{
  "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": 28,
  "pageCount": 54,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses red boxes to highlight specific text segments that contradict or omit information found in earnings calls.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-01417feb6214/28",
  "deckHref": "/decks/019dd923-622c-750b-8b99-01417feb6214",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-01417feb6214.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-01417feb6214#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.98,
        "x": 0.01,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Warning: MGNI doesn't put earnings call commentary in its 10-Q when discussing revenue trends (eg. Political election, live sports) and is now warning about lower take rates from CTV. MGNI also did not put its apparently strong Q4 commentary in the 10-Q, unlike the prior quarter.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec9cab49-a6f5-46ba-ad2d-465a40640f9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.87,
        "x": 0.12,
        "y": 0.24
      },
      "kind": "paragraph",
      "text": "Revenue increased $23.3 million, or 62%... Revenue increased $4.5 million, or 12%...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "175c2c65-e3c4-4687-9d5f-1e8aafb5b25c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.87,
        "x": 0.12,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "Note on conf call management said: \"Overall, revenue growth trends continue to show strength 5-plus weeks into the fourth quarter, and we expect them to continue.\" – Yet unlike, in the prior 10-Q, management didn't put this in writing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24cebaf2-a462-4177-8960-5c3fc8641a5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.11,
        "x": 0.01,
        "y": 0.24
      },
      "kind": "paragraph",
      "text": "Q3 2020 10-Q MD&A on Revenue",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92bb13c6-b405-4957-b1fe-62b981824ca1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.11,
        "x": 0.01,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Q2 2020 10-Q MD&A on Revenue",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edb82d55-5cb6-4ab4-a4ed-ef06f99feab9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Overall, revenue growth trends continue to show strength 5-plus weeks into the fourth quarter, and we expect them to continue. — Management (Conf call)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-beec-f3d87bd32212",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "SEC Disclosures on Revenue Worrisome",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5d21483-7e33-44e4-b274-850c2816fa4a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "d3073270-34d6-4e51-9a75-7933c29b155f",
      "evidence": "Contrasts earnings call verbal claims with written 10-Q disclosures.",
      "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
}