Value Line, Inc. (VALU): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a true market veteran, Value Line, Inc., trying to figure out how this 94-year-old icon still generates revenue in the digital age. Honestly, their model is a fascinating mix of old-school publishing and niche financial engineering; for fiscal year 2025, they pulled in a total revenue of $35.08M, with a significant chunk-$18,318,000-coming not from subscriptions, but from their non-voting interest in Eulav Asset Management (EAM). Their core value still rests on those proprietary Timeliness and Safety rankings, delivered through a lean team of just 117 employees, and if you want to see the full nine-block breakdown-from their self-service digital channels to how they manage costs supporting that classic print survey-dive into the canvas below.

Value Line, Inc. (VALU) - Canvas Business Model: Key Partnerships

You're looking at the network of crucial relationships Value Line, Inc. (VALU) relies on to keep its research and asset management streams flowing, especially as the core publication business faces headwinds. These partnerships are key to diversifying revenue and maintaining data integrity.

Non-voting revenue interest in Eulav Asset Management (EAM)

The arrangement with EULAV Asset Management Trust (EAM) is central to current profitability. Value Line, Inc. holds a non-voting revenues interest and a 50% non-voting profits interest in EAM, which advises the Value Line asset management and mutual fund distribution businesses. This relationship provides a significant, growing income stream that cushions the decline in traditional publishing revenue. It's a classic example of monetizing a brand name through a separate management entity.

Here's the quick math on that partnership for the fiscal year ended April 30, 2025:

Metric	FY 2025 Amount	Change from Prior Year
Receipts from EAM (Revenues Interest & Profits Interest)	$18,318,000	Increase of $5,036,000 or 37.9%
EAM Income vs. Operations Income	EAM Income is over 3 times Operations Income	N/A
Quarterly Dividend Declared (April 2025)	$0.325 per share	Annualized to $1.30 per share

What this estimate hides is the risk; if EAM's assets under management (AUM) falter, that $18.3 million figure is immediately at risk, even though Value Line, Inc. doesn't control EAM's day-to-day. For the nine months ended January 31, 2025, this revenue stream showed even stronger growth, increasing by 47.5% compared to the prior fiscal year. That's a strong tailwind.

Financial data providers for raw market feeds

To power its proprietary research, including the famous rankings, Value Line, Inc. must rely on partners supplying the raw market data. The company's own data product, Value Line DataFile, is comprehensive, which implies a robust underlying data infrastructure, likely sourced or supplemented externally. You can't generate that level of detail without reliable feeds.

The data provided to professional clients through Value Line DataFile includes:

• Data fields covering approximately 6,000 active companies traded in North America.
• Over 450 annual and 150 quarterly data fields.
• Data is updated weekly.
• Spans companies in approximately 100 industries.

The risk factor section of their 2025 filings notes the need for changes in business plans due to unexpected events affecting the availability of materials such as financial data. This confirms the dependency on external, dependable data suppliers.

Print and digital distribution partners (e.g., libraries, institutional platforms)

Getting the research into the hands of users requires a distribution network beyond direct-to-consumer online sales. Value Line, Inc. partners with institutions to ensure broad access to its proprietary rankings and research.

Key distribution channels include:

• Institutional-level services offered via www.ValueLinePro.com and www.ValueLineLibrary.com for corporate, academic, and municipal libraries.
• Value Line Funds are distributed by EULAV Securities LLC.
• Value Line Portfolios (Separately Managed Accounts) are available on platforms like Envestnet and SMArtX.

The company makes certain Value Line copyrights and proprietary ranking system information available to third parties under agreements for use in third-party managed and marketed investment products. This is a direct licensing partnership that leverages their intellectual property.

Brokerage firms for potential data licensing agreements

Brokerage firms serve as a critical conduit for both fund distribution and potential data licensing. While specific dollar amounts for pure data licensing agreements are not broken out separately from other third-party uses, the structure is clear. Value Line Funds are explicitly made available through your brokerage firm or financial adviser. This relationship is symbiotic: brokerages offer the funds to clients, and Value Line, Inc. benefits from the AUM flowing to EAM, which in turn generates revenue for the parent company.

The company's focus on providing proprietary information for use in third-party products suggests ongoing negotiations and agreements with various financial institutions, including brokerage houses, to license their ranks and data for use in client-facing tools or internal models. It's a way to get their proprietary ranking system into more ecosystems without direct subscription.

Finance: draft 13-week cash view by Friday.

Value Line, Inc. (VALU) - Canvas Business Model: Key Activities

You're looking at the core engine of Value Line, Inc. (VALU) as of late 2025. The key activities revolve around generating proprietary data, packaging it for subscribers, and managing the growing financial interests tied to asset management.

Proprietary investment research and analysis on over 1,700 stocks

This is the foundation, honestly. Value Line analysts create the data that drives everything else, focusing on a broad universe of securities. The Value Line Investment Survey - Small & Mid Cap service alone provides financial information and quantitative analysis on approximately 1,800 companies with market capitalizations under $10 billion. You should know that the core research covers stocks, mutual funds, exchange traded funds (ETFs), and options, emphasizing a standardized, data-driven approach. The company also highlights one company each month as a potential acquisition candidate.

Maintaining and updating the Timeliness™ and Safety™ Ranking System

Keeping those proprietary ranks fresh is a critical, ongoing activity. The Timeliness™ and Safety™ ranks are a cornerstone of the value proposition, helping subscribers assess relative performance predictions and investment risk. This ranking methodology is applied across various products. For instance, the Value Line Options Survey provides ranks on more than 600,000 options on stocks, covering about 90% of the market. If onboarding takes 14+ days, churn risk rises, and the ranking system needs to be seen as reliable daily.

Publishing and distributing print and digital subscription products

This is where the research gets monetized through subscriptions, though you've seen the top-line pressure here. For the full Fiscal Year 2025, Value Line's total revenue was $35.08 million, which was a decrease of -6.42% compared to the prior year's $37.49 million. Still, the company continues to maintain revenue from both print and digital publications. The digital platform lets you build up to 10 custom Stock Screeners and save up to 5 charts with up to 11 indicators layered on. You can also set alerts for up to 25 companies across four critical categories.

Here's a quick look at the financial context surrounding the revenue-generating activities for FY 2025:

Financial Metric	Amount (FY 2025)	Comparison/Context
Total Revenue	$35.08 million	Decreased -6.42% from FY 2024
Total Net Income	$20.7 million	Increased 8.78% over FY 2024
Cash and Short-Term Securities	$77.4 million	Represents virtually no debt on the balance sheet

Managing the financial interest in Eulav Asset Management (EAM)

This is the growing part of the profit mix, providing a buffer against the publication decline. Value Line holds non-voting revenues and profits interests in EAM, which acts as the investment advisor for Value Line-branded funds. In Fiscal Year 2025, income from this interest totaled $18.3 million, marking a significant increase of 37.9% from FY 2024. To be fair, the asset management income can show volatility; for the nine months ended January 31, 2025, the income from EAM increased 47.5% year-over-year to $13.781 million. At the end of FY 2025, Value Line reported additional investment assets, separate from EAM, valued at $43.3 million.

Developing and maintaining digital research platforms

The digital platform is where you interact with the research, and it's designed for deep customization. You use this activity to tailor the data to your specific needs. The platform supports specific limits for personalization:

• Create and save up to 10 custom Stock Screeners.
• Create and save up to 5 charts.
• Layer up to 11 indicators on charts.
• Set alerts for up to 25 companies.

Finance: draft 13-week cash view by Friday.

Value Line, Inc. (VALU) - Canvas Business Model: Key Resources

Proprietary Timeliness™ and Safety™ Ranking System

• Timeliness Rank measures probable relative price performance for the next 6 to 12 months.
• Stocks are ranked on a scale from 1 (Highest) to 5 (Lowest).
• The Timeliness Rank covers approximately 1,700 stocks.
• At any given time, 100 of those stocks receive a Timeliness Rank of 1.
• Safety Rank measures total risk relative to the approximately 1,700 other stocks.

World-class analyst team (small, focused staff of 117 employees)

Value Line, Inc. maintained a staff of 117 employees as of April 30, 2025. This number represented a decrease of 5, or 4.10%, compared to the previous year. The revenue per employee for the trailing twelve months was approximately $297,444, and profits per employee was approximately $181,701.

Extensive database covering 19,000+ funds and 600,000+ options

The research and data assets are substantial, supporting both proprietary research and third-party licensing.

Asset Type	Coverage Number	Notes
Options Covered	More than 600,000	Covers 90% of the market options on stocks.
Mutual Funds Covered	More than 19,000	Included in the Fund Adviser Plus service.
Companies Covered (Research Center)	More than 3,000	Large-, mid-, and small-cap companies.
Industries Covered	More than 90	Across the company research universe.

Strong, long-standing brand reputation (94-year old investment icon)

Value Line, Inc. is recognized as a 94-year old investment research icon as of April 2025, having been founded in 1931. The company declared a quarterly cash dividend of $0.325 per common share in April 2025, marking the eleventh consecutive year of dividend increases.

Liquid assets of $77,391,000 as of April 30, 2025

The Company's liquid assets totaled $77,391,000 on April 30, 2025. This figure reflected a 13.2% increase from the liquid assets reported on April 30, 2024. Shareholders' equity stood at $99,678,000 at the same date.

Value Line, Inc. (VALU) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by Value Line, Inc. (VALU) to its diverse clientele, from individual investors to institutional money managers. The value proposition centers on providing objective, data-dense research that simplifies complex investment decisions.

Unbiased, standardized research on one-page reports

The flagship offering, The Value Line Investment Survey, delivers its analysis in a distinctive, standardized one-page report format for each covered security. This consistency helps you quickly compare apples-to-apples across the universe. Each report packs detailed current and historical financial data, plus proprietary analysis. For instance, you get analysts' commentary alongside data points like Beta, current P/E ratio, and estimated dividend yield for every stock. You also get 3-to-5-year projected Target Price Range and the percent appreciation potential right there on the page.

Proprietary rankings for relative price performance and risk assessment

The proprietary Ranking System is the key ingredient, time-tested since 1965. This system assigns ranks from 1 (Highest) to 5 (Lowest) across several criteria for the approximately 1,700 stocks covered. This universe represents about 90% of U.S. trading volume. Here's how the core ranks break down:

Rank Category	Time Horizon/Measure	Rank 1 Count (of 1,700)	Rank 3 Count (Approximate)
Timeliness™ Rank	Relative Price Performance (Next 6-12 Months)	100 stocks	Approximately 900 stocks
Safety™ Rank	Total Risk Relative to Universe	Not explicitly fixed count, but highest safety	Average Risk
Technical Rank	Short-Term Price Movement Prediction (Next 3-6 Months)	Not explicitly fixed count, but highest short-term potential	Not explicitly fixed count

Furthermore, every one of the 1,700 companies receives a Financial Strength Grade Rating, scaled from A++ (most stable) down to C.

Comprehensive coverage of stocks, ETFs, mutual funds, and options

While the core focus is on the 1,700 common stocks in the Investment Survey, Value Line, Inc. extends its research scope. You gain access to:

• Value Line ETFs, which track various market segments.
• The Options Survey for options analysis.
• Research on leading stocks in over 95 different industries.

The company also manages its revenue streams from its interest in EAM, where Assets Under Management (AUM) surged 35% in 2024. For the nine months ended January 31, 2025, income from the EAM interest was $13,781,000.

Long-term, consistent methodology for investment decision-making

The value is rooted in a methodology that has been applied consistently for decades, which helps investors position themselves for success. The Timeliness Rank, for example, has been utilized since 1965. This consistency helps subscribers look past short-term noise. The firm's focus on quantitative data and standardized reports supports this long-term view, even as subscription revenue faces headwinds, with recent quarterly revenue around $9 Million as of July 2025.

Access to actively managed model portfolios

Beyond the raw data and rankings, Value Line, Inc. provides actionable guidance through curated lists. The Selection & Opinion section of the Survey includes four model stock portfolios. These portfolios are specifically designed to meet different investment objectives, helping you translate the research into a concrete plan. You can use these models to help structure your own holdings, aiming for the best risk/reward ratio.

Value Line, Inc. (VALU) - Canvas Business Model: Customer Relationships

You're looking at how Value Line, Inc. (VALU) keeps its diverse client base engaged, which really boils down to two main tracks: the high-volume digital self-service for individuals and the specialized service for institutions.

Automated, self-service model for individual digital subscribers

For individual digital subscribers, the relationship is almost entirely automated through the online platform, www.valueline.com. This self-service environment is built around proprietary tools that allow users to customize their research experience. The depth of customization provides stickiness, even if the core research remains standardized. For example, a subscriber can create and save up to 10 Stock Screeners, each containing the data points important to them. They can also maintain watch lists, limited to 15 securities per list, and set alerts in four categories across up to 25 companies. This level of personalization helps keep the user within the Value Line ecosystem for their daily research workflow.

Digital Feature	Capacity/Limit	Data Point Source
Saved Stock Screeners	Up to 10
Securities per Watch List	Up to 15
Companies for Alerts	Up to 25
Indicators Layered on Charts	Up to 11
Saved Charts	Up to 5

Dedicated account management for institutional and professional clients

Institutional and professional clients, which include investment firms and municipal/university libraries, receive a different level of engagement. Value Line, Inc. markets its Pro Equity Research and Institutional Services to these groups, offering rock-solid, accurate data. For the largest firms, Value Line may offer API Access to their research data, allowing for direct integration into their internal analytical systems. As of November 21, 2025, the company had 130 institutional owners and shareholders filing 13D/G or 13F forms with the SEC. This segment relies on the depth of the data and the ability to process it at scale, which is why direct data feeds are a key relationship component.

Subscription-based, long-term relationships with high customer loyalty

The entire revenue model is subscription-based, fostering long-term relationships. This loyalty is underscored by the company's commitment to returning capital to shareholders, which signals stability to the market and, by extension, to long-term subscribers. Value Line, Inc. declared total dividends of $1.225 per share for the fiscal year ended April 30, 2025. Furthermore, the April 2025 declaration set a new quarterly dividend of $0.325 per share, marking the eleventh consecutive year of dividend increases. Based on the stock price on April 30, 2025, the dividend yield was approximately 3.2%. The firm's retained earnings stood at $113,400,000 as of April 30, 2025.

Customer Service Portal for support and inquiries

To support both segments, Value Line, Inc. maintains a Customer Service Portal accessible via their website. This portal is the primary digital touchpoint for resolving issues related to platform navigation or research access. For administrators and reference librarians managing Library Services, Value Line explicitly provides reliable customer service. The company's liquid assets at April 30, 2025, totaled $77,391,000, providing a strong balance sheet to maintain service quality. Finance: draft 13-week cash view by Friday.

Value Line, Inc. (VALU) - Canvas Business Model: Channels

You're looking at how Value Line, Inc. gets its research-the core value proposition-into the hands of investors and professionals as of late 2025. The channels are a mix of legacy print and modern digital delivery, all centered around their proprietary data and rankings.

Direct-to-consumer digital subscriptions (Value Line Research Center)

The digital channel is where a lot of the modern interaction happens. You get access to a digital environment that lets you customize the view, which is a big step up from just the static report. Subscribers can create and save up to 10 custom Stock Screeners, using the data points that matter most to their strategy. Also, you can set alerts in four critical categories: price/volume, valuation, ranks & ratings, and analyst updates, with capacity for up to 25 companies in those alerts. Charting is robust, allowing you to layer up to 11 indicators and save up to 5 charts for later review. This digital delivery supports the core research on approximately 1,700 of the most actively traded U.S. exchange-listed stocks.

Classic Print Publications (The Value Line Investment Survey)

Honestly, the print publication remains a cornerstone, even as digital adoption grows. The flagship The Value Line Investment Survey still delivers its consistent, one-page reports weekly, meaning 52 issues per year. This print product covers stocks representing about 90% of the total U.S. stock market capitalization. For those focused on smaller opportunities, the Small & Mid-Cap Survey covers approximately 1,800 companies with market caps up to $5 billion. The physical delivery method, which involves postage and handling, is a cost factor you need to keep in mind when looking at the overall revenue picture.

Here's a quick look at the scope of the core research products delivered through these channels:

Product/Service	Coverage Universe	Frequency/Key Metric
The Value Line Investment Survey (Core)	Approx. 1,700 most actively traded U.S. stocks	Weekly (52 issues/year)
Small & Mid-Cap Survey	Approx. 1,800 companies (Market Cap < $5 billion)	Weekly
The Value Line 600	Approx. 600 major large-cap stocks	Weekly
The Value Line Options Survey	More than 600,000 options	Covers 90% of the market

Institutional Services for financial professionals and corporations

Value Line, Inc. definitely serves the professional side, offering specialized products beyond the main consumer survey. These services leverage the same proprietary Timeliness™ and Safety™ Ranks but are tailored for institutional use cases. For example, they offer Value Line Select, The Value Line Special Situations Service, and specialized ETF research like Value Line Select ETFs. While the overall company revenue for the fiscal year ending April 30, 2025, was $35.08 million, a decrease of -6.42% from the prior year, the performance of related interests shows strong demand in the asset management space. Specifically, income from their non-voting interest in Eulav Asset Management ("EAM") for the nine months ended January 31, 2025, reached $13,781,000, marking a significant increase of 47.5% year-over-year. This suggests institutional-adjacent services are a key driver of profitability, even if not directly categorized as a 'channel' revenue line in public filings.

Library Services providing public access to research

The library channel ensures broad, albeit indirect, access to the research, often through academic or public institutions. This channel supports the overall brand awareness and provides a pathway for future direct-to-consumer conversions. The core research, like the Investment Survey, is designed to be a comprehensive solution for investment management, covering stocks that comprise 90% of the U.S. daily trading volume. Libraries typically subscribe to the print or institutional digital packages to offer this to their patrons. You should note that Value Line, Inc. continues to support its shareholder base directly, having declared a quarterly cash dividend of $0.325 per common share in October 2025.

The distribution strategy hinges on maintaining the quality of the research across all these touchpoints. The company has 117 employees as of late 2025, a lean team supporting this wide distribution network.

• The core research covers approximately 1,700 stocks.
• The New Value Line ETFs Service provides data on more than 2,800 ETFs.
• The research methodology relies on proprietary Timeliness™ and Safety™ Ranks for all tracked securities.

Finance: draft 13-week cash view by Friday.

Value Line, Inc. (VALU) - Canvas Business Model: Customer Segments

You're looking at how Value Line, Inc. (VALU) divides up the market for its independent investment research. Honestly, the customer base is a mix of individual do-it-yourselfers and the professionals who manage money for others. The company's revenue structure shows a clear shift away from pure print, which impacts how they serve each group.

For context on the business environment these segments operate in as of late 2025, here are some key financial figures from the most recent reporting periods. Remember, the core business revenue is facing headwinds, but other segments are providing support.

Financial Metric	Value / Period	Context
Total Revenue (TTM)	$34.80M	As of the quarter ending July 31, 2025, down -4.99% YoY.
Quarterly Revenue	$8.61M	For the three months ended July 31, 2025.
Net Income (Quarterly)	$6,460,000	For the three months ended July 31, 2025.
EAM Receipts (Quarterly)	$5,121,000	For the three months ended July 31, 2025, up 20.7% YoY.
Retained Earnings	$116,802,000	As of July 31, 2025.

Value Line, Inc. (VALU) serves four primary customer segments:

• Individual Investors (retail clients) seeking reliable, guided research
• Financial Advisors and wealth managers requiring comprehensive data
• Institutional Investors (funds, corporations) needing in-depth analytics
• Public and Academic Libraries for patron access

Individual Investors (retail clients) seeking reliable, guided research

This segment is the historical backbone, relying heavily on the flagship The Value Line Investment Survey. They use the proprietary Timeliness™ Rank and Safety™ Rank to guide decisions. You'll find these clients using the digital platform to customize views; for example, they can save up to 10 custom Stock Screeners and set alerts for up to 25 companies across critical categories like price/volume or rank changes. The research covers stocks comprising 90% of the U.S. daily trading volume. This group is the primary consumer of the niche newsletters like Value Line Select and The Value Line Special Situations Service.

Financial Advisors and wealth managers requiring comprehensive data

Advisors need consistency and depth for their client base, which is why the standardized format of the research reports is so valuable to them. They use the data for client portfolio reviews and to support their own investment theses. This segment benefits from the digital platform's ability to layer up to 11 indicators on charts and save up to 5 charts for quick reference during client meetings. They are key users of the full-page stock reports that include 3-to-5-year price and earnings projections.

Institutional Investors (funds, corporations) needing in-depth analytics

For institutions, the value often lies in data integration and scale. While the core survey is used, this segment is also the target for licensing Value Line's intellectual property. A concrete example of this licensing revenue stream is the First Trust Value Line® Dividend Index Fund ETF (FVD), which has more than $8 billion under management, compensating Value Line for brand use. Furthermore, they are the likely recipients of any offered API Access for seamless data integration into their proprietary analytical systems. The asset management interest through EAM is also relevant here, as EAM's assets under management surged 35% in 2024.

Public and Academic Libraries for patron access

Libraries serve as a crucial access point, often converting the core subscription service into a digital offering for patrons who might not otherwise afford a direct subscription. This is a key channel for digital distribution, allowing patrons to access Value Line's subscription services through an online library portal. This segment helps maintain the reach of the research, even as direct individual subscription revenue erodes. The library channel supports the overall goal of fostering financial literacy across the community.

Value Line, Inc. (VALU) - Canvas Business Model: Cost Structure

The Cost Structure for Value Line, Inc. centers on supporting its core research function and managing its investment portfolio interests. The primary cost drivers are personnel and the infrastructure required to produce and distribute both print and digital investment research.

Personnel costs for the analyst and editorial teams (salaries) are directly tied to the 117 employees supporting the firm's operations as of late 2025.

Technology and data infrastructure maintenance expenses are essential for maintaining digital platforms and proprietary ranking systems, though specific dollar amounts for this line item aren't itemized in the latest disclosures. The financial context shows the scale of the business supported by this infrastructure:

Financial Metric	Amount (FY Ended April 30, 2025)
Total Revenue	$35.08 million
Net Income	$20,686,000
Liquid Assets	$77,391,000
Shares Outstanding (Jan 17, 2025)	9,417,264

Printing and physical distribution costs for classic publications are an overhead component that the company is actively managing as digital revenue grows. The total dividend declared per share for fiscal year 2025 was $1.225.

General and administrative expenses to support 117 employees cover the overhead for the entire organization, including executive, administrative, and support functions for the 117 staff members.

Costs related to investment purchases and management are offset by investment performance, as evidenced by the Total investment gains for fiscal year 2025 reaching $3,238,000.

The cost structure is also influenced by capital allocation decisions, as seen in the shareholder returns:

• Total dividends declared during fiscal year 2025 were $1.225 per share.
• The new annualized dividend level is $1.30 per share.
• The dividend yield based on the April 30, 2025, closing price was approximately 3.2%.

Value Line, Inc. (VALU) - Canvas Business Model: Revenue Streams

You're looking at how Value Line, Inc. (VALU) actually brings in the money as of late 2025. It's a mix of recurring service fees, a significant piece of an asset management entity, and investment performance. Honestly, the shift in revenue mix away from pure publishing is what's been driving the margin story.

The total annual revenue for Value Line, Inc. for the fiscal year ended April 30, 2025, was reported at exactly $35,080,000. This figure represents a decrease of -6.42% compared to the prior fiscal year's revenue of $37.49 million.

Here's a breakdown of the key components making up that top line, with the most concrete figures we have for FY 2025:

Revenue Stream Component	FY 2025 Amount (USD)	Year-over-Year Change Data
Receipts from Non-Voting Interest in EAM	$18,318,000	Increased $5,036,000 or 37.9%
Investment Gains	$3,238,000	Exceeded prior year by $474,000 or 17.2%
Subscription Revenue (Core Research Products)	Estimated ~$13,500,000	N/A
Total Annual Revenue (FY 2025)	$35,080,000	Down -6.42%

The receipts from the non-voting interest in EAM (EULAV Asset Management Trust) are a major driver, hitting $18,318,000 for the twelve months ended April 30, 2025. That's a substantial jump, up 37.9% from the previous year. Also, investment gains contributed $3,238,000 in FY 2025.

The core business of selling research still matters, but its specific dollar contribution is less clearly delineated from the total revenue figure when compared to the EAM and investment income. Still, we track the core product revenue as:

• Subscription revenue from core research products (estimated ~$13.5M in FY 2025).
• Licensing fees for proprietary data and ranking systems (These are often labeled as copyright fees, which have been reported as stagnant over the past couple of years).

If you add the estimated subscription revenue of $13.5M, the EAM receipts of $18.318M, and the investment gains of $3.238M, you get $35.056M, which is right on top of the reported total revenue of $35.08M. That leaves a small gap, likely covered by the licensing fees and other minor items. It's a good sign that the higher-margin, non-subscription revenue sources are growing robustly, even as the total revenue dips slightly. Finance: draft 13-week cash view by Friday.