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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": 83,
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  "notes": "The pie chart visually demonstrates the extreme imbalance between M&A spending and share repurchases.",
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      "kind": "callout",
      "text": "As far as we can tell, the Board does not have a detailed capital allocation policy",
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      "kind": "chart",
      "text": "2005-2020 Cumulative Historical Capital Allocation ($mm)",
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      "kind": "list",
      "text": "The Company has a robust cash balance, but OSPN stockholders are left wondering what the Company will do with it considering the lack of information around: Decision-making criteria, Risk-adjusted ROI, M&A criteria, Ideal cash reserve needs.",
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      "kind": "list",
      "text": "The Board only recently announced a $50mm share repurchase program after Legion's private and public recommendation over the past three years. Prior to Q4 2020, the Company did not repurchase shares since 1998 despite OSPN's persistently low valuation",
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      "kind": "other",
      "text": "Source: SEC Filings, Legion Partners' Estimates",
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      "kind": "paragraph",
      "text": "The Board has had a strong historical preference for M&A, though we have not witnessed a clear justification for this focus as the Board has failed to prove long-term accretive returns to stockholders",
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      "kind": "title",
      "text": "Transition Appeared to Have Relied on M&A",
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