Profile: K12 Inc (LRN.N)
23 Aug 2017
K12 Inc. (K12), incorporated on December 28, 1999, is a technology-based education company. The Company offers curriculum, software systems and educational services designed to facilitate individualized learning for students in kindergarten through 12th grade (K-12). It provides a continuum of technology-based educational products and solutions to public school districts, public schools, virtual charter schools, private schools and families. The Company offers a set of products and services primarily to three lines of business, which include Managed Public School Programs, which consists of virtual and blended schools; Institutional business, which includes educational products and services sold to school districts, public schools and other educational institutions, and Private Pay Schools and Other, which includes private schools, including international, for which it charges student tuition and direct consumer sales. The Company sells individual online courses and supplemental educational products directly to families.
The Company's products include Curriculum, which consists of online lessons, learning kits and lesson guides; Pre-K and K-8 Courses; high school courses, including FuelEd Online Courses and Middlebury Interactive Languages (MIL); learning applications, such as mobile device learning, interactive games, virtual labs, e-book and digital book distribution, adaptive learning, National Math Lab and engaging videos; learning management systems, which include lesson planning and scheduling tools and progress tracking tools; TotalView, and PEAK. It also offers services, which include academic support services, including teachers and related services, education services, supporting academically at-risk learners and student support services; management and technology services, such as turn-key services, accreditation, compliance and tracking services, financial management services, facility, operations and technology support services, and Human Resources support services.
Managed Public School Programs
The Managed Public School Programs business includes both virtual and blended public schools where a district or independent charter board contracts with K12 to help provide a full-time program of educational products and services. The Managed Public School Programs are programs in which K12 provides substantially all of the management, technology and academic support services in addition to curriculum, learning systems and instructional services. In contrast, Non-managed Public School Programs do not offer primary administrative oversight. In full-time virtual public schools, students receive online lessons over the Internet, utilize offline learning materials that it supplies, and receives instruction from teachers. Students receive assignments, complete lessons, take assessments and are instructed by teachers with whom they interact online, telephonically, in synchronous virtual classroom environments, and sometimes face-to-face. In a Non-managed virtual public school, the level of instructional and/or academic support management, technology services, and academic support services varies or may not be provided depending on the needs of the school. In addition to providing its courses, course materials and, in certain cases, student computers, it also offers these schools a range of management, technology and academic support services.
Virtual public school students are also provided the opportunity to participate in a range of school activities, including outings and clubs. In addition to school-level activities, it sponsors a range of extracurricular activities on a national basis, such as clubs, contests and college and career planning sessions. Virtual public schools managed by K12 typically serve K-8 or K-12 students, principally utilize the K12 curriculum. These virtual public schools include virtual academies, Insight schools which tend to focus on academically at-risk students, and iQ Academies, which are typically only partially-managed by the Company, with responsibility for academic program and regulatory compliance resting with the host school or school district. It also manages career and technical education-focused online high schools, which are designed to give students a head start on their career goals by earning technical and specialty trade credentials, college credits and workplace experiences.
The Company also sells its products and services to blended public schools that combine online and face-to-face instruction in many different arrangements with varying amounts of time spent by students in a physical learning center. For both virtual and blended Managed Public School Programs, the governing authority with control over the schools negotiates contractual terms with the Company for all aspects of the management of the schools, including the creation and implementation of the academic plan, monitoring academic achievement, teacher recruitment and training, student enrollment and marketing, compensation recommendations for school personnel, implementation of student support services, financial and regulatory compliance support, procurement of curriculum, computers and other required services and equipment.
In contrast to a typical brick and mortar public school, blended public schools can provide a selection of available courses, opportunities for self-paced, individualized instruction and scheduling. It manages two types of blended public schools, including hybrid schools and Passport schools. In the hybrid schools it manages, such as the Chicago Virtual Charter School, students attend a learning center on a part-time basis, where they receive face-to-face instruction, in addition to their online virtual curriculum and instruction. Another type of blended school option is the Passport school, which is specifically designed for academically at-risk students, particularly those who have previously dropped out of high school, and accordingly, includes more counseling and support services.
The Company works closely as partners with a range of school districts and individual schools, enabling them to offer their students an array of online education solutions, including full-time virtual and blended programs, semester courses and supplemental educational products. Institutional business includes Non-managed Public School Programs and Institutional software and services where K12 provides curriculum and technology, and the school has an option to contract for instruction or other software and services it provides. In addition to curriculum, systems and programs, it provides teacher training, teaching services and other support services. It offers Institutional business services to public schools, school districts, private schools, charter schools, early childhood learning centers and corporate partners.
The Company's FuelEd suite of offerings include K12 curriculum, FuelEd Online Courses, FuelEd A+nywhere Learning Systems (ALS), and Middlebury Interactive Languages, LTS Education Systems, LearnBop and Career Pathways curriculum. Its catalog of online curricula helps students in Advanced Placement (AP), honors programs, world languages, remediation, credit recovery, alternative education, career and technology electives, and college readiness. In connection with these solutions, it also offers state-certified teachers, training for school personnel in online instruction methods, and professional development and other support services as needed by its customers. In addition to its curricula catalog, Institutional business offers the PEAK platform and PEAK Library. PEAK is a software system designed to manage in a single-user interface, multiple, independent online solutions. Schools can enroll students, assign courses and teachers, and then manage the learning experience with the use of reporting and analytics on student progress. The PEAK Library supports the K12 curriculum portfolio and teachers can build and modify assignments, assessments and courses to augment classroom instruction and develop lessons for sharing across the school district.
Private Pay Schools and Other
The Company operates over three online private schools: The K12 International Academy, the George Washington University Online High School and the Keystone School. The Company offers its services to the United States students, including those residing in states where the online public school option is not available, as well as expatriate families and foreign students wishing to study in English. Additionally, its curriculum is sold to end user customers who desire to educate their children outside of the traditional school system or to supplement their child's traditional education.
The Company operates the K12 International Academy, which is an online private school that serves students in both the United States and overseas. Through the K12 International Academy, students may study in an academic program that leads to an accredited the United States high school diploma. Students may also enroll in individual courses on a part-time basis. The K12 International Academy utilizes the same curriculum, systems and teaching practices that it provides to the virtual public schools it manages in the United States. In addition, this school provides an international community, including online clubs and events for student by allowing them to interact with peers in other countries. The George Washington University Online High School is operated in cooperation with the George Washington University. The program offers K12's college preparatory curriculum and is designed for high school students seeking a challenging academic experience and aspire to attend top colleges and universities. The school also provides counseling throughout the high school years to help students make academic and extracurricular choices.
The Keystone School is a private school, which provides home-based education and distance learning for. Students attend Keystone for middle and high school on a full or part-time basis. The Keystone School serves students through online courses with teacher support, as well as print correspondence course programs. Keystone primarily uses its FuelEd curriculum.
The Company competes with Pearson PLC, White Hat Management, LLC, National Network of Digital Schools Management Foundation Inc., Apex Learning Inc., Compass Learning Inc., Edgenuity Inc., Glynlyon, Inc., Edmentum Inc., Renaissance Learning, Inc., Rosetta Stone Inc., Houghton Mifflin Harcourt, McGraw-Hill Companies, IXL Learning, Inc., LearnZillion, Inc., Nobel Learning Communities, Inc. and Penn Foster Inc.
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