Exhibit 99.1

 

 

2U, Inc. Reports Fourth Quarter and Full-Year 2018 Financial Results

Delivers 44% year-over-year growth

 

LANHAM, Md. — February 25, 2019 — 

2U, Inc. (Nasdaq: TWOU), a global leader in education technology, today reported financial and operating results for the fourth quarter and full-year ended December 31, 2018.

 

Fourth Quarter 2018 Results

 

·                  Revenue was $115.1 million, an increase of 33% from $86.7 million in the fourth quarter of 2017.

·                  Net income was $4.8 million, or $0.08 per share, compared to $0.5 million, or $0.01 per share, in the fourth quarter of 2017.

·                  Adjusted net income was $13.7 million, or $0.23 per share, compared to $7.9 million, or $0.14 per share, in the fourth quarter of 2017.

·                  Adjusted EBITDA was $20.1 million, compared to $12.7 million in the fourth quarter of 2017.

 

Full-Year 2018 Results

 

·                  Revenue was $411.8 million, an increase of 44% from $286.8 million in 2017.

·                  Net loss was $(38.3) million, or $(0.69) per share, compared to $(29.4) million, or $(0.60) per share, in 2017.

·                  Adjusted net loss was $(3.5) million, or $(0.06) per share, compared to $(4.3) million, or $(0.09) per share, in 2017.

·                  Adjusted EBITDA was $17.7 million, compared to $11.4 million in 2017.

 

“The strength and resilience of 2U’s business is clear from our 2018 fourth quarter and full-year results, and reflects the continued expansion and increasing diversity of our degree and short course portfolios, both domestically and internationally,” Co-Founder and CEO Christopher “Chip” Paucek said. “Our commitment to investing in sustained growth not only sets 2U apart in the education technology industry, but will allow us to better meet the evolving needs of our partners and the marketplace.”

 

Recent Developments

 

2U recently announced the following:

·                  February 21, 2019: An expanded partnership with Syracuse University to launch no fewer than 10 new online short courses across various professional disciplines.

·                  February 11, 2019: A new Graduate Program with EGADE Business School at Tecnológico de Monterrey, Mexico — the #1 ranked business school in Latin America by Eduniversal — to deliver an online MBA. EGADE MBA Online is 2U’s first full graduate program in Latin America.

·                  February 7, 2019: An expansion of The We Company “Global Access” membership benefit to cover active faculty teaching 2U-powered degree programs and lead convenors for 2U’s short course portfolio.

·                  February 6, 2019: A strategic partnership with Keypath Education to expand the scope of services 2U offers to university partners by supporting smaller or lower-tuition degree programs.

·                  February 6, 2019: A new collaboration with LinkedIn, including complimentary access to LinkedIn Premium Career for students in 2U-powered degree programs, LinkedIn hosted best-practice workshops for 2U’s university clients, and a focus on insights about career pathways to help measure outcomes.

·                  February 4, 2019: A new partnership with Kellogg School of Management at Northwestern University to deliver two online, business-focused short courses.

·                  January 9, 2019: A new Graduate Program with Tufts University School of Medicine to deliver two online graduate degrees: MHI@Tufts, a Master of Health Informatics and Analytics, and MPH@Tufts, a Master of Public Health.

·                  December 10, 2018: 2U announced that Alexis Maybank, co-founder and first CEO of Gilt Groupe and chair of Girls Who Code, would join its Board of Directors. Maybank became 2U’s twelfth board member, and with her appointment, 2U’s board is 50 percent diverse, including two white women, two black women, and two men of color.

 

Financial Outlook

 

Based on information available as of today, 2U is issuing the following guidance for first quarter and full-year of 2019. This guidance assumes foreign exchange rates as of December 31, 2018 for the U.S. dollar/South African rand and the U.S. dollar/British pound.

 


The following information was filed by 2U, Inc. (TWOU) on Monday, February 25, 2019 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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