13.02.24, 07:16
…ttps://investor.
2u.com/news-and-events/press-releases/news-details/2024/
2U-Reports-Results-for-Fourth-Quarter-and-Full-Year-2023/default.aspx
In meiner Einschätzung sind die Zahlen wie erwartet schlecht ausgefallen, jedoch nicht schlecht genug.
Der Firma müsste die nächste Refinanzierung gelingen.
Das Positive:
Quartal:
Revenue increased 8% to $255.7 million
Adjusted EBITDA increased 54% to $90.2 million; a margin of 35%
Adjusted net income was $49.5 million, or $0.48 per share
Jahr:
Umsatz $946.0 million
Adjusted EBITDA increased 37% to $170.8 million; a margin of 18%
Adjusted net income was $15.4 million, or $0.19 per share
Das Negative:
Net loss was $42.4 million, or $0.52 per share, and includes non-cash impairment charges of $62.8 million
Revenue decreased 2% to $946.0 million
Net loss was $317.6 million, or $3.93 per share, and includes non-cash impairment charges of $196.9 million
Kasse:
Liquidity and Cash Flow
As of December 31, 2023, the company's cash, cash equivalents, and restricted cash totaled $73.4 million, a decrease of $109.2 million from $182.6 million as of December 31, 2022. As of December 31, 2023, the company's total debt was $904.7 million, including borrowings of $40.0 million under the company's revolving credit facility.
Der schlechte Ausblick:
The company expects that if it does not amend or refinance its term loan, or raise capital to reduce its debt in the short term, and in the event the obligations under its term loan accelerate or come due within twelve months from the date of its financial statement issuance in accordance with its current terms, there is substantial doubt about its ability to continue as a going concern.
As of February 12, 2024, the company is initiating its first quarter and full-year 2024 guidance as follows:
First quarter 2024
Revenue to range from $195 million to $198 million
Net loss to range from $60 million to $55 million
Adjusted EBITDA to range from $10 million to $12 million
Full-year 2024
Revenue to range from $805 million to $815 million
Net loss to range from $90 million to $85 million
Adjusted EBITDA to range from $120 million to $125 million
Einschätzung:
Im 4ten Jahr hintereinander gelingt der Sprung über die Milliarde beim Umsatz nicht.
Andere EdTechs haben noch gar nicht so viel Umsatz.
Die Firma will margenschwache Produkte aus dem Programm nehmen und erwartet, dass deswegen der Umsatz zunächst fällt.
Der Fortbestand der Firma hängt massgeblich von der nächsten Refinanzierung ab.
Die Erkenntnis, dass man an der Rentabiltiät arbeiten muss ist immerhin mit 1 Jahr Verspätung im Managementteam angekommen.
Eigenkapital 220 Mio Dollar
Börsenwert weniger als 100 Mio Dollar
Den Wettbewerbern geht es bei weniger Schulden nicht viel anders.
Der Markt der EdTechs ist weiterhin stark fragmentiert.
Mal abwarten, was die Gurus/Analysten schreiben.
Bin weiterhin spekulativ drin…
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