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  "notes": "Includes three tables: BJ Lebai financials, monthly student enrollment projections, and a summary calculation of deferred revenue.",
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      "text": "If Firstleap collected tuition of roughly 15,000 Rmb from each of the 25,265 students enrolled, that means it received prepayments of 379 million Rmb, or about $58 million, from those students.",
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      "text": "deferred revenue: 379 million Rmb",
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      "text": "However, out of the total prepayments collected, a significant chunk had already been amortized. To get at the percentage of deferred revenue remaining, let us look at eight generic",
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      "text": "If Firstleap collected tuition of roughly 15,000 Rmb from each of the 25,265 students enrolled, that means it received prepayments of 379 million Rmb, or about $58 million, from those students. Let's recap what we have so far:",
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      "text": "Next, we need to make some estimates to obtain a reasonable deferred revenue number for Firstleap. As in the table above, from CY2014 to CY2015, Firstleap's gross revenue grew 52.8%, while TAL's filings show total revenue growth of 42.9% in FY2016.",
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      "text": "And it's Gone",
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