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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": "Uses a CEO quote to highlight management's own admission of delayed operational improvements.",
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      "kind": "callout",
      "text": "Instead of pushing for operational excellence, long-tenured directors seemed content with subpar operating practices that have resulted in a poor TSR track record",
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      "text": "We are supportive of this operational review, though disappointed it has taken this long to occur given the Company's decade-long effort to shift to Software and Hardware's longstanding issues have been long-known (volatile quarterly results, low visibility, and a declining topline)",
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      "text": "During a virtual meeting in November 2020 with CEO Scott Clements, he informed us that the opportunity to right-size the Hardware segment had existed for some time, though his team has only begun the process in 2020 as 2019 was a relatively busy year for Hardware",
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      "kind": "list",
      "text": "In addition, as of 2021 the Company has separated the Hardware sales effort into a small, dedicated team whereas the rest of the Company's sales force is now exclusively focused on Software recurring revenue",
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      "kind": "paragraph",
      "text": "OSPN recently embarked on an operational review of the Hardware segment, which could partially address the bloated G&A structure – it's apparent that this process could have commenced years ago under previous management, but the Board seems to have never pushed for it",
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      "text": "It's been obvious that there were some opportunities to optimize that value chain. It's a value chain that's distinct from the software part of the company. We couldn't do that last year because we were just fighting to meet demand. We've named a guy to be leader of that product line and given him the charter to look at the whole value chain, SKU reduction, automating provisioning and configuration (as each hardware authenticator needs to be provisioned and that process can be better, faster), and shifting manufacturing from southern China to Eastern Europe. Up until now all of it was in China. – CEO Scott Clements (11/3/2020)",
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      "text": "Operational Review – Announced Just Months Ago",
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