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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-17 00:00:00",
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      "text": "We believe the Company is fundamentally misvalued by Wall Street and is more levered than it appears.",
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      "text": "5. The Chief Accounting Officer abruptly resigned in August; the CFO has a concerning history.\n6. At least seven senior executives have left the Company post-IPO.\n7. The Company has aggressively increased its reported TAM by 4x since its IPO.\n8. We expect private equity sponsors Vista and Onex will continue to monetize their investment in PowerSchool, putting significant selling pressure on the stock.\n9. We believe the Company is fundamentally misvalued by Wall Street and is more levered than it appears.",
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      "text": "Net Debt / EBITDA: 5.8x",
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      "text": "PowerSchool is a unanimous \"Buy\" according to the sell-side... We value PWSC at 4x – 5x and 15x – 20x FY24 sales and Adj. EBITDA, respectively, in line with comparable companies, which implies 30% - 60% downside ($8.00 - $14.00/share).",
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      "kind": "title",
      "text": "Spruce Point Is Short PowerSchool Holdings, Inc. (NYSE: PWSC), Sees 30% - 60% Downside Risk",
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