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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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  "pageNumber": 70,
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  "notes": "The slide uses a bulleted list to detail specific failures in investor relations and financial disclosure practices.",
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      "kind": "callout",
      "text": "Despite OSPN’s substantial valuation discount to peers, the Board appears unwilling or unable to address the Company’s poor investor communications",
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      "text": "The Board appears unaware of basic public software company valuation frameworks and therefore underappreciates the importance of providing key software-oriented and profitability disclosures",
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      "text": "The Board appears to lack sufficient experience and knowledge of commonly used modern software public company metrics (ARR, DBNE, etc.) to understand the importance of guiding investors based on such metrics",
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      "text": "The Company has made no upgrades to in-house Investor Relations personnel",
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      "text": "When the Company finally began disclosing ARR, they buried it in the appendix of a Company presentation – many analysts we spoke to did not see it until we highlighted it",
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      "text": "The Company has seemingly failed to encourage the majority of its sellside analysts to adopt an SOTP valuation approach",
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      "kind": "list",
      "text": "OneSpan financials are still messy – Hardware and Software are still mixed on the GAAP income statement, and Software profitability is not disclosed",
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      "text": "We believe the Board has failed to effectively communicate the Company’s transitions and the value of the growing Software business",
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      "kind": "paragraph",
      "text": "Despite adding new directors to the Board, the Board appears to lack pertinent capital markets experience in overseeing modern software public companies",
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      "kind": "source-note",
      "text": "Source: SEC Filings, Legion Partners’ Estimates",
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      "kind": "title",
      "text": "Board Lacks Pertinent Capital Markets Experience",
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      "arcName": "Overcoming the Monster",
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