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Photo by Mandel Ngan/Getty Images

WeWork had a $1.5 billion revenue run rate through the end of the first quarter, according to a memo sent early this morning to company employees and obtained by Axios. That run rate is nearly 70% higher than actual 2017 revenue, driven by significantly increased occupancy rates that suggest the co-working giant is figuring out how to successfully scale.

The big picture: The updated financials come as WeWork is seeking to raise new equity funding at around a $35 billion valuation, and while its recently-issued bonds continue to trade slightly below par. An IPO is expected to occur sometime in 2019.

More financials, per the memo:

  • Q1 2018 revenue was $342 million, up 110% year-over-year.
  • The $1.5 billion revenue run rate was calculated by multiplying March revenue by 12, although the company still anticipates around $2.3 billion in total 2018 revenue (based on its growth trajectory).
  • "Community EBITDA," a WeWork metric meant to relay unit economics, was $95 million for Q1. That's a 121% increase over Q1 2017.
  • Losses weren't referenced, but the company remains unprofitable.
  • Cash on hand also wasn't referenced, but the company told bond buyers that it had around $2.8 billion on hand (inclusive of the bond offering proceeds and around $600 million committed, but not yet wired, by shareholder SoftBank).

But perhaps WeWork's most important quarterly number doesn't have a dollar sign in front of it. That would be an 82% occupancy rate at the end of March, which is up from 73% from one year earlier despite the company's rapid expansion (33 additional cities and nine new countries).

  • Why it matters: WeWork would argue that this demonstrates that it has figured out how to scale, in part due to an increased ability to land enterprise customers who sign longer-term contracts (now 24% of total membership, up from 14%).

WeWork didn't mention the new private fundraise in its memo, but the beans were spilled at a conference in London by SoftBank's Rajeev Misra. Expect it to be a combination of primary and secondary capital, so as to better protect against dilution. Spokespeople for both WeWork and SoftBank declined to comment on Misra's disclosure.

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Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.