Financial results – Education Division
From a financial point of view, the evolution of the Education Division in the 9 months period ended on 30.09.2021 shows almost a recovery, managing to recover the decrease of more than 20% recorded in the first two quarters. The significant decrease in the cost of materials is due to Microsoft’s Enterprise Skills Initiative (ESI) campaign, in which both textbooks and labs have zero cost for this year. In addition, there is a high share of DevOps courses (own curriculum) where course materials are our property and therefore we have no licensing costs.
The increase in team expenses, both in the sales and administrative area is generated by three components:
- the inclusion of Equatorial’s team costs in the consolidated calculation once the company was taken over in December 2020;
- expansion of the team by including the Demand generation (3), Business Development (1) and Delivery (1) positions
- Change in timing for sales commission payments: quarterly in 2021 versus in Q4 as previously accounted for.