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  "documentTitle": "GSX Techedu (GSX)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-25 00:00:00",
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  "notes": "Includes source citations and methodological notes regarding enrollment estimation for TAL.",
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      "text": "Note1: TAL states that Xue Er Si generates around 13.3% of revenue as of 2019. However, we have generously assumed all enrollments are related to online education. Notice, this assumption will only lower Visits Per Enrollments Per Year.",
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      "text": "Note2: TAL 2019 enrollments are estimated using latest quarter results due to different fiscal year ends.",
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      "text": "Visits Per Enrollments Per Year: 4",
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      "text": "Source: Rank2traffic.com; Company filings; Grizzly analysis",
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