Table of Contents WEWORK COMPANIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2018 Note 25. Concentration The Company’s revenues and total property and equipment, by country, are as follows: Year Ended December 31, (Amounts in thousands) 2016 2017 2018 Revenue: United States $ 330,554 $ 607,332 $ 1,073,680 United Kingdom 81,176 153,095 275,615 Greater China 2,883 30,057 99,529 Other foreign countries 21,486 95,520 372,927 Total revenue $ 436,099 $ 886,004 $ 1,821,751 December 31, (Amounts in thousands) 2017 2018 Property and equipment: United States $ 1,854,543 $ 2,997,154 United Kingdom 299,388 537,568 Greater China 56,598 247,654 Other foreign countries 418,627 1,157,903 Total property and equipment $ 2,629,156 $ 4,940,279 Our concentration in specific territories magnifies the risk to us of localized economic conditions in those territories or other territories within the same region. For the year ended December 31, 2018, we generated the majority of our revenue from locations in the United States and the United Kingdom. The majority of our United States revenue was generated from our locations in the greater New York City, San Francisco, Los Angeles, Washington, D.C. and Boston markets. In the United Kingdom, 97% of our property and equipment and 98% of revenues are related to our 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, 2016, 2017 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. Note 26. Subsequent Events The Company has evaluated subsequent events from December 31, 2018 through April 25, 2019, which is the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring adjustments to or disclosure in the consolidated financial statements, other than as discussed below. In January 2019, the Company and SBWW Cayman agreed to modify certain provisions of the Convertible Note and the 2018 warrant. The Convertible Note, as amended (“Amended Convertible Note”), will automatically convert to the Company’s capital stock at the same time as the 2018 warrant, as amended (the “amended 2018 warrant”), which, assuming no other exercise events prior to December 31, 2019, will now be automatically exercised on December 31, F-63