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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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      "text": "2U's current valuation implies that investors are paying +$3.5B for their future prospects. We believe the NPV value of their future prospects could be less than $1B",
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      "text": "Imputed Value: $3,504.7",
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      "text": "We have assembled a sum-of-parts analysis where we separately value the mature vintages (inception to 2015), new vintages (2016 – 2017), 2U's recent Short Course Segment Acquisition (GetSmarter), and the federal NOL.",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "text": "Summary -- Sum of Parts Valuation table showing Market Cap bridge.",
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