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2U, Inc. (TWOU) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

2U, Inc.

CIK: 1459417 Ticker: TWOU

 

Exhibit 99.1

 

2U, Inc. Reports Results for Fourth Quarter and Full-Year 2019

Delivers fourth quarter revenue growth of 42%

Full-year revenue growth of 40%

 

 

LANHAM, Md. — February 6, 2020 — 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, 2019.

 

Results for Fourth Quarter 2019 Compared to Fourth Quarter 2018

 

Revenue increased 42% to $163.2 million

 

Graduate Program Segment revenue increased 12% to $108.2 million

 

Alternative Credential Segment revenue increased 202% to $54.9 million, including $33.2 million in revenue from Trilogy, acquired in May 2019

 

Net loss was $44.6 million, or $(0.70) per share, compared to net income of $4.8 million, or $0.08 per share, in the fourth quarter of 2018

 

Non-GAAP Results for Fourth Quarter 2019 Compared to Fourth Quarter 2018

 

Adjusted net loss was $11.2 million, or $(0.18) per share, compared to adjusted net income of $13.7 million, or $0.23 per share, in the fourth quarter of 2018

 

Adjusted EBITDA was $5.0 million, compared to $20.1 million in the fourth quarter of 2018

 

Results for Full-Year 2019 Compared to Full-Year 2018

 

Revenue increased 40% to $574.7 million

 

Graduate Program Segment revenue increased 20% to $417.2 million

 

Alternative Credential Segment revenue increased 148% to $157.5 million, including $74.3 million in revenue from Trilogy, acquired in May 2019

 

Net loss increased $196.9 million to $235.2 million or $(3.83) per share

 

Non-GAAP Results for Full-Year 2019 Compared to Full-Year 2018

 

Adjusted net loss increased $68.4 million to $71.9 million or $(1.17) per share

 

Adjusted EBITDA loss was $23.9 million, compared to adjusted EBITDA of $17.7 million in 2018

 

“Over the past year, with the addition of our boot camp and undergraduate offerings, we have opened up significant new market segments, more than doubled our client base, and now deliver a portfolio of over 400 career-relevant, high-quality product offerings,” Co-Founder and Chief Executive Officer Christopher “Chip” Paucek said. “Our recent expansion of 2U’s relationship with the University of London and the London School of Economics and Political Science is a testament to the strength of our partnerships and will allow us to power a compelling mix of seven bachelor’s degrees from two of the world’s most recognized and respected institutions.”

 

Chief Financial Officer Paul Lalljie commented, “We closed out 2019 with strong results, and enter 2020 with excellent momentum. The business is on pace to deliver industry-leading growth for the year, with revenue expected to grow by 26-30% and adjusted EBITDA expected to turn positive in the third quarter. We remain focused on improving operational efficiency and accelerating our path to profitability and positive free cash flow.”

 

Discussion of Fourth Quarter 2019 Results

 

Revenue totaled $163.2 million, a 42% increase from $115.1 million in the fourth quarter of 2018. Graduate Program Segment revenue grew 12% to $108.2 million, driven by a 20% increase in full course equivalent enrollments, partially offset by a 7% decrease in average revenue per full course equivalent enrollment. Alternative Credential Segment revenue increased 202% to $54.9 million, driven by full course equivalent enrollments of 14,639.

 

Costs and expenses totaled $204.5 million, an 83% increase from $111.8 million in the fourth quarter of 2018. This $92.7 million increase was primarily driven by $55.1 million of incremental operating costs related to Trilogy and $5.8 million in transaction, integration, restructuring-related and shareholder activism costs. The remainder of the cost increase was primarily attributable to direct marketing, personnel, and curriculum and teaching costs.

 


The following information was filed by 2U, Inc. (TWOU) on Thursday, February 6, 2020 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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Inside 2U, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
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)
Accrued Expenses (Details)
Accrued Expenses Accrued Expenses
Business Combination
Business Combination (Tables)
Business Combination - Estimated Fair Value (Details)
Business Combination - Pro Forma Information (Details)
Business Combination Business Combination (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Payments Due To University Clients (Details)
Debt
Debt (Details)
Debt (Tables)
Debt - Long-Term Debt (Details)
Goodwill And Amortizable Intangible Assets
Goodwill And Amortizable Intangible Assets (Tables)
Goodwill And Amortizable Intangible Assets - Additional Information (Details)
Goodwill And Amortizable Intangible Assets - Amortizable Intangible Assets (Details)
Goodwill And Amortizable Intangible Assets - Estimated Future Amortization Expense And License Agreement (Details)
Goodwill And Amortizable Intangible Assets - Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Carryforwards (Details)
Income Taxes - Components Of Income Tax (Provision) Benefit (Details)
Income Taxes - Other (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Future Minimum Lease Payments For Operating Leases (Details)
Leases - Lease Cost (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Net Loss Per Share
Net Loss Per Share (Details)
Net Loss Per Share (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)
Retirement Plan
Retirement Plan (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Narrative (Details)
Segment And Geographic Information - Reconciliation Of Net Loss To Total Segment Profitability (Details)
Segment And Geographic Information - Segment Results Of Operations (Details)
Segment And Geographic Information - Total Assets By Segment (Details)
Segment And Geographic Information - Trade Accounts Receivable And Contract Liabilities (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Restricted Stock Units (Details)
Stock-Based Compensation - Stock Options (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Stockholders' Equity (Tables)
Ticker: TWOU
CIK: 1459417
Form Type: 10-K Annual Report
Accession Number: 0001459417-20-000003
Submitted to the SEC: Thu Feb 27 2020 8:18:07 PM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: Prepackaged Software

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