This corpus analysis of recorded semi-formal student-teacher conversations, explores the pragmatic aspects of the Serbian discourse marker znači. The vital questions is what pragmatic impact the speakers want to attain by employing this discourse marker. It is thus investigated to determine whether in each individual case it is employed (a) as a marker of different reformulation types, like expansion or compression, (b) as a way of concluding, or (c) whether it fills an interactional function.