2U Gross profit (Q1, 2018)77.1 M

2U Gross profit margin (Q1, 2018), %83.5%

2U Net income (Q1, 2018)-14.9 M

2U EBIT (Q1, 2018)-16 M

2U Cash, 31-Mar-2018182.1 M

usd | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 30.8 m | 43.3 m | 205.9 m | 286.8 m |

| 41% | 376% | ||

## Cost of goods sold | 7 m | 8.7 m | 41 m | 50.8 m |

## Gross profit | 23.7 m | 34.5 m | 164.9 m | 236 m |

| 77% | 80% | 80% | 82% |

## 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 | 45.9 m |

## General and administrative expense | 6 m | 10.1 m | 46 m | 62.7 m |

## Operating expense total | 27.7 m | 37.8 m | 185.9 m | 316.9 m |

## EBIT | (3.9 m) | (3.3 m) | (21 m) | (30.1 m) |

| (13%) | (8%) | (10%) | (11%) |

## Interest expense | 119 k | 173 k | 35 k | 87 k |

## Interest income | 30 k | 94 k | 383 k | 371 k |

## Pre tax profit | (20.7 m) | (30.7 m) | ||

## Income tax expense | 1.3 m | |||

## Net Income | (4 m) | (3.4 m) | (20.7 m) | (29.4 m) |

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 26.3 m | 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 | 65 m | 92.3 m |

## Cost of goods sold | 6.2 m | 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 | 13.5 m | 15.2 m |

## Gross profit | 20.1 m | 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 | 51.5 m | 77.1 m |

| 76% | 72% | 77% | 78% | 78% | 79% | 80% | 79% | 80% | 83% | 79% | 83% |

## Sales and marketing expense | 15.2 m | 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 | 37.2 m | |

## R&D expense | 5.7 m | 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 | 11.1 m | 13.8 m |

## General and administrative expense | 5.4 m | 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 | 13.9 m | 21.9 m |

## Operating expense total | 32.6 m | 35.2 m | 35.6 m | 40 m | 44.8 m | 45 m | 50.9 m | 57.5 m | 58.8 m | 68.5 m | 75.8 m | 108.3 m |

## EBIT | (6.3 m) | (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) | (10.8 m) | (16 m) |

| (24%) | (42%) | (25%) | (16%) | (27%) | (21%) | (7%) | (17%) | (13%) | (6%) | (17%) | (17%) |

## Interest expense | 784 k | 134 k | 176 k | 126 k | 126 k | 127 k | 26 k | 9 k | 127 k | 26 k | 1 k | 27 k |

## Interest income | 1 k | 31 k | 30 k | 28 k | 24 k | 21 k | 92 k | 91 k | 37 k | 196 k | 53 k | 342 k |

## Pre tax profit | (7.1 m) | (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) | (11.8 m) | (16.1 m) |

## Income tax expense | 1.2 m | |||||||||||

## Net Income | (7.1 m) | (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) | (11.8 m) | (14.9 m) |

usd | Y, 2011 | Y, 2012 | Y, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|---|---|

## Cash | 24 m | 25.2 m | 7 m | 86.9 m | 183.7 m | 168.7 m | 223.4 m |

## Accounts Receivable | 350 k | 975 k | 7.9 m | 14.2 m | |||

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

## Current Assets | 90 m | 192.9 m | 184.7 m | 248.1 m | |||

## PP&E | 6.8 m | 8.1 m | 15.6 m | 49.1 m | |||

## Goodwill | 72 m | ||||||

## Total Assets | 113 m | 231 m | 244.3 m | 482.1 m | |||

## Accounts Payable | 2.3 m | 4.5 m | 3.7 m | 22.6 m | |||

## Current Liabilities | 23.8 m | 32.6 m | 41.1 m | 58 m | |||

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

## Total Liabilities | 35.3 m | 49.1 m | 94.2 m | ||||

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

## Additional Paid-in Capital | 216.8 m | 351.3 m | 371.5 m | 588.3 m | |||

## Retained Earnings | (128.8 m) | (155.6 m) | (176.3 m) | (205.8 m) | |||

## Total Equity | 88 m | 195.8 m | 195.2 m | 387.8 m | |||

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

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 5.7 m | 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 | 37.4 k | 182.1 m |

## Accounts Receivable | 632 k | 655 k | 10 m | 4.3 m | 4.4 m | 12.7 m | 1.3 m | 5.2 m | 21 m | 28.7 m | 23.4 k | 40.3 m |

## Current Assets | 9.5 m | 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 | 170.5 k | 237.5 m |

## PP&E | 5.7 m | 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 | 34.4 k | 50.7 m |

## Goodwill | 75.3 m | |||||||||||

## Total Assets | 30.1 m | 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 | 262 k | 504.1 m |

## Accounts Payable | 9.3 m | 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 | 4.3 k | 31 m |

## Current Liabilities | 26.5 m | 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 | 51.9 k | 82.1 m |

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

## Total Liabilities | 29.6 m | 34 m | 25.2 m | 31.7 m | 42.5 m | 33.6 m | 40.1 m | 52.6 m | 41.9 m | 64.9 m | 70.9 k | 118.3 m |

## Additional Paid-in Capital | 9.2 m | 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 | 382.6 k | 596.5 m |

## Retained Earnings | (106.9 m) | (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) | (191.6 k) | (220.7 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 | 191.1 k | 385.8 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 | 1.4 x | 1.3 x |

usd | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | (4 m) | (3.4 m) | (20.7 m) | (29.4 m) |

## Depreciation and Amortization | 5.6 m | 7.2 m | 9.8 m | 19.6 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 | 8.1 m |

## Purchases of PP&E | (4.1 m) | (7.6 m) | (27.3 m) | |

## Cash From Investing Activities | (11 m) | (15.9 m) | (24.5 m) | (149.4 m) |

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

## Cash From Financing Activities | 102.6 m | 122 m | 4.3 m | 196.8 m |

## Free Cash Flow | (11.5 m) |

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (7.1 m) | (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) | (14.9 m) |

## Depreciation and Amortization | 7.4 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 | ||

## Cash From Operating Activities | (18.8 m) | ||||||||||

## Purchases of PP&E | (1.9 m) | ||||||||||

## Cash From Investing Activities | (23.7 m) | ||||||||||

## Cash From Financing Activities | 1.1 m |

USD | Y, 2018 |
---|---|

## Financial Leverage | 1.3 x |

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2U's Customers was reported to be 17 in FY, 2016.

Q1, 2014 | Q2, 2014 | Q3, 2014 | Q4, 2014 | FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q4, 2015 | FY, 2015 | Q2, 2016 | Q3, 2016 | Q4, 2016 | FY, 2016 | Q1, 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 k | 9.33 k | 10.39 k | 11.51 k | 41.03 k | 13.09 k | 13.56 k | 13.84 k | 16.53 k | 57.02 k | 17.71 k | 18.82 k | 21.69 k | 77.34 k | 23.86 k |

## Programs | 15 | 38 | |||||||||||||

## Students | 12.30 k | 17.50 k | 24 k |

- Source: SEC Filings

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