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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a 3-set Venn diagram to categorize states based on three criteria: high-need districts, high-need students, and reliance on ESSER funding.",
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      "text": "Now, as pandemic-era spending dries up and district staffing costs have ballooned to their highest levels ever, Spruce Point believes that school districts across the country will face a major fiscal cliff...",
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      "text": "Now, as pandemic-era spending dries up and district staffing costs have ballooned to their highest levels ever, Spruce Point believes that school districts across the country will face a major fiscal cliff, effectively ending the gravy train of federal funding that ed-tech companies have been milking for the past several years.",
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      "text": "Source: Education Resource Strategies analysis",
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      "text": "Several States Facing Distress As COVID Funding Dries Up",
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