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  "documentTitle": "2U, Inc. (TWOU)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-19 00:00:00",
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  "slideType": "appendix_methodology",
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  "notes": "Includes two primary tables: Top 15 programs by enrollment and 2017 revenue estimates by program, plus a summary table of revenues by school.",
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      "text": "To estimate 2017 revenues per program, we used the following data and estimates: 2017 revenues by school disclosed in company filings, 2017 top 15 programs by new student enrollment, Tuition data, UNC enrollment data.",
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      "text": "To estimate 2017 revenues per program, we used the following data and estimates: 2017 revenues by school disclosed in company filings, 2017 top 15 programs by new student enrollment, Tuition data (credits to complete degree and cost per credit) obtained on schools websites where available, UNC enrollment data (from FOIA request).",
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      "text": "Source: Company Filings and Spruce Point Estimates (1) Top 15 programs were disclosed in the 4Q17 company presentation on 2/26/18 (2) Top 7 programs were each above 500 new student enrollments (3) Obtained via UNC FOIA request.",
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