Table of Contents Quarterly Results of Operations The following table sets forth certain unaudited financial and operating information for the quarterly periods presented. The quarterly information includes all adjustments (consisting of normal recurring adjustments) that, in the opinion of management, are necessary for a fair presentation of the information presented. This information should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this prospectus. Three Months Ended (Amounts in thousands, except June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, percentages and where noted) 2017 2017 2017 2018 2018 2018 2018 2019 2019 Revenue: Membership and service revenue $ 197,897 $ 234,337 $ 271,813 $ 325,455 $ 388,501 $ 453,984 $ 529,396 $ 628,134 $ 720,638 Other revenue 444 6,789 11,503 16,708 33,107 28,302 46,298 100,202 86,446 Total revenue 198,341 241,126 283,316 342,163 421,608 482,286 575,694 728,336 807,084 (1) Expenses : (2) Location operating expenses 185,295 212,496 263,785 288,152 347,816 405,100 480,061 582,860 650,081 (2) Other operating expenses — — 1,677 15,161 26,863 31,631 33,133 36,163 45,026 (3) Pre-opening location expenses 25,034 29,525 49,102 73,232 83,751 97,530 103,318 112,798 142,335 (4) Sales and marketing expenses 23,740 41,150 59,816 62,811 77,078 109,559 129,281 150,999 169,047 (5) Growth and new market development expenses 19,518 26,853 46,128 58,679 115,412 118,510 184,672 141,844 227,883 General and administrative expenses 45,979 52,665 318,773 78,194 77,063 90,696 111,533 218,537 171,373 Depreciation and amortization 38,005 42,166 51,494 62,043 75,375 77,590 98,506 124,855 131,069 Total expenses 337,571 404,855 790,775 638,272 803,358 930,616 1,140,504 1,368,056 1,536,814 Loss from operations (139,230) (163,729) (507,459) (296,109) (381,750) (448,330) (564,810) (639,720) (729,730) Interest and other income (expense), net 105,563 (3,949) (109,635) 19,433 (65,839) (48,888) (141,976) 378,152 91,763 Pre-tax loss (33,667) (167,678) (617,094) (276,676) (447,589) (497,218) (706,786) (261,568) (637,967) Income taxes benefit (provision) — — 5,721 2,192 (819) (97) (426) (5,030) (87) Net loss (33,667) (167,678) (611,373) (274,484) (448,408) (497,315) (707,212) (266,598) (638,054) Net loss attributable to noncontrolling interests 8,608 7,840 33,052 43,022 51,740 104,346 117,519 86,447 128,529 Net loss attributable to WeWork Companies Inc. $ (25,059) $ (159,838) $ (578,321) $(231,462) $(396,668) $ (392,969) $ (589,693) $ (180,151) $ (509,525) Key performance indicators: (6) Workstation capacity (in ones) 154,000 178,000 214,000 251,000 301,000 354,000 466,000 548,000 604,000 (7) Memberships (in ones) 128,000 154,000 186,000 219,000 268,000 319,000 401,000 466,000 527,000 (8) Enterprise membership percentage 22% 25% 28% 28% 30% 34% 38% 41% 40% (9) Committed revenue backlog (in billions) N/R N/R $ 0.5 N/R N/R N/R $ 2.6 $ 3.5 $ 4.0 (10) Run-rate revenue (in billions) $ 0.8 $ 1.1 $ 1.1 $ 1.5 $ 1.8 $ 2.0 $ 2.4 $ 3.0 $ 3.3 Other financial information: Adjusted EBITDA including non-cash GAAP straight-line (11) lease cost $ (93,077) $ (109,989) $ (174,442) $(209,936) $(257,351) $ (306,345) $ (397,965) $ (410,636) $ (524,051) Adjusted EBITDA excluding non-cash GAAP straight-line (11) lease cost $ (33,984) $ (41,987) $ (83,838) $ (97,335) $(131,990) $ (160,799) $ (238,631) $ (213,524) $ (297,225) N/R = Not reported Results of operations for the three months ended March 31, 2019 have been recast to reflect the impact of the adoption of ASC 842. (1) The following table sets forth stock-based compensation expense and expense related to stock-based payments for services rendered by consultants included in the below line items: Three Months Ended June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, (Amounts in thousands) 2017 2017 2017 2018 2018 2018 2018 2019 2019 Stock-based compensation expense: Location operating expenses $ 675 $ 810 $ 16,570 $ 2,833 $ 3,587 $ 3,071 $ 13,302 $ 22,657 $ 3,296 Other operating expenses — — 355 814 1,385 1,188 1,135 3,490 946 Sales and marketing expenses 378 454 3,040 1,670 1,756 1,542 1,375 9,821 3,111 112