2U, Inc. Financial Statements — TWOU Stock

Income Statement	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	30	56	83	110	150	206	287	412	575	775	946	963	946
+ Sales & Services Revenue	30	56	83	110	150	206	287	412	575	775	946	963	946
- Cost of Revenue	12	15	23	27	32	41	57	90	162	234	269	278	258
+ Cost of Goods & Services	12	15	23	27	32	41	57	90	162	234	269	278	258
Gross Profit	17	41	60	83	118	165	229	321	413	541	676	685	688
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	42	64	88	111	144	186	260	368	589	720	835	772	681
+ Selling, General & Admin	37	56	69	89	117	153	214	304	473	564	656	582	505
+ Research & Development	5	8	19	23	27	33	46	64	115	156	179	190	176
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	-25	-23	-28	-28	-26	-21	-30	-47	-176	-179	-159	-87	7
- Non-Operating (Income) Loss	- -	- -	- -	1	1	- -	1	-3	79	39	37	236	323
+ Interest Expense, Net	- -	- -	- -	1	- -	- -	- -	-5	8	26	50	61	73
+ Interest Expense	- -	- -	- -	1	1	- -	- -	- -	13	27	51	62	75
- Interest Income	- -	- -	- -	- -	- -	- -	- -	5	6	1	1	1	2
+ Other Non-Op (Income) Loss	- -	- -	- -	- -	- -	- -	1	2	71	13	-13	175	251
Pretax Income	-25	-23	-28	-29	-27	-21	-31	-43	-255	-218	-196	-323	-316
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	-1	-5	-20	-2	-1	-1	2
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-25	-23	-28	-29	-27	-21	-29	-38	-235	-216	-195	-322	-318
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-25	-23	-28	-29	-27	-21	-29	-38	-235	-216	-195	-322	-318
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-25	-23	-28	-29	-27	-21	-29	-38	-235	-216	-195	-322	-318
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-25	-23	-28	-29	-27	-21	-29	-38	-235	-216	-195	-322	-318
Basic Weighted Avg Shares	1	1	1	1	1	2	2	2	2	2	2	3	3
Basic EPS, GAAP	-24.16	-22.45	-21.43	-27.12	-18.91	-13.31	-17.99	-20.6	-114.94	-96.73	-78.35	-124.98	-117.79
Basic EPS from Cont Ops	-24.16	-22.45	-21.43	-27.12	-18.91	-13.31	-17.99	-20.6	-114.94	-96.73	-78.35	-124.98	-117.79
Diluted Weighted Avg Shares	1	1	1	1	1	2	2	2	2	2	2	3	3
Diluted EPS, GAAP	-24.16	-22.45	-21.43	-27.12	-18.91	-13.31	-17.99	-20.6	-114.94	-96.73	-78.35	-124.98	-117.79
Diluted EPS from Cont Ops	-24.16	-22.45	-21.43	-27.12	-18.91	-13.31	-17.99	-20.6	-114.94	-96.73	-78.35	-124.98	-117.79
EBITDA	-23	-20	-24	-22	-19	-11	-11	-14	-107	-82	-50	42	123
EBITDA Margin (%)	-78.54	-36.17	-28.48	-20.23	-12.57	-5.48	-3.67	-3.34	-18.54	-10.65	-5.33	4.31	12.97
EBITA	-25	-23	-28	-28	-26	-21	-30	-47	-176	-179	-159	-87	7
EBIT	-25	-23	-28	-28	-26	-21	-30	-47	-176	-179	-159	-87	7
Gross Margin (%)	58.63	73.29	72.67	75.64	78.66	80.09	79.99	78.02	71.78	69.81	71.52	71.17	72.77
Operating Margin (%)	-83.76	-41.3	-33.69	-25.29	-17.38	-10.22	-10.51	-11.3	-30.69	-23.1	-16.8	-9	0.77
Profit Margin (%)	-83.67	-41.36	-33.63	-26.31	-17.8	-10.05	-10.26	-9.31	-40.93	-27.95	-20.6	-33.45	-33.58
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	2	3	4	6	7	10	20	33	70	96	108	128	115

Balance Sheet	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	27	11	90	193	185	248	522	261	605	394	322	251
+ Cash, Cash Equivalents & STI	- -	25	7	87	184	169	223	475	171	501	233	168	61
+ Cash & Cash Equivalents	- -	25	7	87	184	169	223	450	171	501	233	168	61
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	25	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	- -	2	- -	1	8	14	33	34	47	97	97	144
+ Accounts Receivable, Net	- -	- -	2	- -	- -	8	14	33	22	40	63	48	43
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	1	- -	- -	- -	12	7	34	49	101
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	1	2	3	8	8	11	14	57	57	64	58	47
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	13	17	23	38	60	234	286	926	939	1,715	1,489	1,208
+ Property, Plant & Equip, Net	- -	5	5	7	4	16	49	52	101	114	125	118	104
+ Property, Plant & Equip	- -	7	10	14	6	20	56	67	125	149	167	162	152
- Accumulated Depreciation	- -	3	5	7	3	4	7	15	24	35	41	44	47
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	8	12	16	35	44	185	233	825	826	1,590	1,370	1,104
+ Total Intangible Assets	- -	7	9	13	23	34	163	198	751	729	1,500	1,284	1,023
+ Goodwill	- -	- -	- -	- -	- -	- -	72	62	418	416	835	735	651
+ Other Intangible Assets	- -	7	9	13	23	34	91	137	333	313	666	550	371
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	2	3	3	12	10	22	35	73	97	90	86	81
Total Assets	- -	40	29	113	231	244	482	807	1,187	1,544	2,109	1,811	1,460
+ Payables & Accruals	- -	10	19	13	17	15	23	28	42	50	81	70	80
+ Accounts Payable	- -	3	5	2	5	15	23	28	15	22	48	47	46
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	7	14	10	12	- -	- -	- -	27	28	32	23	34
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	7	10	14	14	15
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	7	10	14	14	15
+ Other ST Liabilities	- -	1	1	11	16	26	35	41	107	177	239	195	165
+ Deferred Revenue	- -	1	1	2	3	3	7	8	49	75	92	90	82
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	9	13	23	28	32	58	101	147	105	83
Total Current Liabilities	- -	11	20	24	33	41	58	68	156	237	334	279	259
+ LT Debt	- -	- -	- -	- -	- -	8	23	4	310	353	940	1,025	976
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	4	243	270	842	925	893
+ LT Finance Leases	- -	- -	- -	- -	- -	8	23	- -	67	83	99	100	83
+ Other LT Liabilities	- -	3	2	1	3	- -	14	30	10	13	6	6	5
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	14	7	9	6	5	4	4
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -

2U, Inc.

Income Statement

Balance Sheet