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  "documentTitle": "Carvana Co. (CVNA)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2023-06-15 00:00:00",
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  "notes": "The slide highlights a correlation between reduced advertising spend and declining website traffic.",
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      "text": "Cutting advertising is a quick and easy way to boost EBITDA and unit economics as the full impact on unit sales lags the near instantaneous reduction in cost.",
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      "text": "Carvana Website Traffic - Monthly Unique Visitors",
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      "text": "SG&A per Retail Unit: $5,969",
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      "text": "Source: Kerrisdale analysis and Carvana SEC filings.",
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      "text": "Source: Tipranks.com (underlying data provided by SEMrush)",
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      "text": "Contribution to SG&A per Retail Unit by Segment",
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