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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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  "notes": "The slide uses a FOIA request to expose customer concentration and fiscal risk.",
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      "text": "Notice only a handful of PWSC's ~20 products are driving revenue.",
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      "text": "A FOIA request revealed that four of PowerSchool's five largest contracts are in states that Education Resource Strategies deemed most likely to face a fiscal cliff.",
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      "text": "Source: Spruce Point Research, FOIA and Sourcewell Supplemental Contract, 9/27/2021, red box Spruce Point emphasis",
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      "text": "Table 5: Top Five Government or Education Customers",
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