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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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      "text": "We believe management is playing fast and loose with booking adjustments to EBITDA. Reviewing the footnotes reveals that several of the adjustments are related to the recurring operations of the business.",
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      "text": "PowerSchool hasn't announced a formal restructuring plan and said restructuring costs wouldn't grow in a letter to the SEC in 2021, but indeed they more than doubled in 2022 and remained elevated in 2023",
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      "text": "We will show that amortization of capitalized expenses are not just trivial non-cash items, but real cash costs that are being passed off as add-backs",
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      "text": "Why are the acquisition-related add-backs to EBITDA so much larger than the costs run through the income statement? Roll-up costs shouldn't be ignored.",
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      "text": "Adjusted EBITDA: 231,938",
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      "text": "(3) Refers to costs incurred related to migration of customers from legacy to core products...",
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      "text": "(4) Refers to direct transaction and debt-related fees reflected in our acquisition costs line item...",
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      "text": "Source: PowerSchool FY23 10-K",
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