{
  "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": 48,
  "pageCount": 154,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a timeline-annotated line chart to correlate corporate governance and divestiture events with stock performance.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/48",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-48",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.82,
        "x": 0.09,
        "y": 0.77
      },
      "kind": "callout",
      "text": "We believe OneSpan is plagued by many of the same issues that historically depressed valuation at Nuance – legacy, declining segments overshadowing attractive, growing software businesses, all overseen by an outdated board",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78f115f6-11f4-4376-89f3-9c2462434feb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.82,
        "x": 0.09,
        "y": 0.31
      },
      "kind": "chart",
      "text": "NUAN Stock Price since 2018",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc9c714c-3e04-458a-a51f-24772e6c3987",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.09,
        "y": 0.89
      },
      "kind": "other",
      "text": "Source: SEC Filings, Capital IQ, Legion Partners' Estimates",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d3a7cb5-eae7-413f-8d47-e9d0f94bcd5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.82,
        "x": 0.09,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Nuance divested its legacy, declining and low-margin divisions to become a pure-play, growing software company focused on conversational artificial intelligence technology – following board refreshment and the strategic moves, the growth profile of the company vastly improved which led to a tremendous rerating of the stock, culminating in an attractive sale to Microsoft",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ade7da7-25d2-4c5a-95c4-216961c234de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.09,
        "y": 0.11
      },
      "kind": "title",
      "text": "Case Study: Nuance (NUAN)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee670898-b936-4d40-bb5e-acbf7985861c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "precedent-case-study",
      "slug": null,
      "matchId": "dcfc1237-8286-49a5-ac96-f76fe5339ca8",
      "evidence": "Uses Nuance as a historical parallel to justify activist intervention in OneSpan.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 31,
      "beatId": "949d87d3-4d2d-49c1-8245-156aae134348",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle for Change",
      "beatSlug": null,
      "evidence": "Legion presents its efforts to engage with the board and push for change",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 55,
      "from": 47,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6e5236e4-bdf4-45fd-9dda-e4dd2b1e57d8",
      "evidence": "Legion highlights the consequences of inaction",
      "position": 1,
      "objective": "The cost of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}