0001193125-24-219689.txt : 20240916 0001193125-24-219689.hdr.sgml : 20240916 20240916170831 ACCESSION NUMBER: 0001193125-24-219689 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240912 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Material Modifications to Rights of Security Holders ITEM INFORMATION: Changes in Control of Registrant ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240916 DATE AS OF CHANGE: 20240916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 2U, LLC CENTRAL INDEX KEY: 0001459417 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 262335939 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36376 FILM NUMBER: 241301848 BUSINESS ADDRESS: STREET 1: 7900 HARKINS ROAD CITY: LANHAM STATE: MD ZIP: 20706 BUSINESS PHONE: (301) 892-4350 MAIL ADDRESS: STREET 1: 7900 HARKINS ROAD CITY: LANHAM STATE: MD ZIP: 20706 FORMER COMPANY: FORMER CONFORMED NAME: 2U, Inc. DATE OF NAME CHANGE: 20130205 FORMER COMPANY: FORMER CONFORMED NAME: 2tor, Inc. DATE OF NAME CHANGE: 20090324 8-K 1 d820461d8k.htm 8-K 8-K
--12-31 0001459417 false 0001459417 2024-09-12 2024-09-12

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

September 12, 2024

 

 

2U, LLC

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

Delaware

(STATE OR OTHER JURISDICTION)

 

001-36376   26-2335939

(COMMISSION

FILE NUMBER)

  

(IRS EMPLOYER

ID. NUMBER)

 

2345 Crystal Drive Suite 1100

Arlington, Virginia

   22202

(ADDRESS OF PRINCIPAL

EXECUTIVE OFFICES)

   (ZIP CODE)

(301) 892-4350

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol*

  

Name of each exchange

on which registered*

Common Stock, $0.001 par value per share   TWOU   The Nasdaq Global Select Market

*  On August 7, 2024, the registrant’s common stock was suspended from trading on The Nasdaq Global Select Market and trades in the registrant’s common stock began being quoted on the OTC Pink Market under the symbol “TWOUQ.” The Nasdaq Stock Market LLC filed a Form 25-NSE on September 6, 2024 to delist the registrant’s common stock and to remove it from registration under Section 12(b) of the U.S. Securities Exchange Act of 1934, as amended, which deregistration will be effective 10 days, or such shorter period as the U.S. Securities and Exchange Commission may determine, after filing of the Form 25-NSE.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Introductory Note

As previously disclosed, on July 25, 2024, 2U, Inc. (the “Company”) and certain of its U.S. subsidiaries (such subsidiaries, together with the Company, the “Debtors”) commenced voluntary cases (collectively, the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) providing for a court-administered reorganization pursuant to its prepackaged joint plan of reorganization (as amended and supplemented, the “Plan”). The Chapter 11 Cases are being jointly administered under the caption “In re: 2U, Inc., et al. Case No. 24-11279 (MEW) (Bankr. S.D.N.Y.).”

As previously disclosed, on September 9, 2024, the Bankruptcy Court entered an Order (A) Approving (I) the Disclosure Statement and (II) Confirming the Second Amended Joint Prepackaged Plan of Reorganization of 2U, Inc. and its Debtor Affiliates under Chapter 11 of the Bankruptcy Code, and (B) Granting Related Relief (the “Confirmation Order”) confirming the Plan. A summary of the material terms of the Confirmation Order and related matters is contained in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 10, 2024.

On September 13, 2024 (the “Effective Date”), the Plan became effective and the Company emerged from the Chapter 11 Cases after completing a series of transactions through which, among other things, all issued and outstanding shares of the Company’s common stock, par value $0.001 per share, were cancelled and extinguished without consideration.

The Company intends to terminate its reporting obligations under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and continue as a private company.

 

Item 1.01

Entry into a Material Definitive Agreement.

Exit First Lien Credit Agreement 

On the Effective Date, prior to the Conversion (as defined below), the Debtors entered into that certain Credit and Guaranty Agreement (the “Exit First Lien Credit Agreement”) with the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent, which provides for $414.3 million initial aggregate principal amount of senior secured first lien term loans in exchange for the full and final satisfaction, settlement, release, and discharge of the loans under the Existing First Lien Credit Agreement (as defined below).

On the Effective Date following entry into the Exit First Lien Credit Agreement, the Debtors paid a closing fee equal to 1.00% of the initial aggregate principal amount of the term loans under the Exit First Lien Credit Agreement in-kind and subsequently repaid $30.0 million aggregate principal amount of loans under the Exit First Lien Credit Agreement with the proceeds of the Equity Rights Offering (as defined below). The Debtors are required to repay $20.0 million aggregate principal amount of loans under the Exit First Lien Credit Agreement on December 15, 2025 and an additional $20.0 million aggregate principal amount of loans under the Exit First Lien Credit Agreement on June 15, 2026 (collectively, the “Scheduled Payments”), with the quantum of such Scheduled Payments reduced, pro rata, by 50% of prepayments actually made with the proceeds of the sale of assets in the “Alternative Credentials Segment” (as set forth in the Company’s financial statements on the Effective Date), if any. The loans under the Exit First Lien Credit Agreement will mature on December 16, 2026. Borrowings under the Exit First Lien Credit Agreement amortize in equal quarterly instalments (commencing on December 31, 2024) in an amount equal to 1.00% per annum of the principal amount, with the remaining balance due at final maturity.

From the Effective Date through March 31, 2025, loans under the Exit First Lien Credit Agreement will bear interest at a per annum rate equal to a base rate or the Term SOFR rate (subject to a floor of 0.75%), as applicable, plus a margin of 5.50%, in the case of base rate loans, and 6.50%, in the case of Term SOFR loans. From April 1, 2025 through December 31, 2025, loans under the Exit First Lien Credit Agreement will bear interest at a per annum rate equal to a base rate or the Term SOFR rate (subject to a floor of 0.75%), as applicable, plus a margin of between 4.50% and 5.50%, in the case of base rate loans, and between 5.50% and 6.50%, in the case of Term SOFR loans, depending on the Company’s Consolidated First Lien Net Leverage Ratio (as defined in the Exit First Lien Credit

Agreement). Thereafter, loans under the Exit First Lien Credit Agreement will bear interest at a per annum rate equal to a base rate or the Term SOFR rate (subject to a floor of 0.75%), as applicable, plus a margin of between 5.50% and 6.50%, in the case of base rate loans, and between 6.50% and 7.50%, in the case of Term SOFR loans, depending on the Company’s Consolidated First Lien Net Leverage Ratio (as defined in the Exit First Lien Credit Agreement).

Loans under the Exit First Lien Credit Agreement may be prepaid in whole or in part at any time on or prior to June 15, 2026 without premium or penalty; thereafter, the Company must pay a prepayment premium of 1.0% of the amount of the loans so prepaid; provided that such prepayment premium shall not apply to scheduled amortization installment payments and Scheduled Payments. The Company must prepay loans under the Exit First Lien Credit Agreement with, among other things and subject to certain exceptions, the net cash proceeds of certain asset sales and the incurrence or issuance of specified refinancing indebtedness, in each case, subject to certain reinvestment rights, and with the net cash proceeds of certain non-recurring payments.

The obligations under the Exit First Lien Credit Agreement are guaranteed by the Debtors and certain of the Company’s other subsidiaries (collectively, the “Credit Parties”). The obligations under the Exit First Lien Credit Agreement are secured, subject to customary permitted liens and other agreed-upon exceptions, by a perfected first lien security interest in all tangible and intangible assets of the Credit Parties, except for certain customary excluded assets.

The Exit First Lien Credit Agreement contains representations and warranties, affirmative and negative covenants, events of default, and other provisions customary for financings of this type and size. The Exit First Lien Credit Agreement contains financial covenants that require the Company to maintain (i) a minimum average week-ending Liquidity (as defined in the Exit First Lien Credit Agreement), tested as of the last day of each fiscal month, and (ii) a maximum Consolidated First Lien Net Leverage Ratio (as defined in the Exit First Lien Credit Agreement) as of the last day of any period of four consecutive fiscal quarters of the Company, in each case as set forth in the Exit First Lien Credit Agreement.

If an event of default under the Exit First Lien Credit Agreement occurs and is continuing, then, at the request (or with the consent) of the lenders holding the applicable requisite amount of commitments and loans under the Exit First Lien Credit Agreement, upon notice by the administrative agent to the Company, the obligations under the Exit First Lien Credit Agreement shall become immediately due and payable. In addition, if the Credit Parties become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Exit First Lien Credit Agreement will automatically become immediately due and payable. During the continuance of an event of default, all overdue amounts of principal and interest under the Exit First Lien Credit Agreement will bear interest at the applicable rate, plus an additional 2.00% per annum.

Exit Second Lien Credit Agreement 

On the Effective Date, prior to the Conversion, the Debtors entered into that certain Second Lien Credit and Guaranty Agreement (the “Exit Second Lien Credit Agreement”) with the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent, which provides for approximately $65.06 million initial aggregate principal amount of senior secured second lien term loans in exchange for the full and final satisfaction, settlement, release, and discharge of the loans under the DIP Credit Agreement (as defined below). On the Effective Date following entry into the Exit Second Lien Credit Agreement, the Debtors paid a closing fee equal to 2.00% of the initial aggregate principal amount of the term loans under the Exit Second Lien Credit Agreement in-kind.

The loans under the Exit Second Lien Credit Agreement will mature on June 14, 2027. No amortization payments are required for borrowings under the Exit Second Lien Credit Agreement.

Loans under the Exit Second Lien Credit Agreement will bear interest at a per annum rate equal to a base rate or the Term SOFR rate (subject to a floor of 0.75%), as applicable, plus a margin of 8.50%, in the case of base rate loans, and 9.50%, in the case of Term SOFR loans, in each case, payable in kind.

Subject to applicable intercreditor arrangements, loans under the Exit Second Lien Credit Agreement may be prepaid in whole or in part at any time without premium or penalty. Subject to applicable intercreditor arrangements, the Company must prepay loans under the Exit Second Lien Credit Agreement with, among other things and subject to certain exceptions, the net cash proceeds of certain asset sales and the incurrence or issuance of specified refinancing indebtedness, in each case, subject to certain reinvestment rights, and with the net cash proceeds of certain non-recurring payments.

The obligations under the Exit Second Lien Credit Agreement are guaranteed by the Credit Parties. The obligations under the Exit Second Lien Credit Agreement are secured, subject to customary permitted liens and other agreed-upon exceptions, by a perfected second lien security interest in all tangible and intangible assets of the Credit Parties, except for certain customary excluded assets.

The Exit Second Lien Credit Agreement contains representations and warranties, affirmative and negative covenants, events of default, and other provisions customary for financings of this type and size. The Exit Second Lien Credit Agreement contains financial covenants that require the Company to maintain (i) a minimum average week-ending Liquidity (as defined in the Exit Second Lien Credit Agreement), tested as of the last day of each fiscal month, and (ii) a maximum Consolidated First Lien Net Leverage Ratio (as defined in the Exit Second Lien Credit Agreement) as of the last day of any period of four consecutive fiscal quarters of the Company, in each case, as set forth in the Exit Second Lien Credit Agreement. Baskets, ratios, and financial covenants contained in the Exit Second Lien Credit Agreement are subject to a 20% cushion as compared to the corresponding baskets, ratios, and financial covenants contained in the Exit First Lien Credit Agreement.

Subject to applicable intercreditor arrangements, if an event of default under the Exit Second Lien Credit Agreement occurs and is continuing, then, at the request (or with the consent) of the lenders holding the applicable requisite amount of commitments and loans under the Exit Second Lien Credit Agreement, upon notice by the administrative agent to the Company, the obligations under the Exit Second Lien Credit Agreement shall become immediately due and payable. In addition, if the Credit Parties become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then, subject to applicable intercreditor arrangements, any outstanding obligations under the Exit Second Lien Credit Agreement will automatically become immediately due and payable. During the continuance of an event of default, all overdue amounts of principal and interest under the Exit Second Lien Credit Agreement will bear interest at the applicable rate, plus an additional 2.00% per annum.

LLC Agreement 

In connection with the emergence from the Chapter 11 Cases, on the Effective Date, the Company converted to a limited liability company organized under the laws of Delaware (the “Conversion”) and changed its name to 2U, LLC. Immediately following the Conversion, the Company and the Convertible Noteholders (as defined below) (in such capacity, the “Members”) entered into a Limited Liability Company Agreement of 2U, LLC (the “LLC Agreement”). Pursuant to the LLC Agreement, as of the Effective Date, the Members collectively own 100% of the equity of the Company.

Pursuant to the LLC Agreement, the management of the Company will be undertaken by a board of managers (the “Board”) who will be appointed by the Members in accordance with the terms of the LLC Agreement. Pursuant to the LLC Agreement, the Company may not undertake certain actions without the prior approval of the requisite members of the Board in accordance with the terms of the LLC Agreement, including, among other things, the issuance of additional equity of the Company, entry into or amendment of material contracts, entry into equity compensation plans, initiation or settlement of material litigation, incurrence of material indebtedness, acquisition or disposition of material assets, or undertaking an initial public offering.

Furthermore, the Company may not, without the consent of certain Members so long as such Members hold a requisite percentage of equity interests of the Company, undertake certain actions, including, among other things, amending the LLC Agreement, changing the size of the Board, or filing for bankruptcy or insolvency.

The LLC Agreement contains customary tag, drag, registration, and preemptive rights, as well as indemnification provisions and governance provisions, among others.

Item 1.02

Termination of a Material Definitive Agreement.

Pursuant and subject to the terms of the Plan, on the Effective Date, the obligations of the Company and the other Debtors under the following agreements were cancelled:

 

  •  

that certain Indenture, dated as of April 23, 2020, between the Company and Wilmington Trust, National Association, as trustee (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), and all 2.25% convertible senior notes due May 1, 2025 issued thereunder (the “2025 Notes”) and all documentation related thereto;

 

  •  

that certain Indenture, dated as of January 11, 2023, between the Company and Wilmington Trust, National Association, as trustee (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), and all 4.50% senior unsecured convertible notes due February 1, 2030 issued thereunder (together with the 2025 Notes, the “Convertible Notes”) and all documentation related thereto;

 

  •  

that certain Credit and Guaranty Agreement, dated as of June 28, 2021, among the Debtors, the lenders party thereto, and Alter Domus (US) LLC, as administrative agent and collateral agent (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Existing First Lien Credit Agreement”), and all documentation related thereto;

 

  •  

that certain Debtor-In-Possession Credit and Guaranty Agreement, dated as of July 29, 2024, by and among the Debtors, the lenders party thereto (in such capacity, the “DIP Lenders”), and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “DIP Credit Agreement”), and all documentation related thereto; and

 

  •  

all equity incentive plans of the Company and all documentation related thereto, including options, restricted stock units, performance stock units, and other awards.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K (this “Current Report”) under the headers “Exit First Lien Credit Agreement” and “Exit Second Lien Credit Agreement” is incorporated herein by reference.

As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on August 1, 2024 (the “August 1 Form 8-K”), in connection with the Chapter 11 Cases and the entry by the Bankruptcy Court of the interim order (the “Interim Order”) authorizing and approving the DIP Facility (as defined below), on July 29, 2024, the Debtors entered into the DIP Credit Agreement. Pursuant to the DIP Credit Agreement, the DIP Lenders agreed to provide a secured, multi-draw, junior lien debtor-in-possession financing facility in an aggregate principal amount of up to $64 million (the “DIP Facility”), with an initial draw of $60 million that occurred on July 29, 2024 following entry of the Interim Order. On September 10, 2024, the Bankruptcy Court entered a Final Order (A) Authorizing the Debtors To (I) Obtain Junior Lien Postpetition Financing and (II) Use Cash Collateral; (B) Granting Liens and Superpriority Claims; (C) Granting Adequate Protection to Certain Parties; and (D) Granting Related Relief approving the DIP Facility on a final basis. On September 12, 2024, a subsequent draw in an amount of $4 million occurred.

The foregoing description of the DIP Credit Agreement and the DIP Facility does not purport to be complete and is qualified in its entirety by reference to the information regarding the DIP Credit Agreement and DIP Facility set forth in the Company’s Current Report on Form 8-K filed with the SEC on July 25, 2024 (including the full text of the DIP Credit Agreement, a copy of which is filed as Exhibit 10.3 to such Current Report) and the August 1 Form 8-K, which information is incorporated by reference into this Item 2.03.

Item 3.02

Unregistered Sales of Equity Securities.

The information set forth in Item 1.01 of this Current Report under the header “LLC Agreement” is incorporated herein by reference.

Upon the effectiveness of the Plan, on the Effective Date, all previously issued and outstanding equity interests in the Company were cancelled and the Company issued 100% of its equity interests, pro rata, to the holders of the Convertible Notes. Upon effectiveness of the Conversion, the Company issued 17,857,143 Units, representing 100% of its Units (as defined in the LLC Agreement), pro rata, to the Members in accordance with the terms of the Plan.

As previously disclosed, the Company offered to all holders of the Convertible Notes rights to purchase their pro rata share of Units for an aggregate amount of not less than $46.5 million (the “Equity Rights Offering”), the proceeds of which will be used to fund certain obligations under the Plan (including a partial paydown of the loans under the Exit First Lien Credit Agreement). In connection with the Equity Rights Offering, on July 24, 2024, the Company entered into a commitment letter with certain holders of Convertible Notes (in such capacity, the “Equity Rights Offering Backstop Parties”) to provide for backstopped commitments of not less than $46.5 million to fund the Equity Rights Offering less the amount the Equity Rights Offering Backstop Parties were entitled to subscribe for in the Equity Rights Offering. On the Effective Date, immediately following the Conversion, the Company issued 6,642,857 Units to the Members, representing the fully funded amount of the Equity Rights Offering.

The issuance of equity securities described above was exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and/or Section 1145 of the Bankruptcy Code (which generally exempts from such registration requirements the issuance of securities under a plan of reorganization).

 

Item 3.03

Material Modifications to Rights of Security Holders.

The information set forth in the Introductory Note hereto and Item 1.02 of this Current Report is incorporated herein by reference.

 

Item 5.01

Changes in Control of Registrant.

The information set forth in the Introductory Note, Item 101 under the header “LLC Agreement,” and Item 3.02 of this Current Report is incorporated herein by reference.

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Pursuant to the terms of the Plan, effective as of the Effective Date and prior to the Conversion, all of the members of the board of directors of the Company then serving resigned from their roles as directors of the Company (and any committees of the board of directors thereof). None of the directors resigned as a result of any disagreement with the Company on any matter relating to its operations, policies, or practices.

On the Effective Date and immediately following the Conversion, the following individuals were appointed as Managers of the Company in accordance with the LLC Agreement: Brian Napack, Laurence Berg, Paul Lalljie, Jason Mudrick, Sean Britain, Bruce Emery, and Thomas C. Fleming. Except in connection with the transactions contemplated by the Plan, the Company is not aware of any related transactions or relationships between any such person and the Company that would require disclosure under Item 404(a) of Regulation S-K under the Securities Act.

 

Item 5.03

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

The information set forth in the Introductory Note and Item 1.01 under the header “LLC Agreement” of this Current Report is incorporated herein by reference.

Item 7.01

Regulation FD Disclosure.

In connection with its emergence from the Chapter 11 Cases, the Company issued a press release on the Effective Date, a copy of which is furnished as Exhibit 99.1 to this Current Report and incorporated by reference herein.

The information in this Item 7.01, and Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number

    Description
99.1    Press Release, dated September 13, 2024.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

2U, LLC (f/k/a 2U, INC.)
By:  

/s/ Matthew J. Norden

  Matthew J. Norden
  Chief Financial Officer

Dated: September 16, 2024

 EX-99.1 2 d820461dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

2U Successfully Completes Financial Restructuring to Drive Innovation and Growth

2U emerges from Chapter 11 well-positioned to expand industry-leading services and advance mission of making high-quality education accessible to learners worldwide

Arlington, VA – 2U, a global leader in online education, today announced it has successfully completed its financial restructuring and emerged from Chapter 11 as a privately held entity. With this transaction complete, 2U now operates with a significantly strengthened balance sheet, firmly positioning the company to support leading universities in delivering high-impact, career-focused education essential for building a skilled global workforce. 2U moves forward with complete continuity of its operations and the full support of a deeply-aligned new ownership group.

“At the outset of this process, we committed to emerge as a stronger company, and that is exactly what we have done,” said Paul Lalljie, Chief Executive Officer of 2U. “The steps we have taken enable us to further invest in our offerings, services, and world-class team so we can continue delivering unparalleled online learning that meets the needs of today’s students and workforce development demands. With renewed purpose and an unmatched portfolio of partners, education offerings, and tech-enabled services, we are well-positioned to fulfill our mission: making education more accessible, affordable, and impactful for all.”

For over 15 years, 2U has partnered with the world’s leading universities to reimagine the delivery of higher education beyond the physical classroom and expand opportunities for learners. While we have made significant progress, vast opportunities remain to achieve our collective vision of global, scalable, and affordable access to career-enhancing education that equips learners for success. Today, 2U enters a new era of innovation while continuing its steadfast commitment to delivering exceptional learning outcomes that elevate the global workforce. Upon emergence from Chapter 11, 2U will be governed by a new Board led by Brian Napack as Executive Chairman. Mr. Napack is a longtime education industry executive, former CEO of John Wiley (WLY), Chairman of the Association of American Publishers, and Senior Advisor at Providence Equity.

“With this transaction completed, 2U can continue to focus on its essential mission and accelerate into its next phase,” said Brian Napack, Executive Chairman of 2U’s new Board. “For 15 years, the extraordinary team at 2U has been helping the world’s leading universities transform the way higher education is delivered. Education must continue to evolve, and today, 2U is uniquely positioned to enable this ongoing evolution and truly move the needle for learners and employers worldwide.”

Advisors

Latham & Watkins LLP served as legal counsel, Moelis & Company served as investment banker, AlixPartners LLP served as financial advisor, and C Street Advisory Group served as strategic communications advisor to 2U. Weil, Gotshal & Manges LLP served as legal counsel to the ad hoc group of noteholders of 2U, Schulte Roth & Zabel LLP served as counsel to a significant noteholder, Greenvale Capital LLP, and Houlihan Lokey served as investment banker to the ad hoc group of noteholders and Greenvale. Milbank LLP served as legal counsel and FTI Consulting, Inc. served as financial advisor to the ad hoc group of first lien term loan lenders.

About 2U

2U is a global leader in online education. Guided by its founding mission to eliminate the back row in higher education, 2U has spent 15 years advancing the technology and innovation to deliver world-class learning outcomes at scale. Through its global online learning platform edX, 2U connects more than 89 million people with thousands of affordable, career-relevant learning opportunities in partnership with 260 of the world’s leading universities, institutions, and industry experts. From free courses to full degrees, 2U is creating a better future for all through the power of high-quality online education. Learn more at 2U.com.

Contact

C Street Advisory Group

2U@thecstreet.com

EX-101.SCH 3 twou-20240912.xsd XBRL TAXONOMY EXTENSION SCHEMA 000001 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 twou-20240912_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address Address Line 1 Entity Address Address Line 1 Entity Address Address Line 2 Entity Address Address Line 2 Entity Address City Or Town Entity Address City Or Town Entity Address State Or Province Entity Address State Or Province Entity Address Postal Zip Code Entity Address Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company Current Fiscal Year End Date Current Fiscal Year End Date Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag EX-101.PRE 5 twou-20240912_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.24.3
Document and Entity Information
Sep. 12, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Sep. 12, 2024
Entity Registrant Name 2U, LLC
Entity Incorporation State Country Code DE
Entity File Number 001-36376
Entity Tax Identification Number 26-2335939
Entity Address Address Line 1 2345 Crystal Drive
Entity Address Address Line 2 Suite 1100
Entity Address City Or Town Arlington
Entity Address State Or Province VA
Entity Address Postal Zip Code 22202
City Area Code 301
Local Phone Number 892-4350
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.001 par value per share
Trading Symbol TWOU
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Current Fiscal Year End Date --12-31
Entity Central Index Key 0001459417
Amendment Flag false
EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( ^),%D'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " /B3!9%;!9T>\ K @ $0 &1O8U!R;W!S+V-O&ULS9+! M:L,P#(9?9?B>*'9'64WJR\9.&PQ6V.C-V&IK&CO&UDCZ]DNR-J5L#["CI=^? M/H%J$Z5I$[ZE-F(BA_FN]TW(TL0U.Q!%"9#- ;W.Y9 (0W/7)J]I>*8]1&V. M>H\@JFH)'DE;31I&8!%G(E.U-=(DU-2F,]Z:&1^_4C/!K %LT&.@#+SDP-0X M,9[ZIH8K8(01)I]_"FAGXE3]$SMU@)V3?79SJNNZLEM,N6$'#I^O+^_3NH4+ MF70P./S*3M(IXII=)G\L'I\VSTR)2MP7U:K@RXW@LGJ08K4=76_\KL*^M6[G M_K'Q15#5\.LNU#=02P,$% @ #XDP69E&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M M3A^%$5B-;'EDD81_OTV23;J;/ 0LZ?O.14?GZ#AY\^XN8NB&B)3R M> +]O6N[!3+ MUES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,! M$U=!)KF(M/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9K MQ]'22(""R7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2 MBW A(5M>5 TR M6'!VULS2 Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D 4. #?$ MT4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH] M5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 9<8WS2J-2S%UGB5P/&M MG#P=$Q+-E L&08:7)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9 M-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+ MD!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+ M.7\N?<^E[[GT/:'2MSAD6R4)RU3393>* M$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y M"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_# M0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O& RN0 MHGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55OR ML+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SC MYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5YYNTB42%(JP# 4A M%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF M8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.' MYA,L0Z1^P7V*BH 1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW> ,?-2K6J5D*Q$_ M2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]! MU4#E/]O4#6CV#30,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04 M" /B3!9<&_*NV@$ "T$0 & 'AL+W=O/L> M&=;.IN:8[@VVC,_O3T='OV0/-DJ_F+40EKPE<6J&WMK:[*+=-N%:)-R.^$R]4:#XMI,CP8JM[%,Q4P3DR<)U]M+ M$:O-T*/>MPL/6P?U.:3V'>HZ_1"%9OBEVQV]W9\ MCX2YL2K9!P-!(M/=D;_M$_$^@!X(8/L 5G#O'E107G'+1P.M-D2[NT'-G11= M+:(!3J9N5.96P[\2XNSH2H4Y)-D2GD;D.K72;LDTW8TV9&W0MO 0=VL[W M> M[@39 <&YR$X)92>$^:SS?7@;V$I 5@*R0B\XH#=1KT*3O\8+8S4,X=]U1#N% M3KV"J^L+D_%0##TH7"/TJ_!&O_Q$>_ZO"%]0\@68>I7 QVTFZN#P\//69P2B M4T)TCH.8"2V5&\B(0#G4\N!*Y? UC5^W1.NB@ON:>A KZ480&.]X4@N&Z["G M$W)[.T&(>B51[QBB:1HJG2E=U#F96T@7F:@\M7H+QZ@6$1>^ND;HSDJZLV/H M;F0LR%V>+(2N \$U?)^V@EYPUD-XSDN>\V-X'OD;F4908G(IPUW*#M/ABJS7 M8D'0[0=]!*]?XO6/P1M'$4QM4QYOX39"Z]AP.19TNF2BM\;RF%QI6# 01NI7 M)NO_,"6K]5A<;YY+J%9*?1_#>[<&T/^#-W&->TT>U:9^ <#5QAJNK.S'Q>-[ MMLK^*>K>']EV\Q3@9EJ]RC2LG:8-DE_'&%EE_!2W[@]D,U44S9\R.V@?#8*, M@>=B:-5R0'$7+T9P#+NTPRBX0.!3#*0R?XJ[]JT*(2>SM4HQ-VL0.>^S5B?H MHK5>F3_%3?I92VM%"HE)DCS=>YFII<*%ECPVJ#M4CD]QNYZK6(;2PJ0A7Z"Z MM>1Q+0^NTLA3.3[%#7JF19$> =-KM[41:02;L/OE\L#XX7J-9)794]R>_T,V M-28'LD9 7+8)D%5&SQJ,682Y=I./L@5YE#:NG7P-(JZ'Q99$A2\GY&?_%-9S MDG%-7GF<"Y)!3\V::Y2X\GZ&N_6CYI&KO/DV6:C:NFL2>+Y_PDC>;?1Q6RYS M=_T6KGFZ$@=WB@U"=^/YU?AWC*GR>':4QU\G0J]6QEO%DN7/ZZZ>S;"=I M=67=A['-HN6/O.-%Q[ MI#)6,>=56R=M8SDK6W!2,EG>W&2)8D+38JT[=:=<2PZFTVY#;VA2K"NCSY:4 M!H-?RA0GCTQNZ)9)L;=B6,N4D*=@7H+A8*2QQ'DJ?$,78&F? KP(&K XU7=>&18/QA<0&>7=J?$,:\M. MB^4M/3L,/S[)WMB2VSG-@DZF8BUY!72LJ(_PZTR3 .B<45XH!:N-9@.'R6,4 M?-@#E_(!6OBMNHK=5R3TXE,);2"PU4GTA$8QA D*Q+^,%F)?A+W]K;"D$8_& M?>S\;O2@?^^,X_>65Z(?]+Z:\V/1%WATUC3R]$&*6BL>]O[+"8LUF_S(T5CQ MY+/!I!R\@5M*'KEUXG!I^6%9L^.]FZ:IKW#.RW^0\Y^M<\TUMTQ>DO:C_S=7 M^2V,D_'T7!S1JP,Z6PEY7>>9 ]IV03NA1.XJRY/K%.?7A'=O["_PJ MOE]?\HIUTNUF<$//\A=>BD[E\ZI[J,NXZBQ_AOMHD\%G'!QR>(W?#$T% M^@2O&+(=/EB>N$_NG_A.\SQ-LPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%N MXQ/R^AQ@/7UM0K"=XI.([12O-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI" M5S%NV G&D3S'$)C%^(QF&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2 M='@//GL?)=-[*CG_5U/\!%!+ P04 " /B3!9EXJ[', 3 @ "P M %]R96QS+RYR96QSG9*Y;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6= MOZ_:I7&0"QEY/3P2W!YI0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6' MTD!$VV-#L%HL/D N&6:WO606IW.D5XA-/E_G;@2=&A(E@6FD7)TZ(=I7\=Q_:0T^FO8R*T M>EOH^7%H5 J.W&,EC'%BM/XU@LD/['X 4$L#!!0 ( ^),%D<.&7J/P$ M #P" / >&PO=V]R:V)O;VLN>&ULC5'+;L) #/R5U7Y $U"+5$2XE#Z0 MJA:5BON2=8C%/B*O RU?7R=15*1>>O)Z;(UG9A?G2,=]C$?UY5U(A:Z9FWF6 MI;(&;])-;"#(I(KD#4M+ARPU!,:F&H"]RZ9Y/LN\P:"7BY%K0]EU$QE*QA@$ M[( =PCG]SKM6G3#A'AWR=Z'[MP.M/ ;T> %;Z%RK5,?S2R2\Q,#&;4N*SA5Z M,@QV0(SE'WC;B?PT^]0C;/8?1H04>I8+8864N-_H^8UH/($L#UW+\0D= ZT, MPS/%ML%PZ&C$179EH\]AK$.(<_I/C+&JL(15+%L/@8<<"5PG,*0:FZ15,!X* M/:XH$ZQZ#"PAJ748J&2WEYIK=WDWM)J'7N0;#W\!J-'[IFB MG#S^0W1UW6E\./VR./ /,+Q=Z*E%9"E*%1KD3,)HMC;!4N++3):BJ#(9BBJ6 M<%H@XLD@;6E6?;!/3K3G>1,)KM\,<'AT_@%02P,$% @ #XDP M6660>9(9 0 SP, !, !;0V]N=&5N=%]4>7!E&ULK9--3L,P$(6O M$F5;)2XL6*"F&V +77 !8T\:J_Z39UK2VS-.VDJ@$A6%3:QXWKS/GI>LWH\1 ML.B=]=B4'5%\% )5!TYB'2)XKK0A.4G\FK8B2K636Q#WR^6#4,$3>*HH>Y3K MU3.T.EY&TWP39G 8ED\C<+,:DH9HS5*$M?%P>L?E.I$J+EST&!G(BY8 M4(JKA%SY'7#J>SM 2D9#L9&)7J5CE>BM0#I:P'K:XLH90]L:!3JHO>.6&F," MJ;$#(&?KT70Q32:>,(S/N]G\P68*R,I-"A$YL01_QYTCR=U59"-(9*:O>"&R M]>S[04Y;@[Z1S>/]#&DWY(%B6.;/^'O&%_\;SO$1PNZ_/[&\UDX:?^:+X3]> M?P%02P$"% ,4 " /B3!9!T%-8H$ "Q $ @ $ M 9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0 ( ^),%D5L%G1[P "L" M 1 " :\ !D;V-0&UL4$L! A0#% @ #XDP67!ORKMH! M!$ !@ M ("!#@@ 'AL+W=O7!E&UL4$L%!@ ) - D /@( P4 $! end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.24.3 html 1 24 1 false 0 0 false 0 false false R1.htm 000001 - Document - Document and Entity Information Sheet http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d820461d8k.htm twou-20240912.xsd twou-20240912_lab.xml twou-20240912_pre.xml http://xbrl.sec.gov/dei/2023 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "d820461d8k.htm": { "nsprefix": "twou", "nsuri": "http://www.2u.com/20240912", "dts": { "inline": { "local": [ "d820461d8k.htm" ] }, "schema": { "local": [ "twou-20240912.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.sec.gov/dei/2023/dei-2023.xsd" ] }, "labelLink": { "local": [ "twou-20240912_lab.xml" ] }, "presentationLink": { "local": [ "twou-20240912_pre.xml" ] } }, "keyStandard": 24, "keyCustom": 0, "axisStandard": 0, "axisCustom": 0, "memberStandard": 0, "memberCustom": 0, "hidden": { "total": 3, "http://xbrl.sec.gov/dei/2023": 3 }, "contextCount": 1, "entityCount": 1, "segmentCount": 0, "elementCount": 25, "unitCount": 0, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2023": 24 }, "report": { "R1": { "role": "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation", "longName": "000001 - Document - Document and Entity Information", "shortName": "Document and Entity Information", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "duration_2024-09-12_to_2024-09-12", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "p", "div", "div", "body", "html" ], "reportCount": 1, "baseRef": "d820461d8k.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "duration_2024-09-12_to_2024-09-12", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "p", "div", "div", "body", "html" ], "reportCount": 1, "baseRef": "d820461d8k.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentFlag", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Amendment Flag", "terseLabel": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CityAreaCode", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "City Area Code", "terseLabel": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] }, "dei_CurrentFiscalYearEndDate": { "xbrltype": "gMonthDayItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CurrentFiscalYearEndDate", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Current Fiscal Year End Date", "terseLabel": "Current Fiscal Year End Date", "documentation": "End date of current fiscal year in the format --MM-DD." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodEndDate", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document Period End Date", "terseLabel": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentType", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document Type", "terseLabel": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine1", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address Address Line 1", "terseLabel": "Entity Address Address Line 1", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine2": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine2", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address Address Line 2", "terseLabel": "Entity Address Address Line 2", "documentation": "Address Line 2 such as Street or Suite number" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCityOrTown", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address City Or Town", "terseLabel": "Entity Address City Or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address Postal Zip Code", "terseLabel": "Entity Address Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address State Or Province", "terseLabel": "Entity Address State Or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCentralIndexKey", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r1" ] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r1" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFileNumber", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity File Number", "terseLabel": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityRegistrantName", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r1" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r1" ] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "LocalPhoneNumber", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Local Phone Number", "terseLabel": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act." } } }, "auth_ref": [ "r3" ] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementTenderOffer", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act." } } }, "auth_ref": [ "r4" ] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12bTitle", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Security 12b Title", "terseLabel": "Security 12b Title", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r0" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityExchangeName", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Security Exchange Name", "terseLabel": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r2" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SolicitingMaterial", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Soliciting Material", "terseLabel": "Soliciting Material", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act." } } }, "auth_ref": [ "r5" ] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "TradingSymbol", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Trading Symbol", "terseLabel": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "WrittenCommunications", "presentation": [ "http://www.2u.com//20240912/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Written Communications", "terseLabel": "Written Communications", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act." } } }, "auth_ref": [ "r6" ] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Section": "14a", "Number": "240", "Subsection": "12" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" } } } ZIP 15 0001193125-24-219689-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-24-219689-xbrl.zip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end XML 16 d820461d8k_htm.xml IDEA: XBRL DOCUMENT 0001459417 2024-09-12 2024-09-12 --12-31 0001459417 false 8-K 2024-09-12 2U, LLC DE 001-36376 26-2335939 2345 Crystal Drive Suite 1100 Arlington VA 22202 301 892-4350 false false false false Common Stock, $0.001 par value per share TWOU NASDAQ false