Ann: Back to school market update - February 2018, page-31

Referring to cash receipts. Again as per a previous post, I do not believe all partner schools (excluding the 'promotion' ones) are paying upfront. I think some may be paying per semester, others might be making up shortfall where parents are paying (but min parents number not reached) which I guess woulve be calculated year end (?). And also some schools would have just recently signed on and may not be implemented yet.

Having said that I have no idea about the numbers...perhaps the majority have gone the upfront option. In which case yeah my first quarter estimate could be conservative, but at the expense of future quarters.

Again though its all guesswork on my part until the quarterly comes out. In the end, as a long termer it doesn't really bother me too much, as long as the money rolls in eventually.

Cdchi1