2U, Inc. Reports Results for Fourth Quarter and Full-Year 2019
LANHAM, Md., Feb. 6, 2020 /PRNewswire/ -- 2U, Inc. (Nasdaq: TWOU), a global leader in education technology, today reported financial and operating results for the fourth quarter and full-year ended December 31, 2019.
Results for Fourth Quarter 2019 Compared to Fourth Quarter 2018
-- Revenue increased 42% to $163.2 million
-- Graduate Program Segment revenue increased 12% to $108.2 million
-- Alternative Credential Segment revenue increased 202% to $54.9 million,
including $33.2 million in revenue from Trilogy, acquired in May 2019
-- Net loss was $44.6 million, or $(0.70) per share, compared to net income
of $4.8 million, or $0.08 per share, in the fourth quarter of 2018
Non-GAAP Results for Fourth Quarter 2019 Compared to Fourth Quarter 2018
-- Adjusted net loss was $11.2 million, or $(0.18) per share, compared to
adjusted net income of $13.7 million, or $0.23 per share, in the fourth
quarter of 2018
-- Adjusted EBITDA was $5.0 million, compared to $20.1 million in the
fourth quarter of 2018
Results for Full-Year 2019 Compared to Full-Year 2018
-- Revenue increased 40% to $574.7 million
-- Graduate Program Segment revenue increased 20% to $417.2 million
-- Alternative Credential Segment revenue increased 148% to $157.5 million,
including $74.3 million in revenue from Trilogy, acquired in May 2019
-- Net loss increased $196.9 million to $235.2 million or $(3.83) per share
Non-GAAP Results for Full-Year 2019 Compared to Full-Year 2018
-- Adjusted net loss increased $68.4 million to $71.9 million or $(1.17)
per share
-- Adjusted EBITDA loss was $23.9 million, compared to adjusted EBITDA of
$17.7 million in 2018
"Over the past year, with the addition of our boot camp and undergraduate offerings, we have opened up significant new market segments, more than doubled our client base, and now deliver a portfolio of over 400 career-relevant, high-quality product offerings," Co-Founder and Chief Executive Officer Christopher "Chip" Paucek said. "Our recent expansion of 2U's relationship with the University of London and the London School of Economics and Political Science is a testament to the strength of our partnerships and will allow us to power a compelling mix of seven bachelor's degrees from two of the world's most recognized and respected institutions."
Chief Financial Officer Paul Lalljie commented, "We closed out 2019 with strong results, and enter 2020 with excellent momentum. The business is on pace to deliver industry-leading growth for the year, with revenue expected to grow by 26-30% and adjusted EBITDA expected to turn positive in the third quarter. We remain focused on improving operational efficiency and accelerating our path to profitability and positive free cash flow."
Discussion of Fourth Quarter 2019 Results
Revenue totaled $163.2 million, a 42% increase from $115.1 million in the fourth quarter of 2018. Graduate Program Segment revenue grew 12% to $108.2 million, driven by a 20% increase in full course equivalent enrollments, partially offset by a 7% decrease in average revenue per full course equivalent enrollment. Alternative Credential Segment revenue increased 202% to $54.9 million, driven by full course equivalent enrollments of 14,639.
Costs and expenses totaled $204.5 million, an 83% increase from $111.8 million in the fourth quarter of 2018. This $92.7 million increase was primarily driven by $55.1 million of incremental operating costs related to Trilogy and $5.8 million in transaction, integration, restructuring-related and shareholder activism costs. The remainder of the cost increase was primarily attributable to direct marketing, personnel, and curriculum and teaching costs.
As of December 31, 2019, the company's cash, cash equivalents and restricted cash totaled $189.9 million, a decrease of $259.9 million from $449.8 million as of December 31, 2018. The $259.9 million decrease from December 31, 2018 was primarily driven by $388.0 million to acquire Trilogy, capital expenditures of $80.5 million and cash used in operating activities of $52.0 million, partially offset by borrowings under the company's term loan facility of $244.7 million and a $25.0 million inflow from the maturity of a certificate of deposit. As of December 31, 2019, the company had approximately $254.5 million of indebtedness on a consolidated basis, principally related to the company's term loan facility maturing in May 2024.
Business Outlook for Fiscal Year 2020
First Quarter 2020
-- Revenue to range from $170.0 million to $180.0 million, or growth of 39%
to 47%
-- Net loss to range from $70.0 million to $60.0 million
-- Adjusted net loss to range from $36.0 million to $26.0 million
-- Adjusted EBITDA (loss) to range from $(18.0) million to $(8.0) million
Full-Year 2020
-- Revenue to range from $725.0 million to $750.0 million, or growth of 26%
to 30%
-- Net loss to range from $220.0 million to $200.0 million
-- Adjusted net loss to range from $90.0 million to $70.0 million
-- Adjusted EBITDA (loss) to range from $(5.0) million to $10.0 million
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), taxes, depreciation and amortization expense, foreign currency gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, shareholder activism costs, impairment charges, and stock-based compensation expense. The company defines unlevered free cash flow as net cash from operating activities, less capital expenditures and excluding restructuring-related and certain other 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, shareholder activism costs, impairment charges, 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 which result in adjusted net income, and basic weighted-average shares outstanding for periods which result in an adjusted net loss.
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 have 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 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
2019 financial results conference call
When:
Thursday, February 6, 2020
Time:
4:30 p.m. ET
Live Call:
(877) 359-9508
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 400 digital and in-person educational offerings, including 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 200,000 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 the acquisition of Trilogy and future results of the 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 our 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, or SaaS, technology and
technology-enabled services to university clients and students;
-- the company's dependence on third parties to provide certain services or
components used in its platform;
-- the company's ability to meet the anticipated launch dates of its
educational offerings;
-- the company's expectations about the predictability, visibility and
recurring nature of its business model;
-- the company's ability to acquire new university clients and expand its
offerings with existing university clients;
-- its ability to successfully integrate the operations of its
acquisitions, including Trilogy Education Services, Inc., or Trilogy,
achieve the expected benefits of its acquisitions and manage, expand and
grow the combined company;
-- 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 company's ability to service its substantial indebtedness and comply
with the financial and other restrictive covenants contained in the
credit agreement governing its senior secured term loan facility;
-- 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 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 acquire prospective students for
its offerings;
-- the company's ability to affect or increase student retention in its
graduate programs;
-- the company's ability to attract, hire and retain qualified employees;
-- the company's expectations about the scalability of its cloud-based
platform;
-- the company's expectations regarding future expenses in relation to
future revenue;
-- potential changes in regulations applicable to the company or its
university clients; and
-- the impact and cost of stockholder activism.
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, 2018 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: Ed Goodwin, 2U, Inc., egoodwin@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, December 31,
2019 2018
---
(unaudited)
Assets
Current assets
Cash and cash equivalents $
170,593 $
449,772
Restricted cash 19,276
Investments - 25,000
Accounts receivable, net 33,655 32,636
Prepaid expenses and other assets 37,424 14,272
Total current assets 260,948 521,680
Property and equipment, net 57,643 52,299
Right-of-use assets 43,401
Goodwill 418,350 61,852
Amortizable intangible assets, net 333,075 136,605
University payments and other assets, non-current 73,413 34,918
Total assets $
1,186,830 $
807,354
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses $
65,381 $
27,647
Accrued compensation and related benefits 21,885 23,001
Deferred revenue 48,833 8,345
Lease liability 7,320
Other current liabilities 12,535 9,487
Total current liabilities 155,954 68,480
Long-term debt 246,620 3,500
Deferred tax liabilities, net 5,133 6,949
Lease liability, non-current 66,974
Other liabilities, non-current 899 23,416
Total liabilities 475,580 102,345
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, 63,569,109 shares issued 63 58
and outstanding as of December 31, 2019; 57,968,493 shares issued and outstanding as
of December 31, 2018
Additional paid-in capital 1,197,379 957,631
Accumulated deficit (479,388) (244,166)
Accumulated other comprehensive loss (6,804) (8,514)
Total stockholders' equity 711,250 705,009
Total liabilities and stockholders' equity $
1,186,830 $
807,354
2U, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2019 2018 2019 2018
---
(unaudited) (unaudited)
Revenue $
163,178 $
115,095 $
574,671 $
411,769
Costs and expenses
Curriculum and teaching 21,925 6,625 63,270 23,290
Servicing and support 27,372 18,087 98,890 67,203
Technology and content development 35,504 18,376 115,473 63,812
Marketing and sales 82,164 49,033 342,395 221,015
General and administrative 37,549 19,666 131,020 82,989
Impairment charge - 70,379
Total costs and expenses 204,514 111,787 821,427 458,309
Income (loss) from operations (41,336) 3,308 (246,756) (46,540)
Interest income 713 2,120 5,800 5,173
Interest expense (5,289) (27) (13,419) (108)
Other income (expense), net 386 (229) (707) (1,722)
Income (loss) before income taxes (45,526) 5,172 (255,082) (43,197)
Income tax (expense) benefit 942 (340) 19,860 4,867
Net income (loss) $
(44,584) $
4,832 $
(235,222) $
(38,330)
Net income (loss) per share, basic $
(0.70) $
0.08 $
(3.83) $
(0.69)
Net income (loss) per share, diluted $
(0.70) $
0.08 $
(3.83) $
(0.69)
Weighted-average shares of common stock 63,481,130 57,924,666 61,393,666 55,833,492
outstanding, basic
Weighted-average shares of common stock 63,481,130 60,666,682 61,393,666 55,833,492
outstanding, diluted
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of 5,695 (1,513) 1,710 (13,840)
$0 for all periods presented
Comprehensive income (loss) $
(38,889) $
3,319 $
(233,512) $
(52,170)
2U, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2019 2018 2017
---
(unaudited)
Cash flows from operating activities
Net loss $
(235,222) $
(38,330) $
(29,423)
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:
Depreciation and amortization expense 69,843 32,785 19,624
Stock-based compensation expense 51,504 31,410 21,930
Non-cash lease expense 11,725
Bad debt expense 1,425
Impairment charge 70,379
Changes in operating assets and liabilities:
Accounts receivable, net 11,949 (18,497) (5,634)
Partner payments (21,675) (11,322) (13,239)
Prepaid expenses and other assets (6,845) (4,932) 1,549
Accounts payable and accrued expenses 17,081 4,724 3,504
Accrued compensation and related benefits (5,539) 4,046 2,504
Deferred revenue 10,014 1,527 1,661
Other liabilities, net (28,595) (6,243) 4,763
Other 1,982 1,712 867
Net cash (used in) provided by operating activities (51,974) (3,120) 8,106
Cash flows from investing activities
Purchase of a business, net of cash acquired (388,004) (97,102)
Additions of amortizable intangible assets (64,923) (65,190) (23,823)
Purchases of property and equipment (13,421) (11,996) (27,316)
Purchase of investments (10,000) (25,000)
Proceeds from maturities of investments 25,000
Advances made to university clients (400) (300) (1,950)
Advances repaid by university clients 350 25 817
Net cash used in investing activities (451,398) (102,461) (149,374)
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs - 330,901 189,463
Proceeds from debt 244,724 3,500
Payments on debt - (1,517)
Payment of debt issuance costs (1,953)
Tax withholding payments associated with settlement of restricted stock (2,574) (3,451) (1,309)
units
Proceeds from exercise of stock options 3,119 7,366 6,615
Proceeds from employee stock purchase plan share purchases 3,382 3,121
Payments for acquisition of amortizable intangible assets (2,180) (4,900)
Net cash provided by financing activities 244,518 333,037 196,752
Effect of exchange rate changes on cash (1,049) (1,054) (844)
Net (decrease) increase in cash, cash equivalents and restricted cash (259,903) 226,402 54,640
Cash, cash equivalents and restricted cash, beginning of period 449,772 223,370 168,730
Cash, cash equivalents and restricted cash, end of period $
189,869 $
449,772 $
223,370
2U, Inc.
Reconciliation of Non-GAAP Measures
(unaudited)
The following table presents a reconciliation of net income (loss) to adjusted net income (loss) for each of the periods indicated:
Three Months Ended
Year Ended
December 31,
December 31,
2019 2018 2019 2018
(in thousands, except share and per share amounts)
Net income (loss) $
(44,584) $
4,832 $
(235,222) $
(38,330)
Adjustments:
Foreign currency (gain) loss (386) 229 707 1,722
Amortization of acquired intangible assets 10,834 1,422 28,697 6,145
Income tax benefit on amortization of acquired (403) (390) (1,568) (1,684)
intangible assets
Acquisition-related income tax expense (benefit) 298 214 (17,460) (2,773)
Deferred revenue fair value adjustment 1,896 11,175
Transaction costs 320 4,786
Integration costs 762 3,255
Restructuring-related costs 3,652 10,826
Shareholder activism costs 1,042 1,042
Impairment charge 70,379
Stock-based compensation expense 15,418 7,346 51,504 31,410
Total adjustments 33,433 8,821 163,343 34,820
Adjusted net income (loss) $
(11,151) $
13,653 $
(71,879) $
(3,510)
Net income (loss) per share, basic $
(0.70) $
0.08 $
(3.83) $
(0.69)
Net income (loss) per share, diluted $
(0.70) $
0.08 $
(3.83) $
(0.69)
Adjusted net income (loss) per share, basic $
(0.18) $
0.24 $
(1.17) $
(0.06)
Adjusted net income (loss) per share, diluted $
(0.18) $
0.23 $
(1.17) $
(0.06)
Weighted-average shares of common stock 63,481,130 57,924,666 61,393,666 55,833,492
outstanding, basic
Weighted-average shares of common stock 63,481,130 60,666,682 61,393,666 55,833,492
outstanding, diluted
2U, Inc.
Reconciliation of Non-GAAP Measures
(unaudited)
The following table presents a reconciliation of unlevered free cash flow to net cash used in operating activities for each of the trailing 12 month periods indicated:
Trailing 12 Months Ended
Q1 '19 Q2 '19 Q3 '19 Q4 '19
(in thousands)
Net cash used in operating activities $
(16,816) $
(30,867) $
(62,738) $
(51,974)
Additions to amortizable intangible assets (56,955) (57,581) (64,427) (64,923)
Purchases of property and equipment (13,304) (15,011) (15,279) (13,421)
Payments on acquisition of amortizable intangible (6,183) (6,183) (1,283) (2,180)
assets
Partner payments 19,985 24,710 26,450 26,100
Non-ordinary cash payments* 4,022 11,008 13,989
Free cash flow (73,273) (80,910) (106,269) (92,409)
Cash interest payments on debt 1,877 7,128 12,147
Unlevered free cash flow $
(73,273) $
(79,033) $
(99,141) $
(80,262)
____________
* Non-ordinary cash payments include
transaction, integration,
restructuring-related and
shareholder activism costs, and
therefore reflect the timing of the
cash payments rather than the timing
of the expense recognized in the
Consolidated Statements of Operations
and Comprehensive Loss.
2U, Inc.
Reconciliation of Non-GAAP Measures
(unaudited)
The following table presents a reconciliation of net income (loss) to adjusted EBITDA (loss) for each of the periods indicated:
Three Months Ended
Year Ended
December 31,
December 31,
2019 2018 2019 2018
(in thousands)
Net income (loss) $
(44,584) $
4,832 $
(235,222) $
(38,330)
Adjustments:
Interest income (713) (2,120) (5,800) (5,173)
Interest expense 5,289 27 13,419 108
Foreign currency (gain) loss (386) 229 707 1,722
Income tax (benefit) expense (942) 340 (19,860) (4,867)
Depreciation and amortization expense 23,204 9,403 69,843 32,785
Deferred revenue fair value adjustment 1,896 11,175
Transaction costs 320 4,786
Integration costs 762 3,255
Restructuring-related costs 3,652 10,826
Shareholder activism costs 1,042 1,042
Impairment charge 70,379
Stock-based compensation expense 15,418 7,346 51,504 31,410
Total adjustments 49,542 15,225 211,276 55,985
Adjusted EBITDA (loss) $
4,958 $
20,057 $
(23,946) $
17,655
2U, Inc.
Reconciliation of Non-GAAP Measures
(unaudited)
The following table presents (i) a reconciliation of net loss guidance to adjusted net loss guidance and adjusted EBITDA (loss) guidance and (ii) a reconciliation of net loss per share guidance to adjusted net loss per share guidance, each at the midpoint of the ranges provided by the
company, for each of the periods indicated:
Three Months Ending Year Ending
March 31, 2020 December 31, 2020
$
$/Share
$
$/Share
(in millions, except per share amounts)
Net loss $
(65.0) $
(1.02) $
(210.0) $
(3.27)
Adjustments:
Amortization of acquired intangible assets 11.7 0.18 51.8 0.80
Income tax benefit on amortization of acquired (0.5) (0.01) (1.8) (0.03)
intangible assets
Stock-based compensation expense 22.8 0.36 80.0 1.25
Adjusted net loss (31.0) (0.49) (80.0) (1.25)
Interest income (0.3) * (0.7) *
Interest expense 5.5 * 22.2 *
Income tax expense (benefit) * 60.4 *
Depreciation and amortization expense 12.8 * 0.6 *
Adjusted EBITDA (loss) $
(13.0) * $
2.5 *
Projected weighted-average shares of common stock 63.6 64.2
outstanding, basic
__________
* Not provided.
2U, Inc.
Key Business and Financial Performance Metrics
(unaudited)
Full Course Equivalent Enrollments
Graduate Program Segment
The following table sets forth the full course equivalent enrollments and average revenue per full course equivalent enrollment in the company's Graduate Program Segment for the last eight quarters.
Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19
Graduate Program Segment full 29,770 30,548 32,665 34,695 39,512 39,180 40,910 41,704
course equivalent enrollments
Graduate Program Segment $
2,706 $
2,658 $
2,747 $
2,792 $
2,637 $
2,588 $
2,527 $
2,595
average revenue per full course
equivalent enrollment
Alternative Credential Segment
The following table sets forth the full course equivalent enrollments and average revenue per full course equivalent enrollment in the company's Alternative Credential Segment for the last eight quarters.
Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19
Alternative Credential Segment 6,002 8,222 8,937 9,041 9,128 12,662 14,729 14,639
full course equivalent
enrollments
Alternative Credential Segment $
1,954 $
1,972 $
1,930 $
2,015 $
1,979 $
2,955 $
3,825 $
3,883
average revenue per full course
equivalent enrollment*
_____________
* The Trilogy acquisition,
completed on May 22, 2019, is
fully incorporated in the
company's results from that
date forward. Average revenue
per full course equivalent
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.
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SOURCE 2U, Inc.
