Financial Highlights and Margin Progression
Non-GAAP Costs and Expenses Excluding Depreciation and Amortization
(in $ millions)
Revenue
Costs and expenses (excluding D&A and SBC)
Q2 2022
Q1 2022
Q4 2021
Q3 2021
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
$ 241.5
$ 253.3
$ 243.6
$ 232.4
$237.2
$ 232.5
$215.3
$ 201.1
$182.7
Curriculum and teaching cost
Servicing and support
Technology and content development
Marketing and sales
32.1
33.2
32.0
30.8
34.8
33.1
31.1
30.1
26.2
32.0
34.2
32.2
29.3
30.1
28.5
28.5
28.4
25.9
22.0
24.7
25.8
19.7
19.3
21.2
21.6
19.6
16.3
105.8
118.6
103.7
111.9
108.2
106.9
86.1
93.6
91.9
General and administrative
27.0
35.3
44.3
27.6
29.4
29.4
31.3
26.7
26.2
Restructuring
16.8
0.8
1.3
5.4
1.3
0.5
3.7
2.7
0.2
Impairment charge
58.8
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
Costs and expenses (% of revenue)
Curriculum and teaching cost
Servicing and support
Technology and content development
Marketing and sales
General and administrative
Restructuring
Impairment charge
2U
20
13%
13%
13%
13%
15%
14%
14%
15%
14%
13%
14%
13%
13%
13%
12%
13%
14%
14%
9%
10%
11%
8%
8%
9%
10%
10%
9%
44%
47%
43%
48%
46%
46%
40%
47%
50%
11%
14%
18%
12%
12%
13%
15%
13%
14%
7%
0%
1%
2%
1%
0%
2%
1%
0%
0%
23%
0%
0%
0%
0%
0%
0%
0%
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