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  "documentTitle": "2U, Inc. (TWOU)",
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      "text": "The Fallacy of 2U's Steady State Program Revenues:",
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      "text": "We find that Noodle, along with other disruptive competitors, can deliver a comparable model at half the cost to the university.",
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      "text": "Steady State Revenues For Future Programs Will Be Lower Than Predecessors Mainly Due To Lower Tuition Take-Rates. Competitive pressures along with greater university acceptance of distance learning is already leading to lower tuition take-rates from service providers.",
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      "text": "Steady State Revenues For Future Programs Will Be Lower Than Predecessors As Newer Programs In The Same Verticals Have Lower Tuition Rates: Steady state performance for mature programs need to be reduced from the $16m that 2U guides investors to.",
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