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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 highlights a trend of declining technology spending, particularly in districts with declining enrollment, and suggests this is a precursor to further pressure in 2025.",
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      "text": "We believe the evidence is clear: tech spending by school districts will be pressured during the 2023-24 school year. The effect is magnified in districts that have seen declining student enrollment. However, we believe this is just the beginning as ESSER funds won't run out until September 2024. Spruce Point believes this pressure will only continue to intensify in 2025, which will be the first full year without emergency federal funding since 2019.",
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      "text": "Tech Spending Growth: (5.5%)",
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      "text": "Source: Spruce Point Research",
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