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  "docSlug": "abcba68b252f",
  "documentTitle": "Magnite, Inc. (MGNI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
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  "pageNumber": 26,
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  "notes": "Uses a bridge-style calculation to adjust reported Q3 2020 revenue.",
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      "kind": "callout",
      "text": "Absent this one-off contribution, we estimate CTV revenue would have declined by 16% YoY.",
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      "text": "CTV Revenue: -16%",
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      "kind": "paragraph",
      "text": "Spruce Point has pieced together clues left by management that the recent election season had an outsized effect on recent Q3 2020 results. We estimate a $5m revenue benefit to its highly promoted CTV business. Absent this one-off contribution, we estimate CTV revenue would have declined by 16% YoY.",
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      "kind": "source-note",
      "text": "Source: Telaria and Magnite Filings and public comments and Spruce Point Adjustments",
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      "text": "2019 vs 2020 CTV Revenue and Growth table",
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      "kind": "table",
      "text": "Total Ad Spending and Political CTV Take Rate tables",
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      "kind": "title",
      "text": "Excluding One-Time Election Benefit, CTV's Growth Declined Sharply In Q3",
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      "evidence": "Exposing management's reliance on one-time benefits to mask underlying business decline.",
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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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