Segment Disclosures and Concentration

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Disclosures and Concentration

Note 20. Segment Disclosures and Concentration Operating segments are defined as components of an entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information that is reviewed by the entity's chief operating decision maker ("CODM") to make decisions about how to allocate resources and assess performance. The Company operates in one operating segment as the Chief Executive Officer, who is our CODM, reviews financial information, assesses the performance of the Company and makes decisions about allocating resources on a consolidated basis.

The Company’s revenues and total property and equipment, net, by country, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in millions)	2023		2022		2023		2022
Revenue:
United States	$	344	$	359	$	695	$	698
United Kingdom	131		126		266		244
Japan	54		50		108		100
Other foreign countries(1)	315		280		624		538
Total revenue	$	844	$	815	$	1,693	$	1,580

	June 30,		December 31,
(Amounts in millions)	2023		2022
Property and equipment:
United States	$	1,889	$	2,231
United Kingdom	504		551
Japan	195		253
Other foreign countries(1)	1,272		1,356
Total property and equipment, net	$	3,860	$	4,391

(1)No individual countries exceed 10% of our revenues or property and equipment.

The Company's concentration in specific cities magnifies the risk to the Company of localized economic conditions in those cities or the surrounding regions. The majority of the Company's revenue is earned from locations in the United States and United Kingdom. During the three months ended June 30, 2023 and 2022, approximately 41% and 44%, respectively, of the Company's revenue was earned in the United States and approximately 16% and 15%, respectively, of the Company's revenue was earned in the United Kingdom. During the six months ended June 30, 2023 and 2022, approximately 41% and 44%, respectively, of the Company's revenue was earned in the United States and approximately 16% and 15%, respectively, of the Company's revenue was earned in the United Kingdom. The majority of the Company's 2023 revenue from locations in the United States was generated from locations in the greater New York City, San Francisco, and Boston markets. In the United Kingdom, 87% of 2023 revenues and 87% of the Company's property and equipment, net are related to WeWork 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 three and six months ended June 30, 2023 and 2022 the Company had no single member that accounted for greater than 10% of the Company's total revenue.

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.