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  "documentTitle": "Magnite, Inc. (MGNI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
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      "text": "Magnite's Pro Forma operating cash flow declined -143% YTD 2019 vs 2020 and this assumes zero cash burn contribution from Telaria in Q1 2020, a period that it did not disclose separate financials.",
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      "text": "YoY Growth YTD: -143%",
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      "text": "There is plenty of evidence to suggest the merger progressed much worse than what would have been expected based on recent pre-merger results. Magnite's Pro Forma operating cash flow declined -143% YTD 2019 vs 2020...",
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      "text": "Source: Company financials and Spruce Point Analysis. 1) 2019 is pro forma historical for Rubicon Project + Telaria results. 2) Q1 2020 Magnite Cash from Operations is Rubicon only... 3) We add back Magnite's cash costs...",
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      "text": "Comparison table of Telaria, Rubicon, and Magnite cash flow and capex across 2019 and 2020 quarters.",
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      "kind": "title",
      "text": "Something Drastically Wrong",
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