{
  "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": 90,
  "pageCount": 154,
  "prevPage": 89,
  "nextPage": 91,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a CEO quote to validate the claim of infrastructure failure and contrasts it with the long tenure of key leadership figures.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/90",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-90",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.82,
        "x": 0.09,
        "y": 0.67
      },
      "kind": "callout",
      "text": "OneSpan has been long overseen by a career consultant (John Fox), longtime CIO (Jean Holley), and a “software leader” (Matthew Moog) – with an average tenure of 13 years, how could they have underperformed this poorly for so long?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8fd44ed-d91e-4e56-b477-4c32eceee753",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.28
      },
      "kind": "list",
      "text": "In fact, OSPN's CEO and CFO spent their first few years “replacing every single IT system in the entire company”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d4cb963-2dc4-47f2-b20a-9828b1db3121",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.11,
        "y": 0.45
      },
      "kind": "list",
      "text": "Given the Company had been attempting to shift to Software recurring revenue as early as 2007, we are surprised that it took roughly a decade to begin fixing seemingly obvious, core IT infrastructure problems so the Company could begin processing software revenue",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e23928a5-62d6-44ef-98fa-49d0714875f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.7,
        "x": 0.09,
        "y": 0.81
      },
      "kind": "other",
      "text": "Note: Chief Information Officer (“CIO”); tenure calculation as of June 2021. Source: SEC Filings, Legion Partners’ Estimates and Meetings with Management (8/21/19), OSPN Investor Day Transcript (12/4/19)",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04a2852d-65b9-4e17-b6de-c07ae18ddee1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.82,
        "x": 0.09,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Several questionable acquisitions and a lack of post-merger integration seemingly left the Company’s IT infrastructure in a dilapidated state that was unable to process new types of revenue streams (like software)",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87e2a3a6-88b6-48a3-beb7-04de4ad831b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.15,
        "y": 0.34
      },
      "kind": "quote",
      "text": "“Three years ago, the company simply did not have the IT and system infrastructure to support the growth of the company or support the new revenue models and the new business models that we're beginning to deploy.” – CEO Scott Clements, Investor Day (12/4/19)",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0998128-6523-44ad-af65-8c153c47c6a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.82,
        "x": 0.09,
        "y": 0.12
      },
      "kind": "title",
      "text": "Dilapidated IT Infrastructure Could Not Handle Software Business",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8f33222-1e0f-47a6-be3a-eaaeb8f45bfb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "22d12b9d-161b-4388-b316-21dbc4826010",
      "evidence": "Uses CEO quote to highlight the failure of the company's long-tenured leadership.",
      "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
}