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  "documentTitle": "Magnite, Inc. (MGNI)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses Grant Thornton guidance to frame the regulatory argument against the company's current reporting practice.",
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      "kind": "callout",
      "text": "Magnite's Suspect Reporting: We report our financial results as one operating segment.",
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      "text": "Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria.",
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      "text": "Grant Thornton Guidance On Segment Reporting (ASC 280) Red Factors Suggest Telaria Should Be Separately Reported",
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      "text": "Contribution Analysis Shows Telaria Is Quantitative Significant to Pro Forma Magnite With Very Different Economics",
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      "text": "segment reporting compliance",
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      "text": "Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria.",
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      "kind": "quote",
      "text": "We report our financial results as one operating segment. Our consolidated operating results are regularly reviewed by our chief operating decision maker, principally to make decisions about how we allocate our resources and to measure our consolidated operating performance. — Magnite, Inc.",
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      "text": "Source: Segment Reporting, Grant Thornton, Jan 2018; Proxy Statement; Contribution analysis by Needham",
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      "kind": "table",
      "text": "Table showing pro forma revenue, gross profit, and adjusted EBITDA contribution percentages for Rubicon Project vs Telaria from 2019E-2021E.",
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      "text": "We Believe Magnite's Financial Reporting Fails To Comply With ASC 280 Guidelines",
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