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  "documentTitle": "2U, Inc. (TWOU)",
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  "notes": "The slide uses an 'imputed consensus model' to break down revenue expectations, contrasting them with historical performance data.",
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      "kind": "callout",
      "text": "Graduate Segment Model detail on the following page",
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      "text": "We believe this revenue model serves as a proxy for Wall Street's current revenue expectations. It also illustrates that the Street is expecting near flawless execution of ~84 program launches between 2016 and 2021.",
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      "text": "revenue: $947.0",
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      "text": "We believe this revenue model serves as a proxy for Wall Street's current revenue expectations. It also illustrates that the Street is expecting near flawless execution of ~84 program launches between 2016 and 2021. As we illustrated earlier, 57% of the programs launched between 2013 and 2015 are underperforming.",
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      "text": "Source: Bloomberg, CapitalIQ, Company Filings and Spruce Point Estimates",
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      "text": "Revenue Model Summary table showing Graduate Program Segment, Short Course Segment, and Total Revenue projections vs Consensus.",
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      "text": "Consensus Revenue Estimates Assume \"More Than\" Perfection – Imputed Consensus Model",
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