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  "documentTitle": "2U, Inc. (TWOU)",
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  "presentationDate": "2018-07-19 00:00:00",
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  "notes": "Uses callout boxes to annotate tables and highlight the cessation of specific metrics in 2016.",
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      "kind": "callout",
      "text": "What investor would not find value in continuing to monitor this metric. We liken this to a retail store no longer reporting SSS because the metric was swayed too much by mature stores",
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      "kind": "callout",
      "text": "The Platform Revenue Retention Rate should have included 13 programs (not 12). Was the omission an underperforming program? Was 2U cherry picking programs to include in this ratio?",
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      "kind": "callout",
      "text": "We are always wary of companies that reduce disclosures, or refocus investors on different key operating metrics.",
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      "kind": "callout",
      "text": "2U likely stopped disclosing revenue per cohort in 2016 because they did not want investors to be able to point to underperforming programs",
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      "kind": "callout",
      "text": "This implies that some programs have had declines year-over-year, but the \"materiality threshold\" is based on aggregate revenues",
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      "kind": "callout",
      "text": "2U likely stopped disclosing revenue per cohort in 2016 because they did not want investors to be able to point to underperforming programs.",
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      "text": "Platform Revenue Retention Rate",
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      "kind": "paragraph",
      "text": "As we will show on this and following pages, 2U's disclosure began to change after 2015. We believe the disclosure changes were a deceptive move by management to avoid the recognition of underperforming programs.",
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      "kind": "quote",
      "text": "In the 3Q17 10Q, 2U disclosed that they would stop reporting Platform Revenue Retention: \"Platform Revenue Retention Rate\" Beginning with this Quarterly Report on Form 10-Q, we have ceased using platform revenue retention rate to evaluate the success of our growth strategy...",
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      "text": "Beginning with this Quarterly Report on Form 10-Q, we have ceased using platform revenue retention rate to evaluate the success of our growth strategy... we have determined that platform revenue retention rate currently provides little to no value in evaluating our business and is not expected to provide value in the future. — 2U, Inc. 3Q17 10Q",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "text": "Cohort Attribution from MD&A and Platform Revenue Retention Rate tables",
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      "text": "2U Is Becoming Less Transparent With Its Business And Financial Disclosures",
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