{
  "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",
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  "pageNumber": 17,
  "pageCount": 50,
  "prevPage": 16,
  "nextPage": 18,
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  "density": "dense",
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  "notes": "Uses a comparison of two text blocks to highlight a change in corporate strategy language.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-75b90dee081f/17",
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      "kind": "callout",
      "text": "Note added language for most recent capital raise includes a range of acquisition possibilities. We assume an attorney deliberately chose those words.",
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    {
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      "kind": "callout",
      "text": "We assume an attorney deliberately chose those words. We believe this language may be an early indication that 2U's executive team sees greater risks to its graduate business segment",
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      "kind": "paragraph",
      "text": "2U's recent equity raise at the end of May 2018 may indicate that organic growth is set to slow, and it needs more acquisitions to plug the hole. Look at the change in the “Use of Proceeds” between the equity raise in Sep ’17 vs. May ’18.",
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      "kind": "source-note",
      "text": "Source: Company Press Releases (5/22/18, 9/6/17)",
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      "kind": "table",
      "text": "Date: 9/6/17; Shares: 4.2M; Price: $49.00; Use of Proceeds: The proceeds of the offering will be used by the Company for general corporate purposes...",
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      "kind": "table",
      "text": "Date: 5/22/18; Shares: 3.83M; Price: $90.00; Use of Proceeds: ...including expenditures for program and short course marketing... as well as the strategic acquisition of, or investment in, complementary products, technologies, solutions or businesses.",
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      "kind": "title",
      "text": "Recent Capital Raise Likely Indicates That Growth Profile of The Core Business Is Weakening",
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      "evidence": "Comparing two 'Use of Proceeds' statements to highlight a shift in strategy.",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
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      "evidence": "The document highlights several issues with 2U's financials, competitive position, and business model, making the problem worse",
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      "parentBeatName": "Development",
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      "evidence": "The document provides a detailed breakdown of 2U's financials and competitive position, highlighting several issues",
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      "objective": "to break down 2U's financials and competitive position",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
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