{
  "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": 39,
  "pageCount": 50,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 80,
  "notes": "The slide uses a table to break down revenue by cohort year, highlighting the aggressive growth assumptions for newer cohorts compared to mature ones.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-75b90dee081f/39",
  "deckHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-75b90dee081f#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.16,
        "x": 0.81,
        "y": 0.0055
      },
      "kind": "callout",
      "text": "Current Consensus expectations assumes flawless execution of 84 new programs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd23c597-24fc-485d-a5af-6f4c2ebe1669",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7b0-f5a1c4533867",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.14,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, CapitalIQ, Company Filings and Spruce Point Estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe47ea4d-6d68-4fcb-b041-6ccb82e55f69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.65,
        "x": 0.14,
        "y": 0.0017
      },
      "kind": "table",
      "text": "Graduate Segment Revenue Model Detail table showing revenue, y/y change, and avg/program for cohorts 2013-2021",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e46af8ff-71e6-4ef5-bc39-4cec21461671",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Consensus Revenue Estimates Assume \"More Than\" Perfection – Imputed Consensus Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b44904a1-9552-428a-86d2-fc34cd596b37",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "cc819826-f0ad-43b3-90a6-62f0c41169d4",
      "evidence": "The slide explicitly argues that consensus estimates are based on unrealistic assumptions ('more than perfection') to expose a potential overvaluation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 43,
      "from": 36,
      "beatId": "addf7568-0835-4988-835c-75a22c5b8f15",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution to the problem by arguing that 2U's valuation is unsustainable and that shorting the stock is a viable option",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 43,
      "from": 36,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "0c43b3e0-b384-4ed7-9517-c9fcd9f1bf87",
      "evidence": "The document highlights the potential downside risk of 2U's stock and the benefits of shorting it",
      "position": 0,
      "objective": "to highlight the risks of not shorting 2U",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}