Investors might rightly be wondering if it's a bridge to nowhere.

投資人開始擔心那會不會是浪費錢的投資。

This is, obviously, an unprofitable company.

因為很顯然地，WeWork 是家正面臨虧損的公司。

We've seen a number of these companies come to market this year with actually mixed results.

今年，有許多同類型的新創公司進入市場，而我們也看到了不同的結果。

A lot of numbers are swirling around.

雖然這之中參雜了許多複雜的數據和數字。

But if you really wanna understand WeWork's business model, look at this one, $47 billion.

但是如果你想了解 WeWork 的商業模型，建議你先看這個數字：四百七十億美金。

That's how much the company is on the hook for in lease obligations leading up to its public offering.

WeWork所要承擔的這個租賃義務金額令其在公開發行前處於困境。

It says a lot about how the company works and why some investors are eyeing the risks.

這也就清楚說明了為何有些投資人無法信任這種業務模式。

You probably know WeWork, which recently changed its name to The We Company, as an office space with a specific aesthetic.

你可能聽過 WeWork 這個名字，WeWork 最近改名為 The We Company，是一家專門提供時尚共用辦公室的公司。

You know what we're talking about.

你知道我們指的是什麼。

The glass walls, plants, cafes, mid-century-style furniture.

透明玻璃、園藝植物、咖啡吧檯及中世紀風格的古典傢具。

WeWork's basic business model is to lease large spaces, transform them to look like this, and then rent them out to individuals and companies at a higher price.

WeWork 的基本經營模式就是透過租借寬敞的空間，再將其打造成這種樣貌，並以較高的價格出租給個人或是公司。

Our software finds the best buildings in the best locations.

我們的內建軟體可以幫助我們找到地理位置最好的建築物。

Before we even begin construction, we build full 3D models to make sure we're creating environments that allow members to thrive.

在著手進行空間規畫前，我們會先建造建築物的 3D 模型，確保這將是一個良好的工作環境。

As of 2018, the company operated more than 35 million square feet of space globally.

自 2018 年開始算起，WeWork 在全世界佔有三千五百萬平方英寸的空間。

And it currently occupies 528 locations in 29 countries around the world.

這些空間分別分布於二十九個國家中的五百二十八個不同的區域。

Speed is important, because on average, we open two new locations every single day.

擴張速度相當重要，平均來說，我們每天就會增加兩個新地點。

To cover the costs of the renovations and leases, WeWork charges individuals and companies through four different membership options.

為了要賺回空間裝潢和租金的成本，WeWork 會根據四種不同的會員方案向個人及公司收取費用。

For one of the cheaper plans, a member can bring their laptop, and sit in a common area if space is available.

其中一個較便宜的方案是，會員可以自行攜帶筆記型電腦，然後在公用空間隨意找個地方坐。

And for the most expensive plan, companies can rent out full offices, suites, or entire floors.

最昂貴的方案是，公司可以租下所有的辦公室、套房，或甚至整個樓層。

WeWork also offers a service called Powered by We, full custom build-outs for larger companies.

WeWork 也提供一項服務叫作 「Powered by We」，為大公司量身訂造設備齊全的辦公場所。

So why are some analysts and investors skeptical?

所以，為何分析專家和投資人會對這家公司如此擔憂呢？

Well, some are concerned with those lease obligations.

有些人的擔憂來自於那些租賃負債。

When WeWork signs a lease on a building in the U.S., they commit to an average of 15 years.

WeWork 在美國簽署租賃大樓的合約通常平均是十五年。

But WeWork's members only commit to an average of 15 months.

但是，WeWork 的會員平均只會簽訂十五個月的租約。

WeWork's obligations top $47.2 billion, but its customers have only signed leases on $3.4 billion worth of space.

WeWork 擁有高達四百七十二億的租賃負債，然而向會員收取的租金總共只有三十四億。

Recently, the company has started signing more long-term clients, but still, with 528 locations, that's a lot of time and space to fill.

WeWork 近期開始和會員簽訂更長的租期，但五百二十八個空間跟長期的租期，需要很多時間和租出去的空間來填補這個資金缺口。

It's unclear how much space WeWork needs to fill to break even, but the company's occupancy rate fell from 84% to about 80% in the final quarter of 2018.

我們無法得知究竟 WeWork 需要再出租多少空間才有辦法填補虧損，而且它的空間佔有率在 2018 年的最後一季，從原本的 84% 下降至 80%。

The company said the drop was caused by expansion.

WeWork 表示是因為公司規模擴張才造成空間佔有率下降。

New offices traditionally take up to 18 months to fill.

一般來說，全新的辦公室需要十八個月能填補成本。

But it's unclear what would happen if suddenly fewer start-ups and freelancers were looking for workspace, which could happen in an economic downturn.

但是目前尚不清楚如果突然之間，尋找工作空間的初創企業和自由職業者變少，將會發生什麼事，而這樣的情形可能在經濟不景氣時發生。

It's also unclear what would happen if existing tenants started to default.

目前也還不清楚如果現有租戶開始違約將會發生什麼事。

One place investors are looking for precedent is International Workplace Group, formerly known as Regus, a Swiss company with a similar business model to WeWork.

IWG 是投資者正在尋找先例的地方，它的前身是間來自瑞士且和 WeWork 擁有類似商業模式的公司。

During the economic downturn in the early 2000s, IWG's U.S. unit filed for bankruptcy as its revenue fell but long-term leases remained in place.

在西元兩千年初的經濟蕭條時期，IWG 的美國子公司因利潤率驟降但是長期租約還在，逼不得已申請了破產保護。

WeWork has said its flexible business model would help keep it safe in a downturn.

WeWork 說他們有彈性的商業模式可以幫助他們順利度過經濟蕭條時期。

The company's rapid expansion has helped it stay out in front of competitors, but some investors are concerned that could change.

公司快速的擴張使得 WeWork 在眾多競爭者中脫穎而出，但部分投資人擔心好的情況維持不久。

That's because WeWork's business model is easy to replicate.

因為 WeWork 的商業模式是非常容易模仿的。

The company has filed for some industrial design and furniture patent protections.

公司雖然已針對空間設計和傢俱申請保護專利。

But anyone with enough cash can lease out industrial office space and flip it, and they have.

但任何有足夠資金的人都有辦法租一個空間並翻修它，且已經有人這麼做了。

A New York-based rival, Knotel, hit an estimated $1 billion valuation following a recent round of funding.

總部在紐約的 Knotel 是 WeWork 的競爭對手，近期宣布獲得約十億美金的融資。

And in 2017, Blackstone acquired a majority share of The Office Group, a flexible workplace provider in the U.K.

在 2017 年，黑石集團收購了 The Office Group 的多數股權，它是一家位在英國的共享辦公室提供公司。

Investors will have to decide if WeWork's size and flexibility are enough to protect it in a period of economic uncertainty.

投資人將需要決定 WeWork 的企業規模和彈性是否足以保護其在這個充滿不確定性的經濟體系生存下去。