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  "documentTitle": "Magnite, Inc. (MGNI)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
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      "text": "Spruce Point observes that Telaria's revenue and, especially its EBITDA, continued to disappoint up until the deal closed in Q1 2020.",
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      "text": "Fourth Quarter 2019 Highlights: Revenue of $19.6 million, CTV revenue of $10.1 million, Adjusted EBITDA of $2.7 million. Full Year 2019 Highlights: Revenue of $68.0 million, CTV revenue of $29.7 million, Adjusted EBITDA of $1.0 million.",
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      "text": "2019 Spruce Point Observations: Revenue of $68m well below guidance, Adj. EBITDA of $1.0m well below guidance, CTV revenue of $29.7m fell short. Q1 2020 Spruce Point Observations: Revenue at low end, CTV in middle, No Q1 Adj. EBITDA guidance.",
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      "text": "Adjusted EBITDA: $1.0m",
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      "text": "Spruce Point observes that Telaria's revenue and, especially its EBITDA, continued to disappoint up until the deal closed in Q1 2020.",
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      "text": "\"2019 revenue is expected to be approximately $68 million, up 23% from 2018, with CTV revenue of approximately $30 million, up nearly 100% from 2018. Q4 2019 revenue is expected to be approximately $20 million, flat to the same period last year, with CTV revenue of approximately $10 million, up 55% year over year. Adjusted EBITDA for Q4 and full year 2019 are expected to be positive, with full year Adjusted EBITDA representing a significant improvement over the same period last \"",
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      "text": "\"I'd like to finish our call this morning with our expectations for the remainder of 2019. We're tightening our guidance range for the full year with revenue between $69 million and $71 million and adjusted EBITDA between $2 million and $4 million.\"",
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      "text": "\"I'd like to finish our call this morning with our expectations for the remainder of 2019. We're tightening our guidance range for the full year with revenue between $69 million and $71 million and adjusted EBITDA between $2 million and $4 million.\" — Q3 2019 Conf Call",
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      "kind": "title",
      "text": "Evidence Telaria's Business Has Been Under Pressure Pre-Merger",
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