It's hard to explain. A decline of $1m from reseller channels...

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    It's hard to explain. A decline of $1m from reseller channels and $500K from direct channels, was replace by ~$800k revenue despite the YOY combined student numbers being identical. Do 10,000 reseller students really produce $800k more revenue than direct?

    It is somewhat immaterial given the low margin nature of this revenue (see that the GP for this segment was unmoved despite the revenue hit) but it should be explained. Could it be resellers service more well-off schools who can require students spend more than those in public schools?
 
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