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Exhibit 12.1

2U, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges

 
   Year Ended December 31,   Six Months Ended
June 30, 		 
 
   2015   2016   2017   2017   2018  
 
   (in thousands)
  

Fixed charges:

                                

Interest expense related to indebtedness

   $ 271   $ —   $ 87   $ 1   $ 54  

Estimated interest component of rental expense(1)

     1,118     1,879     2,817     1,142     1,439  

Amortization of capitalized expenses related to indebtedness

     282     35     —     —     —  

Capitalized interest expense

     —     —     —     —     —  

Preferred stock dividends

     —     —     —     —     —  
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Total fixed charges

   $ 1,671   $ 1,914   $ 2,904   $ 1,143   $ 1,493  
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Earnings (loss):

                                

Loss before income taxes

     (26,733 )   (20,684 )   (30,720 )   (15,193 )   (38,011 )

Add: fixed charges per above

     1,671     1,914     2,904     1,143     1,493  

Less: capitalized interest expense

     —     —     —     —     —  
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Total loss

   $ (25,062 ) $ (18,770 ) $ (27,816 ) $ (14,050 ) $ (36,518 )
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Ratio of earnings to fixed charges

     N/A     N/A     N/A     N/A     N/A  

Deficiency of earnings available to cover fixed charges

   $ (26,733 ) $ (20,684 ) $ (30,720 ) $ (15,193 ) $ (38,011 )
(1)
Interest component of rental expense is estimated to equal one third of such expense, which is considered a reasonable approximation of the interest factor.



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2U, Inc. Statement of Computation of Ratio of Earnings to Fixed Charges