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2U, Inc. (TWOU) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

SEC Filings

2U, Inc.

CIK: 1459417 Ticker: TWOU

Exhibit 99.1

 

2U, Inc. Reports Results for Full-Year and Fourth Quarter 2020

Delivers revenue growth of 35% for the full year

Reports significant improvements to profitability measures

 

 

LANHAM, Md. — February 11, 2021 — 2U, Inc. (Nasdaq: TWOU)

, a global leader in education technology, today reported financial and operating results for the full-year and fourth quarter ended December 31, 2020.

 

Results for Full-Year 2020 Compared to Full-Year 2019

Revenue increased 35% to $774.5 million
Degree Program Segment revenue increased 17% to $486.7 million
Alternative Credential Segment revenue increased 83% to $287.8 million
Net loss improved $18.7 million to $216.5 million, or $3.22 per share
Total cash balance increased to $518.9 million

 

Non-GAAP Results for Full-Year 2020 Compared to Full-Year 2019

Adjusted EBITDA improved by $40.0 million to $16.1 million
Adjusted net loss improved by $8.1 million to $63.7 million, or $0.97 per share

 

Results for Fourth Quarter 2020 Compared to Fourth Quarter 2019

Revenue increased 32% to $215.3 million
Degree Program Segment revenue increased 21% to $130.5 million
Alternative Credential Segment revenue increased 54% to $84.8 million
Net loss improved $6.9 million to $37.7 million, or $0.52 per share

 

Non-GAAP Results for Fourth Quarter 2020 Compared to Fourth Quarter 2019

Adjusted EBITDA improved by $13.8 million to $18.8 million
Adjusted net loss improved by $7.1 million to $4.0 million, or $0.06 per share

 

“In the face of the unprecedented challenges 2020 presented for our society and the economy globally, 2U delivered excellent results that I believe are a testament to the underlying strength of our business and the value our shared success model continues to deliver for our partners and students,” Co-Founder and Chief Executive Officer, Christopher “Chip” Paucek said. “2U’s unmatched scale and the quality, diversity, and breadth of our growing portfolio of degree and non-degree offerings from great nonprofit universities around the world has solidified our position as the digital transformation partner of choice in edtech, and we believe sets us on a clear path forward for strong, profitable growth in 2021 and beyond.”

 

“We executed on our commitment to balance strong revenue growth with margin improvements while driving towards free cash flow and greatly increasing our liquidity and financial flexibility throughout the year,” said Chief Financial Officer, Paul Lalljie. “We believe we are well positioned to continue to grow profitably, invest for the future, and drive sustainable value for our shareholders. Our guidance for 2021 reflects confidence in our ability to maintain strong growth while making significant improvements in profitability.”

 

Discussion of 2020 Results

 

Revenue for the year totaled $774.5 million, a 35% increase from $574.7 million in 2019. This increase was driven by a 17% increase in Degree Program Segment revenue to $486.7 million and an 83% increase in Alternative Credential Segment revenue to $287.8 million. The increase in revenue from the Alternative Credential Segment included incremental revenue of $95.6 million from Trilogy, which was acquired in May 2019.

 

Revenue for the fourth quarter totaled $215.3 million, a 32% increase from $163.2 million in the fourth quarter of 2019. Degree Program Segment revenue grew 21% to $130.5 million, primarily driven by a 40% increase in full course equivalent (“FCE”) enrollments. Alternative Credential Segment revenue grew 54% to $84.8 million, driven by a 52% increase in FCE enrollments.

 


The following information was filed by 2U, Inc. (TWOU) on Thursday, February 11, 2021 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 And Deferred Costs
Accrued Expenses And Deferred Costs (Tables)
Accrued Expenses And Deferred Costs - Accounts Payable And Accrued Expenses (Details)
Accrued Expenses And Deferred Costs - Narrative (Details)
Business Combination
Business Combination (Tables)
Business Combination - (Details)
Business Combination - Estimated Fair Value (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 (Tables)
Debt - Long-Term Debt (Details)
Debt - Narrative (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 Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Income Tax (Provision) Benefit (Details)
Income Taxes - Other (Details)
Income Taxes - Statutory Federal Income Tax Rate And The Effective Tax Rate (Details)
Leases
Leases (Tables)
Leases - Additional Information (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)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (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)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Change In Provision For Credit Losses (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Common Stock And Stock-Based Compensation (Details)
Stockholders' Equity - Employee Stock Purchase Plan (Details)
Stockholders' Equity - Fair Value Assumptions (Details)
Stockholders' Equity - Restricted And Performance Restricted Stock Units (Details)
Stockholders' Equity - Stock Options (Details)
Stockholders' Equity - Stock-Based Compensation Expense (Details)
Ticker: TWOU
CIK: 1459417
Form Type: 10-K Annual Report
Accession Number: 0001459417-21-000003
Submitted to the SEC: Thu Feb 25 2021 5:25:22 PM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Prepackaged Software

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