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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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  "notes": "The slide uses a 'Spruce Point Adjusted' calculation to challenge the company's reported metrics.",
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      "kind": "callout",
      "text": "However, by adjusting results for the cash costs of capitalized development expenses, PowerSchool's margin improvement is just 1.6%.",
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      "text": "Adjusted Gross Margin: 1.6%",
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      "text": "Spruce Point believes that PowerSchool overstates its Adj. Gross Margin by ignoring real cash costs that are being amortized through COGS, which are then conveniently added back to gross profit.",
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      "text": "Source: PowerSchool FY22 and FY23 10-K",
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      "text": "PWSC's Adjusted Gross Margin table showing reported vs. Spruce Point adjusted figures from 2020-2023.",
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      "kind": "title",
      "text": "PowerSchool's Adjusted Gross Margin Has Been Embellished By Add-Backs",
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