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      "text": "If we assume that historical small-class, one-on-one, and Xueersi.com revenues are as stated and that their associated enrollment increases are credible, then Peiyou offline revenue growth should have been negative.",
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      "text": "If we assume that historical small-class, one-on-one, and Xueersi.com revenues are as stated and their associated enrollment increases are credible, then Peiyou offline revenue growth should have been negative.",
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      "text": "A note on model construction: We conducted sensitivity analysis with respect to the ratio of one-on-one ASPs to small-class ASPs. Modulating the ratio between 2 and 4 does not produce significant fluctuations in results.",
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      "text": "After solving the system of equations, we get that for FY2015 Q2, small-class enrollments are 334,535 with an ASP of $299.95; one-on-one enrollments are 20,399 with an ASP of $899.85; and online course enrollments are 53,036 with an ASP of $71.28.",
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      "text": "Offline is also very stable. I think their net revenue from the Peiyou small class segment, that was up by 52.4% this quarter. — CFO Rong Luo",
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      "text": "TAL FY2018, Q3 earnings call., CFO Rong Luo reply in the Q&A",
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      "text": "FY2018 Q3: Peiyou Disclosures Do Not Reconcile",
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