2U(US:TWOU)2023-11-10 02:06Financial Performance - Revenue for Q3 2023 was $229.7 million [4], while net loss was $47.4 million [4] - Adjusted EBITDA for Q3 2023 was $28.6 million, representing a 12% margin [4] - The company's outlook for 2023 includes revenue between $965 million and $990 million, a net loss between $240 million and $250 million, and adjusted EBITDA between $165 million and $175 million [9] - Adjusted unlevered free cash flow for the trailing twelve months ending Q3 2023 was $31.9 million [11] Segment Performance - Degree Program revenue for Q3 2023 was $137.6 million [6], with an adjusted EBITDA margin of 32% [6] - Alternative Credential revenue for Q3 2023 was $92.1 million [6], with an adjusted EBITDA margin of -16% [6] Costs and Expenses - Total costs and expenses (excluding depreciation & amortization and stock-based compensation) for Q3 2023 were $216.9 million [16, 23] - Marketing and sales expenses accounted for 38% of revenue in Q3 2023 [23] - Impairment charges were $79.5 million in Q3 2022, but $0 in Q3 2023 [6, 23] Strategic Initiatives - The company is focused on executing its platform strategy to improve operating efficiency and enhance value to learners and partners [27] - The company launched 159 new edX courses from 49 unique institutions [38] - A generative AI-powered learning assistant, edX Xpert, is being rolled out across all boot camps [38]