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  "documentTitle": "Legion One Span Presentation May 2021",
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  "notes": "The slide uses a stock price chart annotated with analyst research initiation events to demonstrate the market's positive reaction to SOTP valuation.",
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      "text": "An SOTP approach has seemingly worked for PAR's public stockholders – we believe our nominees can help to better communicate a similar story for OSPN stock",
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      "text": "As PAR provides adequate segment-level disclosures, investors can feel confident in not only valuing the non-core segment separately based on its standalone profitability, but also utilizing a full and fair EV / ARR multiple to the company's fast-growing recurring revenue, knowing the long-term economics of that business are healthy",
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      "text": "Source: SEC Filings, Capital IQ, Legion Partners' Estimates, Jefferies Research, Craig-Hallum Research, William Blair Research, BTIG Research",
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      "text": "The majority of sellside analysts covering PAR utilize an SOTP approach to value PAR shares by applying (1) an EV / EBITDA multiple to the non-core government segment's profits, (2) an EV / Revenue multiple to the legacy software segment, and (3) an EV / ARR multiple to PAR's fast-growing recurring revenue",
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      "text": "Case Study: PAR Technologies (PAR)",
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