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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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  "notes": "The slide uses a line chart with annotations to correlate specific management actions with a 40% drop in stock price.",
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      "text": "Stock drops 40%",
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      "text": "Q2 2020 Earnings Call – Stock Price Reaction",
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      "text": "2020 full year guidance format in earnings release based on consolidated GAAP Revenue and consolidated Adj. EBITDA; Founder Ken Hunt sells $1.6mm worth of stock one day prior to Q2 2020 earnings call; 10-Q delayed a few days due to immaterial revenue misstatement; Full year guidance pulled primarily due to Hardware weakness while Software witnessed continued strong demand; ARR accelerated from 27% y/y in Q1 2020 to 29% y/y in Q2 2020 – however, Company did not provide any formal guidance on Software; Company discloses ARR for first time, but buries the metric in appendix of investor presentation",
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      "kind": "source-note",
      "text": "Source: SEC Filings, OSPN Q2 2020 Earnings Call Transcript (8/11/20), Capital IQ, Legion Partners’ Estimates",
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      "text": "OneSpan pulled annual guidance on the Q2 2020 earnings call due to Hardware weakness despite an acceleration in ARR to 29% y/y growth",
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      "text": "Self-Inflicted Disasters: Q2 2020 Earnings Call",
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