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2U Balance Sheet 2023-2011 | TWOU
Brief overview of 2U's financial position
The balance sheet is assessed across five available annual reports spanning 2019 to 2023.
Over the period, assets gained +23%, moving from $1.2 billion to $1.5 billion. CAGR near 5.3% shows consistent growth.
Liabilities expanded faster than the asset base, +160.9% versus +23%. Debt-service capacity deserves attention.
Internal capital represents 15% of the balance sheet versus 59.9% five periods ago. The cushion is thin.
Each unit of equity supports 3.88x of net debt. This elevated load requires dependable cash generation.
The cash share moved from 14.4% to 4.2%. A higher figure generally provides more room in an adverse scenario.
The accumulated result is -$1.5 billion and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
Overall assessment
2U's balance sheet profile remains vulnerable. Lower liabilities and capital accumulation are the main routes to improvement.
Annual Balance Sheet 2U
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
851 M | 775 M | 626 M | -217 M | 83.3 M | -446 M | -201 M | -169 M | -184 M | -86.9 M | -7.01 M | -25.2 M | - |
Long Term Debt |
897 M | 929 M | 845 M | 273 M | 247 M | 3.5 M | - | - | - | - | - | - | - |
Long Term Debt Current |
15.2 M | 13.9 M | 14 M | 10 M | 7.32 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | 320 M | 33.9 M | 36.2 M | 8.01 M | 2.66 M | 1.26 M | 2.42 M | 2.5 M | - |
Total Current Liabilities |
259 M | 279 M | 334 M | 237 M | 156 M | 68.5 M | 58 M | 41.1 M | 32.6 M | 23.8 M | 20.2 M | - | - |
Total Liabilities |
1.24 B | 1.31 B | 1.28 B | 603 M | 476 M | 102 M | 94.2 M | 49.1 M | 35.3 M | 25 M | 22.6 M | 13.5 M | - |
Deferred Revenue |
81.9 M | 90.2 M | 91.9 M | 75.5 M | 48.8 M | 8.34 M | 7.02 M | 3.14 M | 2.61 M | 1.91 M | 1.27 M | 736 K | - |
Retained Earnings |
-1.5 B | -1.18 B | -891 M | -696 M | -479 M | -244 M | -206 M | -176 M | -156 M | -129 M | -99.8 M | -71.8 M | - |
Total Assets |
1.46 B | 1.81 B | 2.11 B | 1.54 B | 1.19 B | 807 M | 482 M | 244 M | 231 M | 113 M | 28.7 M | 39.9 M | - |
Cash and Cash Equivalents |
60.7 M | 168 M | 233 M | 501 M | 171 M | 450 M | 223 M | 169 M | 184 M | 86.9 M | 7.01 M | 25.2 M | - |
Book Value |
219 M | 502 M | 829 M | 941 M | 711 M | 705 M | 388 M | 195 M | 196 M | 88 M | 6.02 M | 26.4 M | - |
Total Shareholders Equity |
219 M | 502 M | 829 M | 941 M | 711 M | 705 M | 388 M | 195 M | 196 M | 88 M | -92 M | -66.3 M | - |
All numbers in USD currency
Quarterly Balance Sheet 2U
| 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
- | 898 M | 897 M | 878 M | 856 M | 854 M | 929 M | 928 M | 928 M | 927 M | 845 M | 743 M | 742 M | 280 M | 273 M | 268 M | 263 M | 245 M | 247 M | 246 M | 245 M | 57.4 M | 3.5 M | 3.5 M | 3.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.01 M | - | - | - | 2.66 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
1.2 B | 1.26 B | 1.24 B | 1.28 B | 1.24 B | 1.27 B | 1.31 B | 1.42 B | 1.43 B | 1.42 B | 1.28 B | 1.15 B | 1.13 B | 645 M | 603 M | 601 M | 553 M | 526 M | 476 M | 481 M | 471 M | 170 M | 102 M | 119 M | 132 M | 118 M | 94.2 M | 107 M | 70.9 M | 64.9 M | 49.1 M | 41.9 M | 52.6 M | 40.1 M | 35.3 M | 33.6 M | 42.5 M | 31.7 M | 25 M | 25.2 M | 34 M | 29.6 M | 22.6 M | 22.6 M | 22.6 M | 22.6 M | - | - | - | - | - | - | - | - |
Deferred Revenue |
83.8 M | 102 M | 81.9 M | 116 M | 107 M | 115 M | 90.2 M | 128 M | 132 M | 121 M | 91.9 M | 97 M | 110 M | 108 M | 75.5 M | 91.8 M | 77.1 M | 69.8 M | 48.8 M | 58.6 M | 54.6 M | 24.5 M | 8.34 M | 19 M | 30.9 M | 21.6 M | 7.02 M | 16.6 M | 7.36 M | 11.7 M | 3.14 M | 3.03 M | 17.6 M | 9.98 M | 2.61 M | 3.82 M | 13.4 M | 6.15 M | 1.91 M | 2.1 M | 12.4 M | 5.78 M | 1.27 M | 1.27 M | 1.27 M | 1.27 M | - | - | - | - | - | - | - | - |
Retained Earnings |
-2 B | -1.55 B | -1.5 B | -1.46 B | -1.41 B | -1.23 B | -1.18 B | -1.17 B | -1.05 B | -984 M | -891 M | -823 M | -763 M | -741 M | -696 M | -658 M | -606 M | -539 M | -479 M | -435 M | -294 M | -266 M | -244 M | -249 M | -239 M | -221 M | -206 M | -206 M | -192 M | -180 M | -176 M | -174 M | -167 M | -159 M | -156 M | -152 M | -144 M | -134 M | -129 M | -125 M | -117 M | -107 M | -99.8 M | -99.8 M | -99.8 M | -99.8 M | - | - | - | - | - | - | - | - |
Total Assets |
924 M | 1.43 B | 1.46 B | 1.54 B | 1.54 B | 1.73 B | 1.81 B | 1.91 B | 2.03 B | 2.07 B | 2.11 B | 2.03 B | 2.05 B | 1.56 B | 1.54 B | 1.55 B | 1.23 B | 1.18 B | 1.19 B | 1.21 B | 1.33 B | 864 M | 807 M | 811 M | 825 M | 504 M | 482 M | 476 M | 262 M | 261 M | 244 M | 235 M | 246 M | 237 M | 231 M | 229 M | 123 M | 117 M | 113 M | 114 M | 128 M | 30.1 M | 28.7 M | 28.7 M | 28.7 M | 28.7 M | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
22.6 M | 125 M | 60.7 M | 41.1 M | 53.3 M | 94.2 M | 168 M | 170 M | 221 M | 217 M | 233 M | 934 M | 953 M | 487 M | 501 M | 481 M | 195 M | 138 M | 171 M | 154 M | 219 M | 424 M | 450 M | 442 M | 489 M | 182 M | 223 M | 202 M | 37.4 M | 143 M | 169 M | 157 M | 188 M | 187 M | 184 M | 175 M | 88.2 M | 83.1 M | 86.9 M | 80.6 M | 105 M | 5.7 M | 7.01 M | 7.01 M | 7.01 M | 7.01 M | 25.2 M | - | - | - | 24 M | - | - | - |
Book Value |
-277 M | 169 M | 219 M | 256 M | 294 M | 460 M | 502 M | 494 M | 606 M | 653 M | 829 M | 879 M | 917 M | 910 M | 941 M | 952 M | 679 M | 656 M | 711 M | 733 M | 861 M | 695 M | 705 M | 692 M | 693 M | 386 M | 388 M | 370 M | 191 M | 196 M | 195 M | 193 M | 193 M | 197 M | 196 M | 195 M | 80.6 M | 85.4 M | 88 M | 88.9 M | 93.8 M | 485 K | 6.02 M | 6.02 M | 6.02 M | 6.02 M | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
-277 M | 169 M | 219 M | 256 M | 294 M | 460 M | 502 M | 494 M | 606 M | 653 M | 829 M | 879 M | 917 M | 910 M | 941 M | 952 M | 679 M | 656 M | 711 M | 733 M | 861 M | 695 M | 705 M | 692 M | 693 M | 386 M | 388 M | 370 M | 191 M | 196 M | 195 M | 193 M | 193 M | 197 M | 196 M | 195 M | 80.6 M | 85.4 M | 88 M | 88.9 M | 93.8 M | -97.6 M | -92 M | -92 M | -92 M | -92 M | -66.3 M | - | - | - | -44.8 M | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of 2U, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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