5,541 $ 5,319 Purchases 85,000 — Credit loss valuation allowance included in income (loss) from equity method and other investments (43,857 ) — Unrealized gain on available-for-sale 4,369 — Accrued interest income 5,840 320 Accrued interest collected (2,678 ) — Foreign currency translation gains (losses) included in other comprehensive income 3,810 — Foreign currency gain (loss) included in net income (8,177 ) (98 ) Balance at end of period $ 49,848 $ 5,541 Year Ended December 31, 2020 (Amounts in thousands) Balance at Beginning of Period Additions Settlements Change in (1) Foreign Currency Translation Gains (Losses) Comprehensive Income Balance at Liabilities: Contingent consideration payable in stock $ 445 $ — $ (319 ) $ (122 ) $ (4 ) $ — IndiaCo Forward Contract Liability — 9,507 — (1,600 ) — 7,907 2019 Warrant 1,297,758 — (911,120 ) (386,638 ) — — SoftBank Senior Unsecured Notes Warrant 568,877 — (934 ) (288,674 ) — 279,269 2020 LC Facility Warrant 284,440 — (466 ) (144,335 ) — 139,639 Total $ 2,151,520 $ 9,507 $ (912,839 ) $ (821,369 ) $ (4 ) $ 426,815 (1) During the year ended December 31, 2020 $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying consolidated statements of operations. Year Ended December 31, 2019 (Amounts in thousands) Balance at Additions Settlements Change in Fair Value (1) Foreign Currency Gains (Losses) Balance at Liabilities: Contingent consideration payable in stock $ 129,811 $ — $ (68,090 ) $ (61,650 ) $ 374 $ 445 Contingent consideration payable in cash 10,520 — (11,496 ) 983 (7 ) — Embedded redemption derivative 276,371 25,295 (274,617 ) (27,049 ) — — 2018 Warrant — 1,818,273 (1,974,545 ) 156,272 — — 2019 Warrant — 1,280,292 (200,000 ) 217,466 — 1,297,758 SoftBank Senior Unsecured Notes Warrant — 568,877 — — — 568,877 2020 LC Facility Warrant — 284,440 — — — 284,440 Total $ 416,702 $ 3,977,177 $ (2,528,748 ) $ 286,022 $ 367 $ 2,151,520 (1) During the year ended December 31, 2019, $60.7 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $27.0 million was included as a reduction of interest expense and $373.7 million loss was included as a reduction in the gain from change in fair value of related party financial instruments on the consolidated statements of operations. During the year ended December 31, 2020, there were $43.9 million of unrealized losses included in income (loss) from equity method and other investments, relating to Level 3 assets held as of December 31, 2020. During the year ended December 31, 2019 there were no unrealized gains or (losses) relating to Level 3 assets held as of December 31, 2019. The Company does not intend to sell its investments in available-for-sale During the year ended December 31, 2020, there were $0.1 million of unrealized gains included as a reduction in selling, general and administrative expenses, $1.6 million included as a gain within income (loss) from equity method and other investments and $433.0 million of unrealized gains included as gain (loss) from change in fair value of related party financial instruments relating to Level 3 liabilities held as of December 31, 2020. During the year ended December 31, 2019, there were $60.7 million of unrealized gains included as a reduction in selling, general and administrative expenses and $217.5 million of unrealized losses included as gain (loss) from change in fair value of related party financial instruments relating to Level 3 liabilities held as of December 31, 2019. The valuation techniques and significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy are as follows: December 31, 2020 Fair Value (in thousands) Valuation Significant Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 49,849 Discounted cash flow/Market approach Price per share $ 2.97 Level 3 Liabilities: IndiaCo Forward Contract Liability $ 7,907 Discounted cash Price per share $ 2.97 Convertible related party liabilities $ 418,908 Discounted cash Preferred share $ 3.09 December 31, 2019 Fair Value (in thousands) Valuation Significant Inputs Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 5,541 Discounted cash Market interest 6.0% Level 3 Liabilities: Other current liabilities — contingent consideration relating to acquisitions payable in stock $ 445 Discounted cash Price per $0.02 - $3.97 ($3.72) Convertible related party liabilities $ 2,151,075 Discounted cash Price per $6.10 - $11.58 ($9.41) Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s assets and liabilities may differ from values that would have been used had a ready market for the securities existed. Nonrecurring Fair Value Measurements Non-financial As discussed in Note 6, on October 2, 2020, ChinaCo was deconsolidated. The Company’s remaining 21.6% ordinary share investment was valued at $26.3 million upon deconsolidation and will be accounted for as an equity method investment. The initial fair value of the Company’s retained investment in ChinaCo was determined using a combination of the market approach and the implied value of ChinaCo based on the TBP investment and a discounted cash flow valuation model that incorporated level 3 unobservable inputs relevant to the valuation of the Company’s retained ordinary shares versus the preferred shares acquired by TBP. As of December 31, 2020, there were no assets or related liabilities held for sale included on the accompanying consolidated balance sheet. During the year ended December 31, 2020, the Company recorded an impairment charge of $17.0 million related to assets and liabilities previously classified as held for sale determined to be Level 2 within the fair value hierarchy based primarily on respective contracts of sale. As of December 31, 2019, assets and related liabilities held for sale totaling $109.5 million on a net basis were included on the accompanying consolidated balance sheet, on which the Company recorded an impairment charge of $2.6 million during the three months ended December 31, 2019, determined to be Level 2 within the fair value hierarchy based primarily on respective contracts of sale. The assets held for sale as of December 31, 2019 includes $12.3 million of goodwill and intangibles, on which an impairment charge of $165.9 million was recorded during the three months ended September 30, 2019, prior to its held for sale classification and was also determined to be Level 2 within the fair value hierarchy based primarily on a contract of sale. The Company also recorded a $69.5 million write-off The Company also recorded impairment charges and other write-offs of certain other long-lived assets, impairing such assets to a carrying value of zero, for impairment charges totaling $943.7 million, $129.3 million and $29.6 million during the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2020, the Company also recorded impairment charges totaling $201.2 million relating to right-of-use right-of-use Other Fair Value Disclosures The estimated fair value of the Company’s accounts receivable, accounts payable, and accrued expenses approximate their carrying values due to their short maturity periods. As of December 31, 2020, the estimated fair value of the Company’s Senior Notes, excluding unamortized debt issuance costs, was approximately $454.3 million based on recent trading activity (Level 1). For the remainder of the Company’s long-term debt, the carrying value approximated the fair value as of December 31, 2020. | |
BOWX ACQUISITION CORP [Member] | |||
Fair Value Measurements | Note 7—Fair Value Measurements The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy: Fair Value Measured as of June 30, 2021 Level 1 Level 2 Level 3 Total Assets Investments held in Trust Account—U.S. Treasury Securities $ 483,071,704 $ — $ — $ 483,071,704 Liabilities: Warrant liabilities $ — $ 25,962,932 $ — $ 25,962,932 Fair Value Measured as of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments held in Trust Account—U.S. Treasury Securities $ 483,227,051 $ — $ — $ 483,227,051 Liabilities: Warrant liabilities $ — $ 13,292,400 $ — $ 13,292,400 Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels for the three and six months ended June 30, 2021. The Company utilizes the fair value of the Public Warrants at December 31, 2020 and June 30, 2021 to estimate the fair value of the warrants, with changes in fair value recognized in the unaudited condensed consolidated statements of operations. For the three and six months ended June 30, 2021, the Company recognized a charge to the statements of operations resulting from an increase in the fair value of liabilities of approximately $9.4 million and $12.7 million presented as change in fair value of derivative warrant liabilities. The change in the fair value of the derivative warrant liabilities for the three and six months ended June 30, 2021 is summarized as follows: Warrant liabilities at December 31, 2020 $ 13,292,400 Change in fair value of warrant liabilities 3,342,533 Warrant liabilities at March 31, 2021 16,634,933 Change in fair value of warrant liabilities 9,327,999 Warrant liabilities at June 30, 2021 $ 25,962,932 | Note 8 — Fair Value Measurements The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy: Fair Value Measured as of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments held in Trust Account — U.S. Treasury Securities $ 483,227,051 $ — $ — $ 483,227,051 Liabilities: Warrant liabilities (restated) — 13,292,400 — 13,292,400 Total fair value $ 483,227,051 $ 13,292,400 $ — $ 496,519,451 Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. The estimated fair value of the Private Placement warrants transferred from a Level 3 measurement to a Level 2 fair value measurement in October 2020, when the comparable Public Warrants were separately listed and traded. The Company utilizes a binomial Monte-Carlo simulation at August 7, 2020 and September 30, 2020, and fair value of the Public Warrants at December 31, 2020 to estimate the fair value of the Warrants, with changes in fair value recognized in the statement of operations. The Company recognized approximately $8.6 million for the warrant liabilities upon their issuance on August 7, 2020 and August 13, 2020. For the year ended December 31, 2020, the Company recognized a charge to the statement of operations resulting from an increase in the fair value of warrant liabilities of approximately $4.7 million presented as change in fair value of warrant liabilities on the accompanying statement of operations. The change in the fair value of the derivative warrant liabilities for the year ended December 31, 2020 is summarized as follows: Warrant liabilities at May 19, 2020 (incpetion) $ — Issuance of Private Warrants 8,628,400 Change in fair value of warrant liabilibites 1,243,733 Warrant liabilities at September 30, 2020 $ 9,872,133 Change in fair value of warrant liabilibites 3,420,267 Warrant liabilities at December 31, 2020 $ 13,292,400 The estimated fair value of the warrant liabilities is determined using Level 3 inputs at August 7, 2020 and September 30, 2020. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: September 30, August 7, Exercise price $ 11.50 $ 11.50 Stock Price $ 10.26 $ 10.03 Term (in years) 0.85 1.00 Volatility 19.00 % 18.00 % Risk-free interest rate 0.36 % 0.31 % Dividend yield — — |
Revenue Recognition
Revenue Recognition | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue Recognition | Note 12. Revenue Recognition Disaggregation of Revenue The following table provides disaggregated detail of the Company’s revenue by major source for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, (Amounts in thousands) 2021 2020 2021 2020 ASC 606 membership and service revenue $ 341,592 $ 638,640 $ 701,202 $ 1,483,304 ASC 842 rental and service revenue 223,572 187,291 443,226 303,717 Total membership and service revenue 565,164 825,931 1,144,428 1,787,021 Other revenue 28,314 55,803 46,903 151,596 Total revenue $ 593,478 $ 881,734 $ 1,191,331 $ 1,938,617 Contract Balances The following table provides information about contract assets and deferred revenue from contracts with customers recognized in accordance with ASC 606: (Amounts in thousands) June 30, 2021 December 31, Contract assets (included in accounts receivable and accrued revenue, net) $ 19,894 $ 36,284 Contract assets (included in other current assets) $ 8,467 $ 13,111 Contract assets (included in other assets) $ 14,679 $ 22,300 Deferred revenue $ (56,439 ) $ (74,645 ) Revenue recognized in accordance with ASC 606 during the six months ended June 30, 2021, which was included in deferred revenue as of January 1, 2021, was $32.3 million. Revenue recognized during the six months ended June 30, 2020, which was included in deferred revenue as of January 1, 2020, was $81.3 million. Assets Recognized from the Costs to Obtain a Contract with a Customer As of June 30, 2021 and December 31, 2020, the Company had $40.2 million and $31.6 million, respectively, of prepaid member referral fees and sales incentive compensation included in other current assets and had $17.9 million and $18.0 million, respectively, of prepaid member referral fees and sales incentive compensation included in other assets on the accompanying condensed consolidated balance sheets. During the three months ended June 30, 2021 and 2020, the Company recognized $14.7 million and $25.6 million, respectively, of amortization of capitalized contract costs. During the six months ended June 30, 2021 and 2020, the Company recognized $28.2 million and $54.7 million, respectively, of amortization of capitalized contract costs. The amortization of these costs is included as a component of selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Remaining Performance Obligations The aggregate amount of the transaction price allocated to the Company’s remaining performance obligations that represent contracted customer revenues that have not yet been recognized as revenue as of June 30, 2021, that will be recognized as revenue in future periods over the life of the customer contracts, in accordance with ASC 606, was approximately $2 billion. Over half of the remaining performance obligation as of June 30, 2021 is scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, the longest of which extends through 2031. Approximate future minimum lease cash flows to be received over the next five years and thereafter for non-cancelable (Amounts in thousands) ASC 842 2021 $ 308,654 2022 446,769 2023 288,467 2024 146,649 2025 69,171 2026 and beyond 41,743 Total $ 1,301,453 The combination of the remaining performance obligation to be recognized as revenue under ASC 606 plus the remaining future minimum lease cash flows of the Company’s member contracts that qualify as leases is comparable to what the Company has historically referred to as “Committed Revenue Backlog”, which totaled approximately $3 billion and $3 billion as of June 30, 2021 and December 31, 2020, respectively. The Company has excluded from these amounts contracts with variable consideration where revenue is recognized using the right to invoice practical expedient. | Note 17. Revenue Recognition Disaggregation of Revenue The following table provides disaggregated detail of the Company’s revenue by major source for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 ASC 606 membership and service revenue (1) $ 2,418,259 $ 2,700,540 $ 1,697,336 ASC 842 rental and service revenue 715,019 358,154 N/M Total membership and service revenue 3,133,278 3,058,694 1,697,336 Other revenue 282,587 399,899 124,415 Total revenue $ 3,415,865 $ 3,458,593 $ 1,821,751 N/M - During the year ended December 31, 2018, the revenue recognized from membership contracts accounted for as leases in accordance with ASC 840 were not material and are included with the ASC 606 membership and service revenue above. (1) Revenue for the year ended December 31, 2018 was recognized in accordance with ASC 605, Revenue Recognition Contract Balances The following table provides information about contract assets and deferred revenue from contracts with customers recognized in accordance with ASC 606: December 31, (Amounts in thousands) 2020 2019 Contract assets (included in accounts receivable and accrued revenue, net) $ 36,284 $ 73,056 Contract assets (included in other current assets) $ 13,111 $ 16,678 Contract assets (included in other assets) $ 22,300 $ 14,861 Deferred revenue $ (74,645 ) $ (139,820 ) Revenue recognized in accordance with ASC 606 during the year ended December 31, 2020, which was included in deferred revenue as of January 1, 2020, was $89.7 million. Revenue recognized during the year ended December 31, 2019, which was included in deferred revenue as of January 1, 2019, was $93.2 million. Assets Recognized from the Costs to Obtain a Contract with a Customer As of December 31, 2020 and 2019, the Company had $31.6 million and $57.9 million, respectively, of prepaid member referral fees included in other current assets and had $18.0 million and $30.4 million, respectively, of prepaid member referral fees included in other assets on the accompanying consolidated balance sheets. During the years ended December 31, 2020 and 2019, the Company recognized $94.0 million and $129.7 million, respectively, of amortization of capitalized contract costs. The amortization of these costs is included as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations. Remaining Performance Obligations The aggregate amount of the transaction price allocated to the Company’s remaining performance obligations that represent contracted customer revenues that have not yet been recognized as revenue as of December 31, 2020, that will be recognized as revenue in future periods over the life of the customer contracts, in accordance with ASC 606, was approximately $1 billion. Over half of the remaining performance obligation as of December 31, 2020 is scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, the longest of which extends through 2031. Approximate future minimum lease cash flows to be received over the next five years and thereafter for non-cancelable (Amounts in thousands) ASC 842 2021 $ 626,292 2022 365,408 2023 210,101 2024 128,612 2025 65,563 2026 and beyond 75,371 Total $ 1,471,347 The combination of the remaining performance obligation to be recognized as revenue under ASC 606 plus the remaining future minimum lease cash flows of the Company’s member contracts that qualify as leases is comparable to what the Company has historically referred to as “Committed Revenue Backlog”, which totaled approximately $3 billion and $4 billion as of December 31, 2020 and 2019, respectively. The Company has excluded from these amounts contracts with variable consideration where revenue is recognized using the right to invoice practical expedient. |
Leasing Arrangements
Leasing Arrangements | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | ||
Leasing Arrangements | Note 13. Leasing Arrangements The real estate operating lease cost incurred before a location opens for member operations is recorded in pre-opening space-as-a-service not associated with the restructuring described in Note 3, are classified consistent with the original classification of the lease cost prior to termination. Real estate operating lease cost incurred during the period in which a workspace location has been closed for member operations and all members have been relocated to a new workspace location, before management’s decision to enter negotiations to terminate a lease is recorded in pre-opening “Lease cost contractually paid or payable” for each period presented below represents cash payments due for base and contingent rent, common area maintenance amounts and real estate taxes payable under the Company’s lease agreements, recorded on an accrual basis of accounting, regardless of the timing of when such amounts were actually paid. The non-cash “Non-cash Non-cash The tenant improvement allowances and broker commissions received or receivable by the Company for negotiating the Company’s leases are amortized on a straight-line basis over the lease term, as a reduction to the total operating lease cost and are presented as “amortization of lease incentives” below. “Early termination fees and related (gain)/loss” for each period presented below includes payments due as a result of lease terminations, recorded on a straight-line basis over any remaining lease period as well as any gain or loss recognized on termination. When a lease is terminated, the lease liability and right of use asset is derecognized and any difference is recognized as a gain or loss on termination. During the six months ended June 30, 2021, the Company terminated leases associated with a total of 59 previously open locations and 3 pre-open During the six months ended June 30, 2021, the Company has also successfully amended over 150 leases for a combination of partial terminations to reduce our leased space, rent reductions, rent deferrals, offsets for tenant improvement allowances and other strategic changes. These amendments and full and partial lease terminations have resulted in an estimated reduction of approximately $2.9 billion in total future undiscounted fixed minimum lease cost payments that were scheduled to be paid over the life of the original executed lease agreements, including changes to the obligations of ChinaCo which occurred during the period it was consolidated. The components of total real estate operating lease cost for leases recorded under ASC 842 are as follows: Three Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 600,694 $ 24,909 $ 10,620 $ 50,288 $ 686,511 Non-cash 97,628 21,199 324 3,883 123,034 Amortization of lease incentives (67,375 ) (5,417 ) (966 ) (6,533 ) (80,291 ) Total real estate operating lease cost $ 630,947 $ 40,691 $ 9,978 $ 47,638 $ 729,254 Early termination fees and related (gain)/loss $ — $ — $ — $ (96,415 ) $ (96,415 ) Six Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 1,300,034 $ 55,945 $ 20,134 $ 87,486 $ 1,463,599 Non-cash 131,283 25,534 902 2,021 159,740 Amortization of lease incentives (142,401 ) (10,158 ) (1,794 ) (10,495 ) (164,848 ) Total real estate operating lease cost $ 1,288,916 $ 71,321 $ 19,242 $ 79,012 $ 1,458,491 Early termination fees and related (gain)/loss $ — $ — $ — $ (179,995 ) $ (179,995 ) Three Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 651,370 $ 36,322 $ 16,984 $ 275 $ 704,951 Non-cash 99,036 49,878 4,697 — 153,611 Amortization of lease incentives (78,658 ) (11,323 ) (1,504 ) 175 (91,310 ) Total real estate operating lease cost $ 671,748 $ 74,877 $ 20,177 $ 450 $ 767,252 Early termination fees and related (gain)/loss $ — $ — $ — $ (39,193 ) $ (39,193 ) Six Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 1,266,768 $ 69,069 $ 34,579 $ 376 $ 1,370,792 Non-cash 228,901 112,126 12,147 — 353,174 Amortization of lease incentives (143,483 ) (23,562 ) (3,327 ) 120 (170,252 ) Total real estate operating lease cost $ 1,352,186 $ 157,633 $ 43,399 $ 496 $ 1,553,714 Early termination fees and related (gain)/loss $ — $ — $ — $ (31,686 ) $ (31,686 ) The Company’s total ASC 842 operating lease costs include both fixed and variable components as follows: Three Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Fixed real estate lease costs $ 516,535 $ 35,411 $ 8,944 $ 43,270 $ 604,160 Fixed equipment and other lease costs 289 6 4 — 299 Total fixed lease costs $ 516,824 $ 35,417 $ 8,948 $ 43,270 $ 604,459 Variable real estate lease costs $ 114,412 $ 5,280 $ 1,034 $ 4,368 $ 125,094 Variable equipment and other lease costs 1,493 32 24 1,106 2,655 Total variable lease costs $ 115,905 $ 5,312 $ 1,058 $ 5,474 $ 127,749 Six Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Fixed real estate lease costs $ 1,057,898 $ 61,313 $ 17,159 $ 69,830 $ 1,206,200 Fixed equipment and other lease costs 659 7 8 18 692 Total fixed lease costs $ 1,058,557 $ 61,320 $ 17,167 $ 69,848 $ 1,206,892 Variable real estate lease costs $ 231,018 $ 10,008 $ 2,083 $ 9,182 $ 252,291 Variable equipment and other lease costs 679 (32 ) 72 840 1,559 Total variable lease costs $ 231,697 $ 9,976 $ 2,155 $ 10,022 $ 253,850 Three Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring and Other Total Fixed real estate lease costs $ 566,228 $ 71,312 $ 18,065 $ 362 $ 655,967 Fixed equipment and other lease costs 518 — 8 — 526 Total fixed lease costs $ 566,746 $ 71,312 $ 18,073 $ 362 $ 656,493 Variable real estate lease costs $ 105,520 $ 3,565 $ 2,112 $ 88 $ 111,285 Variable equipment and other lease costs 946 — 15 — 961 Total variable lease costs $ 106,466 $ 3,565 $ 2,127 $ 88 $ 112,246 Six Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Selling, Restructuring Total Fixed real estate lease costs $ 1,125,402 $ 148,150 $ 39,334 $ 410 $ 1,313,296 Fixed equipment and other lease costs 1,094 — 17 — 1,111 Total fixed lease costs $ 1,126,496 $ 148,150 $ 39,351 $ 410 $ 1,314,407 Variable real estate lease costs $ 226,784 $ 9,483 $ 4,065 $ 86 $ 240,418 Variable equipment and other lease costs 1,823 — 79 — 1,902 Total variable lease costs $ 228,607 $ 9,483 $ 4,144 $ 86 $ 242,320 The Company also has certain leases accounted for as finance leases. Total lease costs for finance leases are as follows: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Reported in: Reported in: (Amounts in thousands) Depreciation Interest Total Depreciation Interest Total Total finance lease cost $ 1,232 $ 1,068 $ 2,300 $ 1,332 $ 1,178 $ 2,510 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Reported in: Reported in: (Amounts in thousands) Depreciation Interest Total Depreciation Interest Total Total finance lease cost $ 2,515 $ 2,170 $ 4,685 $ 2,660 $ 2,368 $ 5,028 The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet as of June 30, 2021 and December 31, 2020, as recorded in accordance with ASC 842: (Amounts in thousands) Balance Sheet Captions June 30, 2021 December 31, Assets: Operating lease right-of-use Lease right-of-use assets, net $ 13,923,373 $ 15,107,880 Finance lease right-of-use (1) Property and equipment, net 47,821 48,116 Total leased assets $ 13,971,194 $ 15,155,996 Liabilities: Current liabilities Operating lease liabilities Current lease obligations $ 868,348 $ 842,680 Finance lease liabilities Current lease obligations 5,183 4,851 Total current liabilities 873,531 847,531 Non-current Operating lease obligations Long-term lease obligations 18,936,572 20,220,274 Finance lease obligations Long-term lease obligations 40,972 43,332 Total non-current 18,977,544 20,263,606 Total lease obligations $ 19,851,075 $ 21,111,137 (1) Finance lease right-of-use The weighted average remaining lease term and weighted average discount rate for operating and finance leases as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Operating Finance Operating Finance Weighted average remaining lease term (in years) 13 9 13 10 Weighted average discount rate percentage 8.8 % 7.5 % 8.7 % 7.5 % The Company’s aggregate annual lease obligations relating to non-cancelable (Amounts in thousands) Finance Operating Total Remainder of 2021 $ 4,598 $ 1,244,849 $ 1,249,447 2022 9,191 2,517,258 2,526,449 2023 8,849 2,597,497 2,606,346 2024 7,335 2,653,586 2,660,921 2025 6,334 2,680,086 2,686,420 2026 and beyond 32,470 22,446,916 22,479,386 Total undiscounted fixed minimum lease cost payments 68,777 34,140,192 34,208,969 Less amount representing lease incentive receivables (1) — (476,877 ) (476,877 ) Less amount representing interest (22,622 ) (13,858,395 ) (13,881,017 ) Present value of future lease payments 46,155 19,804,920 19,851,075 Less current portion of lease obligation (5,183 ) (868,348 ) (873,531 ) Total long-term lease obligation $ 40,972 $ 18,936,572 $ 18,977,544 (1) Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. The future undiscounted fixed minimum lease cost payments for the leases presented above exclude an additional $2.4 billion relating to executed non-cancelable | Note 18. Leasing Arrangements The real estate operating lease cost incurred before a location opens for member operations is recorded in pre-opening space-as-a-service pre-opening “Lease cost contractually paid or payable” for each period presented below represents cash payments due for base and contingent rent, common area maintenance amounts and real estate taxes payable under the Company’s lease agreements, recorded on an accrual basis of accounting, regardless of the timing of when such amounts were actually paid. The non-cash “Non-cash Non-cash The tenant improvement allowances and broker commissions received or receivable by the Company for negotiating the Company’s leases are amortized on a straight-line basis over the lease term, as a reduction to the total operating lease cost and are presented as “amortization of lease incentives” below. “Early termination fees and related (gain)/loss” for each period presented below includes payments due as a result of lease terminations, recorded on a straight-line basis over any remaining lease period as well as any gain or loss recognized on termination. When a lease is terminated, the lease liability and right of use asset is derecognized and any difference is recognized as a gain or loss on termination. During the year ended December 31, 2020, the Company terminated leases associated with a total of 82 consolidated pre-open During the year ended December 31, 2020, the Company has also successfully amended over 200 leases for a combination of partial terminations to reduce our leased space, rent reductions, rent deferrals, offsets for tenant improvement allowances and other strategic changes. These amendments and full and partial lease terminations have resulted in an estimated reduction of approximately $4 billion in total future undiscounted fixed minimum lease cost payments that were scheduled to be paid over the life of the original executed lease agreements, including changes to the obligations of ChinaCo which occurred during the period it was consolidated. The deconsolidation of ChinaCo on October 2, 2020 also resulted in a decline of approximately $2.7 billion in our consolidated total future undiscounted fixed minimum lease cost payments based on the future obligations that existed as of September 30, 2020 just prior to the deconsolidation. The components of total real estate operating lease cost for leases recorded under ASC 842 are as follows: Year Ended December 31, 2020 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Related Costs Total Lease cost contractually paid or payable for the period $ 2,638,455 $ 128,452 $ 61,991 $ 1,863 $ 2,830,761 Non-cash 380,851 171,772 19,727 576 572,926 Amortization of lease incentives (297,828 ) (40,550 ) (6,138 ) (1,084 ) (345,600 ) Total real estate operating lease cost $ 2,721,478 $ 259,674 $ 75,580 $ 1,355 $ 3,058,087 Early termination fees and related (gain)/loss $ — $ — $ — $ (37,354 ) $ (37,354 ) Year Ended December 31, 2019 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Lease cost contractually paid or payable for the period $ 1,686,431 $ 119,220 $ 64,949 $ 144 $ 1,870,744 Non-cash 411,161 484,099 19,776 — 915,036 Amortization of lease incentives (169,676 ) (60,447 ) (6,109 ) — (236,232 ) Total real estate operating lease cost $ 1,927,916 $ 542,872 $ 78,616 $ 144 $ 2,549,548 Early termination fees and related (gain)/loss $ 553 $ — $ — $ 3,162 $ 3,715 The components of total real estate operating lease cost for leases recorded under ASC 840 are as follows: Year Ended December 31, 2018 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Lease cost contractually paid or payable for the period (1) $ 824,650 $ 80,736 $ 18,730 $ — $ 924,116 Non-cash 268,125 268,593 6,124 — 542,842 Amortization of lease incentives (88,867 ) (3,759 ) (1,209 ) — (93,835 ) Total real estate operating lease cost $ 1,003,908 $ 345,570 $ 23,645 $ — $ 1,373,123 Early termination fees and related (gain)/loss $ — $ — $ — $ — $ — (1) Common area maintenance charges and real estate taxes, or “tenancy costs” are a non-lease non-lease During the year ended December 31, 2018, the Company recognized contingent rent expenses totaling $22.7 million, included in as a component of the total real estate operating lease cost for the year. The Company’s total ASC 842 operating lease costs include both fixed and variable components as follows: Year Ended December 31, 2020 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Fixed real estate lease costs $ 2,283,042 $ 243,298 $ 67,172 $ 613 $ 2,594,125 Fixed equipment and other lease costs 2,085 — 30 — 2,115 Total fixed lease costs $ 2,285,127 $ 243,298 $ 67,202 $ 613 $ 2,596,240 Variable real estate lease costs $ 438,436 $ 16,376 $ 8,408 $ 742 $ 463,962 Variable equipment and other lease costs 2,877 40 151 — 3,068 Total variable lease costs $ 441,313 $ 16,416 $ 8,559 $ 742 $ 467,030 Year Ended December 31, 2019 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Fixed real estate lease costs $ 1,612,658 $ 507,591 $ 71,764 $ 144 $ 2,192,157 Fixed equipment and other lease costs 2,943 — 3,263 — 6,206 Total fixed lease costs $ 1,615,601 $ 507,591 $ 75,027 $ 144 $ 2,198,363 Variable real estate lease costs $ 315,258 $ 35,281 $ 6,852 $ — $ 357,391 Variable equipment and other lease costs 1,902 — — — 1,902 Total variable lease costs $ 317,160 $ 35,281 $ 6,852 $ — $ 359,293 During 2018, the Company also had certain leases accounted for as capital leases under ASC 840 which beginning in 2019 are referred to as finance leases and accounted for under ASC 842. Total lease costs for these leases are as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Reported in: Reported in: Depreciation Depreciation and Interest and Interest (Amounts in thousands) Amortization Expense Total Amortization Expense Total Total finance lease cost $ 5,271 $ 4,675 $ 9,946 $ 4,499 $ 4,621 $ 9,120 Year Ended December 31, 2018 Reported in: Depreciation and Interest (Amounts in thousands) Amortization Expense Total Total capital lease cost $ 2,162 $ 3,780 $ 5,942 The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet as of December 31, 2020 and 2019, as recorded in accordance with ASC 842: December 31, (Amounts in thousands) Balance Sheet Captions 2020 2019 Assets: Operating lease right-of-use Lease right-of-use $ 15,107,880 $ 17,496,004 Finance lease right-of-use (1) Property and equipment, net 48,116 35,580 Total leased assets $ 15,155,996 $ 17,531,584 Liabilities: Current liabilities Operating lease liabilities Current lease obligations $ 842,680 $ 680,911 Finance lease liabilities Current lease obligations 4,851 4,718 Total current liabilities 847,531 685,629 Non-current Operating lease obligations Long-term lease obligations 20,220,274 21,202,804 Finance lease obligations Long-term lease obligations 43,332 48,359 Total non-current 20,263,606 21,251,163 Total lease obligations $ 21,111,137 $ 21,936,792 (1) Finance lease right-of-use The weighted average remaining lease term and weighted average discount rate for operating and finance leases as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Operating Finance Operating Finance Weighted average remaining lease term (in years) 13 10 14 10 Weighted average discount rate percentage 8.7 % 7.5 % 8.1 % 7.4 % The Company’s aggregate annual lease obligations relating to non-cancelable (Amounts in thousands) Finance Leases Operating Total 2021 $ 9,447 $ 2,563,634 $ 2,573,081 2022 9,482 2,702,441 2,711,923 2023 9,092 2,757,020 2,766,112 2024 7,464 2,804,710 2,812,174 2025 6,338 2,835,422 2,841,760 2026 and beyond 32,470 23,362,437 23,394,907 Total undiscounted fixed minimum lease cost payments 74,293 37,025,664 37,099,957 Less amount representing lease incentive receivables (1) — (698,791 ) (698,791 ) Less amount representing interest (26,109 ) (15,263,919 ) (15,290,028 ) Present value of future lease payments 48,184 21,062,954 21,111,138 Less current portion of lease obligation (4,851 ) (842,680 ) (847,531 ) Total long-term lease obligation $ 43,333 $ 20,220,274 $ 20,263,607 (1) Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. The future undiscounted fixed minimum lease cost payments for the leases presented above exclude an additional $3.5 billion relating to executed non-cancelable The Company’s aggregate annual lease obligations relating to non-cancelable (Amounts in thousands) Finance Leases Operating Total 2020 $ 9,429 $ 2,416,519 $ 2,425,948 2021 9,511 2,824,330 2,833,841 2022 9,465 2,911,370 2,920,835 2023 8,931 2,960,557 2,969,488 2024 7,258 2,996,646 3,003,904 2025 and beyond 38,755 26,013,434 26,052,189 Total undiscounted fixed minimum lease cost payments 83,349 40,122,856 40,206,205 Less amount representing lease incentive receivables (1) — (1,794,191 ) (1,794,191 ) Less amount representing interest (30,272 ) (16,444,053 ) (16,474,325 ) Present value of future lease payments 53,077 21,884,612 21,937,689 Less obligations classified as held for sale — (897 ) (897 ) Less current portion of lease obligation (4,718 ) (680,911 ) (685,629 ) Total long-term lease obligation $ 48,359 $ 21,202,804 $ 21,251,163 (1) Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. The future undiscounted fixed minimum lease cost payments for the leases presented above exclude an additional $9.2 billion relating to executed non-cancelable |
Income Taxes
Income Taxes | 7 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Income Taxes | Note 19. Income Taxes UP-C On July 15, 2019, after a corporate restructure, WeWork Inc. is the sole owner of The We Company MC LLC (the “We Company MC”), a wholly owned disregarded entity, which is the general partner and holder of effectively 100% of the economic and control interest in the We Company Management Holdings L.P. Additionally, Teem Holdings Inc., Euclid WW Holdings Inc., Meetup Holdings Inc., and The We Company Management LLC, indirectly or directly became wholly owned subsidiaries of the We Company MC and limited partners of the WeWork Partnership along with various holders of WeWork Partnerships Profits Interest Units. As a partnership, the WeWork Partnership is generally not subject to U.S. federal and most state and local income taxes, however, the WeWork Partnership, through its 100% ownership of the equity in WeWork Companies LLC, is subject to withholding taxes in certain foreign jurisdictions. Any taxable income or loss generated by the WeWork Partnership is passed through to and included in the taxable income or loss of its members based on each member’s respective ownership percentage and adjusts the initial deferred tax asset for the basis difference established on the investment in the partnership. During the year ended December 31, 2020, the redemption of the partnership interest of Meetup and Teem, and sale of the stock of the entities, resulted in the reversal of some portion of the deferred tax asset and the recognition of a net capital loss. The components of pre-tax Year Ended December 31, (Amounts in thousands) 2020 2019 2018 U.S. $ (1,540,919 ) $ (2,497,989 ) $ (1,162,229 ) Non-U.S. (2,273,432 ) (1,231,261 ) (766,040 ) Total pre-tax $ (3,814,351 ) $ (3,729,250 ) $ (1,928,269 ) The components of income tax provision (benefit) are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Current tax provision (benefit): Federal $ — $ — $ — State and local — — — Non-U.S. 20,456 49,371 9,263 Total current tax provision 20,456 49,371 9,263 Deferred tax provision (benefit): Federal (118 ) (148 ) (1,741 ) State and local (324 ) (510 ) (6,777 ) Non-U.S. (508 ) (3,076 ) (1,595 ) Total deferred tax provision (benefit) (950 ) (3,734 ) (10,113 ) Income tax provision (benefit) $ 19,506 $ 45,637 $ (850 ) The reconciliation of the U.S. Federal statutory rate to the Company’s effective tax rate is as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 (1) 2018 (1) Income tax provision (benefit) at the U.S. Federal tax rate $ (801,014 ) $ (783,143 ) $ (404,937 ) State income taxes, inclusive of valuation allowance (256 ) (403 ) (5,354 ) Withholding tax 8,350 13,712 — Foreign rate differential (39,240 ) (23,087 ) (14,355 ) Stock-based compensation 30,567 13,772 4,251 Non-deductible 15,056 13,333 16,196 Non-deductible (136,753 ) (15,402 ) 27,768 Goodwill Impairment 1,492 39,482 — Rate Change (143,058 ) 10,259 5,238 ChinaCo Deconsolidation 286,637 — — Other, net 54,609 (3,298 ) (1,775 ) Valuation allowance 743,116 780,412 372,118 Income tax provision (benefit) $ 19,506 $ 45,637 $ (850 ) (1) Certain lines from the prior years have been reclassified to align with the 2020 presentation with no impact to the Income tax provision (benefit) amount. Deferred income taxes reflect the effect of temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The components of deferred tax assets and liabilities are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 (2) Deferred tax assets: Investment in partnership $ 488,786 $ 477,612 Deferred rent 136,502 125,635 Property and Equipment 71,353 40,645 Accrued expenses 11,527 20,231 Stock-based compensation 8,107 4,487 Deferred financing obligation 2,546 989 Unrealized (gain) loss on foreign exchange 3,634 5,222 Net operating loss 2,033,703 1,205,139 Capital Loss 40,677 — Finite-lived intangibles 1,259,586 1,144,862 Interest 6,989 1,863 Lease Liability 2,636,664 2,762,142 Other 14,515 7,996 Total deferred tax assets 6,714,589 5,796,823 Valuation allowance (4,057,892 ) (3,011,064 ) Total net deferred tax assets 2,656,697 2,785,759 Deferred tax liabilities: Deferred Rent (755 ) — Accrued Expenses (2,206 ) (343 ) Unrealized (Gain)/Loss (7,655 ) (181 ) Property and equipment (10,969 ) (14,584 ) Finite-lived intangibles (264 ) (5,284 ) Right of Use Asset (2,630,343 ) (2,763,802 ) Other (3,128 ) (404 ) Indefinite-lived intangibles — (11 ) Total deferred tax liabilities (2,655,320 ) (2,784,609 ) Net deferred tax assets (1) $ 1,377 $ 1,150 (1) As of December 31, 2020 and 2019, $1.4 million and $1.2 million net deferred tax asset is included as a component of other assets on the accompanying consolidated balance sheet, respectively. (2) Certain 2019 lines have been reclassified to align with the 2020 presentation with no impact to the Net deferred tax assets (liabilities). We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset may not be realized. The Company has recorded a full valuation allowance on its net deferred tax assets in most jurisdictions, however in certain jurisdictions, the Company did not record a valuation allowance where the Company had profitable operations, or the Company recorded only a partial valuation allowance due to the existence of deferred tax liabilities that will partially offset the Company’s deferred tax assets in future years. As of December 31, 2020, we concluded, based on the weight of all available positive and negative evidence, that a portion of our deferred tax assets are not more likely than not to be realized. As such a valuation allowance in the amount of $4.1 billion has been recognized on the Company’s deferred tax assets. The net change in valuation allowance for 2020 was an increase of $1.0 billion. On April 1, 2019, WW Worldwide CV transferred the intellectual property rights to WeWork UK International. For financial reporting purposes the intangible assets; including marketing intangibles, technical IP, and know-how; sign-off. As of December 31, 2020, the Company had U.S. federal income tax net operating loss carryforwards of $4.9 billion, of which $4.1 billion may be carried forward indefinitely and $0.8 billion will begin to expire starting in 2033 if not utilized. The Company also had capital loss carryforward of $193.7 million, which if unused, will expire in 2026. The Company had U.S. state income tax net operating loss carryforwards of $4.3 billion with varying expiration dates (some of which are indefinite), the first of which will begin to expire starting in 2028 if not utilized. As of December 31, 2020, the Company had foreign net operating loss carryforwards of $2.9 billion (with various expiration dates), of which approximately $2.4 billion have indefinite carryforward periods. Certain of these federal, state and foreign net operating loss carryforwards may be subject to Internal Revenue Code Section 382 or similar provisions, which impose limitations on their utilization amounts. The Company has not recorded deferred income taxes applicable to the undistributed earnings of its foreign subsidiary that are indefinitely reinvested in foreign operations. Any undistributed earnings will be used to fund international operations and to make investments outside of the United States. The Company recognizes interest and penalties, if applicable, related to uncertain tax positions in the income tax provision. There were no reserves for unrecognized tax benefits and no accrued interest related to uncertain tax positions as of December 31, 2020 and 2019. The Company files income tax returns in U.S. federal, U.S. state and foreign jurisdictions. With some exceptions, most tax years remain open to examination by the taxing authorities due to the Company’s NOL carryforwards. The Company also considered recent tax law changes in response to the COVID-19 Additionally, the CARES Act provides an employee retention credit, which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The Company qualified for the credit as of April 1, 2020 and has claimed approximately $8.3 million of refundable employee retention tax credits as a partial offset to payroll tax liability as of December 31, 2020. The CARES Act also allows for the deferral of the payment of the employer share of Social Security taxes effective March 27, 2020. The Company has elected to defer its Social Security tax payments in accordance with this provision and will remit the associated payments in two equal installments on or about December 31, 2021 and December 31, 2022, as required under the CARES Act. The Company deferred approximately $20.6 million of its Social Security tax payments during the year ended December 31, 2020. | |
BOWX ACQUISITION CORP [Member] | ||
Income Taxes | Note 9 — Income Taxes The Company’s taxable income primarily consists of interest income on the Trust Account. The Company’s general and administrative expenses are generally considered start-up start-up The income tax provision (benefit) consists of the following: For the Period Current Federal $ 22,010 State — Deferred Federal (48,114 ) State — Valuation allowance 48,114 Income tax provision $ 22,010 The Company’s net deferred tax assets are as follows: December 31, Deferred tax assets: Start-up/Organization $ 48,114 Total deferred tax assets 48,114 Valuation allowance (48,114 ) Deferred tax asset, net of allowance $ — In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. At December 31, 2020, the valuation allowance was $48,114. There were no unrecognized tax benefits as of December 31, 2020. No amounts were accrued for the payment of interest and penalties at December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows: For the Period Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Change in fair value of warrant liabilities (20.5 )% Change in valuation allowance (1.0 )% Effective Tax Rate -0.5 % |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | Note 20. Convertible Preferred Stock As of December 31, 2020, 2019 and 2018 the Company had outstanding the following series of convertible preferred stock, each par value $0.001 per share: December 31, 2020 (Amounts in thousands, except per share amounts) Conversion Liquidation Shares Shares Carrying Series A $ 0.46 $ 17,500 38,393 38,393 $ 17,350 Series B 1.85 41,039 22,165 22,165 40,995 Series C 5.36 152,227 29,189 28,404 154,699 Series D-1 16.65 198,800 11,939 11,939 198,541 Series D-2 16.65 156,200 9,381 9,380 155,996 Series E 32.89 433,934 13,194 13,194 433,507 Series F 50.19 690,612 14,942 13,759 675,913 Series G 57.90 2,017,338 34,742 33,114 1,729,997 Series G-1 110.00 3,500,000 45,455 31,818 2,681,069 Series H-1 11.60 1,900,000 227,025 163,793 1,352,819 Series H-2 11.60 — 227,025 — — Series H-3 0.01 — 129,888 — — Series H-4 0.01 — 129,888 — — Acquisition 91.37 269,678 13,900 2,951 223,912 Junior 866.67 1,300 2 2 1,300 Total $ 9,378,628 947,128 368,912 $ 7,666,098 December 31, 2019 December 31, 2018 (Amounts in thousands) Shares Carrying Shares Carrying Series A $ 38,393 $ 17,350 $ 38,393 $ 17,350 Series B 22,165 40,995 22,165 40,995 Series C 28,404 154,699 28,404 154,699 Series D-1 11,939 198,541 11,939 198,541 Series D-2 9,380 155,996 9,380 155,996 Series E 13,194 433,507 13,194 433,507 Series F 13,759 675,913 13,759 675,913 Series G 33,114 1,729,997 33,114 1,729,997 Series G-1 31,818 2,681,069 — — Series H-1 17,241 161,353 — — Acquisition 2,920 222,884 1,408 90,398 Junior 2 1,300 2 1,300 Total $ 222,329 $ 6,473,604 $ 171,758 $ 3,498,696 In March 2018, the Board of Directors of the Company designated 13,900,000 shares of authorized preferred stock as Acquisition Preferred Stock (“Acquisition Preferred Stock”) which may be divided and issued from time to time in one or more series as designated by the Board of Directors. As of December 31, 2020, the Board of Directors had designated a total of 1,600,000 shares of Acquisition Preferred Stock as Series AP-1 AP-1”), AP-2 AP-2”), AP-3 AP-3”) AP-4 AP-4”). The Company issued 31,135 Acquisition Preferred shares during the years ended December 31, 2020. During the year ended December 31, 2019 and 2018, the Company issued a total of 1,609,744 shares and 1,407,796 shares, respectively, of Acquisition Preferred Stock issued in connection with the acquisitions discussed in Note 7. In October 2019, the Board of Directors of the Company authorized 227,025,024 shares of the authorized Preferred Stock designated as Series H-1 H-1”), H-2 H-2”), H-3 H-3”) H-4 H-4”) H-1 H-2 H-3 H-4 H-1 H-3 H-2 H-4 In April 2020, the Company closed the PacificCo Roll-up H-1 In November 2019, in connection with a partial exercise of the 2019 Warrant, the Company issued 17,241,379 shares of Series H-1 H-1 In July 2019, the Company executed an amendment to the Amended 2018 Warrant which triggered an automatic exercise of the Amended 2018 Warrant. The early exercise provision was triggered and the outstanding Amended 2018 Warrant which had been funded earlier in 2019 was exercised for the issuance of 22,727,273 shares of Series G-1 G-1 During the year ended December 31, 2018, the Company issued a total of 49,152 shares of Series G Preferred Stock in connection with the release of equity holdback amounts related to acquisitions. During the year ended December 31, 2014, the Company issued a convertible note that is convertible into shares of Series C Preferred Stock. The convertible note was included as a component of the carrying amount of the Series C Preferred Stock upon its inception during 2014. As of December 31, 2020, 2019 and 2018, the remaining balance of the convertible note, included as a component of the carrying amount of the Series C Preferred Stock, is $4.2 million and represents the right to convert into 785,302 shares of Series C Preferred Stock. The Series A, B, C, D-1, D-2, G-1 Conversion— H-2 H-4, H-2 H-4, one-to-one one-to-one Upon either (a) the closing of the sale of shares of Class A Common Stock to the public in a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $250.0 million of gross proceeds to the Company (a “Qualifying IPO”), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares of Senior Preferred Stock (voting together as a single class on an as converted to common stock basis), all outstanding shares of preferred stock of the Company will automatically be converted into shares of Class A Common Stock, at the then-effective conversion rate for such series of preferred stock (subject to certain additional consent rights in favor of holders of each of the Series C Preferred Stock, Series D-1 D-2 In a Qualifying IPO, any outstanding shares of H-2 non-voting except with respect to voting. The Series H-4 non-voting H-3 H-2 H-2 H-2 H-1 In addition, if (i) the aggregate number of voting securities held by SBG, SVFE and their affiliates would otherwise represent more than 49.90% or more of the combined voting power of the Company’s outstanding voting securities, then immediately prior to such occurrence, the minimum whole number of shares of Series H-1 H-3 H-2 H-4 non-assessable H-2 H-4 H-2 H-4 H-1 H-3 non-assessable H-1 H-3 Redemption— Voting— H-2 H-4, At any time when a specified number of shares of Senior Preferred Stock are outstanding, the Company may not take certain enumerated actions without (in addition to any other vote required by law or the Company’s Amended and Restated Certificate of Incorporation) the written consent or affirmative vote of the holders of at least a majority or two-thirds Additionally, at any time when a specified number of shares of Acquisition Preferred Stock are outstanding, the Company may not take certain enumerated actions without (in addition to any other vote required by law or the Company’s Amended and Restated Certificate of Incorporation) the holders of at least a majority of the then outstanding shares of Acquisition Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class on an as converted to Common Stock basis. Effective October 30, 2019, in connection with the SoftBank Transactions, the Company’s Board of Directors was reconstituted to initially have up to ten members (which may be increased to eleven members, under certain circumstances), including five members designated by SBG, SoftBank Vision Fund and their affiliates. The holders of the shares of Series A Preferred Stock and Series G Preferred Stock, voting together exclusively and as a separate class, are each entitled to designate one director of the Company. The holders of the shares of Class B Common Stock and Class C Common Stock, voting together exclusively and as a separate class, are entitled to designate two directors of the Company, so long as any shares of Class B Common Stock or Class C Common Stock remain outstanding. Holders of shares of Common Stock and any other class or series of voting stock (including the Senior Preferred Stock and the Acquisition Preferred Stock), voting together as a single class on an as-converted One Investor Director (as defined in the Company’s Amended and Restated Stockholders’ Agreement, dated as of October 30, 2019 (the “Amended and Restated Stockholders’ Agreement”)) is designated by Benchmark, one Second Investor Director (as defined in the Amended and Restated Stockholders’ Agreement) is designated by Hony Capital and two Shareholder Directors (as defined in the Amended and Restated Stockholders’ Agreement) are designated by the stockholders party to the Amended and Restated Stockholders’ Agreement (excluding SBG’s affiliates and Adam Neumann). Lew Frankfort from the Special Committee of the WeWork Inc. Board of Directors (the “Special Committee”) will serve until the later of the completion of the SoftBank Transactions and the final resolution of any litigation or disputes with SBG arising from such transactions or the consummation of the 2020 Tender Offer. Adam Neumann will not serve as a director of the Company but will remain a non-voting Until the earlier of a Deemed Liquidation Event, an IPO or Change of Control (each as defined in the Amended and Restated Certificate of Incorporation or the Amended and Restated Stockholders’ Agreement), all shares of capital stock held by Adam Neumann and his affiliates will be subject to a voting proxy in favor of the Board as to all matters, subject to certain limited exceptions, and Adam Neumann released any and all proxies that he had previously obtained from other stockholders of the Company. Except as provided by law or by the other provisions of the Company’s Amended and Restated Certificate of Incorporation, holders of the Junior Preferred Stock, Series H-2 H-4 Dividends Anti-Dilution . Liquidation • First, the holders of shares of each series of Senior Preferred Stock then outstanding are entitled to be paid out of the assets of the Company, on a pari passu • Second, after the payment of all preferential amounts required to be paid to the holders of shares of Senior Preferred Stock, the holders of shares of Acquisition Preferred Stock and Junior Preferred Stock then outstanding are entitled to be paid out of the assets of the Company, before any payment is made to the holders of Class A Common Stock, Class B Common Stock or Class D Common Stock, an amount per share equal to the original issue price for the Junior Preferred Stock and in the case of Acquisition Preferred Stock, an amount per share equal to the greater of (i) the applicable original issue price for such series of Acquisition Preferred Stock or (ii) such amount per share as would have been payable had all shares of such series of Acquisition Preferred Stock been converted into Class A Common Stock in accordance with the Company’s Amended and Restated Certificate of Incorporation immediately prior to such transaction; and • Third, after the payment of all preferential amounts required to be paid to the holders of shares of Senior Preferred Stock, Junior Preferred Stock, and Acquisition Preferred Stock, the remaining assets of the Company will be distributed among the holders of shares of Class A Common stock, Class B Common Stock and Class D Common Stock, pro rata based on the number of shares held by each such holder. The holders of shares of Class C Common Stock shall not participate in any such distribution in respect of such shares. Stockholders’ Agreement |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-Based Compensation | Note 14. Stock-Based Compensation Effective February 4, 2015, the Company adopted an equity-based compensation plan, the 2015 Equity Incentive Plan, as amended (the “2015 Plan”), authorizing the grant of equity-based awards (including stock options, restricted stock and restricted stock units) to its management, employees, non-employee directors and other non-employees. Profits Interest Units and Noncontrolling Partnership Interests in the WeWork Partnership per-unit per-unit On September 24, 2019, in connection with the Company’s operational restructuring, Mr. Neumann resigned as CEO. Upon resignation, he held 786,540 vested WeWork Partnerships Profits Interest Units. At the time of resignation, it was the expectation of the parties involved that a mutual agreement on the 41,686,627 unvested WeWork Partnerships Profits Interest Units, whose vesting were contingent on Mr. Neumann’s continued service as the Company’s CEO, would be renegotiated. Such agreement was not entered into until October 22, 2019, (which agreement became effective on October 30, 2019) in connection with the SoftBank Transactions. As the status of, and vesting conditions applicable to, the original pre-modified In October 2019, upon receipt of the $1.5 billion under the 2019 Warrant, the Company modified 786,540 WeWork Partnerships Profits Interests held by Mr. Neumann which had vested prior to his resignation on September 24, 2019, to reduce the per-unit per-unit catch-up per-unit per-unit catch-up per-unit per-unit catch-up non-competition non-solicitation In February 2021, in connection with the Settlement Agreement, as defined in Note 16, the remaining 15,609,963 unvested WeWork Partnerships Profits Interest Units held by Mr. Neumann in the WeWork Partnership became fully vested. In addition, all of Mr. Neumann’s 24,081,668 WeWork Partnerships Profits Interests were amended to reduce the per-unit catch-up per-unit de-SPAC As of June 30, 2021 and 2020, there were none and 1,045,002, respectively of unvested WeWork Partnerships Profits Interest Units outstanding relating to other former members of executive management which all contained time-based vesting conditions and would have vested over a 7 year period. The economic terms of the WeWork Partnerships Profits Interest Units give the holder an economic interest in the future growth and appreciation of the Company’s business and are intended to replicate, in certain respects, the economics of incentive stock options, while providing more efficient tax treatment for both the Company and the holder. Holders can also, at the election of the holder, (a) convert their vested WeWork Partnerships Profits Interest Units into WeWork Partnerships Class B Common Units , or (b) exchange (along with the corresponding shares of WeWork Class C Common Stock) their vested WeWork Partnerships Profits Interest Units for (at WeWork’s election) shares of WeWork Class B Common Stock (which would immediately and automatically be exchanged for WeWork Class A Common Stock) or cash of an equivalent value. When the WeWork Partnership makes distributions to its partners, the holders of vested WeWork Partnerships Profits Interest Units are generally entitled to share in those distributions with the other partners, including the wholly-owned subsidiaries of WeWork Inc. that hold partnership interests, once the aggregate amount of distributions since the WeWork Partnerships Profits Interest Units were issued equals the “aggregate distribution threshold” with respect to those WeWork Partnerships Profits Interest Units. The “aggregate distribution threshold” with respect to any WeWork Partnerships Profits Interest Units issued equals the liquidation value of the WeWork Partnership when such WeWork Partnerships Profits Interest Units was issued, and such amount was determined based on a valuation of the WeWork Partnership performed by a third-party valuation firm. Once a WeWork Partnerships Profits Interest Units holder is entitled to share in distributions (because prior distributions have been made in an amount equal to the aggregate distribution threshold), the holder is entitled to receive distributions in an amount equal to a “preference amount”, which is a set dollar amount per WeWork Partnerships Profits Interest Units equal to the difference between the WeWork Partnerships Profits Interests “per-unit per-profits-interest “catch-up Holders can also (a) convert their vested WeWork Partnerships Profits Interest Units into WeWork Partnerships Class B Common Units, or (b) exchange (along with the corresponding shares of WeWork Class Common Stock) their vested WeWork Partnership Profits Interest Units for (at WeWork’s election) shares of the WeWork Class B Common Stock (which would immediately and automatically be exchanged for the WeWork Class A Common Stock) or cash of an equivalent value. Similar to their entitlement to distributions, as described above, holders of vested WeWork Partnerships Profits Interest Units can receive value through such an exchange only to the extent the value of the WeWork Partnership has increased above the aggregate distribution threshold. This is measured by comparing the value of a share of the WeWork Class A Common Stock on the day of exchange to the per-unit per-unit Upon the exchange of WeWork Partnerships Profits Interest Units in the WeWork Partnership for shares of WeWork Class B Common Stock or the forfeiture of WeWork Partnerships Profits Interest Units in the WeWork Partnership, the corresponding shares of WeWork Class C Common Stock will be redeemed. Shares of WeWork Class C Common Stock cannot be transferred other than in connection with the transfer of the corresponding WeWork Partnerships Profits Interest Units in the WeWork Partnership. The redemption value of the WeWork Partnerships Profits Interest Units in the WeWork Partnership are measured based upon the aggregate redemption value and takes into account the proportion of employee services rendered under the WeWork Partnerships Profits Interest Units vesting provisions. The redemption value will vary from period to period based upon the fair value of the Company and are accounted for as a component of noncontrolling interests within the equity section of the consolidated balance sheet through reclassifications to and from additional-paid-in-capital. As of June 30, 2021, there were 24,132,575 vested WeWork Partnerships Profits Interest Units outstanding. However, the overall redemption value of outstanding WeWork Partnerships Profits Interest Units and the corresponding noncontrolling interest in the WeWork Partnership was zero as of June 30, 2021 and December 31, 2020, as the fair market value of the Company’s stock as of June 30, 2021 and December 31, 2020, was less than the per-unit The following table summarizes the WeWork Partnerships Profits Interest Units activity during the six months ended June 30, 2021: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2020 25,168,938 $ 21.64 $ 0.47 $ — Granted — $ — $ — — Exchanged/redeemed — $ — $ — — Forfeited/canceled (1,036,363 ) $ 49.28 $ 10.92 — Outstanding, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — Exercisable, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — Vested and expected to vest, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — Vested and exercisable, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — There were no WeWork Partnerships Profits Interest Units granted during the three and six months ended June 30, 2021, or during the year ended December 31, 2020. For the three months ended June 30, 2021 and 2020 the Company recorded none and a reduction of $1.3 million, respectively, of stock-based compensation expense related to WeWork Partnerships Profits Interest Units awarded to employees. For the six months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense of $102.2 million, of which $102.0 million was recorded to restructuring and other related costs, and a reduction of $0.5 million, respectively, related to WeWork Partnerships Profits Interest Units awarded to employees. As of June 30, 2021, there was no unrecognized stock-based compensation expense from outstanding WeWork Partnerships Profits Interest Units. Stock Options Service-based Vesting Conditions The stock options outstanding noted below consist primarily of time-based options to purchase Class A or Class B Common Stock (which, upon issuance of the shares if exercised, which would immediately and automatically be exchanged for the Company’s Class A Common Stock), the majority of which vest over a three The following table summarizes the stock option activity during the six months ended June 30, 2021: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2020 34,077,898 $ 4.74 6.4 $ 12,534 Granted — $ — Exercised (5,395,515 ) $ 2.17 Forfeited/canceled (2,411,986 ) $ 6.93 Outstanding, June 30, 2021 26,270,397 $ 5.05 5.9 $ 162,428 Exercisable June 30, 2021 18,044,420 $ 6.21 4.7 $ 103,098 Vested and expected to vest, June 30, 2021 26,010,655 $ 5.05 5.9 $ 162,428 Vested and exercisable, June 30, 2021 18,044,420 $ 6.21 4.7 $ 103,098 The weighted average grant date fair value of options granted during the year ended December 31, 2020 were $1.67. The total intrinsic value of options exercised during the six months ended June 30, 2021 and the year ended December 31, 2020 was 40.0 million and 0.7 million, respectively. Of the stock options granted during the year ended December 31, 2020, 1,578,681 stock options were valued using the Black-Scholes Model and a single option approach and the remaining 27,112,272 stock options granted had an original exercise price greater than the fair market value of the Company’s common stock on the date of grant and therefore the Company estimated the fair value of these awards using the binomial model. The assumptions used to value stock options issued during the year ended December 31, 2020, were as follows (these assumptions exclude the options exchange in the 2019 Option Repricing Exchange and 2020 Option Repricing described below and noted in the table above): December 31, Fair value of common stock $ 2.07 - 2.10 Weighted average expected term (years) 6.22 Weighted average expected volatility 51.0 % Risk-free interest rate 0.30% - 1.02 % Dividend yield — For the three months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense of $3.4 million and $7.5 million, respectively, related to stock options awarded to employees and non-employee non-employee non-employee For the three months ended June 30, 2021 and 2020, the Company recorded none and an expense of $0.4 million, respectively, of selling, general and administrative expenses related to stock options awarded to non-employee non-employee For the three months ended June 30, 2021 and 2020, none 0.1 non-employees 0.1 0.3 non-employees no Service, Performance and Market-based Conditions During the year ended December 31, 2020, the Company granted to certain employees options to purchase Class A Common Stock containing both service and performance-based vesting conditions, as well as a market-based exercisability condition. These stock options have a ten-year securities exchange and a market condition tied to the Company’s valuation, at three to four distinct threshold levels over a distinct performance period from 2020 through 2024. Stock options that have become eligible to vest will then vest at the end of a three to five-year service period. These stock options are subject to the risk of forfeiture until vested by virtue of continued employment or service to the Company. During the six months ended June 30, 2021, the Company modified 14.7 million options held by 36 employees to purchase Class A Common Stock containing both service and performance-based vesting conditions (including a market-based vesting condition). The Company modified the market-based condition to be based on the share price of the Company’s Class A Common Stock: (i) after the Company becomes (or becomes a subsidiary of) a publicly traded company with shares traded on the New York Stock Exchange, NASDAQ, or other similar national exchange, by either (a) an initial public offering, or (b) a Public Company Acquisition (as defined in the agreement), or (ii) if the Company’s Class A Common Stock is not publicly traded on any national securities exchange, the share price shall be measured only as of the closing date of a Capital Raise Transaction (as defined in the agreement). The Company applied modification accounting under ASC 718, which resulted in a new measurement of compensation cost, and the original grant-date fair value of the award is no longer used to measure compensation cost for the award. The weighted-average fair value on the new measurement date amounted to $2.64. The following table summarizes the stock option activity during the six months ended June 30, 2021: Number of Weighted- Weighted- Aggregate (In thousands) Outstanding, December 31, 2020 15,562,500 $ 2.09 9.4 $ — Granted — $ — Exercised — $ — Forfeited/canceled (1,950,000 ) $ 2.09 Outstanding, June 30, 2021 13,612,500 $ 2.09 8.9 $ 100 Exercisable June 30, 2021 — $ — — $ — Vested and expected to vest, June 30, 2021 4,537,500 $ 2.09 8.9 $ 33 Vested and exercisable, June 30, 2021 — $ — — $ — The fair value of the awards with a performance-based vesting condition was estimated using a two-step 2.5-times The fair value of the awards with performance and market-based conditions was estimated using a Monte Carlo simulation to address the path-dependent nature of the market-based vesting conditions. Based on the award term, equity value, expected volatility, risk-free rate, and a series of random variables with a normal distribution, the future equity value is simulated to develop a large number of potential paths of the future equity value. Each path within the simulation includes the measurement of the 90-trading determine whether the market-based conditions are met, and the future value of the award based on applying a sub-optimal 2.5-times The assumptions used to value the stock options issued during the year ended December 31, 2020 (excluding options exchanged in the 2020 Option Repricing, described below) were as follows: December 31, Fair value of common stock $2.07 - $2.10 Weighted average expected term (years) 5.56 Weighted average expected volatility 50.0% Risk-free interest rate 0.20% - 0.80% Dividend yield — % The Company recognizes the compensation cost of awards subject to service and performance-based vesting conditions including a market condition using the accelerated attribution method over the requisite service period. For the three months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense of $0.5 million and $0.8 million, respectively, relating to awards in which any performance conditions are probable of being met. For the six months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense of $1.0 million and $0.8 million, respectively, relating to awards in which any performance conditions are probable of being met. As of June 30, 2021, the unrecognized stock-based compensation expense from outstanding options for which any performance-based vesting conditions are probable of being met was approximately $7.3 million, expected to be recognized over a weighted-average period of approximately 3.7 years. Restricted Stock In June 2018, certain former executives of the Company were issued 756,039 shares of restricted Class A Common Stock in exchange for recourse promissory notes with principal balances totaling $20.2 million as of December 31, 2018, included as a component of equity. As of June 30, 2021 and December 31, 2020, there was none included as a component of equity. During the year ended December 31, 2020, the Company forgave loans and interest totaling $12.5 million. During the three months ended December 31, 2019, the Company received cash repayments of principal and interest totaling $1.0 million and the Company forgave loans and interest totaling $7.5 million, with such forgiveness recorded as a component of restructuring and other related costs on the accompanying consolidated statement of operations. These restricted shares were scheduled to vest over a five year period and were subject to repurchase by the Company during the vesting period at the original issue price. The recourse note outstanding as of December 31, 2019, included an interest rate of 2.5% and was originally scheduled to mature in 2027. The loan settled in full during 2019, included an interest rate of 2.9%. In 2019, certain former executives of the Company were issued 113,638 shares of restricted Class A Common Stock in exchange for recourse promissory notes with principal balances totaling none as of June 30, 2021 and December 31, 2020, included as a component of equity. During the three months ended March 31, 2020, $2.2 million in loans and accrued interest were settled through cash repayments of principal and interest totaling $1.1 million, the surrendering to the Company of 64,489 Class A Common Stock totaling $0.3 million and the forgiveness of $0.8 million which was recognized as a component of restructuring and other related costs on the accompanying condensed consolidated statements of operations. These restricted shares were scheduled to vest over a five year period and were subject to repurchase by the Company during the vesting period at the original issue price. The loans settled in full during 2020 included interest rates of 2.6%. During the six months ended June 30, 2021, the Company granted 1,560,000 RSUs (which remained unvested at June 30, 2021) to employees which RSUs may be settled in Class A Common Stock containing both service and performance-based vesting conditions (including a market-based condition). Each RSU represents the right to receive one share of the Company’s Class A Common Stock when fully vested. These RSUs have a seven-year contractual term. These RSUs will be earned following the achievement of either: a performance-based vesting condition tied to operating free cash flow (as defined in the award), or a performance- and market-based vesting condition tied to the share price of the Company’s Class A Common Stock; (i) after the Company becomes (or becomes a subsidiary of) a publicly traded company with shares traded on the New York Stock Exchange, NASDAQ, or other similar national exchange, by either (a) an initial public offering, or a (b) a Public Company Acquisition (as defined in the agreement), or (ii) if the Company’s Class A Common Stock is not publicly traded on any national securities exchange, the share price shall be measured as of the closing date of a Capital Raise Transaction (as defined in the award), at three or four distinct threshold levels, respectively, over a distinct performance period from 2021 through 2024. RSUs that have become earned shall become payable units when the service conditions are met over a three to four-year service period. RSUs that have become payable units as of the date of a Liquidity Event (as defined in the agreement) will vest on the date of such Liquidity Event (as defined in the agreement). If a Liquidity Event (as defined in the agreement) has occurred, any RSUs that has not become earned as of the date of such Liquidity Event (as defined in the agreement) will vest on the date such RSU becomes earned. These RSUs are subject to the risk of forfeiture until vested by virtue of continued employment or service to the Company. During the six months ended June 30, 2021, the Company granted 1,500,000 RSUs (which remained unvested at June 30, 2021) to an executive which RSUs may be settled in Class A Common Stock containing both service and performance-based vesting conditions. Each RSU represents the right to receive one share of the Company’s Class A Common Stock when fully vested. These RSUs have a seven-year contractual term. These RSUs will be eligible to vest following the achievement of either: (i) the effective date of an initial public offering, (ii) the closing date of a Public Company Acquisition (as defined in the agreement), or (iii) the closing date of a Capital Raise (as defined in the agreement). RSUs that have become eligible to vest will then vest over a three-year service period. RSUs that have become earned as of the date of a Liquidity Event (as defined in the agreement) will vest on the date of such Liquidity Event (as defined in the agreement). If a Liquidity Event (as defined in the agreement) has occurred, any RSUs that has not become earned as of the date of such Liquidity Event (as defined in the agreement) will vest on the date such RSU becomes earned. The Company reflects restricted stock and restricted stock units as issued and outstanding shares of common stock when vested and when the Class A Common Stock has been delivered to the individual. The following table summarizes the Company’s restricted stock and restricted stock unit activity for the six months ended June 30, 2021: Shares Weighted Average Unvested, December 31, 2020 2,819,146 $ 16.85 Granted 12,972,493 4.12 Vested (165,434 ) 10.41 2021 Tender Offer (1) (594,097 ) 11.40 Forfeited/canceled (2,385,153 ) 4.80 Unvested, June 30, 2021 (2) 12,646,955 $ 6.37 (1) As noted in the 2021 Tender Offer section below, during the six months ended June 30, 2021 and in connection with the 2021 Tender Offer, the Company modified the liquidity event condition with respect to 594,097 restricted stock units held by 1,774 grantees, such that those restricted stock units became fully vested immediately prior to the closing of the 2021 Tender Offer. Refer therein for more details. (2) The unvested balance includes (a) 9,586,956 restricted stock units granted, which will vest annually over a three to seven year employment service period, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant, (b) 1,560,000 RSUs as described above, and (c) 1,500,000 RSUs as described above. The fair value of restricted stock and restricted stock units that vested during the six months ended June 30, 2021 and the year ended December 31, 2020 was $7.2 million and $1.5 million, respectively. For the three months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense of $0.1 million and $4.0 million, respectively, related to restricted stock and restricted stock units awarded to employees and non-employee non-employee non-employee non-employee 2020 Tender Offer Pursuant to the contract, the 2020 Tender Offer was scheduled to expire in April 2020. The closure of the 2020 Tender Offer was contingent on satisfaction of certain conditions as of the expiration date. In April 2020, SBWW terminated and withdrew their offer to purchase the equity securities of WeWork Inc. because it asserted the failure of various conditions to its obligations to close the 2020 Tender Offer. The Special Committee, acting in the name of the Company, filed a complaint in the Court of Chancery of the State of Delaware against SBG and SoftBank Vision Fund asserting claims in relation to SBG’s withdrawal of the 2020 Tender Offer. On February 25, 2021, all parties entered into a settlement agreement, the terms of which resolved the litigation. See Note 16 for details regarding the settlement agreement. During the three and six months ended June 30, 2020 and in connection with the 2020 Tender Offer described below, the Company modified the liquidity event condition with respect to 475,756 restricted stock units (with respect to which the service-based vesting condition had been satisfied) held by 659 During the three and six months ended June 30, 2020, the Company recorded none and $8.0 million of additional stock-based compensation expense relating to the 2020 Tender Offer, with none and $1.1 million recorded as a reduction of additional paid in capital. The additional expense was recorded based on management’s assessment of the likely consummation of the 2020 Tender Offer and management’s estimate of the number of shares that would be acquired from employees, former employees and contractors of the Company at a price per share of $19.19, which price was above the fair market value of the shares. As of March 31, 2020, other current liabilities included a balance of $132.5 million relating to the 2020 Tender Offer. In April 2020, SBWW terminated and withdrew their offer to purchase the equity securities of WeWork Inc. as described above. As such, during the three months ended June 30, 2020, the total $132.5 million was reclassified to additional paid in capital. 2021 Tender Offer During the three months ended March 31, 2021 and in connection with the 2021 Tender Offer, the Company modified the liquidity event condition with respect to 594,097 restricted stock units (with respect to which the service-based vesting condition had been satisfied) held by 1,774 The tender offer was completed in April 2021 and as a result 5.1 million shares of Class A Common Stock were acquired primarily from employees of the Company at a price per share of $19.19, which resulted in approximately $45.7 million of additional stock-based compensation expense, and $47.0 million recorded as a reduction of additional paid in capital during the three months ended March 31, 2021, and $92.7 million recorded as a liability within other current liabilities on the accompanying condensed consolidated balance sheet as of March 31, 2021. The additional stock-based compensation expense was recorded as the shares were purchased from employees at a price above the fair market value of the shares. The liability recorded as of March 31, 2021 was resolved through an increase to additional paid in capital in April 2021 upon completion of the tender. 2020 Option Repricing one-time 2019 Option Repricing one-time non-employee The 2019 Option Repricing Exchange was also subject to modification accounting under ASC 718. Total Stock Based Compensation Expense non-employee Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 Stock-based compensation included in: Location operating expenses $ 734 $ 3,287 $ 9,565 $ 6,906 Selling, general and administrative expenses 3,560 8,706 48,327 27,912 Restructuring and other related costs — 10,143 101,982 10,143 Total stock-based compensation expense $ 4,294 $ 22,136 $ 159,874 $ 44,961 Stock-Based Awards to Non-Employees non-employee Stock-Based Awards Issued by Consolidated Variable Interest Entities ChinaCo In April 2017, the Company’s previously consolidated subsidiary, ChinaCo, granted a shareholder, in connection with services to be provided by a consultant affiliated with such shareholder, the right to subscribe to 10,000,000 of ChinaCo’s Class A ordinary shares which were originally scheduled to vest annually over a five year period and had a grant date value of $3.51 per ChinaCo Class A ordinary share. The consultant is also a member of the Company’s and ChinaCo’s Board of Directors; however, the services required per the terms of grant were greater in scope than the individual’s responsibilities as a standard director. As of September 30, 2020, a total of 2.0 million of these shares were vested and issued. On October 2, 2020, pursuant to the ChinaCo Agreement and immediately prior to the ChinaCo Deconsolidation, an additional 2.0 million shares in ChinaCo were issued to the consultant and the remaining 6.0 million unvested ChinaCo ordinary shares were cancelled. During the three months ended June 30, 2021 and 2020 the Company recorded none and $4.5 million, respectively, of selling, general and administrative expenses, associated with the rights to subscribe to ChinaCo ordinary shares granted to non-employee non-employee In November 2018, ChinaCo adopted a long-term equity incentive plan (the “ChinaCo 2018 LTEIP”), authorizing the grant of equity-based awards (including restricted stock units and stock appreciation rights) to ChinaCo employees, officers, directors and consultants. As of September 30, 2020 and December 31, 2019, there was a total of 467,157 and 747,331 respectively, in stock appreciation rights outstanding under the ChinaCo 2018 LTEIP. The ChinaCo Deconsolidation on October 2, 2020 was an Exit Event as defined in the ChinaCo 2018 LTEIP and resulted in the forfeiture of the stock appreciation rights for no consideration as their exercise price was in excess of the implied price per share in the ChinaCo Deconsolidation. As a result of the ChinaCo Deconsolidation, the ChinaCo 2018 LTEIP was terminated and no further awards may be made under the ChinaCo 2018 LTEIP. PacificCo In May 2019, PacificCo adopted a long-term equity incentive plan, (the “PacificCo 2019 LTEIP”), authorizing the grant of equity-based awards (including restricted stock units and stock appreciation rights) to its employees, officers, directors and consultants. As of December 31, 2019, there was a total of 2,843,225 stock appreciation rights outstanding under the PacificCo 2019 LTEIP and there were 78,275 stock appreciation rights forfeited during the three months ended March 31, 2020. The PacificCo Roll-up in-the-money Roll-up totaling payments of $1.3 million. As a result of the completion of the PacificCo Roll-up, JapanCo In November 2019, JapanCo adopted a long-term equity incentive plan, (the “JapanCo 2019 LTEIP”), authorizing the grant of awards for employee interests (including restricted interest units and interest appreciation rights, collectively “Employee Interests”) to its employees, officers, directors and consultants. The maximum number of Employee Interests that may be granted under the JapanCo’s 2019 LTEIP is 4,210,568. Employee Interests are notional non-voting sub-optimal 2.5-times Payment in respect of any interest appreciation right is conditioned upon the occurrence of an Exit Event (as defined in the JapanCo 2019 LTEIP). In addition, awards will generally time-vest over a five year | Note 22. Stock-Based Compensation Effective February 4, 2015, the Company adopted an equity-based compensation plan, the 2015 Equity Incentive Plan, as amended (the “2015 Plan”), authorizing the grant of equity-based awards (including stock options, restricted stock and restricted stock units) to its management, employees, non-employee directors and other non-employees. WeWork Partnerships Profits Interest Units and Noncontrolling Partnership Interests in the WeWork Partnership per-unit per-unit On September 24, 2019, in connection with the Company’s operational restructuring, Adam Neumann resigned as CEO. Upon resignation, he held 786,540 vested WeWork Partnerships Profits Interest Units. At the time of resignation, it was the expectation of the parties involved that a mutual agreement on the 41,686,627 unvested WeWork Partnerships Profits Interest Units, whose vesting were contingent on Adam Neumann’s continued service as the Company’s CEO, would be renegotiated. Such agreement was not entered into until October 22, 2019 (which agreement became effective on October 30, 2019) in connection with the SoftBank Transactions. As the status of, and vesting conditions applicable to, the original pre-modified In October 2019, upon receipt of the $1.5 billion under the 2019 Warrant, the Company modified 786,540 WeWork Partnerships Profits Interest Units held by Adam Neumann which had vested prior to his resignation on September 24, 2019, to reduce the per-unit per-unit catch-up per-unit per-unit catch-up per-unit $21.05 and to reduce the per-unit catch-up non-competition non-solicitation As of December 31, 2020 and 2019, there were 984,547 and 3,645,656, respectively of unvested WeWork Partnerships Profits Interest Units outstanding relating to other members of executive management which all contain time-based vesting conditions and will vest over a period of 7 years. The economic terms of the WeWork Partnerships Profits Interest Units give the holder an economic interest in the future growth and appreciation of the Company’s business and are intended to replicate, in certain respects, the economics of incentive stock options, while providing more efficient tax treatment for both the Company and the holder. Holders can also, at the election of the holder, (a) convert their vested WeWork Partnerships Profits Interest Units into WeWork Partnerships Class B Common Units, or (b) exchange (along with the corresponding shares of WeWork Class C Common Stock) their vested WeWork Partnerships Profits Interest Units for (at WeWork Inc.’s election) shares of WeWork Class B Common Stock (which would immediately and automatically be exchanged for WeWork Class A Common Stock) or cash of an equivalent value. When the WeWork Partnership makes distributions to its partners, the holders of vested WeWork Partnerships Profits Interest Units are generally entitled to share in those distributions with the other partners, including the wholly-owned subsidiaries of WeWork Inc. that hold partnership interests, once the aggregate amount of distributions since the WeWork Partnerships Profits Interest Units were issued equals the “aggregate distribution threshold” with respect to those WeWork Partnerships Profits Interest Units. The “aggregate distribution threshold” with respect to any WeWork Partnerships Profits Interest Units issued equals the liquidation value of the WeWork Partnership when such was issued, and such amount was or will be determined based on a valuation of the WeWork Partnership performed by a third-party valuation firm. Once a WeWork Partnerships Profits Interest Units holder is entitled to share in distributions (because prior distributions have been made in an amount equal to the aggregate distribution threshold), the holder is entitled to receive distributions in an amount equal to a “preference amount”, which is a set dollar amount per WeWork Partnerships Profits Interest Units equal to the difference between the WeWork Partnerships Profits Interest Units’ “per-unit per-profits-interest “catch-up Holders can also (a) convert their vested WeWork Partnerships Profits Interest Units into WeWork Partnerships Class B Common Units, or (b) exchange their vested WeWork Partnership Profits Interest Units, together with the corresponding shares of WeWork Class C Common Stock, for shares of the WeWork Class B Common Stock (which would immediately and automatically be exchanged for the WeWork Class A Common Stock) or cash of an equivalent value. Similar to their entitlement to distributions, as described above, holders of vested WeWork Partnerships Profits Interest Units can receive value through such an exchange only to the extent the value of the WeWork Partnership has increased above the aggregate distribution threshold. This is measured by comparing the value of a share of the WeWork Class A Common Stock on the day of exchange to the per-unit per-unit Upon the exchange of WeWork Partnerships Profits Interest Units in the WeWork Partnership for shares of WeWork Class B Common Stock or the forfeiture of WeWork Partnerships Profits Interest Units in the WeWork Partnership, the corresponding shares of WeWork Class C Common Stock will be redeemed. Shares of WeWork Class C Common Stock cannot be transferred other than in connection with the transfer of the corresponding WeWork Partnerships Profits Interest Units in the WeWork Partnership. The redemption value of the WeWork Partnerships Profits Interest Units in the WeWork Partnership are measured based upon the aggregate redemption value and takes into account the proportion of employee services rendered under the WeWork Partnerships Profits Interest Units vesting provisions. The redemption value will vary from period to period based upon the fair value of the Company , whereby the intrinsic value (per-unit fair value is greater than the per-unit distribution threshold) will be reflected as a noncontrolling interest in the equity section of the consolidated balance sheets with a corresponding entry to additional paid-in-capital. The intrinsic value of the WeWork Partnerships Profits Interests will be remeasured each period until the WeWork Partnerships Profits Interests are converted to shares. As of December 31, 2020, there were 8,574,428 vested WeWork Partnerships Profits Interest Units outstanding. However, the overall redemption value of outstanding WeWork Partnerships Profits Interest Units and the corresponding noncontrolling interest in the WeWork Partnership was zero as of December 31, 2020 and 2019, respectively, as the fair market value of the Company’s stock as of December 31, 2020 and 2019, respectively, was less than the per-unit The following table summarizes the WeWork Partnerships Profits Interest Units activity during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2019 27,752,323 $ 24.22 $ 1.44 $ — Granted — $ — $ — Exchanged/redeemed — $ — $ — Forfeited/canceled (2,583,385 ) $ 49.28 $ 10.92 Outstanding, December 31, 2020 25,168,938 $ 21.64 $ 0.47 $ — Exercisable, December 31, 2020 8,574,428 $ 19.55 $ 0.13 $ — Vested and expected to vest, December 31, 2020 9,558,975 $ 22.61 $ 1.24 $ — Vested and exercisable, December 31, 2020 8,574,428 $ 19.55 $ 0.13 $ — There were no WeWork Partnerships Profits Interest Units granted during the year ended December 31, 2020. The weighted-average grant date fair value of WeWork Partnerships Profits Interest Units granted during the year ended December 31, 2019 was $14.92. The Company estimated the fair value of the WeWork Partnerships Profits Interest Units awards using the Hull-White model and a binomial lattice model in order to apply appropriate weight and consideration of the associated distribution threshold and catch-up The assumptions used to value WeWork Partnerships Profits Interest Units issued during the year ended December 31, 2019 were as follows: December 31, Fair value of Class B common stock $ 4.12 - 56.85 Weighted average expected term (years) 5.83 Weighted average expected volatility 40.0% Risk-free interest rate 1.53% - 1.94% Dividend yield — For the year ended December 31, 2020, and 2019 the Company recorded total stock-based compensation expense of $0.9 million and $15.1 million, respectively, related to WeWork Partnerships Profits Interest Units awarded to employees. As of December 31, 2020, the unrecognized stock-based compensation expense from outstanding WeWork Partnerships Profits Interest Units awarded to employees was approximately $37.5 million expected to be recognized over a weighted-average period of approximately 3.8 years, which includes $22.2 million in performance condition awards that will only be recognized upon the performance condition becoming probable of being met. See Note 27 for details regarding the February 2021 Settlement Agreement and related amendments to the WeWork Partnerships Profits Interest Units held by Adam Neumann. Stock Options Service-based Vesting Conditions The stock options outstanding noted below consist primarily of time-based options to purchase Class A or Class B Common Stock, the majority of which vest over a three The following table summarizes the stock option activity during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2019 24,505,020 $ 8.42 5.9 $ 32,648 Granted 28,690,953 $ 3.89 Granted under Option Repricing (1) 18,699,611 $ 2.10 Exercised (133,565 ) $ 2.06 Forfeited/canceled (18,780,864 ) $ 6.16 Canceled under Option Repricing (1) (18,903,257 ) $ 4.00 Outstanding, December 31, 2020 34,077,898 $ 4.74 6.4 $ 12,534 Exercisable December 31, 2020 18,071,812 $ 6.09 4.1 $ 12,884 Vested and expected to vest, December 31, 2020 20,711,145 $ 7.29 4.6 $ 12,568 Vested and exercisable, December 31, 2020 18,071,812 $ 6.09 4.1 $ 12,522 (1) In June 2020, the Board of Directors of the Company approved a one-time The weighted-average grant date fair value of options granted during the years ended December 31, 2020, 2019 and 2018 were $1.67, $16.57 and $11.51, respectively. These amounts exclude options granted in connection with the Option Repricing. The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $0.7 million, $156.6 million and $14.9 million, respectively. Of the stock options granted during the year ended December 31, 2020, 1,578,681 stock options were valued using the Black-Scholes Model and a single option approach and the remaining 27,112,272 stock options granted included an original exercise price greater than the fair market value of the Company’s common stock on the date of grant and therefore the Company estimated the fair value of these awards using the binomial model. The stock options granted during the years ended December 31, 2019 and 2018 were valued using the Black-Scholes Model and a single option approach. The assumptions used to value stock options issued during the years ended December 31, 2020, 2019 and 2018 were as follows (excluding options exchanged in the Option Repricing, described below): December 31, 2020 2019 2018 Fair value of common stock $ 2.07 - 2.10 $ 37.44 - 42.88 $ 26.45 - 26.75 Weighted average expected term (years) 6.22 6.41 6.19 Weighted average expected volatility 51.0% 40.0% 40.0% Risk-free interest rate 0.30% - 1.02% 1.98% - 2.70% 2.41% - 2.99% Dividend yield — — — For the years ended December 31, 2020, 2019 and 2018, the Company recorded total stock-based compensation expense of $28.2 million, $74.2 million and $44.3 million, respectively, related to stock options awarded to employees and non-employee non-employee For the years ended December 31, 2020, 2019 and 2018, the Company recorded $1.7 million, $2.2 million and $3.0 million, respectively, of selling, general and administrative expenses related to stock options awarded to non-employee non-employee For the years ended December 31, 2020, 2019 and 2018, $0.4 million, $1.1 million and $1.1 million respectively, of expense relating to stock options awarded to non-employees Early Exercise of Stock Options The Company allows certain employees and directors to exercise stock options granted under the 2013 Plan and 2015 Plan prior to vesting. The shares received as a result of the early exercise of unvested stock options are subject to a repurchase right by the Company at the original exercise price for a period equal to the original vesting period. During 2014, certain individuals early exercised stock options prior to vesting; however, in lieu of the cash consideration required to exercise the stock options, these individuals each provided a 1.9% interest bearing recourse note, for an aggregate of $2.7 million as of December 31, 2018, included as a component of equity, and were fully settled as of December 31, 2019. The notes were originally scheduled to mature in November 2023. As a result of the early exercises, the individuals received shares of restricted Class B Common Stock which were scheduled to vest over a specified period of time (which period of time was consistent with the original vesting schedule of the stock options grant). The restricted Class B Common Stock was subject to repurchase at the original exercise price by the Company over the original vesting term. During the year ended December 31, 2019, $1.1 million of the loans were forgiven and the Company recognized the forgiveness amount as a component of selling, general and administrative expense and the remaining $1.6 million was repaid. During 2019, Adam Neumann early exercised stock options prior to vesting; however, in lieu of the cash consideration required to exercise the stock options, he was provided a $362.1 million interest bearing recourse note that the Company accounted for as in-substance non-recourse. Service, Performance and Market-based Conditions During the year ended December 31, 2020, the Company granted to employees options to purchase Class A Common Stock containing both service and performance-based vesting conditions (including a market-based vesting condition). These stock options have a ten-year thre ive The following table summarizes the stock option activity during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2019 — $ — — $ — Granted 27,262,500 $ 3.55 Granted under Option Repricing (1) 18,225,000 $ 2.10 Exercised — $ — Forfeited/canceled (11,700,000 ) $ 2.53 Canceled under 2020 Option Repricing (1) (18,225,000 ) $ 4.00 Outstanding, December 31, 2020 15,562,500 $ 2.09 9.4 $ — Exercisable December 31, 2020 — $ — — $ — Vested and expected to vest, December 31, 2020 5,187,500 $ 2.09 9.4 $ — Vested and exercisable, December 31, 2020 — $ — — $ — (1) In June 2020, the Board of Directors of the Company approved a one-time The weighted-average grant date fair value of options granted during the year ended December 31, 2020 was $1.59. The amount excludes options granted in connection with the Option Repricing. The fair value of the awards with a performance-based vesting condition was estimated using a two-step binomial option pricing model to capture the impact of the value the underlying common stock based on the Company’s complex capital structure and the post-vesting exercise behavior of the subject awards, which were captured by applying a suboptimal exercise factor of 2.5-times The fair value of the awards with performance and market-based conditions was estimated using a Monte Carlo simulation to address the path-dependent nature of the market-based vesting conditions. Based on the award term, equity value, expected volatility, risk-free rate, and a series of random variables with a normal distribution, the future equity value is simulated to develop a large number of potential paths of the future equity value. Each path within the simulation includes the measurement of the 90-trading sub-optimal 2.5-times The assumptions used to value the stock options issued during the year ended December 31, 2020 (excluding options exchanged in the Option Repricing, described below) were as follows: December 31, Fair value of common stock $2.07 -$2.10 Weighted average expected term (years) 5.56 Weighted average expected volatility 50.0% Risk-free interest rate 0.20% - 0.80% Dividend yield —% The Company recognizes the compensation cost of awards subject to service-based and performance-based vesting conditions using the accelerated attribution method over the requisite service period if the performance-based vesting conditions are probable of being met. For the year ended December 31, 2020, the Company recorded total stock-based compensation expense of $1.1 million relating to awards in which any performance conditions are probable of being met. As of December 31, 2020, the unrecognized stock-based compensation expense from outstanding options for which any performance-based vesting conditions are probable of being met was approximately $8.2 million, expected to be recognized over a weighted-average period of approximately 4.2 years. Restricted Stock During 2015, certain executives of the Company were issued 440,864 shares of restricted Class A Common Stock and 500,000 shares of restricted Class B Common Stock in exchange for recourse promissory notes with principal balances totaling $6.2 million and $5.6 million as of December 31, 2017 and 2018, respectively, included as a component of equity, and were fully settled as of December 31, 2019. These restricted shares were scheduled to vest primarily over a five year In June 2018, certain executives of the Company were issued 756,039 shares of restricted Class A Common Stock in exchange for recourse promissory notes with principal balances totaling $20.2 million as of December 31, 2018, included as a component of equity. As of December 31, 2020 and 2019 there was none and $11.8 million, respectively included as a component of equity. During the year ended December 31, 2020, the Company forgave loans and interest totaling $12.5 million. During the three months ended December 31, 2019, the Company received cash repayments of principal and interest totaling $1.0 million and the Company forgave loans and interest totaling $7.5 million, with such forgiveness recorded as a component of restructuring and other related costs on the accompanying consolidated statement of operations. These restricted shares were scheduled to vest over a five year period and were subject to repurchase by the Company during the vesting period at the original issue price. The recourse note outstanding as of December 31, 2019 included an interest rate of 2.5% and was originally scheduled to mature in 2027. The loan settled in full during 2019, included an interest rate of 2.9%. In 2019, certain executives of the Company were issued 113,638 shares of restricted Class A Common Stock in exchange for recourse promissory notes with principal balances totaling none and $2.2 million as of December 31, 2020 and 2019, respectively, and included as a component of equity. During the three months ended March 31, 2020, $ 2.2 The Company reflects restricted stock and restricted stock units as issued and outstanding shares of common stock when vested and when the Class A Common Stock or Class B Common Stock has been delivered to the individual. The following table summarizes the Company’s restricted stock and restricted stock unit activity for the year ended December 31, 2020: Shares Weighted Average Unvested, December 31, 2019 6,683,555 $ 18.55 Granted 47,158 3.72 Vested (1) (503,898 ) 23.48 Forfeited/canceled (3,407,669 ) 19.03 Unvested, December 31, 2020 (2) 2,819,146 $ 16.85 (1) Includes 160,200 restricted stock units which vested in the year ended December 31, 2020, however the underlying common shares have not been issued to the individual. As of December 31, 2020, a total of 670,244 shares representing $14.5 million was included as a component of additional paid-in (2) The unvested balance includes (a) 158,048 restricted stock and restricted stock units that will vest over their remaining service period, and (b) 2,661,098 restricted stock units granted, which will vest annually over a three to seven year employment service period or upon the satisfaction of specified performance-based vesting conditions, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant. The fair value of restricted stock that vested during the years ended December 31, 2020, 2019 and 2018 was $1.5 million, $4.4 million and $29.3 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company recorded total stock-based compensation expense of $8.3 million, $11.0 million and $14.7 million respectively, related to restricted stock and restricted stock units awarded to employees and non-employee non-employee expense from restricted stock and restricted stock units with performance-based vesting conditions issued to employees and non-employee During the three months ended March 31, 2020 and in connection with the 2020 Tender Offer described below, the Company modified the liquidity event condition with respect to 475,756 restricted stock units held by 659 grantees, such that those restricted stock units would have become vested immediately prior to the closing of the 2020 Tender Offer and settled in Class A Common Stock that would have been able to be tendered in the 2020 Tender Offer. The Company accounted for the modification in accordance with ASC 718 and recognized $1.1 million of incremental compensation cost during the year ended December 31, 2020. 2019 Tender Offer The 2019 Tender Offer was completed in April 2019 and as a result 4.9 million shares of common stock were acquired primarily from employees of the Company at a price per share of $54, which resulted in approximately $136.0 million of additional stock-based compensation expense during the year ended December 31, 2019, and $0.5 million of capitalized stock-based compensation charges during the year ended December 31, 2019. The additional stock-based compensation expense was recorded as the shares were purchased from employees at a price above the fair market value of the shares. The majority of the additional compensation expense associated with the 2019 Tender Offer was incurred during the three months ended March 31, 2019, at which point a liability was recorded as of March 31, 2019 that was resolved through an increase to additional paid in capital upon completion of the tender in April 2019. 2020 Tender Offer Pursuant to the contract, the 2020 Tender Offer was scheduled to expire in April 2020. The closure of the 2020 Tender Offer was contingent on satisfaction of certain conditions as of the expiration date. In April 2020, SBWW terminated and withdrew their offer to purchase the equity securities of WeWork Inc. because it asserted the failure of various conditions to its obligations to close the 2020 Tender Offer. The Special Committee, acting in the name of the Company, filed a complaint in the Court of Chancery of the State of Delaware against SBG and SoftBank Vision Fund (AIV M1) L.P. asserting claims in relation to SBG’s withdrawal of the 2020 Tender Offer. On February 25, 2021, the parties entered into a settlement agreement, the terms of which, when completed, resolved the litigation. See Note 27 for details regarding the February 25, 2021 settlement agreement. During the years ended December 31, 2020 and 2019, the Company recorded $8.0 million and $112.8 million respectively, of additional stock-based compensation expense relating to the 2020 Tender Offer, with $1.1 million and $10.6 million, respectively recorded as a reduction of additional paid in capital. The additional expense was recorded based on management’s assessment of the likely consummation of the 2020 Tender Offer and management’s estimate of the number of shares that would be acquired from employees, former employees and contractors of the Company at a price per share of $19.19, which price was above the fair market value of the shares. As of March 31, 2020, other current liabilities included a balance of $132.5 million relating to the 2020 Tender Offer. In April 2020, SBWW terminated and withdrew their offer to purchase the equity securities of WeWork Inc. as described above. As such, during the three months ended June 30, 2020, the total $132.5 million was reclassified to additional paid in capital. 2020 Option Repricing one-time 2019 Option Repricing one-time non-employee The 2019 Option Repricing Exchange was also subject to modification accounting under ASC 718. In connection with this modification, the Company recorded incremental stock-based compensation expense of $0.7 million and $2.5 million during the years ended December 31, 2020 and 2019. As of December 31, 2020, the unrecognized stock-based compensation expense from the modification was approximately $0.8 million, expected to be recognized over a weighted-average period of approximately 3.6 years. Total Stock-Based Compensation Expense non-employee Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Stock-based compensation included in: Location operating expenses $ 8,975 $ 46,135 $ 22,368 Selling, general and administrative expenses 41,783 300,612 47,032 Restructuring and other related costs 12,018 12,222 — Total stock-based compensation expense $ 62,776 $ 358,969 $ 69,400 Stock-Based Awards to Non-Employees non-employee Stock-Based Awards Issued by Consolidated Variable Interest Entities ChinaCo In April 2017, the Company’s previously consolidated subsidiary, ChinaCo, granted a shareholder, in connection with services to be provided by a consultant affiliated with such shareholder, the right to subscribe to 10,000,000 of ChinaCo’s Class A ordinary shares which were originally scheduled to vest annually over a five year period and had a grant date value of $3.51 per ChinaCo Class A ordinary share. The consultant is also a member of the Company’s and ChinaCo’s Board of Directors; however, the services required per the terms of grant were greater in scope than the individual’s responsibilities as a standard director. As of September 30, 2020, a total of 2.0 million of these shares were vested and issued. On October 2, 2020, pursuant to the ChinaCo Agreement and just prior to the ChinaCo Deconsolidation, an additional 2.0 million shares in ChinaCo were issued to the consultant and the remaining 6.0 million unvested ChinaCo ordinary shares were cancelled. During the years ended December 31, 2020, 2019, and 2018 the Company recorded $6.1 million, $18.0 million and $14.4 million, respectively, of selling, general and administrative expenses, associated with the rights to subscribe to ChinaCo ordinary shares granted to non-employee In November 2018, ChinaCo adopted a long-term equity incentive plan (the “ChinaCo 2018 LTEIP”), authorizing the grant of equity-based awards (including restricted stock units and stock appreciation rights) to ChinaCo employees, officers, directors and consultants. As of September 30, 2020 and December 31, 2019, there was a total of 467,157 and 747,331 respectively, in stock appreciation rights outstanding under the ChinaCo 2019 LTEIP. The ChinaCo Deconsolidation on October 2, 2020 was an Exit Event as defined in the ChinaCo 2018 LTEIP and resulted in the forfeiture of the stock appreciation rights for no consideration as their exercise price was in excess of the implied price per share in the ChinaCo Deconsolidation. As a result of the ChinaCo Deconsolidation, the ChinaCo 2018 LTEIP was terminated and no further awards may be made under the ChinaCo 2018 LTEIP. No stock-based compensation expense was recognized during the years ended December 31, 2020 and 2019 prior to the ChinaCo Deconsolidation on October 2, 2020. PacificCo In May 2019, PacificCo adopted a long-term equity incentive plan, (the “PacificCo 2019 LTEIP”), authorizing the grant of equity-based awards (including restricted stock units and stock appreciation rights) to its employees, officers, directors and consultants. As of December 31, 2019 there was a total of 2,843,225 stock appreciation rights outstanding under the PacificCo 2019 LTEIP and there were 78,275 stock appreciation rights forfeited during the three months ended March 31, 2020. The PacificCo Roll-up in-the-money Roll-up Roll-up, LTEIP was terminated, the Company recognized $11.4 million in stock-based compensation expense during the year ended December 31, 2020 and no further awards may be made under the PacificCo 2019 LTEIP. No expense was recognized during the year ended December 31, 2019. JapanCo In November 2019, JapanCo adopted a long-term equity incentive plan, (the “JapanCo 2019 LTEIP”), authorizing the grant of awards for employee interests (including restricted interest units and interest appreciation rights, collectively “Employee Interests”) to its employees, officers, directors and consultants. The maximum number of Employee Interests that may be granted under the JapanCo’s 2019 LTEIP is 4,210,568. Employee Interests are notional non-voting sub-optimal 2.5-times Payment in respect of any interest appreciation right is conditioned upon the occurrence of an Exit Event (as defined in the JapanCo 2019 LTEIP). In addition, awards will generally time-vest over a five year employment service period. Each interest appreciation right entitles the grantee to the increase, if any, from the exercise price (fair market value) to the fair market value at the Exit Event in cash or shares of JapanCo. As of December 31, 2020 there was a total of 1,703,665 interest appreciation rights outstanding under the JapanCo 2019 LTEIP and there were 59,254 interest appreciation rights forfeited during the year ended December 31, 2020. The unrecognized stock-based compensation expense from outstanding interest appreciation rights awarded under the JapanCo 2019 LTEIP was approximately $3.3 million as of December 31, 2020, which to the extent the other vesting conditions are met, will only be recognized when the Exit Event occurs. As a result, there was no stock-based compensation expense recognized during the years ended December 31, 2020 and 2019 associated with the JapanCo 2019 LTEIP. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net Loss Per Share | Note 15. Net Loss Per Share We compute net loss per share of Class A Common Stock and Class B Common Stock under the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A Common Stock and Class B Common Stock are substantially identical, other than voting rights. The shares of Class C Common Stock are deemed to be a non-economic interest. Accordingly, only the Class A Common Stock and Class B Common Stock share in our net losses. On February 26, 2021, in connection with the Settlement Agreement (as defined in Note 16), all of the outstanding shares of Class B Common Stock were automatically converted into shares of Class A Common Stock and the shares of Class C Common Stock of the Company now have one vote per share, instead of three (the "Class B Conversion"). Our participating securities includes Series A, B, C, D-1, D-2, E, F, G, G-1, H-1, H-3 and Acquisition Preferred Stock, as the holders of these series of preferred stock are entitled to receive a noncumulative dividend on a pari passu Basic net loss per share is computed by dividing net loss attributable to WeWork Inc. attributable to its Class A Common and Class B Common Stockholders by the weighted-average number of shares of our Class A Common Stock and Class B Common Stock outstanding during the period. For the computation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to WeWork Inc. attributable to its Class A Common and Class B Common Stockholders by the weighted-average number of fully diluted common shares outstanding. In the three and six months ended June 30, 2021 and 2020, our potential dilutive shares, such as stock options, restricted stock, RSUs, warrants, convertible notes, WeWork Partnerships Profits Interest Units and shares of convertible Series A, B, C, D-1, D-2, E, F, G, G-1, H-1, H-3, Acquisition and Junior Preferred Stock were not included in the computation of diluted net loss per share as the effect of including these shares in the computation would have been anti-dilutive. The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the three and six months ended June 30, 2021, and 2020: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except share and per share data) 2021 2020 2021 2020 Numerator: Net loss attributed to WeWork Inc. $ (888,845 ) $ (863,829 ) $ (2,921,200 ) $ (1,047,698 ) Net loss attributable to Class A and Class B Common Stockholders (1) $ (888,845 ) $ (863,829 ) $ (2,921,200 ) $ (1,047,698 ) Denominator: Basic shares: Weighted-average shares - Basic 175,941,649 170,754,546 173,751,116 170,691,538 Diluted shares: Weighted-average shares - Diluted 175,941,649 170,754,546 173,751,116 170,691,538 Net loss per share attributable to Class A and Class B Common Stockholders: Basic $ (5.05 ) $ (5.06 ) $ (16.81 ) $ (6.14 ) Diluted $ (5.05 ) $ (5.06 ) $ (16.81 ) $ (6.14 ) (1) The three and six months ended June 30, 2021 are comprised of only Class A Common Shares as noted above The following table presents the total weighted-average number of potentially dilutive shares that were excluded from the computation of diluted net loss per share attributable to Class A and Class B common stockholders because their effect would have been anti-dilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Convertible Preferred Stock Series A, B, C, D-1, D-2, E, F, G, G-1, H-1, H-3 and Acquisition 498,988,499 343,135,729 469,472,111 282,743,534 Convertible Preferred Stock Series Junior 1,500 1,500 1,500 1,500 Convertible notes 593,329 785,302 688,785 785,302 Stock options not subject to performance conditions 15,936,465 5,957,464 14,317,839 7,771,586 Vested RSUs with non-forfeitable dividend rights 549,753 573,973 622,067 553,742 Warrants 6,364,895 135,611,308 35,741,210 135,803,608 | Note 23. Net Loss Per Share We compute net loss per share of Class A Common Stock and Class B Common Stock under the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A Common Stock and Class B Common Stock are substantially identical, other than voting rights. The shares of Class C Common Stock are deemed to be a non-economic interest. Accordingly, only the Class A Common Stock and Class B Common Stock share in our net losses. Our participating securities includes Series A, B, C, D-1, D-2, E, F, G, G-1, H-1 and Acquisition Preferred Stock, as the holders of these series of preferred stock are entitled to receive a noncumulative dividend on a pari passu Basic net loss per share is computed by dividing net loss attributable to WeWork Inc. attributable to its Class A Common and Class B Common Stockholders by the weighted-average number of shares of our Class A Common Stock and Class B Common Stock outstanding during the period. For the computation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to WeWork Inc. attributable to its Class A Common and Class B Common Stockholders by the weighted-average number of fully diluted common shares outstanding. In the years ended December 31, 2020, 2019 and 2018, our potential dilutive shares, such as stock options, restricted stock, RSUs, warrants, convertible notes, WeWork Partnerships Profits Interest and shares of convertible Series A, B, C, D-1, D-2, E, F, G, G-1, H-1, Acquisition and Junior Preferred Stock were not included in the computation of diluted net loss per share as the effect of including these shares in the computation would have been anti-dilutive. The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (Amounts in thousands, except share and per share data) 2020 2019 2018 Numerator: Net loss attributed to WeWork Inc. $ (3,129,358 ) $ (3,264,738 ) $ (1,610,792 ) Net loss attributable to Class A and Class B Common Stockholders $ (3,129,358 ) $ (3,264,738 ) $ (1,610,792 ) Denominator: Basic shares: Weighted-average shares - Basic 170,275,761 168,436,109 163,148,918 Diluted shares: Weighted-average shares - Diluted 170,275,761 168,436,109 163,148,918 Net loss per share attributable to Class A and Class B Common Stockholders: Basic $ (18.38 ) $ (19.38 ) $ (9.87 ) Diluted $ (18.38 ) $ (19.38 ) $ (9.87 ) The following table presents the total weighted-average number of potentially dilutive shares that were excluded from the computation of diluted net loss per share attributable to Class A and Class B common stockholders because their effect would have been anti-dilutive for the periods presented: Year Ended December 31, 2020 2019 2018 Convertible Preferred Stock Series A, B, C, D-1, D-2, E, F, G, G-1, H-1 and Acquisition 310,157,467 190,353,521 171,369,355 Convertible Preferred Stock Series Junior 1,500 1,500 1,500 Convertible notes 785,302 5,666,996 3,848,814 Stock options not subject to performance conditions 6,798,047 15,339,168 16,023,662 Unvested restricted stock/RSUs not subject to performance conditions — 489,220 955,301 Vested RSUs with non-forfeitable dividend rights 594,412 432,472 272,185 Warrants 135,722,164 14,695,807 1,178,715 WeWork Partnerships Profits Interest Units not subject to performance conditions — 550,387 — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies | Note 16. Commitments and Contingencies Credit Agreement As of December 31, 2019, $1.3 billion of stand-by In conjunction with the availability of the 2020 LC Facility (described below), the 2019 Credit Facility and the 2019 LC Facility were terminated in February 2020 and $4.7 million of deferred financing costs were expensed and included in loss on extinguishment of debt on the condensed consolidated statements of operations for the year ended December 31, 2020. As of June 30, 2021 and December 31, 2020, $6.7 million and $143.7 million, respectively, in letters of credit remain outstanding under the 2019 LC Facility and 2019 Credit Facility that are secured by new letters of credit issued under the 2020 LC Facility. The Company has also entered into various other letter of credit arrangements, the purpose of which is to guarantee payment under certain leases entered into by JapanCo and PacificCo. There was $8.4 million and $49.2 million of standby letters of credit outstanding under these other arrangements that are secured by $11.5 million and $53.6 million of restricted cash at June 30, 2021 and December 31, 2020, respectively. 2020 LC Facility and Company/SBG Reimbursement Agreement February 10, 2020 co-obligor, co-obligor, The 2020 LC Facility is guaranteed by substantially all of the domestic wholly-owned subsidiaries of WeWork Companies LLC (collectively the “Guarantors”) and is secured by substantially all the assets of WeWork Companies LLC and the Guarantors, in each case, subject to customary exceptions. The Company Credit Agreement and related documentation contain customary reimbursement provisions, representations, warranties, events of default and affirmative covenants (including with respect to cash management) for letter of credit facilities of this type. The negative covenants applicable to WeWork Companies LLC and its Restricted Subsidiaries (as defined in the Company Credit Agreement) are limited to restrictions on liens (subject to exceptions substantially consistent with the 7.875% Senior Notes due 2025), changes in line of business and disposition of all or substantially all of the assets of WeWork Companies LLC. In connection with the 2020 LC Facility, WeWork Companies LLC also entered into a reimbursement agreement, dated February 10, 2020 (as amended by the First Amendment, dated as of April 1, 2020, the “Company/SBG Reimbursement Agreement”), with the SoftBank Obligor pursuant to which (i) the SoftBank Obligor agreed to pay substantially all of the fees and expenses payable in connection with the Company Credit Agreement, (ii) the Company agreed to reimburse SoftBank Obligor for certain of such fees and expenses (including fronting fees up to an amount not to exceed 0.125% on the undrawn and unexpired amount of the letters of credit) as well as to pay the SoftBank Obligor a fee of 5.475% on the amount of all outstanding letters of credit and (iii) the Guarantors agreed to guarantee the obligations of WeWork Companies LLC under the Company/SBG Reimbursement Agreement. During the three and six months ended June 30, 2021, the Company recognized $19.7 million and $38.5 million in interest expense in connection with amounts payable to SBG pursuant to the Company/SBG Reimbursement Agreement. During the three and six months ended June 30, 2020, the Company recognized $19.1 million and $29.2 million in interest expense in connection with amounts payable to SBG pursuant to the Company/SBG Reimbursement Agreement. As the Company is also obligated to issue shares to SBG in the future pursuant to the 2020 LC Facility Warrant, with such warrant valued at issuance at $284.4 million, the implied interest rate for the Company on the 2020 LC Facility at issuance, assuming the full commitment is drawn, is approximately 12.47%. LC Debt Facility — (1-6 issuance fee on the letter of credit, the 0.125% fronting fee on the letter of credit and the interest on the discount note which will be set each note issuance. At maturity, the Company has the option, based on prevailing market conditions and liquidity needs, to roll the loan to a new maturity or pay off the loan at par. Principal will be paid back in September 2021. As of June 30, 2021, the outstanding principal of $349.0 million and accrued interest of $0.2 million are located within other current liability and accounts payable and accrued expenses, respectively, on the condensed consolidated balance sheet. As of June 30, 2021, the Company had capitalized a total of $0.5 million in debt issuance costs, as the nonrefundable engagement fee, which will be amortized until February 10, 2023. Such costs were capitalized as deferred financing costs and included as a component of other assets, net of accumulated amortization, on the accompanying condensed consolidated balance sheet. During the six months ended June 30, 2021, the Company recorded $0.04 million of interest expense relating to the amortization of these costs. Construction Commitments Legal Matters pre-litigation The Company reviews its litigation-related reserves regularly and, in accordance with GAAP, sets reserves where a loss is probable and estimable. The Company adjusts these reserves as appropriate; however, due to the unpredictable nature and timing of litigation, the ultimate loss associated with a given matter could significantly exceed the litigation reserve currently set by the Company. Given the information it has as of today, Management believes that none of these matters will have a material effect on the consolidated financial position, results of operations or cash flows of the Company. As of June 30, 2021, the Company is also party to several litigation matters and regulatory matters not in the normal ordinary course of business. These matters are described below. Management intends to vigorously defend these cases and cooperate with regulators in these matters; however, there is a reasonable possibility that the Company could be unsuccessful in defending these claims and could incur a loss. It is not currently possible to estimate a range of reasonably possible loss above the aggregated reserves. Carter v. Neumann, et al. (Superior Court for the State of California, County of San Francisco, No. CGC-19-580474, Won v. Neumann, et al. (Superior Court for the State of California, County of San Francisco, No. CGC-19-581021, Two separate purported class and derivative complaints have been filed by three Company shareholders (two in Carter Won Masayoshi Son. Both complaints were filed in California state court and allege, among other things, that defendants breached fiduciary duties and/or aided and abetted breaches of fiduciary duties in connection with certain transactions. The complaints seek injunctive relief and damages. In both actions, the Company filed motions to compel arbitration and stay the actions, or to enforce the Company’s Delaware forum selection bylaw and dismiss or stay the actions. On August 31, 2020, the court granted the motions to compel arbitration (as to one of the plaintiffs in Carter Won Carter Carter Won Carter Carter Won Catalyst Investors III, L.P. v. The We Company et. al (Supreme Court of the State of New York, County of New York, Index No. 654377/2020 filed September 21, 2020) Three former investors in Conductor, Inc. filed a complaint against the Company, its former Chief Executive Officer, Adam Neumann, and its former Chief Financial Officer, Arthur Minson, alleging that the defendants made or participated in making misrepresentations that induced the plaintiffs to agree to the Company’s acquisition of Conductor, Inc. in March 2018. The plaintiffs assert causes of action for common law fraud/fraudulent inducement, unjust enrichment, and negligent misrepresentation under New York law. The plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On December 4, 2020, the Company filed a motion to dismiss the complaint. In a May 26, 2021 order, the court granted the motion to dismiss as to the unjust enrichment and negligent misrepresentation claims and denied the motion to dismiss as to the fraud based claims. The We Company v. Softbank Group Corp. et al. (Delaware Court of Chancery, C.A. No. 2020-0258-AGB, On April 7, 2020, the Special Committee, acting in the name of the Company, filed a complaint in the Court of Chancery of the State of Delaware against SBG and SoftBank Vision Fund asserting claims in relation to SBG’s withdrawal of the 2020 Tender Offer. Separately, on May 4, 2020, Adam Neumann filed a complaint captioned Neumann, et al. v. SoftBank Group Corp., et al., C.A. No. 2020-0329-AGB, • The launch of a new tender offer • Certain governance changes • Adam Neumann settlement payment • Adam Neumann sale of stock to SBG paid-in • Adam Neumann proxy changes • SBG proxy agreement • WeWork Partnerships Profits Interest Units amendments catch-up de-SPAC Mark Lapidus v. WeWork Companies LLC (JAMS Arbitration No. 1425034448; filed March 16, 2021) Former employee Mark Lapidus filed a claim against the Company alleging that it violated a series of agreements governing his employment and breached its obligations by, among other things, failing to buy back a substantial portion of his equity and requiring him to reimburse certain litigation expenses. Plaintiff asserted causes of action for breach of contract, unjust enrichment, unlawful forfeiture of wages, violations of New York State Labor laws. Plaintiff seeks upwards of $58 million in damages in addition to unspecified liquidated and punitive damages and attorneys’ fees. On July 12, 2021, the Company filed a motion to dismiss the complaint in its entirety. Regulatory Matters Since October 2019, the Company has been responding to subpoenas and document requests issued by certain federal and state authorities investigating the Company’s disclosures to investors and employees regarding the Company’s valuation and financial condition, and certain related party transactions. On November 26, 2019, the U.S. Securities and Exchange Commission issued a subpoena seeking documents and information concerning these topics, and has interviewed witnesses, in connection with a non-public (HO-13870). Asset Retirement Obligations non-current (Amounts in thousands) Six Months Year Ended Balance at beginning of period $ 205,965 $ 131,989 Liabilities incurred in the current period 3,635 8,842 Liabilities settled in the current period (10,089 ) (5,475 ) Accretion of liability 8,347 9,888 Revisions in estimated cash flows 19,770 64,630 ChinaCo Deconsolidation (Note 5) — (8,883 ) Effect of foreign currency exchange rate changes (7,445 ) 4,974 Balance at end of period 220,183 205,965 Less: Current portion of asset retirement obligations (113 ) (113 ) Total non-current $ 220,070 $ 205,852 | Note 24. Commitments and Contingencies Credit Agreement As of December 31, 2019, $1.3 billion of standby letters of credit were outstanding under a combination of the 2019 Credit Facility and the 2019 LC Facility, the primary purpose of which was to guarantee payment under certain leases entered into by certain of the Company’s wholly owned subsidiaries and for general corporate purposes. These letters of credit were secured by restricted cash of $762.3 million at December 31, 2019. There were no borrowings outstanding under the 2019 Credit Facility as of December 31, 2019. In conjunction with the availability of the 2020 LC Facility (described below), the 2019 Credit Facility and the 2019 LC Facility were terminated in February 2020 and $4.7 million of deferred financing costs were expensed and included in loss on extinguishment of debt on the consolidated statements of operations during the year ended December 31, 2020. As of December 31, 2020, $143.7 million in letters of credit remain outstanding under the 2019 LC Facility and 2019 Credit Facility that are secured by new letters of credit issued under the 2020 LC Facility. The Company has also entered into various other letter of credit arrangements, the purpose of which is to guarantee payment under certain leases entered into by ChinaCo, JapanCo and PacificCo. There was $49.2 million and $92.0 million of standby letters of credit outstanding under these other arrangements that are secured by $53.6 million and $94.0 million of restricted cash at December 31, 2020 and 2019, respectively. As a result of the ChinaCo Deconsolidation in October 2020, the standby letters of credit outstanding and restricted cash as of December 31, 2020 exclude amounts related to ChinaCo. 2020 LC Facility and Company/SBG Reimbursement Agreement WeWork Companies LLC and the SoftBank Obligor are jointly and severally liable under the 2020 LC Facility, as co-obligors. co-obligors The 2020 LC Facility is guaranteed by substantially all of the domestic wholly-owned subsidiaries of WeWork Companies LLC (collectively the “Guarantors”) and is secured by substantially all the assets of WeWork Companies LLC and the Guarantors, in each case, subject to customary exceptions. The Company Credit Agreement and related documentation contain customary reimbursement provisions, representations, warranties, events of default and affirmative covenants (including with respect to cash management) for letter of credit facilities of this type. The negative covenants applicable to WeWork Companies LLC and its Restricted Subsidiaries (as defined in the Company Credit Agreement) are limited to restrictions on liens (subject to exceptions substantially consistent with the 7.875% Senior Notes due 2025), changes in line of business and disposition of all or substantially all of the assets of WeWork Companies LLC. In connection with the 2020 LC Facility, WeWork Companies LLC also entered into a reimbursement agreement, dated as of February 10, 2020 (as amended by the First Amendment dated as of April 1, 2020, the “Company/SBG Reimbursement Agreement”), with the SoftBank Obligor and the Guarantors pursuant to which (i) the SoftBank Obligor agreed to pay substantially all of the fees and expenses payable in connection with the Company Credit Agreement, (ii) the Company agreed to reimburse the SoftBank Obligor for certain of such fees and expenses (including fronting fees up to an amount not to exceed 0.125% on the undrawn and unexpired amount of the letters of credit) as well as to pay the SoftBank Obligor a fee of 5.475% on the amount of all outstanding letters of credit and (iii) the Guarantors agreed to guarantee the obligations of WeWork Companies LLC under the Company/SBG Reimbursement Agreement. During the year ended December 31, 2020, the Company recognized $69.7 million in interest expense in connection with amounts payable to SBG pursuant to the Reimbursement Agreement. As the Company is also obligated to issue shares to SBG in the future pursuant to the 2020 LC Facility Warrant, with such warrant valued at issuance at $284.4 million, the implied interest rate for the Company on the 2020 LC Facility at issuance, assuming the full commitment is drawn, is approximately 12.47%. Construction Commitments Legal Matters pre-litigation The Company reviews its litigation-related reserves regularly and, in accordance with GAAP, sets reserves where a loss is probable and estimable. The Company adjusts these reserves as appropriate; however, due to the unpredictable nature and timing of litigation, the ultimate loss associated with a given matter could significantly exceed the litigation reserve currently set by the Company. Given the information it has as of today, Management believes that none of these matters will have a material effect on the consolidated financial position, results of operations or cash flows of the Company. As of December 31, 2020, the Company is also party to several litigation matters and regulatory matters not in the normal ordinary course of business. These matters are described below. Management intends to vigorously defend these cases and cooperate with regulators in these matters; however, there is a reasonable possibility that the Company could be unsuccessful in defending these claims and could incur a loss. It is not currently possible to estimate a range of reasonably possible loss above the aggregated reserves. Carter v. Neumann, et al. (Superior Court for the State of California, County of San Francisco, No. CGC-19-580474, 10, 2020, replacing Natalie Sojka as plaintiff in the putative class action Ms. Sojka filed on November 4, 2019) Won v. Neumann, et al. (Superior Court for the State of California, County of San Francisco, No. CGC-19-581021, 25, 2019) Two separate purported class and derivative complaints have been filed by three Company shareholders (two in Carter Won Carter Won Carter Carter Won petitions for writs of mandate seeking to overturn the court’s orders compelling arbitration. On December 3, 2020, the California Court of Appeal denied those petitions. Also on October 30, 2020, the other plaintiff in Carter The We Company v. Softbank Group Corp. et al. (Delaware Court of Chancery, C.A. No. 2020-0258-AGB, 7, 2020) On April 7, 2020, the Special Committee, acting in the name of the Company, filed a complaint in the Court of Chancery of the State of Delaware against SBG and SoftBank Vision Fund asserting claims in relation to SBG’s withdrawal of the 2020 Tender Offer. Separately, on May 4, 2020, Adam Neumann and We Holdings LLC filed a complaint captioned Neumann, et al. v. Softbank Group Corp., et al., C.A. No. 2020-0329-AGB, Catalyst Investors III, L.P. v. The We Company et. al (Supreme Court of the State of New York, County of New York, Index No. 654377/2020, filed September 21, 2020) Three former investors in Conductor, Inc. filed a complaint against the Company, its former Chief Executive Officer Adam Neumann, and its former Chief Financial Officer Arthur Minson, alleging that the defendants made or participated in making misrepresentations that induced the plaintiffs to agree to the Company’s acquisition of Conductor, Inc. in March 2018. The plaintiffs assert causes of action for common law fraud/fraudulent inducement, unjust enrichment, and negligent misrepresentation under New York law. The plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On December 4, 2020, the Company filed a motion to dismiss the complaint. Vernet v. The We Company et. al. (N.D. Cal., No. 3:20-cv-003686, 30, 2020) On September 4, 2020, two Company stockholders filed a consolidated amended complaint on behalf of a putative class of purchasers of WeWork securities between June 3, 2016 and September 30, 2019. The complaint named as defendants the Company, its former Chief Executive Officer, Adam Neumann, SBG and certain other directors and officers of the Company. Plaintiffs alleged that defendants made or participated in the making of purported misrepresentations to induce the purchase of Company securities in violation of the California Corporations Code. Plaintiffs sought unspecified compensatory damages, rescission, and other relief. On November 3, 2020, the Company filed a motion to dismiss the consolidated amended complaint for failure to state a claim. Thereafter, plaintiffs accepted the 2021 Tender Offer, and, in doing so, agreed to release of their claims against WeWork, Adam Neumann, SBG, and certain other directors and officers of the Company. On May 6, 2021, plaintiffs filed a stipulation of dismissal of the complaint without prejudice, and the court entered an order dismissing the complaint. Regulatory Matters Since October 2019, the Company has been responding to subpoenas and document requests issued by certain federal and state authorities investigating the Company’s disclosures to investors and employees regarding the Company’s valuation and financial condition, and certain related party transactions. On November 26, 2019, the U.S. Securities and Exchange Commission issued a subpoena seeking documents and information concerning these topics, and has interviewed witnesses, in connection with a non-public (HO-13870). District of New York issued a voluntary document request concerning these topics and has interviewed witnesses. On October 11, 2019, the New York State Attorney General’s Office issued a document request concerning these topics and has examined witnesses. On February 12, 2020, the California Attorney General’s Office issued a subpoena concerning these topics. The Company is cooperating with all of these investigations. Asset Retirement Obligations — non-current Year Ended December 31, (Amounts in thousands) 2020 2019 Balance at beginning of period $ 131,989 $ 90,470 Liabilities incurred in the current period 8,842 35,968 Liabilities settled in the current period (5,475 ) (762 ) Accretion of liability 9,888 5,639 Revisions in estimated cash flows 64,630 — ChinaCo Deconsolidation (Note 6) (8,883 ) — Effect of foreign currency exchange rate changes 4,974 674 Balance at end of period 205,965 131,989 Less: Current portion of asset retirement obligations (113 ) (201 ) Total non-current $ 205,852 $ 131,788 | |
BOWX ACQUISITION CORP [Member] | |||
Commitments and Contingencies | Note 5—Commitments and Contingencies Registration Rights The initial stockholders and holders of the Private Placement Warrants are entitled to registration rights pursuant to a registration rights agreement. The initial stockholders and holders of the Private Placement Warrants will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement Pursuant to the Underwriting Agreement, as described in Note 3, $0.35 per unit, or $16.9 million in the aggregate, including the over-allotment fees, will be payable to the underwriter for deferred underwriting commissions. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. | Note 6 — Commitments and Contingencies Registration Rights The initial stockholders and holders of the Private Placement Warrants are entitled to registration rights pursuant to a registration rights agreement. The initial stockholders and holders of the Private Placement Warrants will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement Pursuant to the Underwriting Agreement, as described in Note 3, $0.35 per unit, or $16.9 million in the aggregate, including the over-allotment fees, will be payable to the underwriter for deferred underwriting commissions. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic |
Other Related Party Transaction
Other Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Other Related Party Transactions | Note 17. Other Related Party Transactions On June 30, 2021, in connection with the Company’s sale of its 5.7% interest in Sound Ventures II, LLC to Softbank, described in Note 6, an amendment was made to the original profit sharing arrangement (“PSA”) resulting from the sale of the Creator Fund to Softbank in 2020. The PSA was updated to reflect the additional capital commitment to Sound Ventures of $8.0 million (equal to the $6.1 million purchase price and contributed capital already funded and $1.9 million in unfunded commitments assumed by the Buyer). As such, the Company will be entitled to 20% of profits on sale of underlying portfolio investments in the Creator Fund over $101.8 million. Subsequent to the ChinaCo Deconsolidation, the Company is entitled to certain transition services fees equal to $1.8 million for transition services provided from October 2, 2020 through December 31, 2020 and the lesser of $0.6 million per month or the actual costs of services provided for the following three month period. The Company is also entitled to an annual management fee of 4% of net revenues beginning on the later of 2022 or the first fiscal year following the Initial Investment Closing in which EBIT of ChinaCo is positive (the “ChinaCo Management Fee”). The Company is also entitled to an additional $1.3 million in fees in connection with data migration and application integration services to be performed over a six month period beginning on October 2, 2020. These data migration and application integration fees are only payable on the first date the ChinaCo Management Fee becomes payable. Subsequent to the ChinaCo Deconsolidation, the Company has also continued to provide a guarantee to certain landlords of ChinaCo, guaranteeing total lease obligations up to $3.5 million as of June 30, 2021. The Company is entitled to a fee totaling approximately $0.1 million per year for providing such guarantees, until such guarantees are extinguished. During the three months ended June 30, 2021 and 2020, the Company recorded $0.01 million and none, respectively, of total fee income for services provided to ChinaCo, included within service revenue as a component of total revenue in the accompanying condensed consolidated statements of operations. During the six months ended June 30, 2021 and 2020, the Company recorded $1.5 million and none, respectively, of total fee income for services provided to ChinaCo, included within service revenue as a component of total revenue in the accompanying condensed consolidated statements of operations. All amounts earned from ChinaCo prior to the deconsolidation are eliminated in consolidation. On March 21, 2019, the Company entered into an agreement with SBG, related to reimbursement of funds to the Company related to the underwriting and for production services performed by the Company for Creator Awards events held or to be held between September 2017 and January 2021. Pursuant to the terms of the contract, in consideration of the Company’s performance of its obligations, SBG was required to make payments totaling $80.0 million. Any portion of the total $80.0 million contracted payments not used in connection with the execution of services by December 31, 2020 was reimbursable by the Company to an affiliate of SBG. An affiliate of SBG funded $20.0 million during 2017, as a deposit in anticipation of signing a contract with the Company. Pursuant to the terms of the contract, the Company received an additional $40.0 million in cash during the year ended December 31, 2019. The Company recognized $38.4 million as other revenue, during the year ended December 31, 2019 relating to services provided by the Company in support of Creator Award events that occurred during the period from September 1, 2017 through December 31, 2019. No cash was received and no revenue was recognized during the year ended December 31, 2020 relating to this contract. As of December 31, 2019, the Company had $21.6 million recorded within deferred revenue on the condensed consolidated balance sheet relating to this contract. In September 2020, in connection with the transfer of the Company’s variable interest and control over the Creator Fund to an affiliate of SBG described in Note 5, the production services agreement was terminated and the parties agreed that the Company would not be required to reimburse an affiliate of SBG for the $21.6 million of deferred revenue. As SBG is a principal shareholder of the Company, the forgiveness of this reimbursement obligation was accounted for as a capital contribution and reclassified from liabilities to additional paid-in-capital During the three months ended June 30, 2021 and 2020, the Company earned an additional $28.1 million and $35.1 million, respectively, in revenue from SBG for the sale of memberships and various other services provided. During the six months ended June 30, 2021 and 2020, the Company earned an additional $69.7 million and $71.9 million, respectively, in revenue from SBG for the sale of memberships and various other services provided. SBG is a principal stockholder with representation on the Company’s Board of Directors. During the year ended December 31, 2020, the Company sold WeWork’s unused flight hours with VistaJet, an aviation company offering private flight services, to an affiliate of SBG at cost, through the cancellation of $1.5 million in debt. During the three months ended June 30, 2021 and 2020, the Company earned $2.5 million and $5.6 million, respectively, in revenue from the sale of memberships and other services to other related parties that have significant influence over the Company through representation on the Company’s Board of Directors. During the six months ended June 30, 2021 and 2020, the Company earned $6.0 million and $11.7 million, respectively, in revenue from the sale of memberships and other services to other related parties that have significant influence over the Company through representation on the Company’s Board of Directors. During the three and six months ended June 30, 2021 and 2020, the Company did not record revenue relating to services rendered to Adam Neumann. Additionally, during the year ended December 31, 2020, the Company received a reimbursement of $0.9 million from Adam Neumann, relating to certain withholding tax payments made by the Company on his behalf, which was previously included in other current assets on the accompanying consolidated balance sheet. During the year ended December 31, 2019, the Company also collected a receivable of $2.5 million from Adam Neumann, relating to reimbursement of expenditures made. In addition, the Company estimates that an additional approximately $1.8 million for past perquisites and personal aircraft use would have been reimbursable to the Company but for which Adam Neumann was released of any obligation to reimburse the Company in connection with the SoftBank Debt Financing discussed in Note 9. During the year ended December 31, 2019, an affiliate of SBG entered into a non-compete paid-in In connection with his separation, the Company agreed to reimburse Adam Neumann for legal expenses incurred. The Company recorded $1.5 million within restructuring and other related costs on the consolidated statements of operations during 2019 and a corresponding liability of $1.5 million included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2019. The Company paid for the legal expenses during the year ended December 31, 2020. Also in connection with his separation agreement, the Company agreed to provide Adam Neumann, at the Company’s cost, with the continuation of his family healthcare benefits through October 2020, security services through October 2020 and use of a WeWork office through February 2021. The Company has entered into three separate operating lease agreements for space in buildings that are partially owned by Adam Neumann. In June 2021, the Company terminated one lease agreement bringing the new total to two lease agreements that are partially owned by Adam Neumann. During the three months ended June 30, 2021 and 2020, the Company recognized $2.6 million and $2.6 million, respectively, of lease cost expense related to these leases. During the six months ended June 30, 2021 and 2020, the Company recognized $5.2 million and $5.3 million, respectively, of lease cost expense related to these leases, had a contractual obligation totaling $5.4 million and $5.0 million, respectively, and received cash tenant incentives of none and $3.9 million, respectively. Future minimum lease cost payments under these leases, inclusive of escalation clauses and exclusive of contingent rent payments, are approximately $186.5 million as of June 30, 2021. The future minimum lease cost payments disclosed are the gross amounts contractually payable and not net of tenant lease incentive receivables of approximately $17.3 million as of June 30, 2021. The Company has entered into a finance lease agreement for space in a building partially owned by Adam Neumann. Another shareholder of the Company is also a partial owner of the building. During the three months ended June 30, 2021 and 2020, the Company recognized $0.4 million and $0.4 million of interest expense related to this finance lease. During the six months ended June 30, 2021 and 2020, the Company recognized $0.8 million and $0.8 million of interest expense related to this finance lease and had a contractual obligation totaling $1.0 million and $1.0 million, respectively. The Company did not receive cash tenant incentives for the three and six months ended June 30, 2021 and 2020. Future lease cost payments with respect to obligations under this finance lease are approximately $13.8 million as of June 30, 2021. There are no tenant lease incentive receivables associated with the lease as of June 30, 2021. As of June 30, 2021, the Company has several operating lease agreements for space in buildings owned by an entity in which the Company has an equity method investment through WeCap Investment Group. During the three months ended June 30, 2021 and 2020, the Company recognized $9.5 million and $11.2 million, respectively, of lease cost expense related to these leases. During the six months ended June 30, 2021 and 2020, the Company recognized $23.0 million and $24.4 million, respectively, of lease cost expense related to these leases, had a contractual obligation totaling $28.9 million and $18.5 million and received cash tenant lease incentives of $2.6 million and none, respectively. The Company’s future minimum lease obligations relating to non-cancelable non-cancelable During the three months ended June 30, 2021 and 2020, the Company recognized expenses of approximately $2.7 million and $4.0 million, respectively, for services provided by SBG and its affiliates. During the six months ended June 30, 2021 and 2020, the Company recognized expenses of approximately $10.0 million and $8.0 million, respectively, for services provided by SBG and its affiliates. Additionally, the Company also agreed to reimburse SBG for all fees and expenses incurred in connection with the SoftBank Transactions in an aggregate amount up to $50.0 million. Of the $50.0 million reimbursable to SoftBank as of December 31, 2019, the Company allocated and recorded $20.0 million as deferred financing costs included net of accumulated amortization within other assets on the condensed consolidated balance sheet which will be amortized into interest expense over the life of the debt facility to which it was allocated and recorded $15.0 million as equity issuance costs associated with the 2019 Warrant, recorded as a reduction of the Series H-1 During the three months ended June 30, 2021 and 2020, the Company recognized expenses of none and $1.5 million, respectively, for services provided by a vendor in which the Company has an equity method investment or other related party relationship. During the six months ended June 30, 2021 and 2020, the Company recognized expenses of none and $2.9 million, respectively, for services provided by a vendor in which the Company has an equity method investment or other related party relationship. During the three months ended June 30, 2021 and 2020 the Company did not recognize expenses for an employee of the Company, who is an immediate family member of Adam Neumann. During the six months ended June 30, 2021 and 2020, the Company recognized expenses totaling approximately none and $43,000, respectively, for an employee of the Company, who is an immediate family member of Adam Neumann. During the three months ended June 30, 2021 and 2020 the Company did not recognize expenses for an employee of the Company, who is an immediate family member of a member of the Company’s Board of Directors. During the six months ended June 30, 2021 and 2020, the Company recognized expenses totaling approximately none and $33,000, respectively, for an employee of the Company, who is an immediate family member of a member of the Company’s Board of Directors. | Note 25. Other Related Party Transactions Subsequent to the ChinaCo Deconsolidation, the Company is entitled to certain transition services fees equal to $1.8 million for transition services provided from October 2, 2020 through December 31, 2020 and the lesser of $0.6 million per month or the actual costs of services provided for the following three month period. The Company is also entitled to an annual management fee of 4% of net revenues beginning on the later of 2022 or the first fiscal year following the Initial Investment Closing in which EBIT of ChinaCo is positive (the “ChinaCo Management Fee”). The Company is also entitled to an additional $1.3 million in fees in connection with data migration and application integration services to be performed over a six month period beginning on October 2, 2020. These data migration and application integration fees are only payable on the first date the ChinaCo Management Fee becomes payable. Subsequent to the ChinaCo Deconsolidation, the Company has also continued to provide a guarantee to certain landlords of ChinaCo, guaranteeing total lease obligations up to $4.9 million as of December 31, 2020. The Company is entitled to a fee totaling approximately $0.1 million per year for providing such guarantees, until such guarantees are extinguished. During the year ended December 31, 2020, the Company recorded $2.6 million of total fee income for services provided to ChinaCo, included within service revenue as a component of total revenue in the accompanying consolidated statements of operations. All amounts earned from ChinaCo prior to the deconsolidation are eliminated in consolidation. On March 21, 2019, the Company entered into an agreement with SBG, related to reimbursement of funds to the Company related to the underwriting and for production services performed by the Company for Creator Awards events held or to be held between September 2017 and January 2021. Pursuant to the terms of the contract, in consideration of the Company’s performance of its obligations, SBG was required to make payments totaling $80.0 million. Any portion of the total $80.0 million contracted payments not used in connection with the execution of services by December 31, 2020 was reimbursable by the Company to an affiliate of SBG. An affiliate of SBG funded $20.0 million during 2017, as a deposit in anticipation of signing a contract with the Company. Pursuant to the terms of the contract, the Company received an additional $40.0 million in cash during the year ended December 31, 2019. The Company recognized $38.4 million as other revenue, during the year ended December 31, 2019 relating to services provided by the Company in support of Creator Award events that occurred during the period from September 1, 2017 through December 31, 2019. No cash was received and no revenue was recognized during the years ended December 31, 2020 and 2018 relating to this contract. As of December 31, 2019, the Company had $21.6 million recorded within deferred revenue on the accompanying consolidated balance sheet relating to this contract. In September 2020, in connection with the transfer of the Company’s variable interest and control over the Creator Fund to an affiliate of SBG described in Note 6, the production services agreement was terminated and the parties agreed that the Company would not be required to reimburse an affiliate of SBG for the $21.6 million of deferred revenue. As SBG is a principal shareholder of the Company, the forgiveness of this reimbursement obligation was accounted for as a capital contribution and reclassified from liabilities to additional paid-in-capital During the years ended December 31, 2020, 2019, and 2018, the Company earned an additional $142.1 million, $108.9 million and $21.8 million, respectively, in revenue from SBG for the sale of memberships and various other services provided. SBG is a principal stockholder with representation on the Company’s Board of Directors. During the year ended December 31, 2020, the Company sold WeWork’s unused flight hours with VistaJet, an aviation company offering private flight services, to an affiliate of SBG at cost, through the cancellation of $1.5 million in debt. During the years ended December 31, 2020, 2019, and 2018, the Company earned $22.9 million, $16.0 million and $3.2 million, respectively, in revenue from the sale of memberships and other services to other related parties that have significant influence over the Company through representation on the Company’s Board of Directors. During the years ended December 31, 2020, 2019, and 2018, the Company recorded revenue of approximately none, $0.3 million and $0.1 million, respectively relating to services rendered to Adam Neumann and also recorded $0.6 million as a reduction of expenses during the year ended December 31, 2019, relating to reimbursements received. Additionally, during the year ended December 31, 2020, the Company received a reimbursement of $0.9 million from Adam Neumann, relating to certain withholding tax payments made by the Company on his behalf, which was previously included in other current assets on the accompanying consolidated balance sheet. During the year ended December 31, 2019, the Company also collected a receivable of $2.5 million from Adam Neumann, relating to reimbursement of expenditures made. In addition, the Company estimates that an additional approximately $1.8 million for past perquisites and personal aircraft use would have been reimbursable to the Company but for which Adam Neumann was released of any obligation to reimburse the Company in connection with the SoftBank Debt Financing discussed in Note 14. During the year ended December 31, 2019, an affiliate of SBG entered into a non-compete as an expense of the Company to be paid for by a principal shareholder as the Company also benefitted from the arrangement through restricting Adam Neumann’s ability to provide similar services to a competing organization. The Company recognized the expense in full during 2019, with a corresponding increase in additional paid-in In connection with his separation, the Company agreed to reimburse Adam Neumann for legal expenses incurred. The Company recorded $1.5 million within restructuring and other related costs on the consolidated statements of operations during 2019 and a corresponding liability of $1.5 million included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2019. The Company paid for the legal expenses during the year ended December 31, 2020. Also in connection with his separation agreement, the Company agreed to provide Adam Neumann, at the Company’s cost, with the continuation of his family healthcare benefits through October 2020, security services through October 2020 and use of a WeWork office through February 2021. The Company has entered into three separate operating lease agreements for space in buildings that are partially owned by Adam Neumann. A significant shareholder of the Company’s Class B stock is also a partial owner of one of the buildings. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $10.9 million, $7.7 million and $5.8 million, respectively, of lease cost expense related to these leases, made cash payments totaling $10.5 million, $6.5 million and $6.1 million, respectively and received cash tenant incentives of $3.9 million, $0.4 million and $11.6 million, respectively. Future minimum lease cost payments under these leases, inclusive of escalation clauses and exclusive of contingent rent payments, are approximately $198.9 million as of December 31, 2020. The future minimum lease cost payments disclosed are the gross amounts contractually payable and not net of tenant lease incentive receivables of approximately $10.5 million as of December 31, 2020. The Company has entered into a finance lease agreement for space in a building partially owned by Adam Neumann. A significant shareholder of the Company’s Class B stock is also a partial owner of the building. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $1.6 million, $1.6 million and $1.7 million of interest expense related to this finance lease, made cash payments totaling $2.0 million, $2.0 million and $1.9 million, and received cash tenant incentives of $0.8 million, none and none, respectively. Future lease cost payments with respect to obligations under this finance lease are approximately $14.8 million as of December 31, 2020. There are no tenant lease incentive receivables associated with the lease as of December 31, 2020. As of December 31, 2020, the Company has several operating lease agreements for space in buildings owned by an entity in which the Company has an equity method investment through WeCap Investment Group. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $43.7 million, $42.2 million and $13.5 million, respectively, of lease cost expense related to these leases, made cash payments totaling $33.4 million, $30.5 million and $6.0 million, and received cash tenant lease incentives of $13.3 million, $13.0 million and $33.6 million, respectively. Future minimum lease cost payments under these leases, inclusive of escalation clauses and exclusive of contingent rent payments, are approximately $905.0 million as of December 31, 2020. The future minimum lease cost payments disclosed are the gross amount payable and are not net of tenant lease incentive receivables of approximately $8.7 million as of December 31, 2020. During 2017, the Company also received from the WPI Fund unsecured loans totaling $26.1 million, at an interest rate of 1.52%, in order to secure a potential investment opportunity that was being evaluated with the Company and the WPI Fund. During the year ended December 31, 2018, the Company recognized $0.2 million of interest expense related to these unsecured loans. The loans were paid off in full by the Company upon maturity on April 13, 2018 in connection with the completion of the investment. As of December 31, 2018, the Company had $5.7 million outstanding non-recourse AP-1 non-recourse During the year ended December 31, 2019, the Company closed on the acquisition of the 424 Fifth Venture from an entity that shared a common board member with the Company at the time of acquisition. See Note 6 for additional details. During the years ended December 31, 2020, 2019 and 2018, the Company recognized expenses of approximately $20.1 million, $7.7 million and $0.9 million, respectively, for services provided by SBG and its affiliates. Additionally, the Company also agreed to reimburse SBG for all fees and expenses incurred in connection with the SoftBank Transactions in an aggregate amount up to $50.0 million. Of the $50.0 million reimbursable to SBG as of December 31, 2019, the Company allocated and recorded $20.0 million as deferred financing costs included net of accumulated amortization within other assets on the consolidated balance sheet which will be amortized into interest expense over the life of the debt facility to which it was allocated and recorded $15.0 million as equity issuance costs associated with the 2019 Warrant, recorded as a reduction of the Series H-1 During the years ended December 31, 2020, 2019 and 2018, the Company recognized expenses of $5.8 million, $0.9 million and $0.4 million, respectively, for services provided by a vendor in which the Company has an equity method investment or other related party relationship. During the years ended December 31, 2019 and 2018, the Company recognized expenses totaling approximately $20,000 and $158,000 respectively, in connection with promotional services performed by an immediate family member of Adam Neumann for the Creator Awards ceremonies. During the years ended December 31, 2019 and 2018, the Company recognized expenses totaling approximately $218,000 and $163,000, respectively, for an employee of the Company, who is an immediate family member of Adam Neumann. During the years ended December 31, 2019 and 2018, the Company recognized expenses totaling approximately $120,000 and $98,000 respectively, for an employee of the Company, who is an immediate family member of the Company’s Board of Directors. |
Segment Disclosures and Concent
Segment Disclosures and Concentration | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Segment Disclosures and Concentration | Note 18. Segment Disclosures and Concentration Operating segments are defined as components of an entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information that is reviewed by the entity’s chief operating decision maker (“CODM”) to make decisions about how to allocate resources and assess performance. The Company operates in one operating segment as the Chief Executive Officer, who is our CODM, reviews financial information, assesses the performance of the Company and makes decisions about allocating resources on a consolidated basis. The Company’s revenues and total property and equipment, by country, are as follows: Three Months Ended Six Months Ended June 30, (Amounts in thousands) 2021 2020 2021 2020 Revenue: United States $ 250,118 $ 433,259 $ 506,955 $ 982,104 United Kingdom 76,104 108,857 154,946 241,481 Japan 52,555 62,640 112,216 124,913 Greater China (1) — 68,067 — 136,921 Other foreign countries 214,701 208,911 417,214 453,198 Total revenue $ 593,478 $ 881,734 $ 1,191,331 $ 1,938,617 (1) The amounts for Greater China relate solely to the consolidated amounts of ChinaCo which was deconsolidated on October 2, 2020. (Amounts in thousands) June 30, December 31, Property and equipment: United States $ 2,135,248 $ 4,752,834 United Kingdom 742,830 1,020,575 Japan 254,183 525,046 Other foreign countries 4,743,624 2,288,306 Total property and equipment $ 7,875,885 $ 8,586,761 Our concentration in specific cities magnifies the risk to us of localized economic conditions in those cities or the surrounding regions. The majority of the Company’s revenue is earned from locations in densely populated cities and as a result may be more susceptible to economic impacts as a result of COVID-19. The majority of our revenue is earned from locations in the United States and United Kingdom. During the three months ended June 30, 2021 and 2020, approximately 42% and 49%, respectively, of our revenue was earned in the United States and approximately 13% and 12%, respectively, of our revenue was earned in the United Kingdom. During the six months ended June 30, 2021 and 2020, approximately 43% and 51%, respectively, of our revenue was earned in the United States and approximately 13% and 12%, respectively, of our revenue was earned in the United Kingdom. The majority of our 2021 revenue from locations in the United States was generated from locations in greater New York City, San Francisco, Boston, Seattle and Washington DC markets. In the United Kingdom, 82% of our property and equipment and 87% of 2021 revenues are related to WeWork locations in the greater London area. In the United States, the Company generally uses metropolitan statistical areas (as defined by the United States Census Bureau) to define its greater metropolitan markets. The nearest equivalent is used internationally. During the three and six months ended June 30, 2021 and 2020, no single member accounted for greater than 10% of the Company’s revenues. Although the Company deposits its cash with multiple high credit quality financial institutions, its deposits, at times, may exceed federally insured limits. The Company believes no significant concentration risk exists with respect to its cash and cash equivalents. | Note 26. Segment Disclosures and Concentration Operating segments are defined as components of an entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information that is reviewed by the entity’s chief operating decision maker (“CODM”) to make decisions about how allocate resources and assess performance. The Company operates in one operating segment as the Chief Executive Officer, who is our CODM, reviews financial information, assess the performance of the Company and makes decisions about allocating resources on a consolidated basis. The Company’s revenues and total property and equipment, by country, are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Revenue: United States $ 1,685,274 $ 1,874,589 $ 1,073,680 United Kingdom 421,252 466,202 275,615 Greater China (1) 206,261 228,537 99,529 Japan 250,733 174,120 44,282 Other foreign countries 852,345 715,144 328,645 Total revenue $ 3,415,865 $ 3,458,592 $ 1,821,751 December 31, (Amounts in thousands) 2020 2019 Property and equipment: United States $ 4,752,834 $ 5,825,644 United Kingdom 1,020,575 905,966 Greater China (1) — 395,290 Japan 525,046 350,623 Other foreign countries 2,288,306 2,017,262 Total property and equipment $ 8,586,761 $ 9,494,785 (1) The amounts for Greater China relate solely to the consolidated amounts of ChinaCo which was deconsolidated on October 2, 2020. Our concentration in specific cities magnifies the risk to us of localized economic conditions in those cities or the surrounding regions. The majority of the Company’s revenue is earned from locations in densely populated cities and as a result may be more susceptible to economic impacts as a result of COVID-19. The majority of our revenue is earned from locations in the United States and the United Kingdom. During the years ended December 31, 2020, 2019 and 2018, approximately 49%, 54% and 59%, respectively of our revenue was earned in the United States and approximately 12%, 13% and 15%, respectively of our revenue was earned in the United Kingdom. The majority of our 2020 revenue from locations in the United States was generated from locations in greater New York City, San Francisco, Los Angeles, Boston and Seattle markets. In the United Kingdom, 94% of our property and equipment and 95% of 2020 revenues are related to WeWork locations in the greater London area. In the United States, the Company generally uses metropolitan statistical areas (as defined by the United States Census Bureau) to define its greater metropolitan markets. The nearest equivalent is used internationally. During the years ended December 31, 2020, 2019 and 2018, no single member accounted for greater than 10% of the Company’s revenues. Although the Company deposits its cash with multiple high credit quality financial institutions, its deposits, at times, may exceed federally insured limits. The Company believes no significant concentration risk exists with respect to its cash and cash equivalents. |
Subsequent Events
Subsequent Events | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Subsequent Events | Note 19. Subsequent Events The Company has evaluated subsequent events through August 13, 2021, which is the date the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the consolidated financial statements, other than as discussed below. We considered events subsequent to August 13, 2021 for disclosure as discussed below. In August 2021, the Company and the Note Purchaser executed an amendment to the letter agreement concerning the Amended and Restated Senior Secured Notes which provides that the Company and the Note Purchaser will enter into the A&R Senior Secured Note Purchase Agreement on the earlier of (x) the Closing or (y) September 30, 2021 (instead of August 12, 2021). In addition, in August 2021, the Company, WW Co-Obligor Inc. and the Note Purchaser executed an amendment to the senior secured note purchase agreement governing the SoftBank Senior Secured Notes, which (i) amends the maturity date of any notes to be issued thereunder from four (4) years from the date of first drawing to February 12, 2023 and (ii) extends the expiration of the draw period from August 12, 2021 to September 30, 2021. In August 2021, WeWork formally terminated one of the lease agreements in which Mr. Neumann has an ownership interest. The negotiations for the lease termination occurred in the ordinary course and on arms’ length terms, included the landlord entity’s surrender and return of a $3.4 million letter of credit in exchange for payment of the corresponding amount of the letter of credit, and the landlord entity’s forgiveness of the remaining rent amount owed. In September 2021, the Company and SoftBank Latin America Fund closed on a newly formed joint venture (“LatamCo”) to operate the Company’s businesses in Brazil, Mexico, Colombia, Chile and Argentina under the WeWork brand. Upon formation of LatamCo, the Company contributed its businesses in the countries listed above, committed to fund $12.5 million, and remains as guarantor on certain lease obligations and SoftBank Latin America Fund committed to fund $80.0 million. | Note 27. Subsequent Events These consolidated financial statements include a discussion of material events, if any, which have occurred subsequent to December 31, 2020 (referred to as subsequent events) through the issuance of the consolidated financial statements. In February 2021, the SoftBank Obligor partially exercised the Penny Warrants for the issuance of 129,887,919 shares of Series H-3 In February 2021, the Board of Directors of the Company increased the number of authorized shares of Series H-3 H-4 During 2021, the Company delivered draw notices in respect of $800 million under the Master Note Purchase Agreement and an aggregate principal amount of $800 million of SoftBank Senior Unsecured Notes were issued to the Note Purchaser. During 2021, the Company funded the remaining $15.0 million principal under the 2020 Debentures to IndiaCo. In April 2020, SBWW terminated and withdrew their offer to purchase the equity securities of WeWork Inc. because it asserted the failure of various conditions to its obligations to close the 2020 Tender Offer. The Special Committee, acting in the name of the Company, filed a complaint in the Court of Chancery of the State of Delaware against SBG and SoftBank Vision Fund asserting claims in relation to SBG’s withdrawal of the 2020 Tender Offer. Separately, Adam Neumann and We Holdings LLC filed a similar lawsuit against SBG and SoftBank Vision Fund. On February 25, 2021, all parties entered into a settlement agreement (the “Settlement Agreement”), the terms of which resolved the litigation. The Settlement Agreement includes, among other terms, the following: • The launch of a new tender offer • Certain governance changes transactions contemplated by the Settlement Agreement, on February 26, 2021, all of the outstanding shares of Class B common stock of the Company automatically converted into shares of Class A common stock and the shares of Class C Common stock of the Company now have one vote per share, instead of three (the “Class B Conversion”). The Amended and Restated Certificate of Incorporation provides that if, following the Class B Conversion, new shares of Class B common stock are issued pursuant to (i) the exercise of options to purchase shares of Class B common stock outstanding as of the date of the Class B Conversion, (ii) securities convertible into shares of Class B common stock outstanding as of the date of the Class B Conversion, and (iii) other circumstances which are specified in the Amended and Restated Certificate of Incorporation, such new shares will be automatically converted into shares of Class A common stock immediately following the time such new shares of Class B common stock are issued. • Adam Neumann settlement payment. • Adam Neumann sale of stock to SBG paid-in • Adam Neumann proxy changes • SBG proxy agreement. • WeWork Partnerships Profits Interest Units amendments. WeWork Partnership became fully vested and were amended to have a catch-up de-SPAC In May 2021, WeWork entered into a loan agreement with a third party to raise up to $350.0 million of cash in exchange for letters of credit issued from the LC Facility (the “LC Debt Facility”). The third party will issue a series of discount notes to investors of varying short term (1-6 In connection with the Merger Agreement, the Company agreed to not enter into loan facilities that utilize the 2020 LC Facility without consent from SBG. In May 2021, the Company entered into a letter agreement with SBG pursuant to which SBG consented to the LC Debt Facility and the Company agreed to certain restrictions that will apply to the LC Debt Facility, including that (i) until such time as no amounts remain undrawn by the Company under the $2.2 billion SoftBank Senior Unsecured Notes, amounts issued under the LC Debt Facility will not exceed $100.0 million, (ii) the Company will repay all amounts outstanding under the LC Debt Facility within 30 days after the closing of the Business Combination, (iii) on and after the closing of the Business Combination, the prior written consent of SBG will be required for the first draw under the LC Debt Facility that occurs after the Closing. During 2021, WeWork continued execution of the Company’s operational restructuring program incurring approximately $300 million in non-routine BowX Merger Agreement On March 25, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, BowX Acquisition Corp. (“BowX”), and BowX Merger Subsidiary Corp., a Delaware corporation and a direct wholly owned subsidiary of BowX (“Merger Sub”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following will occur (together with the other agreements and transactions contemplated by the Merger Agreement, the Business Combination): • at the closing of the transactions contemplated by the Merger Agreement (the Closing), upon the terms and subject to the conditions of the Merger Agreement and in accordance with the Delaware General Corporation Law, as amended (the “DGCL”), Merger Sub will merge with and into the Company, the separate corporate existence of Merger Sub will cease and the Company will be the surviving corporation and a wholly owned subsidiary of BowX (the “Merger”); • as promptly as practicable following the Closing, the Company will merge with and into BowX Merger Subsidiary II, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of BowX (Merger Sub II and such transaction, the Second Merger), with Merger Sub II being the surviving entity of the Second Merger; • as a result of the Merger, among other things, all outstanding shares of capital stock of the Company (other than shares of Class C common stock of the Company, treasury shares, shares held by stockholders who have perfected and not withdrawn a demand for appraisal rights pursuant to the DGCL and shares of Company stock subject to options, warrants and RSUs) will be cancelled in exchange for the right to receive a number of newly issued shares of Class A common stock, par value $0.0001 per share, of BowX (“BowX Common Stock”) determined using an exchange ratio (the “Exchange Ratio”) which is determined based on a pre-money • shares of Class C common stock of the Company will be cancelled in exchange for the right to receive a number of newly issued shares of Class C common stock, par value $0.0001 per share, of BowX (“Bow X Class C Common Stock”) determined using the Exchange Ratio; • outstanding options and warrants to purchase Company stock and RSUs will be converted into the right to receive options or warrants to purchase shares of BowX Common Stock or restricted stock units representing the right to receive shares of BowX Common Stock, as applicable, on the same terms and conditions that are in effect with respect to such options, warrants or RSUs on the day of Closing, subject to adjustments using the Exchange Ratio, as described below; and • BowX will immediately be renamed “WeWork Inc.” or such other name as agreed to by the Company and BowX prior to Closing. The Merger Agreement is subject to the satisfaction or waiver of certain customary closing conditions, including, among others, (i) approval of the Business Combination and related agreements and transactions by the respective stockholders of the Company and BowX, (ii) effectiveness of the proxy statement / registration statement on Form S-4 Another condition to the parties’ obligations to consummate the Merger is that as of the Closing the sum of (x) the amount of cash available in the trust account into which substantially all of the proceeds of BowX’s initial public offering and private placements of its securities have been deposited, after deducting the amount required to satisfy BowX’s obligations to its stockholders (if any) that exercise their rights to redeem all or a portion of their BowX Class A Common Stock pursuant to BowX’s certificate of incorporation and bylaws (but prior to payment of any deferred underwriting commissions being held in the trust account and any transaction expenses of BowX, the Company or their affiliates) plus (y) the amount of the PIPE Investment (as defined below) actually received by BowX prior to or substantially concurrently with the Closing, is equal to or greater than $800,000,000. The Merger Agreement contains additional covenants, including, among others, providing for (i) the parties to use reasonable best efforts to conduct their respective businesses in the ordinary course through the Closing, (ii) the parties not to initiate any negotiations or enter into any agreements for certain alternative transactions, (iii) the Company to prepare and deliver to BowX certain unaudited consolidated financial statements of the Company, (iv) BowX and the Company jointly to prepare, and BowX to file, a proxy statement / registration statement on Form S-4 The Merger Agreement may be terminated at any time prior to the Closing (i) by mutual written consent of BowX and the Company, (ii) by the Company or BowX, if certain approvals of the shareholders of BowX are not obtained, (iii) by the Company, if there is an Acquiror Modification in Recommendation (as defined in the Merger Agreement), (iv) by BowX if there is a Company Modification in Recommendation (as defined in the Merger Agreement) (v) by BowX, if certain approvals of the stockholders of the Company are not obtained within certain time periods, or (vi) by either BowX or the Company in certain other circumstances set forth in the Merger Agreement, including (a) if any Governmental Authority (as defined in the Merger Agreement) shall have enacted, issued, promulgated, enforced or entered any final and nonappealable Governmental Order (as defined in the Merger Agreement) that has the effect of making consummation of the Merger illegal or otherwise preventing or prohibiting consummation of the Merger and (b) in the event of certain uncured breaches by the other party or if the Closing has not occurred on or before October 31, 2021, subject to extension by sixty (60) days in certain circumstances (the “Agreement End Date”). Certain Related Agreements Subscription Agreements On March 25, 2021, concurrently with the execution of the Merger Agreement, BowX entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 80,000,000 shares of BowX Common Stock for $10.00 per share, for an aggregate subscription price equal to $800,000,000, (the “PIPE Investment”). The PIPE Investment will be consummated substantially concurrently with the Closing. The Subscription Agreements will terminate with no further force and effect upon the earliest to occur of: (i) such date and time as the Merger Agreement is terminated in accordance with its terms; (ii) the mutual written agreement of the parties to such Subscription Agreement; (iii) if any of the conditions to closing set forth in such Subscription Agreement are not satisfied on or prior to the Closing and, as a result thereof, the transactions contemplated by the Subscription Agreement fail to occur; and (iv) the Agreement End Date. For two key anchor investors, each with an aggregate investment amount of $125,000,000 (collectively, the “Key Anchor Investors”), the obligation to close under the Subscription Agreements is further conditioned upon the total investment by the PIPE Investors equaling or exceeding $700,000,000, with such amount including (i) an investment of at least $125,000,000 in the aggregate from the other Key Anchor Investor and its affiliates and any investment funds controlled by their affiliates, (ii) an investment of at least $15,000,000 from investors identified, cultivated or referred by Bow Capital or otherwise associated with Bow Capital, and (iii) an investment of at least $10,000,000 in the aggregate from The Obsidian Master Fund and its affiliates and any investment funds controlled by its affiliates. Sponsor Support Agreement On March 25, 2021, the Company entered into a Sponsor Support Agreement (the “Sponsor Support Agreement”), with BowX Sponsor, LLC (the “Sponsor”) and other persons party thereto (the “Sponsor Persons”), pursuant to which the Sponsor and the Sponsor Persons agreed to, among other things, (i) cause to be forfeited 3,000,000 shares of Class B common stock, par value $0.0001 per share, of BowX held by the Sponsor and certain other persons and (ii) vote in favor of the Merger Agreement and the transactions contemplated thereby, in each case, subject to the terms and conditions contemplated by the Sponsor Support Agreement. Stockholder Support Agreement On March 25, 2021, the Company entered into Stockholder Support Agreements (the “Stockholder Support Agreements”), with BowX and certain stockholders of the Company (the “Key Stockholders”). Pursuant to the Stockholder Support Agreements, the Key Stockholders agreed to, among other things, execute and deliver a written consent adopting the Merger Agreement and related transactions and approving the Business Combination with respect to the outstanding shares of the Company common stock and preferred stock held by the Key Stockholders on the terms and subject to the conditions set forth therein. The shares of the Company that are subject to the Stockholder Support Agreements represent a majority of the outstanding voting power of the Company’s capital stock (voting as a single class and on an as converted basis) and a majority of outstanding senior preferred stock held by stockholders other than SBG and its affiliates sufficient to approve certain transactions contemplated by the Business Combination for purposes of certain Company charter provisions. Transfer Restrictions and Registration Rights The Merger Agreement contemplates that, at the Closing, BowX, the Company, the Sponsor, the Key Stockholders and certain of their respective affiliates will enter into an amended and restated registration rights Agreement (the Registration Rights Agreement), pursuant to which BowX will agree to register for resale, pursuant to Rule 415 under the Securities Act, certain shares of BowX Common Stock and other equity securities of BowX that are held by the parties thereto from time to time. In certain circumstances, various parties in the Registration Rights Agreement can collectively demand up to nine underwritten offerings and will be entitled to piggyback registration rights, in each case subject to certain limitations set forth in the Registration Rights Agreement. Additionally, in connection with the Business Combination, the Sponsor and certain of the Company’s officers, directors and stockholders entered into a lock-up “Lock-Up (“Lock-Up Lock-Up “Lock-Up The foregoing description of the Merger Agreement, Subscription Agreements, Sponsor Support Agreement, Stockholder Support Agreement, Registration Rights Agreement and Lock-Up 8-K/A Credit Support Letter (LC) On March 25, 2021, WeWork Companies LLC, SBG and BowX entered into a letter agreement (the “Credit Support Letter”) pursuant to which SBG has committed to consent to an extension of the termination date of the Credit Agreement from February 10, 2023 to no later than February 10, 2024 (the “LC Facility Termination Extension”), subject to the terms and conditions set forth therein. Any LC Facility Termination Extension will require the requisite consent of the lenders thereunder. Credit Support Letter (SSN) On March 25, 2021, the Company and an affiliate of SBG entered into a letter agreement pursuant to which the Company and an affiliate of SBG have agreed to amend and restate the terms of the Master Senior Secured Notes Note Purchase Agreement that governs the SoftBank Senior Secured Notes (as amended and restated, the “A&R Senior Secured Note Purchase Agreement”) on the earlier of (i) the Closing and (ii) August 12, 2021. The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow up to an aggregate principal amount of $550.0 million of senior secured debt in the form of new 7.5% senior secured notes (the “A&R Senior Secured Notes”). It is a condition to the execution of the A&R Senior Secured Note Purchase Agreement that any outstanding SoftBank Senior Secured Notes be redeemed, repurchased or otherwise repaid and canceled at a price of 101% of the principal amount thereof plus accrued and unpaid interest. The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow once every 30 days with minimum draws of $50.0 million. The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. Warrants Concurrently with and contingent upon the Closing, BowX will issue to SBWW or its designees the First Warrant to purchase a number of shares of BowX Common Stock (rounded to the nearest whole share) equal to 47,366,404 multiplied by the Exchange Ratio, subject to the terms set forth therein, at a price per share equal to $0.01 divided by the Exchange Ratio (rounded to the nearest full cent). The First Warrant will expire on the tenth anniversary of the Closing. Although the First Warrant will be issued by BowX, solely for purposes of calculating the Exchange Ratio used in the Business Combination, the First Warrant is treated in the same manner as a hypothetical outstanding warrant to purchase 47,366,404 shares of WeWork Class A Common Stock at an exercise price of $0.01 per share. Additionally, concurrently with and contingent upon the LC Facility Termination Extension, BowX will issue to SBG or its designees one or more warrants (collectively, the “LC Warrant”) to purchase a number of shares of BowX Common Stock (rounded to the nearest whole share) equal to 14,431,991 multiplied by the Exchange Ratio, subject to the terms set forth therein, at a price per share equal to $0.01 divided by the Exchange Ratio (rounded to the nearest full cent). The LC Warrant would expire on the tenth (10th) anniversary of the date of issuance. We Company Partnership Under the partnership agreement for the We Company Partnership, vested WeWork Partnerships Profits Interest Units (“PIUs”) can, at the election of the holder of the PIUs, be (a) converted into WeWork Partnerships Class B Common Units, or (b) exchanged (along with the corresponding shares of WeWork Class C Common Stock) for (at WeWork’s election) shares of WeWork Class B Common Stock or cash of equivalent value, assuming that the value of a share of WeWork Class B Common Stock exceeds the per-unit catch-up catch-up catch-up Under the Company’s amended and restated certificate of incorporation, following the threshold automatic conversion on February 26, 2021, any newly-issued shares of class B common stock exchanged from vested PIUs will, immediately after such issuance, automatically convert into shares of class A common stock. In connection with the Business Combination, the partnership agreement for the We Company Partnership will be amended at the Closing to implement mechanical changes to reflect the conversion of shares of capital stock of the Company to shares of BowX Common Stock (including the conversion of shares of class C common stock into shares of Class C Common stock of BowX). Specifically, the number of outstanding partnership interests (including all PIUs) will be adjusted to equal the number of shares of the corresponding class of common stock of BowX (which, in the case of the PIUs, is the Class C Common stock of BowX), taking into account the Exchange Ratio in the Merger. The distribution threshold and catch-up pre-Business | |
BOWX ACQUISITION CORP [Member] | |||
Subsequent Events | Note 8—Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring from June 30, 2021 through the date the unaudited condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent event that would have required adjustment or disclosure in the condensed consolidated financial statements. | Note 10 — Subsequent Events On March 25, 2021, BowX entered into an Agreement and Plan of Merger by and among BowX, BowX Merger Subsidiary Corp., a Delaware corporation (“Merger Sub”) and a direct wholly owned subsidiary of BowX, and WeWork Inc., a Delaware corporation (“WeWork”), pursuant to which, among other transactions, on the terms and conditions set forth therein, Merger Sub is to merge with and into WeWork, with WeWork continuing on as the surviving entity and a wholly owned subsidiary of Acquiror. |
Supplementary Information
Supplementary Information | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Supplemental Information [Abstract] | ||
Supplementary Information | Table of Contents WEWORK INC. SUPPLEMENTARY INFORMATION CONSOLIDATING FINANCIAL STATEMENTS JUNE 30, 2021 As a result of various legal reorganization transactions undertaken in July 2019 as discussed in Note 1 to the consolidated financial statements, The We Company became the holding company of our business, and the then-stockholders of WeWork Companies Inc. (our predecessor for financial reporting purposes) became the stockholders of The We Company. Effective on October 14, 2020, The We Company changed its legal name to WeWork Inc. WeWork Inc. holds an indirect general partner interest and indirect limited partner interests in The We Company Management Holdings L.P. (the “WeWork Partnership”). The WeWork Partnership owns 100% of the equity in WeWork Companies LLC. WeWork Inc., through the WeWork Partnership and WeWork Companies LLC, holds all the assets held by WeWork Companies Inc. prior to the legal entity reorganization and is subject to all the liabilities to which WeWork Companies Inc. was subject prior to the legal entity reorganization. Subsequent to the July 2019 legal entity reorganization, WeWork Companies LLC is the borrower under the Company’s credit facilities and the obligor on its Senior Notes, each of which is also guaranteed by WeWork Inc. The following consolidating financial statements present the results of operations, financial position and cash flows of (i) WeWork Companies LLC and its consolidated subsidiaries, (ii) WeWork Inc. as a standalone legal entity, (iii) “Other Subsidiaries”, other than WeWork Companies LLC and its consolidated subsidiaries, which are direct or indirect owners of WeWork Companies LLC, including but not limited to the WeWork Partnership, presented on a combined basis and (iv) the eliminations necessary to arrive at the information for WeWork Inc. on a consolidated basis. The legal entity reorganization was accounted for as a transfer among entities under common control and the assets and liabilities transferred are recorded based on historical cost and the consolidating financial statements including periods prior to the reorganization are presented as if the transfer occurred at the beginning of the periods presented. Investments in consolidated subsidiaries are presented under the equity method of accounting. WeWork Inc. and the Other Subsidiaries are holding companies that conduct substantially all of their business operations through WeWork Companies LLC. As of June 30, 2021, based on the covenants and other restrictions of the credit agreement and the Senior Notes, WeWork Companies LLC is restricted in its ability to transfer funds by loans, advances or dividends to WeWork Inc. and as a result, all of the net assets of WeWork Companies LLC are considered restricted net assets of WeWork Inc. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2021 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Consolidated Assets Current assets: Cash and cash equivalents $ 843,552 $ 405 $ — $ — $ 843,957 Accounts receivable and accrued revenue, net 118,205 — — — 118,205 Other current assets 435,125 — 323 — 435,448 Total current assets 1,396,882 405 323 — 1,397,610 Investments in and advances to/(from) consolidated subsidiaries (15,783 ) (1,513,876 ) (1,528,757 ) 3,058,416 — Property and equipment, net 5,991,011 — — — 5,991,011 Lease right-of-use 13,923,373 — — — 13,923,373 Restricted cash 11,528 — — — 11,528 Equity method and other investments 198,163 — — — 198,163 Goodwill 678,668 — — — 678,668 Intangible assets, net 53,806 — — — 53,806 Other assets 933,381 — (1,230 ) — 932,151 Total assets $ 23,171,029 $ (1,513,471 ) $ (1,529,664 ) $ 3,058,416 $ 23,186,310 Liabilities Current liabilities: Accounts payable and accrued expenses $ 526,045 $ 11,560 $ (5 ) $ — $ 537,600 Members’ service retainers 347,057 — — — 347,057 Deferred revenue 138,207 — — — 138,207 Current lease obligations 873,531 — — — 873,531 Other current liabilities 437,535 2,839 — — 440,374 Total current liabilities 2,322,375 14,399 (5 ) — 2,336,769 Long-term lease obligations 18,977,544 — — — 18,977,544 Unsecured related party debt 2,200,000 — — — 2,200,000 Convertible related party liabilities, net — 57,944 — — 57,944 Long-term debt, net 659,446 — — — 659,446 Other liabilities 242,522 — — — 242,522 Total liabilities 24,401,887 72,343 (5 ) — 24,474,225 Convertible preferred stock — 8,379,182 — — 8,379,182 Redeemable noncontrolling interests 291,901 — — — 291,901 Equity Total WeWork Inc. shareholders’ equity (deficit) (1,528,757 ) (9,964,996 ) (1,529,659 ) 3,058,416 (9,964,996 ) Noncontrolling interests 5,998 — — — 5,998 Total equity (deficit) (1,522,759 ) (9,964,996 ) (1,529,659 ) 3,058,416 (9,958,998 ) Total liabilities and equity $ 23,171,029 $ (1,513,471 ) $ (1,529,664 ) $ 3,058,416 $ 23,186,310 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2020 (Amounts in thousands) WeWork WeWork Inc. (Standalone) Other Eliminations WeWork Inc. Consolidated Assets Current assets: Cash and cash equivalents $ 800,531 $ 4 $ — $ — $ 800,535 Accounts receivable and accrued revenue, net 176,521 — — — 176,521 Other current assets 349,672 — 2,500 — 352,172 Total current assets 1,326,724 4 2,500 — 1,329,228 Investments in and advances to/(from) consolidated subsidiaries (28,632 ) 436,385 405,255 (813,008 ) — Property and equipment, net 6,859,163 — — — 6,859,163 Lease right-of-use 15,107,880 — — — 15,107,880 Restricted cash 53,618 — — — 53,618 Equity method and other investments 214,940 — — — 214,940 Goodwill 679,351 — — — 679,351 Intangible assets, net 49,896 — — — 49,896 Other assets 1,062,258 — — — 1,062,258 Total assets $ 25,325,198 $ 436,389 $ 407,755 $ (813,008 ) $ 25,356,334 Liabilities Current liabilities: Accounts payable and accrued expenses $ 698,241 $ 25,168 $ 2 $ — $ 723,411 Members’ service retainers 358,566 — — — 358,566 Deferred revenue 176,004 — — — 176,004 Current lease obligations 847,531 — — — 847,531 Other current liabilities 83,755 — — — 83,755 Total current liabilities 2,164,097 25,168 2 — 2,189,267 Long-term lease obligations 20,263,606 — — — 20,263,606 Unsecured related party debt 1,200,000 — — — 1,200,000 Convertible related party liabilities, net — 418,908 — — 418,908 Long-term debt, net 688,356 — — — 688,356 Other liabilities 221,780 — — — 221,780 Total liabilities 24,537,839 444,076 2 — 24,981,917 Convertible preferred stock — 7,666,098 — — 7,666,098 Redeemable noncontrolling interests 380,242 — — — 380,242 Equity Total WeWork Inc. shareholders’ equity (deficit) 405,255 (7,673,785 ) 407,753 (813,008 ) (7,673,785 ) Noncontrolling interests 1,862 — — — 1,862 Total equity (deficit) 407,117 (7,673,785 ) 407,753 (813,008 ) (7,671,923 ) Total liabilities and equity $ 25,325,198 $ 436,389 $ 407,755 $ (813,008 ) $ 25,356,334 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2021 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Revenue $ 593,478 $ — $ — $ — $ 593,478 Expenses: Location operating expenses 780,489 — — — 780,489 Pre-opening 43,435 — — — 43,435 Selling, general and administrative expenses 224,915 168 (1 ) — 225,082 Restructuring and other related costs (27,794 ) — — — (27,794 ) Impairment/(gain on sale) of goodwill, intangibles and other assets 242,105 — (1 ) — 242,104 Depreciation and amortization 180,157 — — — 180,157 Total expenses 1,443,307 168 (2 ) — 1,443,473 Loss from operations (849,829 ) (168 ) 2 — (849,995 ) Interest and other income (expense), net: Equity income (loss) from consolidated subsidiaries — (889,987 ) (888,759 ) 1,778,746 — Income (loss) from equity method and other investments 6,068 — — — 6,068 Interest expense (113,259 ) — — — (113,259 ) Interest income 4,358 — — — 4,358 Foreign currency gain (loss) 33,025 — — — 33,025 Gain from change in fair value of related party financial instruments — 1,310 (1 ) — 1,309 Total interest and other income (expense), net (69,808 ) (888,677 ) (888,760 ) 1,778,746 (68,499 ) Pre-tax (919,637 ) (888,845 ) (888,758 ) 1,778,746 (918,494 ) Income tax benefit (provision) (2,786 ) — (1,229 ) — (4,015 ) Net loss (922,423 ) (888,845 ) (889,987 ) 1,778,746 (922,509 ) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests — mezzanine 34,134 — — — 34,134 Noncontrolling interest — equity (470 ) — — — (470 ) Net loss attributable to WeWork Inc. $ (888,759 ) $ (888,845 ) $ (889,987 ) $ 1,778,746 $ (888,845 ) (Amounts in thousands) WeWork Companies WeWork Inc. Other Eliminations WeWork Inc. Revenue $ 881,734 $ — $ — $ — $ 881,734 Expenses: Location operating expenses 881,468 — — — 881,468 Pre-opening 78,184 — — — 78,184 Selling, general and administrative expenses 390,776 2,042 — — 392,818 Restructuring and other related costs 80,529 — — — 80,529 Impairment/(gain on sale) of goodwill, intangibles and other assets 280,390 — 86 — 280,476 Depreciation and amortization 195,797 — — — 195,797 Total expenses 1,907,144 2,042 86 — 1,909,272 Loss from operations (1,025,410 ) (2,042 ) (86 ) — (1,027,538 ) Interest and other income (expense), net: Equity income (loss) from consolidated subsidiaries — (865,984 ) (865,898 ) 1,731,882 — Income (loss) from equity method and other investments (43,204 ) — — — (43,204 ) Interest expense (93,249 ) — — — (93,249 ) Interest income 1,978 — — — 1,978 Foreign currency gain (loss) 54,473 — — — 54,473 Gain from change in fair value of related party financial instruments — 4,197 — — 4,197 Loss on extinguishment of debt — — — Total interest and other income (expense), net (80,002 ) (861,787 ) (865,898 ) 1,731,882 (75,805 ) Pre-tax (1,105,412 ) (863,829 ) (865,984 ) 1,731,882 (1,103,343 ) Income tax benefit (provision) (7,095 ) — — — (7,095 ) Net loss (1,112,507 ) (863,829 ) (865,984 ) 1,731,882 (1,110,438 ) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests — mezzanine 244,706 — — — 244,706 Noncontrolling interest — equity 1,903 — — — 1,903 Net loss attributable to WeWork Inc. $ (865,898 ) $ (863,829 ) $ (865,984 ) $ 1,731,882 $ (863,829 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Revenue $ 1,191,331 $ — $ — $ — $ 1,191,331 Expenses: Location operating expenses 1,598,812 — — — 1,598,812 Pre-opening 76,839 — — — 76,839 Selling, general and administrative expenses 499,025 476 1 499,502 Restructuring and other related costs 466,163 (117 ) (1 ) — 466,045 Impairment/(gain on sale) of goodwill, intangibles and other assets 541,585 — — — 541,585 Depreciation and amortization 364,341 — — — 364,341 Total expenses 3,546,765 359 — — 3,547,124 Loss from operations (2,355,434 ) (359 ) — — (2,355,793 ) Interest and other income (expense), net: Equity income (loss) from consolidated subsidiaries — (2,570,018 ) (2,568,789 ) 5,138,807 — Income (loss) from equity method and other investments (24,510 ) — — — (24,510 ) Interest expense (217,828 ) — — — (217,828 ) Interest income 9,455 — — — 9,455 Foreign currency gain (loss) (37,924 ) (1 ) — — (37,925 ) Gain from change in fair value of related party financial instruments — (350,822 ) — — (350,822 ) Total interest and other income (expense), net (270,807 ) (2,920,841 ) (2,568,789 ) 5,138,807 (621,630 ) Pre-tax (2,626,241 ) (2,921,200 ) (2,568,789 ) 5,138,807 (2,977,423 ) Income tax benefit (provision) (6,053 ) — (1,229 ) — (7,282 ) Net loss (2,632,294 ) (2,921,200 ) (2,570,018 ) 5,138,807 (2,984,705 ) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests — mezzanine 64,120 — — — 64,120 Noncontrolling interest — equity (615 ) — — — (615 ) Net loss attributable to WeWork Inc. $ (2,568,789 ) $ (2,921,200 ) $ (2,570,018 ) $ 5,138,807 $ (2,921,200 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. Other Subsidiaries Eliminations WeWork Inc. Revenue $ 1,938,617 $ — $ — $ — $ 1,938,617 Expenses: Location operating expenses 1,804,802 — — — 1,804,802 Pre-opening 165,919 — — — 165,919 Selling, general and administrative expenses 922,281 2,820 — — 925,101 Restructuring and other related costs 136,216 — — 136,216 Impairment/(gain on sale) of goodwill, intangibles and other assets 602,073 — (46,114 ) — 555,959 Depreciation and amortization 390,156 — — — 390,156 Total expenses 4,021,447 2,820 (46,114 ) — 3,978,153 Loss from operations (2,082,830 ) (2,820 ) 46,114 — (2,039,536 ) Interest and other income (expense), net: Equity income (loss) from consolidated subsidiaries — (1,837,191 ) (1,883,305 ) 3,720,496 — Income (loss) from equity method and other investments (47,111 ) — — — (47,111 ) Interest expense (138,090 ) — — — (138,090 ) Interest income 8,742 — — — 8,742 Foreign currency gain (loss) (149,985 ) — — — (149,985 ) Gain (loss) from change in fair value of related party financial instruments — 792,313 — — 792,313 Foreign currency gain (loss) (76,295 ) (76,295 ) Total interest and other income (expense), net (402,739 ) (1,044,878 ) (1,883,305 ) 3,720,496 389,574 Pre-tax (2,485,569 ) (1,047,698 ) (1,837,191 ) 3,720,496 (1,649,962 ) Income tax benefit (provision) (16,115 ) — — — (16,115 ) Net loss (2,501,684 ) (1,047,698 ) (1,837,191 ) 3,720,496 (1,666,077 ) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests — mezzanine 603,763 — — — 603,763 Noncontrolling interest — equity 14,616 — — — 14,616 Net loss attributable to WeWork Inc. $ (1,883,305 ) $ (1,047,698 ) $ (1,837,191 ) $ 3,720,496 $ (1,047,698 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. (Standalone) Other Eliminations WeWork Inc. Cash Flows from Operating Activities: Net loss (2,632,294 ) $ (2,921,200 ) $ (2,570,018 ) $ 5,138,807 $ (2,984,705 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 364,341 — — — 364,341 Impairment/(gain on sale) of goodwill, intangibles and other assets 541,585 — — — 541,585 Non-cash 428,289 — — — 428,289 Stock-based compensation expense 159,874 — — — 159,874 Issuance of stock for services rendered, net of forfeitures (2,273 ) — — — (2,273 ) Non-cash 105,137 — — — 105,137 Provision for allowance for doubtful accounts 17,247 — — — 17,247 Equity income (loss) from consolidated subsidiaries — 2,570,018 2,568,789 (5,138,807 ) — (Income) loss from equity method and other investments 24,510 — — — 24,510 Distribution of income from equity method and other investments 3,210 3,210 Foreign currency (gain) loss 37,924 1 — — 37,925 Change in fair value of financial instruments — 350,822 — 350,822 Changes in operating assets and liabilities: Operating lease right-of-use 830,935 — — — 830,935 Current and long-term lease obligations (909,490 ) — — — (909,490 ) Accounts receivable and accrued revenue 11,630 — — — 11,630 Other assets (60,068 ) — 1,230 — (58,838 ) Accounts payable and accrued expenses (27,091 ) (13,608 ) (5 ) — (40,704 ) Deferred revenue (36,684 ) — — — (36,684 ) Other liabilities (6,327 ) 2,839 — — (3,488 ) Deferred income taxes 1,720 — — — 1,720 Advances to/from consolidated subsidiaries (10,220 ) 10,216 4 — — Net cash provided by (used in) operating activities (1,158,045 ) (912 ) — — (1,158,957 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. (Standalone) Other Eliminations WeWork Inc. Cash Flows from Investing Activities: Purchases of property and equipment (153,142 ) — — — (153,142 ) Capitalized software (17,986 ) — — — (17,986 ) Change in security deposits with landlords 2,885 — — — 2,885 Proceeds from asset divestitures and sale of investments, net of cash divested 8,319 — — 8,319 Contributions to investments (26,704 ) — — — (26,704 ) Net cash provided by (used in) investing activities (186,628 ) — — — (186,628 ) Cash Flows from Financing Activities: Principal payments for property and equipment acquired under finance leases (2,184 ) — — — (2,184 ) Proceeds from unsecured related party debt 1,000,000 — — — 1,000,000 Proceeds from Commercial Paper Facility 349,011 349,011 Repayments of security deposit loan (2,615 ) — — — (2,615 ) Proceeds from exercise of stock options and warrants 1,100 1,313 — — 2,413 Payments for contingent consideration and holdback of acquisition proceeds (2,523 ) — — — (2,523 ) Proceeds relating to contingent consideration and holdbacks of disposition proceeds 12,177 12,177 Additions to members’ service retainers 198,194 — — — 198,194 Refunds of members’ service retainers (204,763 ) — — — (204,763 ) Net cash provided by (used in) financing activities 1,348,397 1,313 — — 1,349,710 Effects of exchange rate changes on cash, cash equivalents and restricted cash (2,793 ) — — — (2,793 ) Net increase (decrease) in cash, cash equivalents and restricted cash 931 401 — 1,332 Cash, cash equivalents and restricted cash—Beginning of period 854,149 4 — — 854,153 Cash, cash equivalents and restricted cash—End of period $ 855,080 $ 405 $ — $ — $ 855,485 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. (Standalone) Other Eliminations WeWork Inc. Cash Flows from Operating Activities: Net loss $ (2,501,684 ) $ (1,047,698 ) $ (1,837,191 ) $ 3,720,496 $ (1,666,077 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 390,156 — — — 390,156 Impairment of property and equipment 2,825 — — — 2,825 Impairment/(gain on sale) of goodwill, intangibles and other assets 602,073 — (46,114 ) — 555,959 Loss on extinguishment of debt 76,295 — — 76,295 Stock-based compensation expense 44,961 — — — 44,961 Issuance of stock for services rendered 9,834 — — — 9,834 Non-cash 67,390 — — — 67,390 Provision for allowance for doubtful accounts 20,956 — — — 20,956 Equity income (loss) from consolidated subsidiaries — 1,837,191 1,883,305 (3,720,496 ) — (Income) loss from equity method and other investments 47,111 — — — 47,111 Foreign currency (gain) loss 148,854 — — — 148,854 Change in fair value of financial instruments — (792,313 ) — (792,313 ) Contingent consideration fair market value adjustment (194 ) — — — (194 ) Changes in operating assets and liabilities: Operating lease right-of-use 163,684 — — — 163,684 Current and long-term lease obligations 752,026 — — — 752,026 Accounts receivable and accrued revenue (69,988 ) — — — (69,988 ) Other assets (13,638 ) — — (13,638 ) Accounts payable and accrued expenses 7,314 (38,215 ) — — (30,901 ) Deferred revenue 36,233 — — — 36,233 Other liabilities 17,675 — — — 17,675 Advances to/from consolidated subsidiaries (41,034 ) 41,034 — — — Net cash provided by (used in) operating activities (239,151 ) (1 ) — — (239,152 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED) (Amounts in thousands) WeWork WeWork Inc. (Standalone) Other Eliminations WeWork Inc. Cash Flows from Investing Activities: Purchases of property and equipment (914,411 ) — — — (914,411 ) Capitalized software (12,705 ) — — — (12,705 ) Change in security deposits with landlords (4,875 ) — — — (4,875 ) Proceeds from asset divestitures and sale of investments, net of cash divested 994,627 — 94,249 — 1,088,876 Sale/distribution of acquisitions among consolidated subsidiaries 94,249 — (94,249 ) — — Contributions to investments (93,357 ) — — — (93,357 ) Net cash provided by (used in) investing activities 63,528 — — — 63,528 Cash Flows from Financing Activities: Principal payments for property and equipment acquired under finance leases (2,144 ) — — — (2,144 ) Proceeds from issuance of debt 32,445 — — — 32,445 Repayments of debt (759,196 ) — — — (759,196 ) Debt and equity issuance costs (4,124 ) — — — (4,124 ) Proceeds from exercise of stock options and warrants 149 — — — 149 Proceeds from issuance of noncontrolling interests 629 — — — 629 Distribution to noncontrolling interests (315,015 ) — — — (315,015 ) Payments for contingent consideration and holdback of acquisition proceeds (32,792 ) — — — (32,792 ) Additions to members’ service retainers 205,734 — — — 205,734 Refunds of members’ service retainers (280,814 ) — — — (280,814 ) Net cash provided by (used in) financing activities (1,155,128 ) — — — (1,155,128 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash (22,610 ) — — — (22,610 ) Net increase (decrease) in cash, cash equivalents and restricted cash (1,353,361 ) (1 ) — — (1,353,362 ) Cash, cash equivalents and restricted cash—Beginning of period 2,200,687 1 — — 2,200,688 Cash, cash equivalents and restricted cash—End of period $ 847,326 $ — $ — $ — $ 847,326 | Table of Contents WEWORK INC. SUPPLEMENTARY INFORMATION CONSOLIDATING FINANCIAL STATEMENTS DECEMBER 31, 2020 As a result of various legal reorganization transactions undertaken in July 2019 as discussed in Note 1 to the consolidated financial statements, The We Company became the holding company of our business, and the then-stockholders of WeWork Companies Inc. (our predecessor for financial reporting purposes) became the stockholders of The We Company. Effective on October 14, 2020, The We Company changed its legal name to WeWork Inc. WeWork Inc. holds an indirect general partner interest and indirect limited partner interests in The We Company Management Holdings L.P. (the “WeWork Partnership”). The WeWork Partnership owns 100% of the equity in WeWork Companies LLC. WeWork Inc., through the WeWork Partnership and WeWork Companies LLC, holds all the assets held by WeWork Companies Inc. prior to the legal entity reorganization and is subject to all the liabilities to which WeWork Companies Inc. was subject prior to the legal entity reorganization. Subsequent to the July 2019 legal entity reorganization, WeWork Companies LLC is the borrower under the Company’s credit facilities and the obligor on its Senior Notes, each of which is also guaranteed by WeWork Inc. The following consolidating financial statements present the results of operations, financial position and cash flows of (i) WeWork Companies LLC and its consolidated subsidiaries, (ii) WeWork Inc. as a standalone legal entity, (iii) “Other Subsidiaries”, other than WeWork Companies LLC and its consolidated subsidiaries, which are direct or indirect owners of WeWork Companies LLC, including but not limited to The WeWork Partnership, presented on a combined basis and (iv) the eliminations necessary to arrive at the information for WeWork Inc. on a consolidated basis. The legal entity reorganization was accounted for as a transfer among entities under common control and the assets and liabilities transferred are recorded based on historical cost and the consolidating financial statements including periods prior to the reorganization are presented as if the transfer occurred at the beginning of the periods presented. Investments in consolidated subsidiaries are presented under the equity method of accounting. WeWork Inc. and the Other Subsidiaries are holding companies that conduct substantially all of their business operations through WeWork Companies LLC. As of December 31, 2020, based on the covenants and other restrictions of the credit agreement and the Senior Notes, WeWork Companies LLC is restricted in its ability to transfer funds by loans, advances or dividends to WeWork Inc. and as a result all of the net assets of WeWork Companies LLC are considered restricted net assets of WeWork Inc. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2020 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Assets Current assets: Cash and cash equivalents $ 800,531 $ 4 $ — $ — $ 800,535 Accounts receivable and accrued revenue, net 176,521 — — — 176,521 Other current assets 349,672 — 2,500 — 352,172 Total current assets 1,326,724 4 2,500 — 1,329,228 Investments in and advances to/(from) consolidated subsidiaries (28,632 ) 436,385 405,255 (813,008 ) — Property and equipment, net 6,859,163 — — — 6,859,163 Lease right-of-use 15,107,880 — — — 15,107,880 Restricted cash 53,618 — — — 53,618 Equity method and other investments 214,940 — — — 214,940 Goodwill 679,351 — — — 679,351 Intangible assets, net 49,896 — — — 49,896 Other assets 1,062,258 — — — 1,062,258 Total assets $ 25,325,198 $ 436,389 $ 407,755 $ (813,008 ) $ 25,356,334 Liabilities Current liabilities: Accounts payable and accrued expenses $ 698,241 $ 25,168 $ 2 $ — $ 723,411 Members’ service retainers 358,566 — — — 358,566 Deferred revenue 176,004 — — — 176,004 Current lease obligations 847,531 — — — 847,531 Other current liabilities 83,755 — — — 83,755 Total current liabilities 2,164,097 25,168 2 — 2,189,267 Long-term lease obligations 20,263,606 — — — 20,263,606 Unsecured related party debt 1,200,000 — — — 1,200,000 Convertible related party liabilities, net — 418,908 — — 418,908 Long-term debt, net 688,356 — — — 688,356 Other liabilities 221,780 — — — 221,780 Total liabilities 24,537,839 444,076 2 — 24,981,917 Convertible preferred stock — 7,666,098 — — 7,666,098 Redeemable noncontrolling interests 380,242 — — — 380,242 Equity Total WeWork Inc. shareholders’ equity (deficit) 405,255 (7,673,785 ) 407,753 (813,008 ) (7,673,785 ) Noncontrolling interests 1,862 — — — 1,862 Total equity (deficit) 407,117 (7,673,785 ) 407,753 (813,008 ) (7,671,923 ) Total liabilities and equity $ 25,325,198 $ 436,389 $ 407,755 $ (813,008 ) $ 25,356,334 CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Assets Current assets: Cash and cash equivalents $ 1,340,139 $ 1 $ — $ — $ 1,340,140 Accounts receivable and accrued revenue 230,239 — — — 230,239 Lease incentives receivable — — — — — Due from related parties — — — — — Assets held for sale 134,958 — — — 134,958 Other current assets 422,938 — — — 422,938 Total current assets 2,128,274 1 — — 2,128,275 Investments in and advances to/(from) consolidated subsidiaries (89,515 ) 4,141,631 4,052,116 (8,104,232 ) — Property and equipment, net 8,399,541 — — — 8,399,541 Lease right-of-use 17,496,004 — — — 17,496,004 Restricted cash 856,255 — — — 856,255 Deferred lease acquisition costs, net — — — — — Equity method and other investments 203,719 — — — 203,719 Goodwill 698,416 — — — 698,416 Intangible assets, net 79,865 — — — 79,865 Other assets 1,286,180 (441 ) — — 1,285,739 Total assets $ 31,058,739 $ 4,141,191 $ 4,052,116 $ (8,104,232 ) $ 31,147,814 Liabilities Current liabilities: Accounts payable and accrued expenses $ 1,281,677 $ 90,000 $ — $ — $ 1,371,677 Members’ service retainers 605,574 — — — 605,574 Deferred revenue 180,390 — — — 180,390 Current lease obligations 685,629 — — — 685,629 Liabilities held for sale 25,442 — — — 25,442 Other current liabilities 95,411 123,409 — — 218,820 Total current liabilities 2,874,123 213,409 — — 3,087,532 Long-term lease obligations 21,251,163 — — — 21,251,163 Convertible related party liabilities, net — 2,151,075 — — 2,151,075 Long-term debt, net 1,389,431 — — — 1,389,431 Other liabilities 137,641 — — — 137,641 Total liabilities 25,652,358 2,364,484 — — 28,016,842 Convertible preferred stock — 6,473,604 — — 6,473,604 Redeemable noncontrolling interests 1,032,080 — — — 1,032,080 Equity Total WeWork Inc. shareholders’ equity (deficit) 4,052,116 (4,696,897 ) 4,052,116 (8,104,232 ) (4,696,897 ) Noncontrolling interests 322,185 — — — 322,185 Total equity (deficit) 4,374,301 (4,696,897 ) 4,052,116 (8,104,232 ) (4,374,712 ) Total liabilities and equity $ 31,058,739 $ 4,141,191 $ 4,052,116 $ (8,104,232 ) $ 31,147,814 CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2020 (Amounts in thousands) WeWork WeWork Other Eliminations WeWork Revenue $ 3,415,865 $ — $ — $ — $ 3,415,865 Expenses: Location operating expenses 3,542,918 — — — 3,542,918 Pre-opening 273,049 — — — 273,049 Selling, general and administrative expenses 1,604,311 330 28 — 1,604,669 Restructuring and other related costs 206,703 — — — 206,703 Impairment/(gain on sale) of goodwill, intangibles and other assets 1,409,234 — (53,313 ) — 1,355,921 Depreciation and amortization 779,368 — — — 779,368 Total expenses 7,815,583 330 (53,285 ) — 7,762,628 Loss from operations (4,399,718 ) (330 ) 53,285 — (4,346,763 ) Interest and other income (expense), net: Equity income (loss) from consolidated subsidiaries — (3,949,108 ) (4,002,393 ) 7,951,501 — Income (loss) from equity method and other investments (44,788 ) — — — (44,788 ) Interest expense (331,217 ) — — — (331,217 ) Interest income 16,910 — — — 16,910 Foreign currency gain (loss) 149,204 (8 ) — — 149,196 Gain from change in fair value of related party financial instruments — 819,647 — — 819,647 Loss on extinguishment of debt (77,336 ) — — — (77,336 ) Total interest and other income (expense), net (287,227 ) (3,129,469 ) (4,002,393 ) 7,951,501 532,412 Pre-tax (4,686,945 ) (3,129,799 ) (3,949,108 ) 7,951,501 (3,814,351 ) Income tax benefit (provision) (19,947 ) 441 — — (19,506 ) Net loss (4,706,892 ) (3,129,358 ) (3,949,108 ) 7,951,501 (3,833,857 ) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests — mezzanine 675,631 — — — 675,631 Noncontrolling interest — equity 28,868 — — — 28,868 Net loss attributable to WeWork Inc. $ (4,002,393 ) $ (3,129,358 ) $ (3,949,108 ) $ 7,951,501 $ (3,129,358 ) Table of Contents CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2019 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Revenue $ 3,458,592 $ — $ — $ — $ 3,458,592 Expenses: Location operating expenses 2,758,318 — — — 2,758,318 Pre-opening 571,968 — — — 571,968 Selling, general and administrative expense 2,793,178 485 2,793,663 Restructuring and other related costs 329,221 — — 329,221 Impairment/(gain on sale) of goodwill, intangibles and other assets 335,006 — — — 335,006 Depreciation and amortization 589,914 — — — 589,914 Total expenses 7,377,605 485 — — 7,378,090 Loss from operations (3,919,013 ) (485 ) — — (3,919,498 ) Interest and other income (expense), net: Equity income (loss) from consolidated subsidiaries — (3,046,346 ) (3,046,346 ) 6,092,692 — Income (loss) from equity method and other investments (32,206 ) — — — (32,206 ) Interest expense (99,587 ) — — — (99,587 ) Interest income 53,244 — — — 53,244 Foreign currency gain (loss) 29,652 — — — 29,652 Gain (loss) from change in fair value of related party financial instruments 456,611 (217,466 ) — — 239,145 Total interest and other income (expense), net 407,714 (3,263,812 ) (3,046,346 ) 6,092,692 190,248 Pre-tax (3,511,299 ) (3,264,297 ) (3,046,346 ) 6,092,692 (3,729,250 ) Income tax benefit (provision) (45,196 ) (441 ) — — (45,637 ) Net loss (3,556,495 ) (3,264,738 ) (3,046,346 ) 6,092,692 (3,774,887 ) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests — mezzanine 493,047 — — — 493,047 Noncontrolling interest — equity 17,102 — — — 17,102 Net loss attributable to WeWork Inc. $ (3,046,346 ) $ (3,264,738 ) $ (3,046,346 ) $ 6,092,692 $ (3,264,738 ) CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2020 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Cash Flows from Operating Activities: Net loss (4,706,892 ) $ (3,129,358 ) $ (3,949,108 ) $ 7,951,501 $ (3,833,857 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 779,368 — — — 779,368 Impairment of property and equipment 3,066 — — — 3,066 Impairment/(gain on sale) of goodwill, intangibles and other assets 1,409,234 — (53,313 ) — 1,355,921 Loss on extinguishment of debt 77,336 — — 77,336 Stock-based compensation expense 62,776 — — — 62,776 Cash paid to settle employee stock awards (3,141 ) — — — (3,141 ) Issuance of stock for services rendered 7,893 — — — 7,893 Non-cash 172,112 — — — 172,112 Provision for allowance for doubtful accounts 67,482 — — — 67,482 Equity income (loss) from consolidated subsidiaries — 3,949,108 4,002,393 (7,951,501 ) — (Income) loss from equity method and other investments 44,788 — — — 44,788 Distribution of income from equity method and other investments 4,191 4,191 Foreign currency (gain) loss (149,204 ) 8 — — (149,196 ) Change in fair value of financial instruments — (819,647 ) — (819,647 ) Contingent consideration fair market value adjustment (122 ) — — — (122 ) Changes in operating assets and liabilities: Operating lease right-of-use 1,024,709 — — — 1,024,709 Current and long-term lease obligations 502,025 — — — 502,025 Accounts receivable and accrued revenue (32,749 ) — — — (32,749 ) Other assets (28,148 ) — — — (28,148 ) Accounts payable and accrued expenses (99,360 ) (64,832 ) 2 — (164,190 ) Deferred revenue 32,803 — — — 32,803 Other liabilities 39,731 — — — 39,731 Deferred income taxes 282 (441 ) — — (159 ) Advances to/from consolidated subsidiaries (65,191 ) 65,165 26 — — Net cash provided by (used in) operating activities (857,011 ) 3 — — (857,008 ) Table of Contents CONSOLIDATING STATEMENT OF CASH FLOWS(continued) FOR THE YEAR ENDED DECEMBER 31, 2020 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Cash Flows from Investing Activities: Purchases of property and equipment (1,441,232 ) — — — (1,441,232 ) Capitalized software (22,614 ) — — — (22,614 ) Sale of software license — — — — — Change in security deposits with landlords 526 — — — 526 Proceeds from asset divestitures and sale of investments, net of cash divested 1,047,321 — 125,539 — 1,172,860 Sale/distribution of acquisitions among consolidated subsidiaries 125,539 — (125,539 ) — — Contributions to investments (99,146 ) — — — (99,146 ) Deconsolidation of cash of ChinaCo, net of cash received (54,481 ) (54,481 ) Net cash provided by (used in) investing activities (444,087 ) — — — (444,087 ) Cash Flows from Financing Activities: Principal payments for property and equipment acquired under finance leases (4,021 ) — — — (4,021 ) Proceeds from issuance of debt 34,309 — — — 34,309 Proceeds from unsecured related party debt 1,200,000 — — — 1,200,000 Repayments of debt (813,140 ) — — — (813,140 ) Debt and equity issuance costs (12,039 ) — — — (12,039 ) Proceeds from exercise of stock options and warrants 212 — — — 212 Proceeds from issuance of noncontrolling interests 100,628 — — — 100,628 Distributions to noncontrolling interests (319,860 ) — — — (319,860 ) Payments for contingent consideration and holdback of acquisition proceeds (39,701 ) — — — (39,701 ) Proceeds relating to contingent consideration and holdbacks of disposition proceeds 613 613 Additions to members’ service retainers 382,184 — — — 382,184 Refunds of members’ service retainers (575,999 ) — — — (575,999 ) Net cash provided by (used in) financing activities (46,814 ) — — — (46,814 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash 1,374 — — — 1,374 Net increase (decrease) in cash, cash equivalents and restricted cash (1,346,538 ) 3 — — (1,346,535 ) Cash, cash equivalents and restricted cash — Beginning of period 2,200,687 1 — — 2,200,688 Cash, cash equivalents and restricted cash — End of period $ 854,149 $ 4 $ — $ — $ 854,153 CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2019 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Cash Flows from Operating Activities: Net loss $ (3,556,495 ) $ (3,264,738 ) $ (3,046,346 ) $ 6,092,692 $ (3,774,887 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 589,914 — — — 589,914 Impairment of property and equipment 63,128 — — — 63,128 Impairment/(gain on sale) of goodwill, intangibles and other assets 335,006 — — — 335,006 Non-cash 185,000 — — — 185,000 Stock-based compensation expense 358,969 — — — 358,969 Issuance of common stock for services rendered 20,367 — — — 20,367 Noncash interest expense 14,917 — — — 14,917 Provision for allowance for doubtful accounts 22,221 — — — 22,221 Equity income (loss) from consolidated subsidiaries — 3,046,346 3,046,346 (6,092,692 ) — (Income) loss from equity method and other investments 32,206 — — — 32,206 Foreign currency (gain) loss (30,915 ) — — — (30,915 ) Change in fair value of financial instruments (456,611 ) 217,466 — (239,145 ) Contingent consideration fair market value adjustment (60,667 ) — — — (60,667 ) Changes in operating assets and liabilities: Operating lease right-of-use (5,850,744 ) — — — (5,850,744 ) Current and long-term lease obligations 7,672,358 — — — 7,672,358 Accounts receivable and accrued revenue (175,262 ) — — — (175,262 ) Other assets (126,870 ) — — (126,870 ) Accounts payable and accrued expenses 300,609 90,000 — — 390,609 Deferred revenue 90,445 — — — 90,445 Other liabilities (84,569 ) 123,409 — — 38,840 Deferred income taxes (4,175 ) 441 — — (3,734 ) Advances to/from consolidated subsidiaries 212,923 (212,923 ) — — — Net cash used in operating activities (448,245 ) 1 — — (448,244 ) Cash Flows from Investing Activities: Purchases of property and equipment (3,488,086 ) — — — (3,488,086 ) Capitalized software (40,735 ) — — — (40,735 ) Change in security deposits with landlords (140,071 ) — — — (140,071 ) Proceeds from asset divestitures and sale of investments 16,599 — — — 16,599 Contributions to investments (80,674 ) — — — (80,674 ) Loans to employees and related parties (5,580 ) — — — (5,580 ) Cash used for acquisitions, net of cash acquired (992,980 ) (43,993 ) — — (1,036,973 ) Sale of acquisitions to consolidated subsidiaries (43,993 ) 43,993 — — — Net cash used in investing activities (4,775,520 ) — — — (4,775,520 ) Table of Contents CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2019 (Amounts in thousands) WeWork WeWork Inc. Other Eliminations WeWork Inc. Cash Flows from Financing Activities: Principal payments for property and equipment acquired under finance leases (3,590 ) — — — (3,590 ) Proceeds from issuance of debt 662,395 — — — 662,395 Proceeds from issuance of convertible related party liabilities 2,500,000 1,500,000 — — 4,000,000 Advances to/from consolidated subsidiaries 1,500,000 (1,500,000 ) — — — Repayments of debt (3,088 ) — — — (3,088 ) Bond repurchase (32,352 ) — — — (32,352 ) Debt and equity issuance costs (71,075 ) — — — (71,075 ) Proceeds from exercise of stock options and warrants 38,823 — — — 38,823 Proceeds from issuance of noncontrolling interests 538,934 — — — 538,934 Distributions to noncontrolling interests (40,000 ) — — — (40,000 ) Payments for contingent consideration and holdback of acquisition proceeds (38,280 ) — — — (38,280 ) Additions to members’ service retainers 703,265 — — — 703,265 Refunds of members’ service retainers (497,761 ) — — — (497,761 ) Net cash provided by financing activities 5,257,271 — — — 5,257,271 Effects of exchange rate changes on cash, cash equivalents and restricted cash 3,239 — — — 3,239 Net increase (decrease) in cash, cash equivalents and restricted cash 36,745 1 — — 36,746 Cash, cash equivalents and restricted cash — Beginning of period 2,163,942 — — — 2,163,942 Cash, cash equivalents and restricted cash — End of period $ 2,200,687 $ 1 $ — $ — $ 2,200,688 |
Quarterly Financial Information
Quarterly Financial Information | 7 Months Ended |
Dec. 31, 2020 | |
BOWX ACQUISITION CORP [Member] | |
Quarterly Financial Information | Note 11 — Quarterly Financial Information (Unaudited) The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2020 that has been updated to reflect the restatement and revision of the Company’s financial statements as described in Note 2—Restatement of Previously Issued Financial Statements. The Company has not amended its previously filed Quarterly Report on Form 10-Q Unaudited Condensed Balance Sheet As of September 30, 2020 As Previously Restatement As Restated Unaudited Condensed Balance Sheet Total assets $ 484,512,579 $ — $ 484,512,579 Liabilities and stockholders’ equity Total current liabilities $ 150,841 $ — $ 150,841 Deferred underwriting commissions 16,905,000 — 16,905,000 Warrant liabilities — 9,872,133 9,872,133 Total liabilities 17,055,841 9,872,133 26,927,974 Class A common stock, $0.0001 par value; shares subject to possible redemption 462,456,730 (9,872,130 ) 452,584,600 Stockholders’ equity Preferred stock - $0.0001 par value — — — Class A common stock - $0.0001 par value 205 99 304 Class B common stock - $0.0001 par value 1,208 — 1,208 Additional paid-in-capital 5,083,079 1,252,975 6,336,054 Accumulated deficit (84,484 ) (1,253,077 ) (1,337,561 ) Total stockholders’ equity 5,000,008 (3 ) 5,000,005 Total liabilities and stockholders’ equity $ 484,512,579 $ — $ 484,512,579 For the Period from May 19, 2020 (inception) to As Previously Restatement As Restated Unaudited Condensed Statement of Operations Loss from operations $ (165,691 ) $ — $ (165,691 ) Change in fair value of warrant liabilities — (1,243,733 ) (1,243,733 ) Offering costs associated with private placement warrants — (9,344 ) (9,344 ) Net gain from investments held in Trust Account 83,554 — 83,554 Loss before income tax expense (82,137 ) (1,253,077 ) (1,335,214 ) Income tax expense 2,347 — 2,347 Net loss $ (84,484 ) $ (1,253,077 ) $ (1,337,561 ) Weighted average Class A common stock outstanding, basic and diluted 47,612,727 — 47,612,727 Basic and diluted net income per Class A common stock $ — $ — $ — Weighted average Class B common stock outstanding, basic and diluted 12,075,000 — 12,075,000 Basic and diluted net loss per Class B common stock $ (0.01 ) $ (0.10 ) $ (0.11 ) For the Three Months Ended September 30, 2020 As Previously Restatement As Restated Unaudited Condensed Statement of Operations Loss from operations $ (142,226 ) $ — $ (142,226 ) Change in fair value of warrant liabilities — (1,243,733 ) (1,243,733 ) Offering costs associated with private placement warrants — (9,344 ) (9,344 ) Net gain from investments held in Trust Account 83,554 — 83,554 Loss before income tax expense (58,672 ) (1,253,077 ) (1,311,749 ) Income tax expense 2,347 — 2,347 Net loss $ (61,019 ) $ (1,253,077 ) $ (1,314,096 ) Weighted average Class A common stock outstanding, basic and diluted 47,612,727 — 47,612,727 Basic and diluted net income per Class A common stock $ — $ — $ — Weighted average Class B common stock outstanding, basic and diluted 12,075,000 — 12,075,000 Basic and diluted net loss per Class B common stock $ (0.01 ) $ (0.10 ) $ (0.11 ) For the Period from May 19, 2020 (inception) to As Restatement As Restated Unaudited Condensed Statement of Cash Flows Net cash used in operating activities (548,409 ) — (548,409 ) Net cash used in investing activities (483,000,000 ) — (483,000,000 ) Net cash provided by financing activities 484,520,841 — 484,520,841 Net change in cash $ 972,432 $ — $ 972,432 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Basis of Presentation and Principles of Consolidation | Basis of Quarterly Presentation and Principles of Consolidation financial statements reflect all normal recurring adjustments, which are considered necessary for the fair presentation of the financial position of the Company at June 30, 2021 and the results of operations for the interim periods presented. The operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020, included in WeWork Inc.’s Annual Report for the year ended December 31, 2020. Other than the changes described below, no material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies The Company operates as a single operating segment. See Note 18 for further discussion on the Company’s segment reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company is required to consolidate entities deemed to be VIEs in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when the Company has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. JapanCo, WeCap Manager and WeCap Holdings Partnership (each as defined and discussed in Note 5) are the Company’s only consolidated VIEs as of June 30, 2021. In March 2020, in connection with the sale of the property held by the 424 Fifth Venture (the “424 Fifth Venture Transaction”), redemption payments were made to the noncontrolling interest holders in the 424 Fifth Venture and the 424 Fifth Venture became a wholly owned subsidiary of the Company and is no longer a VIE. In April 2020, in connection with the SoftBank Transactions, the Company completed the acquisition of the noncontrolling interest in PacificCo (as defined in Note 5) and PacificCo became a wholly owned subsidiary of the Company and is no longer a VIE. In September 2020, the Company transferred its variable interest and control over the Creator Fund to an affiliate of SBG and the Creator Fund was deconsolidated from the Company’s financial statements. In October 2020, the Company restructured its ownership interests in ChinaCo (as defined in Note 5) such that the Company is no longer the primary beneficiary of ChinaCo and as a result, beginning on October 2, 2020, ChinaCo was deconsolidated (the “ChinaCo Deconsolidation”) and the Company’s remaining ordinary share investment represents an unconsolidated VIE that is accounted for as an equity method investment. See Note 5 for further discussion of these transactions. See Note 6 for discussion of the Company’s non-consolidated A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the condensed consolidated balance sheets and the presentation of net income in the condensed consolidated statements of comprehensive loss, is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. The Company’s convertible preferred stock and noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the control of the Company are classified outside of permanent equity. As it is not probable that amounts will become redeemable, no remeasurement is required. The Company will continue to monitor the probability of redemption. The Company’s noncontrolling interests that have redemption features within the Company’s control are classified within permanent equity and are described further below. The redemption value of the WeWork Partnerships Profits Interest Units (as discussed in Note 14) that were awarded to management are measured based upon the aggregate redemption value and takes into account the proportion of employee services rendered under the WeWork Partnerships Profits Interest Units vesting provisions. The redemption value will vary from period to period based upon the fair value of the Company, whereby the intrinsic value (per-unit per-unit paid-in-capital. The Company’s other noncontrolling interests represent substantive profit-sharing arrangements and profits and losses are attributed to the controlling and noncontrolling interests using the hypothetical-liquidation-at-book-value | Basis of Presentation and Principles of Consolidation The Company is required to consolidate entities deemed to be VIEs in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when the Company has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. JapanCo, WeCap Manager and WeCap Holdings Partnership (each as defined and discussed in Note 6) are the Company’s only consolidated VIEs as of December 31, 2020. In March 2020, in connection with the sale of the property held by the 424 Fifth Venture (the “424 Fifth Venture Transaction”), redemption payments were made to the noncontrolling interest holders in the 424 Fifth Venture and the 424 Fifth Venture became a wholly owned subsidiary of the Company and is no longer a VIE. In April 2020, in connection with the SoftBank Transactions, the Company completed the acquisition of the noncontrolling interest in PacificCo (as defined in Note 6) and PacificCo became a wholly owned subsidiary of the Company and is no longer a VIE. In September 2020, the Company transferred its variable interest and control over the Creator Fund (as defined in Note 6) to an affiliate of SBG and the Creator Fund was deconsolidated from the Company’s financial statements. In October 2020, the Company restructured its ownership interests in ChinaCo (as defined in Note 6) such that the Company is no longer the primary beneficiary of ChinaCo and as a result, beginning on October 2, 2020, ChinaCo was deconsolidated (the “ChinaCo Deconsolidation”) and the Company’s remaining ordinary share investment represents an unconsolidated VIE that is accounted for as an equity method investment. See Note 6 for further discussion of these transactions. See Note 11 for discussion of the Company’s non-consolidated A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheets and the presentation of net income in the consolidated statements of comprehensive loss, is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. The Company’s convertible preferred stock and noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the control of the Company are classified outside of permanent equity. As it is not probable that amounts will become redeemable, no remeasurement is required. The Company will continue to monitor the probability of redemption. The Company’s noncontrolling interests that have redemption features within the Company’s control are classified within permanent equity and are described further below. The redemption value of the WeWork Partnerships Profits Interest Units (as discussed in Note 22) that were awarded to management are measured based upon the aggregate redemption value and takes into account the proportion of employee services rendered under the WeWork Partnerships Profits Interest Units vesting provisions. The redemption value will vary from period to period based upon the fair value of the Company, whereby the intrinsic value (per-unit fair value of the Company is greater than the per-unit distribution threshold) will be reflected as a noncontrollling interests in the equity section of the consolidated balance sheets with a corresponding entry to additional paid-in-capital. The intrinsic value of the WeWork Partnership Profits Interests will be remeasured each period until the WeWork Partnerships Profits Interests are converted to shares. The Company’s other noncontrolling interests represent substantive profit-sharing arrangements and profits and losses are attributed to the controlling and noncontrolling interests using the hypothetical-liquidation-at-book-value | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As described in Note 2 — Restatement of Previously Issued Financial Statements, the Company’s financial statements for the Affected Periods are restated in this Annual Report on Form 10-K/A | ||
Use of Estimates | Use of Estimates Estimates inherent in the current financial reporting process inevitably involve assumptions about future events. Actual results could differ from those estimates. Since December 2019, a novel strain of coronavirus, referred to as the COVID-19 COVID-19 stay-at-home COVID-19 Our liquidity forecasts are based upon continued execution of the Company’s operational restructuring program and also includes management’s best estimate of the impact that the outbreak of COVID-19, COVID-19 COVID-19, | Use of Estimates Estimates inherent in the current financial reporting process inevitably involve assumptions about future events. Actual results could differ from those estimates. Since December 2019, a novel strain of coronavirus, referred to as the COVID-19 COVID-19 stay-at-home COVID-19 Our liquidity forecasts are based upon continued execution of the Company’s operational restructuring program and also includes management’s best estimate of the impact that the outbreak of COVID-19 COVID-19 COVID-19, pre-COVID | |
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Restricted Cash | Restricted Cash | Restricted Cash | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”) Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense when received. As of June 30, 2021 and December 31, 2020, the Company recorded $99.7 million and $107.8 million, respectively, as an allowance for doubtful accounts on accounts receivable and accrued revenue. | Allowance for Doubtful Accounts No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”) Recently Adopted Accounting Pronouncements” Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense when received. As of December 31, 2020 and 2019, the Company recorded $107.8 million and $16.7 million, respectively, as an allowance for doubtful accounts on accounts receivable and accrued revenue. | |
Property and Equipment | Property and Equipment three | ||
Business Combinations | Business Combinations Transaction costs associated with business combinations are expensed as incurred, and are included in selling, general and administrative expenses in our consolidated statements of operations. | ||
Goodwill | Goodwill The guidance for goodwill impairment testing begins with an optional qualitative assessment to determine whether it is more likely than not that goodwill is impaired. The Company is not required to perform a quantitative impairment test unless it is determined, based on the results of the qualitative assessment, that it is more likely than not that goodwill is impaired. The quantitative impairment test is prepared at the reporting unit level. In performing the impairment test, management compares the estimated fair values of the applicable reporting units to their aggregate carrying values, including goodwill. If the carrying amounts of a reporting unit including goodwill were to exceed the fair value of the reporting unit, an impairment loss is recognized within our consolidated statements of operations in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The process of evaluating goodwill for impairment requires judgments and assumptions to be made to determine the fair value of the reporting unit, including discounted cash flow calculations, assumptions market participants would make in valuing each reporting unit and the level of the Company’s own share price. | ||
Intangible Assets, net | Intangible Assets, net Acquired intangible assets are carried at cost and finite-lived intangible asset are amortized on a straight-line basis over their estimated useful lives. We determine the appropriate useful life of our intangible assets by measuring the expected cash flows of acquired assets. The initial estimated useful life of the Company’s finite-lived intangible assets range from one year to ten years. The Company tests goodwill and indefinite-lived intangible asset balances for impairment annually in the fourth quarter of each year as of October 1, or more frequently if circumstances indicate that the value of goodwill may be impaired. | ||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets right-of-use non-core COVID-19, non-routine non-routine | ||
Assets Held for Sale | Assets Held for Sale Assets that are classified as held for sale and the related liabilities directly associated with those that will be transferred in that transaction are initially measured at the lower of their carrying value or fair value less any costs to sell and depreciation and amortization expense is no longer recorded. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. The fair value of assets held for sale less any costs to sell is assessed each reporting period they remain classified as held for sale and any subsequent changes are reported as an adjustment to the carrying amount of the assets, as long as the adjusted carrying amount does not exceed the carrying amount of the assets at the time it was initially classified as held for sale. Gains are not recognized on the sale of an asset until the date of sale. During the fourth quarter of 2019, management approved the disposal through sale of certain assets and businesses. As of December 31, 2019, these assets and the liabilities directly associated with those assets that were expected to be transferred in those transactions were reclassified to held for sale on the accompanying balance sheet. These disposal transactions and others that closed during 2020 did not qualify as discontinued operations. As of December 31, 2020 there are no assets classified as held for sale. See Note 8 for further discussion. | ||
Deferred Financing Costs | Deferred Financing Costs | ||
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers, Revenue Recognition Leases The Company’s primary revenue categories, related performance obligations and associated recognition patterns are as follows: Membership and Service Revenue Membership revenue consists primarily of fees from members, net of discounts for the access to office space provided. The majority of the Company’s membership contracts are accounted for as revenue in accordance with ASC 606 and are recognized over time, evenly on a ratable basis, over the life of the agreement, as services are provided and the performance obligation is satisfied. Certain of the Company’s membership contracts with its members related to “configured” workspaces which meet the definition of operating leases under ASC 842. The Company has elected not to separate non-lease Service revenue consists of additional billings to members for the ancillary services they may access through their memberships in excess of monthly allowances included in membership revenue, commissions earned by the Company on various services and benefits provided to our members and management fee income for services provided to Unconsolidated Locations subject to joint venture or other management arrangements, which as of December 31, 2020 included locations in India (“IndiaCo”) and Greater China (as defined in Note 6 (“ChinaCo”)). Members may elect whether they want to add-on add-on add-on add-on The Company’s individual locations may include a combination of membership contracts for which revenue is recognized in accordance with ASC 606 and ASC 842 and the location operating expenses are incurred for the location as a whole and not segregated by individual member spaces and as a result, when evaluating the cost of services for membership and service revenue, both contract types are combined to evaluate the gross profit or performance of an individual location. Other Revenue space-as-a-service. Design and development services performed are recognized as revenue over time based on a percentage of contract costs incurred to date compared to the total estimated contract cost. The Company identifies only the specific costs incurred which contribute to the Company’s progress in satisfying the performance obligation. Contracts are generally segmented between types of services, such as consulting contracts, design and construction contracts, and operate contracts. Revenues related to each respective type of contract are recognized as or when the respective performance obligations are satisfied. When total cost estimates for these types of arrangements exceed revenues in a fixed-price arrangement, the estimated losses are recognized immediately. The Company performs ongoing profitability analyses of its design and build services contracts accounted for using a cost-to-cost catch-up Pre-contract Income generated from sponsorships and ticket sales from WeWork branded events are recognized upon the occurrence of the event. Other revenues are generally recognized over time, on a monthly basis, as the services are performed. Billing terms and conditions generally vary by contract category. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., upfront, monthly or quarterly) or upon achievement of contractual milestones. For most of our standard memberships which are typically invoiced monthly, our payment terms are immediate. In most cases where timing of revenue recognition significantly differs from the timing of invoicing, the Company has determined that its contracts do not include a significant financing component. The Company elects the financing component practical expedient and does not adjust the promised amount of consideration in contracts where the time between cash collection and performance is less than one year. Members’ Service Retainers non-payment Contract Assets and Receivables Deferred Revenue Assets Recognized from the Costs to Obtain a Contract with a Customer underlying contract period if the Company expects to recover those costs. The incremental costs of obtaining a contract include only those costs the Company incurs to obtain a contract that it would not have incurred if the contract had not been obtained. The costs associated with significant member referral fees are amortized over the underlying contract period, even if the contract term is less than twelve months. Taxes collected from customers and remitted to governmental authorities are presented on a net basis. | ||
Leasing Arrangements | Leasing Arrangements Leases The Company has a significant portfolio of real estate leases entered into in connection with operating its business. The Company also leases certain equipment and has service contracts, including warehouse agreements, where we control identified assets, such as warehouse space, and therefore these arrangements represent embedded leases under ASC 842. The Company determines whether an arrangement is a lease at inception. The Company has made an accounting policy election to exempt leases with an initial term of 12 months or less from being recognized on the balance sheet. Short-term leases primarily relate to leases of office equipment and are not significant in comparison to the Company’s overall real estate portfolio. Payments related to those leases are recognized in the consolidated statement of operations on a straight-line basis over the lease term. For leases with initial terms of greater than 12 months, the Company determines its classification as an operating or finance lease. At lease commencement, the Company recognizes a lease obligation and corresponding right-of-use The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company utilized a model consistent with the credit quality for its outstanding debt instruments to estimate its specific incremental borrowing rates that align with applicable lease terms. Non-cancelable 10-20 right-of-use The Company’s leases may include base rent payments and rent payments that include escalation terms on the amount of base rent which may vary by market with examples including fixed-rent escalations or escalations based on an inflation index or other market adjustments. Variable lease payments that depend on an index or rate are included in lease payments and are measured using the prevailing index or rate at lease inception or the measurement date. Changes to the index or rate are recognized in the period of change. Most leases require the Company to pay common area maintenance, real estate taxes and other similar costs. Common area maintenance is considered a non-lease non-lease non-lease The Company expends cash for leasehold improvements and to build out and equip its leased locations. Generally, a portion of the cost of leasehold improvements is reimbursed to us by our landlords as a tenant improvement allowance. The Company may also receive a broker commission from the lessor for its role in identifying and negotiating certain of the Company’s leases. The Company recognizes lease incentives receivable relating to tenant improvement allowances and broker commissions receivable for its role in negotiating the Company’s leases, as a reduction of fixed lease payments at the lease commencement date, reducing the initial measurement of the lease obligation and right-of-use The Company also incurs certain costs in connection with obtaining or modifying a lease. Initial direct costs, or incremental costs of a lease that would not have been incurred if the lease had not been obtained, are included in the initial and subsequent measurement of the right-of-use The Company evaluates its right-of-use Operating Lease Cost For leases that qualify as operating leases, the Company recognizes the associated fixed lease cost on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Company enters the leased premises and begins to make improvements in preparation for its intended use. Cash payments made to landlords reduce the Company’s total lease obligation while the accretion of the lease obligation using the effective interest rate method, increases the liability over time. The difference between the total lease cost expensed on a straight-line basis and the accretion of the lease obligation over time using the effective interest rate method is recognized as a reduction to the lease right-of-use Variable lease cost includes any contingent rent payments based on percentages of revenue or other profitability metrics as defined in the lease, common area maintenance, the Company’s share of real estate taxes, or similar charges that are variable in nature. Variable lease costs are not included as lease payments in the calculation of the lease obligation and are included in variable lease costs as incurred and when probable. All cash payments for lease costs and cash receipts for lease incentives are included within operating activities in the statements of cash flows. Finance Lease Cost right-of-use In the statements of cash flows, cash payments associated with finance leases are allocated between financing cash flows, for the portion related to the reduction of the lease obligation, and operating cash flows for the portion representing interest expense. Lease Modifications/Termination Fees Asset Retirement Obligations | ||
Location Operating Expenses | Location Operating Expenses | ||
Pre-opening Location Expenses | Pre-opening Pre-opening Pre-opening operations and all members have been relocated to a new workspace location, prior to management’s decision to enter negotiations to terminate a lease. The primary components of pre-opening | ||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses also Includes cost of revenue in the amount of $248.8 million, $384.7 million and $164.7 million during the years ended December 31, 2020, 2019 and 2018, respectively, excluding depreciation and amortization of $0.2 million, $14.1 million and $12.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with our Powered by We on-site space-as-a-service Also included are corporate design, development, warehousing, logistics and real estate costs and expenses incurred researching and pursuing new markets, solutions and services, and other expenses related to the Company’s growth and global expansion incurred during periods when the Company was focused on expansion. These costs include non-capitalized write-off | ||
Restructuring and Other Related Costs | Restructuring and Other Related Costs Exit or Disposal Cost Obligations one-time | ||
Stock-Based Compensation | Stock Based Compensation non-employees non-employee The Company generally estimates the fair value of stock option awards granted using the Black-Scholes-Merton option-pricing formula (the “Black-Scholes Model”) and a single option award approach. This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate, and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method.” This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. Dividend yields are based on the Company’s history and expected future actions. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant. In situations where the exercise price of a stock option is greater than the fair market value of the Company’s common stock on the date of grant, the Company estimates the fair value of stock option awards granted using the binomial model. The binomial model incorporates assumptions regarding anticipated employee exercise behavior, expected stock price volatility, dividend yield and risk-free interest rate. Anticipated employee exercise behavior and expected post-vesting cancellations over the contractual term used in the binomial model are primarily based on historical exercise patterns. These historical exercise patterns indicate that exercise behavior between employee groups is not significantly different. For our expected stock price volatility assumption, the Company weights historical volatility and implied volatility and uses daily observations for historical volatility, while our implied volatility assumptions are based on actively traded options related to our common stock. The expected term is derived from the binomial model, based on assumptions incorporated into the binomial model as described above. The Company estimated the fair value of the WeWork Partnerships Profits Interest Units awards in connection with the modification of the original stock options using the Hull-White model and a binomial lattice model in order to apply appropriate weight and consideration of the associated distribution threshold and catch-up Because the Company is privately held and there is no public market for our stock, the fair value of the Company’s equity is approved by the Company’s Board of Directors or the Compensation Committee thereof as of the date stock-based awards are granted. In estimating the fair value of our stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date. The Company has elected to recognize forfeitures of stock-based compensation awards as they occur. For awards subject to performance conditions, no compensation cost will be recognized before the performance condition is probable of being achieved. Recognition of any compensation expense relating to stock grants that vest contingent on an initial public offering or “Acquisition” (as defined in the 2015 Plan detailed in Note 14) will be deferred until consummation of such initial public offering or Acquisition. | Stock-Based Compensation non-employees non-employee The Company generally estimates the fair value of stock option awards granted using the Black-Scholes-Merton option-pricing formula (the “Black-Scholes Model”) and a single option award approach. This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate, and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method”. This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. Dividend yields are based on the Company’s history and expected future actions. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant. In situations where the exercise price of a stock option is greater than the fair market value of the Company’s common stock on the date of grant, the Company estimates the fair value of stock option awards granted using the binomial model. The binomial model incorporates assumptions regarding anticipated employee exercise behavior, expected stock price volatility, dividend yield and risk-free interest rate. Anticipated employee exercise behavior and expected post-vesting cancellations over the contractual term used in the binomial model are primarily based on historical exercise patterns. These historical exercise patterns indicate that exercise behavior between employee groups is not significantly different. For our expected stock price volatility assumption, the Company weights historical volatility and implied volatility and uses daily observations for historical volatility, while our implied volatility assumptions are based on actively traded options related to our common stock. The expected term is derived from the binomial model, based on assumptions incorporated into the binomial model as described above. The Company estimated the fair value of the WeWork Partnerships Profits Interest Units awards in connection with the modification of the original stock options using the Hull-White model and a binomial lattice model in order to apply appropriate weight and consideration of the associated distribution threshold and catch-up Because the Company is privately held and there is no public market for our stock, the fair value of the Company’s equity is approved by the Company’s Board of Directors or the Compensation Committee thereof as of the date stock-based awards are granted. In estimating the fair value of our stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date. The Company has elected to recognize forfeitures of stock-based compensation awards as they occur. For awards subject to performance conditions, no compensation cost will be recognized before the performance condition is probable of being achieved. Recognition of any compensation expense relating to stock grants that vest contingent on an initial public offering or “Acquisition” (as defined in the 2015 Plan detailed in Note 22) will be deferred until consummation of such initial public offering or Acquisition. | |
Equity Method and Other Investments | Equity Method and Other Investments influence over the operations of the investee. When the requirements for consolidation and significant influence are not met, the Company also uses the equity method of accounting to account for investments in limited partnerships and investments in limited liability companies that maintain specific ownership accounts unless the Company’s interest is so minor that the Company has virtually no influence over partnership operating and financial policies. Equity method investments are initially recorded at cost and subsequently adjusted for the Company’s share of net income or loss and cash contributions and distributions and are included in equity method and other investments in the accompanying consolidated balance sheets. Equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value, with any changes in fair value recognized in net income. For any such investments that do not have readily determinable fair values, the Company elects the measurement alternative to measure the investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, and available information at the time the analysis is prepared. Certain of the Company’s investments in convertible notes are designated as available-for-sale When the fair value of an available-for-sale 2016-13 more-likely-than-not more-likely-than-not | ||
Foreign Currency | Foreign Currency which the foreign entity primarily generates and expends cash. The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in foreign currency gain (loss) on the accompanying consolidated statements of operations. Foreign currency transactions resulted in net gains (losses) of $149.2 million, $29.7 million and $(78.6) million, for the years ended December 31, 2020, 2019 and 2018, respectively, and relate primarily to intercompany transactions that are not of a long-term investment nature. At each balance sheet reporting date, the Company translates the assets and liabilities of its non-U.S. | ||
Fair Value Measurements | Fair Value Measurements non-financial available-for-sale Distinguishing Liabilities from Equity Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company assumes the highest and best use of non-financial Level 1 Level 2 Level 3 See Note 11 for additional discussion on the Company’s fair value measurements. | Fair Value Measurements non-financial available-for-sale Distinguishing Liabilities from Equity Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company assumes the highest and best use of non-financial Level 1 Level 2 Level 3 See Note 16 for additional discussion on the Company’s fair value measurements. | |
Contingent Consideration | Contingent Consideration unobservable inputs, including the discount rate, the price of the Company’s stock, estimated probabilities and timing of achieving specified milestones and the estimated amount of future sales. Contingent consideration liabilities are remeasured to fair value at each subsequent reporting date until the related contingency is resolved. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of inputs, including discount rates, the probabilities of achieving the milestones, the time required to achieve the milestones and estimated future sales. Significant judgment is employed in determining the appropriateness of these inputs. Changes to the inputs described above could have a material impact on the Company’s financial position and results of operations in any given period. Cash paid soon after the close of an acquisition is classified as a cash outflow from investing activities, while cash payments made after that time are classified as cash outflows from either financing or operating activities, depending on whether the amount paid is in excess of the contingent consideration recognized during the measurement period. | ||
Income Taxes | Income Taxes 740-270, Income Taxes — Interim Reporting, pre-tax The Company analyzed its various tax positions and did not identify any material uncertain tax positions for the three and six months ended June 30, 2021 and 2020. The Company files U.S. federal, U.S. state and foreign income tax returns. Depending on the statute of limitation of the specific jurisdictions in which we operate, three to ten years of the Company’s income tax returns remain subject to examination. Globally, the Company is involved in various tax matters, and various annual filings in certain jurisdictions are under examination. | Income Taxes The Company has elected to recognize earnings of foreign affiliates that are determined to be global intangible low tax income in the period it arises and do not recognize deferred taxes for basis differences that may reverse in future years. | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2020, the FASB issued interpretive guidance in response to questions it received about how to account for the concessions many lessors are providing or are expecting to provide to lessees in response to the operational and financial challenges lessees are facing as a result of the COVID-19 question-and-answer COVID-19 COVID-19-related The Company has elected to treat short-term COVID-19 Leases contemplated in the existing contract and member concessions and deferrals that are expected to extend greater than 12 months or change the other terms of member leases are treated as modifications. The Company elected to treat short-term COVID-19 COVID-19 re-valuation In December 2019, the FASB issued ASU 2019-12, 2019-12”). 2019-12 2019-12 | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13, available-for-sale 2016-13 in-scope 2016-13 available-for-sale In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17”). No. 2018-17 2018-17 In April 2020, the FASB issued interpretive guidance in response to questions it received about how to account for the concessions many lessors are providing or are expecting to provide to lessees in response to the operational and financial challenges lessees are facing as a result of the COVID-19 question-and-answer COVID-19 COVID-19-related The Company has elected to treat short-term COVID-19 COVID-19 COVID-19 re-valuation right-of use-asset | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 2019-12 | ||
BOWX ACQUISITION CORP [Member] | |||
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021or for any future periods. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10K/A filed with the SEC on May 12, 2021. | ||
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements of the Company include its wholly-owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. | ||
Emerging Growth Company | Emerging Growth Company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging | Emerging Growth Company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth | |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at June 30, 2021 and December 31, 2020. | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2020. | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. | |
Investments Held in the Trust Account | Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in net gain from investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. | Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain from investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximate the carrying amounts represented in the condensed balance sheets. Fair Value Measurement Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. | Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, franchise tax payable and income tax payable approximate their fair values due to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities and are recognized at fair value. The fair value of investments held in Trust Account is determined using quoted prices in active markets. | |
Offering Costs Associated with Initial Public Offering | Offering Costs Associated with Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred, presented as non-operating non-current | Offering Costs Associated with Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating | |
Derivative warrant liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued shares purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed The Company accounts for its warrants issued in connection with the Private Placement as derivative warrant liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement non-current | ||
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 43,231,098 and 44,911,184 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s unaudited condensed consolidated balance sheets. | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 44,911,184 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. | |
Net Income (Loss) per Share of Common Stock | Net Income (Loss) per Share of Common Stock The Company’s unaudited condensed consolidated statements of operations include a presentation of income (loss) per share of Class A common stock subject to redemption in a manner similar to the two-class income (loss) per share. Net income per share of Class A common stock, basic and diluted, is calculated by dividing the investment income earned on the Trust Account, net of applicable franchise taxes, by the weighted average number of Class A common stock outstanding for the periods. Net loss per shares of Class B common stock, basic and diluted, is calculated by dividing the net loss, less income attributable to Class A common stock, by the weighted average number of Class B common stock outstanding for the periods. The calculation of diluted net income (loss) per share of common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering and Private Placement since the inclusion of such warrants would be anti-dilutive. The following table reflects the calculation of basic and diluted net income (loss) per share of common stock: For the Three For the Six For the Period from Class A common stock Numerator: Net gain from investments held in Trust Account $ 12,297 $ 59,364 $ — Less: Company’s portion available to be withdrawn to pay taxes (12,297 ) (59,364 ) — Net income attributable to Class A common stock $ — $ — $ — Denominator: Weighted average shares outstanding of Class A common stock , basic and diluted 48,300,000 48,300,000 — Basic and diluted net income per share, Class A common stock $ — $ — $ — Class B common stock Numerator: Net loss $ (11,183,715 ) $ (16,800,861 ) $ (23,465 ) Less: Net income attributable to Class A common stock — — — Net loss attributable to Class B common stock $ (11,183,715 ) $ (16,800,861 ) $ (23,465 ) Denominator: Weighted average shares outstanding of Class B common stock, basic and diluted 12,075,000 12,075,000 10,500,000 Basic and diluted net loss per share, Class B common stock $ (0.93 ) $ (1.39 ) $ (0.00 ) | Net Loss Per Common Share Net loss per share of common stock is computed by dividing net loss applicable to stockholders by the weighted average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the IPO and Private Placement to purchase an aggregate of 23,873,333 shares of Class A common stock in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted earnings per common share is the same as basic earnings per common share for the period presented. The Company’s statement of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of | |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not | Income Taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to | |
Warrant liabilities | Warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The Company accounts for its 7,773,333 common stock warrants issued in connection with the Private Placement as derivative warrant liabilities in accordance with ASC 815-40. re-measurement | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying unaudited condensed consolidated financial statements. | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||
Summary of Earnings Per Share Basic and Diluted | The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the three and six months ended June 30, 2021, and 2020: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except share and per share data) 2021 2020 2021 2020 Numerator: Net loss attributed to WeWork Inc. $ (888,845 ) $ (863,829 ) $ (2,921,200 ) $ (1,047,698 ) Net loss attributable to Class A and Class B Common Stockholders (1) $ (888,845 ) $ (863,829 ) $ (2,921,200 ) $ (1,047,698 ) Denominator: Basic shares: Weighted-average shares - Basic 175,941,649 170,754,546 173,751,116 170,691,538 Diluted shares: Weighted-average shares - Diluted 175,941,649 170,754,546 173,751,116 170,691,538 Net loss per share attributable to Class A and Class B Common Stockholders: Basic $ (5.05 ) $ (5.06 ) $ (16.81 ) $ (6.14 ) Diluted $ (5.05 ) $ (5.06 ) $ (16.81 ) $ (6.14 ) | The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (Amounts in thousands, except share and per share data) 2020 2019 2018 Numerator: Net loss attributed to WeWork Inc. $ (3,129,358 ) $ (3,264,738 ) $ (1,610,792 ) Net loss attributable to Class A and Class B Common Stockholders $ (3,129,358 ) $ (3,264,738 ) $ (1,610,792 ) Denominator: Basic shares: Weighted-average shares - Basic 170,275,761 168,436,109 163,148,918 Diluted shares: Weighted-average shares - Diluted 170,275,761 168,436,109 163,148,918 Net loss per share attributable to Class A and Class B Common Stockholders: Basic $ (18.38 ) $ (19.38 ) $ (9.87 ) Diluted $ (18.38 ) $ (19.38 ) $ (9.87 ) (1) The three and six months ended June 30, 2021 are comprised of only Class A Common Shares as noted above |
BOWX ACQUISITION CORP [Member] | ||
Schedule of Investments [Line Items] | ||
Summary of Earnings Per Share Basic and Diluted | The following table reflects the calculation of basic and diluted net income (loss) per share of common stock: For the Three For the Six For the Period from Class A common stock Numerator: Net gain from investments held in Trust Account $ 12,297 $ 59,364 $ — Less: Company’s portion available to be withdrawn to pay taxes (12,297 ) (59,364 ) — Net income attributable to Class A common stock $ — $ — $ — Denominator: Weighted average shares outstanding of Class A common stock , basic and diluted 48,300,000 48,300,000 — Basic and diluted net income per share, Class A common stock $ — $ — $ — Class B common stock Numerator: Net loss $ (11,183,715 ) $ (16,800,861 ) $ (23,465 ) Less: Net income attributable to Class A common stock — — — Net loss attributable to Class B common stock $ (11,183,715 ) $ (16,800,861 ) $ (23,465 ) Denominator: Weighted average shares outstanding of Class B common stock, basic and diluted 12,075,000 12,075,000 10,500,000 Basic and diluted net loss per share, Class B common stock $ (0.93 ) $ (1.39 ) $ (0.00 ) |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) - BOWX ACQUISITION CORP [Member] | 7 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |
Schedule of Restatement of Balance Sheet | As of December 31, 2020 As Previously Reported Restatement As Restated Balance Sheet Total assets $ 484,520,512 $ — $ 484,520,512 Liabilities and stockholders’ equity Total current liabilities $ 211,262 $ — $ 211,262 Deferred underwriting commissions 16,905,000 — 16,905,000 Warrant liabilities — 13,292,400 13,292,400 Total liabilities 17,116,262 13,292,400 30,408,662 Class A common stock, $0.0001 par value; shares subject to possible redemption 462,404,240 (13,292,400 ) 449,111,840 Stockholders’ equity Preferred stock - $0.0001 par value — — — Class A common stock - $0.0001 par value 206 133 339 Class B common stock - $0.0001 par value 1,208 — 1,208 Additional paid-in-capital 5,135,568 4,673,211 9,808,779 Accumulated deficit (136,972 ) (4,673,344 ) (4,810,316 ) Total stockholders’ equity 5,000,010 — 5,000,010 Total liabilities and stockholders’ equity $ 484,520,512 $ — $ 484,520,512 As of August 7, 2020 As Previously Reported Restatement As Restated Balance Sheet Total assets $ 422,012,234 $ — $ 422,012,234 Liabilities and stockholders’ equity Total current liabilities $ 592,438 $ — $ 592,438 Deferred underwriting commissions 14,700,000 — 14,700,000 W’arrant liabilities — 7,696,000 7,696,000 Total liabilities 15,292,438 7,696,000 22,988,438 Class A common stock, $0.0001 par value; shares subject to possible redemption 401,719,790 (7,696,000 ) 394,023,790 Stockholders’ equity Preferred stock- $0.0001 par value — — — Class A common stock - $0.0001 par value 183 77 260 Class B common stock - $0.0001 par value 1,208 — 1,208 Additional paid-in-capital 5,050,490 8,257 5,058,747 Accumulated deficit (51,875 ) (8,334 ) (60,209 ) Total stockholders’ equity 5,000,006 — 5,000,006 Total liabilities and stockholders’ equity $ 422,012,234 $ — $ 422,012,234 |
Schedule of Restatement of Statement of Operations | For the Period from May 19, 2020 As Previously Restatement As Restated Statement of Operations Loss from operations $ (342,013 ) $ — $ (342,013 ) Change in fair value of warrant liabilities — (4,664,000 ) (4,664,000 ) Offering costs associated with private placement warrants — (9,344 ) (9,344 ) Net gain from investments held in Trust Account 227,051 — 227,051 Loss before income tax expense (114,962 ) (4,673,344 ) (4,788,306 ) Income tax expense 22,010 — 22,010 Net loss $ (136,972 ) $ (4,673,344 ) $ (4,810,316 ) Weighted average Class A common stock outstanding, basic and diluted 48,042,857 — 48,042,857 Basic and diluted net income per Class A common stock $ — $ — $ 0.00 Weighted average Class B common stock outstanding, basic and diluted 11,509,432 — 11,509,432 Basic and diluted net loss per Class B common stock $ (0.02 ) $ — $ (0.43 ) |
Schedule of Restatement of Statement of Cash Flows | For the Period from May 19, 2020 (inception) to December 31, 2020 As Previously Restatement As Restated Statement of Cash Flows Net cash used in operating activities (599,792 ) — (599,792 ) Net cash used in investing activities (483,000,000 ) (483,000,000 ) Net cash provided by financing activities 484,520,841 484,520,841 Net change in cash $ 921,049 $ — $ 921,049 |
Restructuring, Impairments an_2
Restructuring, Impairments and Gains on Sale (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Schedule of Net Restructuring Charges | Restructuring and other related costs totaled $(27.8) million and $80.5 million during the three months ended June 30, 2021 and 2020, respectively, and $466.0 million and $136.2 million during the six months ended June 30, 2021 and 2020, respectively. The details of these net charges are as follows: Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 One-time (1) $ 7,076 $ 106,910 $ 545,102 $ 153,031 Ceased use buildings 41,495 — 65,745 — Gains on lease terminations, net (96,415 ) (39,193 ) (179,995 ) (31,686 ) Other, net 20,050 12,812 35,193 14,871 Total $ (27,794 ) $ 80,529 $ 466,045 $ 136,216 (1) In connection with the Settlement Agreement, as described in Note 15, SBG purchased 30,139,971 shares of Class B Common Stock of the Company from We Holdings LLC, which is Adam Neumann’s affiliated investment vehicle, for a price per share of $19.19, representing an aggregate purchase price of approximately $578.4 million. The Company recorded $428.3 million of restructuring and other related costs in its consolidated statement of operations for the six-months catch-up de-SPAC | |
Schedule of Reconciliation of Restrucring Liability | A reconciliation of the beginning and ending restructuring liability balances is as follows: (Amounts in thousands) One-time Legal (1) Other Total Restructuring liability balance — December 31, 2020 $ 16,119 $ — $ 12,756 $ 28,875 Restructuring and other related costs expensed during the period 14,832 530,271 (79,058 ) 466,045 Cash payments of restructuring liabilities, net (2) (23,898 ) — (207,867 ) (231,765 ) Non-cash (2,010 ) (530,271 ) 294,062 (238,219 ) Restructuring liability balance — June 30, 2021 $ 5,043 $ — $ 19,893 $ 24,936 (1) For further details on the costs in connection with the Settlement Agreement recorded in restructuring and other related costs for the six months ended June 30, 2021, see footnote 1 to the preceding table. (2) Includes cash payments received from the landlord for terminated leases of $18.0 million for the six months ended June 30, 2021. | A reconciliation of the beginning and ending restructuring liability balances is as follows: (Amounts in thousands) One-time Employee Benefits Consulting Fees Other Total Restructuring Costs Restructuring liability balance — January 1, 2020 $ 89,872 $ — $ 1,497 $ 91,369 Restructuring and other related costs expensed during the period 191,582 — 15,121 206,703 Cash payments of restructuring liabilities (254,456 ) — (124,738 ) (379,194 ) Non-cash (10,879 ) — 120,876 109,997 Restructuring liability balance — December 31, 2020 $ 16,119 $ — $ 12,756 $ 28,875 (Amounts in thousands) One-time Consulting (1) Other Total Restructuring liability balance — January 1, 2019 $ — $ — $ — $ — Restructuring and other related costs expensed during the period 139,330 185,000 4,891 329,221 Cash payments of restructuring liabilities (29,700 ) — (4,047 ) (33,747 ) Non-cash (19,758 ) — 653 (19,105 ) Liability to be settled directly by SBG included in additional paid-in (1) — (185,000 ) — (185,000 ) Restructuring liability balance — December 31, 2019 $ 89,872 $ — $ 1,497 $ 91,369 (1) During the year ended December 31, 2019, SBG entered into a non-compete paid-in non-compete |
Schedule of Impairment of Assets | The details of these net charges are as follows: Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 Impairment of assets held for sale $ — $ 17,462 $ — $ 120,005 Impairment and write-off 230,489 231,306 510,940 423,063 Impairment of long-lived assets primarily associated with COVID-19 12,436 34,669 31,461 62,314 Gain on sale of assets (821 ) (2,961 ) (816 ) (49,423 ) Total $ 242,104 $ 280,476 $ 541,585 $ 555,959 | The details of these net charges are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 Impairment of assets held for sale (see Note 8) $ 120,273 $ 2,559 Impairment of goodwill — 214,515 Impairment of intangible assets — 51,789 Impairment and write-off 796,734 66,187 Impairment of long-lived assets primarily associated with COVID-19 345,034 — Gain on sale of assets (see Note 8) (59,165 ) (44 ) Loss on ChinaCo Deconsolidation (See Note 6) 153,045 — Total $ 1,355,921 $ 335,006 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets Current [Abstract] | ||
Schedule of Other Current Assets | Other current assets consists of the following: (Amounts in thousands) June 30, December 31, Net receivable for value added tax (“VAT”) $ 144,439 $ 107,104 Prepaid lease cost 50,328 61,232 Deposits held by landlords 48,315 25,574 Straight-line revenue receivable 34,885 35,418 Prepaid software 33,249 19,981 Prepaid member referral fees 27,861 31,617 Disposition proceeds holdback amounts receivable (Note 5 and 3) 5,323 17,500 Deposits on property and equipment 3,275 3,161 Other prepaid expenses and current assets 87,773 50,585 Total other current assets $ 435,448 $ 352,172 | Other current assets consists of the following: December 31, (Amounts in thousands) 2020 2019 Net receivable for value added tax (“VAT”) $ 107,104 $ 146,135 Deposits on property and equipment 3,161 47,716 Prepaid lease cost 61,232 50,970 Prepaid member referral fees 31,617 57,937 Prepaid software 19,981 30,246 Straight-line revenue receivable 35,418 28,162 Deposits held by landlords 25,574 — Disposition proceeds holdback amounts receivable (Note 6 and 8) 17,500 — Other prepaid expenses and current assets 50,585 61,772 Total other current assets $ 352,172 $ 422,938 |
Consolidated VIEs and Noncont_2
Consolidated VIEs and Noncontrolling Interests (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Summary of Chinaco's contribution to company's consolidated results of operation | ChinaCo contributed the following to the Company’s consolidated results of operations prior to its deconsolidation on October 2, 2020, in each case excluding amounts that eliminate in consolidation: Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 Revenue $ — $ 68,068 $ — $ 136,921 Location operating expenses — 84,265 — 179,221 Restructuring and other related costs — (131,238 ) — 28,982 Impairments/(gain on sale) of goodwill, intangibles and other assets — 335,489 — 371,871 Depreciation and amortization — 14,571 — 28,346 Total Expenses — 329,269 — 670,000 Pre-tax — (260,151 ) — (540,290 ) Net loss — (263,060 ) — (543,599 ) Net (loss) income attributable to WeWork Inc. — (29,832 ) — (30,264 ) | ChinaCo contributed the following to the Company’s consolidated results of operations prior to its deconsolidation on October 2, 2020, in each case excluding amounts that eliminate in consolidation: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Revenue $ 206,261 $ 228,537 $ 99,529 Location operating expenses 266,318 290,254 116,173 Restructuring and other related costs (18,660 ) 6,684 — Impairments/(gain on sale) of goodwill, intangibles and other assets 450,312 — — Depreciation and amortization 39,208 42,257 20,584 Total Expenses 819,527 496,113 341,237 Pre-tax (598,727 ) (266,230 ) (243,508 ) Net loss (609,820 ) (274,019 ) (244,613 ) Net loss attributable to WeWork Inc. (62,997 ) 39,072 (48,569 ) |
Summary of Variable interest entities | The following table includes selected condensed consolidated financial information as of June 30, 2021 and December 31, 2020 of our consolidated VIEs, as included in our condensed consolidated financial statements, as of the periods they were considered VIEs and in each case, after intercompany eliminations. June 30, 2021 December 31, 2020 (Amounts in thousands) Asia JVs (1) Other VIEs (2) Asia JVs (1) Other VIEs (2) Consolidated VIE balance sheets information: Cash and cash equivalents $ 94,540 $ 8,065 $ 161,411 $ 5,194 Property and equipment, net 399,514 — 445,599 — Restricted cash 10,059 — 10,000 — Total assets 1,871,367 15,741 2,096,389 13,834 Long-term debt, net 632 — 30,638 — Total liabilities 1,554,760 1,705 1,693,267 573 Redeemable stock issued by VIEs 500,000 — 500,000 — Total net assets (3) (183,393 ) 14,036 (96,878 ) 13,261 The following tables include selected condensed consolidated financial information for the three and six months ended June 30, 2021 and 2020 of our consolidated VIEs, as included in our condensed consolidated financial statements, for the periods they were considered VIEs and in each case, after intercompany eliminations. June 30, 2021 June 30, 2020 (Amounts in thousands) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Consolidated VIE statements of operations information: Net income (loss) for the three months ended $ (34,174 ) $ 455 $ (243,433 ) $ (1,038 ) Net income (loss) for the six months ended $ (64,079 ) $ 284 $ (599,762 ) $ (11,777 ) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (Amounts in thousands) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Consolidated VIE statements of operations information: Net cash provided by (used in) operating activities $ (42,752) $ 610 $ (2,812) $ (333 ) Net cash used in investing activities (10,901 ) — (123,714 ) (222 ) Net cash provided by (used in) financing activities (998 ) 2,261 (20,975 ) 4,480 (1) The “Asia JVs” include ChinaCo, JapanCo and PacificCo as of and for the periods that each represented a consolidated VIE. The ChinaCo deconsolidation occurred on October 2, 2020 and as a result, ChinaCo results and balances are not included above for the period subsequent to deconsolidation. The PacificCo Roll-up (2) For the three and six months ended June 30, 2020, “Other VIEs” includes all other consolidated VIEs, other than the Asia JVs discussed separately in (1) and include WeWork Waller Creek, WeCap Manager and WeCap Holdings Partnership, 424 Fifth Venture and the Creator Fund in the periods prior to any disposal or deconsolidation as discussed above. For the three and six months ended June 30, 2021, “Other VIEs” includes WeCap Manager and WeCap Holdings Partnership. (3) Total net assets represents total assets less total liabilities and redeemable stock issued by VIEs after the total assets and total liabilities have both been reduced to remove amounts that eliminate in consolidation. | The following tables include selected consolidated financial information as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 of our consolidated VIEs, as included in our consolidated financial statements, as of and for the periods they were considered VIEs and in each case, after intercompany eliminations. December 31, 2020 December 31, 2019 (Amounts in thousands) Asia JVs (1) Other VIEs (2) Asia JVs (1) Other VIEs (2) Consolidated VIE balance sheets information: Cash and cash equivalents $ 161,411 $ 5,194 $ 388,400 $ 29,303 Property and equipment, net 445,599 — 895,015 979,655 Restricted cash 10,000 — 93,964 — Total assets 2,096,389 13,834 5,639,177 1,073,621 Long-term debt, net 30,638 — 41,945 642,184 Total liabilities 1,693,267 573 4,686,200 665,513 Redeemable stock issued by VIEs 500,000 — 1,799,157 6,545 Total net assets (3) (96,878 ) 13,261 (846,180 ) 401,563 Year Ended Year Ended Year Ended (Amounts in thousands) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Asia JVs (1) Other (2) Consolidated VIE statements of operations information: Net income (loss) $ (750,472 ) $ (2,502 ) $ (776,113 ) $ (24,747 ) $ (373,776 ) $ (146 ) Consolidated VIE statements of cash flows information: Net cash provided by (used in) operating activities $ (38,259 ) $ 2,549 $ (108,246 ) $ 4,247 $ (120,831 ) $ (71 ) Net cash used in investing activities $ (236,971 ) $ (573 ) $ (592,574 ) $ (826,707 ) $ (516,814 ) $ (23,601 ) Net cash provided by (used in) financing activities $ 73,447 $ (1,908 ) $ 292,775 $ 843,312 $ 763,229 $ 47,905 (1) The “Asia JVs” include ChinaCo, JapanCo and PacificCo as of and for the periods that each represented a consolidated VIE. The ChinaCo deconsolidation occurred on October 2, 2020 and as a result, ChinaCo results and balances are not included above for the period subsequent to deconsolidation. The PacificCo Roll-up (2) “Other VIEs” includes all other consolidated VIEs, other than the Asia JVs discussed separately in (1) and include WeWork Waller Creek, WeCap Manager and WeCap Holdings Partnership, 424 Fifth Venture and the Creator Fund in the periods prior to any disposal or deconsolidation as discussed above. (3) Total net assets represents total assets less total liabilities and redeemable stock issued by VIEs after the total assets and total liabilities have both been reduced to remove amounts that eliminate in consolidation. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Allocation of total business acquisition consideration | The allocation of the total acquisition consideration during the year ended December 31, 2019 is estimated as follows (amounts below exclude the asset acquisitions acquired by non-wholly (Amounts in thousands) Total 2019 Cash and cash equivalents $ 20,379 Property and equipment 7,232 Capitalized software 32,370 Goodwill 289,951 Finite-lived intangible assets 21,257 Lease right-of-use 9,720 Lease obligation, net (9,720 ) Deferred revenue (2,574 ) Other assets acquired and liabilities assumed, net (11,236 ) Total consideration $ 357,379 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets, Noncurrent [Abstract] | ||
Schedule Of Other Noncurrent Assets | Other non-current (Amounts in thousands) June 30, 2021 December 31, Deferred financing costs, net — SoftBank Senior Unsecured Notes Warrant (1) $ 434,833 $ 488,312 Deferred financing costs, net — 2020 LC Facility Warrant issued to SBG (1) 152,503 199,832 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to SBG (1) 9,198 11,334 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to third parties (1) 4,613 5,440 Other deferred financing costs, net 6,088 64 Security deposits with landlords 251,734 274,822 Other security deposits 3,172 3,271 Straight-line revenue receivable 45,623 46,313 Deferred income tax assets, net — 1,377 Other long-term prepaid expenses and other assets 24,387 31,493 Total other assets $ 932,151 $ 1,062,258 (1) See Note 9 for details. Amounts are net of accumulated amortization totaling $273.7 million and $169.7 million as of June 30, 2021 and December 31, 2020, respectively. | Other non-current December 31, (Amounts in thousands) 2020 2019 Deferred financing costs, net — SoftBank Senior Unsecured Notes Warrant (1) $ 488,312 $ 568,877 Deferred financing costs, net — 2020 LC Facility Warrant issued to SBG (1) 199,832 284,440 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to SBG (1) 11,334 20,000 Deferred financing costs, net — Other SoftBank Debt Financing Costs paid or payable to third parties (1) 5,440 5,172 Other deferred financing costs, net 64 5,068 Security deposits with landlords 274,822 305,623 Other security deposits 3,271 16,437 Straight-line revenue receivable 46,313 34,274 Deferred income tax assets, net 1,377 1,150 Other long-term prepaid expenses and other assets 31,493 44,698 Total other assets $ 1,062,258 $ 1,285,739 (1) See Note 14 for details. Amounts are net of accumulated amortization totaling $169.7 million and none as of December 31, 2020 and 2019 respectively. |
Assets Held for Sale and Disp_2
Assets Held for Sale and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Held For Sale | Assets and liabilities held for sale on the accompanying consolidated balance sheets consist of the following: December 31, (Amounts in thousands) 2020 2019 Assets held for sale: Cash and cash equivalents $ — $ 1,138 Accounts receivable and accrued revenue, net — 11,086 Other current assets — 2,786 Property and equipment, net — 846 Lease right-of-use — 879 Restricted cash — 3,155 Goodwill — 52,996 Intangible assets, net of accumulated amortization of none and $21,408 as of December 31, 2020 and 2019, respectively — 61,856 Other assets — 216 Impairment of disposal group — — Total assets held for sale $ — $ 134,958 Liabilities related to assets held for sale: Accounts payable and accrued expenses $ — $ 8,264 Deferred revenue — 16,061 Current lease obligations — 722 Other current liabilities — 216 Long-term lease obligations — 175 Other liabilities — 4 Total liabilities related to assets held for sale $ — $ 25,442 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value | Six Months Ended June 30, 2021 (Amounts in thousands) Balance at Beginning of Period Additions Settlements Change in (1) Foreign Currency Balance at Liabilities: IndiaCo Forward Contract Liability $ 7,907 $ — $ (8,499 ) $ 592 $ — $ — SoftBank Senior Unsecured Notes Warrant 279,269 — (474,521 ) 233,881 — 38,629 2020 LC Facility Warrant 139,639 — (237,265 ) 116,941 — 19,315 Total $ 426,815 $ — $ (720,285 ) $ 351,414 $ — $ 57,944 (1) During the six months ended June 30, 2021, $0.6 million of the change in fair value was included as a loss within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $350.8 million was included as a loss from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. Year Ended December 31, 2020 (Amounts in thousands) Balance at Additions Settlements Change in (1) Foreign Balance at Liabilities: Contingent consideration payable in stock $ 445 $ — $ (319 ) $ (122 ) $ (4 ) $ — IndiaCo Forward Contract Liability — 9,507 — (1,600 ) — 7,907 2019 Warrant 1,297,758 — (911,120 ) (386,638 ) — — SoftBank Senior Unsecured Notes Warrant 568,877 — (934 ) (288,674 ) — 279,269 2020 LC Facility Warrant 284,440 — (466 ) (144,335 ) — 139,639 Total $ 2,151,520 $ 9,507 $ (912,839 ) $ (821,369 ) $ (4 ) $ 426,815 (1) During the year ended December 31, 2020, $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. | Year Ended December 31, 2020 (Amounts in thousands) Balance at Beginning of Period Additions Settlements Change in (1) Foreign Currency Translation Gains (Losses) Comprehensive Income Balance at Liabilities: Contingent consideration payable in stock $ 445 $ — $ (319 ) $ (122 ) $ (4 ) $ — IndiaCo Forward Contract Liability — 9,507 — (1,600 ) — 7,907 2019 Warrant 1,297,758 — (911,120 ) (386,638 ) — — SoftBank Senior Unsecured Notes Warrant 568,877 — (934 ) (288,674 ) — 279,269 2020 LC Facility Warrant 284,440 — (466 ) (144,335 ) — 139,639 Total $ 2,151,520 $ 9,507 $ (912,839 ) $ (821,369 ) $ (4 ) $ 426,815 (1) During the year ended December 31, 2020 $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying consolidated statements of operations. Year Ended December 31, 2019 (Amounts in thousands) Balance at Additions Settlements Change in Fair Value (1) Foreign Currency Gains (Losses) Balance at Liabilities: Contingent consideration payable in stock $ 129,811 $ — $ (68,090 ) $ (61,650 ) $ 374 $ 445 Contingent consideration payable in cash 10,520 — (11,496 ) 983 (7 ) — Embedded redemption derivative 276,371 25,295 (274,617 ) (27,049 ) — — 2018 Warrant — 1,818,273 (1,974,545 ) 156,272 — — 2019 Warrant — 1,280,292 (200,000 ) 217,466 — 1,297,758 SoftBank Senior Unsecured Notes Warrant — 568,877 — — — 568,877 2020 LC Facility Warrant — 284,440 — — — 284,440 Total $ 416,702 $ 3,977,177 $ (2,528,748 ) $ 286,022 $ 367 $ 2,151,520 (1) During the year ended December 31, 2019, $60.7 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $27.0 million was included as a reduction of interest expense and $373.7 million loss was included as a reduction in the gain from change in fair value of related party financial instruments on the consolidated statements of operations. | |
Summary of assets and liabilities that are measured at fair value on a recurring basis | The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following: June 30, 2021 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 415,027 $ — $ — $ 415,027 Other investments — available-for-sale — — 39,275 39,275 Total assets measured at fair value $ 415,027 $ — $ 39,275 $ 454,302 Liabilities: Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant $ — $ — $ 38,629 $ 38,629 Convertible related party liabilities — 2020 LC Facility Warrant — — 19,315 19,315 Total liabilities measured at fair value $ — $ — $ 57,944 $ 57,944 December 31, 2020 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 330,049 $ — $ — $ 330,049 Other investments — available-for-sale — — 49,849 49,849 Total assets measured at fair value $ 330,049 $ — $ 49,849 $ 379,898 Liabilities: Other current liabilities — IndiaCo Forward Contract Liability $ — $ — $ 7,907 $ 7,907 Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant — — 279,269 279,269 Convertible related party liabilities — 2020 LC Facility Warrant — — 139,639 139,639 Total liabilities measured at fair value $ — $ — $ 426,815 $ 426,815 | The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following: December 31, 2020 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 330,049 $ — $ — $ 330,049 Other investments — available-for-sale — — 49,849 49,849 Total assets measured at fair value $ 330,049 $ — $ 49,849 $ 379,898 Liabilities: Other current liabilities — contingent consideration relating to acquisitions payable in stock $ — $ — $ — $ — Other current liabilities — IndiaCo Forward Contract Liability — — 7,907 7,907 Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant — — 279,269 279,269 Convertible related party liabilities — 2020 LC Facility Warrant — — 139,639 139,639 Total liabilities measured at fair value $ — $ — $ 426,815 $ 426,815 December 31, 2019 (Amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds and time deposits $ 910,093 $ — $ — $ 910,093 Other investments — available-for-sale — — 5,541 5,541 Total assets measured at fair value $ 910,093 $ — $ 5,541 $ 915,634 Liabilities: Other current liabilities — contingent consideration relating to acquisitions payable in stock $ — $ — $ 445 $ 445 Convertible related party liabilities — 2019 Warrant — — 1,297,758 1,297,758 Convertible related party liabilities — SoftBank Senior Unsecured Notes Warrant — — 568,877 568,877 Convertible related party liabilities — 2020 LC Facility Warrant — — 284,440 284,440 Total liabilities measured at fair value $ — $ — $ 2,151,520 $ 2,151,520 | |
Summary of the changes in assets and liabilities recorded at fair value and classified as Level 3 | The tables below provide a summary of the changes in assets and liabilities recorded at fair value and classified as Level 3: (Amounts in thousands) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Assets: Balance at beginning of period $ 49,849 $ 5,541 Purchases 15,000 85,000 Credit loss valuation allowance included in income (loss) from equity method and other investments (15,265 ) (43,857 ) Reclassification of forward contract liability to credit valuation allowance upon funding of commitment (8,499 ) — Unrealized (loss) gain on available-for-sale (2,263 ) 4,369 Accrued interest income 5,603 5,840 Accrued interest collected (5,269 ) (2,678 ) Foreign currency translation (losses) gain included in other comprehensive income 119 3,810 Foreign currency gain (loss) included in net income — (8,176 ) Balance at end of period $ 39,275 $ 49,849 | The tables below provide a summary of the changes in assets and liabilities recorded at fair value and classified as Level 3: Year Ended December 31, (Amounts in thousands) 2020 2019 Assets: Balance at beginning of period $ 5,541 $ 5,319 Purchases 85,000 — Credit loss valuation allowance included in income (loss) from equity method and other investments (43,857 ) — Unrealized gain on available-for-sale 4,369 — Accrued interest income 5,840 320 Accrued interest collected (2,678 ) — Foreign currency translation gains (losses) included in other comprehensive income 3,810 — Foreign currency gain (loss) included in net income (8,177 ) (98 ) Balance at end of period $ 49,848 $ 5,541 | |
Summary of valuation techniques and significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 | The valuation techniques and significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy are as follows: June 30, 2021 Fair Value (in thousands) Valuation Technique Significant Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 39,275 Discounted cash flow Price per share $ 2.25 Level 3 Liabilities: Convertible related party liabilities $ 57,944 Discounted cash flow Preferred share $ 9.48 December 31, 2020 Fair Value (in Valuation Technique Significant Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 49,849 Discounted cash flow/Market approach Price per share $ 2.97 Level 3 Liabilities: IndiaCo Forward Contract Liability $ 7,907 Discounted cash flow Price per share $ 2.97 Convertible related party liabilities $ 418,908 Discounted cash flow Preferred share $ 3.09 | The valuation techniques and significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy are as follows: December 31, 2020 Fair Value (in thousands) Valuation Significant Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 49,849 Discounted cash flow/Market approach Price per share $ 2.97 Level 3 Liabilities: IndiaCo Forward Contract Liability $ 7,907 Discounted cash Price per share $ 2.97 Convertible related party liabilities $ 418,908 Discounted cash Preferred share $ 3.09 December 31, 2019 Fair Value (in thousands) Valuation Significant Inputs Range (Weighted Level 3 Assets: Other investments — available-for-sale $ 5,541 Discounted cash Market interest 6.0% Level 3 Liabilities: Other current liabilities — contingent consideration relating to acquisitions payable in stock $ 445 Discounted cash Price per $0.02 - $3.97 ($3.72) Convertible related party liabilities $ 2,151,075 Discounted cash Price per $6.10 - $11.58 ($9.41) | |
BOWX ACQUISITION CORP [Member] | |||
Schedule of Investments [Line Items] | |||
Schedule of gross holding gains and fair value of held-to-maturity securities | The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy: Fair Value Measured as of June 30, 2021 Level 1 Level 2 Level 3 Total Assets Investments held in Trust Account—U.S. Treasury Securities $ 483,071,704 $ — $ — $ 483,071,704 Liabilities: Warrant liabilities $ — $ 25,962,932 $ — $ 25,962,932 Fair Value Measured as of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments held in Trust Account—U.S. Treasury Securities $ 483,227,051 $ — $ — $ 483,227,051 Liabilities: Warrant liabilities $ — $ 13,292,400 $ — $ 13,292,400 | The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy: Fair Value Measured as of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments held in Trust Account — U.S. Treasury Securities $ 483,227,051 $ — $ — $ 483,227,051 Liabilities: Warrant liabilities (restated) — 13,292,400 — 13,292,400 Total fair value $ 483,227,051 $ 13,292,400 $ — $ 496,519,451 | |
Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value | The change in the fair value of the derivative warrant liabilities for the three and six months ended June 30, 2021 is summarized as follows: Warrant liabilities at December 31, 2020 $ 13,292,400 Change in fair value of warrant liabilities 3,342,533 Warrant liabilities at March 31, 2021 16,634,933 Change in fair value of warrant liabilities 9,327,999 Warrant liabilities at June 30, 2021 $ 25,962,932 | The change in the fair value of the derivative warrant liabilities for the year ended December 31, 2020 is summarized as follows: Warrant liabilities at May 19, 2020 (incpetion) $ — Issuance of Private Warrants 8,628,400 Change in fair value of warrant liabilibites 1,243,733 Warrant liabilities at September 30, 2020 $ 9,872,133 Change in fair value of warrant liabilibites 3,420,267 Warrant liabilities at December 31, 2020 $ 13,292,400 | |
Summary Of Quantitative Information Regarding Fair Value Measurements | The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: September 30, August 7, Exercise price $ 11.50 $ 11.50 Stock Price $ 10.26 $ 10.03 Term (in years) 0.85 1.00 Volatility 19.00 % 18.00 % Risk-free interest rate 0.36 % 0.31 % Dividend yield — — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Summary Of Disaggregation Of Revenue By Major Source | Disaggregation of Revenue The following table provides disaggregated detail of the Company’s revenue by major source for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, (Amounts in thousands) 2021 2020 2021 2020 ASC 606 membership and service revenue $ 341,592 $ 638,640 $ 701,202 $ 1,483,304 ASC 842 rental and service revenue 223,572 187,291 443,226 303,717 Total membership and service revenue 565,164 825,931 1,144,428 1,787,021 Other revenue 28,314 55,803 46,903 151,596 Total revenue $ 593,478 $ 881,734 $ 1,191,331 $ 1,938,617 | The following table provides disaggregated detail of the Company’s revenue by major source for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 ASC 606 membership and service revenue (1) $ 2,418,259 $ 2,700,540 $ 1,697,336 ASC 842 rental and service revenue 715,019 358,154 N/M Total membership and service revenue 3,133,278 3,058,694 1,697,336 Other revenue 282,587 399,899 124,415 Total revenue $ 3,415,865 $ 3,458,593 $ 1,821,751 N/M - During the year ended December 31, 2018, the revenue recognized from membership contracts accounted for as leases in accordance with ASC 840 were not material and are included with the ASC 606 membership and service revenue above. (1) Revenue for the year ended December 31, 2018 was recognized in accordance with ASC 605, Revenue Recognition |
Schedule Of Information About Contract Assets And Deferred Revenue From Contracts With Customers | Contract Balances The following table provides information about contract assets and deferred revenue from contracts with customers recognized in accordance with ASC 606: (Amounts in thousands) June 30, 2021 December 31, Contract assets (included in accounts receivable and accrued revenue, net) $ 19,894 $ 36,284 Contract assets (included in other current assets) $ 8,467 $ 13,111 Contract assets (included in other assets) $ 14,679 $ 22,300 Deferred revenue $ (56,439 ) $ (74,645 ) | The following table provides information about contract assets and deferred revenue from contracts with customers recognized in accordance with ASC 606: December 31, (Amounts in thousands) 2020 2019 Contract assets (included in accounts receivable and accrued revenue, net) $ 36,284 $ 73,056 Contract assets (included in other current assets) $ 13,111 $ 16,678 Contract assets (included in other assets) $ 22,300 $ 14,861 Deferred revenue $ (74,645 ) $ (139,820 ) |
Schedule Of Future Minimum Lease Cash Flows To Be Received Under ASC 842 | Approximate future minimum lease cash flows to be received over the next five years and thereafter for non-cancelable (Amounts in thousands) ASC 842 2021 $ 308,654 2022 446,769 2023 288,467 2024 146,649 2025 69,171 2026 and beyond 41,743 Total $ 1,301,453 | Approximate future minimum lease cash flows to be received over the next five years and thereafter for non-cancelable (Amounts in thousands) ASC 842 2021 $ 626,292 2022 365,408 2023 210,101 2024 128,612 2025 65,563 2026 and beyond 75,371 Total $ 1,471,347 |
Equity Method and Other Inves_2
Equity Method and Other Investment - (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Abstract] | ||
Summary of Company Investment | The Company’s investments consist of the following: June 30, 2021 December 31, (Amounts in thousands, except percentages) Investment Type Carrying Cost Basis Percentage Carrying Investments held by WeCap Holdings Partnership (1) Equity method investments $ 72,769 $ 74,147 Various $ 61,688 WPI Fund (2) Equity method investment 82,261 52,805 8% 63,301 IndiaCo (3) Investment in convertible 39,275 105,248 N/A 49,849 ChinaCo (4) Equity method investment — 29,323 21.6% 29,323 Other (5) Various 3,858 4,066 Various 10,779 Total equity method and other investments $ 198,163 $ 265,589 $ 214,940 (1) As discussed in Note 5, subsequent to the August 2019 reorganization of the WeCap Investment Group real estate acquisition platform, the following investments are owned through the WeCap Holdings Partnership in which Rhône has a 20% equity interest: • “DSQ” — a venture in which WeCap Holdings Partnership owns a 10% equity interest. DSQ owns a commercial real estate portfolio located in London, United Kingdom. The investment balance as of June 30, 2021 also includes a note receivable with an outstanding balance of $43.1 million that accrues interest at a rate of 5.77% and matures in April 2028. • “WPI Fund” — a real estate investment fund in which WeCap Holdings Partnership holds the 0.5% general partner interest. The WPI Fund’s focus is acquiring, developing and managing office assets with current or expected vacancy suitable for WeWork occupancy, currently primarily focusing on opportunities in North America and Europe. • “ARK Master Fund” — an investment fund in which WeCap Holdings Partnership holds the general partner and a limited partner interest totaling 2% of the fund’s invested capital. ARK Master Fund invests in real estate and real estate-related investments that it expects could benefit from the Company’s occupancy or involvement or the involvement of the limited partners of the ARK Master Fund. (2) In addition to the general partner interest in the WPI Fund held by WeCap Holdings Partnership described above, a wholly owned subsidiary of the WeCap Investment Group also owns an 8% limited partner interest in the WPI Fund. (3) In June 2020, the Company entered into an agreement with WeWork India Management Private Limited (“IndiaCo”), an affiliate of Embassy Property Developments Private Limited (“Embassy”), to subscribe for new convertible debentures to be issued by IndiaCo in an aggregate principal amount of $100.0 million (the “2020 Debentures”). During June 2020, $85.0 million of the principal had been funded, with the remaining $ 15.0 15.0 18-month 18 months available-for-sale available-for-sale (4) In October 2020, the Company deconsolidated ChinaCo and its retained 21.6% ordinary share equity method investment was recorded at a fair value of $26.3 million plus capitalized legal cost for a total initial cost basis and carrying value as of December 31, 2020 of $29.3 million. Pursuant to ASC 323-10-35-20, (5) The Company holds various other investments as of June 30, 2021 and December 31, 2020. On June 30, 2021, the Company sold its 5.7% interest in Sound Ventures II, LLC for total consideration of $6.1 million. During the six months ended June 30, 2021, the Company recorded a loss on the sale of $4.1 million, included in income (loss) from equity method and other investments in the condensed consolidated statements of operations. See Note 17 for details regarding the remaining profit-sharing arrangement between the Company and SB Fast Holdings (Cayman) Limited (“Buyer”) as part of the Creator Fund sale in 2020. The Buyer assumed the Company’s remaining capital commitments of $1.9 million. | The Company’s investments consist of the following: December 31, 2020 December 31, 2019 (Amounts in thousands, except percentages) Carrying Cost Percentage Carrying Investee Investment Type Value Basis Ownership Value Investments held by WeCap Holdings Partnership (1) Equity method investment / Note receivable 61,688 63,413 Various 66,002 WPI Fund (2) Equity method investment 63,301 52,805 8% 54,387 IndiaCo (3) Investment in convertible notes 49,849 90,248 N/A 5,541 ChinaCo (4) Equity method investment 29,323 29,323 21.6% — Creator Fund Investments (5) Various — — N/A 38,162 Other (6) Various 10,779 9,520 Various 39,627 Total equity method and other investments $ 214,940 $ 245,309 $ 203,719 (1) As discussed in Note 6, subsequent to the August 2019 reorganization of the WeCap Investment Group real estate acquisition platform, the following investments are owned through the WeCap Holdings Partnership in which Rhône has a 20% equity interest: • “DSQ” — a venture in which WeCap Holdings Partnership owns a 10% equity interest. DSQ owns a commercial real estate portfolio located in London, United Kingdom. The investment balance also includes a note receivable with an outstanding balance of $28.6 million and $26.0 million as of December 31, 2020 and 2019, respectively, that accrues interest at a rate of 5.81% and matures in April 2028. • “Waller Creek” — a joint venture in which WeCap Holdings Partnership previously owned an 8% equity interest. Waller Creek was established to develop a parcel of land in Texas and then manage, operate, and eventually sell the developed property. During August 2020, the Waller Creek investment was disposed of. See Note 6 for additional details. • “WPI Fund” — a real estate investment fund in which WeCap Holdings Partnership holds the 0.5% general partner interest. The WPI Fund’s focus is acquiring, developing and managing office assets with current or expected vacancy suitable for WeWork occupancy, currently primarily focusing on opportunities in North America and Europe. • “ARK Master Fund” — an investment fund in which WeCap Holdings Partnership holds the general partner and a limited partner interest totaling 2% of the fund’s invested capital. ARK Master Fund invests in real estate and real estate-related investments that it expects could benefit from the Company’s occupancy or involvement or the involvement of the limited partners of the ARK Master Fund. (2) In addition to the general partner interest in the WPI Fund held by WeCap Holdings Partnership described above, a wholly owned subsidiary of the WeCap Investment Group also owns an 8% limited partner interest in the WPI Fund. (3) In June 2020, the Company entered into an agreement with WeWork India Management Private Limited (“IndiaCo”), an affiliate of Embassy Property Developments Private Limited (“Embassy”), to subscribe for new convertible debentures to be issued by IndiaCo in an aggregate principal amount of $100.0 million (the “2020 Debentures”). During June 2020, $85.0 million of the principal had been funded, with the remaining $15.0 million to be funded over time based on milestones achieved by IndiaCo. The 2020 Debentures earn interest at a coupon rate of 12.5% per annum for the 18-month available-for-sale (4) In October 2020, the Company deconsolidated ChinaCo and its retained 21.6% ordinary share equity method investment was recorded at a fair value of $26.3 million plus capitalized legal cost for a total initial cost basis and carrying value as of December 31, 2020 of $29.3 million. See Note 6 for additional details regarding the ChinaCo Deconsolidation and see Note 25 for details regarding various related party fees payable by ChinaCo to the Company subsequent to the ChinaCo Deconsolidation. (5) During 2018, the Company launched the Creator Fund that previously made investments in recipients of WeWork’s Creator Awards and other investments through use of a venture capital strategy. Prior to September 2020, the Creator Fund was a consolidated subsidiary owned 99.99% by related party noncontrolling interest holders. In September 2020, the Company transferred its variable interest and control over the Creator Fund to an affiliate of SBG and the Creator Fund and its investments were deconsolidated from the Company’s financial statements. See Note 6 for further detail. During the years ended December 31, 2020, 2019 and 2018, the Company recorded impairments on Creator Fund investments totaling $10.4 million, $8.9 million and $1.0 million, respectively, included in income (loss) from equity method and other investments on the accompanying consolidated statements of operations. (6) The Company holds various other investments as of December 31, 2020 and 2019. On March 27, 2020, the Company sold 91% of the equity of Meetup for total consideration of $9.5 million and the remaining 9% was retained by the Company in the amount of $1.1 million. In February 2020, the Company completed the sale of its investment in Refresh Club, Inc. (“The Wing”) for $35.0 million. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Outstanding Warrants Convertible into Common Stock | As of December 31, 2020, outstanding warrants to acquire shares of the Company’s stock were as follows: Convertible Into Number of Shares Exercise Price Expiration Date Class A Common Stock 5,941 $ 13.12 July 31, 2025 Class A Common Stock 250,000 $ 0.001 February 8, 2026 255,941 |
Convertible Related Party Lia_2
Convertible Related Party Liabilities and SoftBank Debt Financing (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Convertible Related Party Liabilities And Softbank Debt Financing [Abstract] | ||
Schedule Of Convertible Related Party Liabilities And Soft Bank Debt Financing | Convertible related party liabilities, net consist of the following: (Amounts in thousands) June 30, 2021 December 31, SoftBank Debt Financing Warrant Liability: SoftBank Senior Unsecured Notes Warrant liability capitalized as deferred financing cost at issuance $ 568,877 $ 568,877 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (54,793 ) (288,674 ) Less: Senior Unsecured Notes Warrant liability deferred financing cost adjustment (934 ) (934 ) Less: Exercise of warrants into Series H-3 (474,521 ) — Total SoftBank Senior Unsecured Notes Warrant Liability, at fair value 38,629 279,269 2020 LC Facility Warrant liability capitalized as deferred financing cost at issuance 284,440 284,440 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (27,394 ) (144,335 ) Less: 2020 LC Facility Warrant liability deferred financing cost adjustment (466 ) (466 ) Less: Exercise of warrants into Series H-3 (237,265 ) — Total LC Facility Warrant Liability, at Fair Value 19,315 139,639 Total SoftBank Debt Financing Warrant Liability, at fair value 57,944 418,908 Total convertible related party liabilities, net $ 57,944 $ 418,908 | Convertible related party liabilities, net consist of the following: December 31, (Amounts in thousands) 2020 2019 2019 Warrant Liability: Cash received on draw in October 2019 $ 1,500,000 $ 1,500,000 Less: Cost basis of related party financial instrument included in additional paid in capital prior to draw (219,708 ) (219,708 ) Less: Cumulative issuance of Series H-1 (200,000 ) (200,000 ) Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (169,172 ) 217,466 Less: Conversion to Series H-1 (911,120 ) — Total 2019 Warrant Liability, at fair value — 1,297,758 SoftBank Debt Financing Warrant Liability: SoftBank Senior Unsecured Notes Warrant liability capitalized as deferred financing cost at issuance 568,877 568,877 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (288,674 ) — Less: Senior Unsecured Notes Warrant liability deferred financing cost adjustment (934 ) — Total SoftBank Senior Unsecured Notes Warrant Liability, at fair value 279,269 568,877 2020 LC Facility Warrant liability capitalized as deferred financing cost at issuance 284,440 284,440 Plus: Cumulative (gain)/loss from change in fair value of related party financial instruments (144,335 ) — Less: 2020 LC Facility Warrant liability deferred financing cost adjustment (466 ) — Total LC Facility Warrant Liability, at Fair Value 139,639 284,440 Total SoftBank Debt Financing Warrant Liability, at fair value 418,908 853,317 Total convertible related party liabilities, net $ 418,908 $ 2,151,075 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Summary of Long-term debt, net | Note 10. Long-Term Debt, Net Long-term debt, net consists of the following: (Amounts in thousands, except percentages) Maturity Year Interest Rate June 30, 2021 December 31, 2020 Senior Notes: Outstanding principal balance 2025 7.875% $ 669,000 $ 669,000 Less: Unamortized debt issuance costs (10,251 ) (11,363 ) Total Senior Notes, net 658,749 657,637 Other Loans: Outstanding principal balance 2021 - 2022 2.5% - 3.0% 38,231 43,833 Less: Current portion of Other Loans (See Note 8) (37,534 ) (13,114 ) Total non-current 697 30,719 Total long-term debt, net $ 659,446 $ 688,356 | Long-term debt, net consists of the following: December 31, (Amounts in thousands, except percentages) Maturity Year Interest Rate 2020 2019 Senior Notes: 2025 7.875% Outstanding principal balance $ 669,000 $ 669,000 Less: Unamortized debt issuance costs (11,363) (13,453) Total Senior Notes, net 657,637 655,547 424 Fifth Venture Loans: Mortgage Loan 2022 (1) LIBOR (2) — 335,750 Senior Mezzanine Loan 2022 (1) LIBOR (2) — 100,725 Junior Mezzanine Loan 2022 (1) LIBOR (2) — 222,336 Less: Unamortized debt issuance costs — (17,538) Total 424 Fifth Venture Loans, net — 641,273 Other Loans: Outstanding principal balance 2021 - 2022 2.5% - 3.0% 43,833 95,473 Less: Current portion of Other Loans (13,114) (2,862) Total non-current 30,719 92,611 Total long-term debt, net $ 688,356 $ 1,389,431 (1) The original maturity date excluded two one-year (2) The 424 Fifth Venture loan agreements included a LIBOR floor of 2.513% and a LIBOR cap of 4%. The LIBOR interest rate cap was scheduled to expire on February 9, 2021 prior to the termination of these contracts in March 2020 in conjunction with the repayment of the underlying loans. |
Summary of aggregate principal payments for current and long-term debt | Principal Maturities (Amounts in thousands) Total Remainder of 2021 $ 9,730 2022 28,501 2023 — 2024 — 2025 669,000 2026 and beyond — Total minimum payments $ 707,231 | Combined aggregate principal payments for current and long-term debt as of December 31, 2020 are as follows: (Amounts in thousands) Total 2021 $ 13,114 2022 30,719 2023 — 2024 — 2025 669,000 2026 and beyond — Total minimum payments $ 712,833 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Liabilities, Current [Abstract] | ||
Schedule Of Other Current Liabilities | Other current liabilities consists of the following: (Amounts in thousands) June 30, 2021 December 31, 2021 LC Debt Facility (See Note 16) $ 349,011 $ — Current portion of long-term debt (See Note 10) 37,534 13,114 Refunds payable to former members 36,485 35,761 Current portion of acquisition holdbacks — 1,593 IndiaCo Forward Liability (See Note 6) — 7,907 Other current liabilities 17,344 25,380 Total other current liabilities $ 440,374 $ 83,755 | Other current liabilities consists of the following: December 31, (Amounts in thousands) 2020 2019 Current portion of acquisition holdbacks $ 1,593 $ 43,246 Contingent consideration relating to acquisitions payable in stock (See Note 7) — 445 Current portion of long-term debt (See Note 15) 13,114 2,862 2020 Tender Offer (See Note 22) — 123,409 Refunds payable to former members 35,761 20,675 IndiaCo Forward Liability (See Note 11) 7,907 — Other current liabilities 25,380 28,183 Total other current liabilities $ 83,755 $ 218,820 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | |
Schedule of Goodwill | Goodwill includes the following activity during the year ended December 31, 2020 and 2019: Year Ended December 31, (Amounts in thousands) 2020 2019 Balance at beginning of period $ 698,416 $ 681,017 Goodwill acquired — 289,951 Goodwill sold (2,652 ) — Goodwill impairment — (214,515 ) Goodwill held for sale — (52,996 ) Measurement period and other adjustments 3,577 (3,093 ) ChinaCo Deconsolidation (Note 6) (28,692 ) — Effect of foreign currency exchange rate changes 8,702 (1,948 ) Balance at end of period $ 679,351 $ 698,416 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule Of Intangible Assets Excluding Goodwill | Intangible assets, net consist of the following: December 31, 2020 (Amounts in thousands) Weighted- Remaining Gross Carrying Accumulated Net Carrying Capitalized software 2.1 $ 103,122 $ (58,496 ) $ 44,626 Other finite-lived intangible assets - customer 7.7 17,670 (14,263 ) 3,407 Indefinite-lived intangible assets - trademarks 1,863 — 1,863 Total intangible assets, net $ 122,655 $ (72,759 ) $ 49,896 December 31, 2019 (Amounts in thousands) Weighted- Remaining Gross Carrying Accumulated Net Carrying Capitalized software 2.9 $ 87,068 $ (41,393 ) $ 45,675 Other finite-lived intangible assets - 6.5 53,874 (24,614 ) 29,260 Indefinite-lived intangible assets - trademarks 4,930 — 4,930 Total intangible assets, net $ 145,872 $ (66,007 ) $ 79,865 |
Schedule Of Future Amortization Expense Related To Intangible Assets | Future amortization expense related to intangible assets as of December 31, 2020 is expected to be as follows: (Amounts in thousands) Total 2021 $ 23,194 2022 17,233 2023 5,427 2024 444 2025 444 2026 and beyond 1,291 Total $ 48,033 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | ||
Schedule Of Components Of Real Estate Operating Lease Cost | The components of total real estate operating lease cost for leases recorded under ASC 842 are as follows: Three Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 600,694 $ 24,909 $ 10,620 $ 50,288 $ 686,511 Non-cash 97,628 21,199 324 3,883 123,034 Amortization of lease incentives (67,375 ) (5,417 ) (966 ) (6,533 ) (80,291 ) Total real estate operating lease cost $ 630,947 $ 40,691 $ 9,978 $ 47,638 $ 729,254 Early termination fees and related (gain)/loss $ — $ — $ — $ (96,415 ) $ (96,415 ) Six Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 1,300,034 $ 55,945 $ 20,134 $ 87,486 $ 1,463,599 Non-cash 131,283 25,534 902 2,021 159,740 Amortization of lease incentives (142,401 ) (10,158 ) (1,794 ) (10,495 ) (164,848 ) Total real estate operating lease cost $ 1,288,916 $ 71,321 $ 19,242 $ 79,012 $ 1,458,491 Early termination fees and related (gain)/loss $ — $ — $ — $ (179,995 ) $ (179,995 ) Three Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 651,370 $ 36,322 $ 16,984 $ 275 $ 704,951 Non-cash 99,036 49,878 4,697 — 153,611 Amortization of lease incentives (78,658 ) (11,323 ) (1,504 ) 175 (91,310 ) Total real estate operating lease cost $ 671,748 $ 74,877 $ 20,177 $ 450 $ 767,252 Early termination fees and related (gain)/loss $ — $ — $ — $ (39,193 ) $ (39,193 ) Six Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Lease cost contractually paid or payable for the period $ 1,266,768 $ 69,069 $ 34,579 $ 376 $ 1,370,792 Non-cash 228,901 112,126 12,147 — 353,174 Amortization of lease incentives (143,483 ) (23,562 ) (3,327 ) 120 (170,252 ) Total real estate operating lease cost $ 1,352,186 $ 157,633 $ 43,399 $ 496 $ 1,553,714 Early termination fees and related (gain)/loss $ — $ — $ — $ (31,686 ) $ (31,686 ) | The components of total real estate operating lease cost for leases recorded under ASC 842 are as follows: Year Ended December 31, 2020 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Related Costs Total Lease cost contractually paid or payable for the period $ 2,638,455 $ 128,452 $ 61,991 $ 1,863 $ 2,830,761 Non-cash 380,851 171,772 19,727 576 572,926 Amortization of lease incentives (297,828 ) (40,550 ) (6,138 ) (1,084 ) (345,600 ) Total real estate operating lease cost $ 2,721,478 $ 259,674 $ 75,580 $ 1,355 $ 3,058,087 Early termination fees and related (gain)/loss $ — $ — $ — $ (37,354 ) $ (37,354 ) Year Ended December 31, 2019 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Lease cost contractually paid or payable for the period $ 1,686,431 $ 119,220 $ 64,949 $ 144 $ 1,870,744 Non-cash 411,161 484,099 19,776 — 915,036 Amortization of lease incentives (169,676 ) (60,447 ) (6,109 ) — (236,232 ) Total real estate operating lease cost $ 1,927,916 $ 542,872 $ 78,616 $ 144 $ 2,549,548 Early termination fees and related (gain)/loss $ 553 $ — $ — $ 3,162 $ 3,715 The components of total real estate operating lease cost for leases recorded under ASC 840 are as follows: Year Ended December 31, 2018 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Lease cost contractually paid or payable for the period (1) $ 824,650 $ 80,736 $ 18,730 $ — $ 924,116 Non-cash 268,125 268,593 6,124 — 542,842 Amortization of lease incentives (88,867 ) (3,759 ) (1,209 ) — (93,835 ) Total real estate operating lease cost $ 1,003,908 $ 345,570 $ 23,645 $ — $ 1,373,123 Early termination fees and related (gain)/loss $ — $ — $ — $ — $ — (1) Common area maintenance charges and real estate taxes, or “tenancy costs” are a non-lease non-lease |
Schedule Of Operating Lease Costs Variable And Fixed | The Company’s total ASC 842 operating lease costs include both fixed and variable components as follows: Three Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Fixed real estate lease costs $ 516,535 $ 35,411 $ 8,944 $ 43,270 $ 604,160 Fixed equipment and other lease costs 289 6 4 — 299 Total fixed lease costs $ 516,824 $ 35,417 $ 8,948 $ 43,270 $ 604,459 Variable real estate lease costs $ 114,412 $ 5,280 $ 1,034 $ 4,368 $ 125,094 Variable equipment and other lease costs 1,493 32 24 1,106 2,655 Total variable lease costs $ 115,905 $ 5,312 $ 1,058 $ 5,474 $ 127,749 Six Months Ended June 30, 2021 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring Total Fixed real estate lease costs $ 1,057,898 $ 61,313 $ 17,159 $ 69,830 $ 1,206,200 Fixed equipment and other lease costs 659 7 8 18 692 Total fixed lease costs $ 1,058,557 $ 61,320 $ 17,167 $ 69,848 $ 1,206,892 Variable real estate lease costs $ 231,018 $ 10,008 $ 2,083 $ 9,182 $ 252,291 Variable equipment and other lease costs 679 (32 ) 72 840 1,559 Total variable lease costs $ 231,697 $ 9,976 $ 2,155 $ 10,022 $ 253,850 Three Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Location Selling, Restructuring and Other Total Fixed real estate lease costs $ 566,228 $ 71,312 $ 18,065 $ 362 $ 655,967 Fixed equipment and other lease costs 518 — 8 — 526 Total fixed lease costs $ 566,746 $ 71,312 $ 18,073 $ 362 $ 656,493 Variable real estate lease costs $ 105,520 $ 3,565 $ 2,112 $ 88 $ 111,285 Variable equipment and other lease costs 946 — 15 — 961 Total variable lease costs $ 106,466 $ 3,565 $ 2,127 $ 88 $ 112,246 Six Months Ended June 30, 2020 Reported in: (Amounts in thousands) Location Pre-opening Selling, Restructuring Total Fixed real estate lease costs $ 1,125,402 $ 148,150 $ 39,334 $ 410 $ 1,313,296 Fixed equipment and other lease costs 1,094 — 17 — 1,111 Total fixed lease costs $ 1,126,496 $ 148,150 $ 39,351 $ 410 $ 1,314,407 Variable real estate lease costs $ 226,784 $ 9,483 $ 4,065 $ 86 $ 240,418 Variable equipment and other lease costs 1,823 — 79 — 1,902 Total variable lease costs $ 228,607 $ 9,483 $ 4,144 $ 86 $ 242,320 | The Company’s total ASC 842 operating lease costs include both fixed and variable components as follows: Year Ended December 31, 2020 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Fixed real estate lease costs $ 2,283,042 $ 243,298 $ 67,172 $ 613 $ 2,594,125 Fixed equipment and other lease costs 2,085 — 30 — 2,115 Total fixed lease costs $ 2,285,127 $ 243,298 $ 67,202 $ 613 $ 2,596,240 Variable real estate lease costs $ 438,436 $ 16,376 $ 8,408 $ 742 $ 463,962 Variable equipment and other lease costs 2,877 40 151 — 3,068 Total variable lease costs $ 441,313 $ 16,416 $ 8,559 $ 742 $ 467,030 Year Ended December 31, 2019 Reported in: Selling, Location Pre-opening General and Restructuring (Amounts in thousands) Operating Location Administrative and Other Total Fixed real estate lease costs $ 1,612,658 $ 507,591 $ 71,764 $ 144 $ 2,192,157 Fixed equipment and other lease costs 2,943 — 3,263 — 6,206 Total fixed lease costs $ 1,615,601 $ 507,591 $ 75,027 $ 144 $ 2,198,363 Variable real estate lease costs $ 315,258 $ 35,281 $ 6,852 $ — $ 357,391 Variable equipment and other lease costs 1,902 — — — 1,902 Total variable lease costs $ 317,160 $ 35,281 $ 6,852 $ — $ 359,293 |
Schedule Of Finance Lease Cost | The Company also has certain leases accounted for as finance leases. Total lease costs for finance leases are as follows: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Reported in: Reported in: (Amounts in thousands) Depreciation Interest Total Depreciation Interest Total Total finance lease cost $ 1,232 $ 1,068 $ 2,300 $ 1,332 $ 1,178 $ 2,510 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Reported in: Reported in: (Amounts in thousands) Depreciation Interest Total Depreciation Interest Total Total finance lease cost $ 2,515 $ 2,170 $ 4,685 $ 2,660 $ 2,368 $ 5,028 | During 2018, the Company also had certain leases accounted for as capital leases under ASC 840 which beginning in 2019 are referred to as finance leases and accounted for under ASC 842. Total lease costs for these leases are as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Reported in: Reported in: Depreciation Depreciation and Interest and Interest (Amounts in thousands) Amortization Expense Total Amortization Expense Total Total finance lease cost $ 5,271 $ 4,675 $ 9,946 $ 4,499 $ 4,621 $ 9,120 Year Ended December 31, 2018 Reported in: Depreciation and Interest (Amounts in thousands) Amortization Expense Total Total capital lease cost $ 2,162 $ 3,780 $ 5,942 |
Schedule Of Lease Related Assets And Liabilities Recorded On Balance Sheet | The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet as of June 30, 2021 and December 31, 2020, as recorded in accordance with ASC 842: (Amounts in thousands) Balance Sheet Captions June 30, 2021 December 31, Assets: Operating lease right-of-use Lease right-of-use assets, net $ 13,923,373 $ 15,107,880 Finance lease right-of-use (1) Property and equipment, net 47,821 48,116 Total leased assets $ 13,971,194 $ 15,155,996 Liabilities: Current liabilities Operating lease liabilities Current lease obligations $ 868,348 $ 842,680 Finance lease liabilities Current lease obligations 5,183 4,851 Total current liabilities 873,531 847,531 Non-current Operating lease obligations Long-term lease obligations 18,936,572 20,220,274 Finance lease obligations Long-term lease obligations 40,972 43,332 Total non-current 18,977,544 20,263,606 Total lease obligations $ 19,851,075 $ 21,111,137 (1) Finance lease right-of-use | The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet as of December 31, 2020 and 2019, as recorded in accordance with ASC 842: December 31, (Amounts in thousands) Balance Sheet Captions 2020 2019 Assets: Operating lease right-of-use Lease right-of-use $ 15,107,880 $ 17,496,004 Finance lease right-of-use (1) Property and equipment, net 48,116 35,580 Total leased assets $ 15,155,996 $ 17,531,584 Liabilities: Current liabilities Operating lease liabilities Current lease obligations $ 842,680 $ 680,911 Finance lease liabilities Current lease obligations 4,851 4,718 Total current liabilities 847,531 685,629 Non-current Operating lease obligations Long-term lease obligations 20,220,274 21,202,804 Finance lease obligations Long-term lease obligations 43,332 48,359 Total non-current 20,263,606 21,251,163 Total lease obligations $ 21,111,137 $ 21,936,792 (1) Finance lease right-of-use |
Schedule Of Weighted Average Remaining Lease Term Discount Rates For Operating And Finance Leases | The weighted average remaining lease term and weighted average discount rate for operating and finance leases as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Operating Finance Operating Finance Weighted average remaining lease term (in years) 13 9 13 10 Weighted average discount rate percentage 8.8 % 7.5 % 8.7 % 7.5 % | The weighted average remaining lease term and weighted average discount rate for operating and finance leases as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Operating Finance Operating Finance Weighted average remaining lease term (in years) 13 10 14 10 Weighted average discount rate percentage 8.7 % 7.5 % 8.1 % 7.4 % |
Schedule Of Annual Lease Obligations Related To Finance And Operating Leases | The Company’s aggregate annual lease obligations relating to non-cancelable (Amounts in thousands) Finance Operating Total Remainder of 2021 $ 4,598 $ 1,244,849 $ 1,249,447 2022 9,191 2,517,258 2,526,449 2023 8,849 2,597,497 2,606,346 2024 7,335 2,653,586 2,660,921 2025 6,334 2,680,086 2,686,420 2026 and beyond 32,470 22,446,916 22,479,386 Total undiscounted fixed minimum lease cost payments 68,777 34,140,192 34,208,969 Less amount representing lease incentive receivables (1) — (476,877 ) (476,877 ) Less amount representing interest (22,622 ) (13,858,395 ) (13,881,017 ) Present value of future lease payments 46,155 19,804,920 19,851,075 Less current portion of lease obligation (5,183 ) (868,348 ) (873,531 ) Total long-term lease obligation $ 40,972 $ 18,936,572 $ 18,977,544 (1) Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. | The Company’s aggregate annual lease obligations relating to non-cancelable (Amounts in thousands) Finance Leases Operating Total 2021 $ 9,447 $ 2,563,634 $ 2,573,081 2022 9,482 2,702,441 2,711,923 2023 9,092 2,757,020 2,766,112 2024 7,464 2,804,710 2,812,174 2025 6,338 2,835,422 2,841,760 2026 and beyond 32,470 23,362,437 23,394,907 Total undiscounted fixed minimum lease cost payments 74,293 37,025,664 37,099,957 Less amount representing lease incentive receivables (1) — (698,791 ) (698,791 ) Less amount representing interest (26,109 ) (15,263,919 ) (15,290,028 ) Present value of future lease payments 48,184 21,062,954 21,111,138 Less current portion of lease obligation (4,851 ) (842,680 ) (847,531 ) Total long-term lease obligation $ 43,333 $ 20,220,274 $ 20,263,607 (1) Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. The Company’s aggregate annual lease obligations relating to non-cancelable (Amounts in thousands) Finance Leases Operating Total 2020 $ 9,429 $ 2,416,519 $ 2,425,948 2021 9,511 2,824,330 2,833,841 2022 9,465 2,911,370 2,920,835 2023 8,931 2,960,557 2,969,488 2024 7,258 2,996,646 3,003,904 2025 and beyond 38,755 26,013,434 26,052,189 Total undiscounted fixed minimum lease cost payments 83,349 40,122,856 40,206,205 Less amount representing lease incentive receivables (1) — (1,794,191 ) (1,794,191 ) Less amount representing interest (30,272 ) (16,444,053 ) (16,474,325 ) Present value of future lease payments 53,077 21,884,612 21,937,689 Less obligations classified as held for sale — (897 ) (897 ) Less current portion of lease obligation (4,718 ) (680,911 ) (685,629 ) Total long-term lease obligation $ 48,359 $ 21,202,804 $ 21,251,163 (1) Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. |
Propoerty Plant And Equipment (
Propoerty Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Propoerty Plant And Equipment | December 31, (Amounts in thousands) 2020 2019 Leasehold improvements $ 6,671,107 $ 6,011,954 Finance lease assets 48,116 35,580 Land — 356,473 Equipment 539,636 575,581 Furniture 869,057 726,900 Construction in progress 458,845 1,788,297 Property and equipment 8,586,761 9,494,785 Less: accumulated depreciation (1,727,598 ) (1,095,244 ) Total property and equipment, net $ 6,859,163 $ 8,399,541 |
Income Taxes (Tables)
Income Taxes (Tables) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Schedule of Components of Pretax Loss | The components of pre-tax Year Ended December 31, (Amounts in thousands) 2020 2019 2018 U.S. $ (1,540,919 ) $ (2,497,989 ) $ (1,162,229 ) Non-U.S. (2,273,432 ) (1,231,261 ) (766,040 ) Total pre-tax $ (3,814,351 ) $ (3,729,250 ) $ (1,928,269 ) | |
Summary of Tax Povision | The components of income tax provision (benefit) are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Current tax provision (benefit): Federal $ — $ — $ — State and local — — — Non-U.S. 20,456 49,371 9,263 Total current tax provision 20,456 49,371 9,263 Deferred tax provision (benefit): Federal (118 ) (148 ) (1,741 ) State and local (324 ) (510 ) (6,777 ) Non-U.S. (508 ) (3,076 ) (1,595 ) Total deferred tax provision (benefit) (950 ) (3,734 ) (10,113 ) Income tax provision (benefit) $ 19,506 $ 45,637 $ (850 ) | |
Summary of a Reconciliation of the Statutory Federal Income Tax Rate Benefit to the Companys Effective Tax Rate Benefit | The reconciliation of the U.S. Federal statutory rate to the Company’s effective tax rate is as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 (1) 2018 (1) Income tax provision (benefit) at the U.S. Federal tax rate $ (801,014 ) $ (783,143 ) $ (404,937 ) State income taxes, inclusive of valuation allowance (256 ) (403 ) (5,354 ) Withholding tax 8,350 13,712 — Foreign rate differential (39,240 ) (23,087 ) (14,355 ) Stock-based compensation 30,567 13,772 4,251 Non-deductible 15,056 13,333 16,196 Non-deductible (136,753 ) (15,402 ) 27,768 Goodwill Impairment 1,492 39,482 — Rate Change (143,058 ) 10,259 5,238 ChinaCo Deconsolidation 286,637 — — Other, net 54,609 (3,298 ) (1,775 ) Valuation allowance 743,116 780,412 372,118 Income tax provision (benefit) $ 19,506 $ 45,637 $ (850 ) (1) Certain lines from the prior years have been reclassified to align with the 2020 presentation with no impact to the Income tax provision (benefit) amount. | |
Summary of Net Deferred Tax Assets | The components of deferred tax assets and liabilities are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 (2) Deferred tax assets: Investment in partnership $ 488,786 $ 477,612 Deferred rent 136,502 125,635 Property and Equipment 71,353 40,645 Accrued expenses 11,527 20,231 Stock-based compensation 8,107 4,487 Deferred financing obligation 2,546 989 Unrealized (gain) loss on foreign exchange 3,634 5,222 Net operating loss 2,033,703 1,205,139 Capital Loss 40,677 — Finite-lived intangibles 1,259,586 1,144,862 Interest 6,989 1,863 Lease Liability 2,636,664 2,762,142 Other 14,515 7,996 Total deferred tax assets 6,714,589 5,796,823 Valuation allowance (4,057,892 ) (3,011,064 ) Total net deferred tax assets 2,656,697 2,785,759 Deferred tax liabilities: Deferred Rent (755 ) — Accrued Expenses (2,206 ) (343 ) Unrealized (Gain)/Loss (7,655 ) (181 ) Property and equipment (10,969 ) (14,584 ) Finite-lived intangibles (264 ) (5,284 ) Right of Use Asset (2,630,343 ) (2,763,802 ) Other (3,128 ) (404 ) Indefinite-lived intangibles — (11 ) Total deferred tax liabilities (2,655,320 ) (2,784,609 ) Net deferred tax assets (1) $ 1,377 $ 1,150 (1) As of December 31, 2020 and 2019, $1.4 million and $1.2 million net deferred tax asset is included as a component of other assets on the accompanying consolidated balance sheet, respectively. (2) Certain 2019 lines have been reclassified to align with the 2020 presentation with no impact to the Net deferred tax assets (liabilities). | |
BOWX ACQUISITION CORP [Member] | ||
Summary of Tax Povision | The income tax provision (benefit) consists of the following: For the Period Current Federal $ 22,010 State — Deferred Federal (48,114 ) State — Valuation allowance 48,114 Income tax provision $ 22,010 | |
Summary of a Reconciliation of the Statutory Federal Income Tax Rate Benefit to the Companys Effective Tax Rate Benefit | A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows: For the Period Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Change in fair value of warrant liabilities (20.5 )% Change in valuation allowance (1.0 )% Effective Tax Rate -0.5 % | |
Summary of Net Deferred Tax Assets | The Company’s net deferred tax assets are as follows: December 31, Deferred tax assets: Start-up/Organization $ 48,114 Total deferred tax assets 48,114 Valuation allowance (48,114 ) Deferred tax asset, net of allowance $ — |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of series of convertible preferred stock | As of December 31, 2020, 2019 and 2018 the Company had outstanding the following series of convertible preferred stock, each par value $0.001 per share: December 31, 2020 (Amounts in thousands, except per share amounts) Conversion Liquidation Shares Shares Carrying Series A $ 0.46 $ 17,500 38,393 38,393 $ 17,350 Series B 1.85 41,039 22,165 22,165 40,995 Series C 5.36 152,227 29,189 28,404 154,699 Series D-1 16.65 198,800 11,939 11,939 198,541 Series D-2 16.65 156,200 9,381 9,380 155,996 Series E 32.89 433,934 13,194 13,194 433,507 Series F 50.19 690,612 14,942 13,759 675,913 Series G 57.90 2,017,338 34,742 33,114 1,729,997 Series G-1 110.00 3,500,000 45,455 31,818 2,681,069 Series H-1 11.60 1,900,000 227,025 163,793 1,352,819 Series H-2 11.60 — 227,025 — — Series H-3 0.01 — 129,888 — — Series H-4 0.01 — 129,888 — — Acquisition 91.37 269,678 13,900 2,951 223,912 Junior 866.67 1,300 2 2 1,300 Total $ 9,378,628 947,128 368,912 $ 7,666,098 December 31, 2019 December 31, 2018 (Amounts in thousands) Shares Carrying Shares Carrying Series A $ 38,393 $ 17,350 $ 38,393 $ 17,350 Series B 22,165 40,995 22,165 40,995 Series C 28,404 154,699 28,404 154,699 Series D-1 11,939 198,541 11,939 198,541 Series D-2 9,380 155,996 9,380 155,996 Series E 13,194 433,507 13,194 433,507 Series F 13,759 675,913 13,759 675,913 Series G 33,114 1,729,997 33,114 1,729,997 Series G-1 31,818 2,681,069 — — Series H-1 17,241 161,353 — — Acquisition 2,920 222,884 1,408 90,398 Junior 2 1,300 2 1,300 Total $ 222,329 $ 6,473,604 $ 171,758 $ 3,498,696 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summary of assumptions used to value WeWork Partnerships Profits Interest Units issued | The assumptions used to value WeWork Partnerships Profits Interest Units issued during the year ended December 31, 2019 were as follows: December 31, Fair value of Class B common stock $ 4.12 - 56.85 Weighted average expected term (years) 5.83 Weighted average expected volatility 40.0% Risk-free interest rate 1.53% - 1.94% Dividend yield — | |
Summarizes the Company's restricted stock and restricted stock unit activity | The following table summarizes the Company’s restricted stock and restricted stock unit activity for the six months ended June 30, 2021: Shares Weighted Average Unvested, December 31, 2020 2,819,146 $ 16.85 Granted 12,972,493 4.12 Vested (165,434 ) 10.41 2021 Tender Offer (1) (594,097 ) 11.40 Forfeited/canceled (2,385,153 ) 4.80 Unvested, June 30, 2021 (2) 12,646,955 $ 6.37 (1) As noted in the 2021 Tender Offer section below, during the six months ended June 30, 2021 and in connection with the 2021 Tender Offer, the Company modified the liquidity event condition with respect to 594,097 restricted stock units held by 1,774 grantees, such that those restricted stock units became fully vested immediately prior to the closing of the 2021 Tender Offer. Refer therein for more details. (2) The unvested balance includes (a) 9,586,956 restricted stock units granted, which will vest annually over a three to seven year employment service period, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant, (b) 1,560,000 RSUs as described above, and (c) 1,500,000 RSUs as described above. | The following table summarizes the Company’s restricted stock and restricted stock unit activity for the year ended December 31, 2020: Shares Weighted Average Unvested, December 31, 2019 6,683,555 $ 18.55 Granted 47,158 3.72 Vested (1) (503,898 ) 23.48 Forfeited/canceled (3,407,669 ) 19.03 Unvested, December 31, 2020 (2) 2,819,146 $ 16.85 (1) Includes 160,200 restricted stock units which vested in the year ended December 31, 2020, however the underlying common shares have not been issued to the individual. As of December 31, 2020, a total of 670,244 shares representing $14.5 million was included as a component of additional paid-in (2) The unvested balance includes (a) 158,048 restricted stock and restricted stock units that will vest over their remaining service period, and (b) 2,661,098 restricted stock units granted, which will vest annually over a three to seven year employment service period or upon the satisfaction of specified performance-based vesting conditions, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant. |
Stock-based compensation expense | Total Stock Based Compensation Expense non-employee Three Months Ended Six Months Ended (Amounts in thousands) 2021 2020 2021 2020 Stock-based compensation included in: Location operating expenses $ 734 $ 3,287 $ 9,565 $ 6,906 Selling, general and administrative expenses 3,560 8,706 48,327 27,912 Restructuring and other related costs — 10,143 101,982 10,143 Total stock-based compensation expense $ 4,294 $ 22,136 $ 159,874 $ 44,961 | Total Stock-Based Compensation Expense non-employee Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Stock-based compensation included in: Location operating expenses $ 8,975 $ 46,135 $ 22,368 Selling, general and administrative expenses 41,783 300,612 47,032 Restructuring and other related costs 12,018 12,222 — Total stock-based compensation expense $ 62,776 $ 358,969 $ 69,400 |
Share-based Payment Arrangement, Option [Member] | Service Based Vesting Conditions [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summarizes the stock option activity | The following table summarizes the stock option activity during the six months ended June 30, 2021: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2020 34,077,898 $ 4.74 6.4 $ 12,534 Granted — $ — Exercised (5,395,515 ) $ 2.17 Forfeited/canceled (2,411,986 ) $ 6.93 Outstanding, June 30, 2021 26,270,397 $ 5.05 5.9 $ 162,428 Exercisable June 30, 2021 18,044,420 $ 6.21 4.7 $ 103,098 Vested and expected to vest, June 30, 2021 26,010,655 $ 5.05 5.9 $ 162,428 Vested and exercisable, June 30, 2021 18,044,420 $ 6.21 4.7 $ 103,098 | The following table summarizes the stock option activity during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2019 24,505,020 $ 8.42 5.9 $ 32,648 Granted 28,690,953 $ 3.89 Granted under Option Repricing (1) 18,699,611 $ 2.10 Exercised (133,565 ) $ 2.06 Forfeited/canceled (18,780,864 ) $ 6.16 Canceled under Option Repricing (1) (18,903,257 ) $ 4.00 Outstanding, December 31, 2020 34,077,898 $ 4.74 6.4 $ 12,534 Exercisable December 31, 2020 18,071,812 $ 6.09 4.1 $ 12,884 Vested and expected to vest, December 31, 2020 20,711,145 $ 7.29 4.6 $ 12,568 Vested and exercisable, December 31, 2020 18,071,812 $ 6.09 4.1 $ 12,522 (1) In June 2020, the Board of Directors of the Company approved a one-time |
Summary of assumptions used to value stock options issued | The assumptions used to value stock options issued during the year ended December 31, 2020, were as follows (these assumptions exclude the options exchange in the 2019 Option Repricing Exchange and 2020 Option Repricing described below and noted in the table above): December 31, Fair value of common stock $ 2.07 - 2.10 Weighted average expected term (years) 6.22 Weighted average expected volatility 51.0 % Risk-free interest rate 0.30% - 1.02 % Dividend yield — | The assumptions used to value stock options issued during the years ended December 31, 2020, 2019 and 2018 were as follows (excluding options exchanged in the Option Repricing, described below): December 31, 2020 2019 2018 Fair value of common stock $ 2.07 - 2.10 $ 37.44 - 42.88 $ 26.45 - 26.75 Weighted average expected term (years) 6.22 6.41 6.19 Weighted average expected volatility 51.0% 40.0% 40.0% Risk-free interest rate 0.30% - 1.02% 1.98% - 2.70% 2.41% - 2.99% Dividend yield — — — |
Share-based Payment Arrangement, Option [Member] | Service Performance And Market Based Conditions [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summarizes the stock option activity | The following table summarizes the stock option activity during the six months ended June 30, 2021: Number of Weighted- Weighted- Aggregate (In thousands) Outstanding, December 31, 2020 15,562,500 $ 2.09 9.4 $ — Granted — $ — Exercised — $ — Forfeited/canceled (1,950,000 ) $ 2.09 Outstanding, June 30, 2021 13,612,500 $ 2.09 8.9 $ 100 Exercisable June 30, 2021 — $ — — $ — Vested and expected to vest, June 30, 2021 4,537,500 $ 2.09 8.9 $ 33 Vested and exercisable, June 30, 2021 — $ — — $ — | The following table summarizes the stock option activity during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2019 — $ — — $ — Granted 27,262,500 $ 3.55 Granted under Option Repricing (1) 18,225,000 $ 2.10 Exercised — $ — Forfeited/canceled (11,700,000 ) $ 2.53 Canceled under 2020 Option Repricing (1) (18,225,000 ) $ 4.00 Outstanding, December 31, 2020 15,562,500 $ 2.09 9.4 $ — Exercisable December 31, 2020 — $ — — $ — Vested and expected to vest, December 31, 2020 5,187,500 $ 2.09 9.4 $ — Vested and exercisable, December 31, 2020 — $ — — $ — (1) In June 2020, the Board of Directors of the Company approved a one-time |
Summary of assumptions used to value stock options issued | The assumptions used to value the stock options issued during the year ended December 31, 2020 (excluding options exchanged in the 2020 Option Repricing, described below) were as follows: December 31, Fair value of common stock $2.07 - $2.10 Weighted average expected term (years) 5.56 Weighted average expected volatility 50.0% Risk-free interest rate 0.20% - 0.80% Dividend yield — % | The assumptions used to value the stock options issued during the year ended December 31, 2020 (excluding options exchanged in the Option Repricing, described below) were as follows: December 31, Fair value of common stock $2.07 -$2.10 Weighted average expected term (years) 5.56 Weighted average expected volatility 50.0% Risk-free interest rate 0.20% - 0.80% Dividend yield —% |
WeWork Partnerships [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summary of WeWork Partnerships Profits Interest Units activity | The following table summarizes the WeWork Partnerships Profits Interest Units activity during the six months ended June 30, 2021: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2020 25,168,938 $ 21.64 $ 0.47 $ — Granted — $ — $ — — Exchanged/redeemed — $ — $ — — Forfeited/canceled (1,036,363 ) $ 49.28 $ 10.92 — Outstanding, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — Exercisable, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — Vested and expected to vest, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — Vested and exercisable, June 30, 2021 24,132,575 $ 10.08 $ 10.00 $ — | The following table summarizes the WeWork Partnerships Profits Interest Units activity during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2019 27,752,323 $ 24.22 $ 1.44 $ — Granted — $ — $ — Exchanged/redeemed — $ — $ — Forfeited/canceled (2,583,385 ) $ 49.28 $ 10.92 Outstanding, December 31, 2020 25,168,938 $ 21.64 $ 0.47 $ — Exercisable, December 31, 2020 8,574,428 $ 19.55 $ 0.13 $ — Vested and expected to vest, December 31, 2020 9,558,975 $ 22.61 $ 1.24 $ — Vested and exercisable, December 31, 2020 8,574,428 $ 19.55 $ 0.13 $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Summary of the basic and diluted net loss per share computations for our common stock | The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the three and six months ended June 30, 2021, and 2020: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except share and per share data) 2021 2020 2021 2020 Numerator: Net loss attributed to WeWork Inc. $ (888,845 ) $ (863,829 ) $ (2,921,200 ) $ (1,047,698 ) Net loss attributable to Class A and Class B Common Stockholders (1) $ (888,845 ) $ (863,829 ) $ (2,921,200 ) $ (1,047,698 ) Denominator: Basic shares: Weighted-average shares - Basic 175,941,649 170,754,546 173,751,116 170,691,538 Diluted shares: Weighted-average shares - Diluted 175,941,649 170,754,546 173,751,116 170,691,538 Net loss per share attributable to Class A and Class B Common Stockholders: Basic $ (5.05 ) $ (5.06 ) $ (16.81 ) $ (6.14 ) Diluted $ (5.05 ) $ (5.06 ) $ (16.81 ) $ (6.14 ) | The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (Amounts in thousands, except share and per share data) 2020 2019 2018 Numerator: Net loss attributed to WeWork Inc. $ (3,129,358 ) $ (3,264,738 ) $ (1,610,792 ) Net loss attributable to Class A and Class B Common Stockholders $ (3,129,358 ) $ (3,264,738 ) $ (1,610,792 ) Denominator: Basic shares: Weighted-average shares - Basic 170,275,761 168,436,109 163,148,918 Diluted shares: Weighted-average shares - Diluted 170,275,761 168,436,109 163,148,918 Net loss per share attributable to Class A and Class B Common Stockholders: Basic $ (18.38 ) $ (19.38 ) $ (9.87 ) Diluted $ (18.38 ) $ (19.38 ) $ (9.87 ) (1) The three and six months ended June 30, 2021 are comprised of only Class A Common Shares as noted above |
Summary of weighted-average number of potentially dilutive shares | The following table presents the total weighted-average number of potentially dilutive shares that were excluded from the computation of diluted net loss per share attributable to Class A and Class B common stockholders because their effect would have been anti-dilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Convertible Preferred Stock Series A, B, C, D-1, D-2, E, F, G, G-1, H-1, H-3 and Acquisition 498,988,499 343,135,729 469,472,111 282,743,534 Convertible Preferred Stock Series Junior 1,500 1,500 1,500 1,500 Convertible notes 593,329 785,302 688,785 785,302 Stock options not subject to performance conditions 15,936,465 5,957,464 14,317,839 7,771,586 Vested RSUs with non-forfeitable dividend rights 549,753 573,973 622,067 553,742 Warrants 6,364,895 135,611,308 35,741,210 135,803,608 | The following table presents the total weighted-average number of potentially dilutive shares that were excluded from the computation of diluted net loss per share attributable to Class A and Class B common stockholders because their effect would have been anti-dilutive for the periods presented: Year Ended December 31, 2020 2019 2018 Convertible Preferred Stock Series A, B, C, D-1, D-2, E, F, G, G-1, H-1 and Acquisition 310,157,467 190,353,521 171,369,355 Convertible Preferred Stock Series Junior 1,500 1,500 1,500 Convertible notes 785,302 5,666,996 3,848,814 Stock options not subject to performance conditions 6,798,047 15,339,168 16,023,662 Unvested restricted stock/RSUs not subject to performance conditions — 489,220 955,301 Vested RSUs with non-forfeitable dividend rights 594,412 432,472 272,185 Warrants 135,722,164 14,695,807 1,178,715 WeWork Partnerships Profits Interest Units not subject to performance conditions — 550,387 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Asset Retirement Obligations | Asset retirement obligations include the following activity during the six months ended June 30, 2021 and the year ended December 31, 2020: (Amounts in thousands) Six Months Year Ended Balance at beginning of period $ 205,965 $ 131,989 Liabilities incurred in the current period 3,635 8,842 Liabilities settled in the current period (10,089 ) (5,475 ) Accretion of liability 8,347 9,888 Revisions in estimated cash flows 19,770 64,630 ChinaCo Deconsolidation (Note 5) — (8,883 ) Effect of foreign currency exchange rate changes (7,445 ) 4,974 Balance at end of period 220,183 205,965 Less: Current portion of asset retirement obligations (113 ) (113 ) Total non-current $ 220,070 $ 205,852 | Asset retirement obligations include the following activity during the years ended December 31, 2020 and 2019. Year Ended December 31, (Amounts in thousands) 2020 2019 Balance at beginning of period $ 131,989 $ 90,470 Liabilities incurred in the current period 8,842 35,968 Liabilities settled in the current period (5,475 ) (762 ) Accretion of liability 9,888 5,639 Revisions in estimated cash flows 64,630 — ChinaCo Deconsolidation (Note 6) (8,883 ) — Effect of foreign currency exchange rate changes 4,974 674 Balance at end of period 205,965 131,989 Less: Current portion of asset retirement obligations (113 ) (201 ) Total non-current $ 205,852 $ 131,788 |
Segment Disclosures and Conce_2
Segment Disclosures and Concentration (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Summary Of Revenues And Total Property And Equipment | The Company’s revenues and total property and equipment, by country, are as follows: Three Months Ended Six Months Ended June 30, (Amounts in thousands) 2021 2020 2021 2020 Revenue: United States $ 250,118 $ 433,259 $ 506,955 $ 982,104 United Kingdom 76,104 108,857 154,946 241,481 Japan 52,555 62,640 112,216 124,913 Greater China (1) — 68,067 — 136,921 Other foreign countries 214,701 208,911 417,214 453,198 Total revenue $ 593,478 $ 881,734 $ 1,191,331 $ 1,938,617 (1) The amounts for Greater China relate solely to the consolidated amounts of ChinaCo which was deconsolidated on October 2, 2020. (Amounts in thousands) June 30, December 31, Property and equipment: United States $ 2,135,248 $ 4,752,834 United Kingdom 742,830 1,020,575 Japan 254,183 525,046 Other foreign countries 4,743,624 2,288,306 Total property and equipment $ 7,875,885 $ 8,586,761 | The Company’s revenues and total property and equipment, by country, are as follows: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Revenue: United States $ 1,685,274 $ 1,874,589 $ 1,073,680 United Kingdom 421,252 466,202 275,615 Greater China (1) 206,261 228,537 99,529 Japan 250,733 174,120 44,282 Other foreign countries 852,345 715,144 328,645 Total revenue $ 3,415,865 $ 3,458,592 $ 1,821,751 December 31, (Amounts in thousands) 2020 2019 Property and equipment: United States $ 4,752,834 $ 5,825,644 United Kingdom 1,020,575 905,966 Greater China (1) — 395,290 Japan 525,046 350,623 Other foreign countries 2,288,306 2,017,262 Total property and equipment $ 8,586,761 $ 9,494,785 (1) The amounts for Greater China relate solely to the consolidated amounts of ChinaCo which was deconsolidated on October 2, 2020. |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 7 Months Ended |
Dec. 31, 2020 | |
BOWX ACQUISITION CORP [Member] | |
Summary Of Quarterly Financial Information | As of September 30, 2020 As Previously Restatement As Restated Unaudited Condensed Balance Sheet Total assets $ 484,512,579 $ — $ 484,512,579 Liabilities and stockholders’ equity Total current liabilities $ 150,841 $ — $ 150,841 Deferred underwriting commissions 16,905,000 — 16,905,000 Warrant liabilities — 9,872,133 9,872,133 Total liabilities 17,055,841 9,872,133 26,927,974 Class A common stock, $0.0001 par value; shares subject to possible redemption 462,456,730 (9,872,130 ) 452,584,600 Stockholders’ equity Preferred stock - $0.0001 par value — — — Class A common stock - $0.0001 par value 205 99 304 Class B common stock - $0.0001 par value 1,208 — 1,208 Additional paid-in-capital 5,083,079 1,252,975 6,336,054 Accumulated deficit (84,484 ) (1,253,077 ) (1,337,561 ) Total stockholders’ equity 5,000,008 (3 ) 5,000,005 Total liabilities and stockholders’ equity $ 484,512,579 $ — $ 484,512,579 For the Period from May 19, 2020 (inception) to As Previously Restatement As Restated Unaudited Condensed Statement of Operations Loss from operations $ (165,691 ) $ — $ (165,691 ) Change in fair value of warrant liabilities — (1,243,733 ) (1,243,733 ) Offering costs associated with private placement warrants — (9,344 ) (9,344 ) Net gain from investments held in Trust Account 83,554 — 83,554 Loss before income tax expense (82,137 ) (1,253,077 ) (1,335,214 ) Income tax expense 2,347 — 2,347 Net loss $ (84,484 ) $ (1,253,077 ) $ (1,337,561 ) Weighted average Class A common stock outstanding, basic and diluted 47,612,727 — 47,612,727 Basic and diluted net income per Class A common stock $ — $ — $ — Weighted average Class B common stock outstanding, basic and diluted 12,075,000 — 12,075,000 Basic and diluted net loss per Class B common stock $ (0.01 ) $ (0.10 ) $ (0.11 ) For the Three Months Ended September 30, 2020 As Previously Restatement As Restated Unaudited Condensed Statement of Operations Loss from operations $ (142,226 ) $ — $ (142,226 ) Change in fair value of warrant liabilities — (1,243,733 ) (1,243,733 ) Offering costs associated with private placement warrants — (9,344 ) (9,344 ) Net gain from investments held in Trust Account 83,554 — 83,554 Loss before income tax expense (58,672 ) (1,253,077 ) (1,311,749 ) Income tax expense 2,347 — 2,347 Net loss $ (61,019 ) $ (1,253,077 ) $ (1,314,096 ) Weighted average Class A common stock outstanding, basic and diluted 47,612,727 — 47,612,727 Basic and diluted net income per Class A common stock $ — $ — $ — Weighted average Class B common stock outstanding, basic and diluted 12,075,000 — 12,075,000 Basic and diluted net loss per Class B common stock $ (0.01 ) $ (0.10 ) $ (0.11 ) For the Period from May 19, 2020 (inception) to As Restatement As Restated Unaudited Condensed Statement of Cash Flows Net cash used in operating activities (548,409 ) — (548,409 ) Net cash used in investing activities (483,000,000 ) — (483,000,000 ) Net cash provided by financing activities 484,520,841 — 484,520,841 Net change in cash $ 972,432 $ — $ 972,432 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 25, 2021USD ($)key$ / sharesshares | Mar. 25, 2021USD ($)anchor_investors$ / sharesshares | Aug. 13, 2020USD ($)shares | Aug. 13, 2020USD ($) | Aug. 10, 2020$ / sharesshares | Aug. 07, 2020USD ($)$ / sharesshares | Oct. 31, 2019 | Jun. 30, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Feb. 28, 2021USD ($) | Dec. 31, 2019USD ($)$ / shares |
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Other deferred financing costs, net | $ 6,088,000 | $ 64,000 | $ 64,000 | $ 5,068,000 | |||||||||||
Maturity | 185 days | ||||||||||||||
Business combinations aggregate fair market value, percentage | 80.00% | ||||||||||||||
Obligation to redeem public shares | 100.00% | ||||||||||||||
Advancement of funds | $ 1,000,000,000 | 1,200,000,000 | |||||||||||||
Outstanding loan | 2,200,000,000 | 1,200,000,000 | 1,200,000,000 | ||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock value | |||||||||||||||
Common stock, value, subscriptions | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | ||||||||||
Number of investors | 2 | 2 | |||||||||||||
Investment | $ 125,000,000 | 125,000,000 | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||
Commited capital | 700,000,000 | ||||||||||||||
Shares issued, share, forfeited | shares | 3,000,000 | ||||||||||||||
Debt Instrument, aggregate principal amount | $ 800,000,000 | ||||||||||||||
Line of credit facility, current borrowing capacity | $ 15,000,000 | ||||||||||||||
Debt instrument, maturity date, description | The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. | ||||||||||||||
Warrant or right, outstanding | shares | 255,941 | 255,941 | |||||||||||||
Common stock, voting rights | Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. | ||||||||||||||
Senior Debt Obligations [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Debt Instrument, aggregate principal amount | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | ||||||||||
Debt instrument interest rate | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||||
Description of debt instrument condition | It is a condition to the execution of the A&R Senior Secured Note Purchase Agreement that any outstanding SoftBank Senior Secured Notes be redeemed, repurchased or otherwise repaid and canceled at a price of 101% of the principal amount thereof plus accrued and unpaid interest. | ||||||||||||||
Minimum number of days to borrow | 30 days | ||||||||||||||
Line of credit facility, current borrowing capacity | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||
Debt instrument, maturity date | Feb. 12, 2023 | ||||||||||||||
Minimum period of debt instrument maturity on the closing of agreement | 18 months | ||||||||||||||
Debt instrument, maturity date, description | The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow once every 30 days with minimum draws of $50.0 million. The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. | ||||||||||||||
Other Key Anchor Investor and its affiliates [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Investment | $ 125,000,000 | 125,000,000 | 125,000,000 | 125,000,000 | 125,000,000 | ||||||||||
Bow Capital [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Investment | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||||
Commited capital | 700,000,000 | ||||||||||||||
Obsidian Master Fund and its affiliates [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Investment | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||||||
Common Class A [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock value | $ 177,000 | $ 42,000 | $ 42,000 | $ 41,000 | |||||||||||
Common Class C [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock value | $ 24,000 | $ 25,000 | $ 25,000 | $ 28,000 | |||||||||||
Wework Partnership [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Non controlling interest, ownership percentage by noncontrolling owners | 100.00% | 100.00% | |||||||||||||
BOWX ACQUISITION CORP [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Net proceeds held in trust account | $ 483,000,000 | $ 483,000,000 | $ 483,000,000 | ||||||||||||
Maturity | 185 days | ||||||||||||||
Business combinations aggregate fair market value, percentage | 80.00% | ||||||||||||||
Business combination of voting interest, percentage | 50.00% | 50.00% | 50.00% | ||||||||||||
Obligation to redeem public shares | 100.00% | ||||||||||||||
Business acquisition per share price | $ / shares | $ 10 | $ 10 | $ 10 | ||||||||||||
Cash in operating account | $ 506,000 | $ 900,000 | $ 900,000 | ||||||||||||
Liquidity payment | 25,000 | 25,000 | |||||||||||||
Investment income in the trust account | $ 5,000,001 | 227,000 | 227,000 | ||||||||||||
Business combination net tangible assets | $ 5,000,001 | 5,000,001 | |||||||||||||
Business combination period | 24 months from the closing of the Initial Public Offering, or August 7, 2022 | 24 months from the closing of the IPO, or August 7, 2022 | |||||||||||||
Dissolution expenses | $ 100,000 | $ 100,000 | |||||||||||||
Advancement of funds | 45,000 | 45,000 | |||||||||||||
Outstanding loan | 195,000 | 195,000 | 195,000 | ||||||||||||
Offering costs associated with private placement warrants | 9,344 | ||||||||||||||
Net working capital | $ 2,900,000 | $ 0 | $ 0 | ||||||||||||
Exercise price | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | ||||||||||||
BOWX ACQUISITION CORP [Member] | Chairman and Co-Chief Executive Officer [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Outstanding loan | $ 110,000 | $ 150,000 | $ 150,000 | ||||||||||||
BOWX ACQUISITION CORP [Member] | Common Class A [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||
Common stock value | $ 507 | $ 339 | $ 339 | ||||||||||||
Shares issued, price per share | $ / shares | $ 10 | $ 10 | |||||||||||||
WeWork [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Class of warrant or right, exercisable | shares | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | ||||||||||
Exercise price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common stock, voting rights | 100 | ||||||||||||||
WeWork [Member] | Common Class A [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Class of warrant or right, exercisable | shares | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | ||||||||||
Exercise price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
LC Facility [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Warrant or right, outstanding | shares | 14,431,991 | 14,431,991 | 14,431,991 | 14,431,991 | 14,431,991 | ||||||||||
Shares issued, price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Class of warrant or right, maturity term | 10 years | ||||||||||||||
PIPE Investors [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Trust account per share | $ / shares | $ 10 | $ 10 | $ 10 | 10 | 10 | ||||||||||
Business acquisition number of shares | shares | 80,000,000 | ||||||||||||||
Aggregate merger consideration | $ 800,000,000 | ||||||||||||||
New We Work [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Trust account per share | $ / shares | 10 | $ 10 | $ 10 | 10 | 10 | ||||||||||
Business acquisition number of shares | shares | 655,300,000 | ||||||||||||||
Aggregate merger consideration | $ 7,900,000,000 | ||||||||||||||
BowX [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock value | $ 9,000,000,000 | $ 9,000,000,000 | $ 9,000,000,000 | $ 9,000,000,000 | $ 9,000,000,000 | ||||||||||
Net tangible assets | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||||
Class of warrant or right, exercisable | shares | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | ||||||||||
Exercise price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
BowX [Member] | Private Investment In Public Equity [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | ||||||||||
Common stock, value, subscriptions | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | ||||||||||
Common stock, shares subscribed but unissued | shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||||||||||
BowX [Member] | Common Class A [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
BowX [Member] | Common Class C [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Common stock, par value | $ / shares | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | ||||||||||
IPO [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Sale of stock | shares | 42,000,000 | ||||||||||||||
Price per share | $ / shares | $ 10 | ||||||||||||||
Gross proceeds | $ 420,000,000 | ||||||||||||||
Offering costs | $ 23,600,000 | ||||||||||||||
IPO [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Sale of stock | shares | 42,000,000 | ||||||||||||||
Price per share | $ / shares | $ 10 | ||||||||||||||
Gross proceeds | $ 420,000,000 | ||||||||||||||
Offering costs | 23,600,000 | ||||||||||||||
Other deferred financing costs, net | $ 14,700,000 | ||||||||||||||
Over Allotment Option [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Sale of stock | shares | 840,000 | 6,300,000 | |||||||||||||
Price per share | $ / shares | $ 10 | ||||||||||||||
Gross proceeds | $ 63,000,000 | ||||||||||||||
Offering costs | $ 3,500,000 | ||||||||||||||
Over Allotment Option [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Sale of stock | shares | 840,000 | 6,300,000 | |||||||||||||
Price per share | $ / shares | $ 10 | ||||||||||||||
Gross proceeds | $ 63,000,000 | ||||||||||||||
Offering costs | 3,500,000 | ||||||||||||||
Other deferred financing costs, net | 2,200,000 | $ 2,200,000 | |||||||||||||
Offering costs associated with private placement warrants | $ 1,000 | ||||||||||||||
Private Placement warrants [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Sale of stock | shares | 6,933,333 | ||||||||||||||
Price per share | $ / shares | $ 1.50 | ||||||||||||||
Gross proceeds | 1,300,000 | $ 10,400,000 | |||||||||||||
Private Placement warrants [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||||
Organization, Business Operations and Basis of Presentation (Textual) | |||||||||||||||
Sale of stock | shares | 6,933,333 | ||||||||||||||
Price per share | $ / shares | $ 1.50 | ||||||||||||||
Gross proceeds | $ 1,300,000 | $ 10,400,000 | |||||||||||||
Offering costs associated with private placement warrants | $ 8,000 | $ 8,000 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies (Textual) | ||||||||||
Net income (loss) | $ (849,995,000) | $ (1,027,538,000) | $ (2,355,793,000) | $ (2,039,536,000) | $ (4,346,763,000) | $ (3,919,498,000) | $ (1,690,999,000) | |||
Accounts receivable and accrued revenue, allowance for credit loss | 99,674,000 | 99,674,000 | $ 107,806,000 | 107,806,000 | 16,658,000 | |||||
Costs of property repairs and maintanance | 49,600,000 | 44,400,000 | 25,000,000 | |||||||
Asset impairment charges | $ 300,000,000 | 2,825,000 | 3,066,000 | 63,128,000 | 29,572,000 | |||||
Non routine impairment charges | 1,355,900,000 | 335,000,000 | ||||||||
Assets held for sale | 0 | 0 | ||||||||
Deferred financing costs | 705,000,000 | 705,000,000 | 883,600,000 | |||||||
Unamortized debt issuance costs | 11,400,000 | 11,400,000 | 31,000,000 | |||||||
Advertising expenses | 72,200,000 | 137,600,000 | 91,200,000 | |||||||
Cost of revenue | 780,489,000 | 881,468,000 | 1,598,812,000 | 1,804,802,000 | 3,542,918,000 | 2,758,318,000 | ||||
Depreciation and amortization | 0 | 0 | 200,000 | 200,000 | 200,000 | 14,100,000 | 12,600,000 | |||
Foreign currency gain (loss) | 33,025,000 | 54,473,000 | (37,925,000) | (149,985,000) | 149,196,000 | 29,652,000 | (78,598,000) | |||
Income tax provision (benefit) | $ 4,015,000 | $ 7,100,000 | 7,095,000 | $ 7,282,000 | $ 16,115,000 | 19,506,000 | 45,637,000 | (850,000) | ||
Effective tax rate | 0.44% | 0.64% | 0.24% | 0.98% | ||||||
Unrecognized tax benefits | $ 0 | 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | |||
Minimum [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Estimated useful life,furniture and equipment | 3 years | |||||||||
Estimated useful life, intangible assets | 1 year | |||||||||
Non cancelable lease term of real estate leases | 10 years | |||||||||
Maximum [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Estimated useful life,furniture and equipment | 20 years | |||||||||
Estimated useful life, intangible assets | 10 years | |||||||||
Non cancelable lease term of real estate leases | 20 years | |||||||||
Interest Expense [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Amortization of deferred financing costs | $ 172,100,000 | 3,900,000 | 3,200,000 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Cost of revenue | 20,600,000 | $ 50,100,000 | 32,700,000 | $ 142,500,000 | $ 248,800,000 | $ 384,700,000 | $ 164,700,000 | |||
Computer Software, Intangible Asset [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Estimated useful life,furniture and equipment | 3 years | |||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Federal Depository Insurance Coverage | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | ||||||
Number of warrants | 23,873,333 | |||||||||
Investment income earned on trust account | $ 227,000 | |||||||||
Net income (loss) | 4,900,000 | |||||||||
Income tax provision (benefit) | $ (22,010) | |||||||||
Effective tax rate | (0.50%) | |||||||||
Unrecognized tax benefits | $ 0 | $ 0 | ||||||||
Warrant [Member] | Private Placement [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Number of warrants | 7,773,333 | |||||||||
Class A Common Stock [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Class A common stock, subject to possible redemption | 43,231,098 | 43,231,098 | 44,911,184 | 44,911,184 | ||||||
Income and franchise taxes | $ 144,000 | |||||||||
Net income (loss) | 4,800,000 | |||||||||
Class B Common Stock [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Significant Accounting Policies (Textual) | ||||||||||
Net income (loss) | $ 83,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Earnings Per Share Basic and Diluted (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator [Abstract] | |||||||||
Net loss | $ (888,845,000) | $ (863,829,000) | $ (2,921,200,000) | $ (1,047,698,000) | $ (3,129,358,000) | $ (3,264,738,000) | $ (1,610,792,000) | ||
Denominator [Abstract] | |||||||||
Weighted average shares outstanding of common stock, basic and diluted | 175,941,649 | 170,754,546 | 173,751,116 | 170,691,538 | 170,275,761 | 168,436,109 | 163,148,918 | ||
BOWX ACQUISITION CORP [Member] | |||||||||
Numerator [Abstract] | |||||||||
Net gain from investments held in Trust Account | $ 0 | $ 12,297 | $ 59,364 | $ 227,051 | |||||
Less: Company's portion available to be withdrawn to pay taxes | (12,297) | (59,364) | |||||||
Net loss | $ (23,465) | $ (11,183,715) | $ (16,800,861) | $ (4,810,316) | |||||
Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||
Denominator [Abstract] | |||||||||
Weighted average shares outstanding of common stock, basic and diluted | 0 | 48,300,000 | 48,300,000 | 48,042,857 | |||||
Basic and diluted net income (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||
Numerator [Abstract] | |||||||||
Net income loss attributable to common stock | $ (23,465) | $ (11,183,715) | $ (16,800,861) | ||||||
Denominator [Abstract] | |||||||||
Weighted average shares outstanding of common stock, basic and diluted | 10,500,000 | 12,075,000 | 12,075,000 | 11,509,432 | |||||
Basic and diluted net income (loss) per share | $ 0 | $ (0.93) | $ (1.39) | $ (0.43) |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Schedule of Restatement of Balance Sheet (Detail) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 07, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Balance Sheet | |||||||||||||
Total assets | $ 23,186,310,000 | [1] | $ 25,356,334,000 | [1],[2] | $ 31,147,814,000 | [2] | |||||||
Total current liabilities | 2,336,769,000 | 2,189,267,000 | 3,087,532,000 | ||||||||||
Total liabilities | 24,474,225,000 | [1] | 24,981,917,000 | [1],[2] | 28,016,842,000 | [2] | |||||||
Stockholders' Equity: | |||||||||||||
Common stock value | |||||||||||||
Additional paid-in capital | 2,775,762,000 | 2,188,319,000 | 1,879,838,000 | ||||||||||
Accumulated deficit | (12,624,690,000) | (9,703,490,000) | (6,574,322,000) | ||||||||||
Total stockholders' equity | (9,958,998,000) | $ (9,145,690,000) | (7,671,923,000) | $ (5,692,452,000) | $ (4,782,049,000) | (4,374,712,000) | $ (2,458,576,000) | $ (1,302,451,000) | |||||
Total Liabilities and Stockholders' Equity | 23,186,310,000 | 25,356,334,000 | 31,147,814,000 | ||||||||||
BOWX ACQUISITION CORP [Member] | |||||||||||||
Balance Sheet | |||||||||||||
Total assets | 483,900,536 | 484,520,512 | |||||||||||
Total current liabilities | 3,721,615 | 211,262 | |||||||||||
Deferred underwriting commissions in connection with the initial public offering | 16,905,000 | 16,905,000 | |||||||||||
Warrant liabilities | 25,962,932 | 13,292,400 | |||||||||||
Total liabilities | 46,589,547 | 30,408,662 | |||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 432,310,980 | 449,111,840 | |||||||||||
Stockholders' Equity: | |||||||||||||
Additional paid-in capital | 26,609,471 | 9,808,779 | |||||||||||
Accumulated deficit | (21,611,177) | (4,810,316) | |||||||||||
Total stockholders' equity | 5,000,009 | 5,000,010 | |||||||||||
Total Liabilities and Stockholders' Equity | 483,900,536 | 484,520,512 | |||||||||||
Common Class A [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 177,000 | 42,000 | 41,000 | ||||||||||
Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 507 | 339 | |||||||||||
Common Class B [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 129,000 | $ 129,000 | |||||||||||
Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | $ 1,208 | 1,208 | |||||||||||
As Previously Reported | BOWX ACQUISITION CORP [Member] | |||||||||||||
Balance Sheet | |||||||||||||
Total assets | 484,520,512 | $ 484,512,579 | $ 422,012,234 | ||||||||||
Total current liabilities | 211,262 | 150,841 | 592,438 | ||||||||||
Deferred underwriting commissions in connection with the initial public offering | 16,905,000 | 16,905,000 | 14,700,000 | ||||||||||
Total liabilities | 17,116,262 | 17,055,841 | 15,292,438 | ||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 462,404,240 | 462,456,730 | 401,719,790 | ||||||||||
Stockholders' Equity: | |||||||||||||
Additional paid-in capital | 5,135,568 | 5,083,079 | 5,050,490 | ||||||||||
Accumulated deficit | (136,972) | (84,484) | (51,875) | ||||||||||
Total stockholders' equity | 5,000,010 | 5,000,008 | 5,000,006 | ||||||||||
Total Liabilities and Stockholders' Equity | 484,520,512 | 484,512,579 | 422,012,234 | ||||||||||
As Previously Reported | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 206 | 205 | 183 | ||||||||||
As Previously Reported | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 1,208 | 1,208 | 1,208 | ||||||||||
Restatement Adjustment | BOWX ACQUISITION CORP [Member] | |||||||||||||
Balance Sheet | |||||||||||||
Warrant liabilities | 13,292,400 | 9,872,133 | 7,696,000 | ||||||||||
Total liabilities | 13,292,400 | 9,872,133 | 7,696,000 | ||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | (13,292,400) | (9,872,130) | (7,696,000) | ||||||||||
Stockholders' Equity: | |||||||||||||
Additional paid-in capital | 4,673,211 | 1,252,975 | 8,257 | ||||||||||
Accumulated deficit | (4,673,344) | (1,253,077) | (8,334) | ||||||||||
Total stockholders' equity | (3) | ||||||||||||
Restatement Adjustment | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 133 | 99 | 77 | ||||||||||
As Restated | BOWX ACQUISITION CORP [Member] | |||||||||||||
Balance Sheet | |||||||||||||
Total assets | 484,520,512 | 484,512,579 | 422,012,234 | ||||||||||
Total current liabilities | 211,262 | 150,841 | 592,438 | ||||||||||
Deferred underwriting commissions in connection with the initial public offering | 16,905,000 | 16,905,000 | 14,700,000 | ||||||||||
Warrant liabilities | 13,292,400 | 9,872,133 | 7,696,000 | ||||||||||
Total liabilities | 30,408,662 | 26,927,974 | 22,988,438 | ||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 449,111,840 | 452,584,600 | 394,023,790 | ||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 1,208 | ||||||||||||
Additional paid-in capital | 9,808,779 | 6,336,054 | 5,058,747 | ||||||||||
Accumulated deficit | (4,810,316) | (1,337,561) | (60,209) | ||||||||||
Total stockholders' equity | 5,000,010 | 5,000,005 | 5,000,006 | ||||||||||
Total Liabilities and Stockholders' Equity | 484,520,512 | 484,512,579 | 422,012,234 | ||||||||||
As Restated | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | 339 | 304 | $ 260 | ||||||||||
As Restated | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock value | $ 1,208 | $ 1,208 | |||||||||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | ||||||||||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Schedule of Restatement of Balance Sheet (Parenthetical) (Detail) - $ / shares | Jun. 30, 2021 | Mar. 25, 2021 | Dec. 31, 2020 | Aug. 07, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | $ 0.0001 | ||||
BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||
Common Class A [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.001 | 0.001 | $ 0.001 | ||
Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.0001 | 0.0001 | |||
Common Class B [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.001 | 0.001 | $ 0.001 | ||
Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | $ 0.0001 | 0.0001 | |||
As Previously Reported | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Preferred stock, par value | 0.0001 | $ 0.0001 | |||
As Previously Reported | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.0001 | 0.0001 | |||
As Previously Reported | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.0001 | 0.0001 | |||
Restatement Adjustment | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Preferred stock, par value | 0.0001 | ||||
Restatement Adjustment | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.0001 | 0.0001 | |||
Restatement Adjustment | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.0001 | 0.0001 | |||
As Restated | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Preferred stock, par value | 0.0001 | ||||
As Restated | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Preferred stock, par value | 0.0001 | ||||
As Restated | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | 0.0001 | 0.0001 | |||
As Restated | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements - Schedule of Restatement of Statement of Operations (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||||||||||
Loss from operations | $ (849,995,000) | $ (1,027,538,000) | $ (2,355,793,000) | $ (2,039,536,000) | $ (4,346,763,000) | $ (3,919,498,000) | $ (1,690,999,000) | ||||
Pre-tax loss | (918,494,000) | (1,103,343,000) | (2,977,423,000) | (1,649,962,000) | (3,814,351,000) | (3,729,250,000) | (1,928,269,000) | ||||
Income tax expense | 4,015,000 | $ 7,100,000 | 7,095,000 | 7,282,000 | 16,115,000 | 19,506,000 | 45,637,000 | (850,000) | |||
Net loss | $ (888,845,000) | $ (863,829,000) | $ (2,921,200,000) | $ (1,047,698,000) | $ (3,129,358,000) | $ (3,264,738,000) | $ (1,610,792,000) | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 175,941,649 | 170,754,546 | 173,751,116 | 170,691,538 | 170,275,761 | 168,436,109 | 163,148,918 | ||||
BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Loss from operations | $ 4,900,000 | ||||||||||
Change in fair value of warrant liabilities | $ 0 | $ 9,327,999 | $ 12,670,532 | 4,664,000 | |||||||
Offering costs associated with private placement warrants | 9,344 | ||||||||||
Net gain from investments held in Trust Account | 0 | 12,297 | 59,364 | 227,051 | |||||||
Pre-tax loss | (4,788,306) | ||||||||||
Income tax expense | (22,010) | ||||||||||
Net loss | $ (23,465) | $ (11,183,715) | $ (16,800,861) | (4,810,316) | |||||||
Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Loss from operations | $ 4,800,000 | ||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 0 | 48,300,000 | 48,300,000 | 48,042,857 | |||||||
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Loss from operations | $ 83,000 | ||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 10,500,000 | 12,075,000 | 12,075,000 | 11,509,432 | |||||||
Earnings Per Share, Basic and Diluted | $ 0 | $ (0.93) | $ (1.39) | $ (0.43) | |||||||
As Previously Reported | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Loss from operations | (142,226) | $ (165,691) | $ (342,013) | ||||||||
Net gain from investments held in Trust Account | 83,554 | 83,554 | 227,051 | ||||||||
Pre-tax loss | (58,672) | (82,137) | (114,962) | ||||||||
Income tax expense | 2,347 | 2,347 | 22,010 | ||||||||
Net loss | $ (61,019) | $ (84,484) | $ (136,972) | ||||||||
As Previously Reported | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 47,612,727 | 47,612,727 | 48,042,857 | ||||||||
As Previously Reported | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 12,075,000 | 12,075,000 | 11,509,432 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.01) | $ (0.01) | $ (0.02) | ||||||||
Restatement Adjustment | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Change in fair value of warrant liabilities | $ (1,243,733) | $ (1,243,733) | $ (4,664,000) | ||||||||
Offering costs associated with private placement warrants | (9,344) | (9,344) | (9,344) | ||||||||
Pre-tax loss | (1,253,077) | (1,253,077) | (4,673,344) | ||||||||
Net loss | $ (1,253,077) | $ (1,253,077) | (4,673,344) | ||||||||
Restatement Adjustment | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.10) | $ (0.10) | |||||||||
As Restated | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Loss from operations | $ (142,226) | $ (165,691) | (342,013) | ||||||||
Change in fair value of warrant liabilities | (1,243,733) | (1,243,733) | (4,664,000) | ||||||||
Offering costs associated with private placement warrants | (9,344) | (9,344) | (9,344) | ||||||||
Net gain from investments held in Trust Account | 83,554 | 83,554 | 227,051 | ||||||||
Pre-tax loss | (1,311,749) | (1,335,214) | (4,788,306) | ||||||||
Income tax expense | 2,347 | 2,347 | 22,010 | ||||||||
Net loss | $ (1,314,096) | $ (1,337,561) | $ (4,810,316) | ||||||||
As Restated | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 47,612,727 | 47,612,727 | 48,042,857 | ||||||||
Earnings Per Share, Basic and Diluted | $ 0 | ||||||||||
As Restated | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||
Income Statement [Abstract] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 12,075,000 | 12,075,000 | 11,509,432 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.11) | $ (0.11) | $ (0.43) |
Restatement of Previously Iss_6
Restatement of Previously Issued Financial Statements - Schedule of Restatement of Statement of Cash Flows (Detail) - USD ($) | 1 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows | ||||||||
Net cash used in operating activities | $ (1,158,957,000) | $ (168,552,000) | $ (857,008,000) | $ (448,244,000) | $ (176,729,000) | |||
Net cash used in investing activities | (186,628,000) | (7,072,000) | (444,087,000) | (4,775,520,000) | (2,475,798,000) | |||
Net cash provided by financing activities | 1,349,710,000 | (1,155,128,000) | (46,814,000) | 5,257,271,000 | 2,658,469,000 | |||
Net change in cash | 1,332,000 | $ (1,353,362,000) | $ (1,346,535,000) | $ 36,746,000 | $ (7,177,000) | |||
BOWX ACQUISITION CORP [Member] | ||||||||
Statement of Cash Flows | ||||||||
Net cash used in operating activities | (629,426) | $ (599,792) | ||||||
Net cash used in investing activities | 214,711 | (483,000,000) | ||||||
Net cash provided by financing activities | 484,520,841 | |||||||
Net change in cash | $ (414,715) | 921,049 | ||||||
As Previously Reported | BOWX ACQUISITION CORP [Member] | ||||||||
Statement of Cash Flows | ||||||||
Net cash used in operating activities | $ (548,409) | (599,792) | ||||||
Net cash used in investing activities | (483,000,000) | (483,000,000) | ||||||
Net cash provided by financing activities | 484,520,841 | 484,520,841 | ||||||
Net change in cash | 972,432 | 921,049 | ||||||
As Restated | BOWX ACQUISITION CORP [Member] | ||||||||
Statement of Cash Flows | ||||||||
Net cash used in operating activities | (548,409) | (599,792) | ||||||
Net cash used in investing activities | (483,000,000) | (483,000,000) | ||||||
Net cash provided by financing activities | 484,520,841 | 484,520,841 | ||||||
Net change in cash | $ 972,432 | $ 921,049 |
Restatement of Previously Iss_7
Restatement of Previously Issued Financial Statements - Additional Information (Detail) - BOWX ACQUISITION CORP [Member] - USD ($) | Aug. 07, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Change in fair value of warrant liabilities | $ 0 | $ 9,327,999 | $ 12,670,532 | $ 4,664,000 | |
Private Placement Warrants [Member] | |||||
Change in fair value of warrant liabilities | $ 7,700,000 |
Restructuring, Impairments an_3
Restructuring, Impairments and Gains on Sale - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($) | Aug. 31, 2020USD ($) | May 31, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2021USD ($)Locations | Jun. 30, 2020USD ($) | Sep. 30, 2020Locations | Dec. 31, 2020USD ($)Locations | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Number of pre open locations | Locations | 3 | 82 | 82 | ||||||||||||
Previously open consolidated locations | Locations | 59 | 24 | |||||||||||||
Restructuring expenses | $ (27,794) | $ 80,529 | $ 466,045 | $ 136,216 | $ 206,703 | $ 329,221 | |||||||||
Net gain on lease terminations | (37,400) | 3,200 | |||||||||||||
Legal and other exit costs | 52,500 | 1,600 | |||||||||||||
Restructuring liability | $ 28,875 | 24,936 | 24,936 | 28,875 | 91,369 | ||||||||||
Accounts payable and accrued expenses | 29,500 | 28,300 | 28,300 | 29,500 | 1,500 | ||||||||||
Other liabilities | 7,800 | 7,800 | |||||||||||||
Receivables from landlords in connection with lease terminations | 600 | 11,200 | 11,200 | 600 | |||||||||||
Deferred costs associated with initial public offering | 50,500 | ||||||||||||||
Alternate transaction fees | $ 44,000 | ||||||||||||||
Restructring and impairments | $ 345,000 | 12,400 | 31,500 | ||||||||||||
Non routine gains | 242,100 | 541,600 | 1,355,900 | 335,000 | 0 | ||||||||||
Asset impairment charges | 242,100 | 541,600 | 1,355,900 | 335,000 | 0 | ||||||||||
Loss on termination of leases | (10) | 2,800 | 30 | 2,800 | 3,100 | 63,100 | 29,600 | ||||||||
Goodwill impairment | 0 | 0 | 214,515 | 0 | |||||||||||
Impairment of intangible assets | 0 | 0 | 51,789 | 0 | |||||||||||
Assets held for sale or disposal | 0 | 0 | $ 0 | ||||||||||||
Impairment Gain on Sale of Goodwill and Intangible Assets [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | (18,300) | $ (3,000) | |||||||||||||
Teem [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Total sale proceeds from disposal | $ 50,500 | ||||||||||||||
Discontinued operation, amount of adjustment | (100) | ||||||||||||||
Teem [Member] | Impairment Gain on Sale of Goodwill and Intangible Assets [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal group, gain on sale | $ 37,200 | ||||||||||||||
Managed By Q [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Total sale proceeds from disposal | $ 28,100 | ||||||||||||||
Disposal Group Consideration Held Back | 2,500 | ||||||||||||||
Goodwill impairment | 20,700 | ||||||||||||||
Managed By Q [Member] | Impairment Gain on Sale of Goodwill and Intangible Assets [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal group, gain on sale | 8,900 | 8,900 | 9,800 | ||||||||||||
Goodwill impairment | $ 51,800 | 145,000 | |||||||||||||
Impairment of intangible assets | $ 145,000 | 20,700 | 145,000 | ||||||||||||
Meetup [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Total sale proceeds from disposal | $ 9,500 | ||||||||||||||
Ownership interest percent before disposal | 91.00% | ||||||||||||||
Ownership interest percent after disposal | 9.00% | ||||||||||||||
Meetup [Member] | Impairment Gain on Sale of Goodwill and Intangible Assets [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (26,100) | ||||||||||||||
424 Fifth Venture [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal Group Consideration Held Back | 15,000 | ||||||||||||||
Proceeds from sale of equity method investments | 10,000 | ||||||||||||||
424 Fifth Venture [Member] | Impairment Gain on Sale of Goodwill and Intangible Assets [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | (53,700) | ||||||||||||||
Space IQ [Member] | Impairment Gain on Sale of Goodwill and Intangible Assets [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Total sale proceeds from disposal | $ 9,600 | ||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (23,100) | (300) | (23,100) | ||||||||||||
Flatrion [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Total sale proceeds from disposal | 28,500 | ||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (6,000) | 17,200 | 17,200 | ||||||||||||
Other Current Liabilities [Member] | Managed By Q [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Disposal Group Consideration Held Back | $ 2,500 | 2,200 | 300 | ||||||||||||
One-time Termination Benefits [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring expenses | 7,076 | $ 106,910 | 545,102 | $ 153,031 | 191,600 | 139,300 | |||||||||
Restructuring liability | $ 16,119 | $ 5,043 | $ 5,043 | $ 16,119 | 89,872 | ||||||||||
Non Compete Agreement [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring expenses | $ 185,000 |
Restructuring, Impairments an_4
Restructuring, Impairments and Gains on Sale - Schedule of Net Restructuring Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Charges [Line Items] | ||||||
Restructuring Charges | $ (27,794) | $ 80,529 | $ 466,045 | $ 136,216 | $ 206,703 | $ 329,221 |
One-time Employe Benefits | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring Charges | 7,076 | 106,910 | 545,102 | 153,031 | $ 191,600 | $ 139,300 |
Ceased use buildings | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring Charges | 41,495 | 65,745 | ||||
Gains on lease terminations, net | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring Charges | (96,415) | (39,193) | (179,995) | (31,686) | ||
Other, net | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring Charges | $ 20,050 | $ 12,812 | $ 35,193 | $ 14,871 |
Restructuring, Impairments an_5
Restructuring, Impairments and Gains on Sale - Schedule of Net Restructuring Charges (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Charges [Line Items] | ||||||
Restructuring expenses | $ (27,794) | $ 80,529 | $ 466,045 | $ 136,216 | $ 206,703 | $ 329,221 |
Settlement Agreement [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring expenses | 102,000 | 428,300 | ||||
Other restructuring costs | $ 102,000 | $ 428,300 | ||||
Threshold per unit distribution for partnership profits interest units amended initially per share value | $ 10 | |||||
Settlement Agreement [Member] | Adam Neumann [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Catch up base amount | $ 0 | |||||
SBG [Member] | We Holdings LLC [Member] | Settlement Agreement [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Number of shares purchased during period | 30,139,971 | |||||
Price per share | $ 19.19 | $ 19.19 | ||||
Aggregate purchase price of shares | $ 578,400 |
Restructuring, Impairments an_6
Restructuring, Impairments and Gains on Sale - Schedule of Reconciliation of Restructuring Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability balance — Beginning | $ 28,875 | $ 28,875 | $ 91,369 | |
Restructuring and other related costs expensed during the period | 102,000 | 466,045 | 206,703 | 329,221 |
Cash payments of restructuring liabilities | (231,765) | (379,194) | (33,747) | |
Non-cash impact — primarily asset and liability write-offs and stock-based compensation | (238,219) | 109,997 | (19,105) | |
Liability to be settled directly by SBG included in additional paid-in capital (1) | (185,000) | |||
Restructuring liability balance — Ending | 24,936 | 28,875 | 91,369 | |
One-time Employe Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability balance — Beginning | 16,119 | 16,119 | 89,872 | |
Restructuring and other related costs expensed during the period | 14,832 | 191,582 | 139,330 | |
Cash payments of restructuring liabilities | (23,898) | (254,456) | (29,700) | |
Non-cash impact — primarily asset and liability write-offs and stock-based compensation | (2,010) | (10,879) | (19,758) | |
Restructuring liability balance — Ending | 5,043 | 16,119 | 89,872 | |
Legal Settlement Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other related costs expensed during the period | 530,271 | |||
Non-cash impact — primarily asset and liability write-offs and stock-based compensation | (530,271) | |||
Consulting Fees | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other related costs expensed during the period | 185,000 | |||
Liability to be settled directly by SBG included in additional paid-in capital (1) | (185,000) | |||
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability balance — Beginning | $ 12,756 | 12,756 | 1,497 | |
Restructuring and other related costs expensed during the period | (79,058) | 15,121 | 4,891 | |
Cash payments of restructuring liabilities | (207,867) | (124,738) | (4,047) | |
Non-cash impact — primarily asset and liability write-offs and stock-based compensation | 294,062 | 120,876 | 653 | |
Restructuring liability balance — Ending | $ 19,893 | $ 12,756 | $ 1,497 |
Restructuring, Impairments an_7
Restructuring, Impairments and Gains on Sale - Schedule of Reconciliation of Restructuring Liability (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Proceeds from the landlord for termination of leases | $ 18 | |
Adam Neumann [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cash payment for restructuring | $ 185 | |
Restructuring payment percent | 50.00% | |
Restructuring Payment Payable Percent | 50.00% |
Restructuring, Impairments an_8
Restructuring, Impairments and Gains on Sale - Schedule of Impairment of Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Impairment of assets held for sale | $ 17,462 | $ 120,005 | $ 120,273 | $ 2,559 | |||
Impairment of goodwill | $ 0 | $ 0 | 214,515 | $ 0 | |||
Impairment of intangible assets | 0 | 0 | 51,789 | $ 0 | |||
Impairment and write-off of long-lived assets associated with restructuring | 230,489 | 231,306 | 510,940 | 423,063 | 796,734 | 66,187 | |
Impairment of long-lived assets primarily associated with COVID-19 | 12,436 | 34,669 | 31,461 | 62,314 | 345,034 | ||
Gain on sale of assets | (821) | (2,961) | (816) | (49,423) | (59,165) | (44) | |
Loss on ChinaCo Deconsolidation | 153,045 | ||||||
Total | $ 242,104 | $ 280,476 | $ 541,585 | $ 555,959 | $ 1,355,921 | $ 335,006 |
Other Current Assets - Schedule
Other Current Assets - Schedule Of Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets Current [Abstract] | |||
Net receivable for value added tax ("VAT") | $ 144,439 | $ 107,104 | $ 146,135 |
Deposits on property and equipment | 3,275 | 3,161 | 47,716 |
Prepaid lease cost | 50,328 | 61,232 | 50,970 |
Prepaid member referral fees | 27,861 | 31,617 | 57,937 |
Prepaid software | 33,249 | 19,981 | 30,246 |
Straight-line revenue receivable | 34,885 | 35,418 | 28,162 |
Deposits held by landlords | 48,315 | 25,574 | |
Disposition proceeds holdback amounts receivable (Note 6 and 8) | 5,323 | 17,500 | |
Other prepaid expenses and current assets | 87,773 | 50,585 | 61,772 |
Total other current assets | $ 435,448 | $ 352,172 | $ 422,938 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - Initial Public Offering [Member] - BOWX ACQUISITION CORP [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 7 Months Ended |
Aug. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Sale of stock | 48,300,000 | ||
Over-allotment units | 6,300,000 | ||
Price per share | $ 10 | ||
Gross proceeds | $ 483 | ||
Offering costs | 27.1 | ||
Deferred underwriting commissions | $ 16.9 | $ 16.9 | $ 16.9 |
Description of initial public offering and the private placement | Upon the closing of the Initial Public Offering and the Private Placement Warrants in the Private Placement (including the exercise of the over-allotment option), $483.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed in the Trust Account. | ||
Description of transaction | Each Unit consists of one of the Company’s shares of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant (the “Public Warrants” and, collectively with the Private Placement Warrants, the “Warrants”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. | Each Unit consists of one of the Company’s shares of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant (the “Public Warrants” and, collectively with the Private Placement Warrants, the “Warrants”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 737.9 | $ 523.7 | $ 284.1 |
Real Estate Development Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Schedule Of Propoerty Plant And Equipment | 852.8 | ||
Other Capitalized Property Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Schedule Of Propoerty Plant And Equipment | 2.8 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Schedule Of Propoerty Plant And Equipment | 356.5 | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Schedule Of Propoerty Plant And Equipment | $ 496.3 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule Of Property Plant And Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 7,875,885 | $ 8,586,761 | $ 9,494,785 |
Accumulated depreciation | (1,727,598) | (1,095,244) | |
Total property and equipment, net | $ 5,991,011 | 6,859,163 | 8,399,541 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 6,671,107 | 6,011,954 | |
Finance Lease Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 48,116 | 35,580 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 356,473 | ||
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 539,636 | 575,581 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 869,057 | 726,900 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 458,845 | 1,788,297 | |
Property And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 8,586,761 | $ 9,494,785 |
Consolidated VIEs and Noncont_3
Consolidated VIEs and Noncontrolling Interests - Summary of Chinaco's Contribution to Company's Consolidated Results of Operation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Revenue | $ 593,478 | $ 881,734 | $ 1,191,331 | $ 1,938,617 | $ 3,415,865 | $ 3,458,592 | $ 1,821,751 | |
Location operating expenses | 780,489 | 881,468 | 1,598,812 | 1,804,802 | 3,542,918 | 2,758,318 | ||
Restructuring and other related costs | (27,794) | 80,529 | 466,045 | 136,216 | 206,703 | 329,221 | ||
Impairments/(gain on sale) of goodwill, intangibles and other assets | $ 300,000 | 2,825 | 3,066 | 63,128 | 29,572 | |||
Depreciation and amortization | 180,157 | 195,797 | 364,341 | 390,156 | 779,368 | 589,914 | 313,514 | |
Total Expenses | 1,443,473 | 1,909,272 | 3,547,124 | 3,978,153 | 7,762,628 | 7,378,090 | 3,512,750 | |
Pre-tax loss | (918,494) | (1,103,343) | (2,977,423) | (1,649,962) | (3,814,351) | (3,729,250) | (1,928,269) | |
Net loss | (922,509) | (1,110,438) | (2,984,705) | (1,666,077) | (3,833,857) | (3,774,887) | (1,927,419) | |
Net loss attributable to WeWork Inc. | $ (888,845) | (863,829) | $ (2,921,200) | (1,047,698) | (3,129,358) | (3,264,738) | (1,610,792) | |
China Co [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Revenue | 68,068 | 136,921 | 206,261 | 228,537 | 99,529 | |||
Location operating expenses | 84,265 | 179,221 | 266,318 | 290,254 | 116,173 | |||
Restructuring and other related costs | (131,238) | 28,982 | (18,660) | 6,684 | ||||
Impairments/(gain on sale) of goodwill, intangibles and other assets | 335,489 | 371,871 | 450,312 | |||||
Depreciation and amortization | 14,571 | 28,346 | 39,208 | 42,257 | 20,584 | |||
Total Expenses | 329,269 | 670,000 | 819,527 | 496,113 | 341,237 | |||
Pre-tax loss | (260,151) | (540,290) | (598,727) | (266,230) | (243,508) | |||
Net loss | (263,060) | (543,599) | (609,820) | (274,019) | (244,613) | |||
Net loss attributable to WeWork Inc. | $ (29,832) | $ (30,264) | $ (62,997) | $ 39,072 | $ (48,569) |
Consolidated VIEs and Noncont_4
Consolidated VIEs and Noncontrolling Interests - Summary of Variable Interest Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Variable Interest Entity [Line Items] | |||||||||||
Cash and cash equivalents | $ 843,957 | [1] | $ 713,984 | $ 843,957 | [1] | $ 713,984 | $ 800,535 | [1],[2] | $ 1,340,140 | [2] | $ 1,744,209 |
Property and equipment, net | 5,991,011 | 5,991,011 | 6,859,163 | 8,399,541 | |||||||
Total assets | 23,186,310 | [1] | 23,186,310 | [1] | 25,356,334 | [1],[2] | 31,147,814 | [2] | |||
Long-term debt, net | 707,231 | 707,231 | 712,833 | ||||||||
Total liabilities | 24,474,225 | [1] | 24,474,225 | [1] | 24,981,917 | [1],[2] | 28,016,842 | [2] | |||
Redeemable stock issued by VIEs | 291,901 | 291,901 | 380,242 | 1,032,080 | |||||||
Net income (loss) | (922,509) | (1,110,438) | (2,984,705) | (1,666,077) | (3,833,857) | (3,774,887) | (1,927,419) | ||||
Net cash provided by (used in) operating activities | (1,158,957) | (168,552) | (857,008) | (448,244) | (176,729) | ||||||
Net cash used in investing activities | (186,628) | (7,072) | (444,087) | (4,775,520) | (2,475,798) | ||||||
Net cash provided by (used in) financing activities | 1,349,710 | (1,155,128) | (46,814) | 5,257,271 | 2,658,469 | ||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Net income (loss) | (243,433) | (599,762) | |||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Asia JVs [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Cash and cash equivalents | 94,540 | 94,540 | 161,411 | 388,400 | |||||||
Property and equipment, net | 399,514 | 399,514 | 445,599 | 895,015 | |||||||
Restricted cash | 10,059 | 10,059 | 10,000 | 93,964 | |||||||
Total assets | 1,871,367 | 1,871,367 | 2,096,389 | 5,639,177 | |||||||
Long-term debt, net | 632 | 632 | 30,638 | 41,945 | |||||||
Total liabilities | 1,554,760 | 1,554,760 | 1,693,267 | 4,686,200 | |||||||
Redeemable stock issued by VIEs | 500,000 | 500,000 | 500,000 | 1,799,157 | |||||||
Total net assets | (183,393) | (183,393) | (96,878) | (846,180) | [3],[4] | ||||||
Net income (loss) | (34,174) | (64,079) | (750,472) | (776,113) | (373,776) | ||||||
Net cash provided by (used in) operating activities | (42,752) | (2,812) | (38,259) | (108,246) | (120,831) | ||||||
Net cash used in investing activities | (10,901) | (123,714) | (236,971) | (592,574) | (516,814) | ||||||
Net cash provided by (used in) financing activities | (998) | (20,975) | 73,447 | 292,775 | 763,229 | ||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other VIEs [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Cash and cash equivalents | 8,065 | 8,065 | 5,194 | 29,303 | |||||||
Property and equipment, net | 0 | 0 | 0 | 979,655 | |||||||
Restricted cash | 0 | 0 | 0 | ||||||||
Total assets | 15,741 | 15,741 | 13,834 | 1,073,621 | |||||||
Long-term debt, net | 0 | 0 | 0 | 642,184 | |||||||
Total liabilities | 1,705 | 1,705 | 573 | 665,513 | |||||||
Redeemable stock issued by VIEs | 0 | 0 | 0 | 6,545 | |||||||
Total net assets | 14,036 | 14,036 | 13,261 | [4],[5] | 401,563 | [4],[5] | |||||
Net income (loss) | $ 455 | $ (1,038) | 284 | (11,777) | (2,502) | (24,747) | (146) | ||||
Net cash provided by (used in) operating activities | 610 | (333) | 2,549 | 4,247 | (71) | ||||||
Net cash used in investing activities | 0 | (222) | (573) | (826,707) | (23,601) | ||||||
Net cash provided by (used in) financing activities | $ 2,261 | $ 4,480 | $ (1,908) | $ 843,312 | $ 47,905 | ||||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | ||||||||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. | ||||||||||
[3] | The “Asia JVs” include ChinaCo, JapanCo and PacificCo as of and for the periods that each represented a consolidated VIE. The ChinaCo deconsolidation occurred on October 2, 2020 and as a result, ChinaCo results and balances are not included above for the period subsequent to deconsolidation. The PacificCo Roll-up occurred on April 17, 2020 and as a result, PacificCo results and balances are not included above for the period subsequent to April 17, 2020. The consent of an affiliate of SoftBank Group Capital Limited is required for any dividends to be distributed by JapanCo. As a result, any net assets of JapanCo would be considered restricted net assets to the Company as of December 31, 2020. The net assets of the Asia JVs include preferred stock issued to affiliates of SBG and other investors with aggregate liquidation preferences totaling $0.5 billion and $1.8 billion, respectively as of December 31, 2020 and 2019, which preferred stock is redeemable upon the occurrence of an event that is not solely within the control of the Company. The initial issuance price of such redeemable preferred stock equals the liquidation preference for each share issued as of December 31, 2020 and 2019, respectively. After reducing the net assets of each Asia JV by the liquidation preference associated with such redeemable preferred stock, the remaining net assets of each Asia JV is negative. | ||||||||||
[4] | Total net assets represents total assets less total liabilities and redeemable stock issued by VIEs after the total assets and total liabilities have both been reduced to remove amounts that eliminate in consolidation. | ||||||||||
[5] | “Other VIEs” includes all other consolidated VIEs, other than the Asia JVs discussed separately in (1) and include WeWork Waller Creek, WeCap Manager and WeCap Holdings Partnership, 424 Fifth Venture and the Creator Fund in the periods prior to any disposal or deconsolidation as discussed above. |
Consolidated VIEs and Noncont_5
Consolidated VIEs and Noncontrolling Interests - Summary of Variable Interest Entities (Parenthetical) (Detail) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Asia JVs [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate liquidation preferences | $ 0.5 | $ 0.5 | $ 1.8 |
Consolidated VIEs and Noncont_6
Consolidated VIEs and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 02, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 30, 2017 | Mar. 31, 2021 | Aug. 31, 2020 | Jul. 31, 2020 | Mar. 31, 2020 | Aug. 31, 2019 | Feb. 28, 2019 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2020 | Sep. 17, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Oct. 30, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Distributions to the noncontrolling interest holders | $ 315,015 | $ 317,264 | $ 40,000 | ||||||||||||||||||||||
Proceeds from sale of investments | $ 8,319 | 1,088,876 | 1,172,860 | 16,599 | $ 2,202 | ||||||||||||||||||||
Sale of equity method investments amount held back | $ 15,000 | ||||||||||||||||||||||||
Redemption payments to noncontrolling interest holders | 315,015 | 319,860 | 40,000 | ||||||||||||||||||||||
Construction agreement amount | 200,000 | ||||||||||||||||||||||||
Investments received, amount | $ 0 | ||||||||||||||||||||||||
Shares issued, value | |||||||||||||||||||||||||
Equity method investment | 0 | ||||||||||||||||||||||||
Loss on deconsolidation | (153,045) | ||||||||||||||||||||||||
Noncontrolling interests | $ 322,185 | 5,998 | 5,998 | 1,862 | 322,185 | ||||||||||||||||||||
Goodwill on deconsolidation | 698,416 | $ 681,017 | 678,668 | 678,668 | 679,351 | 698,416 | 681,017 | ||||||||||||||||||
Increase to additional paid in capital on goodwill retained | $ 28,700 | ||||||||||||||||||||||||
Shares issued fair value | $ 19.19 | ||||||||||||||||||||||||
Accumualted other comprehensive income, noncontrolling interest | $ (4,374,712) | $ (2,458,576) | (9,145,690) | (4,782,049) | (9,958,998) | $ (5,692,452) | (9,958,998) | (5,692,452) | (7,671,923) | $ (4,374,712) | $ (2,458,576) | $ (1,302,451) | |||||||||||||
Escrow and Construction Agreement [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Construction agreement amount | 200,000 | ||||||||||||||||||||||||
Revenue recognized | 17,700 | 7,400 | 22,900 | 11,000 | 61,600 | ||||||||||||||||||||
424 Fifth Property [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Assets sold, gross purchase price | 978,100 | ||||||||||||||||||||||||
Cash proceeds from sale of assets | 930,200 | ||||||||||||||||||||||||
Proceeds from sale of equity method investments | $ 10,000 | ||||||||||||||||||||||||
Impairment of intangible assets | 53,700 | 53,700 | |||||||||||||||||||||||
Impairment loss on assets sold | 53,700 | ||||||||||||||||||||||||
424 Fifth Property [Member] | Land [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Assets sold, gross purchase price | 356,500 | ||||||||||||||||||||||||
424 Fifth Property [Member] | Building [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Assets sold, gross purchase price | $ 653,800 | ||||||||||||||||||||||||
WW Caesar Member LLC [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of noncontrolling interest | 67.00% | 67.00% | |||||||||||||||||||||||
Distributions to the noncontrolling interest holders | $ 6,600 | ||||||||||||||||||||||||
Proceeds from sale of investments | 8,600 | ||||||||||||||||||||||||
Legal fees paid | $ 300 | ||||||||||||||||||||||||
Gain on the sale investment | 5,000 | ||||||||||||||||||||||||
Noncontrolling interests | $ 6,500 | $ 6,500 | |||||||||||||||||||||||
424 Fifth Venture [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Lease property, term | 20 years | ||||||||||||||||||||||||
Lease property, lease guarantee | $ 1,200,000 | ||||||||||||||||||||||||
424 Fifth Venture [Member] | 424 Fifth Property [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Acquisition of real estate investment | $ 852,800 | ||||||||||||||||||||||||
Acquisition of real estate investment, Land acquired | 356,500 | ||||||||||||||||||||||||
Acquisition of real estate investment, Building acquired | $ 496,300 | ||||||||||||||||||||||||
Payments for sale of productive assets | 128,000 | ||||||||||||||||||||||||
Redemption payments to noncontrolling interest holders | 315,000 | ||||||||||||||||||||||||
Redemption payments to noncontrolling interest holders, Return of capital | 272,200 | ||||||||||||||||||||||||
Redemption payments to noncontrolling interest holders, Return on capital | $ 42,800 | ||||||||||||||||||||||||
Creator Fund [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of noncontrolling interest | 99.99% | 99.99% | |||||||||||||||||||||||
Creator Awards Production Services Reimbursement Obligation Payable | 21,600 | $ 21,600 | |||||||||||||||||||||||
China Co [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 21.60% | ||||||||||||||||||||||||
Investments received, amount | 26,300 | ||||||||||||||||||||||||
Percentage of ownership | 21.60% | ||||||||||||||||||||||||
Ordinary shares issued to consultant | 2,000,000 | ||||||||||||||||||||||||
Conversion of debt to common stock | $ 191,100 | ||||||||||||||||||||||||
Equity method investment | 26,300 | ||||||||||||||||||||||||
Loss on deconsolidation | 153,000 | ||||||||||||||||||||||||
Noncontrolling interests | (22,600) | ||||||||||||||||||||||||
Net assets carrying value | 156,700 | ||||||||||||||||||||||||
Goodwill on deconsolidation | 344,300 | ||||||||||||||||||||||||
Increase to additional paid in capital on goodwill retained | 28,700 | ||||||||||||||||||||||||
China Co [Member] | Naked Hub Holdings Ltd [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Ordinary shares issued for acquisition | 45,757,777 | ||||||||||||||||||||||||
Short-term loan used for acquisition | $ 25,000 | ||||||||||||||||||||||||
Obligation for reimbursement on shares issued for acquisition | $ 191,100 | $ 14,700 | $ 191,100 | $ 14,700 | |||||||||||||||||||||
China Co [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Shares issued, value | $ 500,000 | $ 500,000 | $ 500,000 | ||||||||||||||||||||||
Shares issued, price per share | $ 10 | $ 10 | $ 10 | ||||||||||||||||||||||
Shares issued, liquidation preference | $ 10 | $ 10 | $ 10 | ||||||||||||||||||||||
China Co [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Shares issued, value | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||||||||||||||||||||
Shares issued, price per share | $ 18.319 | $ 18.319 | $ 18.319 | $ 18.319 | |||||||||||||||||||||
Shares issued, liquidation preference | $ 18.319 | $ 18.319 | $ 18.319 | $ 18.319 | |||||||||||||||||||||
Pacific Co [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Noncontrolling interests | $ 92,800 | $ 92,800 | 92,800 | ||||||||||||||||||||||
Fair value of common stock | 280,300 | 280,300 | 280,300 | ||||||||||||||||||||||
Adjustments to additional paid in capital, noncontrolling interest | 187,500 | 187,500 | |||||||||||||||||||||||
Pacific Co [Member] | AOCI Attributable to Noncontrolling Interest [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Accumualted other comprehensive income, noncontrolling interest | 10,400 | 10,400 | $ 10,400 | ||||||||||||||||||||||
WeWork Capital Advisors LLC [Member] | WPI Fund [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
Percentage of ownership | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
WeWork Capital Advisors LLC [Member] | 424 Fifth Venture [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of noncontrolling interest | 17.20% | ||||||||||||||||||||||||
WeWork Capital Advisors LLC [Member] | China Co [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 19.70% | ||||||||||||||||||||||||
Investments received, amount | $ 26,300 | ||||||||||||||||||||||||
Percentage of ownership | 19.70% | ||||||||||||||||||||||||
Conversion of debt to common stock | $ 42,000 | ||||||||||||||||||||||||
Preferred stock liquidation preference | 25,000 | ||||||||||||||||||||||||
Equity method investment | $ 26,300 | ||||||||||||||||||||||||
Goodwill on deconsolidation | 315,600 | ||||||||||||||||||||||||
Affiliates of Rhône [Member] | WPI Fund [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
Percentage of ownership | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
Another Investor [Member] | 424 Fifth Venture [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 38.00% | ||||||||||||||||||||||||
Percentage of ownership | 38.00% | ||||||||||||||||||||||||
WPI Fund [Member] | 424 Fifth Venture [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 44.80% | ||||||||||||||||||||||||
Percentage of ownership | 44.80% | ||||||||||||||||||||||||
SoftBank Group Capital Limited [Member] | Creator Fund [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 99.99% | ||||||||||||||||||||||||
Investments received, amount | $ 72,400 | ||||||||||||||||||||||||
Percentage of ownership | 99.99% | ||||||||||||||||||||||||
Contributions received for investments | 0 | $ 0 | $ 200 | $ 27,400 | |||||||||||||||||||||
Equity method investment | $ 72,400 | ||||||||||||||||||||||||
Trustbridge Partner [Member] | China Co [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 21.60% | ||||||||||||||||||||||||
Percentage of ownership | 21.60% | ||||||||||||||||||||||||
Preferred stock liquidation preference | 100,000 | ||||||||||||||||||||||||
Trustbridge Partner [Member] | China Co [Member] | Initial Investment Closing [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 50.50% | ||||||||||||||||||||||||
Percentage of noncontrolling interest | 21.60% | ||||||||||||||||||||||||
Percentage of ownership | 50.50% | ||||||||||||||||||||||||
Total gross proceeds from issuance of new series | 100,000 | ||||||||||||||||||||||||
Preferred stock liquidation preference | $ 100,000 | ||||||||||||||||||||||||
Trustbridge Partner [Member] | China Co [Member] | Second Investment Closing [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 55.00% | ||||||||||||||||||||||||
Percentage of ownership | 55.00% | ||||||||||||||||||||||||
Total gross proceeds from issuance of new series | $ 100,000 | ||||||||||||||||||||||||
Preferred stock liquidation preference | $ 200,000 | ||||||||||||||||||||||||
Affiliate Of SBG [Member] | Japan Co [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 50.00% | ||||||||||||||||||||||||
Percentage of ownership | 50.00% | ||||||||||||||||||||||||
Aggregate contribution on shares issued | $ 500,000 | ||||||||||||||||||||||||
Proceeds from issuance of stock | $ 100,000 | $ 300,000 | $ 100,000 | 100,000 | $ 300,000 | ||||||||||||||||||||
Affiliate Of SBG [Member] | Pacific Co [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Shares issued, value | $ 500,000 | ||||||||||||||||||||||||
Shares issued, price per share | $ 10 | ||||||||||||||||||||||||
Shares issued, liquidation preference | $ 10 | $ 11.60 | |||||||||||||||||||||||
Total gross proceeds from issuance of new series | $ 200,000 | $ 100,000 | 100,000 | 100,000 | |||||||||||||||||||||
Shares issuable for consolidation | 34,482,759 | ||||||||||||||||||||||||
Shares issued | 34,482,759 | ||||||||||||||||||||||||
Shares issued fair value | $ 8.13 | ||||||||||||||||||||||||
Affiliate Of SBG [Member] | Pacific Co [Member] | Series A1 Preferred Stock [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Shares issued, value | $ 500,000 | ||||||||||||||||||||||||
Shares issued, price per share | $ 10 | ||||||||||||||||||||||||
Shares issued, liquidation preference | $ 10 | ||||||||||||||||||||||||
Total gross proceeds from issuance of new series | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 200,000 | ||||||||||||||||||||
Affiliate Of SBG [Member] | Pacific Co [Member] | Series H1 Or H2 Preferred Stock [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Shares issued, liquidation preference | $ 11.60 | ||||||||||||||||||||||||
Shares issuable for consolidation | 34,482,759 | ||||||||||||||||||||||||
Affiliate Of SBG [Member] | Pacific Co [Member] | Series H1 Preferred Stock [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Shares issued | 34,482,759 | ||||||||||||||||||||||||
Shares issued fair value | $ 8.13 | ||||||||||||||||||||||||
WeCap Manager [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of noncontrolling interest exchanged | 20.00% | ||||||||||||||||||||||||
WeCap Manager [Member] | Maximum [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of interest distributions received | 85.00% | 85.00% | |||||||||||||||||||||||
WeCap Manager [Member] | Minimum [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of interest distributions received | 50.00% | 50.00% | |||||||||||||||||||||||
WeCap Manager [Member] | WeWork Capital Advisors LLC [Member] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Percentage of ownership interest | 80.00% | ||||||||||||||||||||||||
Management fee income, classified as other revenue | $ 3,400 | $ 3,300 | $ 7,000 | $ 7,700 | $ 24,900 | $ 10,700 | |||||||||||||||||||
Percentage of ownership | 80.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Aug. 13, 2020USD ($)$ / sharesshares | Aug. 10, 2020shares | Aug. 04, 2020shares | Jun. 30, 2020shares | May 26, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | May 31, 2021USD ($) | Mar. 25, 2021$ / shares | Dec. 31, 2019$ / sharesshares |
Related Party Transactions (Textual) | ||||||||||
Common stock par value | $ / shares | $ 0.0001 | |||||||||
Borrowing amount | $ 0 | |||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Additional advances | $ 45,000 | $ 45,000 | ||||||||
Outstanding loan amount | 195,000 | 195,000 | ||||||||
Working Capital | $ 1,500,000 | $ 1,500,000 | ||||||||
Warrant exercise price | $ / shares | $ 1.50 | $ 1.50 | ||||||||
Offering costs associated with private placement warrants | $ 9,344 | |||||||||
Private Placement Warrants [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Gross proceeds | $ 1,300,000 | $ 10,400,000 | $ 10,400,000 | |||||||
Aggregate of warrants purchase shares | shares | 840,000 | 6,933,333 | 6,933,333 | |||||||
Warrants price per share | $ / shares | $ 11.50 | $ 1.50 | $ 1.50 | |||||||
Unit exercise price | $ / shares | 11.50 | $ 11.50 | ||||||||
Offering costs associated with private placement warrants | $ 8,000 | $ 8,000 | ||||||||
Over-Allotment Option [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Offering costs associated with private placement warrants | $ 1,000 | |||||||||
Class B common stock [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Common stock, shares outstanding | shares | 0 | 129,382,459 | 129,220,654 | |||||||
Class B common stock [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Stock dividend shares | shares | 0.2 | |||||||||
Common stock, shares outstanding | shares | 12,075,000 | 12,075,000 | ||||||||
Subject to forfeiture, shares | shares | 1,575,000 | 1,575,000 | ||||||||
Founder shares [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Subject to forfeiture, shares | shares | 1,575,000 | 1,575,000 | 1,575,000 | |||||||
Initial stockholders, description | (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. | (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. | ||||||||
Founder shares [Member] | Class B common stock [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Common stock par value | $ / shares | $ 0.0001 | |||||||||
Exchange for issuance, shares | shares | 10,062,500 | |||||||||
Stock dividend shares | shares | 0.2 | |||||||||
Common stock, shares outstanding | shares | 12,075,000 | |||||||||
Subject to forfeiture, shares | shares | 12,075,000 | |||||||||
Issued and outstanding, percentage | 0.200 | |||||||||
Chairman and Co-Chief Executive Officer [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Aggregate of loan amount | $ 150,000 | |||||||||
Borrowing amount | $ 150,000 | $ 150,000 | ||||||||
Chairman and Co-Chief Executive Officer [Member] | Founder shares [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||
Related Party Transactions (Textual) | ||||||||||
Offering costs | $ 25,000 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - BOWX ACQUISITION CORP [Member] - $ / shares | 6 Months Ended | 7 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Exercise price | $ 11.50 | $ 11.50 |
Business Combination, description | the Company issues additional shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Company’s initial stockholders,officers, directors or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of each Warrant will be adjusted (to the nearest cent) such that the effective exercise price per full share will be equal to 115% of the higher of (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per-share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of (i) the Market Value and (ii) the Newly Issued Price. | the Company issues additional shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Company’s initial stockholders, officers, directors or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of each Warrant will be adjusted (to the nearest cent) such that the effective exercise price per full share will be equal to 115% of the higher of (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per-share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of (i) the Market Value and (ii) the Newly Issued Price. |
Common stock equals or exceeds $18.00 per share [Member] | ||
Newly issued share price | $ 18 | |
Warrant [Member] | ||
Warrants, description | Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except for the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders. | Once the warrants become exercisable, the Company may redeem the outstanding warrants (except for the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
Warrant [Member] | Class A Common Stock | ||
Number of consecutive trading days for share price determination | 10 days | |
Warrant [Member] | Common stock equals or exceeds $10.00 per share [Member] | ||
Notice period to be given to warrant holders before redemption | 30 days | |
Newly issued share price | $ 10 | |
Warrant [Member] | Common stock equals or exceeds $10.00 per share [Member] | Minimum [Member] | ||
Class of warrants or rights redemption price per warrant | $ 0.10 | |
Public Warrant [Member] | ||
Warrants, description | Commencing ninety days after the Warrants become exercisable, the Company may redeem the outstanding Warrants: • in whole and not in part; • at $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Company’s Class A common stock; • if, and only if, the last reported sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders; • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock (or a security other than the Class A common stock into which the Class A common stock has been converted or exchanged for in the event the Company is not the surviving company in the initial Business Combination) issuable upon exercise of the Warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. | |
Private warrants [Member] | Common stock equals or exceeds $18.00 per share [Member] | ||
Notice period to be given to warrant holders before redemption | 30 days | |
Class of warrants or rights redemption price per warrant | $ 0.01 | |
Private warrants [Member] | Common stock equals or exceeds $18.00 per share [Member] | Minimum [Member] | ||
Number of consecutive trading days for share price determination | 20 days | |
Private warrants [Member] | Common stock equals or exceeds $18.00 per share [Member] | Maximum [Member] | ||
Number of consecutive trading days for share price determination | 30 days |
Equity Method and Other Inves_3
Equity Method and Other Investment - Schedule Of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||||
Carrying Value | $ 198,163 | $ 214,940 | $ 203,719 | |
Cost Basis | 265,589 | 245,309 | ||
Investments Held By WeCap Holdings Partnership [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | 61,688 | 66,002 | ||
Cost Basis | 63,413 | |||
Investments Held By WeCap Holdings Partnership [Member] | Equity Method Investments and Notes Receivables [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | 72,769 | 61,688 | ||
Cost Basis | 74,147 | |||
Wpi Fund [Member] | Equity Method Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | 82,261 | 63,301 | 54,387 | |
Cost Basis | $ 52,805 | 52,805 | ||
Percentage Ownership | 8.00% | 8.00% | ||
India Co [Member] | Convertible Debt Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | $ 39,275 | 49,849 | 5,541 | |
Cost Basis | 105,248 | 90,248 | ||
China Co [Member] | Equity Method Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | 29,323 | 0 | ||
Cost Basis | $ 29,323 | 29,323 | ||
Percentage Ownership | 21.60% | 21.60% | ||
Creator Fund Investments [Member] | Miscellaneous Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | 0 | 38,162 | ||
Cost Basis | 0 | |||
Other [Member] | Miscellaneous Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying Value | $ 3,858 | 10,779 | $ 39,627 | |
Cost Basis | $ 4,066 | $ 9,520 |
Equity Method and Other Inves_4
Equity Method and Other Investment - Schedule Of Investments (Parenthetical) (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 27, 2020 | Jun. 30, 2020 | Feb. 28, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 30, 2020 | Oct. 31, 2020 | Oct. 02, 2020 | Aug. 31, 2019 |
Schedule of Investments [Line Items] | |||||||||||||||||||
Equity method investment | $ 0 | ||||||||||||||||||
Equity Method Investment, percentage Sold | 5.70% | ||||||||||||||||||
Equity Method Investment, Amount Sold | $ 6,100,000 | ||||||||||||||||||
Debt intsrument face amount | $ 800,000,000 | ||||||||||||||||||
Debt intsruments maturity term | 185 days | ||||||||||||||||||
Investments, valuation allowance for credit losses | $ 15,300,000 | $ 43,900,000 | $ 0 | ||||||||||||||||
Proceeds from sale of investments | 3,200,000 | $ 35,200,000 | 48,000,000 | 16,600,000 | |||||||||||||||
India Co [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Investments, valuation allowance for credit losses | $ 12,900,000 | $ 36,500,000 | 15,300,000 | 38,600,000 | 43,900 | 0 | $ 0 | ||||||||||||
Allowance fro credit loss on investments | $ 7,900,000 | 0 | 0 | 7,900,000 | $ 7,900,000 | ||||||||||||||
Debt securities available for sale, unrealized gain or loss | 2,400,000 | 3,600,000 | 2,300,000 | 3,600,000 | 3,300,000 | 0 | 0 | ||||||||||||
Management fee income | 1,200,000 | 900,000 | 3,600,000 | 900,000 | 2,100,000 | $ 5,500,000 | $ 3,700,000 | ||||||||||||
Minimum [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt instruments, stated interest rate | 1.70% | ||||||||||||||||||
Debt intsruments maturity term | 2020 years | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt instruments, stated interest rate | 2.60% | ||||||||||||||||||
Debt intsruments maturity term | 2028 years | ||||||||||||||||||
Convertible Debentures 2020 [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt intsrument face amount | $ 100,000,000 | $ 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||
Debt instruments refunded | $ 85,000,000 | $ 85,000,000 | $ 85,000,000 | $ 85,000,000 | |||||||||||||||
Debt instruments, stated interest rate | 12.50% | 12.50% | 12.50% | 12.50% | |||||||||||||||
Debt instruments decrease in stated interest rate | 0.001% | 0.001% | |||||||||||||||||
Debt instruments to be refunded based on milestones | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||||||||||
Convertible Debentures 2020 [Member] | India Co [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Unfunded Commitment | 15,000,000 | $ 15,000,000 | $ 15,000,000 | 15,000,000 | |||||||||||||||
Convertible Debentures 2020 [Member] | Minimum [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt intsruments maturity term | 18 months | 18 months | |||||||||||||||||
Convertible Debentures 2020 [Member] | Maximum [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt intsruments maturity term | 10 years | 10 years | |||||||||||||||||
Other Convertible Debentures 2020 [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt intsrument face amount | $ 5,500,000 | $ 5,400,000 | $ 5,400,000 | $ 5,400,000 | $ 5,400,000 | $ 5,500,000 | |||||||||||||
Debt instruments, stated interest rate | 6.00% | 0.001% | 0.001% | 0.001% | 0.001% | 6.00% | |||||||||||||
Other Convertible Debentures 2020 [Member] | Maximum [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Debt intsruments maturity term | 20 years | 10 years | |||||||||||||||||
China Co [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Equity method investment | $ 26,300,000 | ||||||||||||||||||
Percentage of ownership interest | 21.60% | ||||||||||||||||||
Equity method investments at fair value | $ 26,300,000 | ||||||||||||||||||
Capitalized legal cost | $ 29,300,000 | $ 29,300,000 | |||||||||||||||||
Creator Fund [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Noncontrolling interest, ownership percent by subsidiary | 99.99% | ||||||||||||||||||
Wecap Manager [Member] | Rhone [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 20.00% | 20.00% | |||||||||||||||||
WeCap Holdings Partnership [Member] | DSQ [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||||
Notes receivable | $ 28,600,000 | $ 43,100,000 | $ 43,100,000 | $ 28,600,000 | $ 26,000,000 | ||||||||||||||
Accrued Interest Rate | 5.77% | 5.81% | |||||||||||||||||
WeCap Holdings Partnership [Member] | Waller Creek [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 8.00% | 8.00% | |||||||||||||||||
WeCap Holdings Partnership [Member] | Wpi Fund [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 0.50% | 0.50% | 0.50% | 0.50% | |||||||||||||||
WeCap Holdings Partnership [Member] | ARK Master Fund [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||||||||
WeCap Holdings Partnership [Member] | WeCap Investment Group [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 8.00% | 8.00% | 8.00% | 8.00% | |||||||||||||||
Creator Fund [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Impairment of long lived assets | $ 4,100,000 | $ 10,400,000 | $ 8,900,000 | $ 1,000,000 | |||||||||||||||
Refresh Club [Member] | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Percentage of equity sold | 91.00% | ||||||||||||||||||
Proceeds from sale of equity | $ 9,500,000 | ||||||||||||||||||
Percenatge of equity after sale | 9.00% | ||||||||||||||||||
Fair value of equity retained | $ 1,100,000 | $ 1,900,000 | $ 1,900,000 | ||||||||||||||||
Proceeds from sale of investments | $ 35,000,000 |
Equity Method and Other Inves_5
Equity Method and Other Investment - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | |||||||
Lease guarantees provided to landlords | $ 3,500,000 | $ 3,500,000 | $ 4,900,000 | ||||
Amount of loss limited to net investments | 3,500,000 | 4,900,000 | |||||
Share of loss on equity method investments | 6,068,000 | $ (43,204,000) | (24,510,000) | $ (47,111,000) | (44,788,000) | $ (32,206,000) | $ (12,638,000) |
Investments, valuation allowance for credit losses | 15,300,000 | 43,900,000 | 0 | ||||
Unrealized gain on debt securities available for sale | 2,300 | 4,400,000 | 0 | ||||
Payments acquire investments | 26,704,000 | 93,357,000 | 99,146,000 | 80,674,000 | $ 121,626,000 | ||
Proceeds from sale of investments | 3,200,000 | $ 35,200,000 | 48,000,000 | $ 16,600,000 | |||
Unfunded capital commitment | $ 33,300,000 | $ 33,300,000 | $ 50,800,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2019USD ($) | Jul. 31, 2019USD ($) | May 31, 2019USD ($)Entity | Apr. 30, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)Entityshares | Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |||||||
Business acquisition hold back amount realease in cash | $ 39.7 | $ 26.8 | |||||
Business acquisition contingent consideration paid in cash | 11.5 | ||||||
Business acquisition, transaction costs | 0 | 9.8 | $ 7 | ||||
Series AP- 4 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition hold back amount released in equity | $ 2.4 | $ 10.6 | |||||
Business acquisition hold back shares released | shares | 32,337 | ||||||
Common Class A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition hold back amount released in equity | $ 0.2 | ||||||
Business acquisition hold back shares released | shares | 129,239 | ||||||
Series AP-1 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition hold back shares released | shares | 158,449 | ||||||
Series AP-2 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition hold back shares released | shares | 6,878 | ||||||
Spacious Technologies Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 35.1 | ||||||
Business acquisition, consideration in cash | 21.9 | ||||||
Spacious Technologies Inc [Member] | Other Current Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | 0.1 | ||||||
Spacious Technologies Inc [Member] | Series AP- 4 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | $ 13.2 | ||||||
Effective Technology Solutions Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 32.6 | ||||||
Business acquisition, consideration in cash | 21.4 | ||||||
Effective Technology Solutions Inc [Member] | Other Current Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | 1.7 | ||||||
Effective Technology Solutions Inc [Member] | Series AP- 4 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | 11.2 | ||||||
Effective Technology Solutions Inc [Member] | Series AP- 4 Preferred Stock [Member] | Convertible Preferred Stock Liability [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | $ 1 | ||||||
Prolific Interactive LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 22 | ||||||
Business acquisition, consideration in cash | 18.5 | ||||||
Prolific Interactive LLC [Member] | Other Current Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | 1.6 | ||||||
Prolific Interactive LLC [Member] | Common Class A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | 3.5 | ||||||
Prolific Interactive LLC [Member] | Common Class A [Member] | Additional Paid In Capital Liability [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | $ 0.1 | ||||||
Waltz Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 35.9 | ||||||
Business acquisition, consideration in cash | 19.2 | ||||||
Waltz Inc [Member] | Other Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | 4 | ||||||
Waltz Inc [Member] | Series AP- 4 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | 16.7 | ||||||
Waltz Inc [Member] | Series AP- 4 Preferred Stock [Member] | Convertible Preferred Stock Liability [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | 1.5 | ||||||
Emprenurban [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 31.2 | ||||||
Business acquisition, consideration in cash | $ 29.2 | ||||||
Business acquisition, consideration held back | $ 2 | ||||||
Number of businesses acquired | Entity | 7 | ||||||
Managed By Q Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 189.7 | ||||||
Business acquisition, consideration in cash | 107.5 | ||||||
Managed By Q Inc [Member] | Other Current Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | 18.7 | ||||||
Managed By Q Inc [Member] | Common Class A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | 0.2 | ||||||
Managed By Q Inc [Member] | Series AP -3 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | $ 82 | ||||||
Two Other Companies [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 10.8 | ||||||
Business acquisition, consideration in cash | $ 9.5 | ||||||
Number of businesses acquired | Entity | 2 | ||||||
Two Other Companies [Member] | Other Current Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | $ 0.6 | ||||||
Two Other Companies [Member] | Series AP- 4 Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | 1.3 | ||||||
Naked Hub Holdings Ltd [Member] | China Co [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of equity acquired | 100.00% | ||||||
Business acquisition, total consideration | $ 449.7 | ||||||
Business acquisition, consideration in cash | 177 | ||||||
Business acquisition, consideration held back | 15.9 | ||||||
Business acquisition,contingent consideration payable | 191.1 | 14.7 | |||||
Business acquisition, remeasurement gain | $ 0 | 61.7 | |||||
Business acquisition, remeasurement loss | 80.6 | ||||||
Naked Hub Holdings Ltd [Member] | China Co [Member] | Common Class A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration in equity | 272.7 | ||||||
Business acquisition, consdieration in equity paid during the year | 179.7 | ||||||
Business acquisition,contingent consideration payable | 0.4 | 93.1 | |||||
Business acquisition, change in contingent consideration payable | 68.1 | ||||||
Naked Hub Holdings Ltd [Member] | China Co [Member] | Class A Ordinary Shares [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, consideration held back | $ 15.9 | ||||||
Business acquisition, consideration in cash paid during the year | $ 146.3 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Total Business Acquisition Consideration (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 678,668 | $ 679,351 | $ 698,416 | $ 681,017 |
Two Other Companies [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 20,379 | |||
Property and equipment | 7,232 | |||
Capitalized software / Finite-lived intangible assets | 21,257 | |||
Goodwill | 289,951 | |||
Lease right-of-use assets, net | 9,720 | |||
Lease obligation, net | (9,720) | |||
Deferred revenue | (2,574) | |||
Other assets acquired and liabilities assumed, net | (11,236) | |||
Total consideration | 357,379 | |||
Two Other Companies [Member] | Computer Software, Intangible Asset [Member] | ||||
Business Acquisition [Line Items] | ||||
Capitalized software / Finite-lived intangible assets | $ 32,370 |
Other Assets - Schedule Of Othe
Other Assets - Schedule Of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs | $ 705,000 | $ 883,600 | |
Other deferred financing costs, net | $ 6,088 | 64 | 5,068 |
Security deposits with landlords | 251,734 | 274,822 | 305,623 |
Other security deposits | 3,172 | 3,271 | 16,437 |
Straight-line revenue receivable | 45,623 | 46,313 | 34,274 |
Deferred income tax assets, net | 1,377 | 1,150 | |
Other long-term prepaid expenses and other assets | 24,387 | 31,493 | 44,698 |
Total other assets | 932,151 | 1,062,258 | 1,285,739 |
Soft Bank Senior Unsecured Notes Warrant [Member] | |||
Deferred Costs | 434,833 | 488,312 | 568,877 |
Two Thousand Twenty LC Facility Warrant Issued To SBG [Member] | |||
Deferred Costs | 152,503 | 199,832 | 284,440 |
Other Soft Bank Payable To SBG [Member] | |||
Deferred Costs | 9,198 | 11,334 | 20,000 |
Other Soft Bank Payable To Third Parties [Member] | |||
Deferred Costs | $ 4,613 | $ 5,440 | $ 5,172 |
Other Assets - Schedule Of Ot_2
Other Assets - Schedule Of Other Noncurrent Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets, Noncurrent [Abstract] | |||
Accumulated amortization | $ 273.7 | $ 169.7 | $ 0 |
Assets Held for Sale and Disp_3
Assets Held for Sale and Dispositions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 16, 2019 | Aug. 31, 2020 | Jul. 31, 2020 | May 31, 2020 | Mar. 31, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Impairment of goodwill | $ 0 | $ 0 | $ 214,515 | $ 0 | |||||||||||||
Impairment of intangible assets | 0 | 0 | 51,789 | 0 | |||||||||||||
Asset impairment charges | $ 300,000 | $ 2,825 | $ 3,066 | 63,128 | 29,572 | ||||||||||||
Goodwill acquired during period | 289,951 | ||||||||||||||||
Property, Plant and Equipment, Disposals | 0 | 0 | $ 0 | ||||||||||||||
Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (18,300) | $ (3,000) | |||||||||||||||
Conductor [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | $ 3,500 | ||||||||||||||||
Conductor [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Asset impairment charges | $ 2,600 | ||||||||||||||||
Non Core Equipment [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | $ 45,900 | ||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (14,300) | ||||||||||||||||
Managed By Q [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Impairment of goodwill | 20,700 | ||||||||||||||||
Total sale proceeds from disposal | $ 28,100 | ||||||||||||||||
Disposal group consideration held back | 2,500 | ||||||||||||||||
Managed By Q [Member] | Other Current Liabilities [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group consideration held back | 2,500 | $ 2,200 | 300 | ||||||||||||||
Managed By Q [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Impairment of goodwill | $ 51,800 | 145,000 | |||||||||||||||
Impairment of intangible assets | $ 145,000 | 20,700 | $ 145,000 | ||||||||||||||
Disposal group, gain on sale | $ 8,900 | 8,900 | 9,800 | ||||||||||||||
Spacious Technolgies Prolific Interactive LLC And Waltz Inc [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Goodwill acquired during period | $ 69,500 | ||||||||||||||||
Teem [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | $ 50,500 | ||||||||||||||||
Teem [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group, gain on sale | $ 37,200 | ||||||||||||||||
Meetup [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | $ 9,500 | ||||||||||||||||
Ownership interest percent before disposal | 91.00% | ||||||||||||||||
Ownership interest percent after disposal | 9.00% | ||||||||||||||||
Meetup [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (26,100) | ||||||||||||||||
Four Two Four Fifth Venture [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group consideration held back | $ 15,000 | ||||||||||||||||
Four Two Four Fifth Venture [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (53,700) | ||||||||||||||||
Space IQ [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | $ 9,600 | ||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (23,100) | (300) | (23,100) | ||||||||||||||
Flatrion [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | 28,500 | ||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (6,000) | $ 17,200 | $ 17,200 | ||||||||||||||
Two Other Non Core Companies [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total sale proceeds from disposal | 2,000 | $ 2,000 | |||||||||||||||
Disposal Group Not Discontinued Operation Sale Of Promissory Note | 3,000 | ||||||||||||||||
Two Other Non Core Companies [Member] | Impairment Gain On Sale Of Goodwill And Intangible Assets [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Disposal group not discontinued operation impairment loss on assets held for sale | $ (3,100) |
Assets Held for Sale and Disp_4
Assets Held for Sale and Dispositions - Schedule Of Assets And Liabilities Held For Sale (Detail) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets held for sale: | ||
Cash and cash equivalents | $ 1,138 | |
Accounts receivable and accrued revenue, net | 11,086 | |
Other current assets | 2,786 | |
Property and equipment, net | 846 | |
Lease right-of-use assets, net | 879 | |
Restricted cash | 3,155 | |
Goodwill | 52,996 | |
Intangible assets, net of accumulated amortization of none and $21,408 as of December 31, 2020 and 2019, respectively | 61,856 | |
Other assets | 216 | |
Total assets held for sale | 134,958 | |
Liabilities related to assets held for sale: | ||
Accounts payable and accrued expenses | 8,264 | |
Deferred revenue | 16,061 | |
Current lease obligations | 722 | |
Other current liabilities | 216 | |
Long-term lease obligations | 175 | |
Other liabilities | 4 | |
Total liabilities related to assets held for sale | $ 25,442 |
Assets Held for Sale and Disp_5
Assets Held for Sale and Dispositions - Schedule Of Assets And Liabilities Held For Sale (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||
Accumulated amortization of intangible assets | $ 0 | $ 21,408 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 04, 2020shares | Jun. 30, 2020shares | Oct. 31, 2019USD ($)$ / sharesshares | Nov. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Dec. 31, 2020$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Mar. 25, 2021$ / shares | Oct. 30, 2019shares |
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||||||||
Common stock, shares authorized | 1,462,463,611 | |||||||||||||
Share based compensation expense | $ | $ 4,294 | $ 22,136 | $ 159,874 | $ 44,961 | $ 62,776 | $ 358,969 | $ 69,400 | |||||||
Common stock voting rights | Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. | |||||||||||||
Class A Common Stock [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Common stock, shares authorized | 941,647,617 | 941,647,617 | 941,647,617 | 941,647,617 | ||||||||||
Common stock, shares issued | 176,628,752 | 176,628,752 | 41,512,605 | 41,512,605 | 41,304,381 | |||||||||
Common stock, shares outstanding | 176,628,752 | 176,628,752 | 41,512,605 | 41,512,605 | 41,304,381 | |||||||||
Stock repurchased from employee | 56,755 | |||||||||||||
Sharebased payment arrangment, exercisable price per share | $ / shares | $ 16.93 | |||||||||||||
Share based compensation expense | $ | $ 3,300 | |||||||||||||
Class B Common Stock [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Common stock, shares authorized | 234,910,597 | 234,910,597 | 234,910,597 | 234,910,597 | ||||||||||
Common stock, shares issued | 0 | 0 | 129,382,459 | 129,382,459 | 129,220,654 | |||||||||
Common stock, shares outstanding | 0 | 0 | 129,382,459 | 129,382,459 | 129,220,654 | |||||||||
Number of warrants converted into common stock | 1,577,434 | |||||||||||||
Proceeds from warrant exercises | $ | $ 600 | |||||||||||||
Stock repurchased from employee | 204,580 | |||||||||||||
Sharebased payment arrangment, exercisable price per share | $ / shares | $ 51.81 | |||||||||||||
Share based compensation expense | $ | $ 10,400 | |||||||||||||
Common Class D [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Common stock, shares authorized | 234,910,597 | 234,910,597 | 234,910,597 | 234,910,597 | ||||||||||
Common stock, shares issued | 0 | 0 | 0 | 0 | 0 | |||||||||
Common stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | |||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Converted basis, percentage | 0.20 | |||||||||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Exercise price | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | ||||||||||
Business Combination, description | the Company issues additional shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Company’s initial stockholders,officers, directors or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of each Warrant will be adjusted (to the nearest cent) such that the effective exercise price per full share will be equal to 115% of the higher of (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per-share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of (i) the Market Value and (ii) the Newly Issued Price. | the Company issues additional shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Company’s initial stockholders, officers, directors or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of each Warrant will be adjusted (to the nearest cent) such that the effective exercise price per full share will be equal to 115% of the higher of (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per-share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of (i) the Market Value and (ii) the Newly Issued Price. | ||||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | ||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | ||||||||||
BOWX ACQUISITION CORP [Member] | Class A Common Stock [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock, shares authorized | 87,500,000 | 87,500,000 | 87,500,000 | 87,500,000 | ||||||||||
Common stock, shares issued | 5,068,902 | 5,068,902 | 3,388,816 | 3,388,816 | ||||||||||
Common stock, shares outstanding | 5,068,902 | 5,068,902 | 3,388,816 | 3,388,816 | ||||||||||
Unit exercise price | $ / shares | $ 10 | $ 10 | ||||||||||||
BOWX ACQUISITION CORP [Member] | Class B Common Stock [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock, shares authorized | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | ||||||||||
Common stock, shares issued | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | ||||||||||
Common stock, shares outstanding | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | ||||||||||
Stock dividend shares | 0.2 | |||||||||||||
Subject to forfeiture, shares | 1,575,000 | 1,575,000 | ||||||||||||
Issued and outstanding, percentage | 20 | |||||||||||||
BOWX ACQUISITION CORP [Member] | Founder shares [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Subject to forfeiture, shares | 1,575,000 | |||||||||||||
BOWX ACQUISITION CORP [Member] | Common Stock [Member] | Class A Common Stock [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock, shares authorized | 87,500,000 | 87,500,000 | 87,500,000 | 87,500,000 | ||||||||||
Common stock, shares issued | 48,300,000 | 48,300,000 | 48,300,000 | 48,300,000 | ||||||||||
Common stock, shares outstanding | 48,300,000 | 48,300,000 | 48,300,000 | 48,300,000 | ||||||||||
Class A common stock, subject to possible redemption | 43,231,098 | 43,231,098 | 44,911,184 | 44,911,184 | ||||||||||
BOWX ACQUISITION CORP [Member] | Common Stock [Member] | Class B Common Stock [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock, shares authorized | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | ||||||||||
Common stock, shares issued | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | ||||||||||
Common stock, shares outstanding | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | ||||||||||
BOWX ACQUISITION CORP [Member] | Warrant [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Warrants, description | Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except for the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders. | Once the warrants become exercisable, the Company may redeem the outstanding warrants (except for the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. | ||||||||||||
BOWX ACQUISITION CORP [Member] | Public Warrants [Member] | ||||||||||||||
Stockholder's Equity (Textual) | ||||||||||||||
Warrants, description | Commencing ninety days after the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Company’s Class A common stock; • if, and only if, the last reported sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock (or a security other than the Class A common stock into which the Class A common stock has been converted or exchanged for in the event the Company is not the surviving company in the initial Business Combination) issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Outstanding Warrants Convertible into Common Stock (Details) | Dec. 31, 2020$ / sharesshares |
Class of Stock [Line Items] | |
Number of Shares | 255,941 |
Common Class A [Member] | Warrants Exercise Price 13.12 [Member] | |
Class of Stock [Line Items] | |
Number of Shares | 5,941 |
Exercise price | $ / shares | $ 13.12 |
Expiration Date | Jul. 31, 2025 |
Common Class A [Member] | Warrants Exercise Price 0.001 [Member] | |
Class of Stock [Line Items] | |
Number of Shares | 250,000 |
Exercise price | $ / shares | $ 0.001 |
Expiration Date | Feb. 8, 2026 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule Of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Liabilities line Items [Line Items] | |||
2021 LC Debt Facility | $ 349,011 | ||
Current portion of long-term debt | 37,534 | $ 13,114 | $ 2,862 |
Refunds payable to former members | 36,485 | 35,761 | 20,675 |
Current portion of acquisition holdbacks | 1,593 | 43,246 | |
Contingent consideration relating to acquisitions payable in stock | 445 | ||
2020 Tender Offer | 123,409 | ||
IndiaCo Forward Liability | 7,907 | ||
Other current liabilities | 17,344 | 25,380 | 28,183 |
Total other current liabilities | $ 440,374 | $ 83,755 | $ 218,820 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | |||||
Balance at beginning of period | $ 679,351 | $ 698,416 | $ 681,017 | ||
Goodwill acquired | 289,951 | ||||
Goodwill sold | (2,652) | ||||
Goodwill impairment | $ 0 | 0 | (214,515) | $ 0 | |
Goodwill held for sale | (52,996) | ||||
Measurement period and other adjustments | 3,577 | (3,093) | |||
ChinaCo Deconsolidation (Note 6) | (28,692) | ||||
Effect of foreign currency exchange rate changes | 8,702 | (1,948) | |||
Balance at end of period | $ 678,668 | $ 678,668 | $ 679,351 | $ 698,416 | $ 681,017 |
Convertible Related Party Lia_3
Convertible Related Party Liabilities and SoftBank Debt Financing - Schedule Of Convertible Related Party Liabilities And Soft Bank Debt Financing (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Exercise of warrants into Series H-3 Convertible Preferred Stock | $ 10,600 | $ 40 | $ 11,715 | $ 125 | $ 220 | $ 38,303 | $ 2,934 | |
2019 Warrant Liability [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Cash received on cumulative basis | 1,500,000 | 1,500,000 | ||||||
Cost basis of related party financial instrument included in additional paid in capital prior to draw | (219,708) | (219,708) | ||||||
Cumulative (gain)/loss from change in fair value of related party financial instruments | (169,172) | 217,466 | ||||||
Financial Liabilities Fair Value Disclosure | 1,297,758 | |||||||
2019 Warrant Liability [Member] | Series H Redeemable Convertible Preferred Stock [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Cumulative issuance of Series H-1 Preferred Stock over life of warrant | (200,000) | (200,000) | ||||||
Conversion to Series H-1 Preferred Stock | (911,120) | |||||||
Soft Bank Senior Unsecured Notes Warrant Liability [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Cumulative (gain)/loss from change in fair value of related party financial instruments | $ (54,793) | (54,793) | (54,793) | (288,674) | ||||
Warrant liability gross | 568,877 | 568,877 | 568,877 | 568,877 | 568,877 | |||
Deferred financing costs adjustment | (934) | (934) | (934) | (934) | ||||
Financial Liabilities Fair Value Disclosure | 38,629 | 38,629 | 38,629 | 279,269 | 568,877 | |||
Soft Bank Senior Unsecured Notes Warrant Liability [Member] | Series H Redeemable Convertible Preferred Stock [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Exercise of warrants into Series H-3 Convertible Preferred Stock | (474,521) | |||||||
2020 LC Facility Warrant Liability [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Cumulative (gain)/loss from change in fair value of related party financial instruments | (27,394) | (27,394) | (27,394) | (144,335) | ||||
Warrant liability gross | 284,440 | 284,440 | 284,440 | 284,440 | 284,440 | |||
Deferred financing costs adjustment | (466) | (466) | (466) | (466) | ||||
Financial Liabilities Fair Value Disclosure | 19,315 | 19,315 | 19,315 | 139,639 | 284,440 | |||
2020 LC Facility Warrant Liability [Member] | Series H Redeemable Convertible Preferred Stock [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Exercise of warrants into Series H-3 Convertible Preferred Stock | (237,265) | |||||||
Softbank Senior Unsecured Notes Warrant Liability And 2020 LC Facility Warrant Liability [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Financial Liabilities Fair Value Disclosure | 57,944 | 57,944 | 57,944 | 418,908 | 853,317 | |||
Softbank Senior Unsecured Notes Warrant Liability 2020 LC Facility Warrant Liability And Two Thousand And Nineteen Warrant Liability [Member] | ||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||
Financial Liabilities Fair Value Disclosure | $ 57,944 | $ 57,944 | $ 57,944 | $ 418,908 | $ 2,151,075 |
Convertible Related Party Lia_4
Convertible Related Party Liabilities and SoftBank Debt Financing - Additional Information (Detail) | Jun. 30, 2021USD ($) | Oct. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Apr. 30, 2020shares | Jul. 31, 2019USD ($)shares | Apr. 30, 2019USD ($)shares | Jan. 31, 2019USD ($)$ / shares | Aug. 31, 2018USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | May 31, 2021USD ($) | Feb. 28, 2021USD ($) | Aug. 31, 2020USD ($) | Dec. 27, 2019USD ($) | Oct. 31, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($) |
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Debt instrument face value | $ 800,000,000 | |||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||||||||||||||||||
Debt instrument unused borrowing capacity | $ 0 | |||||||||||||||||||||
Proceeds from unsecured debt | $ 2,200,000,000 | $ 1,200,000,000 | ||||||||||||||||||||
Interest rate upon closing | 11.69% | 11.69% | 11.69% | |||||||||||||||||||
Class of warrants or rights outstanding | shares | 255,941 | |||||||||||||||||||||
Reimbursement due to the lender | $ 14,500 | $ 14,500 | $ 14,500 | |||||||||||||||||||
Transaction costs unamortized | 20,000 | 20,000 | 20,000 | |||||||||||||||||||
Amortization of transaction costs | 1,100 | $ 1,100 | $ 15,000,000 | 2,200 | $ 1,500 | |||||||||||||||||
Write off of deferred debt issuance cost | 5,000,000 | |||||||||||||||||||||
Cumulative costs allocated to temporary equity | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||||||||||||
Debt interest effective interest rate percentage | 10.00% | 10.00% | ||||||||||||||||||||
Proceeds from issuance of debt | $ 349,011,000 | 32,445,000 | $ 34,309,000 | $ 662,395,000 | $ 768,795,000 | |||||||||||||||||
SoftBank Senior Unsecured Notes [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Debt instrument face value | 200,000,000 | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Long term debt term | 6 months | |||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 2.60% | 2.60% | ||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Long term debt term | 1 month | |||||||||||||||||||||
Financing costs paid or payable to third parties amortization period | 3 years | |||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 1.70% | 1.70% | ||||||||||||||||||||
Amended and Restated Senior Secured Notes [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Long-term debt, gross | $ 550,000,000 | |||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 7.50% | |||||||||||||||||||||
Debt instrument redeemed, repurchased or otherwise repaid and canceled Price percentage | 101 | |||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000,000 | |||||||||||||||||||||
Softbank Group [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Reimbursable to the lender debt costs gross | 50,000 | 50,000 | $ 50,000 | 50,000,000 | ||||||||||||||||||
Reimbursable to the lender for transaction costs | 35,500 | 35,500,000 | ||||||||||||||||||||
Reimbursement due to the lender | 14,500,000 | |||||||||||||||||||||
Transaction costs unamortized | 20,000,000 | |||||||||||||||||||||
Amortization of transaction costs | $ 15,000,000 | |||||||||||||||||||||
Write off of deferred debt issuance cost | 5,000,000 | |||||||||||||||||||||
Cumulative costs allocated to temporary equity | 15,000,000 | |||||||||||||||||||||
Financing costs paid or payable to third parties unamortized | 4,600,000 | 4,600,000 | 5,200,000 | $ 4,600,000 | $ 5,400,000 | $ 5,200,000 | ||||||||||||||||
Softbank Group [Member] | Maximum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Financing costs paid or payable to third parties amortization period | 5 years | 5 years | ||||||||||||||||||||
Softbank Group [Member] | Minimum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Financing costs paid or payable to third parties amortization period | 3 years | |||||||||||||||||||||
Softbank Group [Member] | Interest Expense [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Amortization of transaction costs | $ 3,700,000 | |||||||||||||||||||||
Amortization of financing costs paid or payable to third parties | 600,000 | 600,000 | $ 1,200,000 | 900,000 | 2,100,000 | |||||||||||||||||
Softbank Group [Member] | Senior Secured Debt [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Debt instrument face value | $ 1,100,000,000 | |||||||||||||||||||||
Softbank Group [Member] | Senior Secured Debt [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Amortization of deferred financing costs | $ 5,900,000 | |||||||||||||||||||||
Softbank Group [Member] | New Senior Secured Note Purchase Agreement [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | |||||||||||||||||||
Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Debt instrument face value | $ 2,200,000,000 | |||||||||||||||||||||
Long term debt fixed rate of interest percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||||||
Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | SoftBank Senior Unsecured Notes [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Liquidity amount to be maintained at any point of time | 2,200,000,000 | 2,200,000,000 | ||||||||||||||||||||
Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | Senior Unsecured Note Purchase Agreement [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 2,200,000,000 | $ 2,200,000,000 | 2,200,000,000 | $ 2,200,000,000 | 2,200,000,000 | $ 2,200,000,000 | ||||||||||||||||
Liquidity amount to be maintained at any point of time | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | |||||||||||||||
Unsecured debt outstanding | 0 | 0 | ||||||||||||||||||||
Draw notices issued | 2,200,000,000 | 2,200,000,000 | 2,200,000,000 | $ 1,200,000,000 | ||||||||||||||||||
Interest rate upon closing | 11.69% | |||||||||||||||||||||
Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | Senior Unsecured Note Purchase Agreement [Member] | Other Assets [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Amortization of deferred financing costs | 26,600,000 | 26,600,000 | 53,200,000 | 26,600,000 | $ 79,900,000 | |||||||||||||||||
Debt issuance costs unamortized | 568,900,000 | 568,900,000 | 568,900,000 | $ 568,900,000 | ||||||||||||||||||
Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | Senior Unsecured Note Purchase Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Debt instrument unused borrowing capacity | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||||||||||||
Softbank Group [Member] | Line of Credit [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Debt issuance costs unamortized | $ 284,400,000 | $ 284,400,000 | ||||||||||||||||||||
Long term debt date of maturity | Feb. 10, 2023 | |||||||||||||||||||||
Softbank Group [Member] | Line of Credit [Member] | Interest Expense [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Amortization of deferred financing costs | 23,700,000 | 23,700,000 | 47,400,000 | 36,800,000 | $ 84,100,000 | |||||||||||||||||
Softbank Group [Member] | Series H Three or H Four Redeemable Convertible Preferred Stock [Member] | 5% Senior Unsecured Debt [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | shares | 86,591,946 | 86,591,946 | 86,591,946 | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 38,600,000 | 38,600,000 | 38,600,000 | |||||||||||||||||||
Class of warrants or rights number of shares covered by the warrants or rights | shares | 86,591,946 | 86,591,946 | 86,591,946 | |||||||||||||||||||
Class of warrants or rights exercise price per unit | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
Softbank Group [Member] | Series H Three or H Four Redeemable Convertible Preferred Stock [Member] | Line of Credit [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrant or right, exercise price | $ / shares | 0.01 | 0.01 | $ 0.01 | |||||||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | shares | 43,295,973 | |||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,750,000,000 | |||||||||||||||||||||
Class of warrants or rights number of shares covered by the warrants or rights | shares | 43,295,973 | |||||||||||||||||||||
Class of warrants or rights exercise price per unit | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
WW CO Obligor Inc [Member] | New Senior Secured Note Purchase Agreement [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Long term debt fixed rate of interest percentage | 12.50% | |||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | ||||||||||||||||||||
Long term debt term | 4 years | |||||||||||||||||||||
WW CO Obligor Inc [Member] | New Senior Secured Note Purchase Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||||||||||||||||||||
SBWW [Member] | Early Exercise Provision [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Temporary equity stock shares issued during the period shares | shares | 22,727,273 | |||||||||||||||||||||
Temporary equity stock issued during the period value | $ 1,974,500 | |||||||||||||||||||||
Temporary equity stock issuance costs | 16,500 | |||||||||||||||||||||
SBWW [Member] | Convertible Notes Payable [Member] | Principal Stockholder [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Long term debt fixed rate of interest percentage | 2.80% | |||||||||||||||||||||
Long term debt date of maturity | Feb. 12, 2024 | |||||||||||||||||||||
Proceeds from convertible debt | $ 1,000,000,000 | |||||||||||||||||||||
Long term debt date of commencement of interest payment | Sep. 1, 2019 | |||||||||||||||||||||
Adjustment to additional paid in capital change in fair value of convertible note | $ 236,400,000 | |||||||||||||||||||||
Convertible debt original issue discount | 170,000,000 | $ 286,800,000 | 286,800,000 | 170,000,000 | ||||||||||||||||||
Convertible debt incremental increase in original issue discount | 116,900,000 | |||||||||||||||||||||
Embedded derivative liability fair value | $ 178,800,000 | 25,300,000 | $ 0 | |||||||||||||||||||
Debt conversion converted instrument amount | $ 1,000,000,000 | |||||||||||||||||||||
Debt instrument converted number of shares issued | shares | 9,090,909 | |||||||||||||||||||||
Redeemable non controlling interest equity preferred carrying amount | $ 723,000,000 | |||||||||||||||||||||
Convertible debt imputed interest | 36,400,000 | |||||||||||||||||||||
Gain loss due to fair value reduction of embedded derivative liability | 1,700,000 | 22,400,000 | ||||||||||||||||||||
Gain loss due to fair value reduction of embedded derivative redemption liability | 25,300,000 | 97,600,000 | ||||||||||||||||||||
SBWW [Member] | Convertible Notes Payable [Member] | Principal Stockholder [Member] | Amendment of Terms of the Convertible Note [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Adjustment to additional paid in capital convertible note | 119,500,000 | |||||||||||||||||||||
SBWW [Member] | Convertible Notes Payable [Member] | Principal Stockholder [Member] | Forecast [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Proceeds from redeemable convertible preferred stock | $ 2,000,000,000 | |||||||||||||||||||||
Amended 2018 Warrants [Member] | Other Assets [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Fair Value Adjustment of Warrants | 219,700,000 | |||||||||||||||||||||
Amended 2018 Warrants [Member] | SBWW Holdings Limited [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Cash receivable for the warrants issue | $ 1,500,000,000 | |||||||||||||||||||||
Class of warrants or rights maturity | Apr. 3, 2020 | |||||||||||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 11.60 | $ 110 | ||||||||||||||||||||
Cost basis of related party financial instrument included in additional paid in capital prior to draw | $ 219,700,000 | |||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 1,500,000 | |||||||||||||||||||||
Cumulative cash received from warrant issuances | 1,500,000,000 | 1,500,000,000 | ||||||||||||||||||||
Financial liabilities at fair value | 1,300,000,000 | 1,300,000,000 | ||||||||||||||||||||
Fair Value Adjustment of Warrants | 386,600,000 | 386,600,000 | ||||||||||||||||||||
Class of warrants or rights exercise price per unit | $ / shares | $ 11.60 | $ 110 | ||||||||||||||||||||
Amended 2018 Warrants [Member] | SBWW Holdings Limited [Member] | Maximum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrant or right, exercise price | $ / shares | 11.60 | |||||||||||||||||||||
Class of warrants or rights exercise price per unit | $ / shares | $ 11.60 | |||||||||||||||||||||
Amended 2018 Warrants [Member] | SBWW Holdings Limited [Member] | Minimum [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrant or right, exercise price | $ / shares | 110 | |||||||||||||||||||||
Class of warrants or rights exercise price per unit | $ / shares | $ 110 | |||||||||||||||||||||
Amended 2018 Warrants [Member] | SBWW Holdings Limited [Member] | Series H One Redeemable Convertible Preferred Stock [Member] | Tranche One [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Temporary equity stock shares issued during the period shares | shares | 17,241,379 | 112,068,966 | 112,068,966 | |||||||||||||||||||
Redeemable non controlling interest equity preferred gross amount | 200,000,000 | 200,000,000 | ||||||||||||||||||||
Redeemable non controlling interest equity preferred gross issuance costs | 38,600,000 | 38,600,000 | ||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Fair Value | 911,100,000 | 911,100,000 | 911,100,000 | |||||||||||||||||||
Amended 2018 Warrants [Member] | SBWW [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 1,000,000,000 | $ 1,500,000,000 | ||||||||||||||||||||
Adjustment to additional paid in capital exercise warrants value | $ 69,000,000 | |||||||||||||||||||||
Derecognition of equity asset | 68,800,000 | |||||||||||||||||||||
Gain loss due to change in fair value of related party instrument | 456,600,000 | |||||||||||||||||||||
Unsecured Notes Warrant [Member] | Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | Senior Unsecured Note Purchase Agreement [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Financial liabilities at fair value | 279,300 | |||||||||||||||||||||
Unsecured Notes Warrant [Member] | Softbank Group [Member] | 5% Senior Unsecured Debt [Member] | Senior Unsecured Note Purchase Agreement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Financial liabilities at fair value | 568,900,000 | 279,300,000 | 568,900,000 | |||||||||||||||||||
Fair Value Adjustment of Warrants | 900,000 | 2,800,000 | 54,800,000 | 270,500,000 | $ 288,700,000 | |||||||||||||||||
Penny Warrants [Member] | Softbank Group [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrants or rights maturity | Dec. 27, 2020 | |||||||||||||||||||||
Class of warrants or rights date from which they are excercisable | Apr. 1, 2020 | |||||||||||||||||||||
Penny Warrants [Member] | Softbank Group [Member] | Series H Three or H Four Redeemable Convertible Preferred Stock [Member] | Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Financial liabilities at fair value | 19,300,000 | 19,300,000 | 284,400,000 | 19,300,000 | $ 139,600,000 | 284,400,000 | ||||||||||||||||
Fair Value Adjustment of Warrants | 400,000 | $ 1,400,000 | 27,400,000 | $ 135,200,000 | 144,300,000 | |||||||||||||||||
Penny Warrants and Soft Bank Senior Unsecured Notes Warrant [Member] | Softbank Group [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Financial liabilities at fair value | $ 57,900,000 | $ 57,900,000 | $ 853,300,000 | $ 57,900,000 | $ 418,900,000 | $ 853,300,000 | ||||||||||||||||
Class of warrants or rights outstanding | shares | 6,121,239 | |||||||||||||||||||||
2020 LC Facility Warrant [Member] | Softbank Group [Member] | Series H Three or H Four Redeemable Convertible Preferred Stock [Member] | Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrant or rights number of shares issued | shares | 0 | 0 | ||||||||||||||||||||
2020 LC Facility Warrant [Member] | Softbank Group [Member] | Series H Four Redeemable Convertible Preferred Stock [Member] | Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Class of warrant or rights number of shares issued | shares | 0 | 0 | ||||||||||||||||||||
2020 LC Facility Warrant [Member] | Softbank Group [Member] | Series H Three Redeemable Convertible Preferred Stock [Member] | Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Convertible Related Party Liabilities And Softbank Debt Financing [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 0 | $ 400,000 | ||||||||||||||||||||
Class of warrant or rights number of shares issued | shares | 0 | 43,295,973 |
Long-Term Debt, Net - Summary o
Long-Term Debt, Net - Summary of Long-term debt, net (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | ||
Maturity | 185 days | ||||
Long-Term Debt, Net | $ 707,231 | $ 712,833 | |||
Less: Unamortized debt issuance costs | (11,400) | $ (31,000) | |||
Less: Current portion of Other Loans | (37,534) | (13,114) | (2,862) | ||
Total long-term debt, net | $ 659,446 | $ 688,356 | $ 1,389,431 | ||
Maximum [Member] | |||||
Maturity | 2028 years | ||||
Interest Rate | 2.60% | ||||
Minimum [Member] | |||||
Maturity | 2020 years | ||||
Interest Rate | 1.70% | ||||
Senior Notes [Member] | |||||
Maturity | 2025 years | 2025 years | |||
Interest Rate | 7.875% | 7.875% | 7.875% | ||
Outstanding principal balance | $ 669,000 | $ 669,000 | $ 669,000 | ||
Long-Term Debt, Net | 658,749 | 657,637 | 655,547 | ||
Less: Unamortized debt issuance costs | (10,251) | $ (11,363) | (13,453) | ||
424 Fifth Venture Loans - Mortgage Loan [Member] | |||||
Maturity | [1] | 2022 years | |||
Interest Rate | [2] | 3.45% | |||
Long-Term Debt, Net | 335,750 | ||||
424 Fifth Venture Loans - Senior Mezzanine Loan [Member] | |||||
Maturity | [1] | 2022 years | |||
Interest Rate | [2] | 5.27% | |||
Long-Term Debt, Net | 100,725 | ||||
424 Fifth Venture Loans - Junior Mezzanine Loan [Member] | |||||
Maturity | [1] | 2022 years | |||
Interest Rate | [2] | 7.40% | |||
Long-Term Debt, Net | 222,336 | ||||
424 Fifth Venture Loans [Member] | |||||
Long-Term Debt, Net | 641,273 | ||||
Less: Unamortized debt issuance costs | (685,000) | $ (685,000) | (17,538) | ||
Other Loans [Member] | |||||
Outstanding principal balance | 38,231 | 43,833 | 95,473 | ||
Less: Current portion of Other Loans | (37,534) | (13,114) | (2,862) | ||
Total long-term debt, net | $ 697 | $ 30,719 | $ 92,611 | ||
Other Loans [Member] | Maximum [Member] | |||||
Maturity | 2022 years | 2022 years | |||
Interest Rate | 3.00% | 3.00% | 6.20% | ||
Other Loans [Member] | Minimum [Member] | |||||
Maturity | 2021 years | 2021 years | |||
Interest Rate | 2.50% | 2.50% | 2.50% | ||
[1] | The original maturity date excluded two one-year extension options subject to extension fees and certain conditions that were available prior to the repayment of these loans in March 2020. | ||||
[2] | The 424 Fifth Venture loan agreements included a LIBOR floor of 2.513% and a LIBOR cap of 4%. The LIBOR interest rate cap was scheduled to expire on February 9, 2021 prior to the termination of these contracts in March 2020 in conjunction with the repayment of the underlying loans. |
Long-Term Debt, Net - Summary_2
Long-Term Debt, Net - Summary of Long-term debt, net (Parenthetical) (Detail) - 424 Fifth Venture Loans - Mortgage Loan [Member] | 12 Months Ended | |
Dec. 31, 2020 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | [1] |
Debt Instrument, Maturity Date | Feb. 9, 2021 | |
Interest Rate Floor [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.513% | |
Interest Rate Cap [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
[1] | The 424 Fifth Venture loan agreements included a LIBOR floor of 2.513% and a LIBOR cap of 4%. The LIBOR interest rate cap was scheduled to expire on February 9, 2021 prior to the termination of these contracts in March 2020 in conjunction with the repayment of the underlying loans. |
Long-Term Debt, Net - Summary_3
Long-Term Debt, Net - Summary of aggregate principal payments for current and long-term debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Maturities of Long-term Debt [Abstract] | ||
Remainder of 2021 | $ 9,730 | $ 13,114 |
2022 | 28,501 | 30,719 |
2023 | 0 | 0 |
2024 | 0 | 0 |
2025 | 669,000 | 669,000 |
2026 and beyond | 0 | 0 |
Total minimum payments | $ 707,231 | $ 712,833 |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional Information (Detail) | Apr. 30, 2018USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2025USD ($) | Dec. 31, 2024USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 28, 2021USD ($) | Feb. 08, 2019USD ($) |
Debt instrument face amount | $ 800,000,000 | ||||||||||||||
Proceeds from issuance of senior long-term debt | $ 702,000,000 | ||||||||||||||
Payments of debt issuance costs | $ 56,100,000 | ||||||||||||||
Repayments of senior debt | $ 0 | ||||||||||||||
Gain (Loss) on extinguishment of debt | $ (76,295,000) | (77,336,000) | |||||||||||||
Interest expense | $ 600,000 | $ 1,200,000 | 500,000 | 52,700,000 | $ 53,800,000 | $ 37,000,000 | |||||||||
Unamortized debt issuance costs | 11,400,000 | 31,000,000 | |||||||||||||
Repayments of debt | 759,196,000 | $ 813,140,000 | $ 3,088,000 | 1,085,000 | |||||||||||
Minimum [Member] | |||||||||||||||
Debt instrument, interest rate, stated percentage | 1.70% | ||||||||||||||
Maximum [Member] | |||||||||||||||
Debt instrument, interest rate, stated percentage | 2.60% | ||||||||||||||
Senior Notes [Member] | |||||||||||||||
Debt instrument face amount | $ 702,000,000 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 7.875% | 7.875% | 7.875% | 7.875% | |||||||||||
Proceeds from issuance of senior long-term debt | $ 702,000,000 | ||||||||||||||
Payments of debt issuance costs | $ 17,400,000 | ||||||||||||||
Debt instrument, maturity date | May 1, 2025 | ||||||||||||||
Debt instrument, par percentage | 100.00% | ||||||||||||||
Repayments of senior debt | $ 0 | $ 0 | $ 33,000,000 | 0 | |||||||||||
Debt instrument, repurchase amount | 32,400,000 | ||||||||||||||
Gain (Loss) on extinguishment of debt | 300,000 | ||||||||||||||
Long-term debt, gross | $ 669,000,000 | $ 669,000,000 | $ 669,000,000 | $ 669,000,000 | |||||||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 101.00% | 101.00% | |||||||||||||
Debt instrument, convertible, conversion ratio | 0.3 | 0.7 | |||||||||||||
Minimum growth-adjusted EBITDA | $ 500,000,000 | $ 200,000,000 | |||||||||||||
Interest expense | 1,000,000 | 2,100,000 | 2,100,000 | 1,200,000 | |||||||||||
Unamortized debt issuance costs | 10,251,000 | $ 10,251,000 | 11,363,000 | 13,453,000 | |||||||||||
Senior Notes [Member] | Minimum [Member] | |||||||||||||||
Minimum growth-adjusted EBITDA | 1,000,000 | 1,000,000,000 | |||||||||||||
Senior Notes [Member] | Forecast [Member] | |||||||||||||||
Minimum growth-adjusted EBITDA | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | $ 1,000,000,000 | ||||||||||
424 Fifth Venture Loans [Member] | |||||||||||||||
Debt instrument face amount | $ 900,000,000 | ||||||||||||||
Payments of debt issuance costs | 56,100,000 | ||||||||||||||
Gain (Loss) on extinguishment of debt | 71,600,000 | 71,600,000 | 71,600,000 | ||||||||||||
Interest expense | 10,400,000 | 43,400 | |||||||||||||
Cash paid on settlement of debt | 756,600,000 | 756,600,000 | |||||||||||||
Unamortized debt issuance costs | 685,000,000 | 685,000,000 | $ 685,000,000 | $ 17,538,000 | |||||||||||
Debt, weighted average interest rate | 7.80% | 7.60% | |||||||||||||
Other Loans [Member] | |||||||||||||||
Gain (Loss) on extinguishment of debt | 0 | 0 | 0 | 0 | $ 1,000,000 | ||||||||||
Long-term debt, gross | 38,231,000 | 38,231,000 | 43,833,000 | $ 95,473,000 | |||||||||||
Interest expense | 300,000 | 1,100,000 | 500,000 | 2,000,000 | 2,500,000 | $ 4,300,000 | $ 1,700,000 | ||||||||
Repayments of debt | $ 600,000 | 600,000 | $ 2,600,000 | $ 1,200,000 | $ 54,500,000 | ||||||||||
Other Loans [Member] | Minimum [Member] | |||||||||||||||
Debt instrument, interest rate, stated percentage | 2.50% | 2.50% | 2.50% | 2.50% | |||||||||||
Other Loans [Member] | Maximum [Member] | |||||||||||||||
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% | 3.00% | 6.20% | |||||||||||
Deferred Financing Costs [Member] | |||||||||||||||
Interest expense | $ 13,200,000 | $ 13,200,000 | $ 26,400,000 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule Of Intangible Assets Excluding Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gross Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Intangible Assets, Net (Including Goodwill) | $ 122,655 | $ 145,872 |
Accumulated Amortization [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Intangible Assets, Net (Including Goodwill) | 72,759 | 66,007 |
Net Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Intangible Assets, Net (Including Goodwill) | 49,896 | 79,865 |
Trademarks [Member] | Gross Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,863 | 4,930 |
Trademarks [Member] | Net Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,863 | $ 4,930 |
Computer Software, Intangible Asset [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 1 month 6 days | 2 years 10 months 24 days |
Computer Software, Intangible Asset [Member] | Gross Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite Lived Intangible Asset Net | $ 103,122 | $ 87,068 |
Computer Software, Intangible Asset [Member] | Accumulated Amortization [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite Lived Intangible Asset Net | (58,496) | (41,393) |
Computer Software, Intangible Asset [Member] | Net Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite Lived Intangible Asset Net | $ 44,626 | $ 45,675 |
Customer Relationships And Other Intangible Assets [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 8 months 12 days | 6 years 6 months |
Customer Relationships And Other Intangible Assets [Member] | Gross Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite Lived Intangible Asset Net | $ 17,670 | $ 53,874 |
Customer Relationships And Other Intangible Assets [Member] | Accumulated Amortization [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite Lived Intangible Asset Net | (14,263) | (24,614) |
Customer Relationships And Other Intangible Assets [Member] | Net Carrying Amount [Member] | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite Lived Intangible Asset Net | $ 3,407 | $ 29,260 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule Of Future Amortization Expense Related To Intangible Assets (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 23,194 |
2022 | 17,233 |
2023 | 5,427 |
2024 | 444 |
2025 | 444 |
2026 and beyond | 1,291 |
Total | $ 48,033 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amortization expense of intangible assets | $ 31.1 | $ 61.7 | $ 27.1 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Gross Holding Gains and Fair Value of Held-to-maturity Securities (Details) - BOWX ACQUISITION CORP [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Investments held in Trust Account — U.S. Treasury Securities | $ 483,071,704 | $ 483,227,051 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Warrant liabilities | 25,962,932 | 13,292,400 |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments held in Trust Account — U.S. Treasury Securities | 483,071,704 | 483,227,051 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Warrant liabilities | 25,962,932 | 13,292,400 |
Total fair value | 496,519,451 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments held in Trust Account — U.S. Treasury Securities | 483,071,704 | 483,227,051 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total fair value | 483,227,051 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Warrant liabilities | $ 25,962,932 | 13,292,400 |
Total fair value | $ 13,292,400 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value (Details) - BOWX ACQUISITION CORP [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Warrant Liability | $ 13,292,400 | $ 13,292,400 | |||||
Change in fair value of warrant liabilities | $ 0 | $ 9,327,999 | 12,670,532 | $ 4,664,000 | |||
Warrant Liability | 25,962,932 | $ 13,292,400 | 25,962,932 | 13,292,400 | |||
Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Warrant Liability | $ 0 | 16,634,933 | 13,292,400 | 9,872,133 | $ 0 | 13,292,400 | 0 |
Issuance of Private Warrants | 8,628,400 | ||||||
Change in fair value of warrant liabilities | 9,327,999 | 3,342,533 | 3,420,267 | 1,243,733 | |||
Warrant Liability | $ 25,962,932 | $ 16,634,933 | $ 13,292,400 | $ 9,872,133 | $ 25,962,932 | $ 13,292,400 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Oct. 02, 2020 | Aug. 13, 2020 | Aug. 07, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Asset and related liabilities, Held for sale | $ 0 | $ 0 | $ 0 | ||||||||||||
Asset and related liabilities, Held for sale, Fair value disclosure | $ 109,500,000 | $ 109,500,000 | |||||||||||||
Other Goodwill written fff | 69,500,000 | ||||||||||||||
Asset impairment charges | $ 300,000,000 | $ 2,825,000 | 3,066,000 | 63,128,000 | $ 29,572,000 | ||||||||||
Senior Notes [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Long-term debt fair value | $ 699,600,000 | 454,300,000 | $ 699,600,000 | 454,300,000 | 454,300,000 | ||||||||||
Other Long Lived Assets [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Asset impairment charges | 195,300,000 | 438,100,000 | 943,700,000 | 129,300,000 | $ 29,600,000 | ||||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Fair value, Asset, Recurring basis, Still held, Unrealized gain loss | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Property Plant And Equipment Right To Use Assets [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Assets fair value disclosure | 343,100,000 | 343,100,000 | 343,100,000 | ||||||||||||
Asset impairment charges | 47,600,000 | 104,300,000 | 201,200,000 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | Goodwill And Intangible Asset [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Intangible assets net including goodwill | 12,300,000 | 12,300,000 | |||||||||||||
Goodwill and intangible asset impairment | 165,900,000 | ||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Investment [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Assets fair value disclosure | 35,000,000 | 35,000,000 | |||||||||||||
Asset impairment charges | $ 23,300,000 | ||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Property Plant And Equipment Right To Use Assets [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Assets fair value disclosure | 1,224,800,000 | 1,224,800,000 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | Asset And Related Liabilities Held For Sale [Member] | Fair Value, Nonrecurring [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Asset and related liabilities, Held for sale | 0 | 0 | 0 | ||||||||||||
Asset and related liabilities, Held for sale, Impairment charges | 17,000,000 | 17,000,000 | 17,000,000 | 2,600,000 | |||||||||||
Income Loss From Equity Method Investments [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Fair value, Asset, Recurring basis, Still held, Unrealized gain loss | 0 | (600,000) | |||||||||||||
Income Loss From Equity Method Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Fair value, Asset, Recurring basis, Still held, Unrealized gain loss | 12,900,000 | 15,300,000 | 43,900,000 | ||||||||||||
Fair value, Liability, Recurring basis, Still held, Unrealized gain loss | 1,600,000 | ||||||||||||||
Selling, General and Administrative Expenses [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Fair value, Liability, Recurring basis, Still held, Unrealized gain loss | 100,000 | 60,700,000 | |||||||||||||
Gain From Change In Fair Value Of Related Party Financial Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Fair value, Asset, Recurring basis, Still held, Unrealized gain loss | 1,300,000 | (350,800,000) | |||||||||||||
Fair value, Liability, Recurring basis, Still held, Unrealized gain loss | $ 433,000,000 | $ 217,500,000 | |||||||||||||
BOWX ACQUISITION CORP [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Change in fair value of warrant liabilities | $ 0 | 9,327,999 | 12,670,532 | 4,664,000 | |||||||||||
BOWX ACQUISITION CORP [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Change in fair value of warrant liabilities | 9,327,999 | $ 3,342,533 | $ 3,420,267 | $ 1,243,733 | |||||||||||
BOWX ACQUISITION CORP [Member] | Public Warrants [Member] | Binomial Monte Carlo Simulation [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Change in fair value of warrant liabilities | $ 8,600,000 | $ 8,600,000 | $ 9,400,000 | $ 12,700,000 | $ 4,700,000 | ||||||||||
China Co [Member] | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||
Deconsolidation, Equity method investment retained, Percentage | 21.60% | ||||||||||||||
Deconsolidation, Equity method investment retained, Value | $ 26,300,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary Of Quantitative Information Regarding Fair Value Measurements (Details) - BOWX ACQUISITION CORP [Member] - $ / shares | Aug. 07, 2020 | Sep. 30, 2020 |
Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Exercise price | $ 11.50 | $ 11.50 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Share Price [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Stock Price | $ 10.03 | $ 10.26 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Term (in years) | 1 year | 10 months 6 days |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility | 18.00% | 19.00% |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Risk-free interest rate | 0.31% | 0.36% |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary Of The Changes In Assets andLiabilities Recorded At Fair Value And Classified As Level 3 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 49,848 | $ 5,541 | $ 5,319 |
Purchases | 85,000 | 0 | |
Accrued interest income | 5,840 | 320 | |
Accrued interest collected | (2,678) | 0 | |
Foreign currency translation gains (losses) included in other comprehensive income | 3,810 | 0 | |
Foreign currency gain (loss) included in net income | (8,177) | (98) | |
Balance at end of period | 49,848 | 5,541 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 49,849 | 5,541 | |
Purchases | 15,000 | 85,000 | |
Reclassification of forward contract liability to credit valuation allowance upon funding of commitment | (8,499) | ||
Accrued interest income | 5,603 | 5,840 | |
Accrued interest collected | (5,269) | (2,678) | |
Foreign currency translation gains (losses) included in other comprehensive income | 119 | 3,810 | |
Foreign currency gain (loss) included in net income | (8,176) | ||
Balance at end of period | 39,275 | 49,849 | 5,541 |
Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized gain on available-for-sale securities included in other comprehensive income | 4,369 | 0 | |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized gain on available-for-sale securities included in other comprehensive income | (2,263) | 4,369 | |
Income Loss From Equity Method Investments [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Credit loss valuation allowance included in income (loss) from equity method and other investments | (43,857) | $ 0 | |
Income Loss From Equity Method Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Credit loss valuation allowance included in income (loss) from equity method and other investments | $ (15,265) | $ (43,857) |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | $ 426,815 | $ 2,151,520 | $ 416,702 | ||||
Additions | 0 | 9,507 | 3,977,177 | ||||
Settlements | (720,285) | (912,839) | (2,528,748) | ||||
Change in Fair Value | 351,414 | [1] | (821,369) | [2],[3] | 286,022 | [4] | |
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | (4) | 367 | ||||
Balance at End of Period | 57,944 | 426,815 | 2,151,520 | ||||
Embedded Redemption Derivative [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 0 | 276,371 | |||||
Additions | 25,295 | ||||||
Settlements | (274,617) | ||||||
Change in Fair Value | [4] | (27,049) | |||||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | ||||||
Balance at End of Period | 0 | ||||||
2018 Warrant [Member] | Convertible Related Party Liabilities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 0 | 0 | |||||
Additions | 1,818,273 | ||||||
Settlements | (1,974,545) | ||||||
Change in Fair Value | [4] | 156,272 | |||||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | ||||||
Balance at End of Period | 0 | ||||||
2019 Warrant [Member] | Convertible Related Party Liabilities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 0 | 1,297,758 | 0 | ||||
Additions | 0 | 1,280,292 | |||||
Settlements | (911,120) | (200,000) | |||||
Change in Fair Value | (386,638) | [2],[3] | 217,466 | [4] | |||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | 0 | |||||
Balance at End of Period | 0 | 1,297,758 | |||||
Soft Bank Senior Unsecured Notes Warrant [Member] | Convertible Related Party Liabilities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 279,269 | 568,877 | 0 | ||||
Additions | 0 | 0 | 568,877 | ||||
Settlements | (474,521) | (934) | 0 | ||||
Change in Fair Value | 233,881 | [1] | (288,674) | [2],[3] | 0 | [4] | |
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | 0 | 0 | ||||
Balance at End of Period | 38,629 | 279,269 | 568,877 | ||||
2020 LC Facility Warrant [Member] | Convertible Related Party Liabilities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 139,639 | 284,440 | 0 | ||||
Additions | 0 | 0 | 284,440 | ||||
Settlements | (237,265) | (466) | 0 | ||||
Change in Fair Value | 116,941 | [1] | (144,335) | [2],[3] | 0 | [4] | |
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | 0 | 0 | ||||
Balance at End of Period | 19,315 | 139,639 | 284,440 | ||||
Other Current Liabilities [Member] | IndiaCo Forward Contract Liability [Member] | Business Combination Contingent Consideration Liability [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 7,907 | ||||||
Additions | 0 | ||||||
Settlements | (8,499) | ||||||
Change in Fair Value | [1] | 592 | |||||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | ||||||
Balance at End of Period | 0 | 7,907 | |||||
Other Current Liabilities [Member] | IndiaCo Forward Contract Liability [Member] | Forward Contract Liability [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | 7,907 | 0 | |||||
Additions | 9,507 | ||||||
Settlements | 0 | ||||||
Change in Fair Value | [2],[3] | (1,600) | |||||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | 0 | ||||||
Balance at End of Period | 7,907 | 0 | |||||
Other Current Liabilities [Member] | Contingent Consideration Payable In Stock [Member] | Business Combination Contingent Consideration Liability [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | $ 0 | 445 | 129,811 | ||||
Additions | 0 | 0 | |||||
Settlements | (319) | (68,090) | |||||
Change in Fair Value | (122) | [2],[3] | (61,650) | [4] | |||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | (4) | 374 | |||||
Balance at End of Period | 0 | 445 | |||||
Other Current Liabilities [Member] | Contingent Consideration Payable In Cash [Member] | Business Combination Contingent Consideration Liability [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at Beginning of Period | $ 0 | 10,520 | |||||
Additions | 0 | ||||||
Settlements | (11,496) | ||||||
Change in Fair Value | [4] | 983 | |||||
Foreign Currency Translation Gains (Losses) Included in Other Comprehensive Income | (7) | ||||||
Balance at End of Period | $ 0 | ||||||
[1] | During the six months ended June 30, 2021, $0.6 million of the change in fair value was included as a loss within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $350.8 million was included as a loss from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. | ||||||
[2] | During the year ended December 31, 2020 $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying consolidated statements of operations. | ||||||
[3] | During the year ended December 31, 2020, $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. | ||||||
[4] | During the year ended December 31, 2019, $60.7 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $27.0 million was included as a reduction of interest expense and $373.7 million loss was included as a reduction in the gain from change in fair value of related party financial instruments on the consolidated statements of operations. |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value, Measurement with unobservable inputs reconciliation, Recurring basis, Liability, Gain loss included in earnings | $ 351,414 | [1] | $ (821,369) | [2],[3] | $ 286,022 | [4] |
Selling, General and Administrative Expenses [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value, Measurement with unobservable inputs reconciliation, Recurring basis, Liability, Gain loss included in earnings | 100 | 60,700 | ||||
Income Loss From Equity Method Investments [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value, Measurement with unobservable inputs reconciliation, Recurring basis, Liability, Gain loss included in earnings | 600 | 1,600 | 27,000 | |||
Gain From Change In Fair Value Of Related Party Financial Instruments [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value, Measurement with unobservable inputs reconciliation, Recurring basis, Liability, Gain loss included in earnings | $ 350,800 | $ 819,600 | $ 373,700 | |||
[1] | During the six months ended June 30, 2021, $0.6 million of the change in fair value was included as a loss within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $350.8 million was included as a loss from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. | |||||
[2] | During the year ended December 31, 2020 $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying consolidated statements of operations. | |||||
[3] | During the year ended December 31, 2020, $0.1 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $1.6 million was included as a gain within income (loss) from equity method and other investments on the accompanying condensed consolidated statements of operations and $819.6 million was included as a gain from change in fair value of related party financial instruments on the accompanying condensed consolidated statements of operations. | |||||
[4] | During the year ended December 31, 2019, $60.7 million of the change in fair value was included as a reduction of selling, general and administrative expenses, $27.0 million was included as a reduction of interest expense and $373.7 million loss was included as a reduction in the gain from change in fair value of related party financial instruments on the consolidated statements of operations. |
Fair Value Measurements - Sum_6
Fair Value Measurements - Summary Of Valuation Techniques and Significant Unobservable Inputs Used In the Recurring Fair Value Measurements Categorized Within Level 3 (Detail) $ in Thousands | Jun. 30, 2021USD ($)PerShare | Dec. 31, 2020USD ($)PerShare | Dec. 31, 2019USD ($)PerShare |
Fair Value, Recurring [Member] | Contingent Consideration Payable In Stock [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Current Liabilities | $ 0 | $ 445 | |
Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | Other investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Investment | $ 39,275 | 49,849 | 5,541 |
Fair Value, Recurring [Member] | IndiaCo Forward Contract Liability [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Forward Contact Liability | 7,907 | $ 1,297,758 | |
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Convertible Debt Securities [Member] | Other investment [Member] | Measurement Input Market Interest Rate [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Investment | PerShare | 6 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input Preferred Share Fair Values [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Convertible related party liabilities | 57,944 | 418,908 | $ 2,151,075 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Payable In Stock [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Current Liabilities | 0 | 445 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Payable In Stock [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Current Liabilities | 445 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | Measurement Input, Share Price [Member] | Discounted cash flow/Market approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Investment | 49,849 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | Other investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Investment | 39,275 | 49,849 | 5,541 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | Other investment [Member] | Measurement Input Market Interest Rate [Member] | Discounted cash flow/Market approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Investment | 49,849 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | Other investment [Member] | Measurement Input Market Interest Rate [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Investment | 5,541 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | Other investment [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Other Investment | $ 39,275 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | IndiaCo Forward Contract Liability [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Forward Contact Liability | 7,907 | $ 1,297,758 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | IndiaCo Forward Contract Liability [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Forward Contact Liability | 7,907 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | IndiaCo Forward Contract Liability [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Forward Contact Liability | $ 7,907 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | Measurement Input Preferred Share Fair Values [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Current Liabilities | PerShare | 9.41 | ||
Weighted Average Convertible related party liabilities | PerShare | 9.48 | 3.09 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | Contingent Consideration Payable In Stock [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Current Liabilities | PerShare | 3.72 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | Convertible Debt Securities [Member] | Measurement Input, Share Price [Member] | Discounted cash flow/Market approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Investment | PerShare | 2.97 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | Convertible Debt Securities [Member] | Other investment [Member] | Measurement Input Market Interest Rate [Member] | Discounted cash flow/Market approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Investment | PerShare | 2.97 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | Convertible Debt Securities [Member] | Other investment [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Investment | PerShare | 2.25 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | IndiaCo Forward Contract Liability [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Forward Contact Liability | PerShare | 2.97 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | IndiaCo Forward Contract Liability [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Forward Contact Liability | PerShare | 2.97 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Minimum [Member] | Measurement Input Preferred Share Fair Values [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Current Liabilities | PerShare | 6.10 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Minimum [Member] | Contingent Consideration Payable In Stock [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Current Liabilities | PerShare | 0.02 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Maximum [Member] | Measurement Input Preferred Share Fair Values [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Current Liabilities | PerShare | 11.58 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Maximum [Member] | Contingent Consideration Payable In Stock [Member] | Measurement Input, Share Price [Member] | Discounted cash flow [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted Average Other Current Liabilities | PerShare | 3.97 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets and Liabilities That are Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | |||
Total assets measured at fair value | $ 454,302 | $ 379,898 | $ 915,634 |
Liabilities: | |||
Total liabilities measured at fair value | 57,944 | 426,815 | 2,151,520 |
Soft Bank Senior Unsecured Notes Warrant [Member] | |||
Liabilities: | |||
Convertible related party liabilities | 38,629 | 279,269 | 568,877 |
2020 LC Facility Warrant [Member] | |||
Liabilities: | |||
Convertible related party liabilities | 19,315 | 139,639 | 284,440 |
Contingent Consideration Payable In Stock [Member] | Other Current Liabilities [Member] | |||
Liabilities: | |||
Other current liabilities — contingent consideration relating to acquisitions payable in stock | 0 | 445 | |
IndiaCo Forward Contract Liability [Member] | Other Current Liabilities [Member] | |||
Liabilities: | |||
Other current liabilities — IndiaCo Forward Contract Liability | 7,907 | 1,297,758 | |
Other investment [Member] | Convertible Debt Securities [Member] | |||
Assets: | |||
Other investments — available-for-sale convertible notes | 39,275 | 49,849 | 5,541 |
Money market funds and time deposits [Member] | |||
Assets: | |||
Cash equivalents — money market funds and time deposits | 415,027 | 330,049 | 910,093 |
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Total assets measured at fair value | 415,027 | 330,049 | 910,093 |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration Payable In Stock [Member] | Other Current Liabilities [Member] | |||
Liabilities: | |||
Other current liabilities — contingent consideration relating to acquisitions payable in stock | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Money market funds and time deposits [Member] | |||
Assets: | |||
Cash equivalents — money market funds and time deposits | 415,027 | 330,049 | 910,093 |
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration Payable In Stock [Member] | Other Current Liabilities [Member] | |||
Liabilities: | |||
Other current liabilities — contingent consideration relating to acquisitions payable in stock | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Total assets measured at fair value | 39,275 | 49,849 | 5,541 |
Liabilities: | |||
Total liabilities measured at fair value | 57,944 | 426,815 | 2,151,520 |
Fair Value, Inputs, Level 3 [Member] | Soft Bank Senior Unsecured Notes Warrant [Member] | |||
Liabilities: | |||
Convertible related party liabilities | 38,629 | 279,269 | 568,877 |
Fair Value, Inputs, Level 3 [Member] | 2020 LC Facility Warrant [Member] | |||
Liabilities: | |||
Convertible related party liabilities | 19,315 | 139,639 | 284,440 |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Payable In Stock [Member] | Other Current Liabilities [Member] | |||
Liabilities: | |||
Other current liabilities — contingent consideration relating to acquisitions payable in stock | 0 | 445 | |
Fair Value, Inputs, Level 3 [Member] | IndiaCo Forward Contract Liability [Member] | Other Current Liabilities [Member] | |||
Liabilities: | |||
Other current liabilities — IndiaCo Forward Contract Liability | 7,907 | 1,297,758 | |
Fair Value, Inputs, Level 3 [Member] | Other investment [Member] | Convertible Debt Securities [Member] | |||
Assets: | |||
Other investments — available-for-sale convertible notes | $ 39,275 | $ 49,849 | $ 5,541 |
Revenue Recognition - Summary O
Revenue Recognition - Summary Of Disaggregation Of Revenue By Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total membership and service revenue | $ 565,164 | $ 825,931 | $ 1,144,428 | $ 1,787,021 | $ 3,133,278 | $ 3,058,694 | $ 1,697,336 | |||
Other revenue | 28,314 | 55,803 | 46,903 | 151,596 | 282,587 | 399,899 | 124,415 | |||
Total revenue | 593,478 | 881,734 | 1,191,331 | 1,938,617 | 3,415,865 | 3,458,593 | 1,821,751 | |||
ASC 606 Membership And Service Revenue [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total membership and service revenue | 341,592 | 638,640 | 701,202 | 1,483,304 | 2,418,259 | [1] | 2,700,540 | [1] | $ 1,697,336 | [1] |
ASC 842 Rental And Service Revenue [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total membership and service revenue | $ 223,572 | $ 187,291 | $ 443,226 | $ 303,717 | $ 715,019 | $ 358,154 | ||||
[1] | Revenue for the year ended December 31, 2018 was recognized in accordance with ASC 605, Revenue Recognition. |
Revenue Recognition - Schedule
Revenue Recognition - Schedule Of Information About Contract Assets And Deferred Revenue From Contracts With Customers (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Contract With Customer Asset And Deferred Revenue [Line Items] | |||
Deferred revenue | $ (56,439) | $ (74,645) | $ (139,820) |
Accounts Receivable And Accrued Revenue [Member] | |||
Contract With Customer Asset And Deferred Revenue [Line Items] | |||
Contract assets | 19,894 | 36,284 | 73,056 |
Other Current Assets [Member] | |||
Contract With Customer Asset And Deferred Revenue [Line Items] | |||
Contract assets | 8,467 | 13,111 | 16,678 |
Other Assets [Member] | |||
Contract With Customer Asset And Deferred Revenue [Line Items] | |||
Contract assets | $ 14,679 | $ 22,300 | $ 14,861 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule Of Future Minimum Lease Cash Flows To Be Received Under ASC 842 (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
2021 | $ 308,654 | $ 626,292 |
2022 | 446,769 | 365,408 |
2023 | 288,467 | 210,101 |
2024 | 146,649 | 128,612 |
2025 | 69,171 | 65,563 |
2026 and beyond | 41,743 | 75,371 |
Total | $ 1,301,453 | $ 1,471,347 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Line Items] | ||||||
Deferred revenue revenue recognized | $ 32.3 | $ 81.3 | $ 89.7 | $ 93.2 | ||
Amortization of capitalized contract costs | $ 14.7 | $ 25.6 | 28.2 | $ 54.7 | 94 | 129.7 |
Revenue remaining performance obligation | $ 2,000 | $ 2,000 | $ 1,000 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2031 | 2031 | 2031 | |||
Committed revenue backlog | $ 3,000 | $ 3,000 | 4,000 | |||
Other Current Assets [Member] | ||||||
Revenue From Contract With Customer [Line Items] | ||||||
Prepaid member referral fees | $ 40.2 | 40.2 | 31.6 | 57.9 | ||
Sales incentive compensation | 40.2 | 40.2 | 31.6 | |||
Other Assets [Member] | ||||||
Revenue From Contract With Customer [Line Items] | ||||||
Prepaid member referral fees | 17.9 | 17.9 | 18 | $ 30.4 | ||
Sales incentive compensation | $ 17.9 | $ 17.9 | $ 18 |
Leasing Arrangements - Schedule
Leasing Arrangements - Schedule Of Components Of Real Estate Operating Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Lessee, Lease, Description [Line Items] | ||||||||
Early termination fees and related (gain)/loss | $ (37,400) | $ 3,200 | ||||||
Real Estate [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Lease cost contractually paid or payable for the period | $ 686,511 | $ 704,951 | $ 1,463,599 | $ 1,370,792 | 2,830,761 | 1,870,744 | $ 924,116 | [1] |
Non-cash GAAP straight-line lease cost | 123,034 | 153,611 | 159,740 | 353,174 | 572,926 | 915,036 | 542,842 | |
Amortization of lease incentives | (80,291) | (91,310) | (164,848) | (170,252) | (345,600) | (236,232) | (93,835) | |
Total real estate operating lease cost | 729,254 | 767,252 | 1,458,491 | 1,553,714 | 3,058,087 | 2,549,548 | 1,373,123 | |
Early termination fees and related (gain)/loss | (96,415) | (39,193) | (179,995) | (31,686) | (37,354) | 3,715 | 0 | |
Location Operating Expenses [Member] | Real Estate [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Lease cost contractually paid or payable for the period | 600,694 | 651,370 | 1,300,034 | 1,266,768 | 2,638,455 | 1,686,431 | 824,650 | [1] |
Non-cash GAAP straight-line lease cost | 97,628 | 99,036 | 131,283 | 228,901 | 380,851 | 411,161 | 268,125 | |
Amortization of lease incentives | (67,375) | (78,658) | (142,401) | (143,483) | (297,828) | (169,676) | (88,867) | |
Total real estate operating lease cost | 630,947 | 671,748 | 1,288,916 | 1,352,186 | 2,721,478 | 1,927,916 | 1,003,908 | |
Early termination fees and related (gain)/loss | 0 | 0 | 0 | 0 | 0 | 553 | 0 | |
Pre Opening Location Expenses [Member] | Real Estate [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Lease cost contractually paid or payable for the period | 24,909 | 36,322 | 55,945 | 69,069 | 128,452 | 119,220 | 80,736 | [1] |
Non-cash GAAP straight-line lease cost | 21,199 | 49,878 | 25,534 | 112,126 | 171,772 | 484,099 | 268,593 | |
Amortization of lease incentives | (5,417) | (11,323) | (10,158) | (23,562) | (40,550) | (60,447) | (3,759) | |
Total real estate operating lease cost | 40,691 | 74,877 | 71,321 | 157,633 | 259,674 | 542,872 | 345,570 | |
Early termination fees and related (gain)/loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Selling, General and Administrative Expenses [Member] | Real Estate [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Lease cost contractually paid or payable for the period | 10,620 | 16,984 | 20,134 | 34,579 | 61,991 | 64,949 | 18,730 | [1] |
Non-cash GAAP straight-line lease cost | 324 | 4,697 | 902 | 12,147 | 19,727 | 19,776 | 6,124 | |
Amortization of lease incentives | (966) | (1,504) | (1,794) | (3,327) | (6,138) | (6,109) | (1,209) | |
Total real estate operating lease cost | 9,978 | 20,177 | 19,242 | 43,399 | 75,580 | 78,616 | 23,645 | |
Early termination fees and related (gain)/loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Restructuring And Other Related Costs [Member] | Real Estate [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Lease cost contractually paid or payable for the period | 50,288 | 275 | 87,486 | 376 | 1,863 | 144 | 0 | [1] |
Non-cash GAAP straight-line lease cost | 3,883 | 0 | 2,021 | 0 | 576 | 0 | 0 | |
Amortization of lease incentives | (6,533) | (175) | (10,495) | (120) | (1,084) | 0 | 0 | |
Total real estate operating lease cost | 47,638 | 450 | 79,012 | 496 | 1,355 | 144 | 0 | |
Early termination fees and related (gain)/loss | $ (96,415) | $ (39,193) | $ (179,995) | $ (31,686) | $ (37,354) | $ 3,162 | $ 0 | |
[1] | Common area maintenance charges and real estate taxes, or “tenancy costs” are a non-lease component as defined in ASC 842. We have elected to not separate non-lease components in the determination of our lease obligation and therefore the costs associated with common area maintenance charges and real estate taxes billed in addition to our base rent, where applicable, have been included as a component of our total operating lease costs in 2019 and 2020. For comparability purposes, we have presented incremental common area maintenance charges and real estate taxes collectively, “tenancy costs”, contractually paid or payable, shown as a component of the total operating lease cost in all periods presented. |
Leasing Arrangements - Schedu_2
Leasing Arrangements - Schedule Of Operating Lease Costs Variable And Fixed (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | $ 604,459 | $ 656,493 | $ 1,206,892 | $ 1,314,407 | $ 2,596,240 | $ 2,198,363 |
Variable lease costs | 127,749 | 112,246 | 253,850 | 242,320 | 467,030 | 359,293 |
Real Estate [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 604,160 | 655,967 | 1,206,200 | 1,313,296 | 2,594,125 | 2,192,157 |
Variable lease costs | 125,094 | 111,285 | 252,291 | 240,418 | 463,962 | 357,391 |
Equipment And Other Lease [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 299 | 526 | 692 | 1,111 | 2,115 | 6,206 |
Variable lease costs | 2,655 | 961 | 1,559 | 1,902 | 3,068 | 1,902 |
Location Operating Expenses [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 516,824 | 566,746 | 1,058,557 | 1,126,496 | 2,285,127 | 1,615,601 |
Variable lease costs | 115,905 | 106,466 | 231,697 | 228,607 | 441,313 | 317,160 |
Location Operating Expenses [Member] | Real Estate [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 516,535 | 566,228 | 1,057,898 | 1,125,402 | 2,283,042 | 1,612,658 |
Variable lease costs | 114,412 | 105,520 | 231,018 | 226,784 | 438,436 | 315,258 |
Location Operating Expenses [Member] | Equipment And Other Lease [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 289 | 518 | 659 | 1,094 | 2,085 | 2,943 |
Variable lease costs | 1,493 | 946 | 679 | 1,823 | 2,877 | 1,902 |
Pre Opening Location Expenses [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 35,417 | 71,312 | 61,320 | 148,150 | 243,298 | 507,591 |
Variable lease costs | 5,312 | 3,565 | 9,976 | 9,483 | 16,416 | 35,281 |
Pre Opening Location Expenses [Member] | Real Estate [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 35,411 | 71,312 | 61,313 | 148,150 | 243,298 | 507,591 |
Variable lease costs | 5,280 | 3,565 | 10,008 | 9,483 | 16,376 | 35,281 |
Pre Opening Location Expenses [Member] | Equipment And Other Lease [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 6 | 0 | 7 | 0 | 0 | 0 |
Variable lease costs | 32 | 0 | 32 | 0 | 40 | 0 |
Selling, General and Administrative Expenses [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 8,948 | 18,073 | 17,167 | 39,351 | 67,202 | 75,027 |
Variable lease costs | 1,058 | 2,127 | 2,155 | 4,144 | 8,559 | 6,852 |
Selling, General and Administrative Expenses [Member] | Real Estate [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 8,944 | 18,065 | 17,159 | 39,334 | 67,172 | 71,764 |
Variable lease costs | 1,034 | 2,112 | 2,083 | 4,065 | 8,408 | 6,852 |
Selling, General and Administrative Expenses [Member] | Equipment And Other Lease [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 4 | 8 | 8 | 17 | 30 | 3,263 |
Variable lease costs | 24 | 15 | 72 | 79 | 151 | 0 |
Restructuring And Other Related Costs [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 43,270 | 362 | 69,848 | 410 | 613 | 144 |
Variable lease costs | 5,474 | 88 | 10,022 | 86 | 742 | 0 |
Restructuring And Other Related Costs [Member] | Real Estate [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 43,270 | 362 | 69,830 | 410 | 613 | 144 |
Variable lease costs | 4,368 | 88 | 9,182 | 86 | 742 | 0 |
Restructuring And Other Related Costs [Member] | Equipment And Other Lease [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Fixed lease costs | 0 | 0 | 18 | 0 | 0 | 0 |
Variable lease costs | $ 1,106 | $ 0 | $ 840 | $ 0 | $ 0 | $ 0 |
Leasing Arrangements - Schedu_3
Leasing Arrangements - Schedule Of Finance Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||||||
Depreciation and Amortization | $ 1,232 | $ 1,332 | $ 2,515 | $ 2,660 | $ 5,271 | $ 4,499 | $ 2,162 |
Interest Expense | 1,068 | 1,178 | 2,170 | 2,368 | 4,675 | 4,621 | 3,780 |
Total | $ 2,300 | $ 2,510 | $ 4,685 | $ 5,028 | $ 9,946 | $ 9,120 | $ 5,942 |
Leasing Arrangements - Schedu_4
Leasing Arrangements - Schedule Of Lease Related Assets And Liabilities Recorded On Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | ||||
Operating lease right-of-use assets | $ 13,923,373 | $ 15,107,880 | $ 17,496,004 | |
Finance lease right-of-use assets | [1] | 47,821 | 48,116 | 35,580 |
Total leased assets | 13,971,194 | 15,155,996 | 17,531,584 | |
Current liabilities: | ||||
Operating lease liabilities | 868,348 | 842,680 | 680,911 | |
Finance lease liabilities | 5,183 | 4,851 | 4,718 | |
Total current liabilities | 873,531 | 847,531 | 685,629 | |
Non-current liabilities | ||||
Operating lease obligations | 18,936,572 | 20,220,274 | 21,202,804 | |
Finance lease obligations | 40,972 | 43,332 | 48,359 | |
Total non-current liabilities | 18,977,544 | 20,263,606 | 21,251,163 | |
Total lease obligations | $ 19,851,075 | $ 21,111,137 | $ 21,936,792 | |
[1] | Finance lease right-of-use assets are recorded net of accumulated amortization of $19.9 million and $17.6 million as of June 30, 2021 and December 31, 2020, respectively. |
Leasing Arrangements - Schedu_5
Leasing Arrangements - Schedule Of Lease Related Assets And Liabilities Recorded On Balance Sheet (Detail) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets and Liabilities, Lessee [Abstract] | |||
Finance lease right of use assets, accumulated amortization | $ 19.9 | $ 17.6 | $ 13 |
Leasing Arrangements - Schedu_6
Leasing Arrangements - Schedule Of Weighted Average Remaining Lease Term Discount Rates For Operating And Finance Leases (Detail) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Disclosure [Abstract] | |||
Operating, Weighted average remaining lease term (in years) | 13 years | 13 years | 14 years |
Finance, Weighted average remaining lease term (in years) | 9 years | 10 years | 10 years |
Operating, Weighted average discount rate percentage | 8.80% | 8.70% | 8.10% |
Finance, Weighted average discount rate percentage | 7.50% | 7.50% | 7.40% |
Leasing Arrangements - Schedu_7
Leasing Arrangements - Schedule Of Annual Lease Obligations Related To Finance And Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
2021 | $ 1,249,447 | $ 2,573,081 | $ 2,425,948 | |
2022 | 2,526,449 | 2,711,923 | 2,833,841 | |
2023 | 2,606,346 | 2,766,112 | 2,920,835 | |
2024 | 2,660,921 | 2,812,174 | 2,969,488 | |
2025 | 2,686,420 | 2,841,760 | 3,003,904 | |
2026 and beyond | 22,479,386 | 23,394,907 | 26,052,189 | |
Total undiscounted fixed minimum lease cost payments | 34,208,969 | 37,099,957 | 40,206,205 | |
Less amount representing lease incentive receivables | [1] | (476,877) | (698,791) | (1,794,191) |
Less amount representing interest | (13,881,017) | (15,290,028) | (16,474,325) | |
Present value of future lease payments | 19,851,075 | 21,111,138 | 21,937,689 | |
Less obligations classified as held for sale | (897) | |||
Less current portion of lease obligation | (873,531) | (847,531) | (685,629) | |
Total long-term lease obligation | 18,977,544 | 20,263,607 | 21,251,163 | |
Finance Lease [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
2021 | 4,598 | 9,447 | 9,429 | |
2022 | 9,191 | 9,482 | 9,511 | |
2023 | 8,849 | 9,092 | 9,465 | |
2024 | 7,335 | 7,464 | 8,931 | |
2025 | 6,334 | 6,338 | 7,258 | |
2026 and beyond | 32,470 | 32,470 | 38,755 | |
Total undiscounted fixed minimum lease cost payments | 68,777 | 74,293 | 83,349 | |
Less amount representing lease incentive receivables | [1] | 0 | 0 | 0 |
Less amount representing interest | (22,622) | (26,109) | (30,272) | |
Present value of future lease payments | 46,155 | 48,184 | 53,077 | |
Less obligations classified as held for sale | 0 | |||
Less current portion of lease obligation | (5,183) | (4,851) | (4,718) | |
Total long-term lease obligation | 40,972 | 43,333 | 48,359 | |
Operating Lease [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
2021 | 1,244,849 | 2,563,634 | 2,416,519 | |
2022 | 2,517,258 | 2,702,441 | 2,824,330 | |
2023 | 2,597,497 | 2,757,020 | 2,911,370 | |
2024 | 2,653,586 | 2,804,710 | 2,960,557 | |
2025 | 2,680,086 | 2,835,422 | 2,996,646 | |
2026 and beyond | 22,446,916 | 23,362,437 | 26,013,434 | |
Total undiscounted fixed minimum lease cost payments | 34,140,192 | 37,025,664 | 40,122,856 | |
Less amount representing lease incentive receivables | [1] | (476,877) | (698,791) | (1,794,191) |
Less amount representing interest | (13,858,395) | (15,263,919) | (16,444,053) | |
Present value of future lease payments | 19,804,920 | 21,062,954 | 21,884,612 | |
Less obligations classified as held for sale | (897) | |||
Less current portion of lease obligation | (868,348) | (842,680) | (680,911) | |
Total long-term lease obligation | $ 18,936,572 | $ 20,220,274 | $ 21,202,804 | |
[1] | Lease incentives receivable primarily represent amounts expected to be received by the Company relating to payments for leasehold improvements that are reimbursable pursuant to lease provisions with relevant landlords and receivables for broker commissions earned for negotiating certain of the Company’s leases. |
Leasing Arrangements - Addition
Leasing Arrangements - Additional Information (Detail) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($)LeasesLocations | Sep. 30, 2020Locations | Dec. 31, 2020USD ($)LocationsLeases | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Number of pre open locations | 3 | 82 | 82 | ||
Previously open consolidated locations | 59 | 24 | |||
Number of leases partial termination | Leases | 150 | 200 | |||
Decrease in undiscounted fized minimum lease cost payments due | $ | $ 2,700 | ||||
Operating lease, contingent rent expense | $ | $ 22.7 | ||||
Executed non cancelable leases | $ | $ 2,400 | $ 3,500 | $ 9,200 | ||
China Co [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of pre open locations | 7 | ||||
Previously open consolidated locations | 9 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Pretax Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Pre Tax Loss [Line Items] | |||
Total pre-tax loss | $ (3,814,351) | $ (3,729,250) | $ (1,928,269) |
U.S. [Member] | |||
Schedule Of Pre Tax Loss [Line Items] | |||
Total pre-tax loss | (1,540,919) | (2,497,989) | (1,162,229) |
Non-U.S. [Member] | |||
Schedule Of Pre Tax Loss [Line Items] | |||
Total pre-tax loss | $ (2,273,432) | $ (1,231,261) | $ (766,040) |
Income Taxes - Summary of Tax P
Income Taxes - Summary of Tax Provision (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax provision (benefit): | |||||||||
Federal | $ 0 | $ 0 | $ 0 | ||||||
State and local | 0 | 0 | 0 | ||||||
Non-U.S. | 20,456,000 | 49,371,000 | 9,263,000 | ||||||
Total current tax provision | 20,456,000 | 49,371,000 | 9,263,000 | ||||||
Deferred tax provision (benefit): | |||||||||
Federal | (118,000) | (148,000) | (1,741,000) | ||||||
State and local | (324,000) | (510,000) | (6,777,000) | ||||||
Non-U.S. | (508,000) | (3,076,000) | (1,595,000) | ||||||
Total deferred tax provision (benefit) | (950,000) | (3,734,000) | (10,113,000) | ||||||
Valuation allowance | $ 4,057,892,000 | 4,057,892,000 | 3,011,064,000 | ||||||
Income tax provision (benefit) | $ 4,015,000 | $ 7,100,000 | $ 7,095,000 | $ 7,282,000 | $ 16,115,000 | 19,506,000 | $ 45,637,000 | $ (850,000) | |
BOWX ACQUISITION CORP [Member] | |||||||||
Current tax provision (benefit): | |||||||||
Federal | 22,010 | ||||||||
State and local | |||||||||
Deferred tax provision (benefit): | |||||||||
Federal | (48,114) | ||||||||
State and local | |||||||||
Valuation allowance | 48,114 | $ 48,114 | |||||||
Income tax provision (benefit) | $ (22,010) |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Total deferred tax assets | $ 6,714,589,000 | $ 5,796,823,000 |
Valuation allowance | (4,057,892,000) | (3,011,064,000) |
Deferred tax asset, net of allowance | 2,656,697,000 | $ 2,785,759,000 |
BOWX ACQUISITION CORP [Member] | ||
Deferred tax assets: | ||
Start-up/Organization costs | 48,114 | |
Total deferred tax assets | 48,114 | |
Valuation allowance | (48,114) | |
Deferred tax asset, net of allowance | $ 0 |
Income Taxes - Summary of a Rec
Income Taxes - Summary of a Reconciliation of the Statutory Federal Income Tax Rate Benefit to the Companys Effective Tax Rate Benefit (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Tax Rate | 0.44% | 0.64% | 0.24% | 0.98% | |||||
Income tax provision (benefit) at the U.S. Federal tax rate | $ (801,014,000) | $ (783,143,000) | $ (404,937,000) | ||||||
State income taxes, inclusive of valuation allowance | (256,000) | (403,000) | (5,354,000) | ||||||
Withholding tax | 8,350,000 | 13,712,000 | 0 | ||||||
Foreign rate differential | (39,240,000) | (23,087,000) | (14,355,000) | ||||||
Stock-based compensation | 30,567,000 | 13,772,000 | 4,251,000 | ||||||
Non-deductible expenses | 15,056,000 | 13,333,000 | 16,196,000 | ||||||
Non-deductible financial instrument expense | (136,753,000) | (15,402,000) | 27,768,000 | ||||||
Goodwill Impairment | 1,492,000 | 39,482,000 | 0 | ||||||
Rate Change | (143,058,000) | 10,259,000 | 5,238,000 | ||||||
ChinaCo Deconsolidation | 286,637,000 | 0 | 0 | ||||||
Other, net | 54,609,000 | (3,298,000) | (1,775,000) | ||||||
Valuation allowance | 743,116,000 | 780,412,000 | 372,118,000 | ||||||
Income tax provision (benefit) | $ 4,015,000 | $ 7,100,000 | $ 7,095,000 | $ 7,282,000 | $ 16,115,000 | $ 19,506,000 | $ 45,637,000 | $ (850,000) | |
BOWX ACQUISITION CORP [Member] | |||||||||
Statutory federal income tax rate | 21.00% | ||||||||
State taxes, net of federal tax benefit | 0.00% | ||||||||
Effective Income Tax Rate Reconciliation | (20.50%) | ||||||||
Change in valuation allowance | (1.00%) | ||||||||
Effective Tax Rate | (0.50%) | ||||||||
Income tax provision (benefit) | $ (22,010) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 15, 2019 | |
Income tax provision (benefit) | $ (4,015,000) | $ (7,100,000) | $ (7,095,000) | $ (7,282,000) | $ (16,115,000) | $ (19,506,000) | $ (45,637,000) | $ 850,000 | ||
Effective tax rate | 0.44% | 0.64% | 0.24% | 0.98% | ||||||
Valuation allowance | $ 4,057,892,000 | 4,057,892,000 | 3,011,064,000 | |||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | |||
Unrecognized tax benefits on payments of interest and penalities accrued | 0 | 0 | $ 0 | |||||||
Valuation allowance, deferred tax asset, change in amount | 1,000,000,000 | |||||||||
Capital loss carryforwards | 193,700,000 | $ 193,700,000 | ||||||||
Capital loss carryforwards expiration year | 2026 years | |||||||||
Refundable tax credit | 5,000,000 | $ 5,000,000 | ||||||||
Refundable Employee Retention Tax Credit Offset To Payroll Tax Liability | 8,300,000 | 8,300,000 | ||||||||
Deferred social security tax payments | 20,600,000 | 20,600,000 | ||||||||
Domestic Tax Authority [Member] | ||||||||||
Deferred tax assets operating loss carryforwards | 4,900,000,000 | 4,900,000,000 | ||||||||
Deferred tax assets operating loss carryforwards not subject to expiration | 4,100,000,000 | 4,100,000,000 | ||||||||
Deferred tax assets operating loss carryforwards subject to expiration | 800,000,000 | $ 800,000,000 | ||||||||
Operating loss carryforwards expiration year | 2033 years | |||||||||
Foreign Tax Authority [Member] | ||||||||||
Deferred tax assets operating loss carryforwards not subject to expiration | 2,400,000,000 | $ 2,400,000,000 | ||||||||
Deferred tax assets operating loss carryforwards, foreign | 2,900,000,000 | $ 2,900,000,000 | ||||||||
State and Local Jurisdiction [Member] | ||||||||||
Operating loss carryforwards expiration year | 2028 years | |||||||||
Deferred tax assets operating loss carryforwards, domestic | 4,300,000,000 | $ 4,300,000,000 | ||||||||
WeWork Inc [Member] | ||||||||||
Ownership interest by parent company | 100.00% | |||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||
Income tax provision (benefit) | $ 22,010 | |||||||||
Effective tax rate | (0.50%) | |||||||||
Valuation allowance | $ 48,114 | 48,114 | ||||||||
Unrecognized tax benefits | 0 | 0 | ||||||||
Unrecognized tax benefits on payments of interest and penalities accrued | $ 0 | $ 0 |
Income Taxes - Schedule Of Co_2
Income Taxes - Schedule Of Components Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Investment in partnership | $ 488,786 | $ 477,612 |
Deferred rent | 136,502 | 125,635 |
Property and Equipment | 71,353 | 40,645 |
Accrued expenses | 11,527 | 20,231 |
Stock-based compensation | 8,107 | 4,487 |
Deferred financing obligation | 2,546 | 989 |
Unrealized (gain) loss on foreign exchange | 3,634 | 5,222 |
Net operating loss | 2,033,703 | 1,205,139 |
Capital Loss | 40,677 | 0 |
Finite-lived intangibles | 1,259,586 | 1,144,862 |
Interest | 6,989 | 1,863 |
Lease Liability | 2,636,664 | 2,762,142 |
Other | 14,515 | 7,996 |
Total deferred tax assets | 6,714,589 | 5,796,823 |
Valuation allowance | (4,057,892) | (3,011,064) |
Deferred tax asset, net of allowance | 2,656,697 | 2,785,759 |
Deferred tax liabilities: | ||
Deferred Rent | (755) | 0 |
Accrued Expenses | (2,206) | (343) |
Unrealized (Gain)/Loss | (7,655) | (181) |
Property and equipment | (10,969) | (14,584) |
Finite-lived intangibles | (264) | (5,284) |
Right of Use Asset | (2,630,343) | (2,763,802) |
Other | (3,128) | (404) |
Indefinite-lived intangibles | 0 | (11) |
Total deferred tax liabilities | (2,655,320) | (2,784,609) |
Net deferred tax assets | $ 1,377 | $ 1,150 |
Income Taxes - Schedule Of Co_3
Income Taxes - Schedule Of Components Of Deferred Tax Assets And Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Income Taxes [Line Items] | ||
Net deferred tax assets | $ 1,377 | $ 1,150 |
Other Assets [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Net deferred tax assets | $ 1,400 | $ 1,200 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Summary of series of convertible preferred stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Temporary Equity [Line Items] | ||||||
Shares Authorized | 959,370,218 | 947,127,740 | 947,127,740 | |||
Shares Issued and Outstanding | 499,018,795 | 368,912,507 | 222,329,647 | |||
Carrying Amount | $ 8,379,182 | $ 7,666,098 | $ 6,473,604 | |||
Series A | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 0.46 | |||||
Liquidation Preference | $ 17,500 | |||||
Shares Authorized | 38,393,000 | |||||
Shares Issued and Outstanding | 38,393,000 | 38,393,000 | 38,393,000 | |||
Carrying Amount | $ 17,350 | $ 17,350 | $ 17,350 | |||
Series B | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 1.85 | |||||
Liquidation Preference | $ 41,039 | |||||
Shares Authorized | 22,165,000 | |||||
Shares Issued and Outstanding | 22,165,000 | 22,165,000 | 22,165,000 | |||
Carrying Amount | $ 40,995 | $ 40,995 | $ 40,995 | |||
Series C | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 5.36 | |||||
Liquidation Preference | $ 152,227 | |||||
Shares Authorized | 29,189,000 | |||||
Shares Issued and Outstanding | 28,404,000 | 28,404,000 | 28,404,000 | |||
Carrying Amount | $ 154,699 | $ 154,699 | $ 154,699 | |||
Series D-1 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 16.65 | |||||
Liquidation Preference | $ 198,800 | |||||
Shares Authorized | 11,939,000 | |||||
Shares Issued and Outstanding | 11,939,000 | 11,939,000 | 11,939,000 | |||
Carrying Amount | $ 198,541 | $ 198,541 | $ 198,541 | |||
Series D-2 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 16.65 | |||||
Liquidation Preference | $ 156,200 | |||||
Shares Authorized | 9,381,000 | |||||
Shares Issued and Outstanding | 9,380,000 | 9,380,000 | 9,380,000 | |||
Carrying Amount | $ 155,996 | $ 155,996 | $ 155,996 | |||
Series E | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 32.89 | |||||
Liquidation Preference | $ 433,934 | |||||
Shares Authorized | 13,194,000 | |||||
Shares Issued and Outstanding | 13,194,000 | 13,194,000 | 13,194,000 | |||
Carrying Amount | $ 433,507 | $ 433,507 | $ 433,507 | |||
Series F | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 50.19 | |||||
Liquidation Preference | $ 690,612 | |||||
Shares Authorized | 14,942,000 | |||||
Shares Issued and Outstanding | 13,759,000 | 13,759,000 | 13,759,000 | |||
Carrying Amount | $ 675,913 | $ 675,913 | $ 675,913 | |||
Series G | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 57.90 | |||||
Liquidation Preference | $ 2,017,338 | |||||
Shares Authorized | 34,742,000 | |||||
Shares Issued and Outstanding | 33,114,000 | 33,114,000 | 33,114,000 | |||
Carrying Amount | $ 1,729,997 | $ 1,729,997 | $ 1,729,997 | |||
Series G-1 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 110 | |||||
Liquidation Preference | $ 3,500,000 | |||||
Shares Authorized | 45,455,000 | |||||
Shares Issued and Outstanding | 31,818,000 | 31,818,000 | 0 | |||
Carrying Amount | $ 2,681,069 | $ 2,681,069 | $ 0 | |||
Series H-1 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 11.60 | |||||
Liquidation Preference | $ 1,900,000 | |||||
Shares Authorized | 227,025,000 | 227,025,024 | ||||
Shares Issued and Outstanding | 163,793,000 | 17,241,000 | 0 | |||
Carrying Amount | $ 1,352,819 | $ 161,353 | $ 0 | |||
Series H-2 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 11.60 | |||||
Liquidation Preference | $ 0 | |||||
Shares Authorized | 227,025,000 | 227,025,024 | ||||
Shares Issued and Outstanding | 0 | |||||
Carrying Amount | $ 0 | |||||
Series H-3 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 0.01 | |||||
Liquidation Preference | $ 0 | |||||
Shares Authorized | 129,888,000 | 129,887,919 | ||||
Shares Issued and Outstanding | 0 | |||||
Carrying Amount | $ 0 | |||||
Series H-4 | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 0.01 | |||||
Liquidation Preference | $ 0 | |||||
Shares Authorized | 129,888,000 | 129,887,919 | ||||
Shares Issued and Outstanding | 0 | |||||
Carrying Amount | $ 0 | |||||
Acquisition | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 91.37 | |||||
Liquidation Preference | $ 269,678 | |||||
Shares Authorized | 13,900,000 | 13,900,000 | ||||
Shares Issued and Outstanding | 2,951,000 | 2,920,000 | 1,408,000 | |||
Carrying Amount | $ 223,912 | $ 222,884 | $ 90,398 | |||
Junior | ||||||
Temporary Equity [Line Items] | ||||||
Conversion Price per Share | $ 866.67 | |||||
Liquidation Preference | $ 1,300 | |||||
Shares Authorized | 2,000 | |||||
Shares Issued and Outstanding | 2,000 | 2,000 | 2,000 | |||
Carrying Amount | $ 1,300 | $ 1,300 | $ 1,300 | |||
Total | ||||||
Temporary Equity [Line Items] | ||||||
Liquidation Preference | $ 9,378,628 | |||||
Shares Authorized | 947,128,000 | |||||
Shares Issued and Outstanding | 368,912,000 | 222,329,000 | 171,758,000 | |||
Carrying Amount | $ 7,666,098 | $ 6,473,604 | $ 3,498,696 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Millions | Feb. 26, 2021 | Apr. 30, 2020USD ($)$ / sharesshares | Nov. 30, 2019USD ($)shares | Oct. 31, 2019$ / sharesshares | Jul. 31, 2019USD ($)shares | Dec. 31, 2020USD ($)Director$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2021shares | Mar. 31, 2018shares |
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 947,127,740 | 947,127,740 | 959,370,218 | |||||||
Debt instrument, Converted to shares | $ | $ 3.3 | |||||||||
Number of board of directors | Director | 10 | |||||||||
Common stock, voting rights | Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. | |||||||||
Maximum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of board of directors | Director | 11 | |||||||||
Common stock, voting rights | 49.90 | |||||||||
SBG SoftBank Vision Fund and their Affiliates [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of board of directors | Director | 5 | |||||||||
Conversion of Convertible Preferred Stock to Common Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Gross proceeds from issuance of stock trigger for conversion of convertible preferred stock to common stock | $ | $ 250 | |||||||||
Automatic Conversion of Series H One and H Three Preferred Stock [Member] | SBG SVFE and their Affiliates [Member] | Maximum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Ownership interest | 49.90% | |||||||||
Automatic Conversion of Series H Two and H Four Preferred Stock [Member] | SBG SVFE and their Affiliates [Member] | Maximum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Ownership interest | 49.90% | |||||||||
Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity , par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Convertible preferred stock, shares authorized | 947,128,000 | |||||||||
Acquisition Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 13,900,000 | 13,900,000 | ||||||||
Temporary equity stock issued during period shares new issues | 31,135 | 1,609,744 | 1,407,796 | |||||||
AP One Acquisition Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 1,600,000 | |||||||||
AP Two Acquisition Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 40,000 | |||||||||
AP Three Acquisition Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 1,100,000 | |||||||||
AP Four Acquisition Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 1,500,000 | |||||||||
Series H One Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 227,025,024 | 227,025,000 | ||||||||
Shares issued, price per share | $ / shares | $ 11.60 | |||||||||
Series H One Convertible Preferred Stock [Member] | Exercise of Two Thousand and Nineteen Warrants Event [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity stock issued during period shares new issues | 112,068,966 | 17,241,379 | ||||||||
Temporary equity stock issued during period value new issues | $ | $ 911.1 | $ 200 | ||||||||
Payments of stock issuance costs | $ | $ 38.6 | |||||||||
Series H One Convertible Preferred Stock [Member] | Pacific Co [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity stock issued during period shares new issues | 34,482,759 | |||||||||
Series H One Convertible Preferred Stock [Member] | Affiliates of SBG [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity share fair value | $ / shares | $ 8.13 | |||||||||
Series H Two Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 227,025,024 | 227,025,000 | ||||||||
Shares issued, price per share | $ / shares | $ 11.60 | |||||||||
Series H Three Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 129,887,919 | 129,888,000 | ||||||||
Shares issued, price per share | $ / shares | $ 0.01 | |||||||||
Series H Four Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 129,887,919 | 129,888,000 | ||||||||
Shares issued, price per share | $ / shares | $ 0.01 | |||||||||
Series G One Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 45,455,000 | |||||||||
Series G One Convertible Preferred Stock [Member] | Release of Acquisitions Equity Holdback [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity stock issued during period shares new issues | 49,152 | |||||||||
Series G One Convertible Preferred Stock [Member] | Conversion of Convertible Note to Series G One Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Conversion of debt to common stock | $ | $ 1,000 | |||||||||
Debt conversion converted instrument shares issued | 9,090,909 | |||||||||
Series G One Convertible Preferred Stock [Member] | Exercise of Amended Two Thousand and Eighteen Warrants [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity stock issued during period shares new issues | 22,727,273 | |||||||||
Senior Convertible Preferred Stock Except Series H Two and Series H Four Convertible Preferred Stock [Member] | Conversion to Class A Common Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred stock convertible conversion basis | one-to-one | |||||||||
Junior Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 2,000 | |||||||||
Junior Convertible Preferred Stock [Member] | Conversion to Class B Common Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred stock convertible conversion basis | one-to-one | |||||||||
Series A Preferred Stock and Series G Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of board members entitled to elect by each class of temporary stock | Director | 1 | |||||||||
Class B and Class C Common Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Common stock, voting rights | two | |||||||||
Series G Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock, shares authorized | 34,742,000 | |||||||||
Series G Convertible Preferred Stock [Member] | Conversion of Convertible Note to Series C Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Debt instrument, Converted to shares | $ | $ 4.2 | $ 4.2 | $ 4.2 | |||||||
Debt instrument convertible debt number of shares issuable | 785,302 | 785,302 | 785,302 | |||||||
Acquisition Preferred Stock and Senior Preferred Stock Except Series H Two and Series H Four [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Convertible preferred stock votes per share | one vote for each share |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of WeWork Partnerships Profits Interest Units activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||||
Ending | 0 | |||
Vested and expected to vest | 24,132,575 | |||
We Work Partnerships Profits Interest Units [Member] | ||||
Schedule of Investments [Line Items] | ||||
Beginning | 25,168,938 | 27,752,323 | ||
Granted | 0 | 0 | ||
Exchanged/redeemed | 0 | 0 | ||
Forfeited/canceled | (1,036,363) | (2,583,385) | ||
Ending | 24,132,575 | 25,168,938 | 27,752,323 | |
Exercisable | 24,132,575 | 8,574,428 | ||
Vested and expected to vest | 24,132,575 | 9,558,975 | ||
Vested and exercisable | 24,132,575 | 8,574,428 | ||
Weighted-average distribution, Beginning | $ 21.64 | $ 24.22 | ||
Weighted-average distribution, Granted | 0 | 0 | ||
Weighted-average distribution, Exchanged/redeemed | 0 | 0 | ||
Weighted-average distribution, Forfeited/canceled | 49.28 | 49.28 | ||
Weighted-average distribution, Ending | 10.08 | 21.64 | $ 24.22 | |
Weighted-average distribution, Exercisable | 10.08 | 19.55 | ||
Weighted-average distribution, Vested and expected to vest | 10.08 | 22.61 | ||
Weighted-average distribution, Vested and exercisable | 10.08 | 19.55 | ||
Weighted-average preference, Beginning | 10 | 0.47 | 0.47 | $ 1.44 |
Weighted-average preference, Forfeited/canceled | 10.92 | 10.92 | ||
Weighted-average preference, Ending | 10 | 0.47 | $ 0.47 | $ 1.44 |
Weighted-average preference, Exercisable | 10 | 0.13 | ||
Weighted-average preference, Vested and expected to vest | 10 | 1.24 | ||
Weighted-average preference, Vested and exercisable | $ 10 | $ 0.13 | ||
Aggregate intrinsic value, Beginning | $ 0 | $ 0 | ||
Aggregate intrinsic value, Exchanged/redeemed | 0 | |||
Aggregate intrinsic value, Forfeited/canceled | 0 | |||
Aggregate intrinsic value, Ending | $ 0 | $ 0 | $ 0 | |
Aggregate intrinsic value, Exercisable | 0 | 0 | ||
Aggregate intrinsic value, Vested and expected to vest | $ 0 | $ 0 | ||
Aggregate intrinsic value, Vested and exercisable | $ 0 | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of WeWork Partnerships Profits Interest Units activity (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Wework Partnership Profit Interest Units [Member] | ||||
Share based compensation by share based award equity instruments other than options granted during the period weighted average grant date fair value per share | $ 0 | $ 0 | $ 0 | $ 14.92 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Assumptions used to value WeWork Partnerships Profits Interest Units (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of Class B common stock | $ 19.19 | |
Wework Partnership Profit Interest Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate minimum | 1.53% | |
Risk-free interest rate maximum | 1.94% | |
Wework Partnership Profit Interest Units [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of Class B common stock | $ 56.85 | |
Wework Partnership Profit Interest Units [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of Class B common stock | $ 4.12 | |
Wework Partnership Profit Interest Units [Member] | Weighted Average [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average expected term (years) | 5 years 9 months 29 days | |
Weighted average expected volatility | 40.00% |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Assumptions used to value WeWork Partnerships Profits Interest Units (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation | $ 4,294 | $ 22,136 | $ 159,874 | $ 44,961 | $ 62,776 | $ 358,969 | $ 69,400 |
Wework Partnership Profit Interest Units [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation | 900 | $ 15,100 | |||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ 37,500 | ||||||
Share based compensation non vested awards unrecognized costs remaning period for recognition | 3 years 9 months 18 days | ||||||
Wework Partnership Profit Interest Units [Member] | Employees [Member] | Performance Based Condition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ 22,200 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of the Stock Option Activity (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares, vested and expected | 24,132,575 | ||||
Aggregate intrinsic value, beginning | $ 700,000 | $ 156,600,000 | $ 14,900,000 | ||
Aggregate intrinsic value, ending | $ 40,000 | $ 700,000 | $ 156,600,000 | $ 14,900,000 | |
Stock Options | Service Based Vesting Conditions [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares, beginning | 34,077,898 | 24,505,020 | |||
Number of shares, granted | 0 | 28,690,953 | |||
Number of shares, granted under option repricing | [1] | 18,699,611 | |||
Number of shares, exercised | (5,395,515) | (133,565) | |||
Number of shares, forfeited/canceled | (2,411,986) | (18,780,864) | |||
Number of shares, canceled under option repricing | [1] | (18,903,257) | |||
Number of shares, ending | 26,270,397 | 34,077,898 | 24,505,020 | ||
Number of shares, exercisable | 18,044,420 | 18,071,812 | |||
Number of shares, vested and expected | 26,010,655 | 20,711,145 | |||
Number of shares, vested and exercisable | 18,044,420 | 18,071,812 | |||
Weighted average exercise price, beginning | $ 4.74 | $ 8.42 | |||
Weighted average exercise price, granted | 0 | 3.89 | |||
Weighted average exercise price, granted under option repricing | [1] | 2.10 | |||
Weighted average exercise price, exercised | 2.17 | 2.06 | |||
Weighted average exercise price, forfeited/canceled | 6.93 | 6.16 | |||
Weighted average exercise price, canceled under option repricing | [1] | 4 | |||
Weighted average exercise price, ending | 5.05 | 4.74 | $ 8.42 | ||
Weighted average exercise price, exercisable | 6.21 | 6.09 | |||
Weighted average exercise price, vested and expected | 5.05 | 7.29 | |||
Weighted average exercise price, vested and exercisable | $ 6.21 | $ 6.09 | |||
Weighted average remaining contractual, beginning | 5 years 10 months 24 days | 6 years 4 months 24 days | 5 years 10 months 24 days | ||
Weighted average remaining contractual, ending | 5 years 10 months 24 days | 6 years 4 months 24 days | 5 years 10 months 24 days | ||
Weighted average remaining contractual, exercisable | 4 days 16 hours | 4 years 1 month 6 days | |||
Weighted average remaining contractual, vested and expected | 5 years 10 months 24 days | 4 years 7 months 6 days | |||
Weighted average remaining contractual, vested and exercisable | 4 years 8 months 12 days | 4 years 1 month 6 days | |||
Aggregate intrinsic value, beginning | $ 12,534,000 | $ 32,648,000 | |||
Aggregate intrinsic value, ending | 162,428,000 | 12,534,000 | $ 32,648,000 | ||
Aggregate intrinsic value, exercisable | 103,098,000 | 12,884,000 | |||
Aggregate intrinsic value, vested and expected | 162,428,000 | 12,568,000 | |||
Aggregate intrinsic value, vested and exercisable | $ 103,098,000 | $ 12,522,000 | |||
Stock Options | Service Performance And Market Based Conditions [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares, beginning | 15,562,500 | 0 | |||
Number of shares, granted | 0 | 27,262,500 | |||
Number of shares, granted under option repricing | [2] | 18,225,000 | |||
Number of shares, exercised | 0 | ||||
Number of shares, forfeited/canceled | (1,950,000) | (11,700,000) | |||
Number of shares, canceled under option repricing | [2] | (18,225,000) | |||
Number of shares, ending | 13,612,500 | 15,562,500 | 0 | ||
Number of shares, exercisable | 0 | 0 | |||
Number of shares, vested and expected | 4,537,500 | 5,187,500 | |||
Number of shares, vested and exercisable | 0 | ||||
Weighted average exercise price, beginning | $ 2.09 | ||||
Weighted average exercise price, granted | 0 | $ 3.55 | |||
Weighted average exercise price, granted under option repricing | [2] | 2.10 | |||
Weighted average exercise price, exercised | 0 | ||||
Weighted average exercise price, forfeited/canceled | 2.09 | 2.53 | |||
Weighted average exercise price, canceled under option repricing | [2] | 4 | |||
Weighted average exercise price, ending | 2.09 | 2.09 | |||
Weighted average exercise price, exercisable | 0 | ||||
Weighted average exercise price, vested and expected | 2.09 | $ 2.09 | |||
Weighted average exercise price, vested and exercisable | $ 0 | ||||
Weighted average remaining contractual, beginning | 8 years 10 months 24 days | 9 years 4 months 24 days | |||
Weighted average remaining contractual, ending | 8 years 10 months 24 days | 9 years 4 months 24 days | |||
Weighted average remaining contractual, vested and expected | 8 years 10 months 24 days | 9 days 9 hours | |||
Weighted average remaining contractual, vested and exercisable | |||||
Aggregate intrinsic value, beginning | $ 0 | ||||
Aggregate intrinsic value, ending | 100,000 | $ 0 | |||
Aggregate intrinsic value, exercisable | 0 | ||||
Aggregate intrinsic value, vested and expected | 33,000 | ||||
Aggregate intrinsic value, vested and exercisable | $ 0 | ||||
[1] | In June 2020, the Board of Directors of the Company approved a one-time repricing (the “Option Repricing”) of stock options granted during March and May 2020 from an exercise price of $4.00 per share to an exercise price of $2.10 per share. See “Option Repricing” below. | ||||
[2] | In June 2020, the Board of Directors of the Company approved a one-time repricing of stock options granted during March and May 2020 from an exercise price of $4.00 per share to an exercise price of $2.10 per share. See “2020 Option Repricing” below. |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of the Stock Option Activity (Parenthetical) (Detail) - $ / shares | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award contractual term | 7 years | |||
Employee Stock Options | Service Based Vesting Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award options granted under repricing weighted average exercise price per share | $ 2.10 | $ 4 | ||
Employee Stock Options | Service Based Vesting Conditions [Member] | Maximum [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based payment award requisite service period | 5 years | 5 years | ||
Share based compensation by share based award contractual term | 10 years | 10 years | ||
Employee Stock Options | Service Based Vesting Conditions [Member] | Minimum [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based payment award requisite service period | 3 years | 3 years | ||
Employee Stock Options | Service Performance And Market Based Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award options granted under repricing weighted average exercise price per share | $ 2.10 | $ 4 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Share based compensation expense | $ 4,294 | $ 22,136 | $ 159,874 | $ 44,961 | $ 62,776 | $ 358,969 | $ 69,400 |
Location Operating Expense [Member] | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Share based compensation expense | 734 | 3,287 | 9,565 | 6,906 | 8,975 | 46,135 | 22,368 |
Selling, General and Administrative Expenses [Member] | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Share based compensation expense | 3,560 | 8,706 | 48,327 | 27,912 | 41,783 | 300,612 | $ 47,032 |
Restructuring And Other Related Costs [Member] | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Share based compensation expense | $ 0 | $ 10,143 | $ 101,982 | $ 10,143 | $ 12,018 | $ 12,222 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summarizes the Company's restricted stock and restricted stock unit activity (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ending | 0 | ||||
Restricted Stock And Restricted Stock Unit Activity [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning | 2,819,146 | [1] | 6,683,555 | ||
Granted | 12,972,493 | 47,158 | |||
Vested | (165,434) | (503,898) | [2] | ||
2021 Tender Offer | [3] | (594,097) | |||
Forfeited/canceled | (2,385,153) | (3,407,669) | |||
Ending | 12,646,955 | [4] | 2,819,146 | [1] | |
Weighted-average distribution, Beginning | $ 16.85 | [1] | $ 18.55 | ||
Weighted-average distribution, Granted | 4.12 | 3.72 | |||
Weighted-average distribution, Vested | 10.41 | 23.48 | [2] | ||
Weighted-average distribution, 2021 Tender Offer | [3] | 11.40 | |||
Weighted-average distribution, Forfeited/canceled | 4.80 | 19.03 | |||
Weighted-average distribution, Ending | $ 6.37 | [4] | $ 16.85 | [1] | |
[1] | The unvested balance includes (a) 158,048 restricted stock and restricted stock units that will vest over their remaining service period, and (b) 2,661,098 restricted stock units granted, which will vest annually over a three to seven year employment service period or upon the satisfaction of specified performance-based vesting conditions, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant. | ||||
[2] | Includes 160,200 restricted stock units which vested in the year ended December 31, 2020, however the underlying common shares have not been issued to the individual. As of December 31, 2020, a total of 670,244 shares representing $14.5 million was included as a component of additional paid-in capital on the accompanying balance sheet relating to previously vested restricted stock units that have not been settled. | ||||
[3] | As noted in the 2021 Tender Offer section below, during the six months ended June 30, 2021 and in connection with the 2021 Tender Offer, the Company modified the liquidity event condition with respect to 594,097 restricted stock units held by 1,774 grantees, such that those restricted stock units became fully vested immediately prior to the closing of the 2021 Tender Offer. | ||||
[4] | The unvested balance includes (a) 9,586,956 restricted stock units granted, which will vest annually over a three to seven year employment service period, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant, (b) 1,560,000 RSUs as described above, and (c) 1,500,000 RSUs as described above. |
Stock-Based Compensation - Su_8
Stock-Based Compensation - Summarizes the Company's restricted stock and restricted stock unit activity (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation by share based payment award equity instruments other than options non vested outstanding | 0 | 1,045,002 | ||||
Restricted Stock And Restricted Stock Unit Activity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation by share based award equity instruments other than options vested and not issued | 594,097 | 670,244 | ||||
Adjustment to additional paid in capital equity instruments other than options vested and not issued | $ 1,774 | $ 14,500 | ||||
Share based compensation by share based payment award equity instruments other than options non vested outstanding | 12,646,955 | [1] | 2,819,146 | [2] | 6,683,555 | |
Vesting Over The Remaining Service Period [Member] | Restricted Stock And Restricted Stock Unit Activity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation by share based payment award equity instruments other than options non vested outstanding | 9,586,956 | 158,048 | ||||
Annual Vesting Over Three To Seven Year Of Employment Or Upon Satisfaction Of Specified Performance Based Vesting Conditions [Member] | Restricted Stock And Restricted Stock Unit Activity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation by share based payment award equity instruments other than options non vested outstanding | 1,560,000 | 2,661,098 | ||||
[1] | The unvested balance includes (a) 9,586,956 restricted stock units granted, which will vest annually over a three to seven year employment service period, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant, (b) 1,560,000 RSUs as described above, and (c) 1,500,000 RSUs as described above. | |||||
[2] | The unvested balance includes (a) 158,048 restricted stock and restricted stock units that will vest over their remaining service period, and (b) 2,661,098 restricted stock units granted, which will vest annually over a three to seven year employment service period or upon the satisfaction of specified performance-based vesting conditions, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant. |
Stock-Based Compensation - Su_9
Stock-Based Compensation - Summary of assumptions used to value stock options issued (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of common stock | $ 19.19 | ||||
Share-based Payment Arrangement, Option [Member] | Service Performance And Market Based Conditions [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate minimum | 0.20% | 0.20% | |||
Risk-free interest rate maximum | 0.80% | 0.80% | |||
Dividend yield | 0.00% | ||||
Share-based Payment Arrangement, Option [Member] | Service Performance And Market Based Conditions [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of common stock | $ 2.07 | $ 2.07 | |||
Share-based Payment Arrangement, Option [Member] | Service Performance And Market Based Conditions [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of common stock | $ 2.10 | $ 2.10 | |||
Share-based Payment Arrangement, Option [Member] | Service Performance And Market Based Conditions [Member] | Weighted Average [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average expected term (years) | 5 years 6 months 21 days | 5 years 6 months 21 days | |||
Weighted average expected volatility | 50.00% | 50.00% | |||
Share-based Payment Arrangement, Option [Member] | Service Based Vesting Conditions [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate minimum | 0.30% | 0.30% | 1.98% | 2.41% | |
Risk-free interest rate maximum | 1.02% | 1.02% | 2.70% | 2.99% | |
Dividend yield | 0.00% | ||||
Share-based Payment Arrangement, Option [Member] | Service Based Vesting Conditions [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of common stock | $ 2.07 | $ 2.07 | $ 37.44 | $ 26.45 | |
Share-based Payment Arrangement, Option [Member] | Service Based Vesting Conditions [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of common stock | $ 2.10 | $ 2.10 | $ 42.88 | $ 26.75 | |
Share-based Payment Arrangement, Option [Member] | Service Based Vesting Conditions [Member] | Weighted Average [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average expected term (years) | 6 years 2 months 19 days | 6 years 2 months 19 days | 6 years 4 months 28 days | 6 years 2 months 8 days | |
Weighted average expected volatility | 51.00% | 51.00% | 40.00% | 40.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Aug. 13, 2020USD ($) | Aug. 07, 2020USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 24, 2019USD ($)shares | Jun. 30, 2018shares | Feb. 28, 2021USD ($)shares | Jul. 31, 2020anchor_investors$ / sharesshares | Oct. 31, 2019USD ($)$ / sharesshares | Aug. 31, 2019anchor_investors$ / sharesshares | Apr. 30, 2019shares | Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($)shares | Jun. 30, 2018shares | Jun. 30, 2021USD ($)Granteesshares | Mar. 31, 2021USD ($)Grantees$ / sharesshares | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($)Grantees$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Jun. 30, 2021USD ($)Grantees$ / sharesshares | Jun. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)anchor_investors$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 30, 2020USD ($) | Mar. 17, 2020shares | Oct. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |||
Partnerships Profits Interest Units | shares | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Share-based Compensation, Vested | shares | 24,132,575 | 24,132,575 | ||||||||||||||||||||||||||||||
Share-based Compensation, UnVested | shares | 0 | 1,045,002 | 0 | 1,045,002 | ||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 7 years | |||||||||||||||||||||||||||||||
Weighted-average grant date fair value | $ / shares | $ 1.67 | $ 16.57 | $ 11.51 | |||||||||||||||||||||||||||||
Share based compensation expense | $ 4,294,000 | $ 22,136,000 | $ 159,874,000 | $ 44,961,000 | $ 62,776,000 | $ 358,969,000 | $ 69,400,000 | |||||||||||||||||||||||||
Exercise price of Options repricing | anchor_investors | 1.67 | |||||||||||||||||||||||||||||||
Total intrinsic value of options exercised | $ 156,600,000 | 40,000 | $ 156,600,000 | $ 40,000 | $ 700,000 | 156,600,000 | 14,900,000 | $ 700 | ||||||||||||||||||||||||
Share-based Payment Arrangement, Option, Weighted Average Remaining Contractual Term | 2 years 10 months 24 days | |||||||||||||||||||||||||||||||
Number of Shares Vested | shares | 15,609,963 | |||||||||||||||||||||||||||||||
Restructuring and other related costs | $ 102,000,000 | $ 466,045,000 | $ 206,703,000 | 329,221,000 | ||||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | $ 0 | ||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 800,000,000 | |||||||||||||||||||||||||||||||
Early repayment of recourse note | 1,600,000 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten-year | |||||||||||||||||||||||||||||||
Debt instrument, Convertible, Carrying amount of equity component | $ 3,300,000 | $ 3,300,000 | 3,300,000 | |||||||||||||||||||||||||||||
Debt Instrument, Term | 185 days | |||||||||||||||||||||||||||||||
Proceeds from principal and interest received | $ 349,011,000 | 32,445,000 | $ 34,309,000 | 662,395,000 | 768,795,000 | |||||||||||||||||||||||||||
Weighted average grant-date fair value of options vested | $ / shares | $ 2.64 | |||||||||||||||||||||||||||||||
Share based compensation by share based payment award plan modification number of employees affected | Grantees | 659 | 659 | ||||||||||||||||||||||||||||||
Shares issued fair value | $ / shares | $ 19.19 | |||||||||||||||||||||||||||||||
2019 Tender Offer [Member] | SBWW [Member] | ||||||||||||||||||||||||||||||||
Share based compensation expense | 136,000,000 | |||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 500,000 | |||||||||||||||||||||||||||||||
Share based compensation shares to be acquired by tender offer value | $ 1,000,000,000 | |||||||||||||||||||||||||||||||
Share based compensation by share based award number of shares acquired through tender offer | shares | 4,900,000 | |||||||||||||||||||||||||||||||
Shares issued fair value | $ / shares | $ 54 | $ 54 | $ 54 | |||||||||||||||||||||||||||||
2020 Tender Offer [Member] | ||||||||||||||||||||||||||||||||
Shares issued fair value | $ / shares | $ 19.19 | |||||||||||||||||||||||||||||||
Additional stock based compensation expense including adjustment to additional paid in capital | 0 | 8,000,000 | 8,000,000 | $ 112,800,000 | ||||||||||||||||||||||||||||
Reduction in additional paid in capital stock based compensation expense | 0 | 1,100,000 | 1,100,000 | $ 10,600,000 | ||||||||||||||||||||||||||||
Liabilities from share based compensation | $ 132,500,000 | |||||||||||||||||||||||||||||||
Reclassification of liabilities from share based compensation to additional paid in capital | 132,500,000 | 132,500,000 | ||||||||||||||||||||||||||||||
2020 Tender Offer [Member] | SBWW [Member] | ||||||||||||||||||||||||||||||||
Share based compensation shares to be acquired by tender offer value | $ 3,000,000,000 | $ 3,000,000,000 | ||||||||||||||||||||||||||||||
Shares issued fair value | $ / shares | $ 19.19 | |||||||||||||||||||||||||||||||
2021 Tender Offer [Member] | ||||||||||||||||||||||||||||||||
Share based compensation by share based payment award plan modification number of employees affected | Grantees | 1,774 | |||||||||||||||||||||||||||||||
Shares issued fair value | $ / shares | $ 19.19 | |||||||||||||||||||||||||||||||
Reduction in additional paid in capital stock based compensation expense | $ 47,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 5,100,000 | |||||||||||||||||||||||||||||||
Additional stock based compensation expense including adjustments to the additional paid in capital | 45,700,000 | |||||||||||||||||||||||||||||||
2021 Tender Offer [Member] | Other Current Liabilities [Member] | ||||||||||||||||||||||||||||||||
Liabilities from share based compensation | $ 92,700,000 | |||||||||||||||||||||||||||||||
2021 Tender Offer [Member] | SBWW [Member] | ||||||||||||||||||||||||||||||||
Share based compensation by share based award equity instruments other than options number of instruments subject to modification | shares | 594,097 | |||||||||||||||||||||||||||||||
Share based compensation by share based payment award plan modification incremental compensation costs. | $ 2,300,000 | |||||||||||||||||||||||||||||||
Share based compensation shares to be acquired by tender offer value | $ 921,600,000 | |||||||||||||||||||||||||||||||
Shares issued fair value | $ / shares | $ 19.19 | |||||||||||||||||||||||||||||||
Certain Executives Of The Company [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | 800,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||||||||||||||||
Notes payable to related party current | $ 2,200,000 | $ 0 | $ 2,200,000 | $ 0 | $ 0 | $ 2,200,000 | ||||||||||||||||||||||||||
Repayments of related party debt | $ 1,100,000 | |||||||||||||||||||||||||||||||
Related party transaction interest rate | 2.60% | 2.60% | ||||||||||||||||||||||||||||||
Employees And Nonemployee Directors [Member] | ||||||||||||||||||||||||||||||||
Share based compensation expense | 3,400,000 | 7,500,000 | $ 7,300,000 | 17,900,000 | $ 28,200,000 | 74,200,000 | 44,300,000 | |||||||||||||||||||||||||
Share-based Payment Arrangement, Option, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | |||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Amount Capitalized | 0 | 400,000 | 2,300,000 | 900,000 | ||||||||||||||||||||||||||||
Unrecognized cost | $ 40,500,000 | |||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 5 years | |||||||||||||||||||||||||||||||
Share based compensation expense | 100,000 | 4,000,000 | $ 1,000,000 | 6,100,000 | ||||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 days 19 hours | |||||||||||||||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | 3,600,000 | $ 3,600,000 | ||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Option, Weighted Average Remaining Contractual Term | 3 months 18 days | |||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 400,000 | 1,100,000 | 1,100,000 | |||||||||||||||||||||||||||||
Unrecognized cost | $ 0 | $ 100,000 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The fair value of the awards with a performance-based vesting condition was estimated using a two-step binomial option pricing model | |||||||||||||||||||||||||||||||
Number Trading Days Determining Average Future Equity Value | 90 days | 90 days | ||||||||||||||||||||||||||||||
Stock or Unit Option Plan Expense | 0 | 100,000 | $ 100,000 | $ 300,000 | ||||||||||||||||||||||||||||
Non Employees [Member] | ||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Option, Weighted Average Remaining Contractual Term | 2 years 6 months | |||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 1,700,000 | $ 2,200,000 | 3,000,000 | |||||||||||||||||||||||||||||
Unrecognized cost | $ 4,100,000 | |||||||||||||||||||||||||||||||
We Work Partnerships Profits Interest Units [Member] | ||||||||||||||||||||||||||||||||
Share based compensation expense | $ 0 | 1,300,000 | $ 500,000 | |||||||||||||||||||||||||||||
Restricted Stock And Restricted Stock Unit Activity [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, UnVested | shares | 6,683,555 | 12,646,955 | [1] | 6,683,555 | 12,646,955 | [1] | 2,819,146 | [2] | 6,683,555 | |||||||||||||||||||||||
Share based compensation expense | $ 8,300,000 | $ 11,000,000 | 14,700,000 | |||||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 9 months 18 days | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 165,434 | 503,898 | [3] | |||||||||||||||||||||||||||||
Share based compensation by share based payment award equity instruments other than options vested aggregate fair value | $ 1,500,000 | 4,400,000 | 29,300,000 | |||||||||||||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ 2,800,000 | |||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | seven-year | |||||||||||||||||||||||||||||||
Service Performance And Market Based Conditions [Member] | Stock Options | ||||||||||||||||||||||||||||||||
Weighted-average grant date fair value | $ / shares | $ 1.59 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten-year | |||||||||||||||||||||||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | These stock options will be eligible to vest following the achievement of either: a performance-based vesting condition tied to unlevered free cash flow (as defined in the award), or a performance- and market-based vesting condition tied to the valuation of the Company in a capital raise (as defined in the award) or based on the value of the Company’s Class A Common Stock after becoming publicly traded on any national securities exchange, at four distinct threshold levels over a distinct performance period from 2020 through 2024. | |||||||||||||||||||||||||||||||
Performance Based Vesting Condition [Member] | Stock Options | ||||||||||||||||||||||||||||||||
Fair value assumptions, Suboptimal exercise factor applied as times of the exercise price | 2.50% | 2.50% | ||||||||||||||||||||||||||||||
Fair value assumptions, Post vesting forfeiture rate applied | 10.00% | 10.00% | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The fair value of the awards with a performance-based vesting condition was estimated using a two-step binomial option pricing model | |||||||||||||||||||||||||||||||
Performance Based Vesting Condition [Member] | Restricted Stock And Restricted Stock Unit Activity [Member] | Employee And Non Employee Directors [Member] | ||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 10 years | |||||||||||||||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ 67,700,000 | $ 67,700,000 | $ 43,800,000 | |||||||||||||||||||||||||||||
Performance Based Vesting Condition [Member] | Restricted Stock And Restricted Stock Unit Activity [Member] | Employee And Non Employee Directors [Member] | Condition Modified In Respect Of Liquidity Event [Member] | ||||||||||||||||||||||||||||||||
Share based compensation by share based award equity instruments other than options number of instruments subject to modification | shares | 475,756 | 475,756 | 475,756 | |||||||||||||||||||||||||||||
Share based compensation by share based payment award plan modification number of employees affected | Grantees | 659 | |||||||||||||||||||||||||||||||
Share based compensation by share based payment award plan modification incremental compensation costs. | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |||||||||||||||||||||||||||||
Performance And Market Based Conditions [Member] | Stock Options | ||||||||||||||||||||||||||||||||
Fair value assumptions, Suboptimal exercise factor applied as times of the exercise price | 2.50% | 2.50% | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The fair value of the awards with performance and market-based conditions was estimated using a Monte Carlo simulation | |||||||||||||||||||||||||||||||
Performance Conditions Are Probable Of Being Met [Member] | Stock Options | ||||||||||||||||||||||||||||||||
Share based compensation expense | 500,000 | 800,000 | $ 1,000,000 | 800,000 | $ 1,100,000 | |||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 7,300,000 | $ 7,300,000 | $ 8,200,000 | |||||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 8 months 12 days | 4 years 2 months 12 days | ||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||||||||||
Share based compensation expense | 3,560,000 | 8,706,000 | $ 48,327,000 | 27,912,000 | $ 41,783,000 | 300,612,000 | $ 47,032,000 | |||||||||||||||||||||||||
Restructuring And Other Related Costs [Member] | ||||||||||||||||||||||||||||||||
Share based compensation expense | $ 0 | $ 10,143,000 | 101,982,000 | 10,143,000 | 12,018,000 | $ 12,222,000 | ||||||||||||||||||||||||||
Restructuring And Other Related Costs [Member] | We Work Partnerships Profits Interest Units [Member] | ||||||||||||||||||||||||||||||||
Share based compensation expense | $ 102,200,000 | $ 102,000,000 | ||||||||||||||||||||||||||||||
Recourse Note [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 1.90% | |||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,700,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Maturity month and year | 2023-11 | |||||||||||||||||||||||||||||||
Recourse Note [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Debt instrument, Interest rate during period | 2.50% | |||||||||||||||||||||||||||||||
Recourse Note [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | $ 1,100,000 | |||||||||||||||||||||||||||||||
Recourse Promissory Notes [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | $ 5,200,000 | |||||||||||||||||||||||||||||||
Debt instrument, Convertible, Carrying amount of equity component | $ 5,600,000 | $ 6,200,000 | ||||||||||||||||||||||||||||||
Debt Instrument, Term | 9 years | |||||||||||||||||||||||||||||||
Recourse Promissory Notes [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 2.50% | 2.50% | 2.50% | |||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | $ 7,500,000 | 12,500,000 | ||||||||||||||||||||||||||||||
Debt conversion converted instrument shares issued | shares | 756,039 | |||||||||||||||||||||||||||||||
Debt instrument, Convertible, Carrying amount of equity component | $ 11,800,000 | 11,800,000 | $ 0 | $ 11,800,000 | 20,200,000 | |||||||||||||||||||||||||||
Proceeds from principal and interest received | 1,000,000 | |||||||||||||||||||||||||||||||
Debt Instrument Maturity Year | 2027 | |||||||||||||||||||||||||||||||
Debt instrument, Interest rate during period | 2.90% | |||||||||||||||||||||||||||||||
Recourse Promissory Notes [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | $ 1,900,000 | $ 600,000 | ||||||||||||||||||||||||||||||
Recourse Promissory Notes [Member] | Restructuring And Other Related Costs [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | $ 3,300,000 | |||||||||||||||||||||||||||||||
Recourse Promissory Notes [Member] | Restructuring And Other Related Costs [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument, Forgiveness | $ 7,500,000 | |||||||||||||||||||||||||||||||
Black Scholes Model [Member] | ||||||||||||||||||||||||||||||||
Share pool reserved for grant | shares | 1,578,681 | |||||||||||||||||||||||||||||||
Single Option Approach [Member] | ||||||||||||||||||||||||||||||||
Share pool reserved for grant | shares | 27,112,272 | |||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||
Partnerships Profits Interest Units | shares | 24,081,668 | |||||||||||||||||||||||||||||||
Sale of warrant, value | $ 1,300,000 | $ 10,400,000 | ||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 1.70% | 1.70% | 1.70% | |||||||||||||||||||||||||||||
Debt Instrument, Term | 2020 years | |||||||||||||||||||||||||||||||
Minimum [Member] | Service Performance And Market Based Conditions [Member] | Stock Options | ||||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 3 years | |||||||||||||||||||||||||||||||
Minimum [Member] | Recourse Promissory Notes [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 1.60% | 1.60% | 1.60% | |||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 2.60% | 2.60% | 2.60% | |||||||||||||||||||||||||||||
Debt Instrument, Term | 2028 years | |||||||||||||||||||||||||||||||
Maximum [Member] | Service Performance And Market Based Conditions [Member] | Stock Options | ||||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 5 years | |||||||||||||||||||||||||||||||
Maximum [Member] | Recourse Promissory Notes [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 1.80% | 1.80% | 1.80% | |||||||||||||||||||||||||||||
WeWork [Member] | ||||||||||||||||||||||||||||||||
Share pool reserved for grant | shares | 0 | |||||||||||||||||||||||||||||||
Partnerships Profits Interest Units | shares | 47,346,098 | 47,346,098 | 0 | |||||||||||||||||||||||||||||
Weighted average per-unit distribution threshold | $ / shares | $ 52.29 | $ 52.29 | ||||||||||||||||||||||||||||||
Weighted-average per-unit preference amount | anchor_investors | 13.93 | 13.93 | ||||||||||||||||||||||||||||||
Share-based Compensation, Vested | shares | 8,574,428 | |||||||||||||||||||||||||||||||
Share-based Compensation, UnVested | shares | 3,645,656 | 3,645,656 | 984,547 | 3,645,656 | ||||||||||||||||||||||||||||
Partnerships Profits Interest Units were forfeited | shares | 18,391,499 | |||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 7 years | |||||||||||||||||||||||||||||||
WeWork [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||
Partnerships Profits Interest Units | shares | 15,609,963 | |||||||||||||||||||||||||||||||
Adam Neumann [Member] | ||||||||||||||||||||||||||||||||
Partnerships Profits Interest Units | shares | 42,473,167 | 42,473,167 | ||||||||||||||||||||||||||||||
Share-based Compensation, Vested | shares | 786,540 | |||||||||||||||||||||||||||||||
Share-based Compensation, UnVested | shares | 41,686,627 | |||||||||||||||||||||||||||||||
Accrued interest receivable | $ 365,400,000 | |||||||||||||||||||||||||||||||
Adam Neumann [Member] | Recourse Note [Member] | In Substance Non Recourse [Member] | ||||||||||||||||||||||||||||||||
Debt instrument interest rate | 2.90% | 2.90% | 2.90% | |||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 362,100,000 | $ 362,100,000 | $ 362,100,000 | |||||||||||||||||||||||||||||
Debt Instrument, Maturity month and year | 2029-04 | |||||||||||||||||||||||||||||||
Adam Neumann [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||
Partnerships Profits Interest Units | shares | 786,540 | 7,685,165 | ||||||||||||||||||||||||||||||
Sale of warrant, value | $ 1,500,000,000 | |||||||||||||||||||||||||||||||
Partnerships Profits Interest Units were forfeited | shares | 786,540 | |||||||||||||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||||||||||||
Share pool reserved for grant | shares | 81,786,139 | |||||||||||||||||||||||||||||||
Common Stock and equivalents that remained available for further grants | shares | 14,257,460 | 14,257,460 | 22,830,085 | |||||||||||||||||||||||||||||
Share based compensation expense | $ 3,300,000 | |||||||||||||||||||||||||||||||
Common Class A [Member] | Certain Executives Of The Company [Member] | ||||||||||||||||||||||||||||||||
Restricted stock issued during the period shares | shares | 113,638 | |||||||||||||||||||||||||||||||
Restricted stock forfeited during the period shares | shares | 64,489 | |||||||||||||||||||||||||||||||
Restricted stock shares forfeited during the period value | $ 300,000 | |||||||||||||||||||||||||||||||
Common Class A [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Debt conversion converted instrument shares issued | shares | 440,864 | |||||||||||||||||||||||||||||||
Common Class A [Member] | Service and Performance Based Vesting Conditions [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification Amount | $ 14,700,000 | |||||||||||||||||||||||||||||||
Number of employees | 36 days | |||||||||||||||||||||||||||||||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, UnVested | shares | 1,500,000 | 1,500,000 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | seven-year | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 1 | |||||||||||||||||||||||||||||||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | Certain Executives Of The Company [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, UnVested | shares | 1,560,000 | 1,560,000 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 1 | |||||||||||||||||||||||||||||||
Common Class A [Member] | Recourse Promissory Notes [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 5 years | |||||||||||||||||||||||||||||||
Debt conversion converted instrument shares issued | shares | 756,039 | |||||||||||||||||||||||||||||||
Common Class B [Member] | ||||||||||||||||||||||||||||||||
Share pool reserved for grant | shares | 50,967,800 | |||||||||||||||||||||||||||||||
Common Stock and equivalents that remained available for further grants | shares | 14,257,460 | 14,257,460 | 1,530,434 | |||||||||||||||||||||||||||||
Share based compensation expense | $ 10,400,000 | |||||||||||||||||||||||||||||||
Stock issued during period, Value, Restricted stock award, Gross | $ 700,000 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 90,000 | |||||||||||||||||||||||||||||||
Common Class B [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 13 months | |||||||||||||||||||||||||||||||
Debt conversion converted instrument shares issued | shares | 500,000 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 90,000 | 45,000 | ||||||||||||||||||||||||||||||
Common Class B [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation, Vesting period | 36 months | |||||||||||||||||||||||||||||||
Common Class B [Member] | Adam Neumann [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 9,438,483 | |||||||||||||||||||||||||||||||
[1] | The unvested balance includes (a) 9,586,956 restricted stock units granted, which will vest annually over a three to seven year employment service period, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant, (b) 1,560,000 RSUs as described above, and (c) 1,500,000 RSUs as described above. | |||||||||||||||||||||||||||||||
[2] | The unvested balance includes (a) 158,048 restricted stock and restricted stock units that will vest over their remaining service period, and (b) 2,661,098 restricted stock units granted, which will vest annually over a three to seven year employment service period or upon the satisfaction of specified performance-based vesting conditions, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant. | |||||||||||||||||||||||||||||||
[3] | Includes 160,200 restricted stock units which vested in the year ended December 31, 2020, however the underlying common shares have not been issued to the individual. As of December 31, 2020, a total of 670,244 shares representing $14.5 million was included as a component of additional paid-in capital on the accompanying balance sheet relating to previously vested restricted stock units that have not been settled. |
Stock-Based Compensation - Ad_2
Stock-Based Compensation - Additional Information One (Detail) $ / shares in Units, $ in Thousands | Mar. 25, 2021shares | Oct. 02, 2020shares | Sep. 30, 2020shares | Dec. 31, 2019shares | Feb. 28, 2021shares | Jun. 30, 2020Grantees$ / sharesshares | Mar. 31, 2020$ / shares | Dec. 31, 2019Grantees$ / sharesshares | Apr. 30, 2017$ / sharesshares | Jun. 30, 2021USD ($)Grantees$ / sharesshares | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($)shares | Jun. 30, 2021USD ($)Grantees$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | Aug. 07, 2020$ / shares | Nov. 30, 2019$ / sharesshares | Oct. 31, 2019$ / shares | Sep. 24, 2019$ / sharesshares | Feb. 28, 2019$ / shares | |||
Share-based Compensation, UnVested | 1,045,002 | 0 | 1,045,002 | 0 | 1,045,002 | ||||||||||||||||||||
Share-based Compensation, Vesting period | 7 years | ||||||||||||||||||||||||
Weighted-average grant date fair value | $ / shares | $ 1.67 | $ 16.57 | $ 11.51 | ||||||||||||||||||||||
Share based compensation expense | $ | $ 4,294 | $ 22,136 | $ 159,874 | $ 44,961 | $ 62,776 | $ 358,969 | $ 69,400 | ||||||||||||||||||
Number of Shares Vested | 15,609,963 | ||||||||||||||||||||||||
Share based compensation by share based payment award plan modification number of employees affected | Grantees | 659 | 659 | |||||||||||||||||||||||
Share based compensation by share based award options granted under repricing exchanged and new options granted | 36,727,519 | ||||||||||||||||||||||||
Share based compensation number of shares forfeited | 3,000,000 | ||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 1.50 | ||||||||||||||||||||||||
2019 Option Repricing [Member] | |||||||||||||||||||||||||
Share based compensation by share based payment award plan modification number of employees affected | Grantees | 4,210 | ||||||||||||||||||||||||
2019 Option Repricing [Member] | Eligible Options [Member] | |||||||||||||||||||||||||
Share based compensation by share based award options exchanges | 15,485,869 | ||||||||||||||||||||||||
Share based compensation by share based award options exchanged weighted average exercise price | $ / shares | $ 28.49 | ||||||||||||||||||||||||
2019 Option Repricing [Member] | Repriced Options [Member] | |||||||||||||||||||||||||
Share based compensation by share based award options exchanges | 5,564,540 | ||||||||||||||||||||||||
Share based compensation by share based award options exchanged weighted average exercise price | $ / shares | $ 4.12 | ||||||||||||||||||||||||
Employee Stock Options | 2019 Option Repricing [Member] | |||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 7 months 6 days | ||||||||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ | $ 800 | ||||||||||||||||||||||||
Share based compensation by share based payment award plan modification incremental compensation costs. | $ | $ 700 | $ 2,500 | |||||||||||||||||||||||
We Work Partnerships Profits Interest Units [Member] | |||||||||||||||||||||||||
Share based compensation expense | $ | $ 0 | 1,300 | $ 500 | ||||||||||||||||||||||
Restricted Stock And Restricted Stock Unit Activity [Member] | |||||||||||||||||||||||||
Share-based Compensation, UnVested | 6,683,555 | 6,683,555 | 12,646,955 | [1] | 12,646,955 | [1] | 2,819,146 | [2] | 6,683,555 | ||||||||||||||||
Share based compensation expense | $ | $ 8,300 | $ 11,000 | 14,700 | ||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 9 months 18 days | ||||||||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ | $ 2,800 | ||||||||||||||||||||||||
Share based compensation by share based award equity instruments other than options forfeited during the period | 2,385,153 | 3,407,669 | |||||||||||||||||||||||
Fair Value Of Restricted Stock | $ | $ 7,200 | $ 1,500 | |||||||||||||||||||||||
Service Based Vesting Conditions [Member] | Employee Stock Options | 2020 Option Repricing [Member] | |||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | 2 years 3 months 18 days | |||||||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ | $ 2,100 | $ 2,100 | $ 3,300 | ||||||||||||||||||||||
Share based compensation by share based payment award plan modification number of employees affected | Grantees | 5,690 | ||||||||||||||||||||||||
Share based compensation by share based payment award plan modification incremental compensation costs. | $ | 700 | 1,300 | |||||||||||||||||||||||
Share based compensation by share based award options granted under repricing weighted average exercise price per share | $ / shares | $ 2.10 | $ 4 | |||||||||||||||||||||||
Share based compensation by share based award options granted under repricing exchanged | 36,727,519 | ||||||||||||||||||||||||
Share based compensation by share based award options granted under repricing exchanged and new options granted | 36,727,519 | ||||||||||||||||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||||||||||||||
Share based compensation expense | $ | 3,560 | 8,706 | 48,327 | 27,912 | $ 41,783 | $ 300,612 | 47,032 | ||||||||||||||||||
Minimum [Member] | 2019 Option Repricing [Member] | |||||||||||||||||||||||||
Share based compensation exchange ratio | 1 | ||||||||||||||||||||||||
Minimum [Member] | Employee Stock Options | 2020 Option Repricing [Member] | Repriced Options [Member] | |||||||||||||||||||||||||
Share based compensation by share based award options outstanding exercisable weighted average exercise price | $ / shares | $ 4.12 | ||||||||||||||||||||||||
Minimum [Member] | Employee Stock Options | 2019 Option Repricing [Member] | Repriced Options [Member] | |||||||||||||||||||||||||
Share based compensation by share based award options outstanding exercisable weighted average exercise price | $ / shares | 4.12 | ||||||||||||||||||||||||
Minimum [Member] | We Work Partnerships Profits Interest Units [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 0 | ||||||||||||||||||||||||
Maximum [Member] | 2019 Option Repricing [Member] | |||||||||||||||||||||||||
Share based compensation exchange ratio | 3 | ||||||||||||||||||||||||
Maximum [Member] | Employee Stock Options | 2020 Option Repricing [Member] | Eligible Options [Member] | |||||||||||||||||||||||||
Share based compensation by share based award options outstanding exercisable weighted average exercise price | $ / shares | 4.13 | ||||||||||||||||||||||||
Maximum [Member] | Employee Stock Options | 2019 Option Repricing [Member] | Eligible Options [Member] | |||||||||||||||||||||||||
Share based compensation by share based award options outstanding exercisable weighted average exercise price | $ / shares | $ 4.13 | ||||||||||||||||||||||||
Maximum [Member] | We Work Partnerships Profits Interest Units [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 10 | ||||||||||||||||||||||||
WeWork [Member] | |||||||||||||||||||||||||
Share-based Compensation, UnVested | 3,645,656 | 3,645,656 | 984,547 | 3,645,656 | |||||||||||||||||||||
Share-based Compensation, Vesting period | 7 years | ||||||||||||||||||||||||
WeWork [Member] | Minimum [Member] | Distribution Threshold Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 21.05 | ||||||||||||||||||||||||
WeWork [Member] | Minimum [Member] | CatchUp Base Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | 21.05 | ||||||||||||||||||||||||
WeWork [Member] | Maximum [Member] | Distribution Threshold Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | 49.28 | ||||||||||||||||||||||||
WeWork [Member] | Maximum [Member] | CatchUp Base Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | 38.36 | ||||||||||||||||||||||||
Adam Neumann [Member] | |||||||||||||||||||||||||
Share-based Compensation, UnVested | 41,686,627 | ||||||||||||||||||||||||
Adam Neumann [Member] | Minimum [Member] | Distribution Threshold Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | 19.19 | $ 19.19 | |||||||||||||||||||||||
Adam Neumann [Member] | Minimum [Member] | CatchUp Base Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | 19.19 | 19.19 | |||||||||||||||||||||||
Adam Neumann [Member] | Maximum [Member] | Distribution Threshold Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | 64.36 | 64.36 | |||||||||||||||||||||||
Adam Neumann [Member] | Maximum [Member] | CatchUp Base Unit Per Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 38.36 | $ 38.36 | |||||||||||||||||||||||
China Co [Member] | Share Subscription Rights [Member] | Consultant [Member] | |||||||||||||||||||||||||
Weighted-average grant date fair value | $ / shares | $ 3.51 | ||||||||||||||||||||||||
Number of Shares Vested | 2,000,000 | ||||||||||||||||||||||||
Shares issued share based payment arrangement before forfeiture | 10,000,000 | ||||||||||||||||||||||||
Share based compensation term of vesting | 5 years | ||||||||||||||||||||||||
Share based compensation by share based award vested and issued shares | 2,000,000 | ||||||||||||||||||||||||
Share based compensation number of shares forfeited | 6,000,000 | ||||||||||||||||||||||||
China Co [Member] | Stock Appreciation Rights [Member] | Two Thousand And Eighteen Long Term Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Share-based Compensation, UnVested | 467,157 | 747,331 | 747,331 | 747,331 | |||||||||||||||||||||
Share based compensation by share based award equity instruments other than options forfeited during the period | 467,157 | 747,331 | |||||||||||||||||||||||
China Co [Member] | Stock Appreciation Rights [Member] | Two Thousand And Nineteen Long Term Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Share-based Compensation, UnVested | 467,157 | 747,331 | 747,331 | 747,331 | |||||||||||||||||||||
Share based compensation by share based award equity instruments other than options forfeited during the period | 467,157 | 747,331 | |||||||||||||||||||||||
China Co [Member] | Selling, General and Administrative Expenses [Member] | Share Subscription Rights [Member] | Non Employee Contractors [Member] | |||||||||||||||||||||||||
Share based compensation expense | $ | 0 | 4,500 | 0 | 9,000 | $ 6,100 | $ 18,000 | $ 14,400 | ||||||||||||||||||
Pacific Co [Member] | Stock Appreciation Rights [Member] | Two Thousand And Eighteen Long Term Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Share based compensation by share based award equity instruments other than options forfeited during the period | 78,275 | ||||||||||||||||||||||||
Pacific Co [Member] | Stock Appreciation Rights [Member] | Two Thousand And Nineteen Long Term Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Share-based Compensation, UnVested | 2,843,225 | 2,843,225 | 2,843,225 | ||||||||||||||||||||||
Share based compensation expense | $ | $ 0 | 0 | $ 0 | $ 0 | $ 11,400 | $ 0 | |||||||||||||||||||
Share based compensation by share based award equity instruments other than options forfeited during the period | 78,275 | ||||||||||||||||||||||||
Liabilities in respect of share based payment transaction settled | $ | $ 1,300 | ||||||||||||||||||||||||
Japan Co [Member] | Interest Appreciation Rights [Member] | Two Thousand And Nineteen Long Term Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Weighted-average grant date fair value | $ / shares | $ 1.84 | $ 1.92 | |||||||||||||||||||||||
Share based compensation by share based award number of shares authorized | 4,210,568 | ||||||||||||||||||||||||
Number of membership interests for each unit of stock option | 0.000001 | ||||||||||||||||||||||||
Share based compensation by share based award options granted during the period | 434,232 | 434,232 | 1,762,919 | ||||||||||||||||||||||
Share based compensation by share based payment award options granted during the period weighted average exercise price per share granted | $ / shares | $ 4.69 | $ 4.69 | $ 5.16 | ||||||||||||||||||||||
Share based compensation by share award post vesting forfeiture rate | 10.00% | 10.00% | |||||||||||||||||||||||
Suboptimal Factors As A Multiple Of Exercise Price | 2.5 | ||||||||||||||||||||||||
Japan Co [Member] | Upon Occurrence Of Liquidation Event [Member] | Interest Appreciation Rights [Member] | Two Thousand And Nineteen Long Term Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Share-based Compensation, Vesting period | 5 years | ||||||||||||||||||||||||
Share based compensation expense | $ | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Share based compensation non vested award excluding options cost not yet recognized amount | $ | $ 4,100 | $ 4,100 | $ 3,300 | ||||||||||||||||||||||
Share based compensation by share based payment award requisite service period | 5 years | ||||||||||||||||||||||||
Share based compensation by share based payment award options forfeited during the period | 59,254 | ||||||||||||||||||||||||
Share based compensation by share based payment award options outstanding non vested | 1,978,263 | 1,703,665 | |||||||||||||||||||||||
[1] | The unvested balance includes (a) 9,586,956 restricted stock units granted, which will vest annually over a three to seven year employment service period, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant, (b) 1,560,000 RSUs as described above, and (c) 1,500,000 RSUs as described above. | ||||||||||||||||||||||||
[2] | The unvested balance includes (a) 158,048 restricted stock and restricted stock units that will vest over their remaining service period, and (b) 2,661,098 restricted stock units granted, which will vest annually over a three to seven year employment service period or upon the satisfaction of specified performance-based vesting conditions, only if and when an initial public offering or Acquisition (as defined in the 2015 Plan) occurs within seven to ten years of the date of grant. |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of the Basic and Diluted Net Loss Per Share Computations for our Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Class of Stock [Line Items] | |||||||||||
Net loss attributed to WeWork Inc. | $ (888,845) | $ (863,829) | $ (2,921,200) | $ (1,047,698) | $ (3,129,358) | $ (3,264,738) | $ (1,610,792) | ||||
Net loss attributable to Class A and Class B Common Stockholders | $ (888,845) | [1] | $ (863,829) | [1] | $ (2,921,200) | [1] | $ (1,047,698) | [1] | $ (3,129,358) | $ (3,264,738) | $ (1,610,792) |
Weighted-average shares - Basic | 175,941,649 | 170,754,546 | 173,751,116 | 170,691,538 | 170,275,761 | 168,436,109 | 163,148,918 | ||||
Weighted-average shares - Diluted | 175,941,649 | 170,754,546 | 173,751,116 | 170,691,538 | 170,275,761 | 168,436,109 | 163,148,918 | ||||
Basic | $ (5.05) | $ (5.06) | $ (16.81) | $ (6.14) | $ (18.38) | $ (19.38) | $ (9.87) | ||||
Diluted | $ (5.05) | $ (5.06) | $ (16.81) | $ (6.14) | $ (18.38) | $ (19.38) | $ (9.87) | ||||
[1] | The three and six months ended June 30, 2021 are comprised of only Class A Common Shares as noted above |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of weighted-average number of potentially dilutive shares (Detail) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible Preferred Stock Series A, B, C, D1, D2, E, F, G, G1, H1 and Acquisition [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 498,988,499 | 343,135,729 | 469,472,111 | 282,743,534 | 310,157,467 | 190,353,521 | 171,369,355 |
Convertible Preferred Stock Series Junior [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 |
Convertible notes [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 593,329 | 785,302 | 688,785 | 785,302 | 785,302 | 5,666,996 | 3,848,814 |
Stock options not subject to performance conditions [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 15,936,465 | 5,957,464 | 14,317,839 | 7,771,586 | 6,798,047 | 15,339,168 | 16,023,662 |
Unvested Restricted Stock [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 489,220 | 955,301 | |||||
Vested RSUs with nonforfeitable dividend rights [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 549,753 | 573,973 | 622,067 | 553,742 | 594,412 | 432,472 | 272,185 |
Warrants [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 6,364,895 | 135,611,308 | 35,741,210 | 135,803,608 | 135,722,164 | 14,695,807 | 1,178,715 |
WeWork Partnerships Profits Interest Units not subject to performance conditions [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Total weighted average number of potentially dilutive shares | 550,387 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) | Feb. 26, 2021 | Oct. 31, 2019 |
Common stock voting rights | Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. | |
Settlement Agreement [Member] | Common Class C [Member] | ||
Common stock voting rights | one |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Asset retirement obligations (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |||
Balance at beginning of period | $ 205,965 | $ 131,989 | $ 90,470 |
Liabilities incurred in the current period | 3,635 | 8,842 | 35,968 |
Liabilities settled in the current period | (10,089) | (5,475) | (762) |
Accretion of liability | 8,347 | 9,888 | 5,639 |
Revisions in estimated cash flows | 19,770 | 64,630 | |
ChinaCo Deconsolidation | (8,883) | ||
Effect of foreign currency exchange rate changes | (7,445) | 4,974 | 674 |
Balance at end of period | 220,183 | 205,965 | 131,989 |
Less: Current portion of asset retirement obligations | (113) | (113) | (201) |
Total non-current portion of asset retirement obligations | $ 220,070 | $ 205,852 | $ 131,788 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | Jul. 12, 2021USD ($) | Feb. 26, 2021 | Dec. 31, 2020USD ($)$ / shares | Feb. 10, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2020USD ($) | Oct. 31, 2019 | Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)Vote$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 31, 2021USD ($) | Apr. 30, 2021USD ($)$ / shares | Feb. 28, 2021USD ($)$ / shares | Feb. 01, 2021USD ($)$ / shares | Dec. 30, 2020USD ($) | Feb. 29, 2020USD ($) | May 31, 2019USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2015USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | ||||||||||||||||||||||||
Restricted cash | $ 53,618,000 | $ 856,255,000 | $ 11,528,000 | $ 132,342,000 | $ 11,528,000 | $ 132,342,000 | $ 53,618,000 | $ 53,618,000 | $ 856,255,000 | $ 419,733,000 | |||||||||||||||
Long-term Line of Credit | 5,700,000 | 5,700,000 | $ 800,000,000 | ||||||||||||||||||||||
Deferred financing costs | 705,000,000 | 883,600,000 | 705,000,000 | 705,000,000 | 883,600,000 | ||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,200,000,000 | ||||||||||||||||||||||||
Percentage of fronting fee on the letter of credit | 0.125% | ||||||||||||||||||||||||
Interest Expense | 113,259,000 | 93,249,000 | 217,828,000 | 138,090,000 | 331,217,000 | 99,587,000 | 183,697,000 | ||||||||||||||||||
Construction Commitments | 108,200,000 | 467,400,000 | 39,900,000 | 39,900,000 | 108,200,000 | 108,200,000 | 467,400,000 | ||||||||||||||||||
Asset Retirement Obligation | $ 205,965,000 | $ 131,989,000 | $ 220,183,000 | $ 220,183,000 | $ 205,965,000 | $ 205,965,000 | $ 131,989,000 | $ 90,470,000 | |||||||||||||||||
letters of credit outstanding | $ 350,000,000 | ||||||||||||||||||||||||
Percentage of issuance fee on the letter of credit | 5.475% | ||||||||||||||||||||||||
Common stock, voting rights | Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. | ||||||||||||||||||||||||
Adam Neumann [Member] | |||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 19.19 | ||||||||||||||||||||||||
Due to affiliate | $ 105,600,000 | ||||||||||||||||||||||||
Settlement Expense | $ 0 | ||||||||||||||||||||||||
Stock issued during period | shares | 30,139,971 | ||||||||||||||||||||||||
Stock Issued During Period, Value | $ 578,400,000 | ||||||||||||||||||||||||
Share issue related cost | 428,300,000 | ||||||||||||||||||||||||
Shares fully vested, catch-up base amount | $ 0 | $ 0 | |||||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ / shares | $ 10 | $ 10 | |||||||||||||||||||||||
Restructuring and other related costs | $ 102,000,000 | ||||||||||||||||||||||||
Mark Lapidus [Member] | Pending Litigation [Member] | |||||||||||||||||||||||||
Loss contingency damages sought value | $ 58,000,000 | ||||||||||||||||||||||||
Common Class C [Member] | |||||||||||||||||||||||||
Number of votes per share | Vote | 3 | ||||||||||||||||||||||||
Two Thousand And Twenty One Tender Offer [Member] | |||||||||||||||||||||||||
Equity Securities, Issued | $ 921,600,000 | $ 921,600,000 | |||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 19.19 | $ 19.19 | |||||||||||||||||||||||
Tender Offer Costs | $ 48,000,000 | ||||||||||||||||||||||||
LC Debit Credit [Member] | |||||||||||||||||||||||||
Percentage of issuance fee on the letter of credit | 0.125% | 0.125% | 5.475% | ||||||||||||||||||||||
Debt instrument carrying amount | $ 349,000,000 | $ 349,000,000 | |||||||||||||||||||||||
Interest Payable | $ 200,000 | $ 200,000 | |||||||||||||||||||||||
Seven Point Eight Seven Five Percentage Senior Notes Due 2025 [Member] | |||||||||||||||||||||||||
Debt instrument interest rate | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | ||||||||||||||||||||
Settlement Agreement [Member] | Common Class C [Member] | |||||||||||||||||||||||||
Number of votes per share | Vote | 1 | ||||||||||||||||||||||||
Common stock, voting rights | one | ||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||
Debt instrument interest rate | 2.60% | 2.60% | |||||||||||||||||||||||
Long term debt, Maturity term | 6 months | ||||||||||||||||||||||||
Common stock, voting rights | 49.90 | ||||||||||||||||||||||||
Maximum [Member] | Affiliated Entity [Member] | |||||||||||||||||||||||||
Common stock, voting rights | 49.90 | ||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||
Debt instrument interest rate | 1.70% | 1.70% | |||||||||||||||||||||||
Long term debt, Maturity term | 1 month | ||||||||||||||||||||||||
Common stock, voting rights | 49.90 | ||||||||||||||||||||||||
Minimum [Member] | Affiliated Entity [Member] | |||||||||||||||||||||||||
Common stock, voting rights | 49.90 | ||||||||||||||||||||||||
Two Thousand Nineteen Credit Facility [Member] | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,300,000,000 | $ 6,700,000 | $ 6,700,000 | $ 1,300,000,000 | $ 143,700,000 | $ 200,000,000 | $ 500,000,000 | $ 650,000,000 | |||||||||||||||||
Restricted cash | 762,300,000 | 762,300,000 | |||||||||||||||||||||||
Long-term Line of Credit | 0 | 0 | |||||||||||||||||||||||
Standby Letters of Credit [Member] | |||||||||||||||||||||||||
Restricted cash | $ 53,600,000 | 94,000,000 | 11,500,000 | 11,500,000 | $ 53,600,000 | $ 53,600,000 | 94,000,000 | ||||||||||||||||||
Long-term Line of Credit | 49,200,000 | 92,000,000 | 8,400,000 | 8,400,000 | 49,200,000 | 49,200,000 | $ 92,000,000 | ||||||||||||||||||
Twenty Twenty LC Facility [Member] | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,700,000 | 1,700,000 | 1,400,000,000 | ||||||||||||||||||||||
Long-term Line of Credit | 143,700,000 | $ 1,800,000 | 6,700,000 | 6,700,000 | 143,700,000 | $ 143,700,000 | |||||||||||||||||||
Deferred financing costs | $ 4,700,000 | ||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Feb. 10, 2020 | Feb. 10, 2023 | |||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 84,700,000 | $ 84,700,000 | $ 368,400,000 | ||||||||||||||||||||||
Cash Collateral for Borrowed Securities | $ 2,200,000 | 2,200,000 | $ 2,200,000 | ||||||||||||||||||||||
Working Capital | $ 800,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 12.47% | 12.47% | |||||||||||||||||||||||
Warrants and Rights Outstanding | $ 284,400,000 | 284,400,000 | $ 284,400,000 | $ 284,400,000 | 284,400,000 | ||||||||||||||||||||
Twenty Twenty LC Facility [Member] | Reimbursement Agreement [Member] | |||||||||||||||||||||||||
Long-term Line of Credit | $ 1,750,000,000 | ||||||||||||||||||||||||
Interest Expense | $ 19,700,000 | $ 19,100,000 | $ 38,500,000 | $ 29,200,000 | $ 69,700,000 | ||||||||||||||||||||
Twenty Twenty LC Facility [Member] | Soft Bank Obligor [Member] | |||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 5.475% | 5.475% | |||||||||||||||||||||||
Twenty Twenty LC Facility [Member] | Maximum [Member] | |||||||||||||||||||||||||
Percentage of fronting fee on the letter of credit | 0.125% | 0.125% | 0.125% | ||||||||||||||||||||||
Twenty Twenty LC Facility [Member] | Maximum [Member] | Reimbursement Agreement [Member] | |||||||||||||||||||||||||
Percentage of fronting fee on the letter of credit | 0.125% | 0.125% | |||||||||||||||||||||||
LC Debit Credit [Member] | |||||||||||||||||||||||||
letters of credit outstanding | $ 350,000,000 | ||||||||||||||||||||||||
Debt issuance costs net | $ 500,000 | $ 500,000 | |||||||||||||||||||||||
Interest debt | 40,000 | ||||||||||||||||||||||||
LC Debit Credit [Member] | Maximum [Member] | |||||||||||||||||||||||||
Long term debt, Maturity term | 6 months | ||||||||||||||||||||||||
LC Debit Credit [Member] | Minimum [Member] | |||||||||||||||||||||||||
Long term debt, Maturity term | 1 month | ||||||||||||||||||||||||
BOWX ACQUISITION CORP [Member] | |||||||||||||||||||||||||
Working Capital | 1,500,000 | $ 1,500,000 | |||||||||||||||||||||||
IPO [Member] | BOWX ACQUISITION CORP [Member] | |||||||||||||||||||||||||
Deferred underwriting commissions | $ 16,900,000 | $ 16,900,000 | $ 16,900,000 | ||||||||||||||||||||||
Price per unit | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 |
Other Related Party Transacti_2
Other Related Party Transactions - Additional Information (Detail) - USD ($) | Mar. 25, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2021 | Feb. 28, 2021 | Mar. 21, 2019 | Dec. 31, 2017 | ||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Equity method investment, percentage sold | 5.70% | |||||||||||||||||
Commited capital | $ 700,000,000 | |||||||||||||||||
Related party transaction, service fees | $ 14,793,000 | $ 24,281,000 | $ 38,253,000 | $ 45,526,000 | $ 80,524,000 | $ 290,748,000 | $ 21,098,000 | |||||||||||
Related party transaction fees payable per month | $ 200,000,000 | |||||||||||||||||
Revenue | 38,758,000 | 45,375,000 | 87,694,000 | 92,637,000 | 169,783,000 | 179,651,000 | 28,653,000 | |||||||||||
Restructuring and other related costs | (27,794,000) | 80,529,000 | 466,045,000 | 136,216,000 | 206,703,000 | 329,221,000 | ||||||||||||
Accounts payable and accrued expenses | 28,300,000 | $ 29,500,000 | 28,300,000 | 29,500,000 | 1,500,000 | |||||||||||||
Future minimum lease cost payments , tenant lease incentive receivables | 1,301,453,000 | 1,471,347,000 | 1,301,453,000 | 1,471,347,000 | ||||||||||||||
Interest expense related to this finance lease | 1,068,000 | 1,178,000 | 2,170,000 | 2,368,000 | 4,675,000 | 4,621,000 | 3,780,000 | |||||||||||
Cash payment for finance expenses | 2,184,000 | 2,144,000 | 4,021,000 | 3,590,000 | 1,869,000 | |||||||||||||
Long term line of credit | 5,700,000 | $ 800,000,000 | ||||||||||||||||
Non-recourse promissory notes | 0 | 0 | 0 | 5,700,000 | ||||||||||||||
Selling, general and administrative expenses | 225,082,000 | [1] | 392,818,000 | [1] | 499,502,000 | [1] | 925,101,000 | [1] | 1,604,669,000 | 2,793,663,000 | 1,349,622,000 | |||||||
Debt instrument, Converted to shares | 3,300,000 | |||||||||||||||||
Common stock value | ||||||||||||||||||
Preferred stock, Value, Issued | ||||||||||||||||||
Debt instrument, Term | 185 days | |||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Payment of recourse debt to employees | $ 7,800,000 | |||||||||||||||||
Sound Ventures II LLC [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Equity method investment, percentage sold | 5.70% | |||||||||||||||||
Creator Fund [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Profit on sale of sale of underlying portfolio investments | $ 101,800,000 | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Interest rate | 2.60% | |||||||||||||||||
Debt instrument, Term | 2028 years | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Interest rate | 1.70% | |||||||||||||||||
Debt instrument, Term | 2020 years | |||||||||||||||||
Common Class A [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Common stock, shares issued | 176,628,752 | 41,512,605 | 176,628,752 | 41,512,605 | 41,304,381 | |||||||||||||
Common stock value | $ 177,000 | $ 42,000 | $ 177,000 | $ 42,000 | $ 41,000 | |||||||||||||
Common Class A [Member] | Debt Settlement Issuance Of Class A Common Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Common stock, shares issued | 296,813 | |||||||||||||||||
Common stock value | $ 800,000 | |||||||||||||||||
Series Ap 1 Preferred Stock [Member] | Debt Settlement Issuance Of Series AP-1 Preferred Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Preferred stock, Shares Issued | 97,229 | |||||||||||||||||
Preferred stock, Value, Issued | $ 2,500,000 | |||||||||||||||||
Unsecured Debt [Member] | Wpi Fund [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Long term line of credit | $ 26,100,000 | |||||||||||||||||
Interest rate | 1.52% | |||||||||||||||||
Interest expense | 200,000 | |||||||||||||||||
China Co [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Revenue | 10,000 | 0 | 1,500,000 | 0 | 2,600,000 | |||||||||||||
SoftBank Group Corp [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | 2,700,000 | 4,000,000 | 10,000,000 | 8,000,000 | 20,100,000 | 7,700,000 | 900,000 | |||||||||||
Revenue | 0 | 0 | ||||||||||||||||
Related party receivable | 80,000,000 | 80,000,000 | $ 80,000,000 | |||||||||||||||
Related party deposits | 40,000,000 | $ 20,000,000 | ||||||||||||||||
Other revenue | 38,400,000 | |||||||||||||||||
Cash received | 0 | |||||||||||||||||
Deferred revenue | 21,600,000 | 21,600,000 | 21,600,000 | |||||||||||||||
Reimbursement of expenses | 50,000,000 | 50,000,000 | ||||||||||||||||
Accounts payable and accrued expenses | 14,500,000 | 14,500,000 | 14,500,000 | 14,500,000 | 50,000,000 | |||||||||||||
Selling, general and administrative expenses | 15,000,000 | |||||||||||||||||
Due to affiliate | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||
Deferred financing costs | 20,000,000 | |||||||||||||||||
Equity issuance costs | 15,000,000 | |||||||||||||||||
Repayments of related party debt | 35,500,000 | |||||||||||||||||
SoftBank Group Corp [Member] | Sale Of Memberships And Various Other Services [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Revenue | 28,100,000 | 35,100,000 | 69,700,000 | 71,900,000 | 142,100,000 | 108,900,000 | 21,800,000 | |||||||||||
WeWork [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Cancellation of debt | 1,500,000 | |||||||||||||||||
Other Related Parties [Member] | Sale Of Memberships And Various Other Services [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Revenue | 2,500,000 | 5,600,000 | 6,000,000 | 11,700,000 | 22,900,000 | 16,000,000 | 3,200,000 | |||||||||||
Adam Neumann [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | 600,000 | |||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 300,000 | 100,000 | |||||||||||
Related party receivable | 185,000,000 | |||||||||||||||||
Reimbursement of expenses | 900,000 | 2,500,000 | ||||||||||||||||
Reimbursement of expenses, receivable | 1,800,000 | $ 1,800,000 | ||||||||||||||||
Percentage of amount received from related party receivable | 50.00% | |||||||||||||||||
Percentage of amount receivable from related party | 50.00% | |||||||||||||||||
Restructuring and other related costs | $ 1,500,000 | |||||||||||||||||
Lease cost expense | 2,600,000 | 2,600,000 | 5,200,000 | 5,300,000 | 10,900,000 | 7,700,000 | 5,800,000 | |||||||||||
Cash payment for lease expenses | 5,400,000 | 5,000,000 | 10,500,000 | 6,500,000 | 6,100,000 | |||||||||||||
Cash received from tenant incentives, Operating Lease | 0 | 3,900,000 | 3,900,000 | 400,000 | 11,600,000 | |||||||||||||
Future minimum lease cost payments , rent payments | 186,500,000 | 198,900,000 | 186,500,000 | 198,900,000 | ||||||||||||||
Future minimum lease cost payments , tenant lease incentive receivables | 17,300,000 | 10,500,000 | 17,300,000 | 10,500,000 | ||||||||||||||
Interest expense related to this finance lease | 400,000 | 400,000 | 800,000 | 800,000 | 1,600,000 | 1,600,000 | 1,700,000 | |||||||||||
Cash payment for finance expenses | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 1,900,000 | |||||||||||||
Cash received from tenant incentives, Finance Lease | 0 | 0 | 0 | 0 | 800,000 | 0 | 0 | |||||||||||
Finance leases future minimum payments due | 13,800,000 | 14,800,000 | 13,800,000 | 14,800,000 | ||||||||||||||
Finance leases future minimum payments receivable | 0 | 0 | 0 | 0 | ||||||||||||||
Due to affiliate | $ 105,600,000 | |||||||||||||||||
WeCap Investment Group [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Lease cost expense | 9,500,000 | 11,200,000 | 23,000,000 | 24,400,000 | 43,700,000 | 42,200,000 | 13,500,000 | |||||||||||
Cash payment for lease expenses | 28,900,000 | 18,500,000 | 33,400,000 | 30,500,000 | 6,000,000 | |||||||||||||
Cash received from tenant incentives, Operating Lease | 2,600,000 | 0 | 13,300,000 | 13,000,000 | 33,600,000 | |||||||||||||
Future minimum lease cost payments , rent payments | 687,500,000 | 905,000,000 | 687,500,000 | 905,000,000 | ||||||||||||||
Future minimum lease cost payments , tenant lease incentive receivables | 14,200,000 | 8,700,000 | 14,200,000 | 8,700,000 | ||||||||||||||
Noncancelable leases future undiscounted fixed minimum lease cost payments | 281,700,000 | 281,700,000 | ||||||||||||||||
Vendor Or Other Related Party [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | $ 0 | 1,500,000 | $ 0 | 2,900,000 | $ 5,800,000 | 900,000 | 400,000 | |||||||||||
ChinaCo Management Fee [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | $ 1,300,000 | |||||||||||||||||
Percentage of annual management fee on net revenue | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||||||
Promotional services [Member] | Adam Neumann [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | 20,000 | 158,000 | ||||||||||||||||
Employee [Member] | Adam Neumann [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | $ 0 | 0 | $ 0 | 43,000 | 218,000 | 163,000 | ||||||||||||
Employee [Member] | Director [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | 0 | $ 0 | 0 | $ 33,000 | $ 120,000 | $ 98,000 | ||||||||||||
Profit Sharing Agrrement [Member] | Sound Ventures II LLC [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Commited capital | 8,000,000 | |||||||||||||||||
Funded commitments | 6,100,000 | 6,100,000 | ||||||||||||||||
Unfunded commitments | $ 1,900,000 | $ 1,900,000 | ||||||||||||||||
Profit Sharing Agrrement [Member] | Creator Fund [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Percentage of share of profits on sale of underlying portfolio investments | 20.00% | 20.00% | ||||||||||||||||
ChinaCo Deconsolidation [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, service fees | $ 1,800,000 | $ 100,000 | $ 100,000 | |||||||||||||||
Related party transaction fees payable per month | 600,000 | |||||||||||||||||
Total lease obligations | $ 3,500,000 | $ 4,900,000 | $ 3,500,000 | $ 4,900,000 | ||||||||||||||
[1] | Includes cost of revenue in the amount of $20.6 million and $50.1 million for the three months and $32.7 million and $142.5 million for the six months ended June 30, 2021 and 2020, respectively. Excludes depreciation and amortization of none for the three months and none and $0.2 million for the six months ended June 30, 2021 and 2020, respectively shown separately below. |
Segment Disclosures and Conce_3
Segment Disclosures and Concentration - Summary of Revenues and Total Property and Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | $ 593,478 | $ 881,734 | $ 1,191,331 | $ 1,938,617 | $ 3,415,865 | $ 3,458,592 | $ 1,821,751 |
Property and equipment | 7,875,885 | 7,875,885 | 8,586,761 | 9,494,785 | |||
United States [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | 250,118 | 433,259 | 506,955 | 982,104 | 1,685,274 | 1,874,589 | 1,073,680 |
Property and equipment | 2,135,248 | 2,135,248 | 4,752,834 | 5,825,644 | |||
United Kingdom [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | 76,104 | 108,857 | 154,946 | 241,481 | 421,252 | 466,202 | 275,615 |
Property and equipment | 742,830 | 742,830 | 1,020,575 | 905,966 | |||
Japan [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | 52,555 | 62,640 | 112,216 | 124,913 | 250,733 | 174,120 | 44,282 |
Property and equipment | 254,183 | 254,183 | 525,046 | 350,623 | |||
Greater China [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | 68,067 | 136,921 | 206,261 | 228,537 | 99,529 | ||
Property and equipment | 395,290 | ||||||
Other Foreign Countries [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | 214,701 | $ 208,911 | 417,214 | $ 453,198 | 852,345 | 715,144 | $ 328,645 |
Property and equipment | $ 4,743,624 | $ 4,743,624 | $ 2,288,306 | $ 2,017,262 |
Segment Disclosures and Conce_4
Segment Disclosures and Concentration - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Benchmark [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Revenue Benchmark [Member] | United States [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, Percentage | 42.00% | 49.00% | 43.00% | 51.00% | 49.00% | 54.00% | 59.00% |
Revenue Benchmark [Member] | United Kingdom [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, Percentage | 13.00% | 12.00% | 13.00% | 12.00% | 12.00% | 13.00% | 15.00% |
Revenue Benchmark [Member] | United Kingdom [Member] | WeWork [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, Percentage | 87.00% | 95.00% | |||||
Property, Plant and Equipment [Member] | United Kingdom [Member] | WeWork [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, Percentage | 82.00% | 94.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 25, 2021USD ($)key$ / sharesshares | Mar. 25, 2021USD ($)anchor_investors$ / sharesshares | Feb. 26, 2021 | Sep. 30, 2021USD ($) | Aug. 31, 2021USD ($) | May 31, 2021USD ($) | Feb. 28, 2021USD ($)$ / sharesshares | Oct. 31, 2019 | Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Apr. 30, 2021USD ($)$ / shares | Feb. 01, 2021USD ($)$ / shares | Jul. 31, 2020$ / shares | Aug. 31, 2019$ / shares |
Subsequent Event [Line Items] | ||||||||||||||||||||||
Stock issued during the period, exercised, Value | $ 10,600,000 | $ 40,000 | $ 11,715,000 | $ 125,000 | $ 220,000 | $ 38,303,000 | $ 2,934,000 | |||||||||||||||
Long-term Line of Credit | $ 800,000,000 | 5,700,000 | ||||||||||||||||||||
Debt Instrument, aggregate principal amount | 800,000,000 | |||||||||||||||||||||
Line of credit facility, current borrowing capacity | 15,000,000 | |||||||||||||||||||||
Common stock, voting rights | Effective October 30, 2019, in connection with the SoftBank Transactions, the holders of the shares of Class A Common Stock are entitled to one vote per share and the holders of the shares of Class B, Class C and Class D Common Stock are entitled to three votes per share. Prior to October 30, 2019, holders of Class B and Class C Common Stock were entitled to ten votes per share. | |||||||||||||||||||||
Letters of credit outstanding | $ 350,000,000 | |||||||||||||||||||||
Percentage of issuance fee on the letter of credit | 5.475% | |||||||||||||||||||||
Percentage of fronting fee on the letter of credit | 0.125% | |||||||||||||||||||||
Debt instrument, amounts remain undrawn | $ 0 | |||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,200,000,000 | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||||||||||||||
Minimum period notice after the closing of the Business Combination | 30 days | |||||||||||||||||||||
Impairment charges | $ 300,000,000 | $ 2,825,000 | 3,066,000 | 63,128,000 | $ 29,572,000 | |||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||
Common stock value | ||||||||||||||||||||||
Common stock, value, subscriptions | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | ||||||||||||||||||
Number of investors | 2 | 2 | ||||||||||||||||||||
Investment | $ 125,000,000 | 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||||||||||
Investment Company, Committed Capital | $ 700,000,000 | |||||||||||||||||||||
Debt instrument, maturity date, description | The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. | |||||||||||||||||||||
Warrant or right, outstanding | shares | 255,941 | |||||||||||||||||||||
Debt instrument issuance date | Aug. 12, 2021 | |||||||||||||||||||||
Long term debt expiration draw period | Aug. 12, 2021 | |||||||||||||||||||||
BowX [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Class of warrant or right, exercisable | shares | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | ||||||||||||||||||
Class of warrant or right, Exercise price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
WeWork [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Common stock, voting rights | 100 | |||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ / shares | $ 52.29 | $ 52.29 | ||||||||||||||||||||
Class of warrant or right, exercisable | shares | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | ||||||||||||||||||
Class of warrant or right, Exercise price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
LC Facility [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Warrant or right, outstanding | shares | 14,431,991 | 14,431,991 | 14,431,991 | 14,431,991 | ||||||||||||||||||
Senior Debt Obligations [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Debt Instrument, aggregate principal amount | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | ||||||||||||||||||
Line of credit facility, current borrowing capacity | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Debt instrument interest rate | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||||||||||||
Description of debt instrument condition | It is a condition to the execution of the A&R Senior Secured Note Purchase Agreement that any outstanding SoftBank Senior Secured Notes be redeemed, repurchased or otherwise repaid and canceled at a price of 101% of the principal amount thereof plus accrued and unpaid interest. | |||||||||||||||||||||
Minimum number of days to borrow | 30 days | |||||||||||||||||||||
Debt instrument, maturity date | Feb. 12, 2023 | |||||||||||||||||||||
Debt instrument, maturity date, description | The A&R Senior Secured Note Purchase Agreement will allow the Company to borrow once every 30 days with minimum draws of $50.0 million. The A&R Senior Secured Notes will mature no later than February 12, 2023 or, if earlier, 18 months from the Closing. | |||||||||||||||||||||
Minimum period of debt instrument maturity on the closing of agreement | 18 months | |||||||||||||||||||||
Other Key Anchor Investor and its affiliates [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Investment | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||||||||||
Bow Capital [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Investment | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||||||||||||
Investment Company, Committed Capital | 700,000,000 | |||||||||||||||||||||
Obsidian Master Fund and its affiliates [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Investment | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 10 | $ 10 | $ 10 | $ 10 | ||||||||||||||||||
Investment | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||||||||||
BOWX ACQUISITION CORP [Member] | Other Key Anchor Investor and its affiliates [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Investment | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||||||||||
BOWX ACQUISITION CORP [Member] | Private Investment In Public Equity [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 10 | $ 10 | $ 10 | $ 10 | ||||||||||||||||||
Common stock, value, subscriptions | $ 800,000,000,000 | $ 800,000,000,000 | $ 800,000,000,000 | $ 800,000,000,000 | ||||||||||||||||||
Common stock, shares subscribed but unissued | shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, voting rights | 49.90 | |||||||||||||||||||||
Long term debt, Maturity term | 6 months | |||||||||||||||||||||
Debt instrument interest rate | 2.60% | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, voting rights | 49.90 | |||||||||||||||||||||
Long term debt, Maturity term | 1 month | |||||||||||||||||||||
Debt instrument interest rate | 1.70% | |||||||||||||||||||||
Adam Neumann [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 19.19 | |||||||||||||||||||||
Due to affiliate | $ 105,600,000 | |||||||||||||||||||||
Settlement expense | $ 0 | |||||||||||||||||||||
Stock issued during period | shares | 30,139,971 | |||||||||||||||||||||
Stock Issued During Period, Value | $ 578,400,000 | |||||||||||||||||||||
Share issue related cost | 428,300,000 | |||||||||||||||||||||
Shares fully vested, catch-up base amount | $ 0 | $ 0 | ||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ / shares | $ 10 | $ 10 | ||||||||||||||||||||
Restructuring and other related costs | 102,000,000 | |||||||||||||||||||||
Sponsor [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||
Shares issued, value, forfeited | $ 3,000,000,000 | |||||||||||||||||||||
2021 Tender Offer [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Equity Securities, Issued | $ 921,600,000 | $ 921,600,000 | ||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 19.19 | $ 19.19 | ||||||||||||||||||||
Tender Offer Costs | $ 48,000,000 | |||||||||||||||||||||
Series H-3 Convertible Preferred Stock [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Stock issued during the period, exercised | shares | 129,887,919 | |||||||||||||||||||||
Stock issued during the period, exercised, Value | $ 1,300,000 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price | $ / shares | $ 0.01 | |||||||||||||||||||||
Change in fair value adjustments of financial instruments | $ 311,700,000 | |||||||||||||||||||||
Class of warrant or right, Exercise price per share | $ / shares | $ 0.01 | |||||||||||||||||||||
Series H-4 Convertible Preferred Stock [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Preferred stock, shares authorized | shares | 129,887,919 | |||||||||||||||||||||
Increased the number of authorized shares | shares | 136,009,158 | |||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Common stock value | $ 177,000 | $ 177,000 | $ 42,000 | $ 41,000 | ||||||||||||||||||
Common Class A [Member] | WeWork [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Class of warrant or right, exercisable | shares | 47,366,404 | 47,366,404 | 47,366,404 | 47,366,404 | ||||||||||||||||||
Class of warrant or right, Exercise price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Common Class A [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||
Common stock value | $ 9,000,000,000 | $ 9,000,000,000 | $ 9,000,000,000 | $ 9,000,000,000 | ||||||||||||||||||
Net tangible assets | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 | ||||||||||||||||||
Common Class C [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Common stock value | $ 24,000 | $ 24,000 | $ 25,000 | $ 28,000 | ||||||||||||||||||
Common Class C [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Long term debt, Maturity term | 4 years | |||||||||||||||||||||
Investment Company, Committed Capital | $ 12,500,000 | |||||||||||||||||||||
Debt instrument issuance date | Sep. 30, 2021 | |||||||||||||||||||||
Long term debt expiration draw period | Sep. 30, 2021 | |||||||||||||||||||||
Long-term debt maturity date | Feb. 12, 2023 | |||||||||||||||||||||
Subsequent Event [Member] | Softbank Latin America Fund [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Investment Company, Committed Capital | $ 80,000,000 | |||||||||||||||||||||
Subsequent Event [Member] | Neumann [Member] | Letter of Credit [Member] | Termination of Lease Agreement [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,400,000 |
Supplementary Information - Add
Supplementary Information - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
WeWork Companies LLC [Member] | ||
Ownership interest held by the company | 100.00% | 100.00% |
Supplementary Information - Con
Supplementary Information - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Current assets: | |||||||||||
Cash and cash equivalents | $ 843,957 | [1] | $ 800,535 | [1],[2] | $ 713,984 | $ 1,340,140 | [2] | $ 1,744,209 | |||
Accounts receivable and accrued revenue, net | 118,205 | 176,521 | 230,239 | ||||||||
Lease incentives receivable | |||||||||||
Due from related party | |||||||||||
Assets held for sale | 134,958 | ||||||||||
Other current assets | 435,448 | 352,172 | 422,938 | ||||||||
Total current assets | 1,397,610 | 1,329,228 | 2,128,275 | ||||||||
Property and equipment, net | 5,991,011 | 6,859,163 | 8,399,541 | ||||||||
Lease right-of-use assets, net | 13,923,373 | 15,107,880 | 17,496,004 | ||||||||
Restricted cash | 11,528 | [1] | 53,618 | [1],[2] | 856,255 | [2] | |||||
Deferred lease acquisition costs, net | |||||||||||
Equity method and other investments | 198,163 | 214,940 | 203,719 | ||||||||
Goodwill | 678,668 | 679,351 | 698,416 | 681,017 | |||||||
Intangible assets, net | 53,806 | 49,896 | 79,865 | ||||||||
Other assets | 932,151 | 1,062,258 | 1,285,739 | ||||||||
Total assets | 23,186,310 | [1] | 25,356,334 | [1],[2] | 31,147,814 | [2] | |||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | 537,600 | 723,411 | 1,371,677 | ||||||||
Members' service retainers | 347,057 | 358,566 | 605,574 | ||||||||
Deferred revenue | 138,207 | 176,004 | 180,390 | ||||||||
Current lease obligations | 873,531 | 847,531 | 685,629 | ||||||||
Liabilities held for sale | 25,442 | ||||||||||
Other current liabilities | 440,374 | 83,755 | 218,820 | ||||||||
Total current liabilities | 2,336,769 | 2,189,267 | 3,087,532 | ||||||||
Long-term lease obligations | 18,977,544 | 20,263,606 | 21,251,163 | ||||||||
Unsecured related party debt | 2,200,000 | 1,200,000 | |||||||||
Convertible related party liabilities, net | 57,944 | 418,908 | 2,151,075 | ||||||||
Long-term debt, net | 659,446 | 688,356 | 1,389,431 | ||||||||
Other liabilities | 242,522 | 221,780 | 137,641 | ||||||||
Total liabilities | 24,474,225 | [1] | 24,981,917 | [1],[2] | 28,016,842 | [2] | |||||
Convertible preferred stock | 8,379,182 | 7,666,098 | 6,473,604 | ||||||||
Redeemable noncontrolling interests | 291,901 | 380,242 | 1,032,080 | ||||||||
Stockholders' Equity: | |||||||||||
Total WeWork Inc. shareholders' equity (deficit) | (9,964,996) | (7,673,785) | (4,696,897) | ||||||||
Noncontrolling interests | 5,998 | 1,862 | 322,185 | ||||||||
Total stockholders' equity | (9,958,998) | $ (9,145,690) | (7,671,923) | $ (5,692,452) | $ (4,782,049) | (4,374,712) | $ (2,458,576) | $ (1,302,451) | |||
Total Liabilities and Stockholders' Equity | 23,186,310 | 25,356,334 | 31,147,814 | ||||||||
Operating Segments [Member] | Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 843,552 | 800,531 | 1,340,139 | ||||||||
Accounts receivable and accrued revenue, net | 118,205 | 176,521 | 230,239 | ||||||||
Assets held for sale | 134,958 | ||||||||||
Other current assets | 435,125 | 349,672 | 422,938 | ||||||||
Total current assets | 1,396,882 | 1,326,724 | 2,128,274 | ||||||||
Investments in and advances to/(from) consolidated subsidiaries | (15,783) | (28,632) | (89,515) | ||||||||
Property and equipment, net | 5,991,011 | 6,859,163 | 8,399,541 | ||||||||
Lease right-of-use assets, net | 13,923,373 | 15,107,880 | 17,496,004 | ||||||||
Restricted cash | 11,528 | 53,618 | 856,255 | ||||||||
Equity method and other investments | 198,163 | 214,940 | 203,719 | ||||||||
Goodwill | 678,668 | 679,351 | 698,416 | ||||||||
Intangible assets, net | 53,806 | 49,896 | 79,865 | ||||||||
Other assets | 933,381 | 1,062,258 | 1,286,180 | ||||||||
Total assets | 23,171,029 | 25,325,198 | 31,058,739 | ||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | 526,045 | 698,241 | 1,281,677 | ||||||||
Members' service retainers | 347,057 | 358,566 | 605,574 | ||||||||
Deferred revenue | 138,207 | 176,004 | 180,390 | ||||||||
Current lease obligations | 873,531 | 847,531 | 685,629 | ||||||||
Liabilities held for sale | 25,442 | ||||||||||
Other current liabilities | 437,535 | 83,755 | 95,411 | ||||||||
Total current liabilities | 2,322,375 | 2,164,097 | 2,874,123 | ||||||||
Long-term lease obligations | 18,977,544 | 20,263,606 | 21,251,163 | ||||||||
Unsecured related party debt | 2,200,000 | 1,200,000 | |||||||||
Long-term debt, net | 659,446 | 688,356 | 1,389,431 | ||||||||
Other liabilities | 242,522 | 221,780 | 137,641 | ||||||||
Total liabilities | 24,401,887 | 24,537,839 | 25,652,358 | ||||||||
Redeemable noncontrolling interests | 291,901 | 380,242 | 1,032,080 | ||||||||
Stockholders' Equity: | |||||||||||
Total WeWork Inc. shareholders' equity (deficit) | (1,528,757) | 405,255 | 4,052,116 | ||||||||
Noncontrolling interests | 5,998 | 1,862 | 322,185 | ||||||||
Total stockholders' equity | (1,522,759) | 407,117 | 4,374,301 | ||||||||
Total Liabilities and Stockholders' Equity | 23,171,029 | 25,325,198 | 31,058,739 | ||||||||
Operating Segments [Member] | Standalone [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 405 | 4 | 1 | ||||||||
Total current assets | 405 | 4 | 1 | ||||||||
Investments in and advances to/(from) consolidated subsidiaries | (1,513,876) | 436,385 | 4,141,631 | ||||||||
Other assets | (441) | ||||||||||
Total assets | (1,513,471) | 436,389 | 4,141,191 | ||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | 11,560 | 25,168 | 90,000 | ||||||||
Other current liabilities | 2,839 | 123,409 | |||||||||
Total current liabilities | 14,399 | 25,168 | 213,409 | ||||||||
Convertible related party liabilities, net | 57,944 | 418,908 | 2,151,075 | ||||||||
Total liabilities | 72,343 | 444,076 | 2,364,484 | ||||||||
Convertible preferred stock | 8,379,182 | 7,666,098 | 6,473,604 | ||||||||
Stockholders' Equity: | |||||||||||
Total WeWork Inc. shareholders' equity (deficit) | (9,964,996) | (7,673,785) | (4,696,897) | ||||||||
Total stockholders' equity | (9,964,996) | (7,673,785) | (4,696,897) | ||||||||
Total Liabilities and Stockholders' Equity | (1,513,471) | 436,389 | 4,141,191 | ||||||||
Operating Segments [Member] | Other Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Other current assets | 323 | 2,500 | |||||||||
Total current assets | 323 | 2,500 | |||||||||
Investments in and advances to/(from) consolidated subsidiaries | (1,528,757) | 405,255 | 4,052,116 | ||||||||
Other assets | (1,230) | ||||||||||
Total assets | (1,529,664) | 407,755 | 4,052,116 | ||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | (5) | 2 | |||||||||
Total current liabilities | (5) | 2 | |||||||||
Total liabilities | (5) | 2 | |||||||||
Stockholders' Equity: | |||||||||||
Total WeWork Inc. shareholders' equity (deficit) | (1,529,659) | 407,753 | 4,052,116 | ||||||||
Total stockholders' equity | (1,529,659) | 407,753 | 4,052,116 | ||||||||
Total Liabilities and Stockholders' Equity | (1,529,664) | 407,755 | 4,052,116 | ||||||||
Eliminations [Member] | |||||||||||
Current assets: | |||||||||||
Investments in and advances to/(from) consolidated subsidiaries | 3,058,416 | (813,008) | (8,104,232) | ||||||||
Total assets | 3,058,416 | (813,008) | (8,104,232) | ||||||||
Stockholders' Equity: | |||||||||||
Total WeWork Inc. shareholders' equity (deficit) | 3,058,416 | (813,008) | (8,104,232) | ||||||||
Total stockholders' equity | 3,058,416 | (813,008) | (8,104,232) | ||||||||
Total Liabilities and Stockholders' Equity | $ 3,058,416 | $ (813,008) | $ (8,104,232) | ||||||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | ||||||||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. |
Supplementary Information - C_2
Supplementary Information - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Revenues | $ 593,478 | $ 881,734 | $ 1,191,331 | $ 1,938,617 | $ 3,415,865 | $ 3,458,592 | $ 1,821,751 | |||||
Operating expenses | ||||||||||||
Location operating expenses | 780,489 | 881,468 | 1,598,812 | 1,804,802 | 3,542,918 | 2,758,318 | ||||||
Pre-opening location expenses | 43,435 | 78,184 | 76,839 | 165,919 | 273,049 | 571,968 | 357,831 | |||||
Selling, general and administrative expenses | 225,082 | [1] | 392,818 | [1] | 499,502 | [1] | 925,101 | [1] | 1,604,669 | 2,793,663 | 1,349,622 | |
Restructuring and other related costs | (27,794) | 80,529 | 466,045 | 136,216 | 206,703 | 329,221 | ||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 242,104 | 280,476 | 541,585 | 555,959 | 1,355,921 | 335,006 | ||||||
Depreciation and amortization | 180,157 | 195,797 | 364,341 | 390,156 | 779,368 | 589,914 | 313,514 | |||||
Total expenses | 1,443,473 | 1,909,272 | 3,547,124 | 3,978,153 | 7,762,628 | 7,378,090 | 3,512,750 | |||||
Loss from operations | (849,995) | (1,027,538) | (2,355,793) | (2,039,536) | (4,346,763) | (3,919,498) | (1,690,999) | |||||
Interest and other income (expense), net: | ||||||||||||
Income (loss) from equity method and other investments | 6,068 | (43,204) | (24,510) | (47,111) | (44,788) | (32,206) | (12,638) | |||||
Interest expense | (113,259) | (93,249) | (217,828) | (138,090) | (331,217) | (99,587) | (183,697) | |||||
Interest income | 4,358 | 1,978 | 9,455 | 8,742 | 16,910 | 53,244 | 37,663 | |||||
Foreign currency gain (loss) | 33,025 | 54,473 | (37,925) | (149,985) | 149,196 | 29,652 | (78,598) | |||||
Gain (loss) from change in fair value of related party financial instruments | 1,309 | 4,197 | (350,822) | 792,313 | 819,647 | 239,145 | ||||||
Loss on extinguishment of debt | (76,295) | (77,336) | ||||||||||
Total interest and other income (expense), net | (68,499) | (75,805) | (621,630) | 389,574 | 532,412 | 190,248 | (237,270) | |||||
Pre-tax loss | (918,494) | (1,103,343) | (2,977,423) | (1,649,962) | (3,814,351) | (3,729,250) | (1,928,269) | |||||
Income tax benefit (provision) | (4,015) | $ (7,100) | (7,095) | (7,282) | (16,115) | (19,506) | (45,637) | 850 | ||||
Net loss | (922,509) | (1,110,438) | (2,984,705) | (1,666,077) | (3,833,857) | (3,774,887) | (1,927,419) | |||||
Net loss attributable to noncontrolling interests: | ||||||||||||
Redeemable noncontrolling interests — mezzanine | 34,134 | 244,706 | 64,120 | 603,763 | 675,631 | 493,047 | 292,134 | |||||
Noncontrolling interest — equity | (470) | 1,903 | (615) | 14,616 | 28,868 | 17,102 | 24,493 | |||||
Net loss attributable to WeWork Inc. | (888,845) | (863,829) | (2,921,200) | (1,047,698) | (3,129,358) | (3,264,738) | $ (1,610,792) | |||||
Operating Segments [Member] | ||||||||||||
Operating expenses | ||||||||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 555,959 | |||||||||||
Depreciation and amortization | 390,156 | |||||||||||
Interest and other income (expense), net: | ||||||||||||
Income (loss) from equity method and other investments | (47,111) | |||||||||||
Loss on extinguishment of debt | (76,295) | |||||||||||
Net loss | (1,666,077) | |||||||||||
Eliminations [Member] | ||||||||||||
Interest and other income (expense), net: | ||||||||||||
Equity income (loss) from consolidated subsidiaries | 1,778,746 | 1,731,882 | 5,138,807 | 3,720,496 | 7,951,501 | 6,092,692 | ||||||
Total interest and other income (expense), net | 1,778,746 | 1,731,882 | 5,138,807 | 3,720,496 | 7,951,501 | 6,092,692 | ||||||
Pre-tax loss | 1,778,746 | 1,731,882 | 5,138,807 | 3,720,496 | 7,951,501 | 6,092,692 | ||||||
Net loss | 1,778,746 | 1,731,882 | 5,138,807 | 3,720,496 | 7,951,501 | 6,092,692 | ||||||
Net loss attributable to noncontrolling interests: | ||||||||||||
Net loss attributable to WeWork Inc. | 1,778,746 | 1,731,882 | 5,138,807 | 3,720,496 | 7,951,501 | 6,092,692 | ||||||
Subsidiaries [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 593,478 | 881,734 | 1,191,331 | 1,938,617 | 3,415,865 | 3,458,592 | ||||||
Operating expenses | ||||||||||||
Location operating expenses | 780,489 | 881,468 | 1,598,812 | 1,804,802 | 3,542,918 | 2,758,318 | ||||||
Pre-opening location expenses | 43,435 | 78,184 | 76,839 | 165,919 | 273,049 | 571,968 | ||||||
Selling, general and administrative expenses | 224,915 | 390,776 | 499,025 | 922,281 | 1,604,311 | 2,793,178 | ||||||
Restructuring and other related costs | (27,794) | 80,529 | 466,163 | 136,216 | 206,703 | 329,221 | ||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 242,105 | 280,390 | 541,585 | 602,073 | 1,409,234 | 335,006 | ||||||
Depreciation and amortization | 180,157 | 195,797 | 364,341 | 390,156 | 779,368 | 589,914 | ||||||
Total expenses | 1,443,307 | 1,907,144 | 3,546,765 | 4,021,447 | 7,815,583 | 7,377,605 | ||||||
Loss from operations | (849,829) | (1,025,410) | (2,355,434) | (2,082,830) | (4,399,718) | (3,919,013) | ||||||
Interest and other income (expense), net: | ||||||||||||
Income (loss) from equity method and other investments | 6,068 | (43,204) | (24,510) | (47,111) | (44,788) | (32,206) | ||||||
Interest expense | (113,259) | (93,249) | (217,828) | (138,090) | (331,217) | (99,587) | ||||||
Interest income | 4,358 | 1,978 | 9,455 | 8,742 | 16,910 | 53,244 | ||||||
Foreign currency gain (loss) | 33,025 | 54,473 | (37,924) | (149,985) | 149,204 | 29,652 | ||||||
Gain (loss) from change in fair value of related party financial instruments | 456,611 | |||||||||||
Loss on extinguishment of debt | (76,295) | (77,336) | ||||||||||
Total interest and other income (expense), net | (69,808) | (80,002) | (270,807) | (402,739) | (287,227) | 407,714 | ||||||
Pre-tax loss | (919,637) | (1,105,412) | (2,626,241) | (2,485,569) | (4,686,945) | (3,511,299) | ||||||
Income tax benefit (provision) | (2,786) | (7,095) | (6,053) | (16,115) | (19,947) | (45,196) | ||||||
Net loss | (922,423) | (1,112,507) | (2,632,294) | (2,501,684) | (4,706,892) | (3,556,495) | ||||||
Net loss attributable to noncontrolling interests: | ||||||||||||
Redeemable noncontrolling interests — mezzanine | 34,134 | 244,706 | 64,120 | 603,763 | 675,631 | 493,047 | ||||||
Noncontrolling interest — equity | (470) | 1,903 | (615) | 14,616 | 28,868 | 17,102 | ||||||
Net loss attributable to WeWork Inc. | (888,759) | (865,898) | (2,568,789) | (1,883,305) | (4,002,393) | (3,046,346) | ||||||
Standalone [Member] | Operating Segments [Member] | ||||||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 168 | 2,042 | 476 | 2,820 | 330 | 485 | ||||||
Restructuring and other related costs | (117) | |||||||||||
Total expenses | 168 | 2,042 | 359 | 2,820 | 330 | 485 | ||||||
Loss from operations | (168) | (2,042) | (359) | (2,820) | (330) | (485) | ||||||
Interest and other income (expense), net: | ||||||||||||
Equity income (loss) from consolidated subsidiaries | (889,987) | (865,984) | (2,570,018) | (1,837,191) | (3,949,108) | (3,046,346) | ||||||
Foreign currency gain (loss) | (1) | (8) | ||||||||||
Gain (loss) from change in fair value of related party financial instruments | 1,310 | 4,197 | (350,822) | 792,313 | 819,647 | (217,466) | ||||||
Total interest and other income (expense), net | (888,677) | (861,787) | (2,920,841) | (1,044,878) | (3,129,469) | (3,263,812) | ||||||
Pre-tax loss | (888,845) | (863,829) | (2,921,200) | (1,047,698) | (3,129,799) | (3,264,297) | ||||||
Income tax benefit (provision) | 441 | (441) | ||||||||||
Net loss | (888,845) | (863,829) | (2,921,200) | (1,047,698) | (3,129,358) | (3,264,738) | ||||||
Net loss attributable to noncontrolling interests: | ||||||||||||
Net loss attributable to WeWork Inc. | (888,845) | (863,829) | (2,921,200) | (1,047,698) | (3,129,358) | (3,264,738) | ||||||
Other Subsidiaries [Member] | Operating Segments [Member] | ||||||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 1 | 1 | 28 | |||||||||
Restructuring and other related costs | (1) | |||||||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | (1) | 86 | (46,114) | (53,313) | ||||||||
Total expenses | (2) | 86 | (46,114) | (53,285) | ||||||||
Loss from operations | 2 | (86) | 46,114 | 53,285 | ||||||||
Interest and other income (expense), net: | ||||||||||||
Equity income (loss) from consolidated subsidiaries | (888,759) | (865,898) | (2,568,789) | (1,883,305) | (4,002,393) | (3,046,346) | ||||||
Gain (loss) from change in fair value of related party financial instruments | (1) | |||||||||||
Total interest and other income (expense), net | (888,760) | (865,898) | (2,568,789) | (1,883,305) | (4,002,393) | (3,046,346) | ||||||
Pre-tax loss | (888,758) | (865,984) | (2,568,789) | (1,837,191) | (3,949,108) | (3,046,346) | ||||||
Income tax benefit (provision) | (1,229) | (1,229) | ||||||||||
Net loss | (889,987) | (865,984) | (2,570,018) | (1,837,191) | (3,949,108) | (3,046,346) | ||||||
Net loss attributable to noncontrolling interests: | ||||||||||||
Net loss attributable to WeWork Inc. | $ (889,987) | $ (865,984) | $ (2,570,018) | $ (1,837,191) | $ (3,949,108) | $ (3,046,346) | ||||||
[1] | Includes cost of revenue in the amount of $20.6 million and $50.1 million for the three months and $32.7 million and $142.5 million for the six months ended June 30, 2021 and 2020, respectively. Excludes depreciation and amortization of none for the three months and none and $0.2 million for the six months ended June 30, 2021 and 2020, respectively shown separately below. |
Supplementary Information - C_3
Supplementary Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | ||||||||
Net loss | $ (922,509) | $ (1,110,438) | $ (2,984,705) | $ (1,666,077) | $ (3,833,857) | $ (3,774,887) | $ (1,927,419) | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||
Depreciation and amortization | 180,157 | 195,797 | 364,341 | 390,156 | 779,368 | 589,914 | 313,514 | |
Impairment of property and equipment | $ 300,000 | 2,825 | 3,066 | 63,128 | 29,572 | |||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 242,104 | 280,476 | 541,585 | 555,959 | 1,355,921 | 335,006 | ||
Non-cash transaction with principal shareholder | 428,289 | 185,000 | ||||||
Loss on extinguishment of debt | 76,295 | 77,336 | ||||||
Stock-based compensation expense | 159,874 | 44,961 | 62,776 | 358,969 | 69,400 | |||
Cash paid to settle employee stock awards | (3,141) | (13,939) | ||||||
Issuance of stock for services rendered | (2,273) | 9,834 | 7,893 | 20,367 | 18,957 | |||
Non-cash interest expense | 105,137 | 67,390 | 172,112 | 14,917 | 127,716 | |||
Provision for allowance for doubtful accounts | 17,247 | 20,956 | 67,482 | 22,221 | 6,722 | |||
Income (loss) from equity method and other investments | (6,068) | 43,204 | 24,510 | 47,111 | 44,788 | 32,206 | 12,638 | |
Distribution of income from equity method and other investments | 3,210 | 4,191 | ||||||
Foreign currency gain (loss) | 37,925 | 148,854 | (149,196) | (30,915) | 80,587 | |||
Change in fair value of financial instruments | 350,822 | (792,313) | (819,647) | (239,145) | ||||
Contingent consideration fair market value adjustment | (194) | (122) | (60,667) | 76,439 | ||||
Changes in operating assets and liabilities: | ||||||||
Operating lease right-of-use assets | 830,935 | 234,284 | 1,024,709 | (5,850,744) | ||||
Current and long-term lease obligations | (909,490) | 752,026 | 502,025 | 7,672,358 | ||||
Accounts receivable and accrued revenue | 11,630 | (69,988) | (32,749) | (175,262) | (69,403) | |||
Other assets | (58,838) | (13,638) | (28,148) | (126,870) | (211,690) | |||
Accounts payable and accrued expenses | (40,704) | (30,901) | (164,190) | 390,609 | 147,627 | |||
Deferred revenue | (36,684) | 36,233 | 32,803 | 90,445 | 54,782 | |||
Other liabilities | (3,488) | 17,959 | 39,731 | 38,840 | 1,618 | |||
Deferred income taxes | 1,720 | (284) | (159) | (3,734) | (10,112) | |||
Net cash provided by (used in) operating activities | (1,158,957) | (168,552) | (857,008) | (448,244) | (176,729) | |||
Cash Flows from Investing Activities | ||||||||
Purchases of property and equipment | (153,142) | (985,011) | (1,441,232) | (3,488,086) | (2,055,020) | |||
Capitalized software | (17,986) | (12,705) | (22,614) | (40,735) | (8,891) | |||
Change in security deposits with landlords | 2,885 | 526 | (140,071) | |||||
Proceeds from asset divestitures and sale of investments, net of cash divested | 8,319 | 1,088,876 | 1,172,860 | 16,599 | 2,202 | |||
Contributions to investments | (26,704) | (93,357) | (99,146) | (80,674) | (121,626) | |||
Loans to employees and related parties | (5,580) | (1,859) | ||||||
Cash used for acquisitions, net of cash acquired | (1,036,973) | (204,141) | ||||||
Deconsolidation of cash of ChinaCo, net of cash received | (54,481) | |||||||
Net cash provided by (used in) investing activities | (186,628) | (7,072) | (444,087) | (4,775,520) | (2,475,798) | |||
Cash Flows from Financing Activities: | ||||||||
Principal payments for property and equipment acquired under finance leases | (2,184) | (2,144) | (4,021) | (3,590) | (1,869) | |||
Proceeds from issuance of debt | 349,011 | 32,445 | 34,309 | 662,395 | 768,795 | |||
Proceeds from issuance of convertible related party liabilities | 4,000,000 | 1,000,000 | ||||||
Proceeds from unsecured related party debt | 1,000,000 | 1,200,000 | ||||||
Repayments of debt | (759,196) | (813,140) | (3,088) | (1,085) | ||||
Bond repurchase | (32,352) | |||||||
Debt and equity issuance costs | (4,124) | (12,039) | (71,075) | (23,227) | ||||
Repayment of security deposit loan | (2,615) | |||||||
Proceeds from exercise of stock options and warrants | 2,413 | 212 | 38,823 | 3,505 | ||||
Proceeds from issuance of noncontrolling interests | 629 | 100,628 | 538,934 | 747,907 | ||||
Distributions to noncontrolling interests | (315,015) | (319,860) | (40,000) | |||||
Payments for contingent consideration and holdback of acquisition proceeds | (2,523) | (32,792) | (39,701) | (38,280) | (14,436) | |||
Proceeds relating to contingent consideration and holdbacks of disposition proceeds | 12,177 | 613 | ||||||
Additions to members' service retainers | 198,194 | 205,734 | 382,184 | 703,265 | 359,634 | |||
Refunds of members' service retainers | (204,763) | (280,814) | (575,999) | (497,761) | (153,203) | |||
Net cash provided by (used in) financing activities | 1,349,710 | (1,155,128) | (46,814) | 5,257,271 | 2,658,469 | |||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (2,793) | (22,610) | 1,374 | 3,239 | (13,119) | |||
Net decrease in cash | 1,332 | (1,353,362) | (1,346,535) | 36,746 | (7,177) | |||
Cash, cash equivalents and restricted cash—Beginning of period | 854,153 | 854,153 | 2,200,688 | 2,200,688 | 2,163,942 | 2,171,119 | ||
Cash, cash equivalents and restricted cash—End of period | 855,485 | 847,326 | 855,485 | 847,326 | 854,153 | 2,200,688 | 2,163,942 | |
Operating Segments [Member] | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | (1,666,077) | |||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||
Depreciation and amortization | 390,156 | |||||||
Impairment of property and equipment | 2,825 | |||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 555,959 | |||||||
Loss on extinguishment of debt | 76,295 | |||||||
Stock-based compensation expense | 44,961 | |||||||
Issuance of stock for services rendered | 9,834 | |||||||
Non-cash interest expense | 67,390 | |||||||
Provision for allowance for doubtful accounts | 20,956 | |||||||
Income (loss) from equity method and other investments | 47,111 | |||||||
Distribution of income from equity method and other investments | 148,854 | |||||||
Change in fair value of financial instruments | (792,313) | |||||||
Contingent consideration fair market value adjustment | (194) | |||||||
Changes in operating assets and liabilities: | ||||||||
Operating lease right-of-use assets | 163,684 | |||||||
Current and long-term lease obligations | 752,026 | |||||||
Accounts receivable and accrued revenue | (69,988) | |||||||
Other assets | (13,638) | |||||||
Accounts payable and accrued expenses | (30,901) | |||||||
Deferred revenue | 36,233 | |||||||
Other liabilities | 17,675 | |||||||
Net cash provided by (used in) operating activities | (1,158,957) | (239,152) | ||||||
Cash Flows from Investing Activities | ||||||||
Purchases of property and equipment | (914,411) | |||||||
Capitalized software | (12,705) | |||||||
Change in security deposits with landlords | (4,875) | |||||||
Proceeds from asset divestitures and sale of investments, net of cash divested | 1,088,876 | |||||||
Contributions to investments | (93,357) | |||||||
Net cash provided by (used in) investing activities | 63,528 | |||||||
Cash Flows from Financing Activities: | ||||||||
Principal payments for property and equipment acquired under finance leases | (2,144) | |||||||
Proceeds from issuance of debt | 32,445 | |||||||
Repayments of debt | (759,196) | |||||||
Debt and equity issuance costs | (4,124) | |||||||
Proceeds from exercise of stock options and warrants | 149 | |||||||
Proceeds from issuance of noncontrolling interests | 629 | |||||||
Distributions to noncontrolling interests | (315,015) | |||||||
Payments for contingent consideration and holdback of acquisition proceeds | (32,792) | |||||||
Additions to members' service retainers | 205,734 | |||||||
Refunds of members' service retainers | (280,814) | |||||||
Net cash provided by (used in) financing activities | (1,155,128) | |||||||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (22,610) | |||||||
Net decrease in cash | (1,353,362) | |||||||
Cash, cash equivalents and restricted cash—Beginning of period | 2,200,688 | 2,200,688 | ||||||
Cash, cash equivalents and restricted cash—End of period | 847,326 | 847,326 | 2,200,688 | |||||
Intersegment Eliminations [Member] | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | 1,778,746 | 1,731,882 | 5,138,807 | 3,720,496 | 7,951,501 | 6,092,692 | ||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||
Equity income (loss) from consolidated subsidiaries | (1,778,746) | (1,731,882) | (5,138,807) | (3,720,496) | (7,951,501) | (6,092,692) | ||
Subsidiaries [Member] | Operating Segments [Member] | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | (922,423) | (1,112,507) | (2,632,294) | (2,501,684) | (4,706,892) | (3,556,495) | ||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||
Depreciation and amortization | 180,157 | 195,797 | 364,341 | 390,156 | 779,368 | 589,914 | ||
Impairment of property and equipment | 2,825 | 3,066 | 63,128 | |||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | 242,105 | 280,390 | 541,585 | 602,073 | 1,409,234 | 335,006 | ||
Non-cash transaction with principal shareholder | 428,289 | 185,000 | ||||||
Loss on extinguishment of debt | 76,295 | 77,336 | ||||||
Stock-based compensation expense | 159,874 | 44,961 | 62,776 | 358,969 | ||||
Cash paid to settle employee stock awards | (3,141) | |||||||
Issuance of stock for services rendered | (2,273) | 9,834 | 7,893 | 20,367 | ||||
Non-cash interest expense | 105,137 | 67,390 | 172,112 | 14,917 | ||||
Provision for allowance for doubtful accounts | 17,247 | 20,956 | 67,482 | 22,221 | ||||
Income (loss) from equity method and other investments | (6,068) | 43,204 | 24,510 | 47,111 | 44,788 | 32,206 | ||
Distribution of income from equity method and other investments | 3,210 | 148,854 | 4,191 | |||||
Foreign currency gain (loss) | 37,924 | (149,204) | (30,915) | |||||
Change in fair value of financial instruments | (456,611) | |||||||
Contingent consideration fair market value adjustment | (194) | (122) | (60,667) | |||||
Changes in operating assets and liabilities: | ||||||||
Operating lease right-of-use assets | 830,935 | 163,684 | 1,024,709 | (5,850,744) | ||||
Current and long-term lease obligations | (909,490) | 752,026 | 502,025 | 7,672,358 | ||||
Accounts receivable and accrued revenue | 11,630 | (69,988) | (32,749) | (175,262) | ||||
Other assets | (60,068) | (13,638) | (28,148) | (126,870) | ||||
Accounts payable and accrued expenses | (27,091) | 7,314 | (99,360) | 300,609 | ||||
Deferred revenue | (36,684) | 36,233 | 32,803 | 90,445 | ||||
Other liabilities | (6,327) | 17,675 | 39,731 | (84,569) | ||||
Deferred income taxes | 1,720 | 282 | (4,175) | |||||
Advances to/from consolidated subsidiaries | (10,220) | (41,034) | (65,191) | 212,923 | ||||
Net cash provided by (used in) operating activities | (1,158,045) | (239,151) | (857,011) | (448,245) | ||||
Cash Flows from Investing Activities | ||||||||
Purchases of property and equipment | (153,142) | (914,411) | (1,441,232) | (3,488,086) | ||||
Capitalized software | (17,986) | (12,705) | (22,614) | (40,735) | ||||
Change in security deposits with landlords | 2,885 | (4,875) | 526 | (140,071) | ||||
Proceeds from asset divestitures and sale of investments, net of cash divested | 8,319 | 994,627 | 1,047,321 | 16,599 | ||||
Sale/distribution of acquisitions among consolidated subsidiaries | 94,249 | 125,539 | ||||||
Contributions to investments | (26,704) | (93,357) | (99,146) | (80,674) | ||||
Loans to employees and related parties | (5,580) | |||||||
Cash used for acquisitions, net of cash acquired | (992,980) | |||||||
Deconsolidation of cash of ChinaCo, net of cash received | (54,481) | |||||||
Sale of acquisitions to consolidated subsidiaries | (43,993) | |||||||
Net cash provided by (used in) investing activities | (186,628) | 63,528 | (444,087) | (4,775,520) | ||||
Cash Flows from Financing Activities: | ||||||||
Principal payments for property and equipment acquired under finance leases | (2,184) | (2,144) | (4,021) | (3,590) | ||||
Proceeds from issuance of debt | 349,011 | 32,445 | 34,309 | 662,395 | ||||
Proceeds from issuance of convertible related party liabilities | 2,500,000 | |||||||
Advances to/from consolidated subsidiaries | 1,500,000 | |||||||
Proceeds from unsecured related party debt | 1,000,000 | 1,200,000 | ||||||
Repayments of debt | (759,196) | (813,140) | (3,088) | |||||
Bond repurchase | (32,352) | |||||||
Debt and equity issuance costs | (4,124) | (12,039) | (71,075) | |||||
Repayment of security deposit loan | (2,615) | |||||||
Proceeds from exercise of stock options and warrants | 1,100 | 149 | 212 | 38,823 | ||||
Proceeds from issuance of noncontrolling interests | 629 | 100,628 | 538,934 | |||||
Distributions to noncontrolling interests | (315,015) | (319,860) | (40,000) | |||||
Payments for contingent consideration and holdback of acquisition proceeds | (2,523) | (32,792) | (39,701) | (38,280) | ||||
Proceeds relating to contingent consideration and holdbacks of disposition proceeds | 12,177 | 613 | ||||||
Additions to members' service retainers | 198,194 | 205,734 | 382,184 | 703,265 | ||||
Refunds of members' service retainers | (204,763) | (280,814) | (575,999) | (497,761) | ||||
Net cash provided by (used in) financing activities | 1,348,397 | (1,155,128) | (46,814) | 5,257,271 | ||||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (2,793) | (22,610) | 1,374 | 3,239 | ||||
Net decrease in cash | 931 | (1,353,361) | (1,346,538) | 36,745 | ||||
Cash, cash equivalents and restricted cash—Beginning of period | 854,149 | 854,149 | 2,200,687 | 2,200,687 | 2,163,942 | |||
Cash, cash equivalents and restricted cash—End of period | 855,080 | 847,326 | 855,080 | 847,326 | 854,149 | 2,200,687 | $ 2,163,942 | |
Adjustment of Standalone [Member] | Operating Segments [Member] | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | (888,845) | (863,829) | (2,921,200) | (1,047,698) | (3,129,358) | (3,264,738) | ||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||
Equity income (loss) from consolidated subsidiaries | 889,987 | 865,984 | 2,570,018 | 1,837,191 | 3,949,108 | 3,046,346 | ||
Foreign currency gain (loss) | 1 | 8 | ||||||
Change in fair value of financial instruments | 350,822 | (792,313) | (819,647) | 217,466 | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable and accrued expenses | (13,608) | (38,215) | (64,832) | 90,000 | ||||
Other liabilities | 2,839 | 123,409 | ||||||
Deferred income taxes | (441) | 441 | ||||||
Advances to/from consolidated subsidiaries | 10,216 | 41,034 | 65,165 | (212,923) | ||||
Net cash provided by (used in) operating activities | (912) | (1) | 3 | 1 | ||||
Cash Flows from Investing Activities | ||||||||
Cash used for acquisitions, net of cash acquired | (43,993) | |||||||
Sale of acquisitions to consolidated subsidiaries | 43,993 | |||||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from issuance of convertible related party liabilities | 1,500,000 | |||||||
Advances to/from consolidated subsidiaries | (1,500,000) | |||||||
Proceeds from exercise of stock options and warrants | 1,313 | |||||||
Net cash provided by (used in) financing activities | 1,313 | |||||||
Net decrease in cash | 401 | (1) | 3 | 1 | ||||
Cash, cash equivalents and restricted cash—Beginning of period | $ 4 | 4 | 1 | 1 | ||||
Cash, cash equivalents and restricted cash—End of period | 405 | 405 | 4 | 1 | ||||
Adjustment of Other Subsidiaries [Member] | Operating Segments [Member] | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | (889,987) | (865,984) | (2,570,018) | (1,837,191) | (3,949,108) | (3,046,346) | ||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||
Impairment/(gain on sale) of goodwill, intangibles and other assets | (1) | 86 | (46,114) | (53,313) | ||||
Equity income (loss) from consolidated subsidiaries | $ 888,759 | $ 865,898 | 2,568,789 | 1,883,305 | 4,002,393 | $ 3,046,346 | ||
Changes in operating assets and liabilities: | ||||||||
Other assets | 1,230 | |||||||
Accounts payable and accrued expenses | (5) | 2 | ||||||
Advances to/from consolidated subsidiaries | $ 4 | 26 | ||||||
Cash Flows from Investing Activities | ||||||||
Proceeds from asset divestitures and sale of investments, net of cash divested | 94,249 | 125,539 | ||||||
Sale/distribution of acquisitions among consolidated subsidiaries | $ (94,249) | $ (125,539) |
Quarterly Financial Informati_3
Quarterly Financial Information - Summary Of Quarterly Financial Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2021 | Aug. 07, 2020 | Mar. 31, 2020 | Dec. 31, 2017 | ||||||
Unaudited Condensed Balance Sheet | ||||||||||||||||||||
Total assets | $ 23,186,310,000 | [1] | $ 23,186,310,000 | [1] | $ 25,356,334,000 | [1],[2] | $ 25,356,334,000 | [1],[2] | $ 31,147,814,000 | [2] | ||||||||||
Liabilities and Equity [Abstract] | ||||||||||||||||||||
Total current liabilities | 2,336,769,000 | 2,336,769,000 | 2,189,267,000 | 2,189,267,000 | 3,087,532,000 | |||||||||||||||
Total liabilities | 24,474,225,000 | [1] | 24,474,225,000 | [1] | 24,981,917,000 | [1],[2] | 24,981,917,000 | [1],[2] | 28,016,842,000 | [2] | ||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | ||||||||||||||||||||
Additional paid-in capital | 2,775,762,000 | 2,775,762,000 | 2,188,319,000 | 2,188,319,000 | 1,879,838,000 | |||||||||||||||
Accumulated deficit | (12,624,690,000) | (12,624,690,000) | (9,703,490,000) | (9,703,490,000) | (6,574,322,000) | |||||||||||||||
Total stockholders' equity | $ (5,692,452,000) | (9,958,998,000) | $ (5,692,452,000) | (9,958,998,000) | $ (5,692,452,000) | (7,671,923,000) | (7,671,923,000) | (4,374,712,000) | $ (2,458,576,000) | $ (9,145,690,000) | $ (4,782,049,000) | $ (1,302,451,000) | ||||||||
Total Liabilities and Stockholders' Equity | 23,186,310,000 | 23,186,310,000 | 25,356,334,000 | 25,356,334,000 | 31,147,814,000 | |||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Loss from operations | (849,995,000) | (1,027,538,000) | (2,355,793,000) | (2,039,536,000) | (4,346,763,000) | (3,919,498,000) | (1,690,999,000) | |||||||||||||
Loss before income tax expense | (918,494,000) | (1,103,343,000) | (2,977,423,000) | (1,649,962,000) | (3,814,351,000) | (3,729,250,000) | (1,928,269,000) | |||||||||||||
Income tax expense | 4,015,000 | $ 7,100,000 | 7,095,000 | 7,282,000 | 16,115,000 | 19,506,000 | 45,637,000 | (850,000) | ||||||||||||
Net loss | $ (888,845,000) | $ (863,829,000) | $ (2,921,200,000) | $ (1,047,698,000) | $ (3,129,358,000) | $ (3,264,738,000) | $ (1,610,792,000) | |||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 175,941,649 | 170,754,546 | 173,751,116 | 170,691,538 | 170,275,761 | 168,436,109 | 163,148,918 | |||||||||||||
Unaudited Condensed Statement Of Cash Flows [Abstract] | ||||||||||||||||||||
Net cash used in operating activities | $ (1,158,957,000) | $ (168,552,000) | $ (857,008,000) | $ (448,244,000) | $ (176,729,000) | |||||||||||||||
Net cash used in investing activities | (186,628,000) | (7,072,000) | (444,087,000) | (4,775,520,000) | (2,475,798,000) | |||||||||||||||
Net cash provided by financing activities | 1,349,710,000 | (1,155,128,000) | (46,814,000) | 5,257,271,000 | 2,658,469,000 | |||||||||||||||
Net decrease in cash | 1,332,000 | $ (1,353,362,000) | (1,346,535,000) | 36,746,000 | $ (7,177,000) | |||||||||||||||
BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Unaudited Condensed Balance Sheet | ||||||||||||||||||||
Total assets | $ 483,900,536 | 483,900,536 | 484,520,512 | 484,520,512 | ||||||||||||||||
Liabilities and Equity [Abstract] | ||||||||||||||||||||
Total current liabilities | 3,721,615 | 3,721,615 | 211,262 | 211,262 | ||||||||||||||||
Deferred underwriting commissions | 16,905,000 | 16,905,000 | 16,905,000 | 16,905,000 | ||||||||||||||||
Warrant liabilities | 25,962,932 | 25,962,932 | 13,292,400 | 13,292,400 | ||||||||||||||||
Total liabilities | 46,589,547 | 46,589,547 | 30,408,662 | 30,408,662 | ||||||||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 432,310,980 | 432,310,980 | 449,111,840 | 449,111,840 | ||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Additional paid-in capital | 26,609,471 | 26,609,471 | 9,808,779 | 9,808,779 | ||||||||||||||||
Accumulated deficit | (21,611,177) | (21,611,177) | (4,810,316) | (4,810,316) | ||||||||||||||||
Total stockholders' equity | 5,000,009 | 5,000,009 | 5,000,010 | 5,000,010 | ||||||||||||||||
Total Liabilities and Stockholders' Equity | 483,900,536 | 483,900,536 | 484,520,512 | 484,520,512 | ||||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Loss from operations | 4,900,000 | |||||||||||||||||||
Change in fair value of warrant liabilities | 0 | 9,327,999 | 12,670,532 | 4,664,000 | ||||||||||||||||
Offering costs associated with private placement warrants | 9,344 | |||||||||||||||||||
Net gain from investments held in Trust Account | 0 | 12,297 | 59,364 | 227,051 | ||||||||||||||||
Loss before income tax expense | (4,788,306) | |||||||||||||||||||
Income tax expense | (22,010) | |||||||||||||||||||
Net loss | (23,465) | (11,183,715) | (16,800,861) | (4,810,316) | ||||||||||||||||
Unaudited Condensed Statement Of Cash Flows [Abstract] | ||||||||||||||||||||
Net cash used in operating activities | (629,426) | (599,792) | ||||||||||||||||||
Net cash used in investing activities | 214,711 | (483,000,000) | ||||||||||||||||||
Net cash provided by financing activities | 484,520,841 | |||||||||||||||||||
Net decrease in cash | (414,715) | 921,049 | ||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | 177,000 | 177,000 | 42,000 | 42,000 | 41,000 | |||||||||||||||
Common Class A [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 507 | $ 507 | 339 | 339 | ||||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Loss from operations | $ 4,800,000 | |||||||||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 0 | 48,300,000 | 48,300,000 | 48,042,857 | ||||||||||||||||
Basic and diluted net income per Class A common stock | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Common Class B [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 129,000 | 129,000 | $ 129,000 | |||||||||||||||||
Common Class B [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 1,208 | $ 1,208 | 1,208 | 1,208 | ||||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Loss from operations | $ 83,000 | |||||||||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 10,500,000 | 12,075,000 | 12,075,000 | 11,509,432 | ||||||||||||||||
Basic and diluted net income per Class A common stock | $ 0 | $ (0.93) | $ (1.39) | $ (0.43) | ||||||||||||||||
As Previously Reported | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Unaudited Condensed Balance Sheet | ||||||||||||||||||||
Total assets | 484,512,579 | $ 484,512,579 | $ 484,520,512 | 484,520,512 | $ 422,012,234 | |||||||||||||||
Liabilities and Equity [Abstract] | ||||||||||||||||||||
Total current liabilities | 150,841 | 150,841 | 211,262 | 211,262 | 592,438 | |||||||||||||||
Deferred underwriting commissions | 16,905,000 | 16,905,000 | 16,905,000 | 16,905,000 | 14,700,000 | |||||||||||||||
Total liabilities | 17,055,841 | 17,055,841 | 17,116,262 | 17,116,262 | 15,292,438 | |||||||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 462,456,730 | 462,456,730 | 462,404,240 | 462,404,240 | 401,719,790 | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Additional paid-in capital | 5,083,079 | 5,083,079 | 5,135,568 | 5,135,568 | 5,050,490 | |||||||||||||||
Accumulated deficit | (84,484) | (84,484) | (136,972) | (136,972) | (51,875) | |||||||||||||||
Total stockholders' equity | 5,000,008 | 5,000,008 | 5,000,010 | 5,000,010 | 5,000,006 | |||||||||||||||
Total Liabilities and Stockholders' Equity | 484,512,579 | 484,512,579 | 484,520,512 | 484,520,512 | 422,012,234 | |||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Loss from operations | (142,226) | (165,691) | (342,013) | |||||||||||||||||
Net gain from investments held in Trust Account | 83,554 | 83,554 | 227,051 | |||||||||||||||||
Loss before income tax expense | (58,672) | (82,137) | (114,962) | |||||||||||||||||
Income tax expense | 2,347 | 2,347 | 22,010 | |||||||||||||||||
Net loss | (61,019) | (84,484) | (136,972) | |||||||||||||||||
Unaudited Condensed Statement Of Cash Flows [Abstract] | ||||||||||||||||||||
Net cash used in operating activities | (548,409) | (599,792) | ||||||||||||||||||
Net cash used in investing activities | (483,000,000) | (483,000,000) | ||||||||||||||||||
Net cash provided by financing activities | 484,520,841 | 484,520,841 | ||||||||||||||||||
Net decrease in cash | 972,432 | 921,049 | ||||||||||||||||||
As Previously Reported | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 205 | $ 205 | $ 206 | 206 | 183 | |||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 47,612,727 | 47,612,727 | 48,042,857 | |||||||||||||||||
As Previously Reported | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 1,208 | $ 1,208 | $ 1,208 | 1,208 | 1,208 | |||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 12,075,000 | 12,075,000 | 11,509,432 | |||||||||||||||||
Basic and diluted net income per Class A common stock | $ (0.01) | $ (0.01) | $ (0.02) | |||||||||||||||||
Restatement Adjustment | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Liabilities and Equity [Abstract] | ||||||||||||||||||||
Warrant liabilities | $ 9,872,133 | $ 9,872,133 | $ 13,292,400 | 13,292,400 | 7,696,000 | |||||||||||||||
Total liabilities | 9,872,133 | 9,872,133 | 13,292,400 | 13,292,400 | 7,696,000 | |||||||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | (9,872,130) | (9,872,130) | (13,292,400) | (13,292,400) | (7,696,000) | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Additional paid-in capital | 1,252,975 | 1,252,975 | 4,673,211 | 4,673,211 | 8,257 | |||||||||||||||
Accumulated deficit | (1,253,077) | (1,253,077) | (4,673,344) | (4,673,344) | (8,334) | |||||||||||||||
Total stockholders' equity | (3) | (3) | ||||||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Change in fair value of warrant liabilities | (1,243,733) | (1,243,733) | (4,664,000) | |||||||||||||||||
Offering costs associated with private placement warrants | (9,344) | (9,344) | (9,344) | |||||||||||||||||
Loss before income tax expense | (1,253,077) | (1,253,077) | (4,673,344) | |||||||||||||||||
Net loss | (1,253,077) | (1,253,077) | (4,673,344) | |||||||||||||||||
Restatement Adjustment | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 99 | $ 99 | 133 | 133 | 77 | |||||||||||||||
Restatement Adjustment | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Basic and diluted net income per Class A common stock | $ (0.10) | $ (0.10) | ||||||||||||||||||
As Restated | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Unaudited Condensed Balance Sheet | ||||||||||||||||||||
Total assets | $ 484,512,579 | $ 484,512,579 | 484,520,512 | 484,520,512 | 422,012,234 | |||||||||||||||
Liabilities and Equity [Abstract] | ||||||||||||||||||||
Total current liabilities | 150,841 | 150,841 | 211,262 | 211,262 | 592,438 | |||||||||||||||
Deferred underwriting commissions | 16,905,000 | 16,905,000 | 16,905,000 | 16,905,000 | 14,700,000 | |||||||||||||||
Warrant liabilities | 9,872,133 | 9,872,133 | 13,292,400 | 13,292,400 | 7,696,000 | |||||||||||||||
Total liabilities | 26,927,974 | 26,927,974 | 30,408,662 | 30,408,662 | 22,988,438 | |||||||||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 452,584,600 | 452,584,600 | 449,111,840 | 449,111,840 | 394,023,790 | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | 1,208 | |||||||||||||||||||
Additional paid-in capital | 6,336,054 | 6,336,054 | 9,808,779 | 9,808,779 | 5,058,747 | |||||||||||||||
Accumulated deficit | (1,337,561) | (1,337,561) | (4,810,316) | (4,810,316) | (60,209) | |||||||||||||||
Total stockholders' equity | 5,000,005 | 5,000,005 | 5,000,010 | 5,000,010 | 5,000,006 | |||||||||||||||
Total Liabilities and Stockholders' Equity | 484,512,579 | 484,512,579 | 484,520,512 | 484,520,512 | 422,012,234 | |||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Loss from operations | (142,226) | (165,691) | (342,013) | |||||||||||||||||
Change in fair value of warrant liabilities | (1,243,733) | (1,243,733) | (4,664,000) | |||||||||||||||||
Offering costs associated with private placement warrants | (9,344) | (9,344) | (9,344) | |||||||||||||||||
Net gain from investments held in Trust Account | 83,554 | 83,554 | 227,051 | |||||||||||||||||
Loss before income tax expense | (1,311,749) | (1,335,214) | (4,788,306) | |||||||||||||||||
Income tax expense | 2,347 | 2,347 | 22,010 | |||||||||||||||||
Net loss | (1,314,096) | (1,337,561) | (4,810,316) | |||||||||||||||||
Unaudited Condensed Statement Of Cash Flows [Abstract] | ||||||||||||||||||||
Net cash used in operating activities | (548,409) | (599,792) | ||||||||||||||||||
Net cash used in investing activities | (483,000,000) | (483,000,000) | ||||||||||||||||||
Net cash provided by financing activities | 484,520,841 | 484,520,841 | ||||||||||||||||||
Net decrease in cash | 972,432 | 921,049 | ||||||||||||||||||
As Restated | Common Class A [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 304 | $ 304 | $ 339 | 339 | $ 260 | |||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 47,612,727 | 47,612,727 | 48,042,857 | |||||||||||||||||
Basic and diluted net income per Class A common stock | $ 0 | |||||||||||||||||||
As Restated | Common Class B [Member] | BOWX ACQUISITION CORP [Member] | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock value | $ 1,208 | $ 1,208 | $ 1,208 | $ 1,208 | ||||||||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||||||||||
Weighted average Class A common stock outstanding, basic and diluted | 12,075,000 | 12,075,000 | 11,509,432 | |||||||||||||||||
Basic and diluted net income per Class A common stock | $ (0.11) | $ (0.11) | $ (0.43) | |||||||||||||||||
[1] | The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of June 30, 2021 and December 31, 2020, total assets of consolidated VIEs, after intercompany eliminations, were $1.9 billion and $2.1 billion respectively, including $102.6 million and $166.6 million of cash and cash equivalents, respectively, and $10.1 million and $10.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.6 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $13.6 million and $14.6 million as of June 30, 2021 and December 31, 2020, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 5 for additional details. | |||||||||||||||||||
[2] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). As of December 31, 2020 and 2019, total assets of consolidated VIEs, after intercompany eliminations, were $2.1 billion and $6.7 billion respectively, including $166.6 million and $417.7 million of cash and cash equivalents, respectively, and $10.0 million and $94.0 million of restricted cash, respectively. Total liabilities of consolidated VIEs, after intercompany eliminations, were $1.7 billion and $5.4 billion as of December 31, 2020 and 2019, respectively. Creditors of VIEs do not have recourse against the general credit of the Company, except relating to certain lease guarantees totaling $14.6 million and $36.3 million as of December 31, 2020 and 2019, respectively, provided by WeWork Inc. to certain landlords of the VIEs. See Note 6 for additional details. |