2U, Inc. Financial Ratios — TWOU Stock

Profitability	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
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-115.92	-81.58	-40.93	-15.54	-8.7	-8.1	-5.95	-23.59	-15.85	-10.66	-16.44	-19.42
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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
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
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
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-548.63
Pretax Margin (%)	-83.67	-41.36	-33.63	-26.31	-17.8	-10.05	-10.71	-10.49	-44.39	-28.15	-20.72	-33.54	-33.4
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
Net Income to Common 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
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	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 Debt	- -	- -	- -	- -	- -	8	23	4	317	363	954	1,039	991
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	7	10	14	14	15
LT Debt	- -	- -	- -	- -	- -	8	23	4	310	353	940	1,025	976
Total Debt/EBITDA	- -	- -	- -	- -	- -	-0.68	-2.15	-0.25	-2.98	-4.4	-18.92	25.02	8.08
Net Debt/EBITDA	- -	1.25	0.3	3.9	9.73	14.96	21.25	32.44	-0.68	2.8	-12.07	18.25	6.79
Total Debt/EBIT	- -	- -	- -	- -	- -	-0.36	-0.75	-0.08	-1.8	-2.03	-6.01	-11.99	135.37
Net Debt/EBIT	- -	1.09	0.25	3.12	7.04	8.02	7.41	9.59	-0.41	1.29	-3.83	-8.74	113.64
EBITDA to Interest Expense	-1,229.11	-276.84	-876.7	-18.39	-34.2	-322.34	-120.85	-127.36	-7.94	-3.02	-0.98	0.67	1.64
EBITDA-CapEx/Interest Expense	-1,361.32	-308	-964.37	-19.62	-58.86	-1,018.8	-708.66	-842.05	-13.78	-5.56	-2.36	-0.53	0.97
EBIT to Interest Expense	-1,310.74	-316.14	-1,037.26	-22.98	-47.28	-600.91	-346.41	-430.93	-13.14	-6.55	-3.1	-1.39	0.1
Interest Expense	- -	- -	- -	1	1	- -	- -	- -	13	27	51	62	75
Common Equity/Total Assets	- -	-180	-348.46	-113.95	-67.32	-72.13	-42.69	-30.24	-40.39	-45.06	-42.23	-65.16	-102.59
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	3.9	5.84	0.5	43.6	37.5	113.43	204.34	445.71
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	-4.52	-12.36	-1.45	-191.52	-106.02	1,471.69	-725.7	-192.94
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	3.12	4.7	0.43	26.13	22.85	44.59	56.59	66.89
Total Debt/Equity (%)	- -	- -	- -	- -	- -	3.9	5.84	0.5	44.63	38.57	115.11	207.11	452.63
Total Debt/Capital (%)	- -	- -	- -	- -	- -	-4.52	-12.36	-1.45	-196.04	-109.03	1,493.57	-735.55	-195.93
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	3.12	4.7	0.43	26.74	23.5	45.26	57.36	67.92
Net Debt to Equity	- -	-95.38	-116.42	-98.77	-93.84	-86.42	-57.59	-63.3	10.2	-24.54	73.43	151.05	379.98
Net Debt/Capital (%)	- -	590.9	79.63	40.29	54.16	50.02	54.95	64.64	-21.81	27.71	-360.23	-245.37	-146.87
EBITDA	-23	-20	-24	-22	-19	-11	-11	-14	-107	-82	-50	42	123
EBITDA-CapEx	-26	-22	-26	-24	-32	-36	-62	-91	-185	-152	-121	-33	73
Operating Income (Loss)	-25	-23	-28	-28	-26	-21	-30	-47	-176	-179	-159	-87	7

Liquidity	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
Cash Ratio	- -	2.3	0.35	3.66	5.64	4.11	3.85	6.93	1.09	2.11	0.7	0.6	0.23
Current Ratio	- -	2.44	0.55	3.79	5.92	4.5	4.28	7.62	1.67	2.55	1.18	1.16	0.97
Quick Ratio	- -	2.32	0.44	3.67	5.67	4.3	4.1	7.41	1.31	2.31	0.99	0.95	0.79
CFO/Avg Current Liab	- -	-3.68	-1.01	-0.53	-0.33	0.14	0.16	-0.05	-0.46	0.15	-0.06	0.04	-0.01
Common Equity/Total Assets	- -	-180	-348.46	-113.95	-67.32	-72.13	-42.69	-30.24	-40.39	-45.06	-42.23	-65.16	-102.59
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	3.9	5.84	0.5	43.6	37.5	113.43	204.34	445.71
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	-4.52	-12.36	-1.45	-191.52	-106.02	1,471.69	-725.7	-192.94
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	3.12	4.7	0.43	26.13	22.85	44.59	56.59	66.89
Total Debt/Equity (%)	- -	- -	- -	- -	- -	3.9	5.84	0.5	44.63	38.57	115.11	207.11	452.63
Total Debt/Capital (%)	- -	- -	- -	- -	- -	-4.52	-12.36	-1.45	-196.04	-109.03	1,493.57	-735.55	-195.93
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	3.12	4.7	0.43	26.74	23.5	45.26	57.36	67.92
CFO/Total Liabilities	- -	-149.88	-69.3	-46.69	-26.29	10.61	8.6	-3.05	-10.93	4.91	-1.41	0.83	-0.28
CFO/CapEx	-7.41	-8.87	-6.63	-7.8	-0.68	0.21	0.16	-0.04	-0.66	0.43	-0.26	0.15	-0.07
Altman's Z-Score	- -	-3.06	-8.1	14.29	20.39	17.47	20.55	17.03	0.59	2.24	-0.54	-1.53	-2.55

Working Capital	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
Accounts Receivable Turnover	- -	450.64	79.81	102.88	449.68	50.09	26.03	17.59	21.22	25.09	18.35	17.39	20.71
Days Sales Outstanding	- -	0.81	4.57	3.55	0.81	7.29	14.02	20.75	17.2	14.55	19.89	20.99	17.62
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	10.07	5.64	7.28	9.37	4.25	3.07	3.6	7.53	12.39	7.64	5.83	5.57
Accounts Payable Turnover Days	- -	36.24	64.69	50.16	38.94	85.8	118.81	101.39	48.5	29.47	47.79	62.6	65.55
Cash Conversion Cycle	- -	-35.43	-60.12	-46.61	-38.12	-78.52	-104.79	-80.65	-31.3	-14.92	-27.91	-41.61	-47.93
Inventory to Cash Days	- -	0.81	4.57	3.55	0.81	7.29	14.02	20.75	17.2	14.55	19.89	20.99	17.62
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	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
Market Capitalization	- -	- -	- -	631	1,187	1,405	3,165	2,776	1,473	2,686	1,497	485	99
- Cash & Cash Equivalents	- -	25	7	87	184	169	223	450	171	501	233	168	61
+ Preferred Equity and Hybrid Capital	- -	93	98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	8	23	4	317	363	954	1,039	991
Enterprise Value	- -	68	91	544	1,003	1,244	2,964	2,305	1,620	2,549	2,218	1,356	1,030
Total Capital	- -	21	-2	-129	-156	-169	-183	-241	-162	-333	64	-141	-506
Total Debt/Capital (%)	- -	- -	- -	- -	- -	-4.52	-12.36	-1.45	-196.04	-109.03	1,493.57	-735.55	-195.93
Total Debt / EV	- -	- -	- -	- -	- -	0.01	0.01	- -	0.2	0.14	0.43	0.77	0.96
EV/Sales	- -	1.21	1.1	4.93	6.68	6.04	10.34	5.6	2.82	3.29	2.35	1.41	1.09
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.66	8.4
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	140.67
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	237.21	361.97	- -	- -	44.93	67.56	18.58	14.4
EV/Free Cash Flow to Firm	- -	- -	- -	- -	204.77	42	49.96	31.08	41.8	20.22	21.5	9.21	8.48
Diluted Market Cap	- -	- -	- -	631	1,187	1,405	3,165	2,776	1,473	2,686	1,497	485	99
Diluted Enterprise Value	- -	68	91	544	1,003	1,244	2,964	2,330	1,620	2,549	2,218	1,356	1,030
EV per Share	- -	65.58	69.79	508.49	709.47	800.8	1,812.56	1,238.38	791.44	1,138.77	892.34	526.08	382.1
TTM Sales	30	56	83	110	150	206	287	412	575	775	946	963	946
TTM EBITDA	-23	-20	-24	-22	-19	-11	-11	-14	-107	-82	-50	42	123
TTM Operating Income	-25	-23	-28	-28	-26	-21	-30	-47	-176	-179	-159	-87	7
TTM Cash Flow to Firm	-19	-20	-16	-10	-9	5	8	-3	-40	57	33	73	72
TTM Free Cash Flow to Firm	-16	-18	-13	-9	5	30	59	74	39	126	103	147	122

Multiples	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
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-17.58	-42.2	-66.15	-80.11	-111.71	-10.14	-9.92	-13.98	-2.33	-1.13
Price/Earnings High	- -	- -	- -	-22.75	-62.98	-87.68	-115.51	-143.6	-21.01	-15.34	-22.88	-5.04	-3.35
Price/Earnings Low	- -	- -	- -	-11.64	-26.48	-33.67	-48.74	-64.82	-2.97	-3.57	-7.53	-1.13	-0.22
Price/Book Value	- -	- -	- -	-4.9	-7.63	-7.97	-15.38	-11.37	-3.07	-3.86	-1.68	-0.41	-0.07
Price/Book Value Average	- -	- -	- -	-3.96	-7.25	-7.76	-11.45	-17.54	-4.98	-3.09	-3.06	-0.64	-0.24
Price/Book Value High	- -	- -	- -	-5.12	-10.82	-10.29	-16.52	-22.55	-10.31	-4.77	-5	-1.37	-0.71
Price/Book Value Low	- -	- -	- -	-2.62	-4.55	-3.95	-6.97	-10.18	-1.46	-1.11	-1.65	-0.31	-0.05
Price/Tangible Book Value	- -	- -	- -	8.42	6.85	8.72	14.06	5.48	-36.66	12.65	-2.23	-0.62	-0.12
Price/Tangible Book Value Average	- -	- -	- -	6.81	6.51	8.49	10.47	8.45	-59.39	10.11	-4.06	-0.96	-0.45
Price/Tangible Book Value High	- -	- -	- -	8.81	9.72	11.26	15.1	10.87	-123	15.64	-6.64	-2.07	-1.32
Price/Tangible Book Value Low	- -	- -	- -	4.51	4.09	4.32	6.37	4.9	-17.38	3.64	-2.19	-0.46	-0.09
Price/Sales	- -	- -	- -	5.72	7.9	6.83	11.04	6.74	2.56	3.47	1.58	0.5	0.11
Price/Sales Average	- -	- -	- -	4.62	7.51	6.65	8.22	10.4	4.15	2.77	2.88	0.78	0.38
Price/Sales High	- -	- -	- -	5.99	11.21	8.81	11.85	13.37	8.6	4.29	4.71	1.68	1.12
Price/Sales Low	- -	- -	- -	3.06	4.71	3.38	5	6.03	1.21	1	1.55	0.38	0.08
Price/Cash Flow	- -	- -	- -	-53.97	-128.08	269.73	390.46	-889.76

2U, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples