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  "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": 31,
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  "notes": "Includes a red box annotation highlighting the -25% and -1% growth figures for Magnite.",
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      "kind": "callout",
      "text": "Warning: When comparing Magnite's 2020 results with The Trade Desk (TTD) and PubMatic (PUBM), we see further evidence to suggest something abnormal happened to Magnite. In Q2, revenues were down 25%, more than double the rate TTD's decline and 6x PubMatic's. Magnite's YTD 2020 revenues are down -1% whereas peers revenues increased 16%.",
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      "kind": "callout",
      "text": "Warning: When comparing Magnite's 2020 results with The Trade Desk (TTD) and PubMatic (PUBM), we see further evidence to suggest something abnormal happened to Magnite.",
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      "text": "revenue growth: -25%",
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      "kind": "source-note",
      "text": "1) 2019 through Q1 2020 is pro forma Telaria and Rubicon Project\nSource: Company financials and Spruce Point Analysis",
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      "text": "YTD Comparison of Trade Desk, Magnite, and PubMatic",
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      "kind": "title",
      "text": "Something Drastically Wrong (Cont'd)",
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      "evidence": "Slides 31-54 present the 'victory' of Spruce Point's thesis, with a clear conclusion of significant downside risk for Magnite (MGNI).",
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