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      "notes": "Includes a table of revenue components and two bar charts comparing actual vs. hypothetical GPU.",
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      "notes": "Uses screenshots of forum comments as primary evidence to support the thesis of aggressive business practices.",
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      "notes": "Uses screenshots of the checkout flow to demonstrate the lack of accessible terms.",
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      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 59,
      "slideType": "section_divider",
      "function": "transition",
      "notes": "Includes Spruce Point Capital Management logo/branding element (pine tree).",
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      "aspectRatio": 1.3333334,
      "pageNumber": 60,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide uses a bar chart to highlight Carvana (CVNA) against peers (SAH, GPI, AN, PAG, KMX, LAD) with a horizontal line indicating the industry average.",
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      "pageNumber": 61,
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      "notes": "The slide uses stacked bar charts to contrast revenue and GPU composition between the two companies.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 62,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses direct quotes from 10-K filings to highlight the discrepancy in segment reporting between Carvana and CarMax.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 63,
      "slideType": "customer_journey",
      "function": "illustrate_case",
      "notes": "The slide uses a process flow to explain the financial mechanics of the business model.",
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      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 64,
      "slideType": "appendix_data",
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      "notes": "The slide uses a forensic accounting approach to derive loan sale returns from cash flow statement line items.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 65,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a call-and-response format to expose management's lack of transparency.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 66,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a combination of a stylized line chart and a pie chart to illustrate a discrepancy in loan pricing and credit quality.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 67,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a 'villain' framing to question the validity of Carvana's proprietary model claims.",
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      "function": "expose_contradiction",
      "notes": "Uses a quote from CarMax's 10-K to establish a market standard for subprime lending.",
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      "slideType": "expose_contradiction",
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      "notes": "Uses a process flow diagram to show the relationship between Customer, Carvana, and DriveTime.",
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      "notes": "The slide uses a flow diagram to show the movement of assets (cars, receivables, cash, notes) between parties, and includes a direct excerpt from the CVNA S-1 filing to substantiate the conflict of interest.",
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      "notes": "Includes a diagram of the loan sale process and a direct excerpt from the S-1 filing.",
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      "pageNumber": 72,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a comparison table and document excerpts to contrast MPSA (Ally) and MTA (Trust) agreements.",
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      "pageNumber": 73,
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      "notes": "The slide uses a process flow diagram to highlight a 'black box' in the funding structure.",
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      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 74,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses news clippings to establish a timeline of Ally's financial commitment to DriveTime followed by the departure of Tim Russi.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 75,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses legal document excerpts with red arrows to highlight specific contract amendments.",
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      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 76,
      "slideType": "comparison_table",
      "function": "analyze_data",
      "notes": "The chart highlights the increasing reliance on Sonoran for funding capacity, with percentages annotated for specific years.",
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      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 77,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "The slide highlights a liquidity crunch by comparing historical and projected funding capacity against loan originations and retail sales.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 78,
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      "notes": "The slide uses a stacked bar chart to compare reported GPU against adjusted scenarios to highlight the impact of specific accounting choices.",
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      "pageNumber": 80,
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      "notes": "The slide uses a table to demonstrate that the remaining principal balances are insufficient to sustain the GPU (Gross Profit per Unit) growth seen in previous quarters.",
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      "pageNumber": 81,
      "slideType": "other",
      "function": "illustrate_case",
      "notes": "The slide uses a process flow diagram to show how Carvana's loan sales and refinancing structures work, highlighting the role of the trust and the change in lenders.",
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      "aspectRatio": 1.3333334,
      "pageNumber": 82,
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      "notes": "Uses a Q&A format to contrast management's vague responses with the activist's skepticism.",
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