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  "documentTitle": "Magnite, Inc. (MGNI)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a table to demonstrate a mathematical impossibility in the company's reported financial data.",
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      "text": "When a critical cash flow line item doesn't add up, it calls into question the accuracy of Telaria's cash.",
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      "text": "When a critical cash flow line item doesn’t add up, it calls into question the accuracy of Telaria’s cash.",
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      "text": "Capex: -$69",
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      "kind": "paragraph",
      "text": "Telaria dismissed E&Y as its Auditor in 2019... Spruce Point finds this explanation suspect in light of our findings that Telaria’s capex in 2019 doesn’t reconcile. In fact, its financial statements implied negative capex for Q4 2019.",
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      "text": "1) Telaria 8-K filing, April 2019\n2) Tremor Video 10-K, p.31",
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      "text": "Source: Telaria Filings",
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      "text": "Purchase of Property & Equipment table showing 3M, 6M, 9M, FY 2020, and Implied 3M values.",
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      "text": "Mathematically Impossible Capex Points To Serious Financial Control Issues",
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      "text": "Telaria's 2019 Capex Doesn't Reconcile",
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