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2U, Inc. (TWOU) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

2U, Inc.

CIK: 1459417 Ticker: TWOU

Exhibit 99.1

 

 

 

2U, Inc. Reports Second Quarter 2019 Financial Results

 

LANHAM, Md. — July 30, 2019 — 2U, Inc. (Nasdaq: TWOU)

, a global leader in education technology, today reported financial and operating results for the second quarter ended June 30, 2019.

 

Second Quarter 2019 Results

 

·                  Revenue was $135.5 million, an increase of 39% from $97.4 million in the second quarter of 2018, despite the $3.3 million unfavorable impact from a deferred revenue fair value purchase accounting adjustment in the second quarter of 2019.

·                  Net loss was $(28.0) million, or $(0.46) per share, compared to $(18.3) million, or $(0.33) per share, in the second quarter of 2018.

·                  Adjusted net loss was $(25.8) million, or $(0.43) per share, compared to $(10.3) million, or $(0.19) per share, in the second quarter of 2018.

·                  Adjusted EBITDA loss was $(15.0) million, compared to $(5.6) million in the second quarter of 2018.

 

“With the close of our Trilogy acquisition, 2U’s business is evolving to better meet marketplace demand and the transforming needs of our university partners and lifelong learners,” Co-Founder and CEO Christopher “Chip” Paucek said. “As we deliver our full portfolio of educational offerings to new and existing partners, we are also setting 2U on a defined path to profitability by tempering short-term growth projections and leveraging our scale to drive greater operational efficiencies across the business.”

 

Recent Developments

 

2U recently announced the following:

 

·                  July 30, 2019: 2U today announced a 10-year contract extension with the University of Cape Town to deliver new short courses across the university.

·                  July 30, 2019: 2U today announced a new partnership with Butler University to deliver a Trilogy-powered data analytics boot camp.

·                  July 29, 2019: A new partnership with the University of Texas at San Antonio to deliver a Trilogy-powered coding boot camp.

·                  July 18, 2019: A new partnership with Johns Hopkins Whiting School of Engineering to deliver a Trilogy-powered coding boot camp.

·                  July 2, 2019: A new partnership with the University of Manchester to deliver a Trilogy-powered coding boot camp.

·                  June 26, 2019: A new partnership with the University of Adelaide to deliver a Trilogy-powered coding boot camp.

·                  June 21, 2019: 2U was named a top workplace by The Washington Post for the fifth consecutive year.

·                  June 13, 2019: A new partnership with the University of Birmingham to deliver a Trilogy-powered coding boot camp. It is the first coding boot camp in the UK to be offered by a university.

·                  June 3, 2019: 2U announced Ebony Lee would join the company as its managing director for graduate programs to oversee the execution and growth of the graduate program business.

·                  May 22, 2019: The completion of 2U’s acquisition of Trilogy Education Services, Inc., a workforce accelerator that empowers the world’s leading universities to prepare professionals for high-growth careers in the digital economy. The combined company will expand 2U’s offerings across the career curriculum continuum.

·                  May 16, 2019: A new partnership with the University of Western Australia to deliver a Trilogy-powered coding boot camp.

·                  May 14, 2019: A new partnership with the University of Connecticut School of Engineering to deliver a Trilogy-powered coding boot camp.

·                  May 8, 2019: An expansion of a partnership with UC Davis Graduate School of Management to deliver two online short courses in leadership and strategic negotiations.

 


The following information was filed by 2U, Inc. (TWOU) on Tuesday, July 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside 2U, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Parenthetical)
- Additional Information (Details)
Business Combination
Business Combination (Tables)
Business Combination - Additional Information (Details)
Business Combination - Pro Forma Information (Details)
Business Combination - Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Long-Term Debt (Details)
Goodwill And Amortizable Intangible Assets
Goodwill And Amortizable Intangible Assets (Tables)
Goodwill And Amortizable Intangible Assets - Amortizable Intangible Assets (Details)
Goodwill And Amortizable Intangible Assets - Estimated Future Amortization Expense (Details)
Goodwill And Amortizable Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Lease Cost (Details)
Leases - Operating Lease Liabilities Due (Details)
Net Loss Per Share
Net Loss Per Share (Details)
Net Loss Per Share (Tables)
Organization
Organization (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Concentration Risk (Details)
Segment And Geographic Information - Contract Acquisition Costs (Details)
Segment And Geographic Information - Geographical Information (Details)
Segment And Geographic Information - Revenue And Total Assets By Segment (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Expense (Details)
Stock-Based Compensation - Options (Details)
Stock-Based Compensation - Restricted Stock Units (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Stockholders' Equity (Tables)
Ticker: TWOU
CIK: 1459417
Form Type: 10-Q Quarterly Report
Accession Number: 0001459417-19-000006
Submitted to the SEC: Tue Jul 30 2019 12:21:21 PM EST
Accepted by the SEC: Tue Jul 30 2019
Period: Sunday, June 30, 2019
Industry: Prepackaged Software

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