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  "documentTitle": "2U, Inc. (TWOU)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-19 00:00:00",
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  "notes": "The slide uses a 'scorecard' summary to highlight the bifurcation between successful and underperforming programs across different launch years.",
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      "text": "The 2014 Cohort Scorecard: Successful programs: 2 Underperforming Programs: 2",
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      "text": "The Pre-2013 Cohort Scorecard: (i.e. the Core Four): Successful programs: 4",
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      "text": "The 2013 Cohort Scorecard: Successful programs: 2 Underperforming Programs: 3",
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      "text": "First Four Cohorts Scorecard: Successful Programs: 10 Underperforming Programs: 8",
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      "text": "The 2015 Cohort Scorecard: Successful programs: 2 Underperforming Programs: 3",
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      "text": "Eight of the 14 programs (57%) launched are underperforming 2U's “steady state program guidance”.",
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      "text": "program revenue: 57%",
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      "text": "The original four programs (pre-2013 cohort) have been a success. In the following three years (2013 – 2015), 2U launched 14 more programs. Eight of the 14 programs (57%) launched are underperforming 2U’s “steady state program guidance”.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "text": "Historical Revenue Estimates Per Graduate Program for all Programs Launched from 2009 to 2015",
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      "text": "Historical Estimates of Program Performance Shows Significant Underperformance",
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