{
  "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": 79,
  "pageCount": 117,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a comparison table to highlight specific text changes in financial disclosures.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-856ed0788e9a/79",
  "deckHref": "/decks/019dd923-622c-750b-8b99-856ed0788e9a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-856ed0788e9a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-856ed0788e9a#slide-79",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.00175
      },
      "kind": "callout",
      "text": "PowerSchool made a glaring change to its 2023 revenue recognition discussion which now highlights “discounts” when determining the selling price. Beyond the signaling of greater competition made by this disclosure, there are also important revenue implications. Discounts should be recognized as a reduction from gross revenue. If PowerSchool was previously ignoring discounts in reporting its revenue, this could suggest that previously recorded revenue has been overstated and future revenue growth may disappoint.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23ca7c0f-8da4-46c4-966b-d61cd7a53dac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "If PowerSchool was previously ignoring discounts in reporting its revenue, this could suggest that previously recorded revenue has been overstated and future revenue growth may disappoint.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb92-756a-9da8-dcd7ad35247b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: 2022 vs. 2023 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0d10e4d-a60b-4357-a1b6-c222227c6e0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.96,
        "x": 0.02,
        "y": 0.0035
      },
      "kind": "table",
      "text": "Comparison of 2022 vs 2023 revenue recognition disclosures",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f731291-5359-4199-b437-0a4341578093",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "Change In Revenue Recognition Language Is A Glaring Concern",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a716f81f-efeb-4523-87e3-ae162b8a9697",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "9ccc925e-865c-42e7-981e-3c3d62b0c86c",
      "evidence": "The slide argues that a change in accounting language indicates potential revenue overstatement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}