They receive payment from students upfront and then they must teach the lessons. OCF needs to be looked at with their deferred revenue figures hence why they include them in the update.
OPEX will continue to increase as student numbers rise. When student numbers rise as quickly as they have, it makes OCF look very good as they are receiving fees without yet having to provide the service.
Ann: Quarterly cash flow report for Q1 FY23, page-7
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