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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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  "notes": "Uses a timeline-style comparison to show the failure of stated management strategy.",
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      "kind": "callout",
      "text": "Warning: Starting in 2017, Rubicon said it sought to diversify its customer relationships, yet ever since its top two customers have grown as a percentage of accounts receivable. In fact, post-merger with Telaria, its top two customers now account for a record 46% of receivables.",
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      "text": "customer concentration: 46%",
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      "text": "\"The number of large media buyers and sellers in the market is finite, and it could be difficult for us to replace the losses from any buyers or sellers whose relationships with us diminish or terminate. Because of these factors, we seek to expand and diversify our client relationships.\" — Rubicon 2017-2019",
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      "text": "Comparison of historical customer concentration data against management's stated diversification goal.",
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      "kind": "title",
      "text": "Customer Concentration Concerns",
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      "evidence": "Contrasts management's stated goal of diversification with the empirical increase in customer concentration.",
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      "arcName": "Overcoming the Monster",
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