2U, LLC

2024 Q3 Form 10-Q Financial Statement

#000145941724000054 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $22.62M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $23.10M
Receivables $71.34M
Other Receivables $23.82M
Total Short-Term Assets $164.9M
YoY Change -27.01%
LONG-TERM ASSETS
Property, Plant & Equipment $33.80M
YoY Change -69.33%
Goodwill $311.9M
YoY Change -56.25%
Intangibles $293.7M
YoY Change -27.21%
Long-Term Investments
YoY Change
Other Assets $49.45M
YoY Change -29.05%
Total Long-Term Assets $759.5M
YoY Change -42.14%
TOTAL ASSETS
Total Short-Term Assets $164.9M
Total Long-Term Assets $759.5M
Total Assets $924.3M
YoY Change -39.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue $83.78M
YoY Change -21.84%
Short-Term Debt
YoY Change
Long-Term Debt Due $908.3M
YoY Change 17323.71%
Total Short-Term Liabilities $1.123B
YoY Change 279.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.116M
YoY Change -98.79%
Total Long-Term Liabilities $1.116M
YoY Change -99.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.123B
Total Long-Term Liabilities $1.116M
Total Liabilities $1.202B
YoY Change -3.48%
SHAREHOLDERS EQUITY
Retained Earnings -$2.005B
YoY Change 42.41%
Common Stock $3.000K
YoY Change -96.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$277.2M
YoY Change
Total Liabilities & Shareholders Equity $924.3M
YoY Change -39.92%

Cashflow Statement

Concept 2024 Q3 2024 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001459417
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Entity Address City Or Town
EntityAddressCityOrTown
Lanham,
dei Entity Address State Or Province
EntityAddressStateOrProvince
MD
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
20706
dei City Area Code
CityAreaCode
301
dei Local Phone Number
LocalPhoneNumber
892-4350
dei Security12b Title
Security12bTitle
Common stock, $0.001 par value per share
dei Trading Symbol
TradingSymbol
TWOU
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Type
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EntityRegistrantName
2U, INC.
dei Entity Incorporation State Country Code
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DE
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CY2023Q1 us-gaap Stockholders Equity
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CY2023Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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RestrictedStockValueSharesIssuedNetOfTaxWithholdings
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Stockholders Equity
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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twou Receivables Credit Loss Expense Reversal
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us-gaap Gain Loss On Sale Of Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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twou Advances Repaid From To Customers
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34889000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66699000 usd
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89000000 people
CY2024Q2 twou Number Of Universities The Company Serves
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260 university
CY2024Q2 twou Number Of Learning Opportunities Offered
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4700 learningopportunity
us-gaap Number Of Reportable Segments
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances. Significant items subject to such estimates include, but are not limited to, the measurement of provisions for credit losses, implied price concessions, acquired intangible assets, the recoverability of goodwill, indefinite-lived intangible assets and long-</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">lived assets, deferred tax assets, and the fair value of the convertible senior notes. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. The Company evaluates its estimates and assumptions on an ongoing basis.</span></div>
CY2023Q2 us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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314000 usd
CY2024Q2 us-gaap Goodwill Gross
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CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
228841000 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
339928000 usd
CY2024Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
339928000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
314000 usd
CY2024Q2 us-gaap Goodwill
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311884000 usd
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647735000 usd
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293653000 usd
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616194000 usd
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22300000 usd
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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us-gaap Capitalized Computer Software Amortization1
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us-gaap Capitalized Computer Software Amortization1
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CY2024Q2 twou Loss Contingency Plaintiff Violation Damages
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CY2023Q3 us-gaap Purchase Obligation
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CY2024Q2 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2024Q2 us-gaap Contractual Obligation Due In Second Year
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CY2024Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
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CY2024Q2 us-gaap Contractual Obligation Due In Fourth Year
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CY2024Q2 us-gaap Contractual Obligation
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us-gaap Payments For Restructuring
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CY2024Q2 us-gaap Lessee Operating Lease Renewal Term
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CY2023Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2024Q2 us-gaap Short Term Lease Cost
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CY2023Q2 us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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CY2024Q2 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Sublease Income
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us-gaap Sublease Income
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CY2023Q2 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y10M24D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q2 twou Sublease Income Future Sublease Income Expected To Be Earned
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3600000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
12016000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
20549000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21107000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21688000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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17214000 usd
CY2024Q2 twou Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
33051000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
125625000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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34612000 usd
CY2024Q2 us-gaap Operating Lease Liability
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91013000 usd
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37613000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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43670000 usd
CY2024Q2 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt Current
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CY2024Q2 us-gaap Long Term Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
us-gaap Income Tax Expense Benefit
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300000 usd
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CY2023Q4 us-gaap Common Stock Shares Authorized
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200000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
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200000000 shares
CY2023Q4 us-gaap Common Stock Shares Issued
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82260619 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
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2741980 shares
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twou Increase Decrease In Common Stock Value Issued Reverse Stock Split
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100000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Stock Split
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100000 usd
CY2024Q2 twou Capital Stock Shares Authorized
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205000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2024Q2 us-gaap Preferred Stock Shares Authorized
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CY2024Q2 us-gaap Common Stock Shares Issued
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2805301 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
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2805301 shares
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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1502497 shares
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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4511000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
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IncomeLossAfterAdjustedEarningsBeforeInterestIncomeExpenseTaxesDepreciationAndAmortization
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CY2024Q2 us-gaap Share Based Compensation
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CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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OtherNonoperatingIncomeExpense
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InterestIncomeExpenseNet
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InterestIncomeExpenseNet
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CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q2 us-gaap Depreciation Depletion And Amortization
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CY2023Q2 us-gaap Depreciation Depletion And Amortization
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DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2024Q2 us-gaap Asset Impairment Charges
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CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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AssetImpairmentCharges
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2024Q2 twou Gain Loss On Extinguishment Of Debt And Debt Modification
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GainLossOnExtinguishmentOfDebtAndDebtModification
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GainLossOnExtinguishmentOfDebtAndDebtModification
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CY2024Q2 us-gaap Restructuring Charges
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CY2023Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
RestructuringCharges
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OtherIncomeExpenseNet
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OtherIncomeExpenseNet
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OtherIncomeExpenseNet
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OtherIncomeExpenseNet
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AdjustmentsToNetIncomeLoss
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AdjustmentsToNetIncomeLoss
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IncomeLossAfterAdjustedEarningsBeforeInterestIncomeExpenseTaxesDepreciationAndAmortization
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IncomeLossAfterAdjustedEarningsBeforeInterestIncomeExpenseTaxesDepreciationAndAmortization
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CY2024Q2 twou Transaction Costs
TransactionCosts
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CY2023Q2 twou Transaction Costs
TransactionCosts
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twou Transaction Costs
TransactionCosts
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TransactionCosts
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CY2024Q2 twou Stockholder Activism Costs
StockholderActivismCosts
1600000 usd
CY2023Q2 twou Stockholder Activism Costs
StockholderActivismCosts
1800000 usd
twou Stockholder Activism Costs
StockholderActivismCosts
4200000 usd
twou Stockholder Activism Costs
StockholderActivismCosts
2600000 usd
CY2024Q2 twou Performance Improvement Plan Implementation Expense
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CY2023Q2 twou Performance Improvement Plan Implementation Expense
PerformanceImprovementPlanImplementationExpense
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PerformanceImprovementPlanImplementationExpense
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CY2024Q2 us-gaap Assets
Assets
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CY2023Q4 us-gaap Assets
Assets
1459683000 usd
CY2024Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
77376000 usd
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
123187000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
6038000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
7243000 usd
CY2024Q2 us-gaap Receivables Net Current
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71338000 usd
CY2023Q4 us-gaap Receivables Net Current
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CY2024Q1 twou Accounts Receivable Factored Receivable Purchase Rate
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CY2024Q2 us-gaap Transfer Of Financial Assets Accounted For As Sales Amount Derecognized
TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized
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CY2024Q2 us-gaap Transfer Of Financial Assets Accounted For As Sales Cash Proceeds Received For Assets Derecognized Amount
TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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us-gaap Provision For Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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2651000 usd
twou Accounts Receivable Allowance For Credit Loss Foreign Currency Translation Adjustments
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024Q2 twou Other Receivables Gross Amortized Cost
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CY2023Q4 twou Other Receivables Gross Amortized Cost
OtherReceivablesGrossAmortizedCost
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CY2024Q2 twou Other Receivables Allowance For Credit Loss
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CY2023Q4 twou Other Receivables Allowance For Credit Loss
OtherReceivablesAllowanceForCreditLoss
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CY2024Q2 us-gaap Other Receivables
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CY2023Q4 us-gaap Other Receivables
OtherReceivables
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CY2024Q2 us-gaap Other Receivables Net Current
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23819000 usd
CY2023Q4 us-gaap Other Receivables Net Current
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28293000 usd
CY2024Q2 twou Other Receivables Net Noncurrent
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15347000 usd
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CY2023Q4 twou Other Receivables Allowance For Credit Loss
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CY2024Q2 twou Other Receivables Allowance For Credit Loss
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CY2024Q2 twou Other Receivables Current Percentage
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CY2024Q2 twou Other Receivables Year One Originated Current Fiscal Year
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CY2024Q2 twou Other Receivables Year Two Originated Fiscal Year Before Current Fiscal Year
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CY2024Q2 twou Other Receivables Year Three Originated Two Years Before Current Fiscal Year
OtherReceivablesYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
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CY2024Q2 twou Other Receivables Year Four Originated Three Years Before Current Fiscal Year
OtherReceivablesYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
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CY2024Q2 twou Other Receivables Year Five Originated Four Years Before Current Fiscal Year
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CY2024Q2 twou Other Receivables Gross
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CY2023Q4 twou Other Receivables Year One Originated Current Fiscal Year
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CY2023Q4 twou Other Receivables Year Two Originated Fiscal Year Before Current Fiscal Year
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CY2023Q4 twou Other Receivables Year Four Originated Three Years Before Current Fiscal Year
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CY2023Q4 twou Other Receivables Year Five Originated Four Years Before Current Fiscal Year
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CY2023Q4 twou Other Receivables Gross
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CY2024Q2 us-gaap Contract With Customer Liability Current
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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