Financial Highlights and Margin Progression
Unlevered Free Cash Flow Reconciliation.
(in $ millions on a trailing twelve-month basis)
2U
20
Twelve Months Ended
2Q'20
3Q'20
4Q'20
1Q'21
2Q'21
3Q'21
4Q'21
1Q'22
2Q'22
Net cash provided by (used in) operating activities
$(10.7)
$26.8
$29.6
$47.1
$34.1
$33.3
$(18.1)
$(25.7)
$12.8
Additions to amortizable intangible assets
(65.0)
(60.7)
(62.8)
(61.2)
(60.2)
(61.2)
(60.5)
(63.8)
(65.5)
Purchase of property and equipment
(9.5)
(7.6)
(6.5)
(4.9)
(4.7)
(6.4)
(9.8)
(10.7)
(12.6)
Payments on acquisition of amortizable intangible
(0.9)
(0.9)
assets
Payments to university clients
7.5
4.1
5.8
6.6
8.6
8.8
6.8
7.1
7.0
Non-ordinary cash payments*
17.9
17.1
19.4
15.5
15.7
11.2
22.2
23.9
25.2
Free cash flow
(60.7)
(21.2)
(14.5)
3.1
(6.5)
(14.3)
(59.4)
(69.2)
(33.1)
Cash interest payments on debt
16.5
11.3
10.8
5.9
9.0
9.1
25.5
35.1
44.6
Unlevered free cash flow
$(44.2)
$(9.9)
$(3.7)
$9.0
$2.5
$(5.2)
$(33.9)
$(34.1)
$11.5
*Includes transaction, integration, restructuring-related, stockholder activism, and litigation-related expense.
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