You may have overlooked an important number for GiveCampus: length of contracts. I'm skeptical that the average contract size is $20K for 1 year. More likely it's 2 or 3 years and a good portion of the $20M in revenue is on the books as deferred revenue. I'm sure the funders know about this, but we need to be careful about use of the word "revenue" when we're on the outside looking in. Cash flows would tell a lot more.

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