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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-17 00:00:00",
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  "notes": "Includes a 'Spruce Point Adjusted' row for PWSC to highlight valuation discrepancies.",
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      "text": "PWSC trades at 25x its guidance for FY24 EBITDA, adjusted for capitalized software development costs, which is a significant premium to the education technology sector. PWSC also trades at an irrationally high multiple specifically to Instructure, a direct competitor, despite having worse growth prospects, margins, and leverage.",
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      "text": "PWSC trades at 25x its guidance for FY24 EBITDA, adjusted for capitalized software development costs, which is a significant premium to the education technology sector.",
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      "text": "EV / EBITDA: 17.7x",
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      "text": "Comparable Companies",
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