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2U, Inc. Reports Results for Full-Year and Fourth Quarter 2020

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·22 min read
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Delivers revenue growth of 35% for the full year

Reports significant improvements to profitability measures

LANHAM, Md., Feb. 11, 2021 /PRNewswire/ -- 2U, Inc. (Nasdaq: TWOU), a global leader in education technology, today reported financial and operating results for the full-year and fourth quarter ended December 31, 2020.

Results for Full-Year 2020 Compared to Full-Year 2019

  • Revenue increased 35% to $774.5 million

  • Degree Program Segment revenue increased 17% to $486.7 million

  • Alternative Credential Segment revenue increased 83% to $287.8 million

  • Net loss improved $18.7 million to $216.5 million, or $3.22 per share

  • Total cash balance increased to $518.9 million

Non-GAAP Results for Full-Year 2020 Compared to Full-Year 2019

  • Adjusted EBITDA improved by $40.0 million to $16.1 million

  • Adjusted net loss improved by $8.1 million to $63.7 million, or $0.97 per share

Results for Fourth Quarter 2020 Compared to Fourth Quarter 2019

  • Revenue increased 32% to $215.3 million

  • Degree Program Segment revenue increased 21% to $130.5 million

  • Alternative Credential Segment revenue increased 54% to $84.8 million

  • Net loss improved $6.9 million to $37.7 million, or $0.52 per share

Non-GAAP Results for Fourth Quarter 2020 Compared to Fourth Quarter 2019

  • Adjusted EBITDA improved by $13.8 million to $18.8 million

  • Adjusted net loss improved by $7.1 million to $4.0 million, or $0.06 per share

"In the face of the unprecedented challenges 2020 presented for our society and the economy globally, 2U delivered excellent results that I believe are a testament to the underlying strength of our business and the value our shared success model continues to deliver for our partners and students," Co-Founder and Chief Executive Officer, Christopher "Chip" Paucek said. "2U's unmatched scale and the quality, diversity, and breadth of our growing portfolio of degree and non-degree offerings from great nonprofit universities around the world has solidified our position as the digital transformation partner of choice in edtech, and we believe sets us on a clear path forward for strong, profitable growth in 2021 and beyond."

"We executed on our commitment to balance strong revenue growth with margin improvements while driving towards free cash flow and greatly increasing our liquidity and financial flexibility throughout the year," said Chief Financial Officer, Paul Lalljie. "We believe we are well positioned to continue to grow profitably, invest for the future, and drive sustainable value for our shareholders. Our guidance for 2021 reflects confidence in our ability to maintain strong growth while making significant improvements in profitability."

Discussion of 2020 Results

Revenue for the year totaled $774.5 million, a 35% increase from $574.7 million in 2019. This increase was driven by a 17% increase in Degree Program Segment revenue to $486.7 million and an 83% increase in Alternative Credential Segment revenue to $287.8 million. The increase in revenue from the Alternative Credential Segment included incremental revenue of $95.6 million from Trilogy, which was acquired in May 2019.

Revenue for the fourth quarter totaled $215.3 million, a 32% increase from $163.2 million in the fourth quarter of 2019. Degree Program Segment revenue grew 21% to $130.5 million, primarily driven by a 40% increase in full course equivalent ("FCE") enrollments. Alternative Credential Segment revenue grew 54% to $84.8 million, driven by a 52% increase in FCE enrollments.

Costs and expenses for the year totaled $953.5 million, a 16% increase from 2019. The increase in costs was primarily driven by increased expense from the addition of Trilogy, higher personnel and personnel-related expenses, curriculum and teaching costs, and depreciation and amortization expense. These increases were partially offset by savings related to efficiency initiatives and COVID-19 related savings, particularly from travel and related expense.

Costs and expenses for the fourth quarter totaled $245.3 million, a 20% increase from $204.5 million in the fourth quarter of 2019. The increase in costs was primarily driven by higher personnel and personnel-related expenses, curriculum and teaching costs, and depreciation and amortization expense. These increases were partially offset by savings related to efficiency initiatives and COVID-19 related savings, particularly from travel and related expense.

As of December 31, 2020, the company's cash, cash equivalents and restricted cash totaled $518.9 million, an increase of $329.0 million from $189.9 million as of December 31, 2019.

Business Outlook for Fiscal Year 2021

The company provided guidance for the full-year 2021 for the following metrics:

  • Revenue to range from $910.0 million to $945.0 million, or growth of 17% to 22%

  • Net loss to range from $185.0 million to $165.0 million

  • Adjusted EBITDA to range from $45.0 million to $65.0 million

Segment Name Change

As of the date of this earnings release, the company has changed the name of its Graduate Program Segment to Degree Program Segment because this segment now includes undergraduate degree programs.

Non-GAAP Measures

To provide investors and others with additional information regarding 2U's results, the company has disclosed the following non-GAAP financial measures: adjusted EBITDA (loss), unlevered free cash flow, adjusted net income (loss), and adjusted net income (loss) per share. The company has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. The company defines adjusted EBITDA (loss) as net income or net loss, as applicable, before net interest income (expense), foreign currency gains or losses, taxes, depreciation and amortization expense, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, impairment charges, losses on debt extinguishment, and stock-based compensation expense. The company defines unlevered free cash flow as net cash provided by (used in) operating activities, less capital expenditures, payments to university clients, certain non-ordinary cash payments, and cash interest payments on debt. The company defines adjusted net income (loss) as net income or net loss, as applicable, before foreign currency gains or losses, acquisition-related gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, impairment charges, losses on debt extinguishment, and stock-based compensation expense. Adjusted net income (loss) per share is calculated as adjusted net income (loss) divided by diluted weighted-average shares of common stock outstanding for periods that result in adjusted net income, and basic weighted-average shares outstanding for periods that result in an adjusted net loss. Some of the adjustments described in the definitions of adjusted EBITDA (loss), unlevered free cash flow, and adjusted net income (loss) may not be applicable in any given reporting period and they may vary from period to period.

The company's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, to understand cash that is generated by or available for operational expenses and investment in the business after capital expenditures, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate the company's financial performance. Management believes these non-GAAP financial measures reflect the company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in the company's business as they exclude expenses that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the company's operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

The use of adjusted EBITDA (loss), unlevered free cash flow, adjusted net income (loss), and adjusted net income (loss) per share measures has certain limitations, as they do not reflect all items of income and expense that affect the company's operations. The company compensates for these limitations by reconciling the non-GAAP financial measures to the most directly comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review the company's financial information in its entirety and not rely on a single financial measure.

Conference Call Information

What:


2U, Inc.'s fourth quarter and full-year 2020 financial results conference call

When:


Thursday, February 11, 2021

Time:


4:30 p.m. ET

Live Call:


(833) 900-2243

Conference ID #:


5949476

Webcast:


investor.2U.com

About 2U, Inc. (Nasdaq: TWOU)

Eliminating the back row in higher education is not just a metaphor—it's our mission. For more than a decade, 2U, Inc., a global leader in education technology, has been a trusted partner and brand steward of great universities. We build, deliver, and support more than 500 digital and in-person educational offerings, including undergraduate and graduate degrees, professional certificates, Trilogy-powered boot camps, and GetSmarter short courses. Together with our partners, 2U has positively transformed the lives of more than 300,000 students and lifelong learners. To learn more, visit 2U.com. #NoBackRow

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements regarding 2U, Inc.'s 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 operations and financial position of 2U, 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. The company undertakes 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, but not limited to:

  • trends in the higher education market and the market for online education, and expectations for growth in those markets;

  • the acceptance, adoption and growth of online learning by colleges and universities, faculty, students, employers, accreditors and state and federal licensing bodies;

  • the impact of competition on the company's industry and innovations by competitors;

  • the company's ability to comply with evolving regulations and legal obligations related to data privacy, data protection and information security;

  • the company's expectations about the potential benefits of its cloud-based software-as-a-service technology and technology-enabled services to university clients and students;

  • the company's dependence on third parties to provide certain technological services or components used in its platform;

  • the company's expectations about the predictability, visibility and recurring nature of its business model;

  • the company's ability to meet the anticipated launch dates of its degree programs, short courses and boot camps;

  • the company's ability to acquire new university clients and expand its degree programs, short courses and boot camps with existing university clients;

  • the company's ability to successfully integrate the operations of its acquisitions, including Trilogy, to achieve the expected benefits of its acquisitions and manage, expand and grow the combined company;

  • the company's ability to refinance its indebtedness on attractive terms, if at all, to better align with its focus on profitability;

  • the company's ability to service its substantial indebtedness and comply with the covenants and conversion obligations contained in the indenture governing its convertible senior notes and the credit agreement governing its revolving credit facility;

  • the company's ability to generate sufficient future operating cash flows from recent acquisitions to ensure related goodwill is not impaired;

  • the company's ability to execute its growth strategy in the international, undergraduate and non-degree alternative markets;

  • the company's ability to continue to recruit prospective students for its offerings;

  • the company's ability to maintain or increase student retention rates in its degree programs;

  • the company's ability to attract, hire and retain qualified employees;

  • the company's expectations about the scalability of its cloud-based platform;

  • potential changes in regulations applicable to the company or its university clients;

  • the company's expectations regarding the amount of time its cash balances and other available financial resources will be sufficient to fund its operations;

  • the impact and cost of stockholder activism;

  • the impact of any natural disasters or public health emergencies, such as the coronavirus disease 2019 ("COVID-19") pandemic;

  • the company's expectations regarding the effect of the capped call transactions and regarding actions of the option counterparties and/or their respective affiliates; and

  • other factors beyond the company's control.

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 Annual Report on Form 10-K for the year ended December 31, 2019, and other SEC filings. 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.

Investor Relations Contact: Ken Goff, 2U, Inc., investorinfo@2U.com
Media Contact: Glenda Felden, 2U, Inc., media@2U.com

2U, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)



December 31,
2020


December 31,
2019


(unaudited)



Assets




Current assets




Cash and cash equivalents

$

500,629



$

170,593


Restricted cash

18,237



19,276


Accounts receivable, net

46,663



33,655


Prepaid expenses and other assets

39,353



37,424


Total current assets

604,882



260,948


Property and equipment, net

52,734



57,643


Right-of-use assets

60,785



43,401


Goodwill

415,830



418,350


Amortizable intangible assets, net

312,770



333,075


Other assets, non-current

97,263



73,413


Total assets

$

1,544,264



$

1,186,830


Liabilities and stockholders' equity




Current liabilities




Accounts payable and accrued expenses

$

130,674



$

87,266


Deferred revenue

75,493



48,833


Lease liability

10,024



7,320


Other current liabilities

21,178



12,535


Total current liabilities

237,369



155,954


Long-term debt

273,173



246,620


Deferred tax liabilities, net

2,810



5,133


Lease liability, non-current

83,228



66,974


Other liabilities, non-current

6,694



899


Total liabilities

603,274



475,580


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, 72,451,521 shares issued
and outstanding as of December 31, 2020; 63,569,109 shares issued and outstanding as of
December 31, 2019

72



63


Additional paid-in capital

1,646,574



1,197,379


Accumulated deficit

(695,872)



(479,388)


Accumulated other comprehensive loss

(9,784)



(6,804)


Total stockholders' equity

940,990



711,250


Total liabilities and stockholders' equity

$

1,544,264



$

1,186,830


2U, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)



Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019


(unaudited)


(unaudited)



Revenue

$

215,294



$

163,178



$

774,533



$

574,671


Costs and expenses








Curriculum and teaching

31,081



21,925



107,968



63,270


Servicing and support

32,488



27,372



125,851



98,890


Technology and content development

42,909



35,504



155,949



115,473


Marketing and sales

92,550



82,164



390,174



342,395


General and administrative

46,319



37,549



173,526



131,020


Impairment charge







70,379


Total costs and expenses

245,347



204,514



953,468



821,427


Loss from operations

(30,053)



(41,336)



(178,935)



(246,756)


Interest income

(26)



713



1,354



5,800


Interest expense

(7,742)



(5,289)



(27,317)



(13,419)


Loss on debt extinguishment





(11,671)




Other income (expense), net

230



386



(1,429)



(707)


Loss before income taxes

(37,591)



(45,526)



(217,998)



(255,082)


Income tax (expense) benefit

(66)



942



1,514



19,860


Net loss

$

(37,657)



$

(44,584)



$

(216,484)



$

(235,222)


Net loss per share, basic and diluted

$

(0.52)



$

(0.70)



$

(3.22)



$

(3.83)


Weighted-average shares of common stock outstanding,
basic and diluted

72,228,308



63,481,130



67,142,976



61,393,666


Other comprehensive income (loss)








Foreign currency translation adjustments, net of tax of $0
for all periods presented

10,064



5,695



(2,980)



1,710


Comprehensive loss

$

(27,593)



$

(38,889)



$

(219,464)



$

(233,512)


2U, Inc.

Consolidated Statements of Cash Flows

(in thousands)



Year Ended December 31,


2020


2019


2018


(unaudited)





Cash flows from operating activities






Net loss

$

(216,484)



$

(235,222)



$

(38,330)


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






Non-cash interest expense

16,267



1,153



108


Depreciation and amortization expense

96,469



69,843



32,785


Stock-based compensation expense

82,042



51,504



31,410


Non-cash lease expense

15,153



11,725




Provision for credit losses

4,642



1,425




Impairment charge



70,379




Loss on debt extinguishment

11,671






Changes in operating assets and liabilities, net of assets and liabilities acquired:






Accounts receivable, net

(17,877)



11,949



(18,497)


Payments to university clients

1,889



(21,675)



(11,322)


Prepaid expenses and other assets

(28,267)



(6,845)



(4,932)


Accounts payable and accrued expenses

11,322



17,081



4,724


Accrued compensation and related benefits

30,637



(5,539)



4,046


Deferred revenue

26,061



10,014



1,527


Other liabilities, net

(5,364)



(29,748)



(6,351)


Other

1,443



1,982



1,712


Net cash provided by (used in) operating activities

29,604



(51,974)



(3,120)


Cash flows from investing activities






Purchase of a business, net of cash acquired

(949)



(388,004)




Additions of amortizable intangible assets

(62,784)



(64,923)



(65,190)


Purchases of property and equipment

(6,517)



(13,421)



(11,996)


Purchase of investments



(10,000)



(25,000)


Proceeds from maturities of investments



25,000




Advances made to university clients



(400)



(300)


Advances repaid by university clients

925



350



25


Net cash used in investing activities

(69,325)



(451,398)



(102,461)


Cash flows from financing activities






Proceeds from issuance of common stock, net of offering costs

299,796





330,901


Proceeds from debt

371,681



244,724




Payments on debt

(250,837)






Purchases of capped calls in connection with issuance of convertible senior notes

(50,540)






Prepayment premium on extinguishment of senior secured term loan facility

(2,528)






Payment of debt issuance costs

(3,419)



(1,953)




Tax withholding payments associated with settlement of restricted stock units

(4,784)



(2,574)



(3,451)


Proceeds from exercise of stock options

4,177



3,119



7,366


Proceeds from employee stock purchase plan share purchases

3,960



3,382



3,121


Payments for acquisition of amortizable intangible assets



(2,180)



(4,900)


Net cash provided by financing activities

367,506



244,518



333,037


Effect of exchange rate changes on cash

1,212



(1,049)



(1,054)


Net increase (decrease) in cash, cash equivalents and restricted cash

328,997



(259,903)



226,402


Cash, cash equivalents and restricted cash, beginning of period

189,869



449,772



223,370


Cash, cash equivalents and restricted cash, end of period

$

518,866



$

189,869



$

449,772


2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


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



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019


(in thousands, except share and per share amounts)

Net loss

$

(37,657)



$

(44,584)



$

(216,484)



$

(235,222)


Stock-based compensation expense

18,080



15,418



82,042



51,504


Foreign currency (gain) loss

(230)



(386)



1,429



707


Amortization of acquired intangible assets

10,385



10,834



42,442



28,697


Income tax benefit on amortization of acquired intangible
assets

(271)



(403)



(1,328)



(1,568)


Acquisition-related income tax expense (benefit)



298





(17,460)


Loss on debt extinguishment





11,671




Impairment charge







70,379


Other*

5,662



7,672



16,497



31,084


Adjusted net loss

(4,031)



(11,151)



(63,731)



(71,879)


Net interest expense

7,768



4,576



25,963



7,619


Income tax expense (benefit)

337



(837)



(186)



(832)


Depreciation and amortization expense

14,678



12,370



54,027



41,146


Adjusted EBITDA (loss)

$

18,752



$

4,958



$

16,073



$

(23,946)










Net loss per share, basic and diluted

$

(0.52)



$

(0.70)



$

(3.22)



$

(3.83)


Adjusted net loss per share, basic and diluted

$

(0.06)



$

(0.18)



$

(0.97)



$

(1.17)


Weighted-average shares of common stock outstanding,
basic and diluted

72,228,308



63,481,130



67,142,976



61,393,666







*


Includes (i) transaction and integration costs of $0.8 million and $1.1 million in the three months ended December 31, 2020 and 2019, respectively and $2.3 million and $8.0 million for the years ended December 31, 2020 and 2019, respectively, (ii) restructuring-related costs of $3.7 million and $3.7 million in the three months ended December 31, 2020 and 2019, respectively and $6.8 million and $10.8 million for the years ended December 31, 2020 and 2019, respectively, (iii) stockholder activism and litigation-related costs of $1.2 million and $1.0 million in the three months ended December 31, 2020 and 2019, respectively and $7.4 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively, and (iv) deferred revenue fair value adjustments of $1.9 million and $11.2 million in the three months and year ended December 31, 2019, respectively.

2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


The following table presents a reconciliation of unlevered free cash flow to net cash provided by (used in) operating activities for each of the twelve-month periods indicated:



Twelve Months Ended


December 31,
2020


September 30,
2020


June 30,
2020


March 31,
2020


(in thousands)

Net cash provided by (used in) operating activities

$

29,604



$

26,829



$

(10,669)



$

(29,309)


Additions to amortizable intangible assets

(62,784)



(60,723)



(64,990)



(67,161)


Purchases of property and equipment

(6,517)



(7,627)



(9,536)



(12,693)


Payments on acquisition of amortizable intangible assets



(897)



(897)



(897)


Payments to university clients

5,800



4,100



7,500



14,925


Non-ordinary cash payments*

19,379



17,153



17,874



19,544


Free cash flow

(14,518)



(21,165)



(60,718)



(75,591)


Cash interest payments on debt

10,785



11,270



16,475



17,064


Unlevered free cash flow

$

(3,733)



$

(9,895)



$

(44,243)



$

(58,527)








*


Includes transaction, integration, restructuring-related, stockholder activism, and litigation-related costs.

2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


The following table presents a reconciliation of adjusted EBITDA guidance to net loss guidance, at the midpoint of the
ranges provided by the company, for the period indicated:



Year Ending
December 31, 2021


(in millions)

Net loss

$

(175.0)


Stock-based compensation expense

107.0


Foreign currency (gain) loss


Amortization of acquired intangible assets

40.0


Income tax benefit on amortization of acquired intangible assets


Other


Adjusted net loss

(28.0)


Net interest expense

30.0


Income tax benefit

(4.5)


Depreciation and amortization expense

57.5


Adjusted EBITDA

$

55.0


2U, Inc.

Key Financial Performance Metrics

(unaudited)


Full Course Equivalent Enrollments


Degree Program Segment


The following table presents the FCE enrollments and average revenue per FCE enrollment in the company's Degree Program Segment for the last eight quarters.



Q4 '20


Q3 '20


Q2 '20


Q1 '20


Q4 '19


Q3 '19


Q2 '19


Q1 '19

Degree Program Segment FCE
enrollments

58,425



47,842



46,142



45,734



41,704



40,910



39,180



39,512


Degree Program Segment average
revenue per FCE enrollment

$

2,234



$

2,551



$

2,507



$

2,590



$

2,595



$

2,527



$

2,588



$

2,637



































Alternative Credential Segment


The following table presents the FCE enrollments and average revenue per FCE enrollment in the company's Alternative Credential Segment for the last eight quarters.



Q4 '20


Q3 '20


Q2 '20


Q1 '20


Q4 '19


Q3 '19


Q2 '19


Q1 '19

Alternative Credential Segment FCE
enrollments

22,190



23,067



20,435



15,141



14,639



14,729



12,662



9,128


Alternative Credential Segment average
revenue per FCE enrollment*

$

3,821



$

3,426



$

3,279



$

3,766



$

3,883



$

3,825



$

2,955



$

1,979








































*


The Trilogy acquisition was completed on May 22, 2019. Average revenue per FCE enrollment for the company's Alternative Credential Segment includes $3.3 million, $6.0 million and $1.9 million of purchase accounting adjustments for the second, third and fourth quarters of 2019, respectively.

Cision
Cision

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SOURCE 2U, Inc.