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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-17 00:00:00",
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  "notes": "Uses a red flag icon to point to the 1997 founding date and a red callout box to critique the company's narrative.",
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      "kind": "callout",
      "text": "Spruce Point takes issue with this chart as it suggests the Company has transitioned from a \"product investment\" phase to a \"product innovation\" phase. Yet, the Company still warns that it does not have a meaningful patent portfolio.",
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      "text": "What Innovation? FY23 10-K",
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      "text": "Curiously, PowerSchool obscures its 1997 founding date in its SEC filings. We could only find the date on a chart within its IPO prospectus that cannot be word searched. We believe this a potential attempt by management to gloss over the fact that its core products appear to have been pieced together via acquisitions over 25 years. Despite touting success with acquisitions, product investment and innovation, PowerSchool warns that it does not have a large patent portfolio and we will detail ample evidence of disgruntled users of the Company’s platform and services.",
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      "text": "We do not currently have a large patent portfolio, which could prevent us from deterring patent infringement claims through our own patent portfolio, and our competitors and others may now and in the future have significantly larger and more mature patent portfolios than we have.",
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      "text": "\"We do not currently have a large patent portfolio, which could prevent us from deterring patent infringement claims through our own patent portfolio, and our competitors and others may now and in the future have significantly larger and more mature patent portfolios than we have.\" — PowerSchool FY23 10-K",
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      "text": "PowerSchool Obscures Its Founding And Origin While Claiming Product Investment/Innovation",
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