Table of Contents WEWORK COMPANIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, (Amounts in thousands, except share and per share data) 2016 2017 2018 Revenue (includes amounts from related parties of $216, $365, and $21,982 in 2016, 2017 and 2018, respectively. See Note 24) $ 436,099 $ 886,004 $ 1,821,751 Expenses: Location operating expenses (exclusive of depreciation and amortization shown separately below) 433,167 814,782 1,521,129 Other operating expenses (exclusive of depreciation and amortization shown separately below) — 1,677 106,788 Pre-opening location expenses 115,749 131,324 357,831 Sales and marketing expenses 43,428 143,424 378,729 Growth and new market development expenses 35,731 109,719 477,273 General and administrative expenses (includes stock-based compensation of $17,367, $260,662 and $18,019 in 2016, 2017 and 2018, respectively) 115,346 454,020 357,486 Depreciation and amortization 88,952 162,892 313,514 Total expenses (includes amounts to related parties of $4,677, $7,363, and $10,770 in 2016, 2017 and 2018, respectively. See Note 24) 832,373 1,817,838 3,512,750 Loss from operations (396,274) (931,834) (1,690,999) Interest and other income (expense), net: Income (loss) from equity method and other investments (359) (30,900) (12,638) Interest expense (includes amounts to related parties of $3,177, $3,093, and $122,852 in 2016, 2017 and 2018, respectively. See Notes 13 and 24) (12,351) (15,459) (183,697) Interest income 2,477 9,531 37,663 Foreign currency gain (loss) (23,167) 29,441 (78,598) Total interest and other income (expense), net (33,400) (7,387) (237,270) Pre-tax loss (429,674) (939,221) (1,928,269) Income tax benefit (provision) (16) 5,727 850 Net loss (429,690) (933,494) (1,927,419) Net loss attributable to noncontrolling interests: Redeemable noncontrolling interests—mezzanine — 49,500 292,134 Noncontrolling interest—equity — — 24,493 Net loss attributable to WeWork Companies Inc. $ (429,690) $ (883,994) $ (1,610,792) Net loss per share attributable to Class A and Class B common stockholders (see Note 22): Basic $ (2.66) $ (5.54) $ (9.87) Diluted $ (2.66) $ (5.54) $ (9.87) Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 161,324,940 159,689,116 163,148,918 Pro forma net loss per share attributable to Class A and Class B common stockholders (see Note 22): Basic $ (4.41) Diluted $ (4.41) Weighted-average shares used to compute pro forma net loss per share attributable to Class A and Class B common stockholders, basic and diluted 338,368,587 The accompanying notes are an integral part of these consolidated financial statements. F-5