2u, inc. (TWOU)
CashFlow / TTM
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

-273,774

-235,222

-185,806

-54,638

-45,013

-38,330

-42,653

-47,448

-40,855

-29,423

-32,141

-24,160

-20,743

-20,684

-21,875

-23,352

-24,645

-26,733

-27,350

-26,452

-27,417

-28,999

-30,161

-32,957

-31,257

-27,953

0

0

0

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

83,630

69,843

56,042

42,353

35,108

32,785

29,688

26,976

23,351

19,624

16,008

12,655

11,249

9,750

8,992

8,356

7,656

7,220

6,620

6,316

6,002

5,572

5,493

5,039

4,692

4,335

0

0

0

Stock-based compensation expense

62,790

51,504

43,432

34,830

33,872

31,410

30,457

28,671

25,157

21,930

19,767

17,693

16,174

15,823

14,875

14,104

13,995

12,499

11,258

10,203

8,380

7,527

6,205

4,597

3,185

2,426

0

0

0

Non-cash lease expense

12,711

11,725

8,407

5,264

2,634

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts Receivable, Credit Loss Expense (Reversal)

2,054

1,425

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on impairment and disposal of long-lived assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Changes in operating assets and liabilities:
Accounts receivable, net

-6,727

-11,949

22,697

8,113

29,910

18,497

7,262

26,000

10,931

5,634

20,801

18,184

27,410

6,885

8,286

849

-3,043

625

2,650

3,738

3,673

-1,485

-7,167

-517

-20

1,587

0

0

0

Increase in accrued expenses and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,228

-

1,710

9,165

8,285

2,978

290

1,266

-2,972

1,762

0

0

0

Payments to university clients

-8,341

-21,675

-22,513

-22,459

-18,091

-11,322

-12,159

-14,691

-12,551

-13,239

-11,232

-6,901

-1,971

2,234

-1,490

-1,664

-3,805

-3,664

-2,247

-1,358

-1,203

-826

0

0

0

-

0

0

0

Prepaid expenses and other assets

1,629

6,845

6,266

10,023

11,115

4,932

2,239

2,335

2,212

-1,549

2,412

266

238

1,090

3,282

5,155

3,840

4,876

0

0

0

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

22,935

17,081

6,640

12,598

16,250

4,724

8,199

8,576

603

3,504

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in advances to clients

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

113

-

1,137

1,400

1,538

1,094

0

0

0

-

-

-

-

Prepaid expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Increase in accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-728

-

-288

-1,008

-2,024

-2,565

1,410

1,156

5,704

1,894

0

0

0

Accrued compensation and related benefits

4,262

-5,539

2,752

80

2,715

4,046

5,136

-911

4,735

2,504

1,253

7,922

1,877

3,086

2,260

2,431

2,037

4,317

0

0

0

-

-

-

-

-

-

-

-

Deferred revenue

15,449

10,014

9,479

-6,710

3,258

1,527

2,148

21,519

7,563

1,661

11,830

-10,222

1,737

528

-788

4,161

3,830

703

1,718

1,030

375

640

-11,425

3,825

1,663

530

0

0

0

Rebate reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Other liabilities, net

-30,875

-28,595

-26,530

-26,445

-8,214

-6,243

-4,562

627

4,751

4,763

9,478

9,217

4,886

4,907

5,980

-3,212

-1,268

-1,608

0

0

0

-

0

0

0

-

0

0

0

Other

4,373

1,982

2,158

1,403

1,690

1,712

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in operating activities

-29,309

-51,974

-62,738

-30,867

-16,816

-3,120

8,142

-3,959

873

8,106

-6,447

-14,434

-12,667

5,210

-1,072

-3,802

-1,702

-9,267

-14,179

-7,285

-15,446

-11,685

-18,764

-12,924

-14,107

-15,682

0

0

0

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

388,962

388,004

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additions of amortizable intangible assets

67,161

64,923

64,427

57,581

56,955

65,190

59,153

53,054

40,719

23,823

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

12,693

13,421

15,279

15,011

13,304

11,996

14,419

16,991

19,788

27,316

24,907

22,068

16,687

7,648

3,947

1,696

1,516

1,256

-62

368

468

1,499

2,786

2,419

2,693

2,367

0

0

0

Purchase of investments

7,500

10,000

10,000

30,000

27,500

25,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from maturities of investments

0

25,000

25,000

25,000

25,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advances made to university clients

-

-

-

-

-

300

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advances repaid by university clients

250

350

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized technology and content development cost expenditures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

12,642

-

13,268

11,927

11,219

9,454

6,951

6,644

5,947

5,213

0

0

0

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

29

0

0

0

-

-

-

-

Net cash (used in) provided by investing activities

-476,466

-451,398

-452,456

-465,478

-72,834

-102,461

-99,980

-168,380

-158,742

-149,374

-142,769

-42,167

-34,844

-24,518

-21,766

-18,015

-16,557

-15,945

-13,464

-12,303

-11,699

-10,982

-9,814

-9,140

-8,713

-7,636

0

0

0

Cash flows from financing activities
Payments on debt

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of debt issuance costs

4,453

1,953

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax withholding payments associated with settlement of restricted stock units

-

-

-

-

-

3,451

3,449

3,425

1,844

1,309

1,310

1,304

663

378

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payment of deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Proceeds from exercise of stock options

1,575

3,119

3,276

4,953

7,174

7,366

9,529

8,500

8,217

6,615

4,653

5,611

4,356

4,859

5,338

5,265

5,131

5,336

5,382

3,486

3,246

2,282

0

0

0

-

-

-

-

Payments for acquisition of amortizable intangible assets

897

2,180

1,300

6,200

6,183

4,900

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from revolving line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,000

0

0

0

-

-

-

-

Payment on revolving line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,000

0

0

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,994

0

0

0

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-172

0

0

-169

-

0

0

0

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

241,399

244,518

244,969

241,101

332,564

333,037

332,333

523,883

197,819

196,752

195,772

7,803

3,690

4,309

4,441

121,844

121,892

122,012

122,409

3,050

104,523

102,584

101,736

101,551

-1,003

5,140

0

0

0

Effect of exchange rate changes on cash

-1,744

-1,049

-1,171

-106

-1,418

-1,054

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash, cash equivalents and restricted cash

-266,120

-259,903

-271,396

-255,350

241,496

226,402

239,792

350,412

39,221

54,640

45,507

-49,829

-43,821

-14,999

-18,397

100,027

103,633

96,800

94,766

-16,538

77,378

79,917

73,158

79,487

-23,823

-18,178

0

0

0

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

804

478

613

557

437

736

525

216

0

0

0

Accretion of issuance costs on redeemable convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

89

175

262

347

347

0

0

0

Deferred offering costs included in accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Common stock granted in exchange for consulting services received

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

55

0

0

0

-

-

-

-