2U is a cloud-based Software-as-a-Service platform providing schools with the comprehensive operating infrastructure they need to attract, enroll, educate, support, and graduate students globally. Blending live face-to-face classes, dynamic course content, and real-world learning experiences, 2U’s No Back Row approach ensures that every student can experience the high-quality university education for the most successful outcome. The platform partners with universities to offer online degree programs.

2U supplies universities with the tools, expertise, capital, and global recruiting needed to compete in a space currently dominated by unexceptional programs, while developing state-of-the-art technology platforms that enhance traditional offline curricula to create transformative instruction using the best educational and Web 2.0 technologies. The platform provides the vital logistical components of any online program, including comprehensive student support services from enrollment through graduation and beyond as well as practical learning experiences within distant communities around the country.

2U supplies universities with the tools, expertise, capital, and global recruiting needed to compete in a space currently dominated by unexceptional programs, while developing state-of-the-art technology platforms that enhance traditional offline curricula to create transformative instruction using the best educational and Web 2.0 technologies. The platform provides the vital logistical components of any online program, including comprehensive student support services from enrollment through graduation and beyond as well as practical learning experiences within distant communities around the country.

2U was founded in 2008 and is headquartered in Hyattsville, US

Chief Financial Officer

CEO & Co-Founder

EVP

EVP

2U has an office in Hyattsville

Hyattsville, US (HQ)

8201 Corporate Dr

2U's revenue was reported to be $64.8 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 64.8 m |

## Gross profit (Q1, 2017) | 53.9 m |

## Gross profit margin (Q1, 2017), % | 83% |

## Net income (Q1, 2017) | (3.4 m) |

## EBIT (Q1, 2017) | (3.6 m) |

## Market capitalization (15-Aug-2017) | 2.3 b |

## Cash (31-Mar-2017) | 142.9 m |

2U's current market capitalization is $2.3 b.

USD | FY, 2012^{} | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|

## Revenue | 30.8 m | 43.3 m | 205.9 m | ||

## Revenue growth, % | 41% | 376% | |||

## Cost of goods sold | 7 m | 8.7 m | 41 m | ||

## Gross profit | 23.7 m | 34.5 m | 164.9 m | ||

## Gross profit Margin, % | 77% | 80% | 80% | ||

## Sales and marketing expense | 16.3 m | 20.2 m | 106.6 m | ||

## R&D expense | 5.4 m | 7.5 m | 33.3 m | ||

## General and administrative expense | 6 m | 10.1 m | 46 m | ||

## Operating expense total | 34.7 m | 46.6 m | 226.9 m | ||

## EBIT | (3.9 m) | (3.3 m) | (21 m) | ||

## EBIT margin, % | (13%) | (8%) | (10%) | ||

## Interest expense | 73 k | (27 k) | (119 k) | (173 k) | (35 k) |

## Interest income | 30 k | 94 k | 383 k | ||

## Pre tax profit | (20.7 m) | ||||

## Net Income | (4 m) | (3.4 m) | (20.7 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 24.7 m | 28.4 m | 34.6 m | 35.2 m | 37.1 m | 47.4 m | 49.1 m | 52 m | 64.8 m |

## Cost of goods sold | 7 m | 6.6 m | 7.6 m | 7.9 m | 7.8 m | 9.5 m | 10.3 m | 10.4 m | 10.9 m |

## Gross profit | 17.7 m | 21.8 m | 27.1 m | 27.3 m | 29.2 m | 37.9 m | 38.9 m | 41.6 m | 53.9 m |

## Gross profit Margin, % | 72% | 77% | 78% | 78% | 79% | 80% | 79% | 80% | 83% |

## Sales and marketing expense | 16.7 m | 17 m | 19.6 m | 21.5 m | 21.6 m | 23.7 m | 27.5 m | 28.2 m | 34.7 m |

## R&D expense | 5.8 m | 5.7 m | 6.1 m | 6.5 m | 7.1 m | 7.3 m | 8.8 m | 8.7 m | 9.2 m |

## General and administrative expense | 5.7 m | 6.3 m | 6.7 m | 8.9 m | 8.5 m | 10.4 m | 10.9 m | 11.6 m | 13.7 m |

## Operating expense total | 28.2 m | 29 m | 32.4 m | 36.9 m | 37.1 m | 41.4 m | 47.3 m | 48.4 m | 57.5 m |

## EBIT | (10.5 m) | (7.2 m) | (5.4 m) | (9.5 m) | (7.9 m) | (3.4 m) | (8.4 m) | (6.8 m) | (3.6 m) |

## EBIT margin, % | (42%) | (25%) | (16%) | (27%) | (21%) | (7%) | (17%) | (13%) | (6%) |

## Interest expense | (134 k) | (176 k) | (126 k) | (126 k) | (127 k) | (26 k) | (9 k) | (127 k) | (26 k) |

## Interest income | 31 k | 30 k | 28 k | 24 k | 21 k | 92 k | 91 k | 37 k | 196 k |

## Pre tax profit | (10.6 m) | (7.3 m) | (5.5 m) | (9.6 m) | (8.2 m) | (3.4 m) | (8.3 m) | (6.8 m) | (3.4 m) |

## Net Income | (10.6 m) | (7.3 m) | (5.5 m) | (9.6 m) | (8.2 m) | (3.4 m) | (8.3 m) | (6.8 m) | (3.4 m) |

USD | Y, 2011^{} | Y, 2012^{} | Y, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|---|

## Cash | 24 m | 25.2 m | 7 m | 86.9 m | 183.7 m | 168.7 m |

## Accounts Receivable | 350 k | 975 k | 7.9 m | |||

## Inventories | 7.4 m | 5 m | ||||

## Current Assets | 90 m | 192.9 m | 184.7 m | |||

## PP&E | 6.8 m | 8.1 m | 15.6 m | |||

## Total Assets | 113 m | 231 m | 244.3 m | |||

## Accounts Payable | 2.3 m | 4.5 m | 3.7 m | |||

## Current Liabilities | 23.8 m | 32.6 m | 41.1 m | |||

## Non-Current Liabilities | 2.7 m | 8 m | ||||

## Total Liabilities | 35.3 m | 49.1 m | ||||

## Common Stock | 47 k | |||||

## Additional Paid-in Capital | 216.8 m | 351.3 m | 371.5 m | |||

## Retained Earnings | (128.8 m) | (155.6 m) | (176.3 m) | |||

## Total Equity | 88 m | 195.8 m | 195.2 m | |||

## Financial Leverage | 1.3 x | 1.2 x | 1.3 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 104.8 m | 80.6 m | 83.1 m | 88.2 m | 175.3 m | 186.7 m | 188.3 m | 156.9 m | 142.9 m |

## Accounts Receivable | 655 k | 10 m | 4.3 m | 4.4 m | 12.7 m | 1.3 m | 5.2 m | 21 m | 28.7 m |

## Current Assets | 108.2 m | 93.8 m | 93.3 m | 96.6 m | 194.4 m | 197.3 m | 201.8 m | 185.9 m | 180.7 m |

## PP&E | 5.7 m | 5.8 m | 6.9 m | 7.4 m | 7.8 m | 3.6 m | 4 m | 7.8 m | 29.7 m |

## Total Assets | 127.9 m | 114.1 m | 117 m | 123.1 m | 228.6 m | 236.7 m | 245.8 m | 234.6 m | 260.7 m |

## Accounts Payable | 4.1 m | 4.7 m | 7.1 m | 2.8 m | 4.3 m | 6.4 m | 5.6 m | 4.8 m | 10.8 m |

## Current Liabilities | 31.8 m | 23.9 m | 30.5 m | 41.2 m | 32.6 m | 37.5 m | 50.1 m | 38 m | 50.8 m |

## Non-Current Liabilities | 2.6 m | 2.5 m | 3.9 m | ||||||

## Additional Paid-in Capital | 211.3 m | 213.7 m | 219.7 m | 224.5 m | 347.1 m | 355.5 m | 360.5 m | 366.7 m | 375.5 m |

## Retained Earnings | (117.5 m) | (124.8 m) | (134.3 m) | (143.9 m) | (152.2 m) | (159 m) | (167.3 m) | (174.1 m) | (179.9 m) |

## Total Equity | 93.8 m | 88.9 m | 85.4 m | 80.6 m | 194.9 m | 196.6 m | 193.2 m | 192.7 m | 195.7 m |

## Financial Leverage | 1.4 x | 1.3 x | 1.4 x | 1.5 x | 1.2 x | 1.2 x | 1.3 x | 1.2 x | 1.3 x |

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Net Income | (4 m) | (3.4 m) | (20.7 m) |

## Depreciation and Amortization | 5.6 m | 7.2 m | 9.8 m |

## Accounts Receivable | 1.5 m | (625 k) | (6.9 m) |

## Inventories | (45.1 m) | 5.2 m | |

## Accounts Payable | (2.6 m) | 2.3 m | (815 k) |

## Cash From Operating Activities | 79.9 m | 96.8 m | 5.2 m |

## Purchases of PP&E | (4.1 m) | (7.6 m) | |

## Capital Expenditures | (16.7 m) | ||

## Cash From Investing Activities | (11 m) | (15.9 m) | (24.5 m) |

## Long-term Borrowings | (5 m) | (5 m) | (5 m) |

## Cash From Financing Activities | 102.6 m | 122 m | 4.3 m |

## Free Cash Flow | (11.5 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | (10.6 m) | (7.3 m) | (5.5 m) | (9.6 m) | (8.2 m) | (3.4 m) | (8.3 m) | (6.8 m) | (3.4 m) |

## Accounts Receivable | 655 k | 10 m | 4.3 m | 4.4 m | 12.7 m | 1.3 m | 5.2 m | 21 m | 28.7 m |

## Accounts Payable | 4.1 m | 4.7 m | 7.1 m | 2.8 m | 4.3 m | 6.4 m | 5.6 m | 4.8 m | 10.8 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 57.9 k |

## Financial Leverage | 1.3 x |