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  "documentTitle": "Legion One Span Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Uses a CEO quote to validate the activist's thesis of secular decline.",
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      "text": "Hardware Revenue ($mm)",
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      "text": "Source: SEC Filings, OSPN Q3 2019 Earnings Call Transcript (10/29/19), Legion Partners' Estimates",
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      "text": "While Hardware experiences occasional annual growth due to refresh cycles (typically every 5-7 years) or regulatory-driven demand, OneSpan acknowledges the segment's long-term secular decline",
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      "text": "We do believe that over time, the hardware business is going to decline at some rate, which we believe will be a reasonably modest trend line... [The] long-term trend of the secular shift away from hardware authenticators to mobile authentication... I think that trend is going to continue.",
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      "text": "Hardware – Volatile and Long-Term Secular Decline",
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