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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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  "pageNumber": 45,
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  "notes": "Includes specific methodology notes regarding 2U's MD&A disclosures and cohort revenue imputation.",
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      "kind": "callout",
      "text": "Before estimating revenues at the program level, we first created a historical revenue model from 2011 to 2015 using 2U's MD&A disclosure in the 2015 10K.",
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      "text": "Source: Company Filings and Spruce Point Estimates",
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      "text": "Revenues by Program Methodology table",
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