(STATE OF INCORPORATION) | |||||||||||
(COMMISSION FILE NUMBER) | (IRS EMPLOYER ID. NUMBER) | ||||||||||
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Exhibit Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
2U, Inc. | ||||||||
August 8, 2023 | By: | /s/ Paul S. Lalljie | ||||||
Paul S. Lalljie | ||||||||
Chief Financial Officer |
What: | 2U’s second quarter 2023 financial results conference call | |||||||
When: | Tuesday, August 8, 2023 | |||||||
Time: | 4:30 p.m. ET | |||||||
Live Call: | (888) 330-2446 | |||||||
Conference ID #: | 1153388 | |||||||
Webcast: | investor.2U.com |
June 30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 53,301 | $ | 167,518 | |||||||
Restricted cash | 13,398 | 15,060 | |||||||||
Accounts receivable, net | 87,347 | 62,826 | |||||||||
Other receivables, net | 29,685 | 33,813 | |||||||||
Prepaid expenses and other assets | 42,131 | 43,090 | |||||||||
Total current assets | 225,862 | 322,307 | |||||||||
Other receivables, net, non-current | 16,369 | 14,788 | |||||||||
Property and equipment, net | 42,691 | 45,855 | |||||||||
Right-of-use assets | 67,501 | 72,361 | |||||||||
Goodwill | 712,858 | 734,620 | |||||||||
Intangible assets, net | 403,440 | 549,755 | |||||||||
Other assets, non-current | 69,696 | 71,173 | |||||||||
Total assets | $ | 1,538,417 | $ | 1,810,859 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 122,010 | $ | 110,020 | |||||||
Deferred revenue | 107,189 | 90,161 | |||||||||
Lease liability | 14,735 | 13,909 | |||||||||
Accrued restructuring liability | 2,424 | 6,692 | |||||||||
Other current liabilities | 49,477 | 58,210 | |||||||||
Total current liabilities | 295,835 | 278,992 | |||||||||
Long-term debt | 856,399 | 928,564 | |||||||||
Deferred tax liabilities, net | 315 | 282 | |||||||||
Lease liability, non-current | 90,404 | 99,709 | |||||||||
Other liabilities, non-current | 1,946 | 1,796 | |||||||||
Total liabilities | 1,244,899 | 1,309,343 | |||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued | — | — | |||||||||
Common stock, $0.001 par value, 200,000,000 shares authorized, 80,957,654 shares issued and outstanding as of June 30, 2023; 78,334,666 shares issued and outstanding as of December 31, 2022 | 81 | 78 | |||||||||
Additional paid-in capital | 1,727,874 | 1,700,855 | |||||||||
Accumulated deficit | (1,407,688) | (1,179,972) | |||||||||
Accumulated other comprehensive loss | (26,749) | (19,445) | |||||||||
Total stockholders’ equity | 293,518 | 501,516 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,538,417 | $ | 1,810,859 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Revenue | $ | 222,089 | $ | 241,464 | $ | 460,593 | $ | 494,793 | |||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Curriculum and teaching | 34,102 | 32,145 | 66,942 | 65,375 | |||||||||||||||||||
Servicing and support | 33,585 | 37,061 | 69,694 | 76,685 | |||||||||||||||||||
Technology and content development | 44,250 | 45,616 | 89,734 | 96,673 | |||||||||||||||||||
Marketing and sales | 95,882 | 116,350 | 196,057 | 247,332 | |||||||||||||||||||
General and administrative | 32,657 | 41,523 | 71,907 | 91,758 | |||||||||||||||||||
Restructuring charges | 3,622 | 16,753 | 8,497 | 17,540 | |||||||||||||||||||
Impairment charges | 134,117 | — | 134,117 | 58,782 | |||||||||||||||||||
Total costs and expenses | 378,215 | 289,448 | 636,948 | 654,145 | |||||||||||||||||||
Loss from operations | (156,126) | (47,984) | (176,355) | (159,352) | |||||||||||||||||||
Interest income | 371 | 241 | 736 | 498 | |||||||||||||||||||
Interest expense | (17,916) | (13,906) | (35,873) | (27,796) | |||||||||||||||||||
Debt modification expense and loss on debt extinguishment | — | — | (16,735) | — | |||||||||||||||||||
Other income (expense), net | 227 | (1,367) | 834 | (2,397) | |||||||||||||||||||
Loss before income taxes | (173,444) | (63,016) | (227,393) | (189,047) | |||||||||||||||||||
Income tax (expense) benefit | (210) | 164 | (323) | 415 | |||||||||||||||||||
Net loss | $ | (173,654) | $ | (62,852) | $ | (227,716) | $ | (188,632) | |||||||||||||||
Net loss per share, basic and diluted | $ | (2.16) | $ | (0.82) | $ | (2.85) | $ | (2.46) | |||||||||||||||
Weighted-average shares of common stock outstanding, basic and diluted | 80,560,755 | 77,059,157 | 79,939,048 | 76,667,681 | |||||||||||||||||||
Other comprehensive (loss) income | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $0 for all periods presented | (4,001) | (7,674) | (7,304) | (345) | |||||||||||||||||||
Comprehensive loss | $ | (177,655) | $ | (70,526) | $ | (235,020) | $ | (188,977) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (227,716) | $ | (188,632) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Non-cash interest expense | 6,818 | 5,664 | |||||||||
Depreciation and amortization expense | 57,348 | 65,757 | |||||||||
Stock-based compensation expense | 25,546 | 46,773 | |||||||||
Non-cash lease expense | 8,804 | 11,405 | |||||||||
Restructuring | (13) | — | |||||||||
Impairment charges | 134,117 | 58,782 | |||||||||
Provision for credit losses | 4,245 | 4,610 | |||||||||
Loss on debt extinguishment | 12,123 | — | |||||||||
Other | (787) | 2,920 | |||||||||
Changes in operating assets and liabilities, net of assets and liabilities acquired: | |||||||||||
Accounts receivable, net | (26,968) | (6,632) | |||||||||
Other receivables, net | 723 | (2,790) | |||||||||
Prepaid expenses and other assets | 4,358 | 2,585 | |||||||||
Accounts payable and accrued expenses | 5,014 | 3,484 | |||||||||
Deferred revenue | 16,736 | 45,549 | |||||||||
Other liabilities, net | (19,166) | (20,831) | |||||||||
Net cash provided by operating activities | 1,182 | 28,644 | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of a business, net of cash acquired | — | 5,010 | |||||||||
Additions of amortizable intangible assets | (23,027) | (34,854) | |||||||||
Purchases of property and equipment | (2,105) | (5,218) | |||||||||
Advances made to university clients | — | (310) | |||||||||
Advances repaid by university clients | 100 | 200 | |||||||||
Other | — | (7) | |||||||||
Net cash used in investing activities | (25,032) | (35,179) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from debt | 269,223 | 385 | |||||||||
Payments on debt | (352,533) | (3,793) | |||||||||
Prepayment premium on extinguishment of senior secured term loan facility | (5,666) | — | |||||||||
Payment of debt issuance costs | (4,411) | — | |||||||||
Tax withholding payments associated with settlement of restricted stock units | (736) | (1,741) | |||||||||
Proceeds from exercise of stock options | 110 | 892 | |||||||||
Proceeds from employee stock purchase plan share purchases | 2,102 | 1,282 | |||||||||
Net cash used in financing activities | (91,911) | (2,975) | |||||||||
Effect of exchange rate changes on cash | (118) | (2,614) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (115,879) | (12,124) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 182,578 | 249,909 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 66,699 | $ | 237,785 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||
Revenue | $ | 222,089 | $ | 241,464 | $ | 460,593 | $ | 494,793 | |||||||||||||||
Net loss | $ | (173,654) | $ | (62,852) | $ | (227,716) | $ | (188,632) | |||||||||||||||
Stock-based compensation expense | 10,983 | 22,349 | 25,546 | 46,773 | |||||||||||||||||||
Other (income) expense, net | (227) | 1,367 | (834) | 2,397 | |||||||||||||||||||
Amortization of acquired intangible assets | 8,910 | 15,838 | 18,846 | 33,329 | |||||||||||||||||||
Income tax benefit on amortization of acquired intangible assets | (19) | (440) | (38) | (875) | |||||||||||||||||||
Impairment charges | 134,117 | — | 134,117 | 58,782 | |||||||||||||||||||
Debt modification expense and loss on debt extinguishment | — | — | 16,735 | — | |||||||||||||||||||
Restructuring charges | 3,622 | 16,753 | 8,497 | 17,540 | |||||||||||||||||||
Other* | 1,868 | (558) | 2,830 | 4,682 | |||||||||||||||||||
Adjusted net loss | (14,400) | (7,543) | (22,017) | (26,004) | |||||||||||||||||||
Net interest expense | 17,545 | 13,665 | 35,137 | 27,298 | |||||||||||||||||||
Income tax expense | 229 | 276 | 361 | 460 | |||||||||||||||||||
Depreciation and amortization expense | 18,418 | 15,504 | 38,502 | 32,428 | |||||||||||||||||||
Adjusted EBITDA | $ | 21,792 | $ | 21,902 | $ | 51,983 | $ | 34,182 | |||||||||||||||
Adjusted EBITDA margin | 10 | % | 9 | % | 11 | % | 7 | % | |||||||||||||||
Net loss per share, basic and diluted | $ | (2.16) | $ | (0.82) | $ | (2.85) | $ | (2.46) | |||||||||||||||
Adjusted net loss per share, basic and diluted | $ | (0.18) | $ | (0.10) | $ | (0.28) | $ | (0.34) | |||||||||||||||
Weighted-average shares of common stock outstanding, basic and diluted | 80,560,755 | 77,059,157 | 79,939,048 | 76,667,681 |
* | Includes (i) transaction and integration expense of $0.1 million and $1.0 million for the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and $3.4 million for the six months ended June 30, 2023 and 2022, and (ii) stockholder activism and litigation-related expense (recovery) of $1.8 million and $(1.6) million for the three months ended June 30, 2023 and 2022, respectively, and $2.6 million and $1.3 million for the six months ended June 30, 2023 and 2022. |
Degree Program Segment | Alternative Credential Segment | Consolidated | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 119,494 | $ | 143,090 | $ | 102,595 | $ | 98,374 | $ | 222,089 | $ | 241,464 | |||||||||||||||||||||||
Net loss | $ | (8,651) | $ | (10,488) | $ | (165,003) | $ | (52,364) | $ | (173,654) | $ | (62,852) | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 6,319 | 12,270 | 4,664 | 10,079 | 10,983 | 22,349 | |||||||||||||||||||||||||||||
Other (income) expense, net | (604) | 695 | 377 | 672 | (227) | 1,367 | |||||||||||||||||||||||||||||
Net interest expense (income) | 17,675 | 13,732 | (130) | (67) | 17,545 | 13,665 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 150 | 13 | 60 | (177) | 210 | (164) | |||||||||||||||||||||||||||||
Depreciation and amortization expense | 13,445 | 13,610 | 13,883 | 17,732 | 27,328 | 31,342 | |||||||||||||||||||||||||||||
Impairment charges | — | — | 134,117 | — | 134,117 | — | |||||||||||||||||||||||||||||
Restructuring charges | 2,919 | 10,252 | 703 | 6,501 | 3,622 | 16,753 | |||||||||||||||||||||||||||||
Other | 1,858 | (545) | 10 | (13) | 1,868 | (558) | |||||||||||||||||||||||||||||
Total adjustments | 41,762 | 50,027 | 153,684 | 34,727 | 195,446 | 84,754 | |||||||||||||||||||||||||||||
Total adjusted EBITDA (loss) | $ | 33,111 | $ | 39,539 | $ | (11,319) | $ | (17,637) | $ | 21,792 | $ | 21,902 | |||||||||||||||||||||||
Adjusted EBITDA margin | 28 | % | 28 | % | (11) | % | (18) | % | 10 | % | 9 | % |
Degree Program Segment | Alternative Credential Segment | Consolidated | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 259,974 | $ | 297,257 | $ | 200,619 | $ | 197,536 | $ | 460,593 | $ | 494,793 | |||||||||||||||||||||||
Net loss | $ | (21,728) | $ | (21,270) | $ | (205,988) | $ | (167,362) | $ | (227,716) | $ | (188,632) | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 14,454 | 25,635 | 11,092 | 21,138 | 25,546 | 46,773 | |||||||||||||||||||||||||||||
Other (income) expense, net | (1,807) | 1,247 | 973 | 1,150 | (834) | 2,397 | |||||||||||||||||||||||||||||
Net interest expense (income) | 35,324 | 27,434 | (187) | (136) | 35,137 | 27,298 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 246 | (89) | 77 | (326) | 323 | (415) | |||||||||||||||||||||||||||||
Depreciation and amortization expense | 27,263 | 27,503 | 30,085 | 38,254 | 57,348 | 65,757 | |||||||||||||||||||||||||||||
Impairment charges | — | — | 134,117 | 58,782 | 134,117 | 58,782 | |||||||||||||||||||||||||||||
Debt modification expense and loss on debt extinguishment | 16,735 | — | — | — | 16,735 | — | |||||||||||||||||||||||||||||
Restructuring charges | 7,026 | 10,941 | 1,471 | 6,599 | 8,497 | 17,540 | |||||||||||||||||||||||||||||
Other | 2,802 | 3,956 | 28 | 726 | 2,830 | 4,682 | |||||||||||||||||||||||||||||
Total adjustments | 102,043 | 96,627 | 177,656 | 126,187 | 279,699 | 222,814 | |||||||||||||||||||||||||||||
Total adjusted EBITDA (loss) | $ | 80,315 | $ | 75,357 | $ | (28,332) | $ | (41,175) | $ | 51,983 | $ | 34,182 | |||||||||||||||||||||||
Adjusted EBITDA margin | 31 | % | 25 | % | (14) | % | (21) | % | 11 | % | 7 | % |
Trailing Twelve Months Ended | |||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (16,536) | $ | 38,472 | $ | 10,927 | $ | (16,378) | |||||||||||||||
Additions of amortizable intangible assets | (50,619) | (55,544) | (62,445) | (65,522) | |||||||||||||||||||
Purchases of property and equipment | (8,640) | (11,210) | (11,755) | (13,168) | |||||||||||||||||||
Payments to university clients | 3,550 | 6,425 | 6,775 | 6,775 | |||||||||||||||||||
Non-ordinary cash payments* | 36,101 | 32,282 | 24,157 | 30,812 | |||||||||||||||||||
Adjusted free cash flow | (36,144) | 10,425 | (32,341) | (57,481) | |||||||||||||||||||
Cash interest payments on debt | 47,802 | 48,118 | 43,826 | 56,175 | |||||||||||||||||||
Adjusted unlevered free cash flow | $ | 11,658 | $ | 58,543 | $ | 11,485 | $ | (1,306) | |||||||||||||||
* | Includes transaction, integration, restructuring-related, stockholder activism, and litigation-related expense. |
Year Ending December 31, 2023 | |||||
(in millions) | |||||
Net loss | $ | (222.5) | |||
Stock-based compensation expense | 50.5 | ||||
Amortization of acquired intangible assets | 32.5 | ||||
Impairment charges | 134.1 | ||||
Debt modification expense and loss on debt extinguishment | 16.7 | ||||
Restructuring charges | 8.5 | ||||
Other | 1.9 | ||||
Adjusted net income | 21.7 | ||||
Net interest expense | 70.0 | ||||
Income tax expense | 0.3 | ||||
Depreciation and amortization expense | 70.5 | ||||
Adjusted EBITDA | $ | 162.5 |
Q2 ‘23 | Q1 ‘23 | Q4 ‘22 | Q3 ‘22 | Q2 ‘22 | Q1 ‘22 | Q4 ‘21 | Q3 ‘21 | ||||||||||||||||||||||||||||||||||||||||
Degree Program Segment FCE enrollments | 50,490 | 55,491 | 53,631 | 57,092 | 60,303 | 62,609 | 58,967 | 57,842 | |||||||||||||||||||||||||||||||||||||||
Degree Program Segment average revenue per FCE enrollment | $ | 2,367 | $ | 2,532 | $ | 2,557 | $ | 2,404 | $ | 2,373 | $ | 2,462 | $ | 2,585 | $ | 2,555 |
Q2 ‘23 | Q1 ‘23 | Q4 ‘22 | Q3 ‘22 | Q2 ‘22 | Q1 ‘22 | Q4 ‘21 | Q3 ‘21 | ||||||||||||||||||||||||||||||||||||||||
Alternative Credential Segment FCE enrollments | 25,840 | 21,990 | 24,236 | 23,128 | 23,443 | 22,664 | 21,153 | 20,174 | |||||||||||||||||||||||||||||||||||||||
Alternative Credential Segment average revenue per FCE enrollment | $ | 3,591 | $ | 4,193 | $ | 3,840 | $ | 3,850 | $ | 3,891 | $ | 4,012 | $ | 4,312 | $ | 4,193 |
* | FCE enrollments and average revenue per FCE enrollment exclude the impact of enrollments in edX offerings and the related revenue of $9.8 million and $7.1 million for the three months ended June 30, 2023 and 2022, respectively, and $15.6 million and $15.4 million for the six months ended June 30, 2023 and 2022, respectively. |
Document and Entity Information Document |
Aug. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2023 |
Entity Registrant Name | 2U, INC. |
Entity Central Index Key | 0001459417 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36376 |
Entity Tax Identification Number | 26-2335939 |
Entity Address, Address Line One | 7900 Harkins Road |
Entity Address, City or Town | Lanham, |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20706 |
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 |
Title of 12(b) Security | Common Stock, $0.001 par value per share |
Trading Symbol | TWOU |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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