Table of Contents • litigation or disputes involving us, our industry or both, or investigations by regulators into our operations or those of our competitors; • announced or completed acquisitions of businesses or technologies by us or our competitors; • new laws or regulations or new interpretations of existing laws or regulations applicable to our business; • changes in accounting standards, policies, guidelines, interpretations or principles; • sales of shares of our stock by us, our insiders or our other stockholders; • the failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow our company or our failure to meet these estimates or the expectations of investors; and • general economic conditions and slow or negative growth in any of our significant markets. The stock markets have experienced extreme volatility in recent years that has been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the market price of our Class A common stock. In the past, following periods of volatility in the market price of a company’s securities, class action litigation has often been instituted against the company. Any litigation of this type brought against us could result in substantial costs and a diversion of management’s attention and resources. Our quarterly operating results may fluctuate, which could cause our stock price to decline. Our quarterly operating results may fluctuate for a variety of reasons, many of which are beyond our control, including: • our success in retaining existing members and attracting new members, including our ability to adapt to rapidly evolving market trends and member preferences; • fluctuations in revenue generated from our members, including as a result of variability in our membership levels and use of our product and service offerings; • the amount and timing of our operating expenses; • the timing and success of openings of new locations; • the impact of competitive developments in the markets in which we operate and our response to those developments; • economic and market conditions, particularly those affecting our industry; and • other risks and factors described in this “Risk Factors” section. The occurrence of any one of the events contemplated above, or the cumulative effect of the occurrence of one or more of such factors, could cause our quarterly results to fluctuate significantly. As a result, quarterly comparisons of results may not be meaningful, and you should not rely on the historical results of one quarter as an indication of future performance, and interim period results are not necessarily indicative of the results for the full year. An active trading market for our Class A common stock may never develop or be sustained. We intend to apply to list our Class A common stock on the under the symbol “WE”. However, we cannot assure you that an active trading market for our Class A common stock will develop on that exchange or elsewhere or, if developed, that any market will be sustained. Accordingly, we cannot assure you of the likelihood that an active trading market for our Class A common stock will develop or be maintained, the liquidity of any trading market, your ability to sell your shares of our Class A common stock when desired or the prices that you may obtain for your shares. An inactive market may also impair our ability to raise capital by selling shares and may impair our ability to acquire other companies or technologies using our shares as consideration. If equity research analysts publish unfavorable commentary or downgrade our Class A common stock, the price and trading volume of our Class A common stock could decline. The trading market for our Class A common stock could be affected by whether equity research analysts publish research or reports about us and our business. We cannot predict at this time whether any research analysts will 48