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2U 과거 순이익 실적
과거 기준 점검 0/6
2U 의 수입은 연평균 -17.7%의 비율로 감소해 온 반면, Consumer Services 산업은 연평균 25.1%의 비율로 증가했습니다. 매출은 연평균 10.3%의 비율로 증가해 왔습니다.
핵심 정보
-17.74%
순이익 성장률
-10.98%
주당순이익(EPS) 성장률
| Consumer Services 산업 성장률 | 20.27% |
| 매출 성장률 | 10.29% |
| 자기자본이익률 | n/a |
| 순이익률 | -69.06% |
| 최근 순이익 업데이트 | 30 Jun 2024 |
최근 과거 실적 업데이트
Recent updates
분석 기사 • Jun 14
2U, Inc. (NASDAQ:TWOU) Not Doing Enough For Some Investors As Its Shares Slump 36%
The 2U, Inc. ( NASDAQ:TWOU ) share price has fared very poorly over the last month, falling by a substantial 36%. For...Seeking Alpha • Feb 13
2U: Cathie Wood Favorite In Trouble
Summary Online education platform 2U reported disappointing Q4 revenues and declining enrollments, while also issuing a going concern warning. Guidance for Q1 and full year 2024 was extremely disappointing. TWOU faces significant near-term debt maturities, raising the possibility of bankruptcy and adding to ARK Invest's poor recent investments. Read the full article on Seeking Alpha분석 기사 • Jan 19
A Look At The Intrinsic Value Of 2U, Inc. (NASDAQ:TWOU)
Key Insights Using the 2 Stage Free Cash Flow to Equity, 2U fair value estimate is US$0.80 2U's US$0.78 share price...분석 기사 • Nov 17
What You Need To Know About The 2U, Inc. (NASDAQ:TWOU) Analyst Downgrade Today
The analysts covering 2U, Inc. ( NASDAQ:TWOU ) delivered a dose of negativity to shareholders today, by making a...분석 기사 • Oct 27
Health Check: How Prudently Does 2U (NASDAQ:TWOU) Use Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...분석 기사 • Jul 16
2U (NASDAQ:TWOU) Has Debt But No Earnings; Should You Worry?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...분석 기사 • May 24
What Does 2U, Inc.'s (NASDAQ:TWOU) Share Price Indicate?
2U, Inc. ( NASDAQ:TWOU ), is not the largest company out there, but it led the NASDAQGS gainers with a relatively large...분석 기사 • Apr 17
Lacklustre Performance Is Driving 2U, Inc.'s (NASDAQ:TWOU) 31% Price Drop
The 2U, Inc. ( NASDAQ:TWOU ) share price has fared very poorly over the last month, falling by a substantial 31%. The...분석 기사 • Jan 10
An Intrinsic Calculation For 2U, Inc. (NASDAQ:TWOU) Suggests It's 40% Undervalued
Key Insights 2U's estimated fair value is US$12.2 based on 2 Stage Free Cash Flow to Equity Current share price of...분석 기사 • Dec 12
Is 2U (NASDAQ:TWOU) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...분석 기사 • Sep 02
Is 2U (NASDAQ:TWOU) Using Debt In A Risky Way?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Jul 30
2U: Struggling For Relevance
Shares of 2U fell more than 5% after reporting Q2 results and issuing lackluster guidance, adding to a painful >50% correction year to date. The company is massively restructuring its business to unite under the edX brand, which the company bought last November for $800 million. Meanwhile, 2U's revenue-generating degree programs are seeing declining enrollment. The company plans to slash marketing spend to save profitability, which may lead to more enrollment declines. The good part about an all-encompassing market correction: wheat gets separated from chaff. 2U (TWOU), in my view, has long been an overvalued and overhyped ed-tech stock (if we can even call it that, instead of a for-profit university!) that was long in need of a correction. This year, with investors' sentiment toward growth stocks turning more skeptical, 2U has fallen cleanly off its pedestal with its declining fundamentals moving to the spotlight. For investors who are unfamiliar with the latest in 2U: 2U began as a company that set up graduate degree programs on behalf of universities. It digitized course content for these programs, took on the responsibility of marketing these programs to potential students, and then took a cut of the tuition fee that it splits with universities (in its current structure, 2U's cut of tuition begins at a base of 35%, per CEO Chip Paucek's remarks on the Q2 earnings call). This business model came under fire over the past year. No less than the Wall Street Journal published a critique of 2U and its partner universities for marketing expensive degree programs that saddled students with crippling debt with limited prospects for higher income. In an effort to try to re-steer its brand, last November 2U spent $800 million to acquire edX, previously a non-profit open online course website began by Harvard. It's now doubling down on edX and proposing to move its entire business to a "platform" model under the edX umbrella. Year to date, shares of 2U have shed more than 50% of their value, and losses picked up steam after the company reported dismal Q2 results. The market's faith in 2U's ability to rebound is slipping heavily: TWOU data by YCharts 2U is restructuring itself in crisis mode We'll get into 2U's latest numbers and declining enrollment stats shortly, but let's review the forward-looking situation first. 2U is fighting to shore up the strength of its brand name, and its strategy for doing that is to convert into a "platform" company under the stronger edX brand. As part of this change, 2U is moving the prior CEO of edX, Anant Agrawal, into a "Chief Platform Officer" role, among other management reshuffles. The key benefit of one platform, aside from the unified branding, is consolidating operating expenses and marketing expenses under one umbrella. The company is also planning on reducing headcount by about 20% in Q3, as it eliminates redundancies between the two groups. 2U strategic update (2U Q2 earnings release) That's all fine and well, but there are a number of risks that we should be mindful of: Integration complexity. Integrating two vastly different businesses is never an easy task, and 2U's share price decline is a signal that Wall Street's faith in the company's ability to do so is questionable. Diluted branding. edX has always had a strong reputation for mostly free online course content (with smaller tuition fees for courses that offer credentials). Putting 2U's degree programs under this umbrella may sacrifice the goodwill the company spent significant money to acquire. Macro pressure. With inflation heating up and hiring seeming to tighten, and with 2U already under pressure for incredibly expensive degree programs with low proven yield, enrollment trends may continue to decline. The bottom line here: I remain quite bearish on 2U's prospects. This was always a weak model to begin with: the company shoulders all the costs of setting up and marketing its degree programs, and with bad press nailing 2U over the past few years, the return on that significant upfront investment is dwindling. Resist the temptation to buy the dip here - 2U's chances to rebound look murkier with every passing quarter. Q2 is the continuation of a disappointing story As previously mentioned, 2U's second-quarter results failed to inspire any new confidence in the stock, and it dropped a fresh ~5% after results were released. Let's now talk through some of the key highlights and red flags: 2U enrollment trends (2U Q2 investor presentation) 2U's full-course equivalent enrollments dropped by ~1.5k to 83.7k in the second quarter flat to last year. Note that this is unusual seasonality for 2U, which last year saw enrollment growth between Q1 and Q2. The company admitted to seeing tremendous pressure during the quarter. Per CEO Chip Paucek's prepared remarks on the Q2 earnings call: Simultaneously, while that was going on during the current quarter, the macroeconomic environment that we talked about on the Q1 call deteriorated further. This put additional pressure on our normal way of doing business, and also on organic demand, within all of online education, with some particular challenges in higher education. The combination of these three things, one, increasing confidence in our strategy; two, a realization of the need to fully reorganized to unlock; and three, a deteriorating macro environment drove us to make more immediate transition to the platform strategy. We believe that accelerating our transition to a platform company will strengthen our foundation and long-term sustainability by driving long-term profitability and cash flow." Similarly, revenue growth slowed to 2% y/y, hitting $241.5 million in the quarter - missing Wall Street's mark of $254.3 million (+7% y/y) by a wide five-point margin, while also decelerating seven points versus 9% y/y growth in Q1. This was, in addition, the fifth straight quarter of revenue declaration for 2U.Seeking Alpha • Jul 14
2U: On The Verge Of A $1 Billion Ed-Tech Buyout
2U is one of the "Big 2" online education providers, along with Coursera; I will compare the two in this post. 2U has a $1 Trillion Market opportunity in E-Learning. 2U's share price is down 79% from its highs in February 2021, despite growth in the Ed-Tech industry. A $1 Billion Buyout offer has recently been reported by Bloomberg from Tiger Global backed Byju's; this values the stock at a significant premium. 2U stock is currently undervalued intrinsically. The global lockdown of 2020 caused an acceleration in the adoption of digital technologies, especially those in the online education market. According to UNESCO, over 1.5 billion students globally were adversely affected by school shutdowns during the lockdown of 2020. This major shutdown highlighted the importance of online education not just as an optional extra, but as a necessity. Even prior to the pandemic, the number of students taking at least one E-learning college course has increased each consecutive year since 2002. 2U (TWOU) is one of the "Big Two" Online course platforms in the US, along with Coursera (COUR). The platform has partnerships with leading universities which include MIT, Harvard and Berkeley, which I believe is it's unique selling point. It's share price has nosedived by 79% from its highs in February 2021, mainly due to the high inflation, rising interest rate environment and single digit growth in the first quarter. I previously covered 2U stock in February 2022, when it traded at $9/share. I valued the company then at a conservative $13/share. Since that point the stock has experienced a gain 20% to ~$11/share. A $1 billion buyout offer has recently been reported which has acted as a catalyst to move the stock toward its intrinsic value. However, the stock is still undervalued intrinsically and offers at least 30% in upside potential. Let's go back to school as we dive into the Market opportunity, Buyout, Financials and Valuation for the juicy details. Data by YCharts The $1 Trillion E-Learning TAM Colleges and Universities now require a two pronged approach to education (classroom and online) after all, are old fashioned classrooms really necessary? A recent research study suggests that over 75% of academic leaders believe online education is equal or superior to in classroom learning. Almost 70% of these academic leaders believe online courses are going to be "critical" part of future education strategies. But of course this is not just about the lecturers and universities, which can use online education to better leverage their time and generate extra income. One in every four students also believe they learn better via online classes. Now although I don't believe online education should or will replace every physical classroom, due to the necessary social benefits of college. There are many benefits to those taking online classes, from lower costs to greater inclusion and increased autonomy. Working professionals who live far away from physical universities and even those will family obligations will find online education much more attuned with their lifestyle. After all, we live in the "ondemand" age so why not binge watch post graduate lectures like you would Netflix? Thus it's no surprise that according to a study by GM insights, the E-Learning market surpassed $315 billion in 2021 and is forecasted to grow at a blistering 20% CAGR up until 2028, reaching $1 trillion by the end of the period. $1 Billion Buyout? A recent report by Bloomberg suggests 2U could be bought out by India based Ed-tech company Byju's. According to a person familiar with the matter, Byju's has offered to acquire 2U for $1 billion in an all cash deal which equates to a $15/share price. The stock popped by ~20% on the news, but still has 30% upside potential from the $11.30/share price ($877m) at the time of writing. Despite this offer not being confirmed as official yet and still requiring board approval by 2U, it would make a lot of sense. I did some digging into Byju's and it turns out this company is backed by Legendary Hedge Fund Tiger Global, Chinese Tech Titan Tencent and even the Zuckerberg-Chan Foundation. In addition, the company has been very active with acquisitions in 2021. According to Global Data, Byju's acquired 10 Ed-Tech companies in 2021, with a total value of $2.5 billion. I also discovered approximately 10% of the web traffic to the edX website (owned by 2U) comes from India, so this does offer great synergy. Business Strategy I previously covered 2U's business model in a past post, but here is a short overview. 2U merged with edX in 2021 and now has over 44 million registered learners globally. It has valuable partnerships with 38 of the top 40 Universities, 1,200 enterprises and over 230 university and corporate partners. The companies has over 4000 courses and uses a "Free to Degree" strategy, which offers short free courses first before up-selling students to premium degree programs. 2U accomplishes the up-sell via a controversial strategy of having salespeople call up students, I discuss more on this in the risks section. 2U free to degree (2U investor relations) Managements plan is to try and convert just 0.03% of the 39 million registered edX learners to its premium degree offerings. The goal is to lower its cost of student acquisition from $3900 to $3500. 2U vs Coursera Comparison Best Courses? I have compared 2U to larger rival Coursera (COUR). In terms of courses 2U (and edX) offers a better selection of premium universities such as Harvard, MIT, Berkeley, Cambridge and Oxford. Whereas the most elite University Coursera has is Stanford (the company was founded by a Stanford professor). However, Coursera does have a much better selection of courses from both Google (GOOG) (GOOGL) and Meta (META), which are very popular among digital professionals who wish to learn (such as myself). Website Traffic and Demographics Coursera has a much larger amount of Website traffic with 53.7 million website visits in June 2022. edX on the other hand had "just" 14 million website visits in the same period. 2U's official website has a much smaller amount of web traffic with just 200,000 visitors. However, it should be noted that 2U has a network of non branded websites and landing pages, which bring in an unknown number of leads. It also should be noted that for both websites, traffic has increased over the past three months, so could be an early sign of a great earnings report for the second quarter 2022. Website Visits Coursera Vs 2U (created by author with SimilarWeb data) I have read some common misconceptions online which state edX's primary web traffic is from India and thus may not be as valuable, due to income levels and the ability to afford 2U's premium courses. However, the website traffic data I have compiled on the chart below reveals edX (owned by 2U) and Coursera have very similar demographics. Approximately 23% of website visitors are from the US, followed by India (8% vs 12%) and then Latin American countries such as Mexico (3%), Columbia (3%) and Brazil (4%). 2U vs Coursera Website Demographics (created by author Ben with SimilarWeb Data) Financial Comparison I have compared 2U (including edX) and Coursera across a variety of metrics on the table below, I will go through each line by line. As mentioned prior Coursera has a 3.7 times the amount of Web traffic, when compared to 2U (including edX). In addition, Coursera has over double the number of registered learners at 100 million, compared to 44 million at 2U. However, the financials show 2U brings in substantially more revenue. 2U generated $253 million in the first quarter of 2022, which $132 million more that Coursera at $120 million. At first glance, one may say but "Coursera is growing much faster" that is partly true but when we dive deeper, we see the difference is not as stark. Coursera generated 36% revenue growth year over year, compared to 9% for 2U over the same period. However, Coursera has a smaller revenue base to start with and thus the net revenue increase was just $32 million for Coursera compared to $21 million for 2U, which is just an $11 million difference. Coursera vs 2U (created by author Ben at Motivation 2 Invest) Next we will compare Net Losses (yes both companies operate at a loss). 2U generated a Net Loss of $125 million or 13% of revenue in the first quarter. Whereas Coursera generated a $38 million or 31% of revenue, thus it's clear although Coursera's losses are less as a net figure, they are more as a percentage of revenue. 2U also has a positive Adjusted EBITDA margin of 5%, which is greater than Coursera's at -9.1%, although the company may calculate these slightly differently. 2U spent a staggering $131 million on Sales and Marketing in the first quarter of 2021, thus without this spend the company could be "profitable" in a traditional sense. It is clear Coursera, is seeing greater efficiency on its Sales and Marketing Spend as they spent "just" $52 million, but generated more revenue. Coursera also has a stronger balance sheet with $361 million in Cash and just $18.3 million in debt. This is much better than 2U which has an eye watering $1 billion in debt, with $216 million in cash. Valuation The valuation is where we see a real divergence between 2U and Coursera. 2U is much cheaper than Coursera and trades at a Price to Sales Ratio (forward) = 0.82, which is much cheaper than the Price to Sales Ratio (forward) = 4.1 for Coursera. In terms of Market cap, Coursera has a $2.23 billion vs $877 million for 2U. Data by YCharts In order to value 2U intrinsically, I have plugged the latest financials in my advanced valuation model which uses the discounted cash flow method of valuation. I have forecasted 13% revenue growth for next year (in line with company's own estimates). In addition, I have forecasted a very conservative 13% revenue growth for the next 2 to 5 years, some analyst reports are predicting 20% growth per year. 2U stock valuation (created by author Ben at Motivation 2 Invest) In addition, I have forecasted the companies margins to steadily increase to 21% in the next 7 years as the company scales and needs to spend less on Sales and Marketing.Seeking Alpha • Jun 29
2U stock gains as Byju's reportedly makes $15/share bid for edtech firm
2U (NASDAQ:TWOU) has reportedly received a buyout offer from Indian online-education provider Byju's. According to a person familiar with the matter, Byju's has offered to acquire the US-listed edtech company for ~$15/share in a cash deal that values the firm at more than $1B. The bid represents a 61% premium to 2U's closing price of $9.30 on Tuesday. 2U (TWOU) has a current market value of $717M and ~$1B in debt and other liabilities. Its shares have popped over 19% pre-market in response to the news. In May 2022, Bloomberg reported that Byju's was likely to bid for either 2U or Chegg (CHGG). Talks with Chegg have not progressed, the source said. Both Byju's and Chegg did not respond to requests for comment. Byju's is looking to ramp up its growth and global expansion and has secured financing of over $2.4B for whichever deal it finally pursues.분석 기사 • May 18
Is 2U (NASDAQ:TWOU) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Seeking Alpha • May 08
2U: Same Decaying Story As Ever
Shares of 2U rallied 10% after the company posted better-than-expected Q1 results. Investors primarily cheered the company's positive adjusted EBITDA and its raised EBITDA expectations for the full year FY22. However, growth continued to disappoint, with organic growth sinking to the single digits in Q1. 2U continues to propound a structurally low-margin business model that is difficult to scale. The deep leverage on its balance sheet, undertaken to execute acquisitions like edX, also can't be ignored.매출 및 비용 세부 내역
매출 및 비용 세부 내역
2U가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.
순이익 및 매출 추이
| 날짜 | 매출 | 순이익 | 일반관리비 | 연구개발비 |
|---|---|---|---|---|
| 30 Jun 24 | 864 | -597 | 482 | 154 |
| 31 Mar 24 | 906 | -318 | 486 | 166 |
| 31 Dec 23 | 946 | -318 | 496 | 176 |
| 30 Sep 23 | 926 | -287 | 504 | 185 |
| 30 Jun 23 | 929 | -361 | 507 | 184 |
| 31 Mar 23 | 948 | -250 | 536 | 185 |
| 31 Dec 22 | 963 | -322 | 578 | 190 |
| 30 Sep 22 | 971 | -378 | 625 | 191 |
| 30 Jun 22 | 971 | -316 | 655 | 190 |
| 31 Mar 22 | 967 | -275 | 658 | 187 |
| 31 Dec 21 | 946 | -195 | 637 | 179 |
| 30 Sep 21 | 917 | -165 | 616 | 171 |
| 30 Jun 21 | 886 | -158 | 595 | 169 |
| 31 Mar 21 | 832 | -202 | 572 | 163 |
| 31 Dec 20 | 775 | -216 | 555 | 156 |
| 30 Sep 20 | 722 | -223 | 537 | 149 |
| 30 Jun 20 | 675 | -312 | 522 | 142 |
| 31 Mar 20 | 628 | -274 | 499 | 131 |
| 31 Dec 19 | 575 | -235 | 455 | 115 |
| 30 Sep 19 | 527 | -186 | 408 | 98 |
| 30 Jun 19 | 480 | -55 | 361 | 81 |
| 31 Mar 19 | 442 | -45 | 327 | 70 |
| 31 Dec 18 | 412 | -38 | 304 | 64 |
| 30 Sep 18 | 383 | -43 | 291 | 58 |
| 30 Jun 18 | 347 | -47 | 270 | 55 |
| 31 Mar 18 | 314 | -41 | 240 | 51 |
| 31 Dec 17 | 287 | -29 | 214 | 46 |
| 30 Sep 17 | 257 | -32 | 198 | 42 |
| 30 Jun 17 | 239 | -24 | 180 | 38 |
| 31 Mar 17 | 223 | -21 | 167 | 35 |
| 31 Dec 16 | 206 | -21 | 153 | 33 |
| 30 Sep 16 | 192 | -22 | 143 | 32 |
| 30 Jun 16 | 177 | -23 | 133 | 31 |
| 31 Mar 16 | 163 | -25 | 125 | 28 |
| 31 Dec 15 | 150 | -27 | 117 | 27 |
| 30 Sep 15 | 138 | -27 | 109 | 25 |
| 30 Jun 15 | 129 | -26 | 102 | 24 |
| 31 Mar 15 | 119 | -27 | 94 | 23 |
| 31 Dec 14 | 110 | -29 | 89 | 23 |
| 30 Sep 14 | 104 | -30 | 84 | 24 |
| 30 Jun 14 | 96 | -33 | 80 | 23 |
| 31 Mar 14 | 90 | -32 | 75 | 22 |
| 31 Dec 13 | 83 | -28 | 69 | 19 |
| 30 Sep 13 | 75 | -28 | 66 | 16 |
양질의 수익: TWOU.Q 은(는) 현재 수익성이 없습니다.
이익 마진 증가: TWOU.Q는 현재 수익성이 없습니다.
잉여현금흐름 대비 순이익 분석
과거 순이익 성장 분석
수익추이: TWOU.Q은 수익성이 없으며 지난 5년 동안 손실이 연평균 17.7% 증가했습니다.
성장 가속화: 현재 수익성이 없어 지난 1년간 TWOU.Q의 수익 성장률을 5년 평균과 비교할 수 없습니다.
수익 대 산업: TWOU.Q은 수익성이 없어 지난 해 수익 성장률을 Consumer Services 업계(11.7%)와 비교하기 어렵습니다.
자기자본이익률
높은 ROE: TWOU.Q의 부채가 자산을 초과하여 자본 수익률을 계산하기 어렵습니다.
총자산이익률
투하자본수익률
우수한 과거 실적 기업을 찾아보세요
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2024/09/14 17:00 |
| 종가 | 2024/09/13 00:00 |
| 수익 | 2024/06/30 |
| 연간 수익 | 2023/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.
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산업 및 섹터 지표
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분석가 소스
2U, Inc.는 14명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Brett Knoblauch | Berenberg |
| Jeffrey Silber | BMO Capital Markets Equity Research |
| Brett Knoblauch | Cantor Fitzgerald & Co. |