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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 combination of financial tables and qualitative callouts to debunk the scalability of 2U's business model.",
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      "kind": "callout",
      "text": "We believe that 2U's take-rate which has averaged 68% since inception with Simmons is amongst the highest for all of 2Us Partners.",
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      "kind": "callout",
      "text": "As shown to the left, the USC Masters in Social Work has been an extraordinary success for 2U. Further, Georgetown Nursing is one of the best nursing programs in the nation. 2U had very good data from these initial programs...",
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      "text": "2U Implied Take Rate: 67.4%",
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      "text": "Simmons College has multiple program partnerships with 2U. Currently, new student enrollment for Simmons College Masters in Nursing and Masters in Social Work represent the #2 and #3 ranked “new enrollment” programs for 2017 for all of 2U.",
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      "text": "Source: Simmons Financials (Simmons FY15, Simmons FY16, Simmons FY17)",
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      "text": "Simmons College Financials table showing revenue, partner share, and implied take rate from 2014-2017.",
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      "text": "Social Work and Nursing program performance tables showing revenue and enrollment rankings.",
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      "kind": "title",
      "text": "2Us Most Successful Programs Will Be Difficult to Replicate: Case Study – Simmons College",
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