2U, Inc.

variant and what it might mean for the path and pace of reopening of economies around the world and for consumer behavior. After carefully considering the operating environment and other factors, we are reaffirming our guidance for 2021 originally provided in our first quarter earnings call and affirmed on June 30th. We expect revenue to range from $925 million to $955 million. Growth of 21% at the midpoint. Adjusted EBITDA is expected to range from $55 million to $65 million, a margin of 6% at the midpoints of adjusted EBITDA and revenue. Given the efficiency improvements we've been able to drive in new launches, we expect capital expenditures to be approximately $75 million, which is slightly lower than our initial projections coming into the year. Weighted average shares outstanding is expected to be approximately 75 million shares. To conclude, we reported another strong quarter, adding more proof points for the durability and sustainability of our business model. You may see some variability in our revenue growth rate from quarter to quarter due to things like the Delta variant and advertising costs. that variability will be around a fundamentally strong trend line over the long term moreover we are delivering efficiency improvements in new launch costs and overall expense growth well below revenue growth all of which is translating into improved margin profitability and cash flow and as we work towards the closing of the edX transaction We believe that edX will enhance our long-term strategic position in the edTech space. And with that, we'll open the call for questions. Operator?

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Hey, thanks. Chip, you made the comment that it's looking like 2017 in terms of, I think, program launches. So can you maybe frame that a little bit more and help us understand the potential impact that new program launches could have to growth at a high level as you think about the next few quarters and into 2022? Sure.