Wework India Management Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Wework India Management Ltd trades at ₹709, in a confirmed uptrend and 8 weeks into that stage. That is +14.7% against its own 200-day average. It sits at 85% of a 52-week range of ₹450 to ₹755. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 19 straight weeks.

Today the stock is in a confirmed uptrend — week 8 of stage 2, confirmed. At ₹709 it trades +14.7% versus its 200-day average and sits at 85% of its 52-week range (₹450–₹755).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +13% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 19 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Wework India Management Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 19 July 2026.

Our read, 19 July 2026. WeWork India is India's dominant flex workspace operator, now delivering 28.5% revenue growth and 69% EBITDA growth in Q1 FY27 as occupancy held at 84.9% through a 14,000-desk expansion quarter, validating that managed-office demand-backing structurally eliminates the occupancy-dip risk that defined prior expansion cycles.

From the numbers. PE compressed from 157.8 (Jan 2026 peak) to 124.1 (Jul 2026) — a 21.3% decline driven by earnings growth (TTM EPS now ₹6.25 from prior periods of negative EPS), not price decline. Price rose from ₹627 to ₹678…

From the price. Price stage 2, week 8 — above its 200-day line.

From the research. WeWork India is India's dominant flex workspace operator, now delivering 28.5% revenue growth and 69% EBITDA growth in Q1 FY27 as occupancy held at 84.9% through a 14,000-desk expansion quarter, validating that…

🚨 Where they disagree. PE compressed from 157.8 (Jan 2026 peak) to 124.1 (Jul 2026) — a 21.3% decline driven by earnings growth (TTM EPS now ₹6.25 from prior periods of negative EPS), not price decline. Price rose from ₹627 to ₹678, confirming the PE compression is earnings-driven. The cycle_normalized verdict is NA_SHORT_MARGIN_HISTORY (only approximately 2 years of OPM data available, insufficient for mid-cycle normalization); the 50th percentile PE position reflects limited history, not a cycle peak. Only 4 PE datapoints exist (Oct 2025 to Jul 2026); cycle analysis will meaningfully expand as the post-IPO history accumulates.

What is proven. WeWork India is India's dominant flex workspace operator, now delivering 28.5% revenue growth and 69% EBITDA growth in Q1 FY27 as occupancy held at 84.9% through a 14,000-desk expansion quarter, validating that managed-office demand-backing structurally eliminates the occupancy-dip risk that defined prior expansion cycles.

What is not proven yet. If portfolio occupancy at FY27 exit falls below 80% despite the managed-office demand-backing commitment — management explicitly committed to holding above 85% — or if GCC new sales fall below 30% of desk intake for two consecutive quarters, the thesis breaks because both together would indicate the demand-backed expansion narrative is false and the contracted revenue backlog is not converting to occupancy.

🚨 What would change our mind. If portfolio occupancy at FY27 exit falls below 80% despite the managed-office demand-backing commitment — management explicitly committed to holding above 85% — or if GCC new sales fall below 30% of desk intake for two consecutive quarters, the thesis breaks because both together would indicate the demand-backed expansion narrative is false and the contracted revenue backlog is not converting to occupancy.

Layer 1 read, 19 July 2026 — KEEP. Fresh, cash-generative flex-office leader at an EBITDA of ~5.9x EV — the scary PE and 18.6x D/E are pure lease accounting. Reported PAT of ₹75 Cr and PE of 106 are artifacts of ₹967 Cr of non-cash IND-AS 116 lease depreciation; the real economics are ₹1,574 Cr EBITDA at 64% OPM and ₹1,734 Cr OCF, giving EV/EBITDA ~5.9x with net financial debt of just ₹31.6 Cr. Revenue compounded 23% (FY23-FY26) and Q1 FY27 grew 28.5% with occupancy held at 84.9% through a 14,000-desk expansion, backed by a ₹3,063 Cr contracted backlog (+60% YoY). Price has barely moved (runup 8%) so the market has not yet re-rated the turn.

What would change Layer 1’s mind. Portfolio occupancy at FY27 exit falling below 80% despite the managed-office demand-backing (management committed to >85%), OR GCC new sales falling below 30% of desk intake for two consecutive quarters — either would show the demand-backed expansion narrative is false and the contracted backlog is not converting to occupancy (the thesis's own would_change_my_mind).

Layer 2 read, 19 July 2026 — ADVANCE. Three EXTREME signals are IND-AS 116 lease-accounting shadows — the real cash engine (EV/EBITDA ~5.9x, OCF ₹1,734 Cr, first clean quarter) is a fresh earnings-led inflection. The PE-106 / MoS -83% / contracting-PAT alarms all dissolve once you read cash economics: FY26 EBITDA ₹1,574 Cr at 64% OPM, EV/EBITDA ~5.9x on net financial debt of only ₹31.6 Cr, and OCF ₹1,734 Cr, with Jun-2026 the first quarter free of one-off noise. Externally the coworking sector is IN_FOCUS and EARNINGS_LED on a GCC office super-cycle — AWFIS +30% EBITDA, WeWork first net-debt-negative year [sector_timeline claim:Q2/Q3] — and the price is a fresh Stage-2 week-4 inflection, not extended. The live caveat is a cohort capex SUPPLY_FLOOD (+66%) with institutions absent, which I flag to L3 rather than let block a name at 84.9% occupancy.

What would change Layer 2’s mind. If FY27 exit occupancy falls below 80% despite the demand-backing commitment, or GCC new sales fall below 30% of desk intake for two consecutive quarters [thesis.would_change_my_mind + driver stops_working_if], OR the cohort SUPPLY_FLOOD compresses new-deal revenue-to-rent below 2.3x — then the 'earnings-led inflection' is a peak-margin trap being flooded, and ADVANCE flips to DROP.

Layer 3 read, 19 July 2026 — BENCH. Not a DROP (no fraud, institutions present), but a governance-overhang + supply-flood risk stack on three EXTREME signals => BENCH, don't deploy yet. The valuation EXTREMEs are lease-accounting artifacts — EV/EBITDA is ~5.9x, not the headline PE 106 — and there is no SEBI/fraud order against WeWork itself, only a Rs26.87cr GST appeal, so this is not a management FAIL. But the risk side is genuinely HIGH: earnings quality is noisy (all 8 quarters one-off-flagged, R1), ~50% of new sales ride a single GCC segment (R2), and the promoter-group carries Embassy SEBI show-cause notices with a revocable brand license. My shareholding check refuted the 'institutions absent' lead (FII+DII ~46%), but an up-cycle-only management on this risk stack warrants a wait.

What would change Layer 3’s mind. Confirmation the Embassy-group SEBI matter is closed/immaterial AND a second consecutive clean (one-off-free) quarter with occupancy held above 85% and GCC new-sales concentration falling below 40% would flip BENCH->DEPLOY. Conversely, any SEBI order naming WeWork/its promoters, a brand-license dispute, or occupancy dropping below 80% (Timeline thesis.would_change_my_mind) would escalate regulatory to fatal and BENCH->DROP.

The test written in advance. Reported PAT Noise: One-Off Tax Credits and Ind-AS 116 Depreciation Obscure Earnings Quality — Reported PAT Noise: One-Off Tax Credits and Ind-AS 116 Depreciation Obscure Earnings Quality by the next result.

The test written in advance. GCC Demand Concentration: 50% of New Sales Dependent on a Single Segment — GCC Demand Concentration: 50% of New Sales Dependent on a Single Segment by the next result.

What the company does. Revenue compounded from ₹1,315cr (FY23) to ₹2,440cr (FY26) at 23% CAGR and is tracking ₹2,740cr annualized in Q1 FY27. Reported PAT is suppressed by ₹967cr of non-cash Ind-AS 116 depreciation; OCF of ₹1,734cr in FY26 captures real cash generation, and the 3-year OCF/PAT aggregate of 62.5x confirms no cash leakage. With 32% additional capacity locked through signed leases, a ₹3,063cr contracted revenue backlog (up 60% YoY), and the Member Services platform launched in July 2026 as a margin-accretive zero-capex layer, the revenue runway through FY29 is both quantified and demand-backed.

🚨 What the surface reading misses. The surface reading is: OCF 23x PAT suggests very weak earnings quality or aggressive revenue recognition The research reads it further: OCF 23x PAT on a non-financial business is normally a severe quality flag. For WeWork India it is the opposite: the ₹967cr non-cash right-of-use depreciation under Ind-AS 116 is mandated accounting, not a real cash cost — the lease payments are in the financing line (CFF -₹1,048cr FY26). OCF captures the true operating cash generation (₹1,734cr) while PAT carries the non-cash depreciation as a charge. Debtor days fell from 19 to 13 over four years (no receivables build), WC days stable, confirming OCF is genuine.

🚨 What the surface reading misses. The surface reading is: PAT swings from ₹204cr to ₹-83cr to ₹37cr indicate highly volatile earnings The research reads it further: PAT swings are driven almost entirely by deferred tax recognition (one-time ₹285cr DTA in FY25), one-off tax credits and charges, and non-operating other income ranging from ₹-29cr to ₹30cr per quarter. The Jun 2026 quarter being the first clean one is a meaningful structural signal: the post-IPO one-off accounting noise is normalizing as the DTA is fully recognized and operating profitability becomes self-evident.

Lever 1 · Operating leverage — BUILDING. 28,000 desk additions in FY27 (40% managed office entering at 100% opening occupancy) convert to ₹3,063cr of contracted revenue that already exceeded rent obligations by 4.7x in Q1 FY27. What proves it keeps working: FY27 Capacity Expansion: 28,000 Desks with Managed-Office Demand-Backing. It stops working if Occupancy on FY27 WeWork-branded additions fails to reach 78% by Q3 FY27, or if managed-office deal flow slows and the 40% mix shrinks below 25% of new additions — the two conditions that would return the margin-dip pattern of FY26 Q1.

Lever 6 · Order-book wins — BUILDING. GCC leasing pipeline doubled to 55M sq ft through 2030; 50% of Q1 FY27 desk sales came from existing members expanding — retention-driven commercial flywheel. What proves it keeps working: GCC and Enterprise Demand: Structural Acceleration Through 2030. It stops working if GCC new desk intake slows to below 30% of total sales for two consecutive quarters, indicating a macro reversal in India GCC expansion — the single-segment concentration risk that management disclosed explicitly in Q4 FY26 Q&A.

Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Wework India Management Ltd reported ₹684 Cr of revenue in the Jun 26 quarter, +27.7% year on year. That is the 5th straight quarter of year-on-year growth. Over 3 years it has compounded at 22.9% a year. The last full year, FY26, came in at ₹2,440 Cr. The last four reported quarters add to ₹2,589 Cr.

Why this happened. GCC AI workforce expected to grow 4x by 2030 from 181,000 to 700,000. India flex market captured 27% of office leasing in CY26 H1 (up from 13% five quarters prior), with total flex leasing up 89% YoY to a record 45.5M sq ft. Enterprise accounts contributed 77% of core revenue (Fortune 500 alone 28%); 65% from global-headquartered members. 52% of Q1 FY27 desk sales from existing members expanding (retention-driven). Average enterprise contract term 26-30 months with locked-in 6-7% annual escalations provides multi-quarter forward revenue visibility.

FY26 revenue came in at ₹2,440 Cr (+25.2% on the year), capping 3 years at 22.9% compound. The latest quarter (Jun 26) printed ₹684 Cr, +27.7% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +27.1% growth against the decade's 22.9% — the current year is running faster than its own long-run rate.

FY26-Q4. revenue ₹696 Cr and profit ₹66 Cr as reported.

FY27-Q1. revenue ₹684 Cr and profit ₹-4 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Wework India Management Ltd's operating margin is 64.0% in the Jun 26 quarter, +1.4 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 61.0% to 64.0%. The current quarter is running above every full year in that window.

Why this happened. By March 2027, total capacity targets 10.3M sq ft (approximately 155,000 desks). Q1 FY27 delivered 14,000 new desks while occupancy held at 84.9% — the managed-office tranche (6,000-7,000 of the 15,000 planned for Q2) enters at 100% day-1 occupancy, eliminating the ramp delay that caused Q1 FY26's 15% margin dip. Contracted revenue backlog reached ₹3,063cr (up 60% YoY) as of Q1 FY27; for every ₹1 of rent committed, ₹4.7 of revenue was structurally locked. FY28-FY29 visibility: 1.4-1.5M sq ft of additional signed capacity in negotiation pipeline.

The latest quarter's operating margin is 64.0%, +1.4 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 61.0%–64.0%.

Why the margin moved: operating margin went +1.4 pp year on year while gross margin went −0.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26-Q4. revenue ₹696 Cr and profit ₹66 Cr as reported.

FY27-Q1. revenue ₹684 Cr and profit ₹-4 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Wework India Management Ltd posted a net loss of ₹4.1 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹75.0 Cr. That loss is 0.6% of the quarter's revenue. The same quarter a year earlier lost ₹14.1 Cr. 4 of the last 9 reported quarters were loss-making.

Jun 26 profit was ₹−4.1 Cr, null year on year. On the full year, FY26 printed ₹75.0 Cr (−41.4%).

FY26-Q4. revenue ₹696 Cr and profit ₹66 Cr as reported.

FY27-Q1. revenue ₹684 Cr and profit ₹-4 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 1,490% of Wework India Management Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,734 Cr of operating cash against ₹75.0 Cr of profit. After ₹2,425 Cr of capital spending, ₹−691 Cr was left as free cash.

FY26: operating cash of ₹1,734 Cr against reported profit of ₹75.0 Cr, leaving free cash of ₹−691 Cr after ₹2,425 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 1,490% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 1,490%: the cash cycle held roughly steady between FY23 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 1.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Wework India Management Ltd's cash conversion cycle runs 13 days in FY26, down from 19 days in FY23. Capital spending ran ₹4,761 Cr over the last 3 years. At FY26 sales of ₹2,440 Cr each day of that cycle holds about ₹6.7 Cr, so roughly ₹87.0 Cr sits inside the business at any moment.

FY26: debtors at 13 days (an asset-light business — no inventory to speak of) — for a full cycle of 13 days, tighter than FY23's 19.

In money terms: at FY26 sales of ₹2,440 Cr, each day of the cycle holds about ₹6.7 Cr — so the 13-day loop keeps roughly ₹87.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,761 Cr over the last 3 fiscal years against ₹2,535 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹38.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Wework India Management Ltd earns a ROCE of 21% in FY26. Return on invested capital clears the cost of that capital by −4.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.1% net margin on 0.34× asset turns.

FY26 ROCE is 21%.

🚨 Why the return is what it is — the wiring (FY26): 3.1% net margin × 0.34× asset turns × 23.80× balance-sheet leverage ≈ 25.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 7.9% − 12.0% = a −4.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Wework India Management Ltd carries total debt of ₹5,550 Cr against shareholder equity of ₹299 Cr as of Jun 26, a debt-to-equity of 18.56. On the annual view that ratio went from 21.36 in FY25 to 18.56 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹5,550 Cr against shareholder equity of ₹299 Cr — a debt-to-equity of 18.56. On the annual view, debt-to-equity went from 21.36 (FY25) to 18.56 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Wework India Management Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Wework India Management Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Wework India Management Ltd trades at 111.0× P/E, mid-range by its own standards (37th percentile). Its long-run median P/E is 122.6×, measured across 0.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 111.0× is mid-range by its own standards (37th percentile), against a long-run median of 122.6× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Wework India Management Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

61.9/100 — rank 1 of 4 in Realty - CoWorking · 51% evidence confidence

Wework India Management Ltd scores 61.9 out of 100 against the 4 companies it is compared with in Realty - CoWorking, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 25.6 + 16.3 + 10 + 10 = 61.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Wework India Management Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Surge in Capex Guidance · 28 January 2026. In the November call, management indicated a Capex run rate of roughly INR 100 crores per quarter, suggesting an annual spend derived from 15,000-20,000 desks at INR 1.3 lakhs (approx. INR 260 cr plus refurbishment). In January, they materially revised this outlook upward, accepting an annual estimate of INR 500 crores and citing INR 300-400 crores for speculative business alone. Earlier call (Nov 2025): “We are roughly spending about INR 100 crores every quarter... our cost is about a INR 1,30,000 a desk. So, if you estimate, we will add between 15,000 to 20,000 desks... That should give you a rough estimate.” Later call (Jan 2026): “Typically, we see between 300 to 400 crores of capex on the speculative business... The managed office business is layered on top... [Is 500 crores a fair estimate?] That is roughly where we are ending off.”

Material Revision in Expansion Targets · 28 January 2026. Management previously set a definitive target of 20,000 to 25,000 desk additions annually, positioning themselves just slightly above industry growth rates. Two months later, they notably increased their risk appetite, revising the target to 30,000 seats for the next year. Earlier call (Nov 2025): “I think on a run rate basis, you should assume that we will basically try to grow slightly above the industry... which will translate to about 20,000 to 25,000 desk additions year-over-year for us.” Later call (Jan 2026): “We previously said we would add 20,000 seats per year, but we have expanded that to 30,000 for next year. This is driven by sales velocity.”

Capex Efficiency Reversal · 28 January 2026. In the prior quarter, the CFO highlighted structural capital efficiency with Capex per desk at an 'all-time low' of INR 1.3 lakhs due to design improvements. The latest call reveals a rapid 15% escalation to INR 1.5 lakhs per desk, attributing it to client requirements, which challenges the durability of the previous low-cost narrative. Earlier call (Nov 2025): “On capital efficiency, average CAPEX per desk is at an all-time low of approximately 1.3 lakhs per desk, driven by further design improvements in our spaces and leveraging economies of scale.” Later call (Jan 2026): “Capex spend per desk for the quarter is 1.5 lakh, slightly higher than last quarter”.

Conflicting Capex Guidance · 10 November 2025. During the November 2025 call, management provided two contradictory full-year capex estimates in the same Q&A session. An initial statement suggested an annual run-rate of approximately 400 crores. However, seconds later, management provided a different calculation based on desk additions that implies a significantly lower capex range of 195-260 crores for the year, before an attempt was made to reconcile the two with additional costs like refurbishment later in the call. Earlier call (Nov 2025): “We”. Later call (Nov 2025): “our cost is about 1.3 lakh rupees a desk. So if you estimate we add between 15,000 to 20,000 desks, I guess for the year, that should give you a rough estimate.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions