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2U, Inc. (TWOU) SEC Filing 8-K Material Event for the period ending Tuesday, November 9, 2021

2U, Inc.

CIK: 1459417 Ticker: TWOU

Exhibit 99.1

2U Reports Results for Third Quarter 2021

Delivers revenue growth of 16%

LANHAM, Md. — November 9, 2021 — 2U, Inc. (Nasdaq: TWOU), a global leader in education technology, today reported financial and operating results for the quarter ended September 30, 2021.

Results for Third Quarter 2021 Compared to Third Quarter 2020

 

   

Revenue increased 16% to $232.4 million

 

   

Degree Program Segment revenue increased 21% to $147.8 million

 

   

Alternative Credential Segment revenue increased 7% to $84.6 million

 

   

Net loss increased $7.6 million to $60.1 million, or $0.80 per share

Non-GAAP Results for Third Quarter 2021 Compared to Third Quarter 2020

 

   

Adjusted EBITDA improved $11.0 million to $14.7 million

 

   

Adjusted net loss increased $0.9 million to $17.5 million, or $0.23 per share

“Our strong third quarter results were led by continued growth in our degree business, including increasing demand for our expanding portfolio of undergraduate offerings,” said Christopher “Chip” Paucek, 2U’s Co-Founder and Chief Executive Officer. “We believe the upcoming closing of the edX transaction will only strengthen our business and transform 2U into a leading education platform company, with edX operating as our consumer brand and home to a global marketplace of over 3,500 free-to-degree online educational offerings from the world’s most respected universities and companies.”

Paul Lalljie, 2U’s Chief Financial Officer, added, “Third quarter revenue growth of 16% reflects sustained momentum, and we remain disciplined in optimizing growth, profitability and cash flow. Our updated full-year guidance reflects increased expectations for our standalone business and the impact from edX for the remainder of the year assuming a mid-November closing date.”

Discussion of Third Quarter 2021 Results

Revenue totaled $232.4 million, a 16% increase from $201.1 million in the third quarter of 2020. This increase was driven by a 21% increase in Degree Program Segment revenue to $147.8 million, primarily due to growth in full course equivalent (“FCE”) enrollments of 10,000, or 21%, and a 7% increase in Alternative Credential Segment revenue to $84.6 million, primarily due to an increase in the average revenue per FCE enrollment of $767, or 22%. FCE enrollments increased 10% over the prior year period to 78,016.

Costs and expenses for the third quarter totaled $275.9 million, a 12% increase from $247.0 million in the third quarter of 2020. This increase was primarily driven by increased operational expense to support revenue growth and the acquisition of edX.

As of September 30, 2021, the company’s cash, cash equivalents, and restricted cash totaled $951.3 million, an increase of $432.4 million from $518.9 million as of December 31, 2020. Cash used in operations of $3.1 million and cash used in investing activities of $12.6 million for the nine months ended September 30, 2021 was offset by cash provided by financing activities of $450.5 million.

Recent Developments

In early November, the company received the approvals from the Massachusetts Attorney General and the Massachusetts Supreme Court required in connection with the edX acquisition. The acquisition is expected to close in mid-November.

On November 4, 2021, the company borrowed an additional $100 million under its existing senior secured Term Loan B. The incremental borrowings have an original issue discount of 2%. Except to provide for the incurrence of the incremental loan, the terms of the credit agreement were not materially changed.

Business Outlook for Fiscal Year 2021

The company provided updated guidance for the full-year 2021 for the following metrics:

 

   

Revenue to range from $935.0 million to $955.0 million, or growth of 21% to 23%

 

   

Net loss to range from $200.0 million to $190.0 million

 

   

Adjusted EBITDA to range from $60.0 million to $70.0 million


Non-GAAP Measures

To provide investors and others with additional information regarding 2U’s results, the company has disclosed the following non-GAAP financial measures: adjusted EBITDA (loss), unlevered free cash flow, adjusted net income (loss), and adjusted net income (loss) per share. The company has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. The company defines adjusted EBITDA (loss) as net income or net loss, as applicable, before net interest income (expense), other income (expense), net, taxes, depreciation and amortization expense, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, impairment charges, losses on debt extinguishment, and stock-based compensation expense. The company defines unlevered free cash flow as net cash provided by (used in) operating activities, less capital expenditures, payments to university clients, certain non-ordinary cash payments, and cash interest payments on debt. The company defines adjusted net income (loss) as net income or net loss, as applicable, before other income (expense), net, acquisition-related gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, impairment charges, losses on debt extinguishment, and stock-based compensation expense. Adjusted net income (loss) per share is calculated as adjusted net income (loss) divided by diluted weighted-average shares of common stock outstanding for periods that result in adjusted net income, and basic weighted-average shares outstanding for periods that result in an adjusted net loss. Some of the adjustments described in the definitions of adjusted EBITDA (loss), unlevered free cash flow, and adjusted net income (loss) may not be applicable in any given reporting period and they may vary from period to period.

The company’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, to understand cash that is generated by or available for operational expenses and investment in the business after capital expenditures, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate the company’s financial performance. Management believes these non-GAAP financial measures reflect the company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in the company’s business as they exclude expenses that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the company’s operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

The use of adjusted EBITDA (loss), unlevered free cash flow, adjusted net income (loss), and adjusted net income (loss) per share measures has certain limitations, as they do not reflect all items of income and expense that affect the company’s operations. The company compensates for these limitations by reconciling the non-GAAP financial measures to the most directly comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review the company’s financial information in its entirety and not rely on a single financial measure.

Conference Call Information

 

What:    2U’s third quarter 2021 financial results conference call
When:    Tuesday, November 9, 2021
Time:    4:30 p.m. ET
Live Call:    (833) 921-1673
Conference ID #:    9368677
Webcast:    investor.2U.com

About 2U, Inc. (Nasdaq: TWOU)

Eliminating the back row in higher education is not just a metaphor—it’s our mission. For more than a decade, 2U, Inc., a global leader in education technology, has been a trusted partner and brand steward of great universities. We build, deliver, and support more than 550 digital and in-person educational offerings, including undergraduate and graduate degrees, professional certificates, boot camps, and GetSmarter short courses. Together with our partners, 2U has positively transformed the lives of more than 350,000 students and lifelong learners. To learn more, visit 2U.com. #NoBackRow


Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements regarding 2U, Inc.’s future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding future results of operations and financial position of 2U, including financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. 2U has based these forward-looking statements largely on its estimates of its financial results and its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs as of the date of this press release. The company undertakes no obligation to update these statements as a result of new information or future events. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the results predicted, including, but not limited to:

 

   

trends in the higher education market and the market for online education, and expectations for growth in those markets;

 

   

the acceptance, adoption and growth of online learning by colleges and universities, faculty, students, employers, accreditors and state and federal licensing bodies;

 

   

the impact of competition on the company’s industry and innovations by competitors;

 

   

the company’s ability to comply with evolving regulations and legal obligations related to data privacy, data protection and information security;

 

   

the company’s expectations about the potential benefits of its cloud-based software-as-a-service technology and technology-enabled services to university clients and students;

 

   

the company’s dependence on third parties to provide certain technological services or components used in its platform;

 

   

the company’s expectations about the predictability, visibility and recurring nature of its business model;

 

   

the company’s ability to meet the anticipated launch dates of its degree programs, short courses and boot camps;

 

   

the company’s ability to acquire new university clients and expand its degree programs, short courses and boot camps with existing university clients;

 

   

the company’s ability to consummate the edX Acquisition (as defined below) and realize the anticipated benefits of the edX Acquisition;

 

   

the company’s ability to successfully integrate the operations of its acquisitions, including the pending edX acquisition, to achieve the expected benefits of its acquisitions and manage, expand and grow the combined company;

 

   

the company’s ability to refinance its indebtedness on attractive terms, if at all, to better align with its focus on profitability;

 

   

the company’s ability to service its substantial indebtedness and comply with the covenants and conversion obligations contained in the indenture governing its convertible senior notes and the term loan agreement governing its term loan facility;

 

   

the company’s ability to generate sufficient future operating cash flows from recent acquisitions to ensure related goodwill is not impaired;

 

   

the company’s ability to execute its growth strategy in the international, undergraduate and non-degree alternative markets;

 

   

the company’s ability to continue to recruit prospective students for its offerings;

 

   

the company’s ability to maintain or increase student retention rates in its degree programs;

 

   

the company’s ability to attract, hire and retain qualified employees;

 

   

the company’s expectations about the scalability of its cloud-based platform;


   

potential changes in regulations applicable to the company or its university clients;

 

   

the company’s expectations regarding the amount of time its cash balances and other available financial resources will be sufficient to fund its operations;

 

   

the impact and cost of stockholder activism;

 

   

the impact of any natural disasters or public health emergencies, such as the coronavirus disease 2019 (“COVID-19”) pandemic;

 

   

the company’s expectations regarding the effect of the capped call transactions and regarding actions of the option counterparties and/or their respective affiliates; and

 

   

other factors beyond the company’s control.

These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as amended and supplemented by risks and uncertainties under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and other SEC filings. Moreover, 2U operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for 2U management to predict all risks, nor can 2U assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements 2U may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated.

Investor Relations Contact: Ken Goff, 2U, Inc., investorinfo@2U.com

Media Contact: Glenda Felden, 2U, Inc., media@2U.com


2U, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

     September 30,
2021
    December 31,
2020
 
     (unaudited)        

Assets

    

Current assets

    

Cash and cash equivalents

   $ 934,348   $ 500,629

Restricted cash

     16,976     18,237

Accounts receivable, net

     95,390     46,663

Prepaid expenses and other assets

     68,388     39,353
  

 

 

   

 

 

 

Total current assets

     1,115,102     604,882

Property and equipment, net

     48,006     52,734

Right-of-use assets

     77,940     60,785

Goodwill

     414,004     415,830

Amortizable intangible assets, net

     291,427     312,770

Other assets, non-current

     87,003     97,263
  

 

 

   

 

 

 

Total assets

   $ 2,033,482   $ 1,544,264
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities

    

Accounts payable and accrued expenses

   $ 155,116   $ 130,674

Deferred revenue

     96,984     75,493

Lease liability

     11,243     10,024

Other current liabilities

     37,033     21,178
  

 

 

   

 

 

 

Total current liabilities

     300,376     237,369

Long-term debt

     742,769     273,173

Deferred tax liabilities, net

     1,295     2,810

Lease liability, non-current

     103,024     83,228

Other liabilities, non-current

     6,553     6,694
  

 

 

   

 

 

 

Total liabilities

     1,154,017     603,274
  

 

 

   

 

 

 

Stockholders’ equity

    

Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued

     —         —    

Common stock, $0.001 par value, 200,000,000 shares authorized, 74,749,601 shares issued and outstanding as of September 30, 2021; 72,451,521 shares issued and outstanding as of December 31, 2020

     75     72

Additional paid-in capital

     1,714,647     1,646,574

Accumulated deficit

     (823,377     (695,872

Accumulated other comprehensive loss

     (11,880     (9,784
  

 

 

   

 

 

 

Total stockholders’ equity

     879,465     940,990
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 2,033,482   $ 1,544,264
  

 

 

   

 

 

 


2U, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited, in thousands, except share and per share amounts)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2021     2020     2021     2020  

Revenue

   $ 232,376   $ 201,073   $ 702,058   $ 559,239

Costs and expenses

        

Curriculum and teaching

     30,869     30,153     98,805     76,887

Servicing and support

     33,898     32,536     101,947     93,363

Technology and content development

     43,106     40,223     128,539     113,040

Marketing and sales

     118,300     100,068     346,181     297,624

General and administrative

     49,736     44,000     144,342     127,207
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     275,909     246,980     819,814     708,121
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (43,533     (45,907     (117,756     (148,882

Interest income

     474     713     1,188     1,380

Interest expense

     (16,945     (7,564     (33,014     (19,575

Loss on debt extinguishment

     —         —         (1,101     (11,671

Other income (expense), net

     (425     42     22,730     (1,659
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (60,429     (52,716     (127,953     (180,407

Income tax benefit

     319     162     448     1,580
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (60,110   $ (52,554   $ (127,505   $ (178,827
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share, basic and diluted

   $ (0.80   $ (0.77   $ (1.72   $ (2.69
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares of common stock outstanding, basic and diluted

     74,691,521     68,580,439     74,266,999     66,368,686
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

        

Foreign currency translation adjustments, net of tax of $0 for all periods presented

     (4,268     1,667     (2,096     (13,044
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss

   $ (64,378   $ (50,887   $ (129,601   $ (191,871
  

 

 

   

 

 

   

 

 

   

 

 

 


2U, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)

 

     Nine Months Ended
September 30,
 
     2021     2020  

Cash flows from operating activities

    

Net loss

   $ (127,505   $ (178,827

Adjustments to reconcile net loss to net cash used in operating activities:

    

Non-cash interest expense

     28,278     13,161

Depreciation and amortization expense

     77,577     71,406

Stock-based compensation expense

     74,745     63,962

Non-cash lease expense

     13,518     11,181

Loss on sublease

     4,845     —    

Provision for credit losses

     5,712     2,703

Loss on debt extinguishment

     1,101     11,671

Gain on sale of investment

     (27,762     —    

Changes in operating assets and liabilities, net of assets and liabilities acquired:

    

Accounts receivable, net

     (54,689     (65,095

Prepaid expenses and other assets

     (31,237     (14,982

Accounts payable and accrued expenses

     24,249     38,018

Deferred revenue

     21,960     43,138

Other liabilities, net

     (16,028     (5,680

Other

     2,100     2,486
  

 

 

   

 

 

 

Net cash used in operating activities

     (3,136     (6,858

Cash flows from investing activities

    

Purchase of a business, net of cash acquired

     —         (949

Additions of amortizable intangible assets

     (45,179     (46,750

Purchases of property and equipment

     (5,397     (5,516

Purchase of investment

     (1,000     —    

Proceeds from sale of investment

     38,762     —    

Advances repaid by university clients

     200     925

Other

     56     —    
  

 

 

   

 

 

 

Net cash used in investing activities

     (12,558     (52,290

Cash flows from financing activities

    

Proceeds from issuance of common stock, net of offering costs

     —         299,796

Proceeds from debt

     469,595     371,681

Payments on debt

     (2,203     (250,479

Purchases of capped calls in connection with issuance of convertible senior notes

     —         (50,540

Prepayment premium on extinguishment of senior secured term loan facility

     —         (2,528

Payment of debt issuance costs

     (10,259     (3,419

Tax withholding payments associated with settlement of restricted stock units

     (14,543     (470

Proceeds from exercise of stock options

     6,101     3,123

Proceeds from employee stock purchase plan share purchases

     1,773     1,771
  

 

 

   

 

 

 

Net cash provided by financing activities

     450,464     368,935

Effect of exchange rate changes on cash

     (2,312     (92
  

 

 

   

 

 

 

Net increase in cash, cash equivalents and restricted cash

     432,458     309,695

Cash, cash equivalents and restricted cash, beginning of period

     518,866     189,869
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash, end of period

   $ 951,324   $ 499,564
  

 

 

   

 

 

 


2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)

The following table presents a reconciliation of adjusted EBITDA (loss) to net loss for each of the periods indicated:

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2021     2020     2021     2020  
     (in thousands, except share and per share amounts)  

Net loss

   $ (60,110   $ (52,554   $ (127,505   $ (178,827

Stock-based compensation expense

     25,022     22,001     74,745     63,962

Other (income) expense, net

     425     (42     (22,730     1,659

Amortization of acquired intangible assets

     10,376     10,669     31,408     32,057

Income tax benefit on amortization of acquired intangible assets

     (251     (347     (845     (1,057

Loss on debt extinguishment

     —         —         1,101     11,671

Other*

     7,083     3,682     11,034     10,835
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss

     (17,455     (16,591     (32,792     (59,700
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest expense

     16,471     6,851     31,826     18,195

Income tax expense (benefit)

     (68     185     397     (523

Depreciation and amortization expense

     15,792     13,267     46,169     39,349
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (loss)

   $ 14,740   $ 3,712   $ 45,600   $ (2,679
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share, basic and diluted

   $ (0.80   $ (0.77   $ (1.72   $ (2.69
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss per share, basic and diluted

   $ (0.23   $ (0.24   $ (0.45   $ (0.90
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares of common stock outstanding, basic and diluted

     74,691,521     68,580,439     74,266,999     66,368,686
  

 

 

   

 

 

   

 

 

   

 

 

 

 

 

*

Includes (i) transaction and integration expense of $0.8 million and $0.4 million for the three months ended September 30, 2021 and 2020, respectively, and $2.6 million and $1.5 million for the nine months ended September 30, 2021 and 2020, respectively, (ii) restructuring-related expense of $5.4 million and $2.7 million for the three months ended September 30, 2021 and 2020, respectively, and $7.2 million and $3.2 million for the nine months ended September 30, 2021 and 2020, respectively, and (iii) stockholder activism and litigation-related expense of $0.8 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and $1.2 million and $6.2 million for the nine months ended September 30, 2021 and 2020, respectively.


2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)

The following table presents a reconciliation of unlevered free cash flow to net cash provided by operating activities for each of the twelve-month periods indicated:

 

     Twelve Months Ended  
     September 30,
2021
    June 30,
2021
    March 31,
2021
    December 31,
2020
 
     (in thousands)  

Net cash provided by operating activities

   $ 33,325   $ 34,054   $ 47,094   $ 29,604

Additions to amortizable intangible assets

     (61,213     (60,154     (61,195     (62,784

Purchases of property and equipment

     (6,398     (4,715     (4,919     (6,517

Payments to university clients

     8,800     8,550     6,550     5,800

Non-ordinary cash payments*

     11,199     15,739     15,530     19,379
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

     (14,287     (6,526     3,060     (14,518

Cash interest payments on debt

     9,046     9,075     5,923     10,785
  

 

 

   

 

 

   

 

 

   

 

 

 

Unlevered free cash flow

   $ (5,241   $ 2,549   $ 8,983   $ (3,733
  

 

 

   

 

 

   

 

 

   

 

 

 

 

 

*

Includes transaction, integration, restructuring-related, stockholder activism, and litigation-related expense.


2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)

The following table presents a reconciliation of adjusted EBITDA guidance to net loss guidance, at the midpoint of the ranges provided by the company, for the period indicated:

 

     Year Ending
December 31, 2021
 
     (in millions)  

Net loss

   $ (195.0

Stock-based compensation expense

     101.0

Amortization of acquired intangible assets

     57.5

Loss on debt extinguishment

     1.0

Other

     (17.0
  

 

 

 

Adjusted net loss

     (52.5
  

 

 

 

Net interest expense

     55.0

Income tax benefit

     (0.5

Depreciation and amortization expense

     63.0
  

 

 

 

Adjusted EBITDA

   $ 65.0
  

 

 

 


2U, Inc.

Key Financial Performance Metrics

(unaudited)

Full Course Equivalent Enrollments

Degree Program Segment

The following table presents the FCE enrollments and average revenue per FCE enrollment in the company’s Degree Program Segment for the last eight quarters.

 

     Q3 ‘21      Q2 ‘21      Q1 ‘21      Q4 ‘20      Q3 ‘20      Q2 ‘20      Q1 ‘20      Q4 ‘19  

Degree Program Segment FCE enrollments

     57,842      60,429      60,007      58,425      47,842      46,142      45,734      41,704

Degree Program Segment average revenue per FCE enrollment

   $ 2,555    $ 2,420    $ 2,431    $ 2,234    $ 2,551    $ 2,507    $ 2,590    $ 2,595

Alternative Credential Segment

The following table presents the FCE enrollments and average revenue per FCE enrollment in the company’s Alternative Credential Segment for the last eight quarters.

 

     Q3 ‘21      Q2 ‘21      Q1 ‘21      Q4 ‘20      Q3 ‘20      Q2 ‘20      Q1 ‘20      Q4 ‘19  

Alternative Credential Segment FCE enrollments

     20,174      23,679      21,078      22,190      23,067      20,435      15,141      14,639

Alternative Credential Segment average revenue per FCE enrollment*

   $ 4,193    $ 3,843    $ 4,108    $ 3,821    $ 3,426    $ 3,279    $ 3,766    $ 3,883

 

 

*

The Trilogy acquisition was completed on May 22, 2019. Average revenue per FCE enrollment for the company’s Alternative Credential Segment includes $1.9 million of purchase accounting adjustments for the fourth quarter of 2019.

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2U, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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2U, Inc. provided additional information to their SEC Filing as exhibits

Ticker: TWOU
CIK: 1459417
Form Type: 8-K Corporate News
Accession Number: 0001193125-21-324418
Submitted to the SEC: Tue Nov 09 2021 4:01:37 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Tuesday, November 9, 2021
Industry: Prepackaged Software
Events:
  1. Earnings Release
  2. Financial Exhibit

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