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  "documentTitle": "2U, Inc. (TWOU)",
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      "text": "Commoditization of program verticals that have larger markets will lead to lower tuition rates. We are already seeing plenty of evidence of tuition compression in the MBA Vertical, which is the most important vertical to 2U with at least 5 new MBA programs launching in 2018 and 2019",
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      "text": "Disruption and innovation in the distance learning market will lead to lower take-rates. Further, the commoditization of program verticals that have larger markets are now causing lower tuition rates.",
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      "text": "Note: To hit 2U's EBITDA range requires 480 students, not the 300 depicted by management",
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      "text": "Source: Company Filings and Spruce Point Estimates",
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