2U Reported Second Quarter Loss of $66 M; Stock Improved 83% This Year

IBL News | New York

2U (Nasdaq: TWOU) came out yesterday with a reported loss of $66.2 million and revenues of $182.7 million in its second quarter ended June 30. Loss per share was 34 cents, better than Zacks’ analysts expected of 44 cents.

The stock went up 1.36% yesterday until $43.87. Since the beginning of the year, shares increased 83% versus the S&P 500’s gain of 0.9%. The rise of the stock was 20% in the last 12 month.

The Lanham, Maryland-based OPM provider presented a different picture of its quarter earnings. It highlighted its revenue increase of 35% to $182.7 million compared to the second quarter of 2019. It added: “Graduate program segment revenue increased 14% to $115.7 million and Alternative Credential Segment revenue increased 97% to $67.0 million, including $36.6 million in revenue from Trilogy, acquired in May 2019.”

“In these complex and challenging times, the importance of 2U’s mission and the value we deliver for our partners and their students has never been more clear,” Co-Founder and CEO, Christopher “Chip” Paucek said. “As universities accelerate their digital transformations and more students affirmatively choose to pursue an education online, we believe our strong relationships with leading universities and the unmatched scale and quality of our portfolio of offerings position us well for future growth.”

“We are driving significant improvement in key profitability and cash flow metrics while maintaining quality, enhancing operational efficiency, and executing on growth opportunities,” said Chief Financial Officer, Paul Lalljie. “We delivered a significant improvement in free cash flow in the second quarter and expect to achieve EBITDA profitability next quarter and for the full year. We also increased our financial flexibility with our recent convertible senior notes offering and revolving line of credit.”

New International Students Barred for Any F-1 or M-1 Visa for Online Programs

IBL News | New York

Immigration and Customs Enforcement (ICE) said on a new guidance document that international students won’t obtain an F-1 or M-1 visa to enroll in online programs in the U.S.

“New or initial nonimmigrant students who intend to pursue a full course of study that will be conducted completely online will likely not be able to obtain an F-1 or M-1 visa to study in the United States,” stated ICE on its latest document released July 24.

However, students can remain in the United States if they are already engaged in a fully online program as they do not need a new visa.

The new guidance from U.S. immigration officials confirms the validity of the approach adopted by Harvard University and the University of Southern California (USC) when advised newly admitted international students who require F-1 visa sponsorship not to come to the U.S.

According to immigration experts quoted by Inside of Higher Ed, it is still not clear whether international students may obtain visas for hybrid programs consisting of a mix of in-person and online courses.

Coursera Valued at $2.5 Billion After a Finance Round of Additional $130 Million

IBL News | New York

Coursera yesterday announced that it raised an additional $130 million, as part of a Series F round, which was led by NEA –an investor in the trading platform Robinhood– and joined by existing investors Kleiner Perkins, SEEK Group, Learn Capital, SuRo Capital Corp, and G Squared.

This is the biggest funding round for a U.S. education technology company in 2020.

Investors are valuing the company at a reported $2.5 billion. To date, Coursera has raised $464 million.

The company’s CEO, Jeff Maggioncalda, assured that “this financing brings the company’s cash balance to more than $300 million.”

The additional funding will be used “to double down on our product and engineering efforts, expand our job-relevant catalog, and further grow our international presence,” explained Maggioncalda.

“In particular, it gives us the flexibility to meet the considerable demand for two of our COVID-focused initiatives — Campus Response Initiative to help universities teach impacted students and Workforce Recovery Initiative to help governments reskill unemployed workers.”

The ongoing pandemic has accelerated the expansion of Coursera, which has added 15 million new users since March. Currently, it sums
65 million learners and it houses 4,500 courses with 160 university partners and 40 companies including Google and IBM. Its workforce accounts 600 employees.

Since the company announced on March 12 a free offer on Coursera for Campus on March 12, over 10,000 institutions have signed up, and enrollments have spiked 500 percent over the previous spring, with 1.3 million students taking courses.

These numbers have been used to appeal to venture capitalists, always interested in detecting major market changes.

Coursera continues aiming for an IPO, although it has not any date on the horizon yet.


Harvard and Princeton Will Deliver Their Classes Online This Fall; Backlash for Keeping Full Tuition

IBL News | New York

All Harvard University undergraduate and graduate students for the 2020-21 academic year will take their classes online due to the COVID pandemic–the university announced on Monday. Tuition won’t be affected.

“Students will learn remotely, whether or not they live on campus,” the institution said.

Only 40% of its undergraduates, including all first-year students, will live on campus –in single bedrooms with a shared bathroom.

“This will enable first-year students to benefit from a supported transition to college-level academic work and to begin to build their Harvard relationships with faculty and peers,” the officials wrote.

“Both online and dorm-based programs will be in place to meet these needs. Over the last few weeks, there has been frequent communication with our first-year students about their transition to Harvard and this will continue as we approach the start of the academic year.”

“We also will invite back to campus those students who may not be able to learn successfully in their current home learning environment.”

Harvard University faced backlash on Twitter for keeping its annual tuition prices of $49,653 per year despite the Ivy League institution’s decision to continue with online coursework. Fox Business collected tweets protesting for Harvard’s full-tuition.


Also, Princeton University announced that most academic instruction will remain online.

“Based on the information now available to us, we believe Princeton will be able to offer all of our undergraduate students at least one semester of on-campus education this academic year, but we will need to do much of our teaching online and remotely,” Princeton President Christopher L. Eisgruber said in his message to the university community.

First-year students and juniors will be allowed to return to campus for the fall semester, while sophomores and seniors will be welcomed back in the spring semester.

Princeton is offering 10% discounted tuition for the school year.

Last week, Yale University announced a similar plan to limit the number of people on campus. Yale will reopen in the fall without sophomores living on campus and then will be open in the spring without freshmen living on campus.

The University of Southern California announced it is dropping plans to have undergraduate students back in the classroom and instead will offer most classes online.

Courses, Strategies, and Resources to Get The Most From Learning with edX and Coursera

IBL News | New York

edX’s How to Learn Online course reached over 85,000 enrollments. This 4 to 6-hour course, taught by edX’s learning design team, includes a curation of effective science-backed techniques.

Related to digital learning, edX offers five more courses under a Professional Certificate program, Course Creator Plus.

Coursera’s Learning to Teach Online attracted a similar number of users. This 17-hour course is based upon award-winning educational resources developed by Dr. Simon McIntyre and Dr. Negrin Mirriahi, from UNSW Sidney.

Both the Coursera and edX organizations have been releasing materials lately, with tips and inspirational resources about online learning for the COVID times.

Regarding learning strategies, edX suggests making sure educators develop new knowledge and skills in a way that can be retained, applied repeatedly, and adapted to new contexts.

The main advice is to make learning stick by taking advantage of established learning principles of practice, application, and reflection.

“A well-designed learning experience will provide you with opportunities to practice, apply, and reflect, but you can reinforce your learning outside of a class by connecting it to your everyday life and work,” explained Nina Huntemann, Senior Director of Academics and Research at edX, and one of the instructors of the “How to Learn Online” course. [In the picture above].

Nina Huntemann provided three top tips to getting the most from online learning and achieving those learning goals.

  1. Set aside time for learning. Plan and dedicate time to learn as you would to exercise or see friends or spend time with loved ones.
  2. Virtually meet and interact with your learning peers. You are not alone.
  3. Make your learning stick with the practice, application, and reflection.

Coursera said that live synchronous sessions are optimal for creating a space for collaborative problem solving, peer-to-peer interaction and personalized step-by-step guidance.

Linlin Xia and Alexandra Urban, from the Teaching & Learning Team at Coursera, described in seven points the best practices regarding live sessions:


1. Enhance course community

– Start with ice-breaker questions (e.g. what’s your favorite dessert) or virtual polls to get all students participating from the very beginning.

– Invite alumni or previous students from the course to share their learning tips.

– Encourage real-time community by asking students to submit messages, raise a hand, or use other tools within the virtual classroom.


2. Dive into key concepts

– Share your screen or use a virtual whiteboard functionality when the problem involves calculations, concept mapping, or images.

– Show step-by-step problem solving to guide students in your thought process.

– Make sure to pause and ask students questions throughout the session to ensure understanding.


3. Preview or debrief an assessment

– Collect questions from students about the specific project before the session.

– Walkthrough the purpose and benefits of completing this assignment.

– If it’s an open-ended project, allow students to share ideas with instructors or their peers and collect feedback.

– Address common pitfalls, as well as how mistakes can be avoided.


4. Conduct a live demonstration

– Make sure the code, software, or interface is large and clear enough for students to read.

– Zoom in on important elements to focus students’ attention.

– Talk through the process for conducting this type of simulation or problem solving, so students can recreate needed steps later on their own.


5. Initiate a team project

– Encourage peer-to-peer learning through specific prompts and clear deliverables desired.

– Use virtual breakout rooms with separate video conference links for each student-group to discuss.


6. Highlight a guest speaker

– Send a summary of the guest’s background and expertise before the session, so students can prepare.

– Collect questions from students ahead of time to add structure to the meeting.

– Add interactive and reflective elements to help students apply what they’re hearing and encourage the guest to brainstorm alongside the students. when possible


7. Create virtual office hours

– Let each student or team sign up for 10 to 15-minute slots of time at least one week ahead.

– Ask students to submit their questions before the event so you can use the time most efficiently and center on the most frequently asked questions.

– Send out beforehand which topics will be covered to pique students’ interest to attend.

Report: Nearly 260 Million Children Are Still Excluded from Education; Pandemic Exacerbates the Breach

Mikel Amigot, IBL News | New York

Over 258 million children worldwide still have no access to education, mostly due to economic poverty and discrimination.

A United Nations report released this Tuesday stated that the COVID-19 pandemic has exacerbated the problem. During the outbreak, about 90% of the student population was affected by school closures.

However, despite the Coronavirus pandemic, one-in-five children and youngsters were excluded from schooling before the outbreak.

“Children from poorer communities as well as girls, the disabled, immigrants and ethnic minorities were at a distinct educational disadvantage in many countries,” said UN Educational, Scientific and Cultural Organization (UNESCO).

The mentioned quarter-million getting no education represent 17% of all school-aged children. Most of them belong to South and Central Asia and Sub-Saharan African countries. In 20 Sub-Saharan African countries, hardly any rural girls complete secondary school. [See graphic below].

“Lessons from the past – such as with Ebola – have shown that health crises can leave many behind, in particular the poorest girls, many of whom may never return to school,” Audrey Azoulay, General Manager at UNESCO, wrote in a report.

UNESCO urged countries to focus on disadvantaged children when schools reopen after coronavirus lockdowns.

“To rise to the challenges of our time, a move towards more inclusive education is imperative,” Azoulay said. “Failure to act will hinder the progress of societies.” “It has never been more crucial to make education a universal right, and a reality for all”, he added.

The core recommendation of the UN report is to understand that inclusive education means equal access for all learners, notwithstanding identity, background, or ability.

“Inclusion is not just an economic but also a moral imperative,” notes UNESCO. 


The Global Pandemic Accelerates the Inequalities in Education; 1.1 Billion Children Still Out of School

IBL News | New York

The COVID-19 pandemic–with 9.2 million cases worldwide of infected individuals and over 450,000 deaths confirmed– continues to deepen the global crisis in education. Over 1.1 billion children are now out of school, and access to online learning is becoming increasingly unequal and divisive.

“Providing a range of learning tools and accelerating access to the internet for every school and every child is critical”, said this month Robert Jenkins, Chief of Education at UNICEF.

Disparities on digital technologies are aggravating the crisis. Three-quarters of countries are using online platforms to deliver online education, but in 71 countries less than half of the population has Internet access. Governments are also using TV networks to deliver distance education.

However, even broadcast television doesn’t work in many countries. In Sub-Saharan Africa, only 1 in 100 homes in rural Chad has a television.

UNICEF reports show that countries have been transforming their educational systems to cope with the demand. For example, in West and Central Africa, government officials have pushed service providers to deliver education for primary and secondary school students.

Innovative experiences have also emerged. An interesting case study happened in Somalia, where offline pre-recorded lessons were uploaded to solar-powered tablets intended for children.

In addition, video lessons are often shared through Facebook, WhatsApp, and other social media platforms.

The UN reported that measures have been taken in order to host educational content on connected tablets to vulnerable students.

MOOCs Were Dead, but Now They Are Booming, According to The New York Times

IBL News | New York

Five years ago, The New York Times, in an extensively quoted report among academics keynoting on higher-ed conferences, had determined that MOOCs were dead. Low completion rates being below 5%, no business model behind them, and no impact on skyrocketing tuitions were the main reasons. In other words, disruption never occurred, and education wasn’t democratized.

Yesterday, however, the Gray Lay of the journalism–the New York Times–certified a new reality. “Remember the MOOCs? After Near-Death, They’re Booming,” was the headline. The confinement at home and the online move due to the pandemic has mostly caused “a jolt that could signal a renaissance for big online learning networks that had struggled for years,” wrote the veteran reporter Steve Lohr.

After millions of adults have signed up for online classes in the last two months, Coursera added 10 million new users from mid-March to mid-May–that is seven times the pace of new sign-ups in the previous year, according to the Times. Enrollments at edX and Udacity have jumped by similar multiples.

“Crises lead to accelerations, and this is the best chance ever for online learning,” said Sebastian Thrun, Founder of Udacity.

“Active learning works, and social learning works,” said Anant Agarwal, CEO at edX.


Over 10,000 Museums Across the World Won’t Open Due to the Global Health Crisis

Mikel Amigot, IBL News | New York

The COVID-19 pandemic has hit museums hard, and over 10,000 may never reopen.

On May 18, International Museum Day, new studies conducted by UNESCO and the International Council of Museums (ICOM) found that 13% of the more than 85,000 museums across the globe that have closed due to the virus will stay shut down.

As a result of the closures, the losses have skyrocketed. In the United States alone, art institutions are losing an estimated $33 million a day, according to the American Alliance of Museums.

In addition, the global health crisis has exposed the precarious position of cultural workers, with thousands of employees laid off or furloughed.

“The museum field cannot survive on its own without the support of the public and private sectors,” said Suay Aksoy, President at ICOM. “It is imperative to raise emergency relief funds and to put in place policies to protect professionals and self-employed workers on precarious contracts.”

Audrey Azoulay, General Manager at UNESCO, promised to aid museums since “they play a fundamental role in the resilience of societies.”

That assistance may materialize on the ResiliArt movement, launched by UNESCO in April.

The UN agency will host a series of debates, panels, and other events to generate discussion about how art and cultural institutions, organizations, and workers will need to adapt in order to survive.

According to UNESCO, social protection of museum staff, digitization and inventorying of collections, and online content development, are among the top priorities that need to be addressed – all of which require financial resources.

UNESCO also pointed out that since 2012, the global number of museums has increased by almost 60%, demonstrating how important they have become in national cultural policies over the last decade.

Museums play a fundamental role in education, culture, and in supporting the local and regional creative economy, according to UNESCO.


NY’s Governor Hires the Bill and Melinda Gates Foundation for Reforming the School System

IBL News | New York

The New York Governor Andrew Cuomo announced this week that the State will work with the Bill and Melinda Gates Foundation to develop a plan to “reimagine and build back our education system better, as we prepare to reopen”. 

New York’s schools –which is the country’s school biggest system, with 1.1 million children– are closed for the year, and authorities are considering what should look like when they reopen.

Bill Gates is a visionary in many ways, and his ideas and thoughts on technology and education he’s spoken about for years, but I think we now have a moment in history where we can actually incorporate and advance those ideas,” said Cuomo, a Democrat.

The Governor did not outline the scope of the state’s work with the Bill and Melinda Gates Foundation, a powerful player in the education space.

Some educators criticized Cuomo’s announcement, reminding the foundation’s failed initiatives. At least three organizations – New York State Allies for Public Education, Class Size Matters, and the Parent Coalition for Student Privacy – have already written to Cuomo and state education officials opposing the partnership.

New York State United Teachers President, Andy Pallott, said in a statement, “if we want to reimagine education, let’s start with addressing the need for social workers, mental health counselors, school nurses, enriching arts courses, advanced courses and smaller class sizes in school districts across the state.”

How the Bill and Melinda Gates Foundation will be compensated is unclear. So far, this non-profit has exercised a notable influence in pushing certain education policies, such as the so-called education reform movement, along with the Common Core and other academic standards and teacher evaluation.

Other philanthropies lobbying for education reform are the Walton Family Foundation, the Eli and Edythe Broad Foundation, and the Emerson Collective.

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