{
  "docId": "019dd923-622c-750b-8b98-247a1f0bfcbf",
  "docSlug": "edbd13f0ad7c",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-06-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 24,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "table_of_contents",
  "function": "front_matter",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-247a1f0bfcbf/2",
  "deckHref": "/decks/019dd923-622c-750b-8b98-247a1f0bfcbf",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-247a1f0bfcbf.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-247a1f0bfcbf#slide-2",
  "components": [
    {
      "bbox": {
        "h": 0.485,
        "w": 0.726,
        "x": 0.137,
        "y": 0.167
      },
      "kind": "list",
      "text": "EXECUTIVE SUMMARY...3\nCOMPANY BACKGROUND...4\nRECENT RESULTS ARE MORE HYPE THAN SUSTAINABLE IMPROVEMENT...7\nLiquidity Position is More Dire than Management Portrays, Key 4Q Bond Payments Loom...10\nCARVANA CANNOT SHRINK TO SURVIVE LONG-TERM...13\nDeath (Delayed) by a Thousand Cuts...13\nCARVANA LACKS RESOURCES TO NAVIGATE CURRENT MARKET ENVIRONMENT...16\nManagement Lacks Auto Industry Experience...16\nUnreliable Data in an Uncertain Market...16\nCARVANA IS NEITHER DISRUPTIVE NOR DIFFERENTIATED, AND COMPETITION HAS CAUGHT UP...17\nVALUATION...19\nCONCLUSION...19\nAPPENDIX I: CURRENT USED CAR MARKET CONDITIONS...20\nAPPENDIX II: TRADING COMPARABLES...22\nFULL LEGAL DISCLAIMER...23",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b85ef5b-f8ce-4eb2-89f1-1a9d6198cd27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.022,
        "w": 0.185,
        "x": 0.155,
        "y": 0.138
      },
      "kind": "title",
      "text": "Table of Contents",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fb030fb-519b-4c8c-9b77-050af2b45302",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}