2U, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
| | Year Ended December 31, | Six Months Ended June 30, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2015 | 2016 | 2017 | 2017 | 2018 | |||||||||||
| | (in thousands) | |||||||||||||||
Fixed charges: | ||||||||||||||||
Interest expense related to indebtedness | $ | 271 | $ | — | $ | 87 | $ | 1 | $ | 54 | ||||||
Estimated interest component of rental expense(1) | 1,118 | 1,879 | 2,817 | 1,142 | 1,439 | |||||||||||
Amortization of capitalized expenses related to indebtedness | 282 | 35 | — | — | — | |||||||||||
Capitalized interest expense | — | — | — | — | — | |||||||||||
Preferred stock dividends | — | — | — | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Total fixed charges | $ | 1,671 | $ | 1,914 | $ | 2,904 | $ | 1,143 | $ | 1,493 | ||||||
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Earnings (loss): | ||||||||||||||||
Loss before income taxes | (26,733 | ) | (20,684 | ) | (30,720 | ) | (15,193 | ) | (38,011 | ) | ||||||
Add: fixed charges per above | 1,671 | 1,914 | 2,904 | 1,143 | 1,493 | |||||||||||
Less: capitalized interest expense | — | — | — | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Total loss | $ | (25,062 | ) | $ | (18,770 | ) | $ | (27,816 | ) | $ | (14,050 | ) | $ | (36,518 | ) | |
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Ratio of earnings to fixed charges | N/A | N/A | N/A | N/A | N/A | |||||||||||
Deficiency of earnings available to cover fixed charges | $ | (26,733 | ) | $ | (20,684 | ) | $ | (30,720 | ) | $ | (15,193 | ) | $ | (38,011 | ) | |
