Last10K.com

2U, Inc. (TWOU) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

SEC Filings

2U, Inc.

CIK: 1459417 Ticker: TWOU

Exhibit 99.1

2U Reports Results for Second Quarter 2021

Delivers revenue growth of 30%

LANHAM, Md. — July 29, 2021 — 2U, Inc. (Nasdaq: TWOU)

, a global leader in education technology, today reported financial and operating results for the quarter ended June 30, 2021.

Results for Second Quarter 2021 Compared to Second Quarter 2020

 

   

Revenue increased 30% to $237.2 million

 

   

Degree Program Segment revenue increased 26% to $146.2 million

 

   

Alternative Credential Segment revenue increased 36% to $91.0 million

 

   

Net loss improved $44.3 million to $21.8 million, or $0.29 per share

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

 

   

Adjusted EBITDA improved $19.2 million to $17.1 million

 

   

Adjusted net loss improved $15.0 million to $6.8 million, or $0.09 per share

“2U delivered strong results in the second quarter and we continue to see growing demand from universities for our shared success model as they look for a trusted and proven digital transformation partner to meet the evolving needs of adult learners,” said Christopher “Chip” Paucek, Co-Founder and Chief Executive Officer of 2U. “As we work to close our recently announced edX acquisition, we are excited and energized by the opportunities it creates to expand access to affordable, high-quality online education globally and to deliver greater value for all of our stakeholders.”

Paul Lalljie, 2U’s Chief Financial Officer, added, “Our results in the second quarter were strong, with 30% revenue growth and positive trailing twelve month free cash flow. We are seeing good momentum, particularly in the degree business, that we expect to continue into 2022, though given the near-term macroeconomic environment we are making the prudent decision to maintain our full-year guidance.”

Discussion of Second Quarter 2021 Results

Revenue totaled $237.2 million, a 30% increase from $182.7 million in the second quarter of 2020. This increase was driven by a 26% increase in Degree Program Segment revenue to $146.2 million, primarily due to growth in full course equivalent (“FCE”) enrollments of 14,287, or 31%, and a 36% increase in Alternative Credential Segment revenue to $91.0 million, primarily due to growth in FCE enrollments of 3,244, or 16%. FCE enrollments increased 26% over the prior year period to 84,108.

Costs and expenses for the second quarter totaled $274.3 million, an 18% increase from $231.8 million in the second quarter of 2020. This increase was primarily driven by higher personnel and personnel-related expense, curriculum and teaching expense, and depreciation and amortization expense.

As of June 30, 2021, the company’s cash, cash equivalents, and restricted cash totaled $971.3 million, an increase of $452.5 million from $518.9 million as of December 31, 2020. Cash used in operations of $2.2 million for the six months ended June 30, 2021 was offset by cash provided by investing activities of $4.8 million and cash provided by financing activities of $450.6 million.

Business Outlook for Fiscal Year 2021

The company reaffirmed guidance for the full-year 2021 provided on April 28, 2021 for the following metrics:

 

   

Revenue to range from $925.0 million to $955.0 million, or growth of 19% to 23%

 

   

Net loss to range from $175.0 million to $165.0 million

 

   

Adjusted EBITDA to range from $55.0 million to $65.0 million


The following information was filed by 2U, Inc. (TWOU) on Thursday, July 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate 2U, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 2U, Inc..

Continue

Assess how 2U, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

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

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
M & A
Other
Filter Subcategory:
All
Product
Cash Flow
Earnings
Expense
Income
Shares
Other
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)
Accrued And Deferred Expenses
Accrued And Deferred Expenses (Tables)
Accrued And Deferred Expenses - Accounts Payable And Accrued Expenses (Details)
Accrued And Deferred Expenses - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
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 - 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)
Receivables And Contract Liabilities
Receivables And Contract Liabilities (Tables)
Receivables And Contract Liabilities - Change In Provision For Credit Losses For Trade Receivables (Details)
Receivables And Contract Liabilities - Contract Acquisition Costs (Details)
Receivables And Contract Liabilities - Other Receivables (Details)
Receivables And Contract Liabilities - Trade Accounts Receivable And Contract Liabilities (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Concentration Risk (Details)
Segment And Geographic Information - Geographical Information (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)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Common Stock And Stock-Based Compensation (Details)
Stockholders' Equity - Fair Value Assumptions (Details)
Stockholders' Equity - Restricted And Performance Restricted Stock Units (Details)
Stockholders' Equity - Stock Option Activity (Details)
Stockholders' Equity - Stock Option Narrative (Details)
Stockholders' Equity - Stock-Based Compensation Expense (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Ticker: TWOU
CIK: 1459417
Form Type: 10-Q Quarterly Report
Accession Number: 0001459417-21-000014
Submitted to the SEC: Tue Nov 09 2021 4:04:38 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Prepackaged Software

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/twou/0001459417-21-000014.htm