2u, inc. (TWOU)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Cash flows from operating activities
Net loss

-60,106

-44,584

-141,112

-27,972

-21,554

4,832

-9,944

-18,347

-14,871

509

-14,739

-11,754

-3,439

-2,209

-6,758

-8,337

-3,380

-3,400

-8,235

-9,630

-5,468

-4,017

-7,337

-10,595

-7,050

-5,179

-10,133

-8,895

-3,746

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, Depletion and Amortization

23,485

23,204

22,288

14,653

9,698

9,403

8,599

7,408

7,375

6,306

5,887

3,783

3,648

2,690

2,534

2,377

2,149

1,932

1,898

1,677

1,713

1,332

1,594

1,363

1,283

1,253

1,140

1,016

926

Stock-based compensation expense

20,870

15,418

16,535

9,967

9,584

7,346

7,933

9,009

7,122

6,393

6,147

5,495

3,895

4,230

4,073

3,976

3,544

3,282

3,302

3,867

2,048

2,041

2,247

2,044

1,195

719

639

632

436

Non-cash lease expense

3,620

3,318

3,143

2,630

2,634

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts Receivable, Credit Loss Expense (Reversal)

629

-360

792

993

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on impairment and disposal of long-lived assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

-

-

-

-

Change in the fair value of the Series D redeemable convertible preferred stock warrants prior to conversion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

7

688

-

-5

-5

-8

Changes in operating assets and liabilities:
Accounts receivable, net

42,744

-51,692

14,195

-11,974

37,522

-17,046

-389

9,823

26,109

-28,281

18,349

-5,246

20,812

-13,114

15,732

3,980

287

-11,713

8,295

88

3,955

-9,688

9,383

23

-1,203

-15,370

16,033

520

404

Increase in accrued expenses and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,477

2,299

-

-5,752

5,821

2,287

-646

1,703

4,941

-3,020

-3,334

2,679

703

1,714

Payments to university clients

2,739

582

-2,197

-9,465

-10,595

-256

-2,143

-5,097

-3,826

-1,093

-4,675

-2,957

-4,514

914

-344

1,973

-309

-2,810

-518

-168

-168

-1,393

371

-13

209

-

70

191

-18

Prepaid expenses and other assets

5,273

85

-2,036

-1,693

10,489

-494

1,721

-601

4,306

-3,187

1,817

-724

545

774

-329

-752

1,397

2,966

1,544

-2,067

2,433

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

23,390

4,369

-5,369

545

17,536

-6,072

589

4,197

6,010

-2,597

966

-3,776

8,911

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in advances to clients

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

500

-575

-

0

688

187

262

263

826

-257

-

-

-

-

Prepaid expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-98

1,108

-

-730

-467

1,487

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-685

23

-

92

-380

361

Increase in accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-762

1,806

-

1,253

-4,001

4,785

-2,325

533

-5,017

4,244

1,650

279

-469

434

Accrued compensation and related benefits

3,033

-5,430

5,855

804

-6,768

2,861

3,183

3,439

-5,437

3,951

-2,864

9,085

-7,668

2,700

3,805

3,040

-6,459

1,874

3,976

2,646

-4,179

-

-

-

-

-

-

-

-

Deferred revenue

21,650

-10,148

4,313

-366

16,215

-10,683

-11,876

9,602

14,484

-10,062

7,495

-4,354

8,582

107

-14,557

7,605

7,373

-1,209

-9,608

7,274

4,246

-194

-10,296

6,619

4,511

-12,259

4,954

4,457

3,378

Rebate reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-925

-8

3

-

-338

24

20

Other liabilities, net

-3,920

-4,332

-1,207

-21,416

-1,640

-2,267

-1,122

-3,185

331

-586

4,067

939

343

4,129

3,806

-3,392

364

5,202

-5,386

-1,448

24

-

7

-105

80

-

19

4

15

Other

2,764

43

1,027

539

373

219

272

826

395

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in operating activities

-9,863

33,687

-37,712

-15,421

-32,528

22,923

-5,841

-1,370

-18,832

34,185

-17,942

3,462

-11,599

19,632

-25,929

5,229

6,278

13,350

-28,659

7,329

-1,287

8,438

-21,765

-832

2,474

1,359

-15,925

-2,015

899

Cash flows from investing activities
Purchase of a business, net of cash acquired

958

0

189

387,815

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additions of amortizable intangible assets

15,808

13,973

18,520

18,860

13,570

13,477

11,674

18,234

21,805

7,440

5,575

5,899

4,909

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

2,436

2,111

3,171

4,975

3,164

3,969

2,903

3,268

1,856

6,392

5,475

6,065

9,384

3,983

2,636

684

345

282

385

504

85

-1,036

815

604

1,116

251

448

878

790

Purchase of investments

0

0

5,000

2,500

2,500

0

25,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from maturities of investments

0

0

0

0

25,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advances made to university clients

-

-

-

-

-

325

-25

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advances repaid by university clients

100

450

0

-300

200

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized technology and content development cost expenditures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,883

3,554

-

3,164

2,679

3,270

4,155

1,823

1,971

1,505

1,652

1,516

1,274

771

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

74

68

-

-

-

-

8

0

4

17

-

-

-

-

Net cash (used in) provided by investing activities

-19,102

-16,388

-26,730

-414,246

5,966

-17,446

-39,752

-21,602

-23,661

-14,965

-108,152

-11,964

-14,293

-8,360

-7,550

-4,641

-3,967

-5,608

-3,799

-3,183

-3,355

-3,127

-2,638

-2,579

-2,638

-1,959

-1,964

-2,152

-1,561

Cash flows from financing activities
Payments on debt

358

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of debt issuance costs

2,500

0

0

1,953

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax withholding payments associated with settlement of restricted stock units

-

-

-

-

-

1

43

2,405

1,002

-1

19

824

467

0

13

183

182

-

-

-

-

-

-

-

-

-

-

-

-

Payment of deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,411

-

-

-

-

Proceeds from exercise of stock options

384

177

562

452

1,928

334

2,239

2,673

2,120

2,497

1,210

2,390

518

535

2,168

1,135

1,021

1,014

2,095

1,001

1,226

1,060

199

761

262

-

-

-

-

Payments for acquisition of amortizable intangible assets

0

880

0

17

1,283

0

4,900

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from revolving line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,000

-

-

-

-

Payment on revolving line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,000

-

-

-

-

Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,994

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-4

0

1

-169

-

0

0

-436

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-2,474

1,764

2,442

239,667

645

2,215

-1,426

331,130

1,118

1,511

190,124

5,066

51

531

2,155

953

670

663

119,558

1,001

790

1,060

199

102,474

-1,149

212

14

-80

4,994

Effect of exchange rate changes on cash

-944

-24

-654

-122

-249

-146

411

-1,434

115

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash, cash equivalents and restricted cash

-32,383

19,039

-62,654

-190,122

-26,166

7,546

-46,608

306,724

-41,260

20,936

64,012

-4,467

-25,841

11,803

-31,324

1,541

2,981

8,405

87,100

5,147

-3,852

6,371

-24,204

99,063

-1,313

-388

-17,875

-4,247

4,332

Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of amounts capitalized

4,918

-

-

-

27

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental disclosure of non-cash investing and financing activities
Capital Expenditures Incurred but Not yet Paid

1,700

-

-

-

3,200

-

-

-

-

-

-

-

-

-

-

-

-

-

162

70

129

443

-164

205

73

323

135

-6

-236

Accretion of issuance costs on redeemable convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2

87

86

87

87

87

Deferred offering costs included in accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-85

-1,360

1,504

-

-

-

-

Common stock granted in exchange for consulting services received

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

55

-

-

-

-