• Locating information directly that detailed the distribution of revenues and profit margins for secondary math curriculum providers was not directly provided publicly. Increasing the scope to only curriculum providers did not provide any useful information.
• At this point, we attempted to look at the annual reports of individual companies:

Annual Reports

Buck Institute for Learning

•  The Buck Institute for Learning, who produces PBL Works, published their annual report. Analysis of this report showed that no information was shared to their investors as to the breakdown of revenue or profit margins. The document may be viewed here.
• They are a private company and do not report to the SEC.

CrowdSchool

• An analysis of their website showed no investor information or annual reports.
• They are a private company and do not report to the SEC.

CapSource Education

• An analysis of their website showed no investor information or annual reports.
• They are a private company and do not report to the SEC.

Results of This Research

• Direct search paths did not provide any insights that explained the distribution of revenues and profit margins for secondary math curriculum providers.

• Three of the leading companies were researched to ascertain if they provided any information through SEC filings or annual reports. Buck Institute for Learning provided an annual report with no detailed explanations. The other two companies did not provide an annual report. It is very doubtful that useful information will be obtained using this strategy.