I mainly agree with you but want to throw a different angle on it. There is a lot of value in marketing and brand awareness. Like, when you mentioned "executive

I mainly agree with you but want to throw a different angle on it. There is a lot of value in marketing and brand awareness. Like, when you mentioned "executive suites" - it makes sense to me but isn't something that is on my radar as a human being. So like let's say my house got too crazy to work from, without being aware of WeWorks, it would seem like something I just have to suck up and deal with, but with awareness of WeWorks (and the associated concept of co-working spaces) my mind would at least go there. So maybe I'd shop around from the different co-working options based on location and price but wouldn't even occur to me to look at exec suites. So all that is to say - I agree with you on the business, but that the existence of WeWorks may have widened the audience for that type of service with We itself getting the largest share of that business (same as Uber gets the most rides just by being the most associated name with taxis right now) None of this is to say that We is "worth it" in valuation or as a service, I have no idea. Just point out the impact of marketing/awareness.