New WeWork financials show growing debt in its international unit - Business Insider

This story requires our BI Prime membership. To read the full article,We took a deep dive into WeWork International, the British arm of The We Company.

Overall, WeWork's ever-changing accounting methods have made the company more difficult to understand.show the company's "international" unit — focused on the UK — is piling on more debt as individual WeWork buildings are becoming more profitable. At the WeWork International company, revenues rose 90% from £18.7 million in 2017 to £35.7 million in 2018, the most recent period reported. But losses increased too, by 10 times, from £7.6 million in 2017 to £75.9 million in 2018.

Long-term receivables — money owed to the company — also increased, from £93 million to £180 million.WeWork / Companies House / BIThe new financials show that WeWork has changed the way it reports it accounts for a second time in its short history, making it more difficult to figure out what exactly is going on inside. The changes mean WeWork International has not published a "company" income statement for 2016.

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