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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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      "text": "Spruce Point believes PowerSchool's current share price presents asymmetric downside risk due to growing regulatory risks, a domestic customer base that is struggling to fund necessities, a flawed international growth plan, and nascent personalized learning products.",
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      "text": "Spruce Point believes PowerSchool’s current share price presents asymmetric downside risk due to growing regulatory risks, a domestic customer base that is struggling to fund necessities, a flawed international growth plan, and nascent personalized learning products that we believe are unlikely to become meaningful contributors to bottom line.",
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      "text": "Factors Why PowerSchool's Multiple Should Compress: Reduced financial disclosures, decelerating organic growth, litigation threats, international challenges, product timeline issues, management/board concerns, and sponsor overhang.",
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      "text": "share price: -60%",
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      "text": "Source: Company financials, Spruce Point research. Note: Our EBITDA is adjusted to expense $47M of estimated capitalized technology spending.",
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      "text": "1) Reflects the $39.1M of cash at FY23 year-end adjusted for $42M payment of Allovue, $5M payment for deferred consideration, and $95M draw on revolver listed in FY23 10-K subsequent events. 2) Reflects FY23 year end term loan principal and lease liabilities in addition to the $95M draw on revolver noted in subsequent events section of FY23 10-K. 3) NCI is captured by the B shares included in Diluted Shares; includes outstanding RSUs",
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      "text": "Valuation sensitivity table showing Sales and EBITDA multiples for Low and Base cases, resulting in estimated share prices and % downside.",
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      "text": "Spruce Point Estimates 30% – 60% Downside",
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