{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 50,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "Uses a 'before-after' style framing to contrast corporate claims with empirical data.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-75b90dee081f/31",
  "deckHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.52,
        "y": 0.73
      },
      "kind": "callout",
      "text": "Our estimates illustrate the opposite -- 2U is likely earning 70% more than Simmons (currently 2Us second largest client)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89fd805b-b6a3-4ded-85c0-81435bcd36e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.03,
        "y": 0.73
      },
      "kind": "callout",
      "text": "2U states that economics for a steady state program yield more cash flow to the university than to 2U",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4589add-8b28-4423-be9c-98f05b04a58f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 67.4%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8dad-f164b8a42175",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "2U tells investors and faculty administrators that a program partnership will net more cash flow to the university than to 2U. Our research suggests the opposite is true.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7711d5bd-1817-4ddc-9a6a-a4408c9eda76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.03,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Source: Company Filings, simmons.edu, and Spruce Point Estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cb3ea17-d152-49ed-b6a3-a65d45850c0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.38
      },
      "kind": "table",
      "text": "Simmons College Financials table showing revenue split and EBITDA margins for 2U vs University.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "680aabfe-6240-431f-80b9-c296bd47a6fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "2Us Most Successful Programs Will Be Difficult to Replicate: Case Study – Simmons College",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1884c99d-a2c7-4185-ba73-580e718e44db",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "b09b1d93-f9b2-404b-88fd-7cb3c043f895",
      "evidence": "Direct comparison of company claims vs actual financial data",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 35,
      "from": 26,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "514bcf07-e718-4bb7-bc5c-bfb12df1efaf",
      "evidence": "The document provides evidence to support the hypothesis that 2U's valuation is unsustainable",
      "position": 2,
      "objective": "to test the hypothesis that 2U's valuation is unsustainable",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.7,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}