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  "documentTitle": "Carvana Co. (CVNA)",
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  "notes": "The slide uses a detailed debt schedule to challenge management's liquidity narrative.",
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      "text": "Nov 1st looms as a key date when $168m in coupon payments are due on the 2030 notes (the single largest payment in a quarter when $255m is due, see table below).",
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      "text": "cash interest payments: $168m",
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      "text": "Tellingly, when Garcia was asked point blank whether there was improvement in the GPU of the “vehicles themselves” rather than a one-time pop to its financing arm’s GPU, Garcia demurred from offering further color, and apologized for being “immediately evasive.”",
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      "text": "Tellingly, when Garcia was asked point blank whether there was improvement in the GPU of the “vehicles themselves” rather than a one-time pop to its financing arm’s GPU, Garcia demurred from offering further color, and apologized for being “immediately evasive.” — Kerrisdale Capital",
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      "text": "Source: Kerrisdale analysis, Carvana SEC filings, bond pricing per Bloomberg.",
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      "text": "Liquidity Position is More Dire than Management Portrays, Key 4Q Bond Payments Loom",
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