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  "docSlug": "abcba68b252f",
  "documentTitle": "Magnite, Inc. (MGNI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
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  "pageNumber": 15,
  "pageCount": 54,
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  "density": "dense",
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  "notes": "Uses a series of CEO/CFO quotes to demonstrate a shift in narrative over time.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-01417feb6214/15",
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      "kind": "callout",
      "text": "Spruce Point finds more evidence that Magnite is under revenue pressure, and is prone to over-promise and under-deliver.",
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      "text": "Spruce Point finds more evidence that Magnite is under revenue pressure, and is prone to over-promise and under-deliver. Management touted $5m of revenue from Demand Manager in 2020. It has not provided any hard revenue disclosures, but is slowly walking back expectations. Now it is admitting a “long sales cycle” for a cost-based product up against free solutions.",
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      "kind": "quote",
      "text": "We expect Demand Manager revenue to exceed $5 million in 2020...",
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      "kind": "quote",
      "text": "No, we're very, very satisfied with the acquisition path... We thought that it was going to be long sales cycle to begin with or a long path to maturation for Demand Manager. Think about it, we're competing against the free product.",
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      "kind": "quote",
      "text": "Yes. I think there was -- well first, as you noted on the sign-ups, we are just thrilled... From a revenue side, I think we're not formally updating our guidance. But we -- there's a big enough hole here that we don't expect to hit those levels this year.",
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      "kind": "quote",
      "text": "We expect Demand Manager revenue to exceed $5 million in 2020. — MGNI CEO, Q4 2019; From a revenue side, I think we're not formally updating our guidance. But we -- there's a big enough hole here that we don't expect to hit those levels this year. — MGNI CFO, Q2 2020; We thought that it was going to be long sales cycle to begin with or a long path to maturation for Demand Manager. Think about it, we're competing against the free product. — MGNI CEO, Stephens Conf, Nov 19, 2020",
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      "kind": "title",
      "text": "Lack of Demand For Promoted Demand Manager",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Slides 11-30 present evidence of Magnite's struggles with financial reporting, business performance, and management concerns.",
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