POWERSCHOOL HOLDINGS, INC.

2024 Q3 Form 10-Q Financial Statement

#000183568124000100 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.68M
YoY Change -27.19%
Cash & Equivalents $20.68M
Short-Term Investments
Other Short-Term Assets $37.47M
YoY Change 15.28%
Inventory
Prepaid Expenses
Receivables $89.39M
Other Receivables $0.00
Total Short-Term Assets $155.9M
YoY Change 6.73%
LONG-TERM ASSETS
Property, Plant & Equipment $7.773M
YoY Change 47.05%
Goodwill $2.769B
YoY Change 11.33%
Intangibles $666.6M
YoY Change -1.22%
Long-Term Investments
YoY Change
Other Assets $35.49M
YoY Change 8.68%
Total Long-Term Assets $3.605B
YoY Change 8.76%
TOTAL ASSETS
Total Short-Term Assets $155.9M
Total Long-Term Assets $3.605B
Total Assets $3.761B
YoY Change 8.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.20M
YoY Change 151.24%
Accrued Expenses $128.1M
YoY Change 30.18%
Deferred Revenue $206.5M
YoY Change 11.14%
Short-Term Debt $187.0M
YoY Change 1770.0%
Long-Term Debt Due $8.379M
YoY Change 8.12%
Total Short-Term Liabilities $547.6M
YoY Change 75.45%
LONG-TERM LIABILITIES
Long-Term Debt $809.7M
YoY Change 11.49%
Other Long-Term Liabilities $1.142M
YoY Change -46.16%
Total Long-Term Liabilities $810.8M
YoY Change 11.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $547.6M
Total Long-Term Liabilities $810.8M
Total Liabilities $2.023B
YoY Change 17.93%
SHAREHOLDERS EQUITY
Retained Earnings -$258.0M
YoY Change 27.51%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.290B
YoY Change
Total Liabilities & Shareholders Equity $3.761B
YoY Change 8.67%

Cashflow Statement

Concept 2024 Q3 2024 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Period End Date
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dei Entity Registrant Name
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PowerSchool Holdings, Inc.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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150 Parkshore Drive
dei Entity Address City Or Town
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us-gaap Nature Of Operations
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BUSINESS<div><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Background and Nature of Operations</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">PowerSchool Holdings, Inc. (the “Company,” </span><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">“PowerSchool,” “we,” “us,” or “our”</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) was formed as a Delaware corporation on November 30, 2020 for the purpose of completing an initial public offering (“IPO”) and a series of transactions in order to carry on the business of PowerSchool Holdings LLC (“Holdings LLC”), formerly known as Severin Holdings, LLC</span><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Our Principal Stockholders are Onex Partners Managers LP (“Onex”) and Vista Equity Partners (“Vista”).</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The transactions included amendments to the Company’s operating agreement to modify its capital structure by replacing the membership interests then held by its existing owners with a new class of membership interests (“LLC Units”) held initially by Severin Topco LLC (“Topco LLC”), a portion of which have a participation threshold (the “Participation Units”) and appointing the Company as the sole managing member of Holdings LLC; issuance of unrestricted and restricted Class A common stock, par value $0.0001 per share, of the Company (the “Class A common stock”) in exchange for vested and unvested pre-IPO share-based awards, issuance of 39,928,472 shares of Class B common stock, par value </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$0.0001</span><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> per share, of the Company (the “Class B common stock”) to Topco LLC, on a one-to-one basis with the number of LLC Units (other than Participation Units), restructuring of certain entities (“Blocker Entities”) associated with the Principal Stockholders, and execution of an exchange agreement (the “Exchange Agreement”) with Topco LLC. Pursuant to the Exchange Agreement, Topco LLC is entitled to exchange LLC Units (other than Participation Units), together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or, at its election, for cash from a substantially concurrent public offering or private sale. Participation Units may be exchanged for a number of shares of Class A common stock based on an exchange formula that takes into account the current value of a share of Class A common stock and a pre-determined participation threshold. Additionally, the Company entered into a tax receivable agreement (the “TRA”) with Topco LLC, and the Principal Stockholders that provides for the payment by the Company to Topco LLC and the Principal Stockholders, collectively, of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">85%</span><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> of the amount of cash savings, if any, in U.S. federal, state and local income taxes. Collectively, these transactions are referred to as “Organizational Transactions”.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company’s cloud platform is an integrated, enterprise-scale suite of solutions purpose-built for the K-12 education market. The Company’s platform is embedded in school workflows and is used by educators, students, administrators, and parents. Its cloud-based technology platform helps schools and districts efficiently manage state reporting and related compliance, special education, finance, human resources, talent, registration, attendance, funding, learning, instruction, grading, assessments, communications, and analytics in one unified platform. The Company’s integrated technology approach streamlines operations, aggregates disparate data sets, and develops insights using predictive modelling and machine learning. </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company is headquartered in Folsom, California, and together with its subsidiaries has locations in the United States (“U.S.”), Canada, India, and the United Arab Emirates.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Proposed Merger with Bain Capital Private Equity, LP</span></div><div><span><br/></span></div><div><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Merger Agreement</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On June 6, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BCPE Polymath Buyer, Inc., a Delaware corporation (“Parent”), and BCPE Polymath Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”). Parent and Merger Sub are affiliates of investment funds advised by Bain Capital Private Equity, LP. Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”).</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On June 7, 2024, the holders of a majority of the outstanding shares of Class A common stock and Class B common stock executed a written stockholder consent approving and adopting the Merger Agreement. The Merger is expected to close in the second half of fiscal year 2024, subject to satisfaction of closing conditions and regulatory requirements. </span></div><div><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Effect on Capital Stock</span></div><div><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the terms and subject to the conditions set forth in the Merger Agreement, upon the effective time of the Merger (the “Effective Time”), each share of Class A common stock that is issued and outstanding as of immediately prior to the Effective Time, will be automatically cancelled, extinguished and converted into the right to receive $22.80, without interest thereon. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each share of Class B common stock that is issued and outstanding as of immediately prior to the Effective Time, will be automatically cancelled and no payment shall be made with respect thereto.</span></div><div style="text-indent:13.5pt"><span><br/></span></div><div><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Closing Conditions</span></div><div><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the Merger is subject to certain conditions, including (i) the Company’s receipt of written consent of stockholders adopting the Merger Agreement (which was satisfied on June 7, 2024), (ii) the expiration or termination of the waiting periods applicable to the transactions set forth in the Merger Agreement under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (with such waiting period having expired at 11:59 pm ET on July 22, 2024), (iii) an information statement shall have been mailed to the Company’s stockholders at least 20 days prior to the closing date, (iv) a Change of Control Exchange (as defined in the Amended and Restated Limited Liability Company Agreement of PowerSchool Holdings, LLC) shall have occurred and become effective as of immediately prior to the Effective Time, (v) the TRA Amendment (as defined below) shall be in full force and effect and (vi) other customary conditions for a transaction of this type, such as the absence of any legal restraint prohibiting the consummation of the transaction and the absence of any Company Material Adverse Effect (as defined in the Merger Agreement) since the date of the Merger Agreement that has occurred that is continuing. The closing of the transactions set forth in the Merger Agreement will not occur prior to September 30, 2024 without the prior written consent of Parent.</span></div><div style="text-indent:13.5pt"><span><br/></span></div><div><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Termination Rights and Termination Fee</span></div><div><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#231f20;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger Agreement contains certain customary termination rights for the Company and Parent, including if the Merger is not consummated on or before the “outside date” of March 6, 2025 (the “Termination Date”). In the case of termination, under certain conditions, the Company will be required to pay Parent a termination fee equal to $134,650,000. Parent is also required to pay the Company a termination fee equal to $269,300,000 under certain conditions.</span></div>Pursuant to the rules adopted by the SEC, the Company prepared and filed with the SEC on July 23, 2024 a Preliminary Information Statement on Schedule 14C, containing more information about the Merger Agreement and the Merger.
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