2U, Inc. (TWOU) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Alternative Credential Segment	353.4	287.9	157.5	63.4	16.3
Degree Program Segment	592.3	486.7	417.2	348.4
Other					270.4
Total revenues	945.7	774.5	574.7	411.8	286.8	205.9	150.2	110.2
Revenue growth [+]	22.1%	34.8%	39.6%	43.6%	39.3%	37.1%	36.2%	32.6%
Alternative Credential Segment	22.8%	82.8%	148.3%	288.5%
Degree Program Segment	21.7%	16.7%	19.8%
Graduate Program					31.4%	37.1%
Cost of goods sold	247.0	235.2	162.9	92.2	58.2	41.0	27.2	22.6
Gross profit	698.6	539.3	411.8	319.6	228.5	164.9	123.0	87.6
Gross margin	73.9%	69.6%	71.7%	77.6%	79.7%	80.1%	81.9%	79.5%
Selling, general and administrative [+]	664.7	563.7	473.4	304.0	213.6	152.6	117.0	88.6
Sales and marketing	456.1	390.2	342.4	221.0	150.9	106.6	82.9	65.2
General and administrative	208.6	173.5	131.0	83.0	62.7	46.0	34.1	23.4
Research and development	179.1	155.9	115.5	63.8	45.9	33.3
Other operating expenses	22.3	-1.4	-0.7	-1.7	-0.9		32.0	26.9
Adjusted EBITDA	38.8	-0.4	-55.0	17.7	11.4	4.5	-6.4	-14.8
Adjusted EBITDA margin	4.1%	-0.1%	-9.6%	4.3%	4.0%	2.2%	-4.2%	-13.4%
Stock-based compensation	97.8	82.0	51.5	31.4	21.9	15.8	12.5	7.5
EBITDA [+]	-59.0	-82.5	-106.5	-13.8	-10.5	-11.3	-18.9	-22.3
EBITDA growth	-28.5%	-22.6%	674.5%	30.8%	-6.8%	-40.2%	-15.4%	-5.8%
EBITDA margin	-6.2%	-10.6%	-18.5%	-3.3%	-3.7%	-5.5%	-12.6%	-20.2%
Depreciation	12.5	13.4	11.5	8.9	5.6	1.8	1.1	5.6
EBITA	-71.5	-95.8	-118.1	-22.6	-16.1	-13.0	-20.0	-27.9
EBITA margin	-7.6%	-12.4%	-20.5%	-5.5%	-5.6%	-6.3%	-13.3%	-25.3%
Amortization of intangibles	95.9	83.1	58.3	23.9	14.0	8.0	6.1
EBIT [+]	-167.4	-178.9	-176.4	-46.5	-30.1	-21.0	-26.1	-27.9
EBIT growth	-6.4%	1.5%	279.0%	54.4%	43.3%	-19.4%	-6.4%	-0.5%
EBIT margin	-17.7%	-23.1%	-30.7%	-11.3%	-10.5%	-10.2%	-17.4%	-25.3%
Non-recurring items [+]			70.4
Asset impairment			70.4
Interest expense, net [+]	49.7	26.0	7.6	-5.1	-0.3	-0.3	0.4	1.1
Interest expense	51.2	27.3	13.4	0.1	0.1	0.0	0.6	1.2
Interest income	1.5	1.4	5.8	5.2	0.4	0.4	0.2	0.1
Other income (expense), net [+]	21.2	-13.1	-0.7	-1.7	-0.9		-0.3
Gain (loss) on debt retirement	-1.1	-11.7
Other								-1.1
Pre-tax income	-196.0	-218.0	-255.1	-43.2	-30.7	-20.7	-26.7	-29.0
Income taxes	-1.2	-1.5	-19.9	-4.9	-1.3	0.0	0.0	0.0
Tax rate	0.6%	0.7%	7.8%	11.3%	4.2%	0.0%	0.0%	0.0%
Net income	-194.8	-216.5	-235.2	-38.3	-29.4	-20.7	-26.7	-29.0
Net margin	-20.6%	-28.0%	-40.9%	-9.3%	-10.3%	-10.0%	-17.8%	-26.3%

Basic EPS [+]	($2.61)	($3.22)	($3.83)	($0.69)	($0.60)	($0.44)	($0.63)	($0.90)
Growth	-19.0%	-15.8%	458.1%	14.5%	35.1%	-29.6%	-30.3%	-76.3%
Diluted EPS [+]	($2.61)	($3.22)	($3.83)	($0.69)	($0.60)	($0.44)	($0.63)	($0.90)
Growth	-19.0%	-15.8%	458.1%	14.5%	35.1%	-29.6%	-30.3%	-76.3%

Shares outstanding (basic) [+]	74.6	67.1	61.4	55.8	49.1	46.6	42.4	32.1
Growth	11.1%	9.4%	10.0%	13.8%	5.3%	9.9%	32.3%	331.6%
Shares outstanding (diluted) [+]	74.6	67.1	61.4	55.8	49.1	46.6	42.4	32.1
Growth	11.1%	9.4%	10.0%	13.8%	5.3%	9.9%	32.3%	331.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.