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01
Slide 1
The slide uses a mock UI interface on a computer screen to frame an accounting choice as a 'game' or 'decision' for the company, implying manipulation.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
Activist deck Short seller 1 hit
09
The slide uses a visual metaphor of red flags to highlight accounting concerns.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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11
The slide uses a narrative structure to link a corporate acquisition to potential regulatory non-compliance.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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12
The slide uses a list-based structure to systematically dismantle the company's financial reporting integrity.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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15
Uses a red flag icon to point to the 1997 founding date and a red callout box to critique the company's narrative.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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23
The slide uses four line charts to show the divergence between staffing (red) and enrollment (blue) trends.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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27
Uses FOIA request as primary evidence for contract loss.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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28
Uses FOIA data to challenge the company's reported investor metrics.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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30
Uses a combination of industry news and primary source documentation (invoice) to validate a claim of customer churn.PowerSchool Holdings, Inc. (PWSC) · Spruce Point Capital Management
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56
Uses a 'Huh?' callout to emphasize the contradiction between the promotional narrative and the reality of store designs.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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57
Uses 'Huh?' callouts to point out visual inconsistencies between company marketing materials and reality.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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58
The table highlights specific locations in red that contradict the CEO's stated strategy.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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59
Uses a map-based case study to contrast Boot Barn's core customer profile with the demographic of nearby discount stores.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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61
Uses RSI (14) as a technical indicator to support the 'overbought' thesis.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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62
Uses a combination of tables and callouts to contrast management quotes with quantitative data.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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63
Uses a line chart with an overlaid red arrow to suggest a peak/decline trend.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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64
Uses Google Trends data to argue against analyst optimism.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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65
Uses two line charts to show mobile and desktop traffic trends, highlighting a temporary peak followed by a decline.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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67
Uses red arrows to draw visual comparisons between specific items in the Beyoncé imagery and the Boot Barn website results.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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68
Uses screenshots of search results and articles to contradict the company's implied narrative.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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69
The slide uses green highlighting in the table to emphasize positive responses confirming the thesis.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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74
The slide uses a 'before-after' or 'evidence-based' structure to contrast a bio with historical restatement records.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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75
Uses a primary source press release to establish a pattern of poor oversight.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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76
Uses screenshots of a corporate bio and a short-seller report to establish a conflict of interest or lack of oversight.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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77
Uses a red arrow to visually link the LinkedIn claim to the contradictory IPO disclosure text.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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80
Uses a news clipping and a photo of the new office to illustrate corporate excess.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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81
The slide uses a yellow callout box for the main thesis and a red callout box for a specific observation about brand changes.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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82
The slide uses a combination of tables and a bar chart to demonstrate the growth of JG's commissions despite the company's strategic pivot away from the brands he represents.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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83
Uses a table to contrast guidance vs actuals, with red callouts highlighting specific accounting concerns.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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84
The slide uses a red box to highlight the 'What We Don't Do' section of the compensation philosophy, specifically pointing out the lack of a clawback policy.Boot Barn Holdings, Inc. (BOOT) · Spruce Point Capital Management
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