{
  "docId": "019dd923-622c-750b-8b98-75b90dee081f",
  "docSlug": "664272f4012c",
  "documentTitle": "2U, Inc. (TWOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 15,
  "pageCount": 50,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 28,
  "notes": "The slide uses red text to highlight the specific programs that are the focus of the argument.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-75b90dee081f/15",
  "deckHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We estimate that four of 2U’s top seven programs (shown in red) enrollment trends may be experiencing flat or declining enrollment trends.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7ae-c552289643cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "We estimate that four of 2U's top seven programs (shown in red) enrollment trends may be experiencing flat or declining enrollment trends.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0af3c049-dbeb-4e81-a0b9-f2eb48726a24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.05,
        "y": 0.84
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6048f357-7b47-4ff3-9d87-2a4d89eb3a5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "table",
      "text": "Table listing University, Program, Launch Date, and Comment for seven programs.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52ecf96f-5566-4d12-be4a-32d020811c2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "Four of The Top Seven Programs Are Seeing A Decline In Student Enrollment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc9a6d1f-e87c-475a-aecf-c693bd6f4ebc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 25,
      "from": 7,
      "beatId": "bb1cafab-e197-45e0-897b-61d037bc2665",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document highlights several issues with 2U's financials, competitive position, and business model, making the problem worse",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 25,
      "from": 7,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "453b9acd-74b2-49dd-8a56-3d4a3818ce30",
      "evidence": "The document provides a detailed breakdown of 2U's financials and competitive position, highlighting several issues",
      "position": 1,
      "objective": "to break down 2U's financials and competitive position",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}