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  "documentTitle": "Legion One Span Presentation May 2021",
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  "notes": "The slide uses a side-by-side comparison to show that the company adopted the ARR disclosure format recommended by the activist.",
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      "text": "OSPN's ARR disclosure is particularly critical – it helps analysts conduct a SOTP analysis to value Software recurring revenue separately from legacy Hardware and perpetual licensing by utilizing an EV / ARR multiple on ARR",
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      "text": "Legion Pres. #3: Sample Quarterly Earnings Deck",
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      "text": "Note: While ARR disclosure is important, we believe understanding OSPN's recurring revenue's long-term economics (profitability) is key to achieving a full and fair EV / ARR multiple",
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      "text": "Annual Recurring Revenue is a commonly used software revenue metric which annualizes the total contract value of all recurring contracts (>1 year in length) – this figure is critical for software investors as it helps cut through GAAP messiness of differing revenue recognition schedules and serves as a key indicator of fundamental topline performance",
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      "text": "Legion Recommendation: ARR Disclosure",
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