May 14, 2020 / 10:24 PM / 21 days ago

CORRECTED-WeWork reports slower cash burn in first quarter - CFO's email

(Corrects headline to say “slower cash burn”, paragraph 1 to say “cash burn improved”, not “free cash outflow grew”)

May 14 (Reuters) - The We Company, owner of WeWork, said cash burn improved 60% sequentially in the first quarter, according to an email the company’s chief financial officer sent to employees on Thursday and reviewed by Reuters.

The company had been incurring growing losses through last year. The email did not mention profitability, but said it had a free cash outflow of $482 million in the first quarter.

Chief Executive Officer Kimberly Ross said WeWork had $3.9 billion in cash and commitments as of March 2020, compared to $4.4 billion that it said it had in the last quarter.

Reporting by C Nivedita in Bengaluru and Herbert Lash in New York; Editing by Shailesh Kuber

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