Table of Contents WEWORK COMPANIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, (Amounts in thousands) 2016 2017 2018 Cash Flows from Operating Activities: Net loss $ (429,690) $ (933,494) $ (1,927,419) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 88,952 162,892 313,514 Impairment of property and equipment — 6,797 29,572 Stock-based compensation expense 22,660 295,362 69,400 Cash paid to settle employee stock awards — — (13,939) Issuance of common stock for services rendered 1,594 7,327 18,957 Noncash interest expense 2,436 3,673 127,716 Provision for allowance for doubtful accounts 2,317 4,546 6,722 (Income) loss from equity method and other investments 359 30,900 12,638 Foreign currency (gain) loss 23,415 (29,419) 80,587 Contingent consideration fair market value adjustment — — 76,439 Changes in operating assets and liabilities: Accounts receivable and accrued revenue (13,877) (22,052) (69,403) Lease incentives receivable 46,234 (64,948) (121,734) Deferred lease acquisition costs (7,630) (18,258) (40,352) Other assets (29,534) (88,467) (211,690) Accounts payable and accrued expenses 12,862 96,360 147,627 Deferred rent 451,344 752,063 1,278,348 Deferred revenue 5,505 35,348 54,782 Other liabilities (42) 13,391 1,618 Deferred income taxes — (8,029) (10,112) Net cash provided by (used in) operating activities 176,905 243,992 (176,729) Cash Flows from Investing Activities: Purchases of property and equipment (776,074) (1,023,953) (2,055,020) Capitalized software (2,317) (8,393) (8,891) Sale of software license — — 9,000 Change in security deposits with landlords (9,578) (67,124) (95,463) Proceeds from sale or redemption of investments — 12,800 2,202 Contributions to investments (19,703) (56,483) (121,626) Loans to employees and related parties (10,273) 9,796 (1,859) Cash used for acquisitions (580) (243,410) (204,141) Net cash used in investing activities (818,525) (1,376,767) (2,475,798) F-10