$3 B

TWOU Mkt cap, 14-Nov-2018

$107 M

2U Revenue Q3, 2018
2U Gross profit (Q3, 2018)90.4 M
2U Gross profit margin (Q3, 2018), %84.5%
2U Net income (Q3, 2018)-9.9 M
2U EBIT (Q3, 2018)-11.9 M
2U Cash, 30-Sep-2018442.2 M

2U Income Statement

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

30.8m150.2m205.9m286.8m

Revenue growth, %

41%376%

Cost of goods sold

7.0m32.0m41.0m50.8m

Gross profit

23.7m118.1m164.9m236.0m

Gross profit Margin, %

77%79%80%82%

Sales and marketing expense

16.3m82.9m106.6m

R&D expense

5.4m27.2m33.3m45.9m

General and administrative expense

6.0m34.1m46.0m62.7m

Operating expense total

27.7m176.3m226.9m316.9m

EBIT

(3.9m)(26.1m)(21.0m)(30.1m)

EBIT margin, %

(13%)(17%)(10%)(11%)

Interest expense

119.0k552.0k35.0k87.0k

Interest income

30.0k167.0k383.0k371.0k

Pre tax profit

(26.7m)(20.7m)(30.7m)

Income tax expense

1.3m

Net Income

(4.0m)(26.7m)(20.7m)(29.4m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

26.3m24.7m28.4m34.6m35.2m37.1m47.4m49.1m52.0m64.8m65.0m70.3m92.3m97.4m107.0m

Cost of goods sold

6.2m7.0m6.6m7.6m7.9m7.8m9.5m10.3m10.4m10.9m13.5m12.9m15.2m17.3m16.6m

Gross profit

20.1m17.7m21.8m27.1m27.3m29.2m37.9m38.9m41.6m53.9m51.5m57.3m77.1m80.1m90.4m

Gross profit Margin, %

76%72%77%78%78%79%80%79%80%83%79%82%83%82%84%

Sales and marketing expense

15.2m16.7m17.0m19.6m21.5m21.6m23.7m27.5m28.2m34.7m37.2m

R&D expense

5.7m5.8m5.7m6.1m6.5m7.1m7.3m8.8m8.7m9.2m11.1m12.7m13.8m15.2m16.4m

General and administrative expense

5.4m5.7m6.3m6.7m8.9m8.5m10.4m10.9m11.6m13.7m13.9m17.2m21.9m22.5m19.0m

Operating expense total

32.6m35.2m35.6m40.0m44.8m45.0m50.9m57.5m58.8m68.5m75.8m86.0m108.3m119.4m118.8m

EBIT

(6.3m)(10.5m)(7.2m)(5.4m)(9.5m)(7.9m)(3.4m)(8.4m)(6.8m)(3.6m)(10.8m)(15.8m)(16.0m)(22.0m)(11.9m)

EBIT margin, %

(24%)(42%)(25%)(16%)(27%)(21%)(7%)(17%)(13%)(6%)(17%)(22%)(17%)(23%)(11%)

Interest expense

784.0k134.0k176.0k126.0k126.0k127.0k26.0k9.0k1.0k36.0k27.0k27.0k27.0k

Interest income

1.0k31.0k30.0k28.0k24.0k21.0k92.0k91.0k37.0k196.0k53.0k18.0k342.0k912.0k1.8m

Pre tax profit

(7.0m)(10.6m)(7.3m)(5.5m)(9.6m)(8.2m)(3.4m)(8.3m)(6.8m)(3.4m)(11.8m)(15.7m)(16.1m)(21.9m)(10.4m)

Income tax expense

974.0k1.2m3.6m414.0k

Net Income

(7.0m)(10.6m)(7.3m)(5.5m)(9.6m)(8.2m)(3.4m)(8.3m)(6.8m)(3.4m)(11.8m)(14.7m)(14.9m)(18.3m)(9.9m)

2U Balance Sheet

Annual

usdY, 2011Y, 2012Y, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

24.0m25.2m7.0m86.9m183.7m168.7m223.4m

Accounts Receivable

350.0k975.0k7.9m14.2m

Inventories

7.4m5.0m

Current Assets

90.0m192.9m184.7m248.1m

PP&E

6.8m8.1m15.6m49.1m

Goodwill

72.0m

Total Assets

113.0m231.0m244.3m482.1m

Accounts Payable

2.3m4.5m3.7m22.6m

Current Liabilities

23.8m32.6m41.1m58.0m

Non-Current Liabilities

2.7m8.0m

Total Liabilities

35.3m49.1m94.2m

Common Stock

47.0k

Additional Paid-in Capital

216.8m351.3m371.5m588.3m

Retained Earnings

(128.8m)(155.6m)(176.3m)(205.8m)

Total Equity

88.0m195.8m195.2m387.8m

Financial Leverage

1.3 x1.2 x1.3 x1.2 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

5.7m104.8m80.6m83.1m88.2m175.3m186.7m188.3m156.9m142.9m37.4k202.4m182.1m488.8m442.2m

Accounts Receivable

632.0k655.0k10.0m4.3m4.4m12.7m1.3m5.2m21.0m28.7m23.4k42.3m40.3m50.0m49.7m

Current Assets

9.5m108.2m93.8m93.3m96.6m194.4m197.3m201.8m185.9m180.7m170.5k257.7m237.5m554.0m531.8m

PP&E

5.7m5.7m5.8m6.9m7.4m7.8m3.6m4.0m7.8m29.7m34.4k45.0m50.7m50.3m51.5m

Goodwill

67.6m75.3m64.9m63.0m

Total Assets

30.1m127.9m114.1m117.0m123.1m228.6m236.7m245.8m234.6m260.7m262.0k476.4m504.1m825.5m811.5m

Accounts Payable

9.3m4.1m4.7m7.1m2.8m4.3m6.4m5.6m4.8m10.8m4.3k32.5m31.0m32.1m34.5m

Current Liabilities

26.5m31.8m23.9m30.5m41.2m32.6m37.5m50.1m38.0m50.8m51.9k74.0m82.1m97.0m84.3m

Non-Current Liabilities

2.6m2.5m3.9m

Total Liabilities

29.6m34.0m25.2m31.7m42.5m33.6m40.1m52.6m41.9m64.9m70.9k106.8m118.3m132.0m119.4m

Additional Paid-in Capital

9.2m211.3m213.7m219.7m224.5m347.1m355.5m360.5m366.7m375.5m382.6k579.4m596.5m936.7m948.1m

Retained Earnings

(106.9m)(117.5m)(124.8m)(134.3m)(143.9m)(152.2m)(159.0m)(167.3m)(174.1m)(179.9m)(191.6k)(206.3m)(220.7m)(239.1m)(249.0m)

Total Equity

93.8m88.9m85.4m80.6m194.9m196.6m193.2m192.7m195.7m191.1k369.5m385.8m693.4m692.1m

Financial Leverage

1.4 x1.3 x1.4 x1.5 x1.2 x1.2 x1.3 x1.2 x1.3 x1.4 x1.3 x1.3 x1.2 x1.2 x

2U Cash Flow

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(4.0m)(3.4m)(20.7m)(29.4m)

Depreciation and Amortization

5.6m7.2m9.8m19.6m

Accounts Receivable

1.5m(625.0k)(6.9m)

Inventories

(45.1m)5.2m

Accounts Payable

(2.6m)2.3m(815.0k)

Cash From Operating Activities

79.9m96.8m5.2m8.1m

Purchases of PP&E

(4.1m)(7.6m)(27.3m)

Cash From Investing Activities

(11.0m)(15.9m)(24.5m)(149.4m)

Long-term Borrowings

(5.0m)(5.0m)(5.0m)

Cash From Financing Activities

102.6m122.0m4.3m196.8m

Free Cash Flow

(11.5m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

(7.0m)(17.6m)(25.0m)(5.5m)(15.1m)(23.3m)(3.4m)(11.7m)(18.5m)(3.4m)(29.9m)(14.9m)(33.2m)(43.2m)

Depreciation and Amortization

2.6m4.2m3.4m5.3m4.5m7.1m3.6m13.3m7.4m14.8m23.4m

Accounts Receivable

1.2m(8.2m)4.3m(4.0m)(12.3m)1.3m5.2m21.0m28.7m

Accounts Payable

(773.0k)(240.0k)7.1m553.0k2.0m6.4m1.0m212.0k7.1m

Cash From Operating Activities

1.6m(20.1m)6.0m(22.6m)11.5m(14.4m)(11.6m)(26.1m)(18.8m)(20.2m)(26.0m)

Purchases of PP&E

(1.0m)(3.7m)(9.4m)(20.9m)(1.9m)(5.1m)(8.0m)

Cash From Investing Activities

(5.2m)(7.9m)(6.5m)(10.3m)(8.6m)(16.2m)(14.3m)(134.4m)(23.7m)(45.3m)(85.0m)

Cash From Financing Activities

101.3m101.5m1.8m121.3m1.6m3.8m51.0k195.2m1.1m332.2m330.8m

Free Cash Flow

4.1m(26.8m)(16.5m)

2U Ratios

USDY, 2018

Financial Leverage

1.2 x
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2U Operating Metrics

2U's Customers was reported to be 17 in FY, 2016.
Q1, 2014Q2, 2014Q3, 2014Q4, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015Q4, 2015FY, 2015Q2, 2016Q3, 2016Q4, 2016FY, 2016Q1, 2017

Average Revenue per Full Course Equivalent Enrollment

$2.69 k$2.65 k$2.73 k$2.67 k$2.69 k$2.64 k$2.60 k$2.68 k$2.62 k$2.63 k$2.68 k$2.61 k$2.65 k$2.66 k$2.72 k

Customers

11 17

Full Course Equivalent Enrollments

9.81 k9.33 k10.39 k11.51 k41.03 k13.09 k13.56 k13.84 k16.53 k57.02 k17.71 k18.82 k21.69 k77.34 k23.86 k

Programs

15 38

Students

12.30 k17.50 k24 k
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