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  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
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  "documentKindSlug": "activist-deck",
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  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 45,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The chart uses a dual-axis approach to compare growth (bars) and valuation multiples (dots).",
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  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/45",
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      "kind": "annotation",
      "text": "ARR Y/Y Growth % (bars) and EV / ARR (dots)",
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      "kind": "chart",
      "text": "OSPN Direct Software Peers ARR Y/Y Growth % and EV / ARR",
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      "kind": "disclaimer",
      "text": "Note: (1) all ARR figures as of most recently reported quarter; (2) For OSPN, assumes 4.0x EV / LTM Revenue for perpetual licensing and professional services and ~4.0x EV / 2021E EBITDA for Hardware (~1.0x EV / 2021E Revenue); remaining EV applied to OSPN ARR for EV / ARR; all OSPN figures as of 3/31/21. Source: SEC Filings, Capital IQ (5/14/21), Legion Partners' Estimates",
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      "kind": "paragraph",
      "text": "We believe backing out the value of all legacy and non-recurring revenue (Hardware, perpetual licensing and professional services) implies a steep ~70% discount in EV / ARR relative to direct recurring revenue software peers",
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      "kind": "title",
      "text": "OSPN Recurring Revenue vs. Direct Software Peers – EV / ARR",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle for Change",
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      "evidence": "Legion presents its efforts to engage with the board and push for change",
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