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  "docSlug": "0900eea60013",
  "documentTitle": "New Oriental Education & Technology Group (EDU)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-07-18 00:00:00",
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  "notes": "The slide uses two line charts to demonstrate that online user growth is flat despite massive growth in the underlying market and in-person enrollments.",
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      "text": "To believe these numbers, it would mean that EDU instituted substantial price increases in the face of declining enrollments.",
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      "text": "Comparison of EDU online users, learning center enrollments, and Chinese internet user base",
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      "text": "EDU's reported internet figures do not support its growth story. According to EDU's investor relations, \"Most of [the online courses] are used to complement the in-person classes.\"",
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      "text": "On top of the phenomenal reported learning center enrollment growth and rapid increase in internet penetration in China, EDU claims to have dedicated resources to expanding its online classes.",
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      "text": "We received purported online revenue figures from EDU's IR. These figures show strong growth over the past few years. This revenue growth does not jibe with the lack of growth in paying online users.",
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      "text": "Most of [the online courses] are used to complement the in-person classes. — EDU's investor relations",
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      "text": "IV. Ghosts in the Machine: Internet Anomalies",
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