2U, Inc. (TWOU) [Rocket]

In millions, except per share items	Jun-30-23	Mar-31-23	Sep-30-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21
	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q
Revenues:
Alternative Credential Segment accounts receivable	28.8	98.0	95.0	27.2	99.2		84.6	91.0
Degree Program Segment deferred revenue		140.5	137.2		154.2		147.8	146.2
Alternative Credential Segment	102.6			98.4		91.2
Degree Program Segment	119.5			143.1		152.4
Total revenues	222.1	238.5	232.2	241.5	253.3	243.6	232.4	237.2
Revenue growth [+]	-8.0%	-5.9%	-0.1%	1.8%	9.0%	13.2%	15.6%	29.8%
Alternative Credential Segment accounts receivable	5.9%	-1.1%	12.3%	-70.1%	14.5%
Degree Program Segment deferred revenue		-8.9%	-7.1%		5.7%
Alternative Credential Segment	4.3%					7.6%
Degree Program Segment	-16.5%					16.8%
Cost of goods sold	67.5	68.3	69.5	70.6	73.9	69.0	65.2	45.6
Gross profit	154.6	170.2	162.7	170.9	179.4	174.6	167.2	191.6
Gross margin	69.6%	71.3%	70.1%	70.8%	70.8%	71.7%	71.9%	80.8%
Selling, general and administrative [+]	128.5	139.4	133.7	157.9	181.2	174.2	162.6	160.8
Sales and marketing	95.9	100.2	94.3	116.4	131.0	109.9	118.3	114.6
General and administrative	32.7	39.3	39.4	41.5	50.2	64.3	44.3	46.2
Research and development	44.3	45.5	44.0	45.6	51.1	50.5	43.1	42.5
Other operating expenses	0.2	0.6	-1.8	-1.4	-1.0	-0.4	-0.4	24.1
Adjusted EBITDA	19.9	29.2	32.2	22.5	7.0	4.2	13.1	15.4
Adjusted EBITDA margin	9.0%	12.3%	13.9%	9.3%	2.8%	1.7%	5.6%	6.5%
Stock-based compensation	11.0	14.6	16.0	22.3	24.4	23.0	25.0	24.8
EBITDA [+]	8.9	14.7	16.2	0.1	-17.4	-18.8	-12.0	-9.3
EBITDA growth	7955.0%	-184.4%	-235.4%	-101.2%	43.1%	277.0%	-45.5%	-62.8%
EBITDA margin	4.0%	6.1%	7.0%	0.0%	-6.9%	-7.7%	-5.2%	-3.9%
Depreciation	2.6	2.8	2.7	2.8	3.0	3.0	3.0	3.2
EBITA	6.3	11.8	13.5	-2.7	-20.4	-21.8	-14.9	-12.6
EBITA margin	2.8%	5.0%	5.8%	-1.1%	-8.1%	-8.9%	-6.4%	-5.3%
Amortization of intangibles	24.7	27.2	26.6	28.5	31.4	27.9	23.2	23.2
EBIT [+]	-18.4	-15.4	-13.1	-31.2	-51.8	-49.7	-38.1	-35.8
EBIT growth	-41.1%	-70.4%	-65.6%	-12.7%	39.5%	65.3%	-16.9%	-27.1%
EBIT margin	-8.3%	-6.4%	-5.6%	-12.9%	-20.4%	-20.4%	-16.4%	-15.1%
Non-recurring items [+]	137.7	4.9	91.1	16.8	59.6		5.4	1.3
Asset impairment	134.1		79.5		58.8
Interest expense, net [+]	17.5	17.6	15.6	13.7	13.6	17.9	16.5	7.8
Interest expense	17.9	18.0	15.9	13.9	13.9	18.2	16.9	8.2
Interest income	0.4	0.4	0.3	0.2	0.3	0.3	0.5	0.4
Other income (expense), net [+]	0.2	-16.1	-1.8	-1.4	-1.0	-0.4	-0.4	23.0
Gain (loss) on debt retirement								-1.1
Pre-tax income	-173.4	-53.9	-121.7	-63.0	-126.0	-68.0	-60.4	-22.0
Income taxes	0.2	0.1	-0.1	-0.2	-0.3	-0.7	-0.3	-0.1
Tax rate			0.0%	0.3%	0.2%	1.1%	0.5%	0.6%
Net income	-173.7	-54.1	-121.7	-62.9	-125.8	-67.3	-60.1	-21.8
Net margin	-78.2%	-22.7%	-52.4%	-26.0%	-49.7%	-27.6%	-25.9%	-9.2%

Basic EPS [+]	($2.16)	($0.68)	($1.57)	($0.82)	($1.65)	($0.90)	($0.80)	($0.29)
Growth	164.3%	-58.7%	94.6%	178.0%	166.7%	60.8%	5.0%	-71.6%
Diluted EPS [+]	($2.16)	($0.68)	($1.57)	($0.82)	($1.65)	($0.90)	($0.80)	($0.29)
Growth	164.3%	-58.7%	94.6%	178.0%	166.7%	60.8%	5.0%	-71.6%

Shares outstanding (basic) [+]	80.6	79.3	77.7	77.1	76.3	74.6	74.7	74.4
Growth	4.5%	4.0%	4.0%	3.5%	3.5%	11.1%	8.9%	16.1%
Shares outstanding (diluted) [+]	80.6	79.3	77.7	77.1	76.3	74.6	74.7	74.4
Growth	4.5%	4.0%	4.0%	3.5%	3.5%	11.1%	8.9%	16.1%

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