Yes, they derive their revenue from state funding contracts (one...

Yes, they derive their revenue from state funding contracts (one in each state) and from 'fee for service' revenue from clients, and I think the mix is about 50/50 as between state funding and 'fee for service'. They do not have a VET Fee Help contract, and do not use brokers, so there is no risk on that front. The state funding contracts typically run for 1-3 years and provide for the payment of $$ for various courses. For example, for delivering an Apprenticeship in Engineering or Printing they will receive more than for a Traineeship in Transport & Logisitics, Competitive Systems or Frontline Management. Each state contract has different payment rates and conditions of payment. Hope this helps.