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  "documentTitle": "2U, Inc. (TWOU)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-19 00:00:00",
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  "notes": "The slide uses a table to contrast the cost structures of two different business models in the OPM space.",
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      "text": "The \"fee-for-service\" delivers a customized offering to a university for their online program at significant reduction in cost. In our illustration, the university keeps an additional 26% of their tuition.",
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      "text": "The “fee-for-service” delivers a customized offering to a university for their online program at significant reduction in cost. In our illustration, the university keeps an additional 26% of their tuition.",
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      "text": "Surplus to University: 47.9%",
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      "kind": "paragraph",
      "text": "As the OPM model (% of Tuition) has garnered success over the last decade, a new paradigm of competition (fee-for-service) is in the beginning stages of disrupting the traditional OPM landscape.",
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      "kind": "source-note",
      "text": "Source: Company Filings, Noodle-partners.com (1) 2U's 60% take-rate includes Marketing and Sales, Servicing and Support, Tech and Content Development, and G&A (2) Each of the line items in Noodle's service offering represent fees passed through from individual vendors",
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      "text": "Estimated Costs Between OPM and Fee-For-Service Disruptors",
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      "kind": "title",
      "text": "The Fallacy of Steady State Revenues: Disruptors Are Making Significant Progress",
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