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2U, Inc. (TWOU) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

2U, Inc.

CIK: 1459417 Ticker: TWOU

Exhibit 99.1

 

2U, Inc. Reports Fourth Quarter and Full Year 2014 Financial Results

 

Year-over-year Adjusted EBITDA loss improves 83 percent for fourth quarter and 30 percent for full year 2014 —

 

LANDOVER, Md., February 26, 2015 — 2U, Inc. (NASDAQ: TWOU), a leading provider of cloud-based software-as-a-service technology fused with technology-enabled services that enable leading nonprofit colleges and universities to deliver their high-quality degree programs online, today reported financial and operating results for the quarter and year ended December 31, 2014.

 

Fourth Quarter 2014 Results

 

·                  Revenue was $30.8 million, an increase of 24 percent from $24.8 million in the fourth quarter of 2013.

·                  Net loss attributable to common stockholders was $(4.0) million, or $(0.10) per share, compared to $(5.3) million, or $(0.70) per share, in the fourth quarter of 2013.

·                  Adjusted net loss was $(2.0) million, or $(0.05) per pro forma share compared to $(4.5) million, or $(0.14) per pro forma share, in the fourth quarter of 2013.

·                  Adjusted EBITDA loss was $(0.6) million, compared to a loss of $(3.2) million in the fourth quarter of 2013.

 

Full Year 2014 Results

 

·                  Revenue was $110.2 million, an increase of 33 percent from $83.1 million in 2013.

·                  Net loss attributable to common stockholders was $(29.1) million, or $(0.91) per share, compared to $(28.3) million, or $(3.81) per share, in 2013.

·                  Adjusted net loss was $(20.8) million, or $(0.55) per pro forma share compared to $(25.6) million, or $(0.83) per pro forma share, in 2013.

·                  Adjusted EBITDA loss was $(14.8) million, compared to a loss of $(21.2) million in 2013.

 

“2014 was a milestone year for 2U,” said Chip Paucek, 2U’s Chief Executive Officer and Co-Founder. “We successfully completed our IPO, delivered better than 30 percent year-over-year growth in revenue and improvement in Adjusted EBITDA loss, and the stellar outcomes from our clients’ students are clearly showing that this form of online education is as good as, and in some cases better than, on-campus education.

 

Paucek added, “Our guidance for 2015 is another step on the path to demonstrating that there will be a strong correlation between positive outcomes for our clients’ students and our long-term financial success. At the mid-point of full-year guidance, we’re expecting revenue to increase by approximately 31 percent and Adjusted EBITDA loss to improve by approximately 22 percent, year over year. We remain on a clear path to profitability as we continue to work with our expanding group of clients to change the perceptions of what online education can be.”

 

Recent Program Related Development

 

In February 2015, the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School, which is 2U’s third client, elected as part of a broader amendment to their existing contract, to extend the initial term of that agreement for an additional 10 years.  With this

 


The following information was filed by 2U, Inc. (TWOU) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity (deficit)
Consolidated Statements Of Operations
Capitalized Content Development Costs
Capitalized Content Development Costs (details)
Capitalized Content Development Costs (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Common Stock And Preferred Stock Reserved For Future Issuance
Common Stock And Preferred Stock Reserved For Future Issuance (details)
Common Stock And Preferred Stock Reserved For Future Issuance (tables)
Description Of The Business
Description Of The Business (details)
Income Taxes
Income Taxes (details 2)
Income Taxes (details)
Income Taxes (tables)
Net Loss Per Share
Net Loss Per Share (details 2)
Net Loss Per Share (details)
Net Loss Per Share (tables)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Quarterly Financial Information ( Unaudited )
Quarterly Financial Information ( Unaudited ) (details)
Quarterly Financial Information ( Unaudited ) (tables)
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock (details)
Redeemable Convertible Preferred Stock (tables)
Related Party Transactions
Related Party Transactions (details)
Retirement Plan
Retirement Plan (details)
Schedule Ii-valuation And Qualifying Accounts
Schedule Ii-valuation And Qualifying Accounts (details)
Segment And Geographic Information
Segment And Geographic Information (details)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details 3)
Significant Accounting Policies (details 4)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stock-based Compensation
Stock-based Compensation (details 2)
Stock-based Compensation (details)
Stock-based Compensation (tables)
Warrants
Warrants (details)
Ticker: TWOU
CIK: 1459417
Form Type: 10-K Annual Report
Accession Number: 0001047469-15-001305
Submitted to the SEC: Thu Feb 26 2015 5:15:02 PM EST
Accepted by the SEC: Thu Feb 26 2015
Period: Wednesday, December 31, 2014
Industry: Prepackaged Software

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