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  "documentTitle": "Magnite, Inc. (MGNI)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a callout-style timeline to contrast management statements over time.",
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      "kind": "callout",
      "text": "Most concerning, Rubicon has never put video revenue figures in its SEC filings.",
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      "text": "Q4 2018 MGNI CEO: \"And we're happy to report that for the full year 2018, video ad spend was $156 million, resulting in $20 million in revenue, which represented 16% of total revenue.\"",
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      "text": "Q4 2017 MGNI CFO: \"So I'll just answer the video side. We're not sharing absolute amounts, but it's quickest growing, more rapid growing part of the company and grew over 50% year-over-year.\"",
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      "text": "Q4 2019 MGNI CEO: \"Video revenue for Rubicon Project was $28.6 million in 2019 and grew 43% year-over-year, representing over 18% of total revenue.\"",
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      "text": "Q3 2020 MGNI CEO: \"We've also made progress in non-CTV video revenue, which returned to growth at 3% year-over-year proforma growth for Q3.\"",
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      "text": "Rubicon promoted its video growth with some level of opacity in the beginning, declining to provide specific revenue figures until it magically grew to 18% of total revenues in 2019. Most concerning, Rubicon has never put video revenue figures in writing in its SEC filings. Then in 2020, video disclosures ceased until Q3 when the CEO referenced non-CTV video revenue returning to growth at a meager 3% rate.",
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      "text": "\"So I'll just answer the video side. We're not sharing absolute amounts, but it's quickest growing, more rapid growing part of the company and grew over 50% year-over-year.\" — MGNI CFO, Q4 2017, March 8, 2018",
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      "kind": "title",
      "text": "\"Video\" Another Short Cycle And Opaque Growth Area That Appears To Have Failed",
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