{
  "docId": "019dd923-622c-750b-8b99-01417feb6214",
  "docSlug": "abcba68b252f",
  "documentTitle": "Magnite, Inc. (MGNI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 18,
  "pageCount": 54,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a visual red-line connection to highlight the contradiction between 'Accelerating in 2019-2020' and 'slow in 2019'.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-01417feb6214/18",
  "deckHref": "/decks/019dd923-622c-750b-8b99-01417feb6214",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-01417feb6214.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-01417feb6214#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point has caught Magnite clearly exaggerating its SPO efforts, first calling 2019 a period of “acceleration” and then backtracking to call it “slow”.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-beeb-a650eaefa148",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.48,
        "x": 0.5,
        "y": 0.33
      },
      "kind": "image",
      "text": "Right slide: Needham Conference - May 2020",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1941add8-a65d-440a-a7a1-d812616b0795",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.48,
        "x": 0.02,
        "y": 0.33
      },
      "kind": "image",
      "text": "Left slide: Ideas Conference - November 2019",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40f17ffd-cf96-4a40-9a1d-a3cf753ef898",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point has caught Magnite clearly exaggerating its SPO efforts, first calling 2019 a period of “acceleration” and then backtracking to call it “slow”. Exaggerations like this undermine our confidence in management and believe now is the time for CEO Barrett and CFO Day to resign.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab2639f7-a941-46e3-a62f-7e77b07afa50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.75
      },
      "kind": "source-note",
      "text": "Source: November 2019 Investor Presentation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d4cc988-ec71-45f2-b7e3-57cf9f5401c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.5,
        "y": 0.75
      },
      "kind": "source-note",
      "text": "Source: May 2020 Investor Presentation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaf06f2e-95ce-4fbb-b8a1-c6fe10757793",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.29,
        "y": 0.02
      },
      "kind": "title",
      "text": "Supply Path Optimization: Hype vs. Reality",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b415dd8-9085-4e08-86de-b83910eb06d8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "838b9fb5-cd7f-42ee-ae69-a48b13afda7f",
      "evidence": "Direct comparison of two conflicting corporate statements to undermine management credibility.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "d95c99d7-6427-4986-9ca7-45de5267cebb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Slides 11-30 present evidence of Magnite's struggles with financial reporting, business performance, and management concerns.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}