One year ago, I wrote an update article on OneSpan (OSPN) detailing why I believed investors should initiate a short position on the cyber security company. That article was a follow-up on my original thesis that OneSpan was plagued by anemic revenue growth, thanks to a slow shift to a SaaS business model. The update article then provided evidence of falling deferred revenue (an important indicator of demand in the SaaS domain), weak overall revenue growth, eroding license revenue margins, and negative operating cash flows – all of which contributed to my rationale