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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-07-02 00:00:00",
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  "notes": "Includes detailed footnotes regarding revenue sources and tuition assumptions.",
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      "text": "If that number he cited was inclusive of the franchises, which constitute 55% of Firstleap's centers but generate little revenue, then the deferred revenue overstatement is even more hideous.",
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      "text": "Total revenue (USD): $30,000,251",
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      "text": "Now that we have the number of students as of August 2015, we can apply the same 4% monthly growth rate as before to obtain Firstleap's enrollment as of the acquisition date: 17,367.",
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      "kind": "paragraph",
      "text": "There is a twist. We assumed that the ~20,000 Firstleap students mentioned by TAL's CFO belonged only to Firstleap's self-operated network...",
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      "text": "We assume that the $30 million in revenue comes only from self-operated centers. Using the same 60% annual enrollment growth as before...",
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      "text": "We use the lower pre-acquisition tuition because it is company-favorable. A blog post stated that the tuition charged in August of 2015 was 11,000 rmb for 8 months after the application of a 1000-Rmb discount. (Source: 8 个月，128 个课时，一周上两次，一次一个半点，算两个课时。收费 1 万 1 千多（优惠 1 千后），也就是 1 次课 1 个半点 170 块钱。)",
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      "text": "Based on a 2013 article we reviewed... We use the lower pre-acquisition tuition... To be favorable to the company...",
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      "text": "Estimated Firstleap 2014-2015 Enrollments and Revenue table",
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      "kind": "title",
      "text": "You Just Read the Charitable Interpretation",
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