Financial Highlights and Margin Progression
Reconciliation of Non-GAAP Cost and Expenses to Loss from Operations
(in $ millions)
Revenue
$ 241.5 $253.3
243.6
232.4
$237.2
$ 232.5
$ 215.3
$201.1
$182.7
Total costs and expenses (excluding D&A and SBC)
235.7
305.6
239.3
224.7
223.1
219.6
202.3
201.1
186.7
Depreciation and amortization
Curriculum and teaching cost
Servicing and support
Technology and content development
Marketing and sales
0.7
0.7
0.7
0.7
0.8
0.8
0.9
0.7
0.8
21.0
22.5
22.6
20.1
20.1
18.5
18.5
17.6
18.0
8.8
10.3
4.5
4.6
4.7
4.8
4.9
4.9
4.6
0.9
0.9
3.1
0.7
0.7
0.9
0.7
0.7
0.6
General and administrative
Restructuring
Impairment charge
Total depreciation and amortization
31.4
34.4
30.9
26.1
26.3
25.0
25.0
23.9
24.0
Stock-based compensation
Curriculum and teaching cost
Servicing and support
4.3
4.4
3.7
3.9
4.0
3.8
3.1
3.4
3.6
Technology and content development
2.6
3.9
2.1
3.3
3.1
3.3
2.8
3.1
2.9
Marketing and sales
1.7
2.1
1.7
1.8
1.7
1.5
1.5
1.6
1.9
General and administrative
13.6
14.0
15.5
16.0
16.0
16.3
10.6
13.9
12.6
Restructuring
Impairment charge
Total stock-based compensation
22.2
24.4
23.0
25.0
24.8
24.9
18.0
22.0
21.0
Loss from operations
$ (47.8)
(111.1)
(49.6)
(43.4)
$ (37.0)
$ (37.0)
$ (30.0)
$(45.9)
(49.0)
2U
20
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