SYS-CON MEDIA Authors: Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

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2U, Inc. Reports Second Quarter 2014 Financial Results

Revenue up 32% over second quarter of 2013

LANDOVER, Md., Aug. 6, 2014 /PRNewswire/ -- 2U, Inc. (NASDAQ: TWOU), a leading provider of cloud-based software-as-a-service solutions for leading nonprofit colleges and universities to deliver their high-quality degree programs online, today reported financial and operating results for the three months ended June 30, 2014. 

Second Quarter Results

  • Revenue was $24.7 million, an increase of 32% percent from $18.7 million in the second quarter of 2013.
  • Net loss attributable to common stockholders was $(10.6) million, or $(0.27) per share, compared to $(9.0) million, or $(1.21) per share, in the second quarter of 2013.
  • Adjusted net loss was $(8.5) million, or $(0.22) per pro forma share compared to $(8.3) million, or $(0.27) per pro forma share, in the second quarter of 2013.
  • Adjusted EBITDA loss was $(7.1) million, compared to a loss of $(7.3) million in the second quarter of 2013.

"I'm very pleased with our second quarter results, and that we have both the basis and the visibility to increase all of our guidance measures for 2014," said Chip Paucek, 2U's Chief Executive Officer and co-founder.  "We've reached a turning point where, even with continued high investment for growth, our losses have stopped accelerating.  At the midpoint of our new guidance range, we now expect our full year 2014 adjusted EBITDA loss to improve by 17% over 2013.  Further, we've announced a schedule that meets our stated annual goal for new program launches through 2015."

Recent Program Developments

The company continues to build its portfolio of new programs and offerings in existing programs for launch during the remainder of 2014 and in 2015.  New developments include:

  • Master of Science in Data Science degree with Southern Methodist University, expected to launch in January 2015. This will be 2U's second program in the data science vertical.
  • Master of Arts in Counseling with the Family Institute at Northwestern University, expected to launch in the second quarter of 2015. This will be 2U's first program in the counseling vertical.
  • Master of Legal Studies with Washington University in St. Louis School of Law, expected to launch in late 2014. This will be a new offering under the @WashULaw program.
  • Master of Science in Accounting with Syracuse University's Martin J. Whitman School of Management, expected to launch in mid-2015. This will be a new offering under the MBA@Syracuse program.

With these latest developments, 2U has reached its stated goal of launching at least four new programs per year for 2014 and 2015. A full list of programs and program offerings may be found on the last page of this release.

Outlook for Third Quarter and Full Year 2014

Based on information available as of today, 2U is issuing the following guidance for the third quarter and updating its guidance for full year of 2014.

(in millions except per share information)

3Q 2014

FY 2014

Revenue

$26.6-$27.3

$107.1-$108.4

Adjusted Net Loss

$(7.3)-$(6.7)

$(24.1)-$(23.1)

Adjusted Net Loss per Common Share

$(0.18)-$(0.17)

$(0.64)-$(0.61)

     Pro Forma Weighted Average Common Shares

40.4

37.8

Adjusted EBITDA Loss

$(5.8)-$(5.2)

$(18.2)-(17.1)

     Stock-Based Compensation Expense

$2.2 - $2.4

$7.6 -$7.9

Third quarter and full year guidance incorporates the impact of shifting an additional program launch to January 2015, earlier than previously expected.  This requires accelerating start-up and marketing expenses into the third quarter and incurring additional expenses for the year. Despite the additional expense, third quarter guidance reflects the expected sequential improvement from a seasonally low second quarter. 

Non-GAAP Measures

To supplement the company's consolidated financial statements, which are prepared and presented in accordance with GAAP, we use adjusted net loss and adjusted EBITDA loss, which are non-GAAP financial measures. Additionally, we calculate adjusted net loss per common share using pro forma weighted average common shares.

Adjusted net loss is defined as net loss attributable to common stockholders before preferred stock accretion, the warrant expense portion of net interest income (expense), and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period.

Adjusted EBITDA loss is defined as net loss before net interest income (expense), taxes, depreciation and amortization, and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period.

Pro forma weighted average common shares are defined as the company's weighted average common shares outstanding calculated as though the conversion of preferred shares to common shares, which occurred upon the closing of our initial public offering, had occurred on January 1, 2013.

The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company's financial statements.  These non-GAAP measures are key metrics the company's management uses to compare the company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes.  These measures also provide useful information to investors relating to 2U's financial condition and results of operations.  These financial measures are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.  In addition, these financial measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

For more information on 2U's non-GAAP financial measures and reconciliations of such measures to the nearest GAAP measures, please see the reconciliation tables on the last page of this press release under the heading "Reconciliation of Non-GAAP Measures". 2U urges investors to review these reconciliations and not to rely on any single financial measure to evaluate the company's business.  

Conference Call Information

What:         

2U, Inc.'s second quarter 2014 financial results conference call



When:         

Wednesday, August 6, 2014



Time:           

5:00 p.m. ET



Live Call:

(877) 359-9508



Webcast:       

To access the live webcast, please visit http://investor.2u.com

About 2U, Inc. (NASDAQ: TWOU)

Founded in 2008 by a team of education and technology veterans, 2U enables leading colleges and universities to deliver their high quality education to qualified students anywhere. Our cloud-based software-as-a-service platform provides schools with the comprehensive operating infrastructure they need to attract, enroll, educate, support, and graduate their students. Our mission is to enable the education our clients provide to reach its highest potential so students can reach theirs.

To learn more, go to 2U.com. Be sure to follow us on LinkedIn (http://www.linkedin.com/company/2u), Twitter (http://twitter.com/2Uinc) and Facebook (http://www.facebook.com/2u).

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  All statements other than statements of historical facts contained in this press release, including statements regarding future results of the operations and financial position of 2U, Inc., including financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. 2U has based these forward-looking statements largely on its estimates of its financial results and its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the results predicted, including, our failure to attract new colleges and universities as clients; our failure to acquire qualified students for our clients' programs; failure of clients' students to remain enrolled in their programs; loss, or material underperformance, of any one client; our ability to compete against current and future competitors; disruption to, or failure of, our platform; and data privacy or security breaches. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the heading "Risk Factors" in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2014.  Moreover, 2U operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for 2U management to predict all risks, nor can 2U assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements 2U may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Media Contact: 
Chance Patterson, SVP Communications, 2U, Inc.
 (301) 892-4414
 [email protected]

Investor Relations Contact: 
Alex Makler, Director of Investor Relations, 2U, Inc.
 (301) 892-4543
 [email protected]

2U, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)





December 31,

 2013

June 30,

2014



(unaudited)

Assets



Current assets:



Cash and cash equivalents

$                   7,012

$             104,762

Accounts receivable, net

1,835

655

Advance to clients, current

581

Prepaid expenses

1,763

2,773

Total current assets

11,191

108,190

Property and equipment, net

5,231

5,741

Capitalized content development costs, net

8,904

11,034

Advance to clients, non-current

1,150

Other non‑current assets

3,326

1,745

Total assets

$                28,652

$           127,860

Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)



Current liabilities:



Accounts payable

$                   5,089

$              4,085

Accrued expenses and other current liabilities

12,025

13,326

Deferred revenue

1,266

12,396

Refunds payable

1,831

2,027

Total current liabilities

20,211

31,834

Rebate reserve

1,571

1,566

Other non‑current liabilities

847

642

Total liabilities

22,629

34,042

Commitments and contingencies (Note 6)



Redeemable convertible preferred stock:



Redeemable convertible Series A preferred stock, $0.001 par value, 10,033,976 shares authorized, issued and outstanding as of December 31, 2013; 0 shares authorized, issued and outstanding as of June 30, 2014       

12,384

Redeemable convertible Series B preferred stock, $0.001 par value, 5,057,901 shares authorized, issued and outstanding as of December 31, 2013; 0 shares authorized, issued and outstanding as of June 30, 2014       

22,210

Redeemable convertible Series C preferred stock, $0.001 par value, 4,429,601 shares authorized, issued and outstanding as of December 31, 2013; 0 shares authorized, issued and outstanding as of June 30, 2014       

32,405

Redeemable convertible Series D preferred stock, $0.001 par value, 4,069,352 shares authorized, 3,979,730 shares issued and outstanding as of December 31, 2013; 0 shares authorized, issued and outstanding as of June 30, 2014

31,048

Total redeemable convertible preferred stock

98,047

Stockholders' equity (deficit):



Preferred stock, $0.001 par value, 0 shares authorized, issued and outstanding as of December 31, 2013; 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2014

Common stock, $0.001 par value, 60,000,000 shares authorized, 7,629,133 shares issued and outstanding as of December 31, 2013; 200,000,000 shares authorized, 40,259,230 shares issued and outstanding as of June 30, 2014

8

40

Additional paid‑in capital

7,817

211,272

Accumulated deficit

(99,849)

(117,494)

Total stockholders' equity (deficit)

(92,024)

93,818

Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

$                28,652

$           127,860

 

2U, Inc.
Condensed Consolidated Statements of Operations

(unaudited, in thousands, except share and per share amounts)





Three Months Ended
June 30,

Six Months Ended

June 30,


2013

2014

2013

2014

Revenue

$18,691

$24,744

$37,825

$51,076

Costs and expenses:





Servicing and support

5,656

7,000

10,674

13,248

Technology and content development

4,596

5,818

7,831

11,492

Program marketing and sales

13,695

16,710

25,465

31,951

General and administrative

3,654

5,708

6,525

11,144

Total costs and expenses

27,601

35,236

50,495

67,835

Loss from operations

(8,910)

(10,492)

(12,670)

(16,759)

Other income (expense):





Interest expense

5

(134)

13

(918)

Interest income

10

31

16

32

Total other income (expense)

15

(103)

29

(886)

Loss before income taxes

(8,895)

(10,595)

(12,641)

(17,645)

Income tax expense

Net loss

(8,895)

(10,595)

(12,641)

(17,645)

Preferred stock accretion

(87)

(2)

(174)

(89)

Net loss attributable to common stockholders

$(8,982)

$(10,597)

$(12,815)

$(17,734)

Net loss per share attributable to common stockholders, basic and diluted

$(1.21)

$(0.27)

$(1.73)

$(0.75)

Weighted average common shares outstanding, basic and diluted

7,398,059

39,304,884

7,392,129

23,588,330

 


2U, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)




Six Months Ended
June 30,


2013

2014

Cash flows from operating activities



Net loss

$                     (12,641)

$                    (17,645)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:



Depreciation and amortization

1,942

2,646

Stock‑based compensation expense

1,068

3,239

Change in the fair value of the Series D redeemable convertible preferred stock warrant prior to conversion   

(13)

695

Changes in operating assets and liabilities:



Accounts receivable, net

(924)

1,180

Advances to clients

(569)

Prepaid expenses

(1,020)

(1,010)

Other assets

19

662

Accounts payable

(35)

(773)

Accrued expenses and other current liabilities

2,417

1,921

Deferred revenue

7,835

11,130

Refunds payable

173

196

Rebate reserve

44

(5)

Other liabilities

19

(25)

Net cash (used in) provided by operating activities

(1,116)

1,642

Cash flows from investing activities



Expenditures for property and equipment

(1,668)

(1,720)

Capitalized content development cost expenditures

(2,045)

(3,476)

Other investing activities

(21)

Net cash used in investing activities

(3,713)

(5,217)

Cash flows from financing activities



Proceeds from issuance of common stock, net of offering costs

100,302

Proceeds from exercise of stock options

69

1,023

Repurchase of common shares

(149)

Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs

4,994

Net cash provided by financing activities

4,914

101,325

Net increase in cash and cash equivalents

85

97,750

Cash and cash equivalents, beginning of period

25,190

7,012

Cash and cash equivalents, end of period

$                      25,275

$                        104,762

Supplemental disclosure of non-cash investing and financing activities



Accretion of issuance costs on redeemable convertible preferred stock

$                               174

$                              89

Accrued capital expenditures

242

278

Deferred offering costs included in accounts payable and accrued expenses

144

Common stock granted in exchange for consulting services received

55

 

2U, Inc.

 

Reconciliation of Non-GAAP Measures


The following table presents a reconciliation of net loss attributable to common stockholders to adjusted net loss for each of the periods indicated:




Three Months Ended

June 30,


Six Months Ended

June 30,




2013



2014



2013



2014














Net loss attributable to common stockholders


$

(8,982)


$

(10,597)


$

(12,815)


$

(17,734)

Adjustments:













Changes in the fair value of the warrant to purchase Series D redeemable convertible preferred stock



(5)



7



(13)



695

Accretion of deferred preferred stock offering costs



87



2



174



89

Stock-based compensation expense



632



2,044



1,068



3,239

Total adjustments



714



2,053



1,229



4,023

Adjusted net loss


$

(8,268)


$

(8,544)


$

(11,586)


$

(13,711)

 

The following table presents a reconciliation of net loss to adjusted EBITDA loss for each of the periods indicated:





Three Months Ended

June 30,


Six Months Ended

June 30,




2013



2014



2013



2014














Net loss


$

(8,895)


$

(10,595)


$

(12,641)


$

(17,645)

Adjustments:













Interest expense



(5)



134



(13)



918

Interest income



(10)



(31)



(16)



(32)

Depreciation and amortization expense



1,016



1,363



1,942



2,646

Stock-based compensation expense



632



2,044



1,068



3,239

Total adjustments



1,633



3,510



2,981



6,771

Adjusted EBITDA (loss)


$

(7,262)


$

(7,085)


$

(9,660)


$

(10,874)

 

Key Financial Performance Metrics


Full Course Equivalent Enrollments

The following table sets forth the full course equivalent enrollments and average revenue per full course equivalent enrollment in our clients' programs for the periods presented.



Q2 '12

Q3 '12

Q4 '12

Q1 '13

Q2 '13

Q3 '13

Q4  '13

Q1 '14

Q2 '14

Full course equivalent enrollments in

our clients' programs

5,524

5,098

6,332

7,650

6,950

7,673

9,065

9,809

9,331











Average revenue per full course

equivalent enrollment in our clients'

programs

$   2,420

$   2,547

$   2,593

$   2,501

$   2,689

$   2,672

$   2,736

$   2,683

$   2,652

 

Platform Revenue Retention Rate

The following table sets forth our platform revenue retention rate for the periods presented, as well as the number of programs included in the platform revenue retention rate calculation.




Three Months Ended

June 30,


Six Months Ended

June 30,



2013



2014



2013



2014


Platform revenue retention rate


138.2

%


113.5

%


141.8

%


117.3

%

Number of programs included in comparison (1)


4



6



4



4


(1) Reflects the number of programs operating both in the reported period and in the prior year comparative period

2U, Inc. Program List

University

School

2U-Enabled Program

Program

Launch Date

Program Offerings

University of Southern California

Rossier School of Education

USC Rossier Online

April 2009

Master of Arts in Teaching
Master of Arts in Teaching, TESOL
Master of Education in Teacher Leadership
Doctor of Education (January 2015)

University of Southern California

School of Social Work

MSW@USC

October 2010

Master of Social Work
Master of Social Work
  - Advanced Standing
Doctor of Social Work (est. late 2015)

Georgetown University

School of Nursing and Health Studies

Nursing@Georgetown

March 2011

Master of Science in Nursing
   - Family Nurse Practitioner
   - Nurse-Midwifery/Women's Health Nurse Practitioner
   - Adult Gerontology-Acute Care Nurse Practitioner/Clinical Nurse Specialist

University of North Carolina at Chapel Hill

Kenan-Flagler Business School

MBA@UNC

July 2011

Master of Business Administration
Master of Accounting (3) (est. mid-2015)

Washington University in St. Louis

School of Law

@WashULaw

January 2013

Master of Laws in U.S. Laws
Dual Master of Laws in U.S. Law/Maestría en Práctica Jurídica Internacional with

Tecnológico de Monterrey (1) (September 2014)
Master of Legal Studies (September 2014)

University of North Carolina at Chapel Hill

School of Government

MPA@UNC

January 2013

Master of Public Administration

American University

School of International Service

International Relations Online

May 2013

Master of Arts in International Relations

The George Washington University

Milken Institute School of Public Health

MPH@GW

June 2013

Master of Public Health

Simmons College

School of Nursing and Health Sciences

Nursing@Simmons

October 2013

Master of Science in Nursing

University of California, Berkeley

School of Information

DataScience@Berkeley

January 2014

Master of Information and Data Science

The George Washington University

Milken Institute School of Public Health

MHA@GW

April 2014

Executive Master of Health Administration

Simmons College

School of Social Work

SocialWork@Simmons

July 2014

Master of Social Work

Simmons College

School of Nursing and Health Sciences

Nursing@Simmons (2)

October 2014

RN to Bachelor of Science in Nursing
RN to Master of Science in Nursing

Syracuse University

Martin J. Whitman School of Management

MBA@Syracuse

January 2015 

Master of Business Administration
Master of Science in Accounting (est. mid- 2015)

Syracuse University

S.I. Newhouse School of Public Communications

Communications@Syracuse (3)

Late 2015

Master of Communications

Northwestern University

The Family Institute

Counseling@Northwestern

Spring 2015

Master of Arts in Counseling

Southern Methodist University

Interdisciplinary curriculum: Dedman College

of Humanities and Sciences, Lyle School of

Engineering, Meadows School of the Arts

DataScience@SMU (4)

January 2015 

Master of Science in Data Science






Italics indicate a second 2U-enabled program in a degree vertical.

(1) Our client Tecnológico de Monterrey will deliver a joint degree with Washington University in St. Louis. This degree is reflected under the @WashULaw program.

(2) We consider this program to be a separate program from the first Nursing@Simmons program because it targets students who do not hold a bachelor's degree prior to admission.

(3) Subject to the program receiving university, state and accreditation approvals.

(4) Subject to the program receiving customary university approvals.

 

 

SOURCE 2U, Inc.

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