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  "notes": "Uses a historical stock chart to validate the thesis by showing the decline of 2U after Spruce Point's report.",
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      "text": "Spruce Point believes that the circumstances facing Premier are very similar: while the sell side believes that Premier’s above-market shareback rates can last indefinitely into the future, Spruce Point finds evidence that near-term catalysts could force Company economics back in-line with the rest of the market.",
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      "text": "2U take rate under heavy pressure with intensifying competition; Margin pressure with continued shift towards short-course programs; Sell side inappropriately modeling 2U economics as though historical margins were sustainable",
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      "text": "Spruce Point believes that the circumstances facing Premier are extremely similar to those faced by education technology provider 2U (NASDAQ: TWOU) through 2018-19...",
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      "text": "\"...we're adjusting our executional model against the dynamic of this mainstreaming of online education in a way that meets this new market dynamic. Competition for students has increased. Programs will be slightly smaller than they were in the past.\"",
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      "text": "“...we’re adjusting our executional model against the dynamic of this mainstreaming of online education in a way that meets this new market dynamic. Competition for students has increased. Programs will be slightly smaller than they were in the past.” — TWOU CEO, July 2019 Q2 Earnings Call",
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      "text": "Case Study: Premier Closely Mirrors Spruce Point's Successful Call On 2U",
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