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  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-06-15 00:00:00",
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  "notes": "The slide uses a scenario table to demonstrate that Carvana's current operating levels are insufficient to cover fixed charges, highlighting a gap between management goals and reality.",
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      "text": "SG&A per retail unit: $700m",
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      "text": "For example, as indicated in the blue oval above, assuming Carvana sold 700,000 retail vehicles, generated $5,000 in total GPU... Carvana would generate $700m in EBITDA... enough to cover its fixed charges.",
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      "text": "At current unit levels, Carvana would need to generate $2,300+ in EBITDA per retail unit sold to cover fixed charges... $2,300 is twice CarMax's EBITDA profitability per retail unit and wholly unrealistic.",
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      "text": "Unit Economics Needed for Cash Flow Breakeven",
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