2U (TWOUQ) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36376
Entity Registrant Name	2U, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2335939
Entity Address, Address Line One	7900 Harkins Road
Entity Address, City or Town	Lanham,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20706
City Area Code	301
Local Phone Number	892-4350
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	TWOU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,334,891
Entity Central Index Key	0001459417
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 218,723	$ 449,772
Restricted cash	14,761	0
Investments	0	25,000
Accounts receivable, net	71,578	32,636
Prepaid expenses and other assets	43,136	14,272
Total current assets	348,198	521,680
Property and equipment, net	57,464	52,299
Right-of-use assets	36,463	0
Goodwill	488,747	61,852
Amortizable intangible assets, net	339,269	136,605
University payments and other assets, non-current	61,606	34,918
Total assets	1,331,747	807,354
Current liabilities
Accounts payable and accrued expenses	66,468	27,647
Accrued compensation and related benefits	21,472	23,001
Deferred revenue	54,600	8,345
Lease liability	6,277	0
Other current liabilities	10,329	9,487
Total current liabilities	159,146	68,480
Long-term debt	245,451	3,500
Deferred tax liabilities, net	6,440	6,949
Lease liability, non-current	58,924	0
Other liabilities, non-current	737	23,416
Total liabilities	470,698	102,345
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized, 63,231,376 shares issued and outstanding as of June 30, 2019; 57,968,493 shares issued and outstanding as of December 31, 2018	63	58
Additional paid-in capital	1,161,321	957,631
Accumulated deficit	(293,692)	(244,166)
Accumulated other comprehensive loss	(6,643)	(8,514)
Total stockholders’ equity	861,049	705,009
Total liabilities and stockholders’ equity	$ 1,331,747	$ 807,354

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	63,231,376	57,968,493
Common stock, outstanding (in shares)	63,231,376	57,968,493

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 135,461	$ 97,423	$ 257,695	$ 189,711
Costs and expenses
Curriculum and teaching	13,308	6,007	20,009	10,314
Servicing and support	23,993	17,297	44,167	32,530
Technology and content development	26,043	15,235	45,837	29,075
Marketing and sales	89,749	58,376	166,710	111,434
General and administrative	28,408	22,480	51,431	44,349
Total costs and expenses	181,501	119,395	328,154	227,702
Loss from operations	(46,040)	(21,972)	(70,459)	(37,991)
Interest income	1,814	912	4,163	1,254
Interest expense	(2,424)	(27)	(2,479)	(54)
Other expense, net	(13)	(825)	(383)	(1,220)
Loss before income taxes	(46,663)	(21,912)	(69,158)	(38,011)
Income tax benefit	18,691	3,565	19,632	4,793
Net loss	$ (27,972)	$ (18,347)	$ (49,526)	$ (33,218)
Net loss per share, basic and diluted (in dollars per share)	$ (0.46)	$ (0.33)	$ (0.83)	$ (0.62)
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	60,516,662	54,981,192	59,334,246	53,840,582
Other comprehensive loss
Foreign currency translation adjustments, net of tax of $0 for all periods presented	$ 2,243	$ (14,178)	$ 1,871	$ (9,546)
Comprehensive loss	$ (25,729)	$ (32,525)	$ (47,655)	$ (42,764)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other comprehensive loss
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2017	$ 387,832	$ 53	$ 588,289	$ (205,836)	$ 5,326
Beginning balance (in shares) at Dec. 31, 2017		52,505,856
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	2,120		2,120
Exercise of stock options (in shares)		186,049
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(1,002)	$ 0	(1,002)
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		154,111
Stock-based compensation expense	7,122		7,122
Net loss	(14,871)			(14,871)
Foreign currency translation adjustment	4,632				4,632
Ending balance at Mar. 31, 2018	385,833	$ 53	596,529	(220,707)	9,958
Ending balance (in shares) at Mar. 31, 2018		52,846,016
Beginning balance at Dec. 31, 2017	387,832	$ 53	588,289	(205,836)	5,326
Beginning balance (in shares) at Dec. 31, 2017		52,505,856
Increase (Decrease) in Stockholders' Equity
Net loss	(33,218)
Foreign currency translation adjustment	(9,546)
Ending balance at Jun. 30, 2018	693,447	$ 57	936,664	(239,054)	(4,220)
Ending balance (in shares) at Jun. 30, 2018		57,315,585
Beginning balance at Mar. 31, 2018	385,833	$ 53	596,529	(220,707)	9,958
Beginning balance (in shares) at Mar. 31, 2018		52,846,016
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	2,673		2,673
Exercise of stock options (in shares)		315,482
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(2,405)	$ 0	(2,405)
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		320,753
Shares issued	$ 330,862	$ 4	330,858
Shares issued (in shares)	3,833,334
Stock-based compensation expense	$ 9,009		9,009
Net loss	(18,347)			(18,347)
Foreign currency translation adjustment	(14,178)				(14,178)
Ending balance at Jun. 30, 2018	693,447	$ 57	936,664	(239,054)	(4,220)
Ending balance (in shares) at Jun. 30, 2018		57,315,585
Beginning balance at Dec. 31, 2018	$ 705,009	$ 58	957,631	(244,166)	(8,514)
Beginning balance (in shares) at Dec. 31, 2018	57,968,493	57,968,493
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	$ 1,928		1,928
Exercise of stock options (in shares)		211,506
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	0	$ 0	0
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		9,319
Stock-based compensation expense	9,584		9,584
Net loss	(21,554)			(21,554)
Foreign currency translation adjustment	(372)				(372)
Ending balance at Mar. 31, 2019	694,595	$ 58	969,143	(265,720)	(8,886)
Ending balance (in shares) at Mar. 31, 2019		58,189,318
Beginning balance at Dec. 31, 2018	$ 705,009	$ 58	957,631	(244,166)	(8,514)
Beginning balance (in shares) at Dec. 31, 2018	57,968,493	57,968,493
Increase (Decrease) in Stockholders' Equity
Net loss	$ (49,526)
Foreign currency translation adjustment	1,871
Ending balance at Jun. 30, 2019	$ 861,049	$ 63	1,161,321	(293,692)	(6,643)
Ending balance (in shares) at Jun. 30, 2019	63,231,376	63,231,376
Beginning balance at Mar. 31, 2019	$ 694,595	$ 58	969,143	(265,720)	(8,886)
Beginning balance (in shares) at Mar. 31, 2019		58,189,318
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	452		452
Exercise of stock options (in shares)		85,539
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(2,558)	$ 0	(2,558)
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		348,418
Shares issued	$ 184,322	$ 5	184,317
Shares issued (in shares)	4,608,101
Stock-based compensation expense	$ 9,967		9,967
Net loss	(27,972)			(27,972)
Foreign currency translation adjustment	2,243				2,243
Ending balance at Jun. 30, 2019	$ 861,049	$ 63	$ 1,161,321	$ (293,692)	$ (6,643)
Ending balance (in shares) at Jun. 30, 2019	63,231,376	63,231,376

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net loss	$ (49,526)	$ (33,218)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	24,351	14,783
Stock-based compensation expense	19,551	16,131
Non-cash lease expense	5,264	0
Bad debt expense	993	0
Changes in operating assets and liabilities:
Accounts receivable, net	(25,548)	(35,932)
Payments to university clients	(20,060)	(8,923)
Prepaid expenses and other assets	(8,796)	(3,705)
Accounts payable and accrued expenses	18,081	10,207
Accrued compensation and related benefits	(5,964)	(1,998)
Deferred revenue	15,849	24,086
Other liabilities, net	(23,056)	(2,854)
Other	912	1,221
Net cash used in operating activities	(47,949)	(20,202)
Cash flows from investing activities
Purchase of a business, net of cash acquired	(387,815)	0
Additions of amortizable intangible assets	(32,430)	(40,039)
Purchases of property and equipment	(8,139)	(5,124)
Purchase of equity interests	(5,000)	0
Proceeds from maturities of investments	25,000	0
Advances repaid by university clients	(100)	(100)
Advances made to university clients	200	0
Other	4	0
Net cash used in investing activities	(408,280)	(45,263)
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs	0	330,862
Proceeds from exercise of stock options	2,380	4,793
Proceeds from debt	243,726	0
Tax withholding payments associated with settlement of restricted stock units	(2,558)	(3,407)
Payments for acquisition of amortizable intangible assets	(1,283)	0
Payment of debt issuance costs	(1,953)	0
Net cash provided by financing activities	240,312	332,248
Effect of exchange rate changes on cash	(371)	(1,319)
Net (decrease) increase in cash, cash equivalents and restricted cash	(216,288)	265,464
Cash, cash equivalents and restricted cash, beginning of period	449,772	223,370
Cash, cash equivalents and restricted cash, end of period	$ 233,484	$ 488,834

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 2U, Inc. (together with its subsidiaries, the “Company”) is a leading education technology company that well-recognized nonprofit colleges and universities trust to bring them into the digital age. The Company’s comprehensive platform of tightly integrated technology and services provides the digital infrastructure universities need to attract, enroll, educate and support students at scale. With the Company’s platform, students can pursue their education anytime, anywhere, without quitting their jobs or moving; and university clients can improve educational outcomes, skills attainment and career prospects for a greater number of students. The Company has two reportable segments: the Graduate Program Segment and the Alternative Credential Segment (formerly known as the Short Course Segment). The Company’s Graduate Program Segment provides services to well-recognized nonprofit colleges and universities, primarily in the United States, to enable the online delivery of graduate programs. The Company’s Alternative Credential Segment provides short form non-degree offerings, such as premium online short courses and technical skills-based boot camps, to working professionals around the world through relationships with leading universities. In the first quarter of 2019, we elected to change the name of this segment from Short Course to Alternative Credential because we believe the name, Alternative Credential, more accurately describes this segment as we expand our offerings along the career curriculum continuum. Refer to Note 12 for further information about the Company’s segments. On May 22, 2019, the Company completed its acquisition of Trilogy, a workforce accelerator that prepares adult learners for high-growth careers in the digital economy. The acquisition will expand 2U’s university portfolio and deepen relationships across both 2U’s and Trilogy’s partners to make education more accessible for lifelong learners. The results of Trilogy’s operations are included in the Alternative Credential Segment. Refer to Note 3 for further information about the acquisition of Trilogy.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements, which include the assets, liabilities, results of operations and cash flows of the Company have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (“SEC”). As permitted under such rules, certain notes and other financial information normally required by U.S. GAAP have been condensed or omitted. The Company believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2019 and 2018 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2018 was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. The Company evaluates its estimates and assumptions on an ongoing basis. Restricted Cash The Company maintains restricted cash as collateral for standby letters of credit for the Company’s leased office facilities and in connection with the deferred government grant obligations. Investments The Company’s investments within current assets on the condensed consolidated balance sheets relate to certificates of deposit with original maturities between three months and one year. As of December 31, 2018 , the Company had a $25.0 million certificate of deposit included in investments that qualified as a Level 1 fair value measurement asset and was stated at cost, which approximated fair value. This certificate of deposit matured in the first quarter of 2019. Revenue Recognition The Company generates substantially all of its revenue from contractual arrangements, with either its university clients or students, to provide a comprehensive platform of tightly integrated technology and technology-enabled services that support its offerings. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Graduate Program Segment derives revenue primarily from contractually specified percentages of the amounts the Company’s university clients receive from their students in 2U-enabled graduate programs for tuition and fees, less credit card fees and other specified charges the Company has agreed to exclude in certain university contracts. The Company’s contracts with university clients in this segment typically have initial terms of 10 to 15 years and have a single performance obligation, as the promises to provide a platform of tightly integrated technology and services that university clients need to attract, enroll, educate and support students are not distinct within the context of the contracts. The single performance obligation is delivered as the university clients receive and consume benefits, which occurs ratably over a series of academic terms. The amounts received from university clients over the term of the arrangement are variable in nature in that they are dependent upon the number of students that are enrolled in the program within each academic term. These amounts are allocated to and are recognized ratably over the related academic term, defined as the period beginning on the first day of classes through the last. Revenue is recognized net of an allowance, which is established for the Company’s expected obligation to refund tuition and fees to university clients. The Alternative Credential Segment derives revenue primarily from contracts with students for the tuition and fees paid to enroll in, and progress through, the Company’s short courses and boot camps. The Company’s short courses run between six and 16 weeks, while boot camps run between 12 and 24 weeks. In this segment, the Company’s contracts with students include the delivery of the educational and related student support services and are treated as either a single performance obligation or multiple performance obligations, depending upon the offering being delivered. All performance obligations are satisfied ratably over the same presentation period, which is defined as the period beginning on the first day of the course through the last. The Company recognizes the gross proceeds received from the students enrolled and shares contractually specified amounts received from students with the associated university client, for providing items such as certification and content, as required. These amounts are recognized as curriculum and teaching costs on the Company’s condensed consolidated statements of operations and comprehensive loss. The Company’s contracts with university clients in this segment are typically shorter and less restrictive than the Company’s contracts with university clients in the Graduate Program Segment. Business Combinations The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s consolidated financial statements from the acquisition date. Equity Interests As of June 30, 2019 , the Company had a $5.0 million investment in an education technology company recorded within university payments and other assets, non-current on the condensed consolidated balance sheet. This investment does not have a readily determinable fair value, and is accounted for as a cost method investment, which is subject to fair value remeasurement upon the occurrence of an observable event. Marketing and Sales Costs The majority of the marketing and sales costs incurred by the Company are directly related to acquiring students for its university clients’ graduate programs, with lesser amounts related to acquiring students for its short courses and boot camps and marketing and advertising efforts related to the Company’s own brand. For the three and six months ended June 30, 2019 and 2018 , costs related to the Company’s marketing and advertising efforts of its own brand were not material. All such costs are expensed as incurred and reported in marketing and sales expense on the Company’s condensed consolidated statements of operations and comprehensive loss. As of June 30, 2019 and December 31, 2018 , the Company had $25.7 million and $10.3 million , respectively, of accrued marketing costs included in accounts payable and accrued expenses on its condensed consolidated balance sheets. Leases For the Company’s operating leases, an assessment is performed to determine if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the information necessary to determine the rate implicit in the Company’s leases is not readily available, the Company determines its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments made, less lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not have any finance leases for any periods presented. The Company has elected, as an accounting policy for its leases of real estate, to account for lease and non-lease components in a contract as a single lease component. In addition, the recognition requirements are not applied to leases with a term of 12 months or less. Rather, the lease payments for short-term leases are recognized on the condensed consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term. Variable payments that depend on an index or a rate are initially measured using the index or rate at the lease commencement date. Such variable payments are included in the total lease payments when measuring the lease liability and ROU asset. The Company will only remeasure variable payments that depend on an index or a rate when the Company is remeasuring the lease liability due to any of the following occurring: (i) the lease is modified and the modification is not accounted for as a separate contract, (ii) a contingency, upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, is resolved, (iii) there is a change in lease term, (iv) there is a change in the probability of exercising a purchase option or (v) there is a change in the amount probable of being owed under residual value guarantees. Until the lease liability is remeasured due to one of the aforementioned events, additional payments for an increase in the index or rate will be recognized in the period in which they are incurred. Variable payments that do not depend on an index or a rate are excluded from the measurement of the lease liability and recognized in the condensed consolidated statements of operations and comprehensive loss in the period in which the obligation for those payments is incurred. The Company will remeasure its lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed. Long-Lived Asset Additions During the six months ended June 30, 2019 , the Company had capital asset additions of $41.7 million in property and equipment and capitalized technology and content development, $1.2 million of which consisted of non-cash capital expenditures. Due to extended payment terms associated with the timing of cash capital expenditures made more than 90 days after the date of purchase, $1.3 million of these additions was classified as cash flows from financing activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2019 . During the six months ended June 30, 2018 , the Company had capital asset additions of $55.2 million in property and equipment and capitalized technology and content development, of which $10.0 million consisted of non-cash capital expenditures, primarily related to the acquisition of certain long-lived assets for which a liability was accrued. Debt Issuance Costs Debt issuance costs are incurred as a result of entering into certain borrowing transactions and are presented as a reduction from the carrying amount of the debt liability on the Company’s condensed consolidated balance sheets. Debt issuance costs are amortized over the term of the associated debt instrument. The amortization of debt issuance costs is included as a component of interest expense on the Company’s condensed consolidated statements of operations and comprehensive loss. If the Company extinguishes debt prior to the end of the underlying instrument’s full term, some or all of the unamortized debt issuance costs may need to be written off, and a loss on extinguishment may need to be recognized. Refer to Note 7 for further information about the Company’s debt. Recent Accounting Pronouncements In April 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU No. 2019-04 provides corrections, updates and clarifications to the previously issued updates of ASU No. 2016-01, ASU No. 2016-13 and ASU No. 2017-12. Various areas of the Accounting Standards Codification were impacted by the update. This standard follows the effective dates of the previously issued ASUs, unless an entity has already early adopted the previous ASUs, in which case the effective date will vary according to each specific ASU adoption. As the Company has adopted ASU No. 2016-01, the amendments related to ASU No. 2016-01 are effective for annual and interim periods in fiscal years beginning after December 15, 2019. As the Company has not yet adopted ASU No. 2016-13, the amendments related to ASU No. 2016-13 are effective for fiscal years beginning after December 15, 2019. Refer below for further discussion of ASU No. 2016-13. The Company is evaluating the impact that the amendments related to ASU Nos. 2016-13 and 2016-01 will have on its consolidated financial position and related disclosures. The amendments to ASU No. 2017-12 are not applicable to the Company. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which requires customers in cloud computing arrangements that are service contracts to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company early adopted this ASU on July 1, 2018 under the prospective method. As a result of adopting this standard, as of June 30, 2019 and December 31, 2018 , the Company had balances of $1.5 million and $0.4 million , respectively, of capitalized implementation costs incurred to integrate the software associated with its cloud computing arrangements, within university payments and other assets, non-current on the condensed consolidated balance sheets. Such capitalized costs are subject to amortization over the remaining contractual term of the associated cloud computing arrangement, with a useful life of between three to five years . The Company did not incur a material amount of such amortization for the three and six months ended June 30, 2019 . In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements , which clarifies and corrects unintended applications of guidance, and makes improvements to several Accounting Standards Codification topics. The applicable amendments in this ASU are effective for the Company in annual periods beginning after December 15, 2018. The Company adopted this ASU on January 1, 2019. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this ASU on January 1, 2019. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates step two from the goodwill impairment test and requires an entity to recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, up to the amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company early adopted this ASU on January 1, 2019. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Subsequently, the FASB has issued the following standards related to ASU No. 2016-13: ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief ; ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ; and ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses . ASU No. 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model, which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU No. 2016-13 also requires enhanced disclosures to help financial statement users better understand assumptions used in estimating expected credit losses. The amendments in these ASUs are effective for annual and interim periods in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact that the new guidance will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes ASC 840, Leases (Topic 840) . The ASU introduces a model for lessees requiring most leases to be reported on the balance sheet. The Company adopted this ASU and the related amendments on January 1, 2019 under the modified retrospective transition method, which resulted in no cumulative-effect adjustment to retained earnings. The Company’s financial results for periods ending after January 1, 2019 are presented in accordance with the requirements of Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with Topic 840. Upon adoption, the Company elected to not recognize ROU assets or lease liabilities for leases with a term of 12 months or less, as permitted by the short-term lease practical expedient. In transition, the Company also applied the package of practical expedients that permit entities to not reassess (i) whether expired or existing contracts contain a lease under the new standard, (ii) the lease classification for expired or existing leases, or (iii) whether previously capitalized initial direct costs would qualify for capitalization under the new standard. The Company also applied the practical expedient that permits a lessee to account for lease and non-lease components in a contract as a single lease component. In addition, the Company did not use hindsight during transition. Upon adoption, the Company recorded ROU assets of approximately $34 million , which have been reduced for accrued rent, and the remaining balance of any lease incentives upon transition, and also recorded corresponding current and non-current lease liabilities for its operating leases of approximately $5 million and $58 million , respectively, on the condensed consolidated balance sheets. Adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations and comprehensive loss, the condensed consolidated statements of changes in stockholders’ equity or the condensed consolidated statements of cash flows. Refer to Note 6 for more information about the Company’s lease-related obligations.

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Business Combination	Business Combination On May 22, 2019, the Company completed its acquisition of Trilogy pursuant to an Agreement and Plan of Merger and Reorganization, dated as of April 7, 2019 (the “Merger Agreement”), for a net purchase price of $607.6 million in cash and stock consideration. Under the terms of the Merger Agreement, the Company has issued restricted stock units for shares of its common stock, par value $0.001 per share, to certain employees and officers of Trilogy. These awards were issued pursuant to the Company’s 2014 Equity Incentive Plan, are subject to future service requirements and will primarily vest over an 18-month period. In addition, a portion of the purchase price held in escrow will be recognized as compensation expense as it is subject to future service requirements of certain key employees for an 18-month period. The net assets and results of operations of Trilogy are included in the Company’s condensed consolidated financial statements within the Alternative Credential Segment as of May 22, 2019. The following table reflects the Company’s provisional valuation of the assets acquired and liabilities assumed of Trilogy as of the date of the acquisition: Estimated Average Useful Life (in years) Purchase Price Allocation (in thousands) Cash and cash equivalents $ 35,509 Current assets 29,989 Property and equipment, net 2,417 Other non-current assets 6,291 Amortizable intangible assets: Developed technology 3 48,096 Developed content 4 48,050 University client relationships 10 84,150 Trade names and domain names 5 7,100 Goodwill 425,525 Current liabilities (57,055 ) Non-current liabilities (22,429 ) $ 607,643 The Company’s provisional valuation of the assets acquired and liabilities assumed is preliminary and the fair values recorded were based upon preliminary estimates, assumptions and other information compiled by management, and are subject to change (which could be significant) within the measurement period of up to one year from the acquisition date. As of June 30, 2019 , the Company is awaiting information to finalize the valuation, primarily related to the recording of intangible assets, the related deferred taxes and the final amount of residual goodwill. The goodwill balance is primarily attributed to the assembled workforce, expanded market opportunities and operating synergies anticipated upon the integration of the operations of 2U and Trilogy. The goodwill resulting from the acquisition is not expected to be tax deductible. The unaudited pro forma combined financial information below is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combination occurred as of the dates indicated or what the results would be for any future periods. The following table presents the Company’s unaudited pro forma combined revenue and pro forma combined net loss, for the three and six months ended June 30, 2019 and 2018 as if the acquisition of Trilogy had occurred on January 1, 2018: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands, except per share amounts) Pro forma revenue $ 157,865 $ 114,933 $ 311,174 $ 224,455 Pro forma net loss (52,805 ) (50,299 ) (110,169 ) (103,978 ) Pro forma net loss per share, basic and diluted $ (0.87 ) $ (0.91 ) $ (1.86 ) $ (1.93 )

Goodwill and Amortizable Intang

Goodwill and Amortizable Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Amortizable Intangible Assets	Goodwill and Amortizable Intangible Assets The table below summarizes the changes in the carrying amount of goodwill by reportable segment: Graduate Alternative Credential Segment Total (in thousands) Balance as of December 31, 2018 $ — $ 61,852 $ 61,852 Goodwill recognized in connection with business combination — 425,525 425,525 Foreign currency translation adjustments — 1,370 1,370 Balance as of June 30, 2019 $ — $ 488,747 $ 488,747 Amortizable intangible assets, net consisted of the following as of: June 30, 2019 December 31, 2018 Estimated Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Capitalized technology 3-5 $ 130,904 $ (24,148 ) $ 106,756 $ 68,291 $ (16,945 ) $ 51,346 Capitalized content development 4-5 146,530 (39,715 ) 106,815 79,725 (31,662 ) 48,063 University client relationships 9-10 110,283 (6,742 ) 103,541 25,616 (4,269 ) 21,347 Trade names and domain names 5-10 26,335 (4,178 ) 22,157 18,793 (2,944 ) 15,849 Total amortizable intangible assets, net $ 414,052 $ (74,783 ) $ 339,269 $ 192,425 $ (55,820 ) $ 136,605 The amounts presented in the table above include $41.0 million and $40.3 million of in process capitalized technology and content development as of June 30, 2019 and December 31, 2018 , respectively. Amortizable intangible assets recognized in connection with the acquisition of Trilogy consisted of developed technology of $48.1 million , developed content of $48.1 million , university client relationships of $84.2 million and trade names and domain names of $7.1 million , and are included in the balances presented in the table above as of June 30, 2019 . During 2018, the Company acquired certain third-party technologies to enhance the Company’s platform, which is referred to as the 2U Operating System, or 2UOS, for aggregate consideration of $9.5 million . As of June 30, 2019 , the Company has a remaining obligation to pay the seller $0.7 million by December 31, 2019. The Company recorded amortization expense related to amortizable intangible assets of $11.9 million and $5.5 million for the three months ended June 30, 2019 and 2018 , respectively. The Company recorded amortization expense related to amortizable intangible assets of $18.9 million and $10.7 million for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , the estimated future amortization expense for amortizable intangible assets placed in service is as follows (in thousands): Remainder of 2019 $ 34,686 2020 66,574 2021 60,942 2022 46,898 2023 29,140 Thereafter 59,986 Total $ 298,226

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies From time to time, the Company may become involved in legal proceedings or be subject to claims (e.g., related to regulatory, employment or indirect tax matters) in the ordinary course of its business. The Company is not presently involved in any legal proceeding or subject to claims that, if determined adversely to it, would individually or in the aggregate have a material adverse effect on its business, operating results, financial condition or cash flows. Accordingly, the Company does not believe that it is reasonably possible that a material loss exceeding amounts already recognized may have been incurred as of the date of the balance sheets presented herein. Marketing and Sales Commitments Certain of the agreements entered into between the Company and its university clients in the Graduate Program Segment require the Company to commit to meet certain staffing and spending investment thresholds related to marketing and sales activities. In addition, certain of the agreements in the Graduate Program Segment require the Company to invest up to agreed upon levels in marketing the programs to achieve specified program performance. The Company believes it is currently in compliance with all such commitments. Future Minimum Payments to University Clients Pursuant to certain of the Company’s contracts in the Graduate Program Segment, the Company has made, or is obligated to make, payments to university clients in exchange for contract extensions and various marketing and other rights. As of June 30, 2019 , the future minimum payments due to university clients has not materially changed relative to the amounts provided in the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . Contingent Payments The Company has entered into agreements with certain of its university clients in the Graduate Program Segment under which the Company would be obligated to make future minimum payments in the event that certain program metrics are not achieved on an annual basis. The Company recognizes any estimated contingent payments under these agreements as contra revenue over the period in which they relate, and records a liability in other current liabilities on the condensed consolidated balance sheets. As of June 30, 2019 , the Company had an obligation to make an additional investment in an education technology company of up to $10.0 million , upon demand by the investee.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases The Company leases office facilities under non-cancelable operating leases primarily in the United States, South Africa, the United Kingdom, Canada and Hong Kong. The Company’s operating leases have remaining lease terms of between one to 11 years , some of which include options to extend the leases for up to five years , and some of which include options to terminate the leases within one year . These options to extend the terms of the Company’s operating leases were not deemed to be reasonably certain of exercise as of lease commencement and are therefore not included in the determination of their respective non-cancelable lease terms. The future lease payments due under non-cancelable operating lease arrangements contain fixed rent increases over the term of the lease. The Company also leases office equipment under non-cancelable leases. The Company did not have any subleases as of June 30, 2019 . As of December 31, 2018 , the future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year were as follows (in thousands): 2019 $ 12,941 2020 14,020 2021 13,900 2022 13,633 2023 13,959 Thereafter 68,347 Total future minimum lease payments $ 136,800 The components of lease expense consisted of the following for the period presented: Three Months Ended Six Months Ended (in thousands) Operating lease expense $ 2,714 $ 5,336 Short-term lease expense 154 390 Variable lease expense 1,091 2,005 Total lease expense $ 3,959 $ 7,731 As of June 30, 2019 , for the Company’s operating leases, the weighted-average remaining lease term was 8.4 years and the weighted-average discount rate was 12.9% . For the six months ended June 30, 2019 , cash paid for amounts included in the measurement of operating lease liabilities was $5.9 million . As of June 30, 2019 , the maturities of operating lease liabilities were as follows (in thousands): Remainder of 2019 $ 7,030 2020 13,606 2021 12,536 2022 11,648 2023 11,387 Thereafter 51,934 Total lease payments 108,141 Less: imputed interest (42,940 ) Total lease liability $ 65,201 As of June 30, 2019 , the Company has additional operating leases for office facilities that have not yet commenced with future minimum lease payments of approximately $95.6 million . These operating leases will commence during fiscal years 2019 through 2021, with lease terms of between two to twelve years .

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding long-term debt was as follows: June 30, 2019 December 31, 2018 (in thousands) Term loan $ 250,000 $ — Deferred government grant obligations 3,500 3,500 Less: unamortized debt issuance costs (8,049 ) — Long-term debt $ 245,451 $ 3,500 As of June 30, 2019 and December 31, 2018 , the Company had no current portion of long-term debt. Credit Agreement On May 22, 2019, the Company entered into a credit agreement (the “Credit Agreement”) with Owl Rock Capital Corporation, as administrative agent and collateral agent, and certain other lenders party thereto that provides for a $250 million senior secured term loan facility (the “Term Loan”). Subject to certain exceptions, the Term Loan under the Credit Agreement may be increased or new term loans may be established in an amount not to exceed (i) $50 million plus (ii) the amount of certain prepayments made by the Company plus (iii) an unlimited amount, subject to the achievement of either a certain First Lien LQA University Segment Revenue Leverage Ratio (as defined in the Credit Agreement) or a certain First Lien Net Leverage Ratio (as defined in the Credit Agreement), as applicable. The Term Loan matures on May 22, 2024 and bear interest, at the Company’s option, at variable rates based on (i) a customary alternative base rate (with a floor of 2.00% ) plus an applicable margin of 4.75% or (ii) an adjusted LIBOR rate (with a floor of 1.00% ) for the interest period relevant to such borrowing plus an applicable margin of 5.75% . During each of the three and six months ended June 30, 2019 , the Company incurred interest expense of $2.4 million in connection with the Credit Agreement. Comerica Line of Credit Effective in the second quarter of 2019, the Company terminated its $25.0 million revolving line of credit agreement and letters of credit with Comerica Bank. No amounts were outstanding under this credit agreement as of June 30, 2019 or December 31, 2018 . Deferred Government Grant Obligations The Company has a total of two outstanding conditional loan agreements with Prince George’s County, Maryland and the State of Maryland for an aggregate amount of $3.5 million , each bearing an interest rate of 3% per annum. These agreements are conditional loan obligations that may be forgiven provided that the Company attains certain conditions related to employment levels at 2U’s Lanham, Maryland headquarters. The conditional loan with the State of Maryland has a maturity date of December 31, 2026, and the conditional loan with Prince George’s County, Maryland has a maturity date of June 22, 2027. The interest expense related to these loans for the three and six months ended June 30, 2019 and 2018 is immaterial. Letters of Credit Certain of the Company’s operating lease agreements entered into prior to June 30, 2019 require security deposits in the form of cash or an unconditional, irrevocable letter of credit. As of June 30, 2019 , the Company has entered into standby letters of credit totaling $14.0 million as security deposits for the applicable leased facilities and in connection with the deferred government grant obligations.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the three and six months ended June 30, 2019 and 2018 were based on estimated full-year effective tax rates, including the mix of income for the period between higher-taxed and lower-taxed jurisdictions, after giving effect to significant items related specifically to the interim periods, and loss-making entities for which it is not more likely than not that a tax benefit will be realized. The Company’s effective tax rate was approximately 40% and 16% for the three months ended June 30, 2019 and 2018 , respectively. The Company’s effective tax rate was approximately 28% and 13% for the six months ended June 30, 2019 and 2018 , respectively. A one-time tax benefit of approximately $19.3 million related to the acquisition of Trilogy is included in the Company’s income tax benefit for the three and six months ended June 30, 2019 . This benefit relates to the reversal of the Company’s tax valuation allowance that was no longer needed as a result of recognizing an additional net deferred tax liability due to the acquisition of Trilogy. Excluding the one-time tax benefit, the Company’s tax expense was $0.6 million and tax benefit of 0.3 million for the three and six months ended June 30, 2019 , respectively, related to losses generated by operations and the amortization of acquired intangibles in the Alternative Credential Segment that are expected to be realized through future reversing taxable temporary differences. The Company expects to continue to recognize a tax benefit in the future for the Alternative Credential Segment to the extent that this segment continues to generate pre-tax losses while carrying deferred tax liabilities that are in excess of deferred tax assets. To date, the Company has not been required to pay U.S. federal income taxes because of current and accumulated net operating losses.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity On May 22, 2018 the Company sold 3,833,334 shares of its common stock to the public, including 500,000 shares sold pursuant to the underwriters’ over-allotment option, and received net proceeds of $330.9 million . The Company will use the net proceeds from this public offering of common stock for working capital and other general corporate purposes, including expenditures for marketing, technology and content development, in connection with new offering launches and growing existing offerings, as well as strategic acquisitions of, or investments in, complementary products, technologies, solutions or businesses. As of June 30, 2019 , the Company was authorized to issue 205,000,000 total shares of capital stock, consisting of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of June 30, 2019 , the Company had reserved a total of 14,586,404 of its authorized shares of common stock for future issuance as follows: Outstanding stock options 4,325,728 Possible future issuance under 2014 Equity Incentive Plan 7,916,599 Outstanding restricted stock units 1,407,748 Available for future issuance under 2017 Employee Stock Purchase Plan 936,329 Total shares of common stock reserved for future issuance 14,586,404 The shares available for future issuance increased by 2,896,365 and 2,625,292 on January 1, 2019 and 2018 , respectively, pursuant to the automatic share reserve increase provision under the Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”). The Company has not declared or paid cash dividends on its common stock to date.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company provides equity-based compensation awards to employees, independent contractors and directors as an effective means for attracting, retaining and motivating such individuals. The Company maintains two share-based compensation plans: the 2014 Plan and the 2008 Stock Incentive Plan (the “2008 Plan”). Upon the effective date of the 2014 Plan in January 2014, the Company ceased using the 2008 Plan to grant new equity awards and began using the 2014 Plan for grants of new equity awards. Stock-Based Compensation Expense Stock-based compensation expense related to stock-based awards, as well as the 2017 Employee Stock Purchase Plan, is included in the following line items on the condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands) Curriculum and teaching $ 5 $ 5 $ 8 $ 7 Servicing and support 1,834 1,320 3,503 2,192 Technology and content development 1,648 1,075 3,504 1,786 Marketing and sales 1,487 718 2,743 1,207 General and administrative 4,993 5,891 9,793 10,939 Total stock-based compensation expense $ 9,967 $ 9,009 $ 19,551 $ 16,131 Stock Options The following is a summary of the stock option activity for the six months ended June 30, 2019 : Number of Options Weighted-Average Exercise Price per Share Outstanding balance as of December 31, 2018 4,057,788 $ 27.23 Granted 592,339 71.16 Exercised (297,045 ) 8.01 Forfeited (27,354 ) 66.31 Expired — — Outstanding balance as of June 30, 2019 4,325,728 34.31 Exercisable as of June 30, 2019* 2,937,882 18.99 * As of June 30, 2019 , the aggregate intrinsic value of options exercisable was $62.8 million and such shares had a weighted-average remaining contractual term of 5.01 years . Restricted Stock Units Under the 2014 Plan, the Company grants restricted stock units (“RSUs”) to the Company’s directors and certain of the Company’s employees, and grants performance restricted stock units (“PRSUs”) to certain of the Company’s employees. The terms of these grants under the 2014 Plan, including the vesting periods, are determined by the Company’s board of directors or the compensation committee, or a subcommittee thereof. During the six months ended June 30, 2019 , the Company granted 186,433 PRSUs with an aggregate grant date fair value of $11.5 million to certain of its employees. These PRSU awards are generally subject to vesting over periods of approximately one or two years , based on the Company achieving pre-determined consolidated revenue and adjusted EBITDA performance targets for the 2019 fiscal year. The PRSU award agreements provide that the quantity of units subject to vesting may range from 100% to 0% of the granted quantities, depending on the achievement of performance targets. The expense recognized each period is dependent upon the Company’s estimate of the number of shares that will ultimately be issued. The following is a summary of RSU and PRSU activity for the six months ended June 30, 2019 : Number of Units Weighted- Average Grant Date Fair Value per Share Outstanding balance as of December 31, 2018 1,139,045 $ 52.47 Granted 717,502 68.22 Vested (393,245 ) 41.24 Forfeited (55,554 ) 63.03 Outstanding balance as of June 30, 2019 1,407,748 63.22

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive, given the Company’s net loss. The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for the three and six months ended June 30, 2019 and 2018 : Three and Six Months Ended 2019 2018 Stock options 4,325,728 4,659,638 Restricted stock units 1,407,748 1,280,627 Basic and diluted net loss per share is calculated as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator (in thousands): Net loss $ (27,972 ) $ (18,347 ) $ (49,526 ) $ (33,218 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 60,516,662 54,981,192 59,334,246 53,840,582 Net loss per share, basic and diluted $ (0.46 ) $ (0.33 ) $ (0.83 ) $ (0.62 )

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company has two reportable segments: the Graduate Program Segment and the Alternative Credential Segment (formerly known as the Short Course Segment). The Company’s Graduate Program Segment provides services to well-recognized nonprofit colleges and universities, primarily in the United States, to enable the online delivery of graduate programs. The Company’s Alternative Credential Segment provides short form non-degree offerings such as premium online short courses and technical skills-based boot camps to working professionals around the world through relationships with leading universities. Graduate Program Segment For the three months ended June 30, 2019 , one university client accounted for 10% or more of the Company’s consolidated revenue, accounting for $21.2 million , which equaled 16% of the Company’s consolidated revenue. For the three months ended June 30, 2018 , three university clients each accounted for 10% or more of the Company’s consolidated revenue, as follows: $20.4 million , $13.1 million and $10.2 million , which equaled 21% , 13% and 10% of the Company’s consolidated revenue, respectively. For the six months ended June 30, 2019 , one university client accounted for 10% or more of the Company’s consolidated revenue, accounting for $43.8 million , which equaled 17% of the Company’s consolidated revenue. For the six months ended June 30, 2018 , three university clients each accounted for 10% or more of the Company’s consolidated revenue, as follows: $41.1 million , $26.5 million , and $19.8 million , which equaled 22% , 14% , and 10% of the Company’s consolidated revenue, respectively. As of June 30, 2019 , one university client accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, accounting for $15.0 million , which equaled 21% of the Company’s consolidated accounts receivable, net balance. As of December 31, 2018 , two university clients each accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, as follows: $11.9 million and $11.8 million , which equaled 36% and 36% of the Company’s consolidated accounts receivable, net balance, respectively. Alternative Credential Segment For the three and six months ended June 30, 2019 and 2018 , there were no customers or individual university clients that had associated offerings that accounted for 10% or more of the Company’s consolidated revenue. In addition, as of June 30, 2019 and December 31, 2018 , no customers had accounts receivable, net balances that accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, as customers are individual students or third parties paying on their behalf, rather than university clients. For the three months ended June 30, 2019 , offerings associated with two university clients each accounted for 10% or more of the segment’s revenue, and when combined, accounted for approximately 37% of the segment’s revenue. For the three months ended June 30, 2018 , offerings associated with three university clients each accounted for 10% or more of the segment’s revenue, and when combined, accounted for approximately 83% of the segment’s revenue. For the six months ended June 30, 2019 , offerings associated with three university clients each accounted for 10% or more of the segment’s revenue, and when combined, accounted for approximately 56% of the segment’s revenue. For the six months ended June 30, 2018 , offerings associated with three university clients each accounted for 10% or more of the segment’s revenue, and when combined, accounted for approximately 83% of the segment’s revenue. Segment Performance The following table summarizes financial information regarding each reportable segment’s results of operations for the periods presented: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands) Revenue by segment* Graduate Program Segment $ 101,403 $ 81,209 $ 205,577 $ 161,768 Alternative Credential Segment 34,058 16,214 52,118 27,943 Total revenue $ 135,461 $ 97,423 $ 257,695 $ 189,711 Segment profitability** Graduate Program Segment $ (8,049 ) $ (5,905 ) $ (7,339 ) $ (6,179 ) Alternative Credential Segment (6,926 ) 350 (10,842 ) (898 ) Total segment profitability $ (14,975 ) $ (5,555 ) $ (18,181 ) $ (7,077 ) Segment profitability margin*** Graduate Program Segment (7.9 )% (7.3 )% (3.6 )% (3.8 )% Alternative Credential Segment (20.3 ) 2.2 (20.8 ) (3.2 ) Total segment profitability margin (11.1 ) (5.7 ) (7.0 ) (3.7 ) * The Company has excluded immaterial amounts of intersegment revenues from the three and six month periods ended June 30, 2019 and 2018 . ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, foreign currency gains or losses, acquisition-related gains or losses, deferred revenue fair value adjustments, transaction costs (including, as applicable, advisory fees and integration and restructuring expenses) and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period. *** The Company defines segment profitability margin as segment profitability as a percentage of the respective segment’s revenue. The following table reconciles net loss to total segment profitability: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands) Net loss $ (27,972 ) $ (18,347 ) $ (49,526 ) $ (33,218 ) Adjustments: Interest income (1,814 ) (912 ) (4,163 ) (1,254 ) Interest expense 2,424 27 2,479 54 Foreign currency loss 13 825 383 1,220 Depreciation and amortization expense 14,653 7,408 24,351 14,783 Income tax benefit (18,691 ) (3,565 ) (19,632 ) (4,793 ) Deferred revenue fair value adjustment 3,352 — 3,352 — Transaction costs 3,093 — 5,024 — Stock-based compensation expense 9,967 9,009 19,551 16,131 Total adjustments 12,997 12,792 31,345 26,141 Total segment profitability $ (14,975 ) $ (5,555 ) $ (18,181 ) $ (7,077 ) The Company’s total assets by segment are as follows: June 30, December 31, (in thousands) Total assets Graduate Program Segment $ 558,135 $ 702,827 Alternative Credential Segment 773,612 104,527 Total assets $ 1,331,747 $ 807,354 Trade Accounts Receivable and Contract Liabilities The Company’s trade accounts receivable and contract liabilities in each segment are as follows: June 30, December 31, (in thousands) Trade accounts receivable Graduate Program Segment accounts receivable, net of allowance for doubtful accounts of $0 for all periods presented $ 30,829 $ 31,110 Graduate Program Segment unbilled revenue* 24,779 265 Alternative Credential Segment accounts receivable, net of allowance for doubtful accounts of $993 and $257 as of June 30, 2019 and December 31, 2018, respectively 15,969 982 Total trade accounts receivable $ 71,577 $ 32,357 Contract liabilities Graduate Program Segment deferred revenue $ 11,560 $ 2,864 Alternative Credential Segment deferred revenue 43,040 5,481 Total contract liabilities $ 54,600 $ 8,345 * Unbilled revenue represents contract assets. For the Graduate Program Segment, no revenue recognized during the three months ended June 30, 2019 and 2018 was included in the deferred revenue balance at the beginning of each year, respectively. Revenue recognized during the six months ended June 30, 2019 and 2018 that was included in the deferred revenue balance at the beginning of each year was $2.4 million and $2.5 million , respectively. For the Alternative Credential Segment, no revenue recognized during the three months ended June 30, 2019 and 2018 was included in the deferred revenue balance at the beginning of each year, respectively. Revenue recognized during the six months ended June 30, 2019 and 2018 that was included in the deferred revenue balance at the beginning of each year was $5.4 million and $4.5 million , respectively. Contract Acquisition Costs The Graduate Program Segment had $0.5 million and $0.3 million of net capitalized contract acquisition costs as of June 30, 2019 and December 31, 2018 , respectively. During the three months ended June 30, 2019 and 2018 , the Company capitalized $0.1 million and $0.2 million , respectively, of such costs and did not record a material amount of associated amortization expense in the Graduate Program Segment in either period. For the six months ended June 30, 2019 and 2018 , the Company capitalized $0.2 million and $0.3 million , respectively, of such costs and did not record a material amount of associated amortization expense in the Graduate Program Segment in either period. Geographical Information The Company’s non-U.S. revenue, which is based upon the currency of the country in which the university client primarily operates, was $11.1 million and $9.8 million , for the three months ended June 30, 2019 and 2018 , respectively, and was sourced entirely from the Alternative Credential Segment’s operations outside of the U.S. The Company’s non-U.S. revenue, which is based upon the currency of the country in which the university client primarily operates, was $18.9 million and $17.2 million for the six months ended June 30, 2019 and 2018 , respectively, and was sourced entirely from the Alternative Credential Segment’s operations outside of the U.S. The Company’s long-lived tangible assets in non-U.S. countries as of June 30, 2019 and December 31, 2018 totaled approximately $2.7 million and $1.2 million , respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements, which include the assets, liabilities, results of operations and cash flows of the Company have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (“SEC”). As permitted under such rules, certain notes and other financial information normally required by U.S. GAAP have been condensed or omitted. The Company believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2019 and 2018 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2018 was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP on an annual reporting basis.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. The Company evaluates its estimates and assumptions on an ongoing basis.
Investments	Investments The Company’s investments within current assets on the condensed consolidated balance sheets relate to certificates of deposit with original maturities between three months and one year. As of December 31, 2018 , the Company had a $25.0 million
Revenue Recognition	Revenue Recognition The Company generates substantially all of its revenue from contractual arrangements, with either its university clients or students, to provide a comprehensive platform of tightly integrated technology and technology-enabled services that support its offerings. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Graduate Program Segment derives revenue primarily from contractually specified percentages of the amounts the Company’s university clients receive from their students in 2U-enabled graduate programs for tuition and fees, less credit card fees and other specified charges the Company has agreed to exclude in certain university contracts. The Company’s contracts with university clients in this segment typically have initial terms of 10 to 15 years and have a single performance obligation, as the promises to provide a platform of tightly integrated technology and services that university clients need to attract, enroll, educate and support students are not distinct within the context of the contracts. The single performance obligation is delivered as the university clients receive and consume benefits, which occurs ratably over a series of academic terms. The amounts received from university clients over the term of the arrangement are variable in nature in that they are dependent upon the number of students that are enrolled in the program within each academic term. These amounts are allocated to and are recognized ratably over the related academic term, defined as the period beginning on the first day of classes through the last. Revenue is recognized net of an allowance, which is established for the Company’s expected obligation to refund tuition and fees to university clients. The Alternative Credential Segment derives revenue primarily from contracts with students for the tuition and fees paid to enroll in, and progress through, the Company’s short courses and boot camps. The Company’s short courses run between six and 16 weeks, while boot camps run between 12 and 24 weeks. In this segment, the Company’s contracts with students include the delivery of the educational and related student support services and are treated as either a single performance obligation or multiple performance obligations, depending upon the offering being delivered. All performance obligations are satisfied ratably over the same presentation period, which is defined as the period beginning on the first day of the course through the last. The Company recognizes the gross proceeds received from the students enrolled and shares contractually specified amounts received from students with the associated university client, for providing items such as certification and content, as required. These amounts are recognized as curriculum and teaching costs on the Company’s condensed consolidated statements of operations and comprehensive loss. The Company’s contracts with university clients in this segment are typically shorter and less restrictive than the Company’s contracts with university clients in the Graduate Program Segment.
Business Combinations	Business Combinations The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s consolidated financial statements from the acquisition date.
Equity Interests	Equity Interests As of June 30, 2019 , the Company had a $5.0 million investment in an education technology company recorded within university payments and other assets, non-current on the condensed consolidated balance sheet. This investment does not have a readily determinable fair value, and is accounted for as a cost method investment, which is subject to fair value remeasurement upon the occurrence of an observable event.
Marketing and Sales Costs	Marketing and Sales Costs The majority of the marketing and sales costs incurred by the Company are directly related to acquiring students for its university clients’ graduate programs, with lesser amounts related to acquiring students for its short courses and boot camps and marketing and advertising efforts related to the Company’s own brand. For the three and six months ended June 30, 2019 and 2018 , costs related to the Company’s marketing and advertising efforts of its own brand were not material. All such costs are expensed as incurred and reported in marketing and sales expense on the Company’s condensed consolidated statements of operations and comprehensive loss. As of June 30, 2019 and December 31, 2018 , the Company had $25.7 million and $10.3 million , respectively, of accrued marketing costs included in accounts payable and accrued expenses on its condensed consolidated balance sheets.
Leases	Leases For the Company’s operating leases, an assessment is performed to determine if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the information necessary to determine the rate implicit in the Company’s leases is not readily available, the Company determines its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments made, less lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not have any finance leases for any periods presented. The Company has elected, as an accounting policy for its leases of real estate, to account for lease and non-lease components in a contract as a single lease component. In addition, the recognition requirements are not applied to leases with a term of 12 months or less. Rather, the lease payments for short-term leases are recognized on the condensed consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term. Variable payments that depend on an index or a rate are initially measured using the index or rate at the lease commencement date. Such variable payments are included in the total lease payments when measuring the lease liability and ROU asset. The Company will only remeasure variable payments that depend on an index or a rate when the Company is remeasuring the lease liability due to any of the following occurring: (i) the lease is modified and the modification is not accounted for as a separate contract, (ii) a contingency, upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, is resolved, (iii) there is a change in lease term, (iv) there is a change in the probability of exercising a purchase option or (v) there is a change in the amount probable of being owed under residual value guarantees. Until the lease liability is remeasured due to one of the aforementioned events, additional payments for an increase in the index or rate will be recognized in the period in which they are incurred. Variable payments that do not depend on an index or a rate are excluded from the measurement of the lease liability and recognized in the condensed consolidated statements of operations and comprehensive loss in the period in which the obligation for those payments is incurred. The
Non-Cash Long-Lived Asset Additions	Long-Lived Asset Additions During the six months ended June 30, 2019 , the Company had capital asset additions of $41.7 million in property and equipment and capitalized technology and content development, $1.2 million of which consisted of non-cash capital expenditures. Due to extended payment terms associated with the timing of cash capital expenditures made more than 90 days after the date of purchase, $1.3 million of these additions was classified as cash flows from financing activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2019 . During the six months ended June 30, 2018 , the Company had capital asset additions of $55.2 million in property and equipment and capitalized technology and content development, of which $10.0 million consisted of non-cash capital expenditures, primarily related to the acquisition of certain long-lived assets for which a liability was accrued.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are incurred as a result of entering into certain borrowing transactions and are presented as a reduction from the carrying amount of the debt liability on the Company’s condensed consolidated balance sheets. Debt issuance costs are amortized over the term of the associated debt instrument. The amortization of debt issuance costs is included as a component of interest expense on the Company’s condensed consolidated statements of operations and comprehensive loss. If the Company extinguishes debt prior to the end of the underlying instrument’s full term, some or all of the unamortized debt issuance costs may need to be written off, and a loss on extinguishment may need to be recognized. Refer to Note 7 for further information about the Company’s debt.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU No. 2019-04 provides corrections, updates and clarifications to the previously issued updates of ASU No. 2016-01, ASU No. 2016-13 and ASU No. 2017-12. Various areas of the Accounting Standards Codification were impacted by the update. This standard follows the effective dates of the previously issued ASUs, unless an entity has already early adopted the previous ASUs, in which case the effective date will vary according to each specific ASU adoption. As the Company has adopted ASU No. 2016-01, the amendments related to ASU No. 2016-01 are effective for annual and interim periods in fiscal years beginning after December 15, 2019. As the Company has not yet adopted ASU No. 2016-13, the amendments related to ASU No. 2016-13 are effective for fiscal years beginning after December 15, 2019. Refer below for further discussion of ASU No. 2016-13. The Company is evaluating the impact that the amendments related to ASU Nos. 2016-13 and 2016-01 will have on its consolidated financial position and related disclosures. The amendments to ASU No. 2017-12 are not applicable to the Company. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which requires customers in cloud computing arrangements that are service contracts to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company early adopted this ASU on July 1, 2018 under the prospective method. As a result of adopting this standard, as of June 30, 2019 and December 31, 2018 , the Company had balances of $1.5 million and $0.4 million , respectively, of capitalized implementation costs incurred to integrate the software associated with its cloud computing arrangements, within university payments and other assets, non-current on the condensed consolidated balance sheets. Such capitalized costs are subject to amortization over the remaining contractual term of the associated cloud computing arrangement, with a useful life of between three to five years . The Company did not incur a material amount of such amortization for the three and six months ended June 30, 2019 . In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements , which clarifies and corrects unintended applications of guidance, and makes improvements to several Accounting Standards Codification topics. The applicable amendments in this ASU are effective for the Company in annual periods beginning after December 15, 2018. The Company adopted this ASU on January 1, 2019. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this ASU on January 1, 2019. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates step two from the goodwill impairment test and requires an entity to recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, up to the amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company early adopted this ASU on January 1, 2019. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Subsequently, the FASB has issued the following standards related to ASU No. 2016-13: ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief ; ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ; and ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses . ASU No. 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model, which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU No. 2016-13 also requires enhanced disclosures to help financial statement users better understand assumptions used in estimating expected credit losses. The amendments in these ASUs are effective for annual and interim periods in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact that the new guidance will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes ASC 840, Leases (Topic 840) . The ASU introduces a model for lessees requiring most leases to be reported on the balance sheet. The Company adopted this ASU and the related amendments on January 1, 2019 under the modified retrospective transition method, which resulted in no cumulative-effect adjustment to retained earnings. The Company’s financial results for periods ending after January 1, 2019 are presented in accordance with the requirements of Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with Topic 840. Upon adoption, the Company elected to not recognize ROU assets or lease liabilities for leases with a term of 12 months or less, as permitted by the short-term lease practical expedient. In transition, the Company also applied the package of practical expedients that permit entities to not reassess (i) whether expired or existing contracts contain a lease under the new standard, (ii) the lease classification for expired or existing leases, or (iii) whether previously capitalized initial direct costs would qualify for capitalization under the new standard. The Company also applied the practical expedient that permits a lessee to account for lease and non-lease components in a contract as a single lease component. In addition, the Company did not use hindsight during transition. Upon adoption, the Company recorded ROU assets of approximately $34 million , which have been reduced for accrued rent, and the remaining balance of any lease incentives upon transition, and also recorded corresponding current and non-current lease liabilities for its operating leases of approximately $5 million and $58 million , respectively, on the condensed consolidated balance sheets. Adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations and comprehensive loss, the condensed consolidated statements of changes in stockholders’ equity or the condensed consolidated statements of cash flows. Refer to Note 6 for more information about the Company’s lease-related obligations.

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Schedule of purchase price allocation	The following table reflects the Company’s provisional valuation of the assets acquired and liabilities assumed of Trilogy as of the date of the acquisition: Estimated Average Useful Life (in years) Purchase Price Allocation (in thousands) Cash and cash equivalents $ 35,509 Current assets 29,989 Property and equipment, net 2,417 Other non-current assets 6,291 Amortizable intangible assets: Developed technology 3 48,096 Developed content 4 48,050 University client relationships 10 84,150 Trade names and domain names 5 7,100 Goodwill 425,525 Current liabilities (57,055 ) Non-current liabilities (22,429 ) $ 607,643
Schedule of unaudited pro forma combined revenue and net loss	The following table presents the Company’s unaudited pro forma combined revenue and pro forma combined net loss, for the three and six months ended June 30, 2019 and 2018 as if the acquisition of Trilogy had occurred on January 1, 2018: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands, except per share amounts) Pro forma revenue $ 157,865 $ 114,933 $ 311,174 $ 224,455 Pro forma net loss (52,805 ) (50,299 ) (110,169 ) (103,978 ) Pro forma net loss per share, basic and diluted $ (0.87 ) $ (0.91 ) $ (1.86 ) $ (1.93 )

Goodwill and Amortizable Inta_2

Goodwill and Amortizable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The table below summarizes the changes in the carrying amount of goodwill by reportable segment: Graduate Alternative Credential Segment Total (in thousands) Balance as of December 31, 2018 $ — $ 61,852 $ 61,852 Goodwill recognized in connection with business combination — 425,525 425,525 Foreign currency translation adjustments — 1,370 1,370 Balance as of June 30, 2019 $ — $ 488,747 $ 488,747
Schedule of amortizable intangible assets	Amortizable intangible assets, net consisted of the following as of: June 30, 2019 December 31, 2018 Estimated Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Capitalized technology 3-5 $ 130,904 $ (24,148 ) $ 106,756 $ 68,291 $ (16,945 ) $ 51,346 Capitalized content development 4-5 146,530 (39,715 ) 106,815 79,725 (31,662 ) 48,063 University client relationships 9-10 110,283 (6,742 ) 103,541 25,616 (4,269 ) 21,347 Trade names and domain names 5-10 26,335 (4,178 ) 22,157 18,793 (2,944 ) 15,849 Total amortizable intangible assets, net $ 414,052 $ (74,783 ) $ 339,269 $ 192,425 $ (55,820 ) $ 136,605
Schedule of estimated future amortization expense for amortizable intangible assets	As of June 30, 2019 , the estimated future amortization expense for amortizable intangible assets placed in service is as follows (in thousands): Remainder of 2019 $ 34,686 2020 66,574 2021 60,942 2022 46,898 2023 29,140 Thereafter 59,986 Total $ 298,226

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of future minimum lease payments	As of December 31, 2018 , the future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year were as follows (in thousands): 2019 $ 12,941 2020 14,020 2021 13,900 2022 13,633 2023 13,959 Thereafter 68,347 Total future minimum lease payments $ 136,800
Schedule of lease cost	The components of lease expense consisted of the following for the period presented: Three Months Ended Six Months Ended (in thousands) Operating lease expense $ 2,714 $ 5,336 Short-term lease expense 154 390 Variable lease expense 1,091 2,005 Total lease expense $ 3,959 $ 7,731
Schedule of maturities of operating lease liabilities	As of June 30, 2019 , the maturities of operating lease liabilities were as follows (in thousands): Remainder of 2019 $ 7,030 2020 13,606 2021 12,536 2022 11,648 2023 11,387 Thereafter 51,934 Total lease payments 108,141 Less: imputed interest (42,940 ) Total lease liability $ 65,201

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s outstanding long-term debt was as follows: June 30, 2019 December 31, 2018 (in thousands) Term loan $ 250,000 $ — Deferred government grant obligations 3,500 3,500 Less: unamortized debt issuance costs (8,049 ) — Long-term debt $ 245,451 $ 3,500

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Schedule of shares of common stock reserved for future issuance	As of June 30, 2019 , the Company had reserved a total of 14,586,404 of its authorized shares of common stock for future issuance as follows: Outstanding stock options 4,325,728 Possible future issuance under 2014 Equity Incentive Plan 7,916,599 Outstanding restricted stock units 1,407,748 Available for future issuance under 2017 Employee Stock Purchase Plan 936,329 Total shares of common stock reserved for future issuance 14,586,404

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss	Stock-based compensation expense related to stock-based awards, as well as the 2017 Employee Stock Purchase Plan, is included in the following line items on the condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands) Curriculum and teaching $ 5 $ 5 $ 8 $ 7 Servicing and support 1,834 1,320 3,503 2,192 Technology and content development 1,648 1,075 3,504 1,786 Marketing and sales 1,487 718 2,743 1,207 General and administrative 4,993 5,891 9,793 10,939 Total stock-based compensation expense $ 9,967 $ 9,009 $ 19,551 $ 16,131
Schedule of stock option activity	The following is a summary of the stock option activity for the six months ended June 30, 2019 : Number of Options Weighted-Average Exercise Price per Share Outstanding balance as of December 31, 2018 4,057,788 $ 27.23 Granted 592,339 71.16 Exercised (297,045 ) 8.01 Forfeited (27,354 ) 66.31 Expired — — Outstanding balance as of June 30, 2019 4,325,728 34.31 Exercisable as of June 30, 2019* 2,937,882 18.99 * As of June 30, 2019 , the aggregate intrinsic value of options exercisable was $62.8 million and such shares had a weighted-average remaining contractual term of 5.01 years .
Schedule of restricted stock unit activity	The following is a summary of RSU and PRSU activity for the six months ended June 30, 2019 : Number of Units Weighted- Average Grant Date Fair Value per Share Outstanding balance as of December 31, 2018 1,139,045 $ 52.47 Granted 717,502 68.22 Vested (393,245 ) 41.24 Forfeited (55,554 ) 63.03 Outstanding balance as of June 30, 2019 1,407,748 63.22

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of potential dilutive securities that would have been anti-dilutive due to net loss	The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for the three and six months ended June 30, 2019 and 2018 : Three and Six Months Ended 2019 2018 Stock options 4,325,728 4,659,638 Restricted stock units 1,407,748 1,280,627
Schedule of calculation of basic and diluted net loss per share	Basic and diluted net loss per share is calculated as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator (in thousands): Net loss $ (27,972 ) $ (18,347 ) $ (49,526 ) $ (33,218 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 60,516,662 54,981,192 59,334,246 53,840,582 Net loss per share, basic and diluted $ (0.46 ) $ (0.33 ) $ (0.83 ) $ (0.62 )

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of revenue, segment profitability and segment profitability margin by segment	The following table summarizes financial information regarding each reportable segment’s results of operations for the periods presented: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands) Revenue by segment* Graduate Program Segment $ 101,403 $ 81,209 $ 205,577 $ 161,768 Alternative Credential Segment 34,058 16,214 52,118 27,943 Total revenue $ 135,461 $ 97,423 $ 257,695 $ 189,711 Segment profitability** Graduate Program Segment $ (8,049 ) $ (5,905 ) $ (7,339 ) $ (6,179 ) Alternative Credential Segment (6,926 ) 350 (10,842 ) (898 ) Total segment profitability $ (14,975 ) $ (5,555 ) $ (18,181 ) $ (7,077 ) Segment profitability margin*** Graduate Program Segment (7.9 )% (7.3 )% (3.6 )% (3.8 )% Alternative Credential Segment (20.3 ) 2.2 (20.8 ) (3.2 ) Total segment profitability margin (11.1 ) (5.7 ) (7.0 ) (3.7 ) * The Company has excluded immaterial amounts of intersegment revenues from the three and six month periods ended June 30, 2019 and 2018 . ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, foreign currency gains or losses, acquisition-related gains or losses, deferred revenue fair value adjustments, transaction costs (including, as applicable, advisory fees and integration and restructuring expenses) and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period. *** The Company defines segment profitability margin as segment profitability as a percentage of the respective segment’s revenue.
Schedule of reconciliation of net loss to total segment profitability	The following table reconciles net loss to total segment profitability: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in thousands) Net loss $ (27,972 ) $ (18,347 ) $ (49,526 ) $ (33,218 ) Adjustments: Interest income (1,814 ) (912 ) (4,163 ) (1,254 ) Interest expense 2,424 27 2,479 54 Foreign currency loss 13 825 383 1,220 Depreciation and amortization expense 14,653 7,408 24,351 14,783 Income tax benefit (18,691 ) (3,565 ) (19,632 ) (4,793 ) Deferred revenue fair value adjustment 3,352 — 3,352 — Transaction costs 3,093 — 5,024 — Stock-based compensation expense 9,967 9,009 19,551 16,131 Total adjustments 12,997 12,792 31,345 26,141 Total segment profitability $ (14,975 ) $ (5,555 ) $ (18,181 ) $ (7,077 )
Schedule of total assets by segment	The Company’s total assets by segment are as follows: June 30, December 31, (in thousands) Total assets Graduate Program Segment $ 558,135 $ 702,827 Alternative Credential Segment 773,612 104,527 Total assets $ 1,331,747 $ 807,354
Schedule of contract assets and liabilities	The Company’s trade accounts receivable and contract liabilities in each segment are as follows: June 30, December 31, (in thousands) Trade accounts receivable Graduate Program Segment accounts receivable, net of allowance for doubtful accounts of $0 for all periods presented $ 30,829 $ 31,110 Graduate Program Segment unbilled revenue* 24,779 265 Alternative Credential Segment accounts receivable, net of allowance for doubtful accounts of $993 and $257 as of June 30, 2019 and December 31, 2018, respectively 15,969 982 Total trade accounts receivable $ 71,577 $ 32,357 Contract liabilities Graduate Program Segment deferred revenue $ 11,560 $ 2,864 Alternative Credential Segment deferred revenue 43,040 5,481 Total contract liabilities $ 54,600 $ 8,345 * Unbilled revenue represents contract assets.

Organization (Details)

Organization (Details)	6 Months Ended
	Jun. 30, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments (in segments)	2

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jan. 01, 2019
Short-term Investments
Short-term investments		$ 25,000
Revenue Recognition [Abstract]
Contract term	The Company’s contracts with university clients in this segment typically have initial terms of 10 to 15 years and have a single performance obligation, as the promises to provide a platform of tightly integrated technology and services that university clients need to attract, enroll, educate and support students are not distinct within the context of the contracts.
Members' Equity [Abstract]
Equity method investment	$ 5,000
Non-Cash Long-Lived Asset Additions
Capital asset additions during the period	41,700		$ 55,200
Non-cash capital expenditure	1,200		10,000
Payments for acquisition of amortizable intangible assets	(1,283)		$ 0
Capitalized Computer Software, Net [Abstract]
Capitalized implementation costs, software	1,500	400
Leases [Abstract]
Right-of-use assets	36,463	0
Lease liability, current	6,277	0
Lease liability, non-current	58,924	0
Accounting Standards Update 2016-02
Leases [Abstract]
Right-of-use assets				$ 34,000
Lease liability, current				5,000
Lease liability, non-current				$ 58,000
Accounts payable and accrued expenses
Marketing and Sales Costs
Accrued marketing costs	$ 25,700	$ 10,300
Minimum
Revenue Recognition [Abstract]
Contract term
Capitalized Computer Software, Net [Abstract]
Useful life	3 years
Maximum
Capitalized Computer Software, Net [Abstract]
Useful life	5 years
Short Course | Minimum
Revenue Recognition [Abstract]
Period of remaining performance obligation	42 days
Short Course | Maximum
Revenue Recognition [Abstract]
Period of remaining performance obligation	112 days
Boot Camp | Minimum
Revenue Recognition [Abstract]
Period of remaining performance obligation	84 days
Boot Camp | Maximum
Revenue Recognition [Abstract]
Period of remaining performance obligation	168 days

Business Combination - Addition

Business Combination - Additional Information (Details) - Trilogy Education Services, Inc. $ / shares in Units, $ in Millions	May 22, 2019USD ($)$ / shares
Acquisition
Consideration transferred | $	$ 607.6
Par value (in usd per share) | $ / shares	$ 0.001

Business Combination - Purchase

Business Combination - Purchase Price Allocation (Details) - USD ($) $ in Thousands	May 22, 2019	Jun. 30, 2019	Dec. 31, 2018
Acquisition
Goodwill		$ 488,747	$ 61,852
Trilogy Education Services, Inc.
Acquisition
Cash and cash equivalents	$ 35,509
Current assets	29,989
Property and equipment, net	2,417
Other non-current assets	6,291
Goodwill	425,525
Current liabilities	(57,055)
Non-current liabilities	(22,429)
Total purchase price	607,643
Developed technology | Trilogy Education Services, Inc.
Acquisition
Amortizable intangible assets:	$ 48,096
Estimated Average Useful Life (in years)	3 years
Developed content | Trilogy Education Services, Inc.
Acquisition
Amortizable intangible assets:	$ 48,050
Estimated Average Useful Life (in years)	4 years
University client relationships | Trilogy Education Services, Inc.
Acquisition
Amortizable intangible assets:	$ 84,150
Estimated Average Useful Life (in years)	10 years
Trade names and domain names | Trilogy Education Services, Inc.
Acquisition
Amortizable intangible assets:	$ 7,100
Estimated Average Useful Life (in years)	5 years

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Combinations [Abstract]
Pro forma revenue	$ 157,865	$ 114,933	$ 311,174	$ 224,455
Pro forma net loss	$ (52,805)	$ (50,299)	$ (110,169)	$ (103,978)
Pro forma net loss per share, basic and diluted	$ (0.87)	$ (0.91)	$ (1.86)	$ (1.93)

Goodwill and Amortizable Inta_3

Goodwill and Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 61,852
Goodwill recognized in connection with business combination	425,525
Foreign currency translation adjustments	1,370
Ending balance	488,747
Gross Carrying Amount	414,052	$ 192,425
Accumulated Amortization	(74,783)	(55,820)
Net Carrying Amount	$ 339,269	136,605
Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	3 years
Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
Graduate Program Segment
Goodwill [Roll Forward]
Beginning balance	$ 0
Goodwill recognized in connection with business combination	0
Foreign currency translation adjustments	0
Ending balance	0
Alternative Credit Segment
Goodwill [Roll Forward]
Beginning balance	61,852
Goodwill recognized in connection with business combination	425,525
Foreign currency translation adjustments	1,370
Ending balance	488,747
Capitalized technology
Goodwill [Roll Forward]
Gross Carrying Amount	130,904	68,291
Accumulated Amortization	(24,148)	(16,945)
Net Carrying Amount	$ 106,756	51,346
Capitalized technology | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	3 years
Capitalized technology | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
Capitalized content development
Goodwill [Roll Forward]
Gross Carrying Amount	$ 146,530	79,725
Accumulated Amortization	(39,715)	(31,662)
Net Carrying Amount	$ 106,815	48,063
Capitalized content development | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	4 years
Capitalized content development | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
University client relationships
Goodwill [Roll Forward]
Gross Carrying Amount	$ 110,283	25,616
Accumulated Amortization	(6,742)	(4,269)
Net Carrying Amount	$ 103,541	21,347
University client relationships | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	9 years
University client relationships | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	10 years
Trade names and domain names
Goodwill [Roll Forward]
Gross Carrying Amount	$ 26,335	18,793
Accumulated Amortization	(4,178)	(2,944)
Net Carrying Amount	$ 22,157	15,849
Trade names and domain names | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
Trade names and domain names | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	10 years
In Process Capitalized Technology And Content Development
Goodwill [Roll Forward]
Net Carrying Amount	$ 41,000	$ 40,300

Goodwill and Amortizable Inta_4

Goodwill and Amortizable Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	May 22, 2019
Finite-Lived Intangible Assets [Line Items]
Payments made for acquisition of software	$ 9,500
Outstanding license and software services consideration		$ 700
Net carrying amount	136,605	339,269
Capitalized technology
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	51,346	106,756
Trade names and domain names
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	$ 15,849	$ 22,157
Trilogy Education Services, Inc. | Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets:			$ 48,096
Trilogy Education Services, Inc. | Developed content
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets:			48,050
Trilogy Education Services, Inc. | University client relationships
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets:			84,150
Trilogy Education Services, Inc. | Trade names and domain names
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets:			$ 7,100

Goodwill and Amortizable Inta_5

Goodwill and Amortizable Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 11,900	$ 5,500	$ 18,900	$ 10,700
Future amortization expense
Net Carrying Amount	339,269		339,269		$ 136,605
University client relationships
Future amortization expense
Net Carrying Amount	103,541		103,541		$ 21,347
Excluding in process capitalized technology and content development
Future amortization expense
Remainder of 2019	34,686		34,686
2020	66,574		66,574
2021	60,942		60,942
2022	46,898		46,898
2023	29,140		29,140
Thereafter	59,986		59,986
Net Carrying Amount	$ 298,226		$ 298,226
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life			3 years
Minimum | University client relationships
Finite-Lived Intangible Assets [Line Items]
Useful life			9 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life			5 years
Maximum | University client relationships
Finite-Lived Intangible Assets [Line Items]
Useful life			10 years

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Additional investment in educational technology, contingent payment	$ 10

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Renewal term (in years)	5 years
Option to terminate, term (in years)	1 year
Weighted average remaining lease term (in years)	8 years 4 months 24 days
Weighted average discount rate	12.90%
Operating Lease, Payments	$ 5.9
Lease liability, leases not yet commenced	$ 95.6
Minimum
Lessee, Lease, Description [Line Items]
Contract term (in years)	1 year
Contract term, leases not yet commenced (in years)	2 years
Maximum
Lessee, Lease, Description [Line Items]
Contract term (in years)	11 years
Contract term, leases not yet commenced (in years)	12 years

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 12,941
2020	14,020
2021	13,900
2022	13,633
2023	13,959
Thereafter	68,347
Total future minimum lease payments	$ 136,800

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 2,714	$ 5,336
Short-term lease expense	154	390
Variable lease expense	1,091	2,005
Total lease expense	$ 3,959	$ 7,731

Leases - Operating Lease Liabil

Leases - Operating Lease Liabilities Due (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 7,030
2020	13,606
2021	12,536
2022	11,648
2023	11,387
Thereafter	51,934
Total lease payments	108,141
Less: imputed interest	(42,940)
Total lease liability	65,201
Lessee, Lease, Description [Line Items]
Lease liability, leases not yet commenced	$ 95,600
Maximum
Lessee, Lease, Description [Line Items]
Contract term, leases not yet commenced (in years)	12 years

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Term loan	$ 250,000	$ 0
Long-term debt	3,500	3,500
Less: unamortized debt issuance costs	(8,049)	0
Long-term debt	$ 245,451	$ 3,500

- Additional Information (Detai

- Additional Information (Details)	May 22, 2019USD ($)	Jun. 30, 2019USD ($)agreement	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)agreement	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Interest expense		$ (2,424,000)	$ (27,000)	$ (2,479,000)	$ (54,000)
Line of credit		$ 25,000,000		$ 25,000,000
Long-term line of credit						$ 0
Number of contracts (in contracts) | agreement		2		2
Long-term debt		$ 3,500,000		$ 3,500,000		$ 3,500,000
Prince George's County, Maryland
Debt Instrument [Line Items]
Interest rate		3.00%		3.00%
Standby letters of credit
Debt Instrument [Line Items]
Line of credit		$ 14,000,000		$ 14,000,000
Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Term loan	$ 250,000,000
Interest expense				$ (2,400,000)
Credit Agreement | Letter of Credit | Maximum
Debt Instrument [Line Items]
Additional amount available	$ 50,000,000
Base Rate | Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Variable rate, applicable margin	4.75%
Base Rate | Credit Agreement | Letter of Credit | Minimum
Debt Instrument [Line Items]
Variable rate, applicable margin	2.00%
LIBOR | Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Variable rate, applicable margin	5.75%
LIBOR | Credit Agreement | Letter of Credit | Minimum
Debt Instrument [Line Items]
Variable rate, applicable margin	1.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Acquisition
U.S. statutory federal income tax rate	(40.00%)	(16.00%)	(28.00%)	(13.00%)
Tax benefit, difference in operating losses and amortization of acquired intangibles	$ (0.6)		$ (0.3)
Trilogy Education Services, Inc.
Acquisition
Income tax expense (benefit) related to asset acquisition			$ 19.3

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	May 22, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018
Stockholders' Equity
Shares issued (in shares)		4,608,101	3,833,334
Proceeds from issuance of common stock, net of offering costs				$ 0	$ 330,862
Authorized shares of capital stock (in shares)		205,000,000		205,000,000
Authorized shares of common stock (in shares)		200,000,000		200,000,000			200,000,000
Authorized shares of preferred stock (in shares)		5,000,000		5,000,000			5,000,000
Shares of common stock reserved for future issuance
Outstanding stock options (in shares)		4,325,728		4,325,728
Possible future issuance under 2014 Equity Incentive Plan (in shares)		7,916,599		7,916,599
Outstanding restricted stock units (in shares)		1,407,748		1,407,748
Available for future issuance under employee stock purchase plan (in shares)		936,329		936,329
Total shares of common stock reserved for future issuance (in shares)		14,586,404		14,586,404
Equity Incentive Plan 2014 | Stock options
Shares of common stock reserved for future issuance
Possible future issuance under 2014 Equity Incentive Plan (in shares)						2,896,365		2,625,292
Common Stock
Stockholders' Equity
Shares issued (in shares)	3,833,334
Proceeds from issuance of common stock, net of offering costs	$ 330,900
Common Stock | Underwriters' over-allotment option
Stockholders' Equity
Shares issued (in shares)	500,000

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)plan	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)plan	Jun. 30, 2018USD ($)
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Number of share-based employee compensation plans (in plans) | plan	2		2
Stock-based compensation expense	$ 9,967	$ 9,009	$ 19,551	$ 16,131
Curriculum and teaching
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	5	5	8	7
Servicing and support
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	1,834	1,320	3,503	2,192
Technology and content development
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	1,648	1,075	3,504	1,786
Marketing and sales
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	1,487	718	2,743	1,207
General and administrative
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	$ 4,993	$ 5,891	$ 9,793	$ 10,939

Stock-Based Compensation - Opti

Stock-Based Compensation - Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019
Number of Options
Outstanding balance at the beginning of the period (in shares)	4,057,788
Granted (in shares)	592,339
Exercised (in shares)	(297,045)
Forfeited (in shares)	(27,354)
Expired (in shares)	0
Outstanding balance at the end of the period (in shares)	4,325,728
Exercisable at the end of the period (in shares)	2,937,882
Weighted-Average Exercise Price per Share
Outstanding balance at the beginning of the period (in dollars per share)	$ 27.23
Granted (in dollars per share)	71.16
Exercised (in dollars per share)	8.01
Forfeited (in dollars per share)	66.31
Expired (in dollars per share)	0
Outstanding balance at the end of the period (in dollars per share)	34.31
Exercisable at the end of the period (in dollars per share)	$ 18.99
Intrinsic value of options exercisable at the end of the period	$ 62.8
Weighted-average remaining contractual term of options exercisable at the end of the period (in years)	5 years 3 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value | $	$ 11.5	$ 11.5
Summary of restricted stock unit activity
Granted (in shares)	186,433
PRSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Quantity of units subject to vesting	0.00%
PRSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Quantity of units subject to vesting	100.00%
RSU and PRSU
Summary of restricted stock unit activity
Outstanding balance at the beginning of the period (in shares)		1,139,045
Granted (in shares)		717,502
Vested (in shares)		(393,245)
Forfeited (in shares)		(55,554)
Outstanding balance at the end of the period (in shares)	1,407,748	1,407,748
Weighted-Average Grant-Date Fair value
Outstanding at the beginning of the period (in dollars per share) | $ / shares		$ 52.47
Granted (in dollars per share) | $ / shares		68.22
Vested (in dollars per share) | $ / shares		41.24
Forfeited (in dollars per share) | $ / shares		63.03
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 63.22	$ 63.22

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net loss	$ (27,972)	$ (18,347)	$ (49,526)	$ (33,218)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	60,516,662	54,981,192	59,334,246	53,840,582
Net loss per share, basic and diluted (in dollars per share)	$ (0.46)	$ (0.33)	$ (0.83)	$ (0.62)
Stock options
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			4,325,728	4,659,638
Restricted stock units
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			1,407,748	1,280,627

Segment and Geographic Inform_3

Segment and Geographic Information - Concentration Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Information
Number of reportable segments (in segments) | segment			2
Revenue	$ 135,461	$ 97,423	$ 257,695	$ 189,711
Accounts receivable, net	71,578		71,578		$ 32,636
Graduate Program Segment
Segment Information
Revenue	101,403	81,209	205,577	161,768
Accounts receivable, net	30,829		30,829		31,110
Alternative Credit Segment
Segment Information
Revenue	34,058	16,214	52,118	27,943
Accounts receivable, net	15,969		15,969		982
University client A | Customer concentration risk | Sales Revenue, Net | Graduate Program Segment
Segment Information
Revenue	$ 21,200	$ 20,400	$ 43,800	$ 41,100
Percentage of concentration of credit risk	16.00%	21.00%	17.00%	22.00%
University client A | Credit concentration risk | Accounts receivable, net | Graduate Program Segment
Segment Information
Percentage of concentration of credit risk			21.00%	36.00%
Accounts receivable, net	$ 15,000		$ 15,000		11,900
University client B | Customer concentration risk | Sales Revenue, Net | Graduate Program Segment
Segment Information
Revenue		$ 13,100		$ 26,500
Percentage of concentration of credit risk		13.00%		14.00%
University client B | Credit concentration risk | Accounts receivable, net | Graduate Program Segment
Segment Information
Percentage of concentration of credit risk				36.00%
Accounts receivable, net					$ 11,800
University client C | Customer concentration risk | Sales Revenue, Net | Graduate Program Segment
Segment Information
Revenue		$ 10,200		$ 19,800
Percentage of concentration of credit risk		10.00%		10.00%
Four University Clients | Customer concentration risk | Sales Revenue, Net | Alternative Credit Segment
Segment Information
Percentage of concentration of credit risk			56.00%
Four University Clients | Customer concentration risk | Revenue segment | Alternative Credit Segment
Segment Information
Percentage of concentration of credit risk	37.00%
Three University Clients | Customer concentration risk | Sales Revenue, Net | Alternative Credit Segment
Segment Information
Percentage of concentration of credit risk				83.00%
Three University Clients | Customer concentration risk | Revenue segment | Alternative Credit Segment
Segment Information
Percentage of concentration of credit risk				83.00%

Segment and Geographic Inform_4

Segment and Geographic Information - Revenue and Total Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Information
Total segment revenue	$ 135,461		$ 97,423		$ 257,695	$ 189,711
Total segment profitability	$ (14,975)		$ (5,555)		$ (18,181)	$ (7,077)
Total segment profitability margin	(11.10%)		(5.70%)		(7.00%)	(3.70%)
Net loss	$ (27,972)	$ (21,554)	$ (18,347)	$ (14,871)	$ (49,526)	$ (33,218)
Adjustments
Interest income	(1,814)		(912)		(4,163)	(1,254)
Interest expense	2,424		27		2,479	54
Foreign currency loss	13		825		383	1,220
Depreciation and amortization expense	14,653		7,408		24,351	14,783
Income tax benefit	(18,691)		(3,565)		(19,632)	(4,793)
Deferred revenue fair value adjustment	3,352		0		3,352	0
Transaction Costs	3,093		0		5,024	0
Stock-based compensation expense	9,967		9,009		19,551	16,131
Total adjustments	12,997		12,792		31,345	26,141
Total assets	1,331,747				1,331,747		$ 807,354
Trade accounts receivable
Accounts receivable, net	71,578				71,578		32,636
Total trade accounts receivable	71,577				71,577		32,357
Contract liabilities	54,600				54,600		8,345
Graduate Program Segment
Segment Information
Total segment revenue	101,403		81,209		205,577	161,768
Total segment profitability	$ (8,049)		$ (5,905)		$ (7,339)	$ (6,179)
Total segment profitability margin	(7.90%)		(7.30%)		(3.60%)	(3.80%)
Adjustments
Total assets	$ 558,135				$ 558,135		702,827
Trade accounts receivable
Accounts receivable, net	30,829				30,829		31,110
Graduate Program Segment unbilled revenue	24,779				24,779		265
Allowance for doubtful accounts	0				0		0
Contract liabilities	11,560				11,560		2,864
Deferred revenue						$ 2,500
Alternative Credit Segment
Segment Information
Total segment revenue	34,058		$ 16,214		52,118	27,943
Total segment profitability	$ (6,926)		$ 350		$ (10,842)	$ (898)
Total segment profitability margin	(20.30%)		2.20%		(20.80%)	(3.20%)
Adjustments
Total assets	$ 773,612				$ 773,612		104,527
Trade accounts receivable
Accounts receivable, net	15,969				15,969		982
Allowance for doubtful accounts	993				993		257
Contract liabilities	$ 43,040				$ 43,040		$ 5,481
Deferred revenue						$ 4,500

Segment and Geographic Inform_5

Segment and Geographic Information - Contract Acquisition Costs (Details) - Graduate Program Segment - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Information
Capitalized contract cost	$ 0.5		$ 0.5		$ 0.3
Capitalized contract cost, additional costs capitalized	$ 0.1	$ 0.2	$ 0.2	$ 0.3

Segment and Geographic Inform_6

Segment and Geographic Information - Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Geographical Information
Revenue	$ 135,461	$ 97,423	$ 257,695	$ 189,711
Alternative Credit Segment
Geographical Information
Revenue	34,058	16,214	52,118	27,943
Alternative Credit Segment | Non-US
Geographical Information
Revenue	$ 11,100	$ 9,800	$ 18,900	$ 17,200
Long-lived assets					$ 1,200