{
  "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": 27,
  "pageCount": 54,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Uses red arrows to visually connect guidance quotes to actual result quotes.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-01417feb6214/27",
  "deckHref": "/decks/019dd923-622c-750b-8b99-01417feb6214",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-01417feb6214.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-01417feb6214#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Notice carefully, Magnite refrained from quantifying any early view on CTV Q4 2020 growth.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-beed-80b65be12fd7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.9,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "list",
      "text": "Chronological comparison of guidance vs results across Q2, Q3, and Q4 2020.",
      "attrs": null,
      "subkind": "comparison",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fde87f98-ddc4-4b5e-82c3-c6d7451daed2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Magnite's early Q2 and Q3 quarterly read on CTV growth has closely matched realized quarterly results. This suggests it books business early in the quarter with high visibility. Notice carefully, Magnite refrained from quantifying any early view on CTV Q4 2020 growth.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a57f825d-0854-40bf-9aab-e29028fa5927",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"On a more positive note, CTV has continued to grow albeit at a lower rate with a year over-year increase in April of approximately 10% and has also stabilized in the last several weeks.\" — Q1 2020 Conf Call; \"Since the start of this quarter, we have observed even greater recovery, with Q3 revenue quarter-to-date nearly breakeven year-over-year on a pro forma basis. And since the start of Q3, we have observed even more rapid acceleration in CTV revenue growth, currently running at roughly 50% up year-over-year.\" — Q2 2020 results; \"We are seeing continued strong post-election year-over-year growth in CTV, even without the benefits of political spending.\" and \"We expect revenue for the fourth quarter to be in the range of $72 million to $75 million and we expect CTV to continue with strong year-over year growth rates.\" and \"And so, yeah, after coming out of two quarters of extreme volatility in Q2 and Q3, I think the message for Q4 is, we are seeing a little bit of normalcy.\" — Q3 2020 Conf Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-beed-848f95b6b174",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Q1 2020 Conf Call, Q2 2020 results, Q3 2020 results, Q3 2020 Conf Call",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b5ba188-15e8-4116-b31d-890491335f7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "Warning: Diminishing CTV Visibility",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72c15830-a1ed-4eea-823b-285f2c2e89ab",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "50430055-35ea-470c-824e-143c288df33c",
      "evidence": "Exposing contradictions in management guidance vs actuals to suggest lack of visibility.",
      "confidence": 0.9
    }
  ],
  "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
}