{
  "docId": "019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
  "authorId": "legion-one-span-presentation-may-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 88,
  "pageCount": 154,
  "prevPage": 87,
  "nextPage": 89,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 20,
  "notes": "The slide uses a dual-axis chart to contrast cash accumulation with stock price performance, framing the Board's M&A focus as a failure to capitalize on intrinsic value.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/88",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-88",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.09,
        "y": 0.78
      },
      "kind": "callout",
      "text": "We believe the Board's resistance towards share repurchases stems from their lack of understanding of OSPN's intrinsic valuation",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1055363-fe7c-463e-b452-ed054055341b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.09,
        "y": 0.38
      },
      "kind": "chart",
      "text": "Cash Balance at Year End ($mm)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83b5b73b-9809-43b9-a3fe-10c04165ae21",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.09,
        "y": 0.38
      },
      "kind": "chart",
      "text": "Stock Price at Year End",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97a1badf-08e4-470a-9b72-30e1999a0d74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.11,
        "y": 0.28
      },
      "kind": "list",
      "text": "No share repurchases for 22 years – instead, the Board focused almost exclusively on M&A despite a $100mm+ cash balance sitting idly for some time with plenty of opportunity to repurchase shares below the average cost basis incurred for the $5mm repurchased in Q4 2020 ($20.10/share)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eeadabcb-258e-4ab2-bfaa-e4337994ef78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.09,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Only until after the Q2 2020 earnings debacle did OSPN heed our years-long recommendation to utilize excess cash towards share repurchases given its persistently low valuation",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e95ddfdc-1718-4d00-9e81-fedae123b37e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.09,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: SEC Filings, Capital IQ, Legion Partners' Estimates",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a50e0a7-a98d-406c-8f5f-bdf7b19badb8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.09,
        "y": 0.12
      },
      "kind": "title",
      "text": "Share Repurchases Only a Recent Phenomena",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "513bf189-d75c-424c-bc77-cd1e3ff8a10f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "a673b94f-7dec-4811-a08d-d0234c385171",
      "evidence": "Contrasts historical Board M&A focus against low stock price and cash availability to argue for mismanagement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 100,
      "from": 61,
      "beatId": "b127939b-2cba-40f2-a3c8-1d9d1aa4b865",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Path to Victory",
      "beatSlug": null,
      "evidence": "Legion outlines its vision for a new board and leadership team",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}