$4.9 B

TWOU Mkt cap, 20-Jul-2018

$92.3 M

2U Revenue Q1, 2018
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

2U Income Statement

Annual

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

Revenue

30.8 m43.3 m205.9 m286.8 m

Revenue growth, %

41%376%

Cost of goods sold

7 m8.7 m41 m50.8 m

Gross profit

23.7 m34.5 m164.9 m236 m

Gross profit Margin, %

77%80%80%82%

Sales and marketing expense

16.3 m20.2 m106.6 m

R&D expense

5.4 m7.5 m33.3 m45.9 m

General and administrative expense

6 m10.1 m46 m62.7 m

Operating expense total

27.7 m37.8 m185.9 m316.9 m

EBIT

(3.9 m)(3.3 m)(21 m)(30.1 m)

EBIT margin, %

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

Interest expense

119 k173 k35 k87 k

Interest income

30 k94 k383 k371 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)

Quarterly

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

Revenue

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

Cost of goods sold

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

Gross profit

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

Gross profit Margin, %

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

Sales and marketing expense

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

R&D expense

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

General and administrative expense

5.4 m5.7 m6.3 m6.7 m8.9 m8.5 m10.4 m10.9 m11.6 m13.7 m13.9 m21.9 m

Operating expense total

32.6 m35.2 m35.6 m40 m44.8 m45 m50.9 m57.5 m58.8 m68.5 m75.8 m108.3 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)

EBIT margin, %

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

Interest expense

784 k134 k176 k126 k126 k127 k26 k9 k127 k26 k1 k27 k

Interest income

1 k31 k30 k28 k24 k21 k92 k91 k37 k196 k53 k342 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)

2U Balance Sheet

Annual

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

Cash

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

Accounts Receivable

350 k975 k7.9 m14.2 m

Inventories

7.4 m5 m

Current Assets

90 m192.9 m184.7 m248.1 m

PP&E

6.8 m8.1 m15.6 m49.1 m

Goodwill

72 m

Total Assets

113 m231 m244.3 m482.1 m

Accounts Payable

2.3 m4.5 m3.7 m22.6 m

Current Liabilities

23.8 m32.6 m41.1 m58 m

Non-Current Liabilities

2.7 m8 m

Total Liabilities

35.3 m49.1 m94.2 m

Common Stock

47 k

Additional Paid-in Capital

216.8 m351.3 m371.5 m588.3 m

Retained Earnings

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

Total Equity

88 m195.8 m195.2 m387.8 m

Financial Leverage

1.3 x1.2 x1.3 x1.2 x

Quarterly

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

Cash

5.7 m104.8 m80.6 m83.1 m88.2 m175.3 m186.7 m188.3 m156.9 m142.9 m37.4 k182.1 m

Accounts Receivable

632 k655 k10 m4.3 m4.4 m12.7 m1.3 m5.2 m21 m28.7 m23.4 k40.3 m

Current Assets

9.5 m108.2 m93.8 m93.3 m96.6 m194.4 m197.3 m201.8 m185.9 m180.7 m170.5 k237.5 m

PP&E

5.7 m5.7 m5.8 m6.9 m7.4 m7.8 m3.6 m4 m7.8 m29.7 m34.4 k50.7 m

Goodwill

75.3 m

Total Assets

30.1 m127.9 m114.1 m117 m123.1 m228.6 m236.7 m245.8 m234.6 m260.7 m262 k504.1 m

Accounts Payable

9.3 m4.1 m4.7 m7.1 m2.8 m4.3 m6.4 m5.6 m4.8 m10.8 m4.3 k31 m

Current Liabilities

26.5 m31.8 m23.9 m30.5 m41.2 m32.6 m37.5 m50.1 m38 m50.8 m51.9 k82.1 m

Non-Current Liabilities

2.6 m2.5 m3.9 m

Total Liabilities

29.6 m34 m25.2 m31.7 m42.5 m33.6 m40.1 m52.6 m41.9 m64.9 m70.9 k118.3 m

Additional Paid-in Capital

9.2 m211.3 m213.7 m219.7 m224.5 m347.1 m355.5 m360.5 m366.7 m375.5 m382.6 k596.5 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 m88.9 m85.4 m80.6 m194.9 m196.6 m193.2 m192.7 m195.7 m191.1 k385.8 m

Financial Leverage

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

2U Cash Flow

Annual

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

Net Income

(4 m)(3.4 m)(20.7 m)(29.4 m)

Depreciation and Amortization

5.6 m7.2 m9.8 m19.6 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 m96.8 m5.2 m8.1 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 m122 m4.3 m196.8 m

Free Cash Flow

(11.5 m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 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 k10 m4.3 m4.4 m12.7 m1.3 m5.2 m21 m28.7 m

Accounts Payable

4.1 m4.7 m7.1 m2.8 m4.3 m6.4 m5.6 m4.8 m10.8 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

2U Ratios

USDY, 2018

Financial Leverage

1.3 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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