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20:28:10.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 117, "frameworkName": "Up-C Structure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short-seller deck. Distinctive AI-generated cover composite (monitor showing a 'choose your own accounting' meme with photoshopped rat and cockroaches) is unusually creative for the genre; interior reverts to Spruce Point's standard teal/grey institutional template. Cover explicitly brands the call as 'Schooling Investors With Powerful Accounting' / 'Strong Sell Opinion'. The thesis is a multi-pillar short (accounting, regulatory, macro/ESSER, governance, sponsor overhang) rather than a pure fraud expose. No individual human author is named on the cover or closing — attributed to the firm. Target price range $8-$14 expressed as a range rather than a point estimate. Stake not disclosed beyond 'short position in all instruments' per disclaimer.", "kpisCited": [ { "detail": "PWSC trades at 25x FY24 Adj. EBITDA vs. ed-tech peer median ~13x", "metric": "Adjusted EBITDA multiple" }, { "detail": "PWSC at 5.8x (Spruce Point adjusted) vs. peer median 1.3x; only TWOU worse at 7.4x", "metric": "Net Debt / LTM Adj. EBITDA" }, { "detail": "91% at FY23 — highest in a comp set of 18 companies that took impairments", "metric": "Goodwill & intangibles / total assets" }, { "detail": "~$40M annually, 2-3x peer capitalization rate", "metric": "Capitalized software development" }, { "detail": "7 years vs. 3-year typical contract length (matching-principle concern)", "metric": "Contract-cost amortization period" }, { "detail": "+71% reported, but 100% attributable to amortization + SBC, with operating income up just 8%", "metric": "Adjusted EBITDA growth 2020-2023" }, { "detail": "$183M sold by Vista/Onex/CEO in March 2023 at $21 per share", "metric": "Insider stock sales" }, { "detail": "Seven post-IPO departures, ~811k RSUs worth ~$17M forfeited", "metric": "Departed executive RSUs forfeited" }, { "detail": "$63M earned by CEO Hardeep Gulati over the last three years", "metric": "CEO non-cash compensation" }, { "detail": "PWSC has raised reported TAM 4x since IPO", "metric": "TAM inflation" }, { "detail": "Spruce Point analysis of 50 largest districts shows declining technology budgets in 2023-24 vs. 2022-23", "metric": "District tech spending" }, { "detail": "$418M tax receivable agreement liability payable in cash to Vista/Onex, excluded by most data providers", "metric": "TRA liability" } ], "closingAsk": "Reject the Street's unanimous Buy rating and reprice PWSC to 4-5x sales / 15-20x Adj. EBITDA ($8-$14/share, 30-60% downside) as the ESSER fiscal cliff, SOPIPA regulatory risk, and goodwill reckoning play out.", "extraction": { "at": "2026-04-22 21:53:24+00", "model": "unknown-legacy", "runId": null, "seconds": 191.24501, "promptVersion": null }, "scqaReward": "Spruce Point values PWSC at 4-5x sales / 15-20x Adj. EBITDA, implying $8-$14 per share or 30-60% downside as the ESSER cliff bites, multiples compress to peer levels, and a goodwill impairment crystallizes.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "ESSER fiscal cliff in 2024-25 will force K-12 districts to cut tech spending", "Aggressive accounting: capitalizes software at 2-3x peer rate, amortizes over 7 years vs. 3-year contracts", "SOPIPA child-privacy exposure, abrupt CAO resignation, and CFO previously fired by Red Hat" ], "scqaSituation": "PowerSchool (NYSE: PWSC) is the largest K-12 SIS provider in North America with 28% market share and ~$700M revenue, trading at 25x FY24 Adj. EBITDA on unanimous sell-side Buy ratings averaging a $27.90 price target.", "thesisSummary": "Spruce Point argues PowerSchool, one of the largest K-12 software providers in North America, is a strong sell with 30-60% downside ($8-$14 vs. a ~$19.50 share price). The stock's post-IPO growth was powered by ~$200bn in one-time federal ESSER pandemic relief that districts must obligate by September 2024, creating a 2024-25 fiscal cliff already visible in Spruce Point's analysis of the 50 largest districts' budgets. Management is masking decelerating fundamentals with aggressive revenue recognition, capitalization of software costs at 2-3x peer rates, 7-year amortization of 3-year contracts, restructuring add-backs, and a TAM inflated 4x since IPO. The CAO abruptly resigned in August 2023; CFO Eric Shander was previously terminated by Red Hat for workplace-standards violations; seven senior executives have departed post-IPO, forfeiting $17M in RSUs. The Naviance/Intersect platform may violate SOPIPA child-privacy laws in ~30 states, and true leverage is 5.8x Net Debt/EBITDA once capitalized costs and the $418M TRA liability are included.", "primaryDemands": [ "Short PWSC: reject the Street's unanimous Buy rating and $27.90 consensus price target", "Reprice PWSC in line with ed-tech peers at 4-5x sales / 15-20x Adj. 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FY22 10-K", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:57.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acf71be1-f5e4-4cd4-953a-d85522d7094f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "24-25 looks to be \"the bloodletting\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da4-e81718f70866", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "chart", "text": "Step chart showing financial impact over time", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:57.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6be6e6d-ea1e-4737-b8c7-2aa23dd5f88e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Analysis from Georgetown University supports our thesis. Their data indicates that the fiscal cliff will be felt most intensely from 2024-2025 as the quadruple whammy of expiring ESSER funds, declining student enrollment, inflation & expanded staffing, and the effect of a slowing economy on state budgets form the perfect storm, creating what they dub as a budget “bloodletting” in 2024 and 2025. This will no doubt impact K-12 vendors come contract renewal time. 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We find it hard to believe that PowerSchool will be able to sustain a double-digit revenue growth rate through 2026 while K-12 districts across the U.S. face tremendous budget challenges as ESSER funds finally roll off.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:58.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3886a1e0-be2b-45e9-a754-84474297f4a6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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several money from several places to offer our teachers these raises, which was historic,\" Hutchinson said. \"We didn't have that money sitting around someplace. We had to find it. ... These budget adjustments free up resources for us.\" — Mike Hutchinson, Oakland Unified Board President; \"The reality is, we have no money anywhere. 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It recently expanded its selling operations in the country with a new office. Additionally, in Sept. 2023 PowerSchool announced the acquisition of Neverskip, an India-based school management system. The Company stated the acquisition was part of its “robust growth strategy” for India. 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Quality represents just 1-3% of education spending for most Indian states. The state of Himachal Pradesh, which has amongst the highest per student expenditures in India, was only able to support roughly US$ 7 for its entire technology spend per student in 2017-18. Currently, PWSC boasts an average revenue per student of $12, which is 171% more than Himachal Pradesh’s entire technology spend per student. 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On the low end of the spectrum, the state of Bihar spent roughly 10k rupees per student in 2017-2018, which amounts to just US$ 120.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.951+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbfffa7d-2c07-49f7-8aa1-0281089fa32f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Data from Accountability India shows that despite being amongst the highest spending states in India, at current FX rates, the 60k rupees per student that Himachal Pradesh spent in 2017-2018 only amounts to roughly US$ $720, a fraction of U.S. spending.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da6-1bc38fa2288f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: PowerSchool Investor Presentation (May 2023), Accountability India report, red box Spruce Point emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 959, "nDataPoints": 60, "notes": "The slide uses a table to demonstrate flat pricing trends over time to undermine the value proposition of the acquisition.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:28:00.758+00", "seconds": 3.122, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-856ed0788e9a/53", "deck": "/decks/019dd923-622c-750b-8b99-856ed0788e9a", "deckAnchor": "/decks/019dd923-622c-750b-8b99-856ed0788e9a#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b99-856ed0788e9a.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.24, "x": 0.74, "y": 0.45 }, "kind": "callout", "text": "SchoolMessenger is a rapid notification system used to contact families in Gwinnett County Public Schools...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.758+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f4879cd-3907-4ec2-9d1b-1041cb1fd297", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe this represents a significant premium to pay for low-grade technology with limited pricing power.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-6186e74a8d9c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Price/Student: $1.48", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-685826bf5085", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "We believe PowerSchool's recent acquisition of SchoolMessenger represents an extension of the Company's portfolio of low-quality technology...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.758+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c56cabfd-3274-47d5-856b-a8053db71b0d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.24, "x": 0.74, "y": 0.75 }, "kind": "quote", "text": "\"...And actually, the -- both the growth and the EBITDA profile for SchoolMessenger is actually very similar to PowerSchool.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.758+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3e38fea-232d-4d28-bdf8-b78dfb45f3c1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...And actually, the -- both the growth and the EBITDA profile for SchoolMessenger is actually very similar to PowerSchool.” — 2Q23 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", 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Note: Orange county excludes $3.8K custom app cost.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"confidence": null, "extraction": { "at": "2026-05-02 20:28:00.758+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74ebdf8d-b7f0-44ee-9db3-97351a642555", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Questionable M&A Platform: A Look At The Recent Acquisition of SchoolMessenger", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.758+00", "model": 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"elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:28:00.935+00", "seconds": 2.724, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-856ed0788e9a/54", "deck": "/decks/019dd923-622c-750b-8b99-856ed0788e9a", "deckAnchor": "/decks/019dd923-622c-750b-8b99-856ed0788e9a#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b99-856ed0788e9a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Below are examples of invoices we obtained showing the spending on SchoolMessenger.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da6-c0a2030e2760", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.31, "x": 0.34, "y": 0.24 }, "kind": "image", "text": "Orange County Invoice", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.935+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66ec098a-0f52-466f-9822-dbc60efad0eb", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.31, "x": 0.02, "y": 0.24 }, "kind": "image", "text": "Polk County Invoice", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.935+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ab26a74-d59a-4508-aa5d-1d0686c26600", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.31, "x": 0.67, "y": 0.24 }, "kind": "image", "text": "St. John County Invoice", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:00.935+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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PowerSchool Holdings LLC et al. was filed with plaintiffs alleging PowerSchool, through its Naviance platform, spied on underage students, systematically collecting data on them without their consent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:01.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f87fdcd8-685f-406c-a2a9-3f41a6688400", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "What they click. 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PowerSchool Holdings LLC et al., red underline Spruce Point emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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One of the avenues plaintiffs are pursuing for damages is under the California Invasion of Privacy Act, which carries liability of up to $5,000 per violation or 3x actual damages, whichever is greater. 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Service providers may not use information acquired through their service to build a profile on students, except in furtherance of K-12 purposes. Service providers may not sell student information.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:03.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd50bf66-0630-42d6-b7dd-379f7189d507", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.98, "x": 0.01, "y": 0.31 }, "kind": "paragraph", "text": "In addition to the charges levied against PowerSchool in Q.J. et al. v. PowerSchool Holdings LLC et al., Spruce Point believes it has found evidence that the Company may be potentially violating a recently passed state data privacy law called the Student Online Personal Information Protection Act (\"SOPIPA\"). Historically, student data has been regulated by the Family Education Rights and Privacy act (\"FERPA\"), which is a Federal law originally passed in 1974. The aim of FERPA was to ensure that parents and students have timely access to their education records and that records may not be transferred without consent of the parent/student. Now 50 years old, critics have argued that FERPA is wildly outdated in the digital age. One of the major shortcomings of FERPA is that liability can't fall onto vendors for FERPA violations; liability can only fall onto school districts (i.e. if a third-party company handling student data suffered a leak, or was found to be using that data inappropriately, that company could not be found liable under FERPA). SOPIPA laws address this directly, stating that vendors bear liability for violations of SOPIPA. Recognizing the inadequacy of FERPA, over half of state legislatures across the country have passed their own student privacy laws. The first bill was passed by California, which championed their SOPIPA legislation in 2014. Since then, at least 28 additional states have passed their own version of a student data privacy bill, with most states adopting language nearly identical to the California law. As they could under FERPA, SOPIPA permits vendors to collect near limitless amounts of data on K-12 students. Where the two laws differ, however, is that SOPIPA specifically spells out prohibited uses of that data by vendors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:03.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c4323bd-071f-42f0-8cdc-9e6d8cfd0e6d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Appendix: California SOPIPA Language", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:03.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08bc4b0a-d859-4d1b-a907-f4259173f9ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7e9c98d4-cdcb-4344-a09b-6fd1d80d03d1", "evidence": "The slide explicitly frames the company's conduct as a potential violation of law to suggest regulatory risk.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:28:03.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 63, "type": "tension", "title": "The slide uses a 'villain' framing by contrasting state-level data with specific legal text to imply non-compliance by the target company.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 8, "textChars": 2901, "nDataPoints": 100, "notes": "The slide uses a 'villain' framing by contrasting state-level data with specific legal text to imply non-compliance by the target company.", "elementsJson": [ "headline_text", "data_table", "callout_box", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:28:07.762+00", "seconds": 7.832, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-856ed0788e9a/63", "deck": "/decks/019dd923-622c-750b-8b99-856ed0788e9a", "deckAnchor": "/decks/019dd923-622c-750b-8b99-856ed0788e9a#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b99-856ed0788e9a.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Over half of states have laws prohibiting K-12 vendors from building profiles and targeting ads to students using student data.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:07.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "844fe030-2ec4-4602-b1e6-06c8e528ec07", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe the law is very clear: operators of K-12 software platforms are PROHIBITED from using information gathered on their platform to build profiles on or target ads to students.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-c8d4daf842f4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.52, "x": 0.44, "y": 0.23 }, "kind": "paragraph", "text": "We believe the law is very clear: operators of K-12 software platforms are PROHIBITED from using information gathered on their platform to build profiles on or target ads to students.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:07.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02b61a5c-d3ca-4241-895d-dd01c6cf391d", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.6, "x": 0.38, "y": 0.33 }, "kind": "paragraph", "text": "(a) For the purposes of this section, “operator” means the operator of an Internet Web site, online service, online application, or mobile application with actual knowledge that the site, service, or application is used primarily for K-12 school purposes and was designed and marketed for K-12 school purposes. (b) An operator shall not knowingly engage in any of the following activities with respect to their site, service, or application: (1) (A) Engage in targeted advertising on the operator’s site, service, or application, or (B) target advertising on any other site, service, or application when the targeting of the advertising is based upon any information, including covered information and persistent unique identifiers, that the operator has acquired because of the use of that operator’s site, service, or application described in subdivision (a). (2) Use information, including persistent unique identifiers, created or gathered by the operator’s site, service, or application, to amass a profile about a K-12 student except in furtherance of K-12 school purposes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:07.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8977aa96-9e2f-4650-b597-4f848deb9aec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "(a) For the purposes of this section, “operator” means the operator of an Internet Web site, online service, online application, or mobile application with actual knowledge that the site, service, or application is used primarily for K-12 school purposes and was designed and marketed for K-12 school purposes. (b) An operator shall not knowingly engage in any of the following activities with respect to their site, service, or application: (1) (A) Engage in targeted advertising on the operator’s site, service, or application, or (B) target advertising on any other site, service, or application when the targeting of the advertising is based upon any information, including covered information and persistent unique identifiers, that the operator has acquired because of the use of that operator’s site, service, or application described in subdivision (a). (2) Use information, including persistent unique identifiers, created or gathered by the operator’s site, service, or application, to amass a profile about a K-12 student except in furtherance of K-12 school purposes. — California SOPIPA Language", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-cf1b962009f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Appendix: California SOPIPA Language, Appendix: SOPIPA Law Sources", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We count 26 states with these prohibitions on the books.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:06.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bcac919-5a0a-4594-b6f0-b9f3843f755f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "PowerSchool’s risk section fails to mention SOPIPA’s prohibitions on building profiles on students and using a student's own data to target them with ads.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-e00569cdb245", "parentComponentId": null }, { "bbox": { "h": 0.092, "w": 0.964, "x": 0.018, "y": 0.175 }, "kind": "paragraph", "text": "PowerSchool mentions SOPIPA just once in its entire 10-K. Curiously, PowerSchool only mentions two states with data privacy laws aimed at K-12 students, California and Colorado. In reality, Spruce Point counts nearly 30 states with student data privacy laws on the books, including 26 states that specifically prohibit targeted advertising. We believe the Company’s disclosures understates the broader risk that SOPIPA presents to its business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:06.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6abb3aaf-e3d7-49c9-803b-ef08b2be66c8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Government regulation of education and student information is evolving, and unfavorable developments could have an adverse effect on our results of operations. For example, California adopted the Student Online Personal Information Protection Act which prohibits operators of online services used for K-12 school purposes from using or sharing student personal information and Colorado adopted House Bill 16-1423 designed to protect the use of student personal data in elementary and secondary school. These acts do not apply to general audience Internet websites but it is not clear how these acts will be interpreted and the breadth of services that will be restricted by them. Other states may adopt similar statutes. — PowerSchool FY23 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-e60495860036", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.204, "x": 0.008, "y": 0.977 }, "kind": "source-note", "text": "Source: PowerSchool FY23 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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These acts do not apply to general audience Internet websites but it is not clear how these acts will be interpreted and the breadth of services that will be restricted by them. Other states may adopt similar statutes.”", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:06.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35dd21a2-80f8-49b6-ab99-b4baf628c8e2", "parentComponentId": null }, { "bbox": { "h": 0.056, "w": 0.633, "x": 0.333, "y": 0.033 }, "kind": "title", "text": "We Believe PowerSchool Understates Potential SOPIPA Risks", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:06.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb164719-f45f-40f7-b1a5-0485c1c37882", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c5f663fe-598f-48b8-ad45-815d5ce81169", "evidence": "Contrasts company disclosure text with external data points to expose risk underestimation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:28:06.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 65, "type": "tension", "title": "The slide uses a red callout box for the thesis and a yellow box for the supporting evidence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 5, "textChars": 2613, "nDataPoints": 3, "notes": "The slide uses a red callout box for the thesis and a yellow box for the supporting evidence.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:28:07.473+00", "seconds": 7.393, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-856ed0788e9a/65", "deck": "/decks/019dd923-622c-750b-8b99-856ed0788e9a", "deckAnchor": "/decks/019dd923-622c-750b-8b99-856ed0788e9a#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b99-856ed0788e9a.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "While PowerSchool may want to create the perception of distance between itself and Intersect, we believe that Intersect is very much a PowerSchool product and meaningful contributor to its sales.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:07.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70624e5c-6d89-4cc2-97a7-d638e1e94716", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.98, "x": 0.01, "y": 0.26 }, "kind": "paragraph", "text": "In March 2021, PowerSchool acquired Hobsons' Naviance and Intersect solutions for $318.9 million. PowerSchool describes Naviance as “the leading college, career, and life readiness solution, reaching over 40% of high school students in the US. Through Naviance, counselors help students prepare for life after high school through career discovery and assessments, counseling curriculum, course planning, and facilitating the college application process”. Supporting the back-end of Naviance is a giant repository for student data. Anything from GPA, race, ethnicity, financial status, career interests, etc. are input by students to better understand the higher-ed opportunities available to them. Intersect is a solution built for higher ed-admissions offices. PowerSchool describes Intersect as, “an innovative admissions solution with exclusive integration with Naviance that helps Higher Education institutions understand student interests and helps make personalized connections during the admission process”.\n\nInterestingly, Intersect is the only product we were able to identify that PowerSchool sells in the U.S. through a third-party reseller, as most of the Company's resale agreements relate to its international business. PowerSchool has an exclusive resale agreement with EAB Global, Inc. another Vista Equity portfolio company, through 2031 (exclusivity may be revoked in 2025). The contract calls for annual sales minimums, which increase yearly. While total sales conducted through EAB aren't disclosed, the commitment minimum for FY23 was $36.8 million, or 5.3% of FY23 sales. In return, PowerSchool covers EAB's costs for selling Intersect.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:07.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20e4caf7-2a9a-4545-a212-a30061ef5304", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "the leading college, career, and life readiness solution, reaching over 40% of high school students in the US. Through Naviance, counselors help students prepare for life after high school through career discovery and assessments, counseling curriculum, course planning, and facilitating the college application process — PowerSchool description of Naviance. an innovative admissions solution with exclusive integration with Naviance that helps Higher Education institutions understand student interests and helps make personalized connections during the admission process — PowerSchool description of Intersect.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da7-810cded8b248", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: PowerSchool acquires Hobson's Naviance & Intersect, PowerSchool FY23 10-K, IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7e86f7a-d691-4f48-8c6a-c9a2bd9a9d48", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.32, "x": 0.65, "y": 0.8 }, "kind": "callout", "text": "This looks like an illustrative advertisement.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:06.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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We believe giving the district the ability to turn on/off the matching function wouldn't excuse PowerSchool under SOPIPA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1b18000-92b5-4c5f-9696-960934ca6ebb", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point believes PowerSchool may be using the consent language found in the Naviance terms of service as cover for its operation. Unfortunately for PowerSchool, we find that SOPIPA has no consent mechanism built into the law. Analysis and opinion from Cooley LLP, a law firm with a significant practice in Cyber, Data, and Privacy, confirms this stating that SOPIPA does not provide students or parents the ability to \"opt-in\" to disclosures of their information that would violate SOPIPA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26a86cee-2d1e-436d-95c6-e2f837e0491c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.68, "x": 0.01, "y": 0.7 }, "kind": "paragraph", "text": "While SOPIPA was far from the only privacy law enacted last year, it was probably the most significant. What is most notable about SOPIPA is that it broadly applies to websites, online services providers, mobile application providers, and other third parties that provide services focused on K-12 students. These entities have direct liability under the law (unlike FERPA where the liability is generally indirect). And SOPIPA applies to such entities even if they are not based in California as long as their services are used in California. Another interesting aspect is that SOPIPA does not provide any consent mechanism whereby students or parents can \"opt-in\" to certain uses or disclosures of their information.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2dd8ae49-f17c-411d-a05c-424ec4e94996", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.73, "x": 0.01, "y": 0.3 }, "kind": "paragraph", "text": "2.1. Matching Features. The college-planning function contained in the Service includes certain optional features (collectively, \"Matching\") that allow students to view information from and interact with Hobsons' higher education Intersect subscribers (\"Higher Education Institutions\"). Matching is inactive by default, and therefore must be enabled by an authorized representative of Customer who has obtained consent from the student's parent or legal guardian prior to the activation of Matching. Matching may be turned on or off at any time at the sole discretion and control of Customer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d95beb1d-24fc-4ea9-a833-e43d515ef7aa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Analysis and opinion from Cooley LLP, a law firm with a significant practice in Cyber, Data, and Privacy, confirms this stating that SOPIPA does not provide students or parents the ability to \"opt-in\" to disclosures of their information that would violate SOPIPA. — Spruce Point Capital Management", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9daa-aa6a5f2e1350", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Naviance Terms of Service, Cooley LLP analysis, red underline Spruce Point emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"kind": "callout", "text": "PRDO directors serve one-year terms which run until the next year's annual meeting, thus Ronald's term as director of PRDO ended 5/24/2016.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85b8fd7b-7230-465f-a97a-5042b2668beb", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "Ronald McCray’s biography understates his level of involvement with Career Education Corporation (currently doing business as Perdoceo Education Corp. NYSE:PRDO), a highly controversial operator of for-profit colleges and universities, only noting that he was involved with Career Education in 2015. In reality, Ronald joined Career Education Corporation’s Board in 2012 and served until 2016. During this period, Career Education was alleged to have engaged in deceptive data collection practices by the FTC and the District of Columbia Attorney General.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88d92173-3464-4be7-81fe-5466b126a8a5", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Ronald McCray's biography understates his level of involvement with Career Education Corporation (currently doing business as Perdoceo Education Corp. NYSE:PRDO), a highly controversial operator of for-profit colleges and universities, only noting that he was involved with Career Education in 2015.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb92-756a-9da8-0c15793892a9", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.25, "x": 0.02, "y": 0.38 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:05.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd198af4-717f-47b9-88b8-bc5f2c88674c", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.7, "x": 0.28, "y": 0.38 }, "kind": "paragraph", "text": "Ronald D. McCray has served as a member of our board of directors since April 2021. Currently, Mr. McCray serves as an advisor to RLJ Equity Partners, a private equity firm and 645 Ventures, a high technology venture capital firm. He previously served as chairman of the board of Career Education Corporation from July 2015 to October 2015 and served as its interim president and chief executive officer from February 2015 to April 2015. Mr. McCray has served on the board of DallasNews Corporation (NASDAQ: DALN) since September 2010, has served on the board of Pathward Financial, Inc. (formerly known as Meta Financial Group, Inc.) (NASDAQ: CASH) since February 2021, and previously served on the board of TESSCO Technologies Incorporated (NASDAQ: TESS) from November 2020 to January 2021. 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Upon her departure, Eric Shander, the Company's CFO, temporarily took over as the principal accounting officer. In March 2024, the Company announced it had hired Jon Scrimshaw as its new CAO; Jon is a former colleague of Eric Shander from his time at Red Hat. Spruce Point prefers that public company CAO's have a CPA license. 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(the \"Company\"). Mr. Scrimshaw's term commences on April 1, 2024. In connection with Mr. Scrimshaw's appointment as Chief Accounting Officer, Mr. Scrimshaw will be paid an annual base compensation of $325,000 and will be eligible for a discretionary bonus based on performance. The estimated target bonus will be 60% of Mr. Scrimshaw's annual base compensation, less deductions and withholdings required or authorized by law. Mr. Scrimshaw is also eligible to receive Restricted Stock Units (\"RSUs\") of the Company in the amount of $2,000,000, subject to review and approval by the Company's Board of Directors. The RSUs will be granted pursuant the Company's 2021 Omnibus Incentive Plan and will vest over a period of four years, with the initial 25% vesting twelve months after the grant date and the remaining 6.25% each quarter thereafter.\n\nPrior to joining the Company, Mr. Scrimshaw, age 44, served as the Chief Financial Officer of Valencell, Inc., a biometric technology company, from April 2021 to March 2024, and the Senior Director of Corporate Finance of Red Hat, Inc., a software company, from October 2018 to April 2021. Mr. Scrimshaw holds a Bachelor of Science degree in Accounting from Elon University (2001).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:10.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c976e55-6e05-4857-9c0f-f421ca42b7c0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "Chief Accounting Officer Departure\n\nOn August 4, 2023, Angelina Hendraka provided notice of her resignation from her position as Chief Accounting Officer of the Company effective as of the end of business on August 11, 2023. Mrs. Hendraka is resigning in order to pursue other opportunities and her resignation is not the result of a disagreement with the Company on any matter relating to the Company's operations, financial statements, policies or practices. The Company thanks Mrs. Hendraka for her dedicated service and wishes her well in her future endeavors.\n\nEffective as of Mrs. Hendraka's departure, Eric R. 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