{
  "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": 21,
  "pageCount": 154,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Includes specific criticism of board members Marc Zenner and Matthew Moog.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/21",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.82,
        "x": 0.09,
        "y": 0.75
      },
      "kind": "callout",
      "text": "It is imperative to add directors with strong capital allocation skills and direct experience in acquiring and integrating software and cybersecurity companies, particularly in light of OSPN’s robust cash balance and bloated cost structure",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c0a5406-2488-48b3-aee5-07590a69645b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.82,
        "x": 0.09,
        "y": 0.28
      },
      "kind": "list",
      "text": "97% of capital allocated from 2005-2020 went to M&A; 13 acquisitions since 1998; lack of post-merger integration disclosures; lack of pertinent expertise; recent $300mm shelf registration.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c71d6b86-955a-4838-8195-7d1cd279e280",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.09,
        "y": 0.89
      },
      "kind": "other",
      "text": "Source: SEC Filings, Legion Partners’ Estimates, MeetInnovators Fast Track interview with Matthew Moog (8/28/08)",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46aca8c5-8ff5-46fd-8d33-83b0e8a50e64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.82,
        "x": 0.09,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "The Board has had a strong historical preference for M&A, though we have not witnessed a clear justification for this focus nor has the Board demonstrated long-term accretive returns to stockholders from these acquisitions",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7dbe5ae-409f-4469-90f5-af0af91f3c25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.09,
        "y": 0.12
      },
      "kind": "title",
      "text": "Capital Allocation Experience is Critically Needed",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45f7b2cd-ff66-4c0d-b306-1dd59340ff50",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "bebba36c-8771-4002-a6f1-e606ef4c6941",
      "evidence": "Critique of M&A vs share repurchases and board expertise",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "dafc587c-50ba-4875-8f5b-f9edb34fa34c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Board's Shortcomings",
      "beatSlug": null,
      "evidence": "Slides expose contradictions and critique the board's performance",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 25,
      "from": 16,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "c27a5bbe-57a6-4c4e-967d-25bfbd808774",
      "evidence": "Legion presents a clear 'aha' moment on the need for change",
      "position": 0,
      "objective": "Why a new board is necessary",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}