{
  "docId": "019dd923-622c-750b-8b99-856ed0788e9a",
  "docSlug": "40e9e62f0249",
  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 117,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide uses a table to expose a contradiction between management's growth narrative and actual contract data.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-856ed0788e9a/42",
  "deckHref": "/decks/019dd923-622c-750b-8b99-856ed0788e9a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-856ed0788e9a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-856ed0788e9a#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.98,
        "x": 0.01,
        "y": 0.16
      },
      "kind": "callout",
      "text": "If cross-selling has been such a major component of management's growth plan, then why is the Company failing to capture a greater share of customer wallet? PowerSchool contracts we were able to obtain show that in most cases, PowerSchool's share of school district budgets stays flat and even declines as a percentage of a school district's operating budget.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "489c5814-3b73-44c8-8641-01f821b1fc35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "PowerSchool Spend as a % of District Budget",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb92-756a-9da5-1a7bbbf679ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.01,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a9e4035-b24e-4ba6-9a48-2b0216028635",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.98,
        "x": 0.01,
        "y": 0.26
      },
      "kind": "table",
      "text": "Table showing District Budget, Growth, PowerSchool Spend, and % of District Budget for 5 districts from 2018-2024.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3936d827-fa62-4fb2-a184-be3cf4276b16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.33,
        "y": 0.04
      },
      "kind": "title",
      "text": "We Think PowerSchool Is Failing To Capture Greater Share of Customer Wallet",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6826a829-6c27-4535-a3af-5d5d9368b753",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "0950eacf-c322-45b1-b3f3-fe8e0b80fff9",
      "evidence": "Table showing District Budget, Growth, PowerSchool Spend, and % of District Budget for 5 districts from 2018-2024.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4e8cd257-0cf7-4076-9082-f51aad12d58a",
      "evidence": "Uses specific contract data to contradict management's growth narrative.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}