{
  "docId": "019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
  "authorId": "legion-one-span-presentation-may-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 100,
  "pageCount": 154,
  "prevPage": 99,
  "nextPage": 101,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses quotes to build consensus for a strategic divestiture, contrasting with the Board's potential hesitation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/100",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-100",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.09,
        "y": 0.92
      },
      "kind": "other",
      "text": "Source: SEC Filings, D.A. Davidson Research, Colliers Research, Legion Partners' Estimates and calls with Experts and OneSpan Customers",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15aaa9ff-b91a-4707-ad4c-3c42a008acb8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.82,
        "x": 0.09,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "While a refreshed Board may logically conclude to keep the Hardware segment, many key OneSpan stakeholders concur that the legacy segment not only weighs on the Company’s valuation, but can operate and possibly perform better independently with greater opportunities for strategic partnerships",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10c42bab-e53c-452c-ad34-dd84fa4b00fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.09,
        "y": 0.55
      },
      "kind": "quote",
      "text": "Another approach is looking to an external supplier and enter into an outsourcing strategic partnership contract – Blackberry example.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "126f65e5-3291-46d0-b555-fde2d2bf7e8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.4,
        "x": 0.53,
        "y": 0.7
      },
      "kind": "quote",
      "text": "The fundamental question of whether or not Hardware can be decoupled – the answer is yes. As long as they pick the right company to sell to, then it's not a problem at all. I would imagine it's a good thing to get it off their books financially.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3593a034-a060-4603-aec0-5fadce10d8fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.53,
        "y": 0.55
      },
      "kind": "quote",
      "text": "Their argument is nonsense – you can sell it off.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38bbf1a7-06c3-4597-ab69-292e8d721e57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.09,
        "y": 0.35
      },
      "kind": "quote",
      "text": "The declining revenue should alleviate some pressure on gross margin, but without an imminent sale of the business, multiple expansion will likely remain limited.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5dc66581-2487-4db6-bce9-d30bb9d8c2e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.53,
        "y": 0.35
      },
      "kind": "quote",
      "text": "The potential divesting of the Hardware segment would allow the stock to be re-rated on the more valuable Software segment.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af848927-2fb9-47d8-b8fa-def912359f6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.4,
        "x": 0.09,
        "y": 0.75
      },
      "kind": "quote",
      "text": "As long as they support Hardware until end of life, we don't care if they own it or not.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "faee104a-d8fa-439b-90a0-928a21aec027",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.09,
        "y": 0.12
      },
      "kind": "title",
      "text": "Many OneSpan Stakeholders Concur with Legion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d64f98b-46d7-4043-982c-273f918dd662",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "84a068bb-a84c-49de-99a8-0212761292b0",
      "evidence": "Using analyst and customer quotes to validate the activist thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 100,
      "from": 61,
      "beatId": "b127939b-2cba-40f2-a3c8-1d9d1aa4b865",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Path to Victory",
      "beatSlug": null,
      "evidence": "Legion outlines its vision for a new board and leadership team",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}