2U (TWOU) stock price, revenue, and financials

2U market cap is $2.2 b, and annual revenue was $574.67 m in FY 2019

$2.2 B

TWOU Mkt cap, 15-May-2020

$175.5 M

2U Revenue Q1, 2020
2U Net income (Q1, 2020)-60.1 M
2U EBIT (Q1, 2020)-53.9 M
2U Cash, 31-Mar-2020138.2 M
2U EV2.4 B

2U Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Revenue

30.8m150.2m205.9m286.8m411.8m574.7m

Revenue growth, %

388%37%39%44%

Cost of goods sold

7.0m32.0m41.0m50.8m67.2m

Gross profit

23.7m118.1m164.9m236.0m344.6m

Gross profit Margin, %

77%79%80%82%84%

Sales and marketing expense

16.3m82.9m106.6m342.4m

R&D expense

5.4m27.2m33.3m45.9m63.8m

General and administrative expense

6.0m34.1m46.0m62.7m83.0m131.0m

Operating expense total

27.7m176.3m226.9m316.9m458.3m474.1m

EBIT

(3.9m)(26.1m)(21.0m)(30.1m)(46.5m)(246.8m)

EBIT margin, %

(13%)(17%)(10%)(11%)(11%)(43%)

Interest expense

119.0k552.0k35.0k87.0k108.0k

Interest income

30.0k167.0k383.0k371.0k5.2m5.8m

Pre tax profit

(4.0m)(26.7m)(20.7m)(30.7m)(43.2m)(255.1m)

Income tax expense

(1.3m)(4.9m)(19.9m)

Net Income

(4.0m)(26.7m)(20.7m)(29.4m)(38.3m)(235.2m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020

Revenue

26.3m24.7m28.4m34.6m35.2m37.1m47.4m49.1m52.0m64.8m65.0m70.3m92.3m97.4m107.0m122.2m135.5m153.8m175.5m

Cost of goods sold

6.2m7.0m6.6m7.6m7.9m7.8m9.5m10.3m10.4m10.9m13.5m12.9m15.2m17.3m16.6m20.2m

Gross profit

20.1m17.7m21.8m27.1m27.3m29.2m37.9m38.9m41.6m53.9m51.5m57.3m77.1m80.1m90.4m102.1m

Gross profit Margin, %

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

Sales and marketing expense

15.2m16.7m17.0m19.6m21.5m21.6m23.7m27.5m28.2m34.7m37.2m89.7m93.5m99.2m

R&D expense

5.7m5.8m5.7m6.1m6.5m7.1m7.3m8.8m8.7m9.2m11.1m12.7m13.8m15.2m16.4m19.8m

General and administrative expense

5.4m5.7m6.3m6.7m8.9m8.5m10.4m10.9m11.6m13.7m13.9m17.2m21.9m22.5m19.0m23.0m28.4m42.0m43.7m

Operating expense total

32.6m35.2m35.6m40.0m44.8m45.0m50.9m57.5m58.8m68.5m75.8m86.0m108.3m119.4m118.8m146.7m118.2m136.3m145.1m

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)(24.4m)(46.0m)(135.0m)(53.9m)

EBIT margin, %

(24%)(42%)(25%)(16%)(27%)(21%)(7%)(17%)(13%)(6%)(17%)(22%)(17%)(23%)(11%)(20%)(34%)(88%)(31%)

Interest expense

784.0k134.0k176.0k126.0k126.0k127.0k26.0k9.0k1.0k36.0k27.0k27.0k27.0k55.0k

Interest income

1.0k31.0k30.0k28.0k24.0k21.0k92.0k91.0k37.0k196.0k53.0k18.0k342.0k912.0k1.8m2.3m1.8m924.0k513.0k

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)(22.5m)(46.7m)(140.4m)(61.2m)

Income tax expense

(974.0k)(1.2m)(3.6m)(414.0k)(941.0k)(18.7m)714.0k(1.1m)

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)(21.6m)(28.0m)(141.1m)(60.1m)

2U Balance Sheet

Annual

usdY, 2011Y, 2012Y, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Cash

24.0m25.2m7.0m86.9m183.7m168.7m223.4m449.8m170.6m

Accounts Receivable

350.0k975.0k7.9m14.2m32.6m33.7m

Prepaid Expenses

10.5m14.3m37.4m

Inventories

7.4m5.0m

Current Assets

90.0m192.9m184.7m248.1m521.7m260.9m

PP&E

6.8m8.1m15.6m49.1m52.3m57.6m

Goodwill

72.0m61.9m418.4m

Total Assets

113.0m231.0m244.3m482.1m807.4m1.2b

Accounts Payable

2.3m4.5m3.7m22.6m27.6m65.4m

Current Liabilities

23.8m32.6m41.1m58.0m68.5m156.0m

Long-term debt

313.6m

Non-Current Liabilities

2.7m8.0m

Total Debt

313.6m

Total Liabilities

35.3m49.1m94.2m102.3m475.6m

Common Stock

47.0k53.0k58.0k63.0k

Preferred Stock

Additional Paid-in Capital

216.8m351.3m371.5m588.3m957.6m1.2b

Retained Earnings

(128.8m)(155.6m)(176.3m)(205.8m)(244.2m)(479.4m)

Total Equity

88.0m195.8m195.2m387.8m705.0m711.3m

Financial Leverage

1.3 x1.2 x1.3 x1.2 x1.1 x1.7 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020

Cash

5.7m104.8m80.6m83.1m88.2m175.3m186.7m188.3m156.9m142.9m37.4m202.4m182.1m488.8m442.2m423.6m218.7m154.1m138.2m

Accounts Receivable

632.0k655.0k10.0m4.3m4.4m12.7m1.3m5.2m21.0m28.7m23.4m42.3m40.3m50.0m49.7m70.3m71.6m84.8m75.4m

Prepaid Expenses

2.9m2.8m3.2m5.2m3.2m5.2m7.2m7.1m8.9m8.4m13.0m15.1m15.1m14.9m28.3m43.1m39.2m42.1m

Current Assets

9.5m108.2m93.8m93.3m96.6m194.4m197.3m201.8m185.9m180.7m170.5m257.7m237.5m554.0m531.8m522.1m348.2m294.9m275.0m

PP&E

5.7m5.7m5.8m6.9m7.4m7.8m3.6m4.0m7.8m29.7m34.4m45.0m50.7m50.3m51.5m54.1m57.5m56.1m56.0m

Goodwill

67.6m75.3m64.9m63.0m61.5m488.7m414.0m404.7m

Total Assets

30.1m127.9m114.1m117.0m123.1m228.6m236.7m245.8m234.6m260.7m262.0m476.4m504.1m825.5m811.5m864.4m1.3b1.2b1.2b

Accounts Payable

9.3m4.1m4.7m7.1m2.8m4.3m6.4m5.6m4.8m10.8m4.3m32.5m31.0m32.1m34.5m48.5m66.5m59.6m89.2m

Short-term debt

7.9m

Current Liabilities

26.5m31.8m23.9m30.5m41.2m32.6m37.5m50.1m38.0m50.8m51.9m74.0m82.1m97.0m84.3m102.2m159.1m165.0m203.5m

Long-term debt

57.4m304.4m308.6m318.1m

Non-Current Liabilities

2.6m

Total Debt

57.4m304.4m308.6m326.0m

Total Liabilities

29.6m34.0m25.2m31.7m42.5m33.6m40.1m52.6m41.9m64.9m70.9m106.8m118.3m132.0m119.4m169.8m470.7m480.5m525.7m

Common Stock

8.0k40.0k40.0k41.0k42.0k46.0k47.0k47.0k47.0k48.0k52.0k53.0k57.0k58.0k58.0k63.0k63.0k64.0k

Preferred Stock

Additional Paid-in Capital

9.2m211.3m213.7m219.7m224.5m347.1m355.5m360.5m366.7m375.5m382.6m579.4m596.5m936.7m948.1m969.1m1.2b1.2b1.2b

Retained Earnings

(106.9m)(117.5m)(124.8m)(134.3m)(143.9m)(152.2m)(159.0m)(167.3m)(174.1m)(179.9m)(191.6m)(206.3m)(220.7m)(239.1m)(249.0m)(265.7m)(293.7m)(434.8m)(539.5m)

Total Equity

(97.6m)93.8m88.9m85.4m80.6m194.9m196.6m193.2m192.7m195.7m191.1m369.5m385.8m693.4m692.1m694.6m861.0m733.1m656.3m

Debt to Equity Ratio

0.1 x0.4 x

Debt to Assets Ratio

0.1 x0.2 x

Financial Leverage

-0.3 x1.4 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 x1.2 x1.5 x1.7 x1.8 x

2U Cash Flow

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Net Income

(4.0m)(3.4m)(20.7m)(29.4m)(38.3m)(235.2m)

Depreciation and Amortization

5.6m7.2m9.8m19.6m32.8m69.8m

Accounts Receivable

1.5m(625.0k)(6.9m)(5.6m)(18.5m)11.9m

Inventories

(45.1m)5.2m

Accounts Payable

(2.6m)2.3m(815.0k)3.5m4.7m17.1m

Cash From Operating Activities

79.9m96.8m5.2m8.1m(3.1m)(52.0m)

Purchases of PP&E

(4.1m)(7.6m)(27.3m)(12.0m)(13.4m)

Capital Expenditures

(16.7m)

Cash From Investing Activities

(11.0m)(15.9m)(24.5m)(149.4m)(102.5m)(451.4m)

Long-term Borrowings

(5.0m)(5.0m)(5.0m)(1.5m)

Cash From Financing Activities

102.6m122.0m4.3m196.8m333.0m244.5m

Net Change in Cash

54.6m226.4m(259.9m)

Free Cash Flow

(11.5m)

2U Ratios

USDY, 2020

EV/EBIT

-44.3 x

EV/CFO

-242 x

Financial Leverage

1.8 x

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