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  "docSlug": "664272f4012c",
  "documentTitle": "2U, Inc. (TWOU)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-19 00:00:00",
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  "notes": "The slide uses a piggy bank icon to visually reinforce the 'insider enrichment' narrative.",
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      "text": "2U was founded in 2008. In over a decade since its founding, there is no evidence it has built a business of any value. Cumulative free cash flow since reporting in 2011 amounts to a loss of $225m. Over the same time periods, insiders have stashed in their piggy banks $148m from stock sales. Who is laughing to the bank? Now ask yourself, does 2U look like a vehicle to enrich insiders or investors?",
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      "text": "Cumulative Free Cash Flow: $224.7m",
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      "text": "2U was founded in 2008. In over a decade since its founding, there is no evidence it has built a business of any value. Cumulative free cash flow since reporting in 2011 amounts to a loss of $225m. Over the same time periods, insiders have stashed in their piggy banks $148m from stock sales. Who is laughing to the bank? Now ask yourself, does 2U look like a vehicle to enrich insiders or investors?",
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      "text": "Source: Public info and TWOU filings (1) Insider sales for 2018 are YTD. Includes management and Directors",
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      "text": "2U Financial Summary table showing Sales, Adj EBITDA, Cash from Ops, Capex, Intangibles, Adj. Free Cash Flow, and Insider Sales from 2011-Q1'18.",
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      "text": "2U Looks Like A Vehicle To Enrich Insiders, While Destroying Value For Shareholders",
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