Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: ERN, ERP

2U Reports Results for Second Quarter 2022


Implements Plan to Accelerate Platform Strategy and Deliver Sustainable Profitability

Expects Increased Marketing Efficiency and an Additional $70 Million in Annual Operating Expense Savings

LANHAM, Md., July 28, 2022 /PRNewswire/ -- 2U, Inc. (Nasdaq: TWOU), a leading online education platform company, today reported financial and operating results for the quarter ended June 30, 2022. The company also announced a realignment of its operations to accelerate its platform strategy and drive sustainable profitability and free cash flow. As part of this plan, the company implemented a new marketing framework, resulting in lower marketing spend late in the second quarter, which impacted results in the period.

Results for Second Quarter 2022 Compared to Second Quarter 2021

Non-GAAP Results for Second Quarter 2022 Compared to Second Quarter 2021

"We are taking significant action to accelerate 2U's transition to a platform company under the edX brand and unify our product and marketing strategy to create the world's leading free-to-degree online learning marketplace," said 2U Co-Founder and CEO Christopher "Chip" Paucek. "Operating as one powerful brand and platform enables the company to pursue sustainable profitability, while building a stronger, more agile business that we believe will deliver greater value for learners, partners, and shareholders and drive the future of education for the long term."

Paul Lalljie, 2U's Chief Financial Officer, added, "In the second quarter we took important steps to align our organizational and cost structure to deliver sustained profitable growth and free cash flow. Our results for the quarter and our updated guidance reflect the shift in focus to more profitable growth resulting from the acceleration of our platform strategy. We expect that this plan will drive significant improvement to adjusted EBITDA for full-year 2022 and will generate positive free cash flow for full-year 2023."

Discussion of Second Quarter 2022 Results

Revenue for the second quarter totaled $241.5 million, a 1.8% increase from $237.2 million in the second quarter of 2021. This increase includes $10.0 million from edX, acquired in the fourth quarter of 2021. Revenue from the Degree Program Segment decreased $3.1 million, or 2.1%, primarily due to a 1.9% decrease in average revenue per FCE enrollment, from $2,420 to $2,373. Revenue from the Alternative Credential Segment increased $7.4 million, or 8.1%, primarily due to the addition of edX offerings and a 1.2% increase in average revenue per FCE enrollment, from $3,843 to $3,891, partially offset by a decrease in FCE enrollments of 236, or 1.0%.

Costs and expenses for the second quarter totaled $289.4 million, a 5.5% increase from $274.3 million in the second quarter of 2021. This increase includes $17.1 million of operating expense related to edX. The remaining change was primarily driven by higher restructuring charges associated with the realignment plan, partially offset by lower personnel and personnel-related expense and marketing spend.

As of June 30, 2022, the company's cash, cash equivalents, and restricted cash totaled $237.8 million, a decrease of $12.1 million from $249.9 million as of December 31, 2021. Cash provided by operations of $28.6 million for the six months ended June 30, 2022 was offset by cash used in investing activities of $35.2 million and cash used in financing activities of $3.0 million. Unlevered cash flow for the last twelve months ended June 30, 2022 was $11.5 million, a $45.6 million improvement compared to a negative unlevered cash flow of $34.1 million for the last twelve months ended March 31, 2022.

Business Outlook for Fiscal Year 2022

The company provided updated guidance for the full-year 2022 for the following metrics:

Strategic Update

2U also announced today the implementation of a plan to accelerate its transition to a platform company and align its cost structure and strategy. The plan reorients the company around the edX platform, allowing it to pursue a portfolio-based marketing strategy that drives traffic to the edX marketplace. The plan is designed to achieve durable growth that increases profitability by simplifying the current executive structure to reduce silos, reducing employee headcount, optimizing marketing spend and rationalizing the company's real estate footprint.

As part of the plan, Harsha Mokkarala, 2U's current Chief Data Scientist, will now serve as the company's Chief Revenue Officer, and Anant Agarwal, founder of edX and 2U's current Chief Open Education Officer, will serve as Chief Platform Officer. In their new roles, Mr. Mokkarala will focus on optimizing marketing spend while continuing to drive growth and Mr. Agarwal will be responsible for leading the company's unified product and technology strategy.

The company expects that implementation of the headcount reductions will be completed in the third quarter of 2022 while the remainder of the plan is expected to be completed by the end of 2022. The company expects to generate marketing efficiency and an additional $70 million in annualized cost savings, primarily due to savings associated with headcount reduction and reduced real estate costs. The company estimates it will incur aggregate restructuring costs associated with the plan ranging from approximately $35 million to $40 million.

Additional Leadership Update

The company's Chief Operating Officer, Mark Chernis, has also decided to step down from his role at the company to pursue other professional opportunities, effective October 3, 2022, at which time he will transition to a consulting capacity.

"On behalf of 2U's Board of Directors, executive management and employees, I would like to thank Mark for his 14 years of service to the company, first as a director then as an officer. Mark has been a great friend and colleague and his leadership and contributions have been integral in making 2U the company that it is today," said Mr. Paucek.

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), other income (expense), net, 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 other income (expense), net, 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's second quarter 2022 financial results conference call

When:


Thursday, July 28, 2022

Time:


4:30 p.m. ET

Live Call:


(888) 330-2446

Conference ID #:


1153388

Webcast:


investor.2U.com


About 2U, Inc. (Nasdaq: TWOU)

For more than a decade, 2U, Inc. has been the digital transformation partner of choice to great non-profit colleges and universities delivering high-quality online education at scale. As the parent company of edX, a leading global online learning platform, 2U provides over 45 million learners with access to world-class education in partnership with more than 230 colleges, universities, and corporations. Our people and technology are powering more than 4,000 digital education offerings ? from free courses to full degrees ? and helping unlock human potential. To learn more: visit 2U.com.

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:

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, 2021, 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: [email protected]

Media Contact: [email protected]

 

2U, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)



June 30,
2022


December 31,
2021


(unaudited)



Assets




Current assets




Cash and cash equivalents

$         220,807


$         232,932

Restricted cash

16,978


16,977

Accounts receivable, net

69,844


67,287

Other receivables, net

30,938


29,439

Prepaid expenses and other assets

80,400


47,217

Total current assets

418,967


393,852

Other receivables, net, non-current

21,284


21,568

Property and equipment, net

50,731


48,650

Right-of-use assets

71,282


76,841

Goodwill

788,021


834,539

Intangible assets, net

611,886


665,523

Other assets, non-current

71,063


68,033

Total assets

$      2,033,234


$      2,109,006

Liabilities and stockholders' equity




Current liabilities




Accounts payable and accrued expenses

$         150,081


$         164,723

Deferred revenue

132,472


91,926

Lease liability

11,934


13,985

Accrued restructuring liability

16,385


1,735

Other current liabilities

93,089


61,138

Total current liabilities

403,961


333,507

Long-term debt

927,746


845,316

Deferred tax liabilities, net

1,142


1,726

Lease liability, non-current

94,094


98,666

Other liabilities, non-current

641


636

Total liabilities

1,427,584


1,279,851

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, 77,219,835 shares issued
     and outstanding as of June 30, 2022; 75,754,663 shares issued and outstanding as of
     December 31, 2021

77


76

Additional paid-in capital

1,668,282


1,735,628

Accumulated deficit

(1,046,453)


(890,638)

Accumulated other comprehensive loss

(16,256)


(15,911)

Total stockholders' equity

605,650


829,155

Total liabilities and stockholders' equity

$      2,033,234


$      2,109,006

 

2U, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

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



Three Months Ended

June 30,


Six Months Ended

June 30,


2022


2021


2022


2021









Revenue

$         241,464


$         237,209


$         494,793


$         469,682

Costs and expenses








Curriculum and teaching

32,145


34,788


65,375


67,936

Servicing and support

37,061


34,865


76,685


68,049

Technology and content development

45,616


42,509


96,673


85,433

Marketing and sales

116,350


114,644


247,332


227,881

General and administrative

41,523


46,160


91,758


92,787

Restructuring charges

16,753


1,334


17,540


1,819

Impairment charges

?


?


58,782


?

  Total costs and expenses

289,448


274,300


654,145


543,905

Loss from operations

(47,984)


(37,091)


(159,352)


(74,223)

Interest income

241


352


498


714

Interest expense

(13,906)


(8,188)


(27,796)


(16,069)

Loss on debt extinguishment

?


(1,101)


?


(1,101)

Other income (expense), net

(1,367)


24,070


(2,397)


23,155

Loss before income taxes

(63,016)


(21,958)


(189,047)


(67,524)

Income tax benefit

164


127


415


129

Net loss

$          (62,852)


$          (21,831)


$        (188,632)


$          (67,395)

Net loss per share, basic and diluted

$              (0.82)


$              (0.29)


$              (2.46)


$              (0.91)

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

77,059,157


74,421,911


76,667,681


74,051,220

Other comprehensive income (loss)








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

(7,674)


2,977


(345)


2,172

Comprehensive loss

$          (70,526)


$          (18,854)


$        (188,977)


$          (65,223)

 

2U, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)



Six Months Ended

June 30,


2022


2021

Cash flows from operating activities




Net loss

$         (188,632)


$           (67,395)

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




Non-cash interest expense

5,664


11,447

Depreciation and amortization expense

65,757


51,409

Stock-based compensation expense

46,773


49,723

Non-cash lease expense

11,405


8,644

Provision for credit losses

4,610


3,551

Loss on debt extinguishment

?


1,101

Gain on sale of investment

?


(27,875)

Impairment charges

58,782


?

Other

2,920


1,759

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




Accounts receivable, net

(6,632)


(58,847)

Other receivables, net

(2,790)


(14,738)

Prepaid expenses and other assets

2,585


(1,030)

Accounts payable and accrued expenses

3,484


15,888

Deferred revenue

45,549


34,697

Other liabilities, net

(20,831)


(10,528)

Net cash provided by (used in) operating activities

28,644


(2,194)

Cash flows from investing activities




Purchase of a business, net of cash acquired

5,010


?

Additions of amortizable intangible assets

(34,854)


(29,867)

Purchases of property and equipment

(5,218)


(2,452)

Purchase of investment

?


(1,000)

Proceeds from sale of investment

?


37,875

Advances made to university clients

(310)


?

Advances repaid by university clients

200


200

Other

(7)


56

Net cash (used in) provided by investing activities

(35,179)


4,812

Cash flows from financing activities




Proceeds from debt

385


469,595

Payments on debt

(3,793)


(703)

Payment of debt issuance costs

?


(10,258)

Tax withholding payments associated with settlement of restricted stock units

(1,741)


(14,114)

Proceeds from exercise of stock options

892


4,270

Proceeds from employee stock purchase plan share purchases

1,282


1,773

Net cash (used in) provided by financing activities

(2,975)


450,563

Effect of exchange rate changes on cash

(2,614)


(713)

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

(12,124)


452,468

Cash, cash equivalents and restricted cash, beginning of period

249,909


518,866

Cash, cash equivalents and restricted cash, end of period

$          237,785


$          971,334

 

2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


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



Three Months Ended

June 30,


Six Months Ended

June 30,


2022


2021


2022


2021


(in thousands, except share and per share amounts)

Net loss

$          (62,852)


$          (21,831)


$        (188,632)


$          (67,395)

Stock-based compensation expense

22,349


24,776


46,773


49,723

Other (income) expense, net

1,367


(24,070)


2,397


(23,155)

Amortization of acquired intangible assets

15,838


10,560


33,329


21,032

Income tax benefit on amortization of acquired
     intangible assets

(440)


(301)


(875)


(594)

Impairment charges

?


?


58,782


?

Loss on debt extinguishment

?


1,101


?


1,101

Restructuring charges

16,753


1,334


17,540


1,819

Other*

(558)


1,671


4,682


2,132

  Adjusted net loss

(7,543)


(6,760)


(26,004)


(15,337)

Net interest expense

13,665


7,836


27,298


15,355

Income tax expense

276


174


460


465

Depreciation and amortization expense

15,504


15,862


32,428


30,377

  Adjusted EBITDA

$           21,902


$           17,112


$           34,182


$           30,860









Net loss per share, basic and diluted

$              (0.82)


$              (0.29)


$              (2.46)


$              (0.91)

Adjusted net loss per share, basic and diluted

$              (0.10)


$              (0.09)


$              (0.34)


$              (0.21)

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

77,059,157


74,421,911


76,667,681


74,051,220





*


Includes (i) transaction and integration expense of $1.0 million and $1.7 million for the three months ended June 30, 2022 and 2021, respectively, and $3.4 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, and (ii) stockholder activism and litigation-related (recoveries) expense of $(1.6) million and zero for the three months ended June 30, 2022 and 2021, respectively, and $1.3 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively.

 

2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


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



Degree Program Segment


Alternative Credential Segment


Consolidated


Three Months Ended

June 30,


Three Months Ended

June 30,


Three Months Ended

June 30,


2022


2021


2022


2021


2022


2021


(in thousands)

Net (loss) income

$        (10,488)


$         13,491


$        (52,364)


$        (35,322)


$        (62,852)


$        (21,831)

Adjustments:












Stock-based compensation
expense

12,270


16,897


10,079


7,879


22,349


24,776

Other (income) expense, net

695


(27,745)


672


3,675


1,367


(24,070)

Net interest expense (income)

13,732


7,835


(67)


1


13,665


7,836

Income tax expense (benefit)

13


75


(177)


(202)


(164)


(127)

Depreciation and amortization
expense

13,610


13,752


17,732


12,670


31,342


26,422

Loss on debt extinguishment

?


1,101


?


?


?


1,101

Restructuring charges

10,252


1,154


6,501


180


16,753


1,334

Other

(545)


1,413


(13)


258


(558)


1,671

Total adjustments

50,027


14,482


34,727


24,461


84,754


38,943

Total adjusted EBITDA (loss)

$         39,539


$         27,973


$        (17,637)


$        (10,861)


$         21,902


$         17,112

 

2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


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



Degree Program Segment


Alternative Credential Segment


Consolidated


Six Months Ended

June 30,


Six Months Ended

June 30,


Six Months Ended

June 30,


2022


2021


2022


2021


2022


2021


(in thousands)

Net (loss) income

$        (21,270)


$               929


$     (167,362)


$        (68,324)


$     (188,632)


$        (67,395)

Adjustments:












Stock-based compensation
expense

25,635


33,420


21,138


16,303


46,773


49,723

Other (income) expense, net

1,247


(27,683)


1,150


4,528


2,397


(23,155)

Net interest expense (income)

27,434


15,415


(136)


(60)


27,298


15,355

Income tax expense (benefit)

(89)


150


(326)


(279)


(415)


(129)

Depreciation and amortization expense

27,503


27,259


38,254


24,150


65,757


51,409

Impairment charges

?


?


58,782


?


58,782


?

Loss on debt extinguishment

?


1,101


?


?


?


1,101

Restructuring charges

10,941


1,427


6,599


392


17,540


1,819

Other

3,956


1,843


726


289


4,682


2,132

Total adjustments

96,627


52,932


126,187


45,323


222,814


98,255

Total adjusted EBITDA (loss)

$         75,357


$         53,861


$        (41,175)


$        (23,001)


$         34,182


$         30,860

 

2U, Inc.

Reconciliation of Non-GAAP Measures

(unaudited)


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



Twelve Months Ended


June 30,

2022


March 31,

2022


December 31,

2021


September 30,

2021


(in thousands)

Net cash provided by (used in) operating activities

$           12,765


$          (25,766)


$          (18,074)


$           33,325

Additions of amortizable intangible assets

(65,533)


(63,814)


(60,546)


(61,213)

Purchases of property and equipment

(12,555)


(10,716)


(9,788)


(6,398)

Payments to university clients

7,025


7,150


6,800


8,800

Non-ordinary cash payments*

25,229


23,943


22,193


11,199

Free cash flow

(33,069)


(69,203)


(59,415)


(14,287)

Cash interest payments on debt

44,532


35,082


25,537


9,046

Unlevered free cash flow

$           11,463


$          (34,121)


$          (33,878)


$            (5,241)





*


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

 

 

 

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, 2022


(in millions)

Net loss

$               (235.0)

Stock-based compensation expense

79.0

Other expense, net

2.0

Amortization of acquired intangible assets

65.0

Impairment charges

59.0

Restructuring

24.0

Other

2.0

 Adjusted net loss

(4.0)

Net interest expense

60.0

Income tax benefit

(1.0)

Depreciation and amortization expense

55.0

 Adjusted EBITDA

$                110.0

 

2U, Inc.

Key Financial Performance Metrics

(unaudited)


Full Course Equivalent Enrollments


Degree Program Segment*


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



Q2 '22


Q1 '22


Q4 '21


Q3 '21


Q2 '21


Q1 '21


Q4 '20


Q3 '20

Degree Program Segment FCE
     enrollments

60,303


62,609


58,967


57,842


60,429


60,007


58,425


47,842

Degree Program Segment average
     revenue per FCE enrollment

$  2,373


$  2,462


$  2,585


$  2,555


$  2,420


$  2,431


$  2,234


$  2,551

















Alternative Credential Segment**


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



Q2 '22


Q1 '22


Q4 '21


Q3 '21


Q2 '21


Q1 '21


Q4 '20


Q3 '20

Alternative Credential Segment FCE
enrollments

23,443


22,664


21,153


20,174


23,679


21,078


22,190


23,067

Alternative Credential Segment average
revenue per FCE enrollment

$  3,891


$  4,012


$  4,312


$  4,193


$  3,843


$  4,108


$  3,821


$  3,426





*


FCE enrollments and average revenue per FCE enrollment include enrollments in edX degree offerings and revenue from these offerings of $2.8 million and $5.5 million for the three and six months ended June 30, 2022, respectively.

**


FCE enrollments and average revenue per FCE enrollment exclude the impact of enrollments in edX offerings and the related revenue of $7.1 million and $15.4 million for the three and six months ended June 30, 2022, respectively.

SOURCE 2U, Inc.


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