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2U, Inc. (TWOU) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

2U, Inc.

CIK: 1459417 Ticker: TWOU

Exhibit 99.1

 

 

2U, Inc. Reports Fourth Quarter and Full-Year 2017 Financial Results

Announces First International Graduate Program with University College London

 

·                  Fourth Quarter Revenue Grew 51%, Year-Over-Year, Driven by 30% Growth in the Graduate Program Segment

·                  Full-Year Revenue Grew 39%, Year-Over-Year, Driven by 31% Growth in the Graduate Program Segment

 

LANHAM, MD, February 26, 2018 — 2U, Inc. (Nasdaq: TWOU),

today reported financial and operating results for the fourth quarter and full-year ended December 31, 2017.

 

Fourth Quarter 2017 Results

 

·                  Revenue was $86.7 million, an increase of 51% from $57.4 million in the fourth quarter of 2016.

·                  Net income was $0.5 million, or $0.01 per share, compared to net loss of $(2.2) million, or $(0.05) per share, in the fourth quarter of 2016.

·                  Adjusted net income was $7.9 million, or $0.14 per share, compared to $2.0 million, or $0.04 per share, in the fourth quarter of 2016.

·                  Adjusted EBITDA was $12.7 million, compared to $4.5 million in the fourth quarter of 2016.

 

Full-Year 2017 Results

 

·                  Revenue was $286.8 million, an increase of 39% from $205.9 million in 2016.

·                  Net loss was $(29.4) million, or $(0.60) per share, compared to $(20.7) million, or $(0.44) per share, in 2016.

·                  Adjusted net loss was $(4.3) million, or $(0.09) per share, compared to $(4.9) million, or $(0.10) per share, in 2016.

·                  Adjusted EBITDA was $11.4 million, compared to $4.5 million in 2016.

 

“A decade into our journey, 2U is now at the forefront of the digital transformation in higher education and the strength of our business performance and the high-quality student outcomes in our partner programs prove it,” CEO and Co-Founder Christopher “Chip” Paucek said. “The positive momentum in our GetSmarter short course business combined with the organic growth in our graduate program business produced strong fourth quarter and full-year 2017 financial results and sets us up nicely for 2018.”

 

Recent Developments

 

Today, 2U is announcing the signing of its first International Graduate Program: an MBA with University College London (“UCL”). This is the first online MBA offered by the UCL School of Management. The first cohort is expected to launch in 2019, subject to applicable internal approvals.

 

“The MBA@UCL is the first international graduate program in the history of 2U and a monumental step forward in the company’s evolution,” Paucek said. “This school has innovation in its DNA. The school’s long-term vision centers on its goal of creating disruptive research and entrepreneurial leaders for the complex, interconnected world of the future. Now with our partnership, we are helping UCL extend that mission across the globe.”

 

UC Berkeley is the first graduate program client that has signed to offer short courses. UC Berkeley School of Information will offer a range of technology-focused online short courses.

 

2U appointed two new board members to our Board of Directors: Valerie Jarrett, former Senior Advisor to President Obama, joined the board in December and Greg Peters, Chief Product Officer of Netflix, will be joining the board on March 15, 2018.

 

2U entered into a global, multi-year, exclusive partnership to enhance the future of work and learning with WeWork, a company that provides co-working space and other services to more than 175,000 members in 207 locations across the globe. The multi-dimensional deal includes:

 


The following information was filed by 2U, Inc. (TWOU) on Monday, February 26, 2018 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 Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Operations And Comprehensive Loss (parenthetical)
Business Combination
Business Combination (tables)
Business Combination - Estimated Average Useful Life (details)
Business Combination - Estimated Fair Values Of The Assets Acquired And Liabilities Assumed (details)
Business Combination - Pro Forma Combined Revenue And Net Loss (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Debt
Debt (details)
Goodwill And Amortizable Intangible Assets
Goodwill And Amortizable Intangible Assets (details)
Goodwill And Amortizable Intangible Assets (tables)
Goodwill And Amortizable Intangible Assets - Estimated Future Amortization Expense And License Agreement (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Carryforwards (details)
Income Taxes - Change In Deferred Tax Valuation Allowance (details)
Income Taxes - Other (details)
Net Loss Per Share
Net Loss Per Share (tables)
Net Loss Per Share - Antidilutive (details)
Net Loss Per Share - Other (details)
Operating Leases
Operating Leases (details)
Operating Leases (tables)
Organization
Organization (details)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details)
Retirement Plan
Retirement Plan (details)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Concentration Risk (details)
Segment And Geographic Information - Geographical Information (details)
Segment And Geographic Information - Segment Performance (details)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Employee Stock Purchase Plan (details)
Stock-based Compensation - Expense (details)
Stock-based Compensation - Other (details)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (tables)
Ticker: TWOU
CIK: 1459417
Form Type: 10-K Annual Report
Accession Number: 0001047469-18-001109
Submitted to the SEC: Tue Feb 27 2018 4:13:00 PM EST
Accepted by the SEC: Tue Feb 27 2018
Period: Sunday, December 31, 2017
Industry: Prepackaged Software

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