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Illustration: Sarah Grillo/Axios

WeWork reported a $1.25 billion net loss for the third quarter during a call on Wednesday with the embattled company's bondholders, more than doubling its year-earlier number.

Why it matters: These results represent WeWork's final quarter under the leadership of Adam Neumann, who was ousted after a failed IPO.

Axios obtained a copy of the slide deck presentation. Some highlights:

  • Annual revenue run rate is nearly $4.2 billion. That's up 24.6% from Q2, and just more than double the $2 billion figure from Q3 2018.
  • Net loss increased from $497 million in Q3 2018 to $1.25 billion in Q3 2019, bringing the year-to-date loss to $2.16 billion. Quarterly adjusted EBITDA loss grew from $306 million to $651 million.
  • Total desks are now at 719,000, which is an increase of 115,000 in the quarter and a 109% increase over Q3 2018.
  • Total locations now stands at 625, representing 127 cities in 33 countries.
  • Occupancy fell slightly from its early 2018 peak, and went down from 91% to 88% for "mature" locations.
  • Enterprise membership as a percentage of total membership rose to 43%, compared to 40% in the prior quarter and 34% in the year-earlier period. Total membership is now 264,000.

What they're saying: WeWork did not provide any forward-looking guidance on layoffs or senior management changes.

The bottom line: The real reporting challenge will come in three months, when WeWork's quarterly results will reflect its new, slower-growth strategy.

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
30 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

Trump political team disavows "Patriot Party" groups

Marine One carries President Trump away from the White House on Inauguration Day. Photo: Patrick Smith/Getty Images

Donald Trump's still-active presidential campaign committee officially disavowed political groups affiliated with the nascent "Patriot Party" on Monday.

Why it matters: Trump briefly floated the possibility of creating a new political party to compete with the GOP — with him at the helm. But others have formed their own "Patriot Party" entities during the past week, and Trump's team wants to make clear it has nothing to do with them.