Your understanding is correct. The SKU's are the same for PDL and co-term. The difference is the behavior when they're applied. (Also, small detail, the MR advanced licenses can only be used in the PDL model) The result would've been different when applying the licenses first and then converting vs converting and applying afterwards. Maybe that's the issue? Also as @PhilipDAth already mentioned, in the co-term model it's very important that you understand the difference between renewal and addition. Renewal effectively resets all your "allowed number of devices per type" to the numbers on that specific order. This is often overlooked by customers.
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