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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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      "kind": "callout",
      "text": "Interpreting the company's quarterly results while it operates under these abnormal priorities, much less extrapolating them to predict how the company will perform under more normal ones, is a futile undertaking.",
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      "text": "Rather than expressing wild optimism on Carvana's prospects... we believe investors should be skeptical of quarterly results from a company that has been forced to act contrary to normal corporate objectives and deliberately shrink to stay alive.",
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      "text": "In the past month, Carvana shares have soared 165% in response to perceived positive changes in Carvana's business that in reality do not represent material, sustainable improvements in Carvana's fundamental outlook.",
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      "text": "In 4Q22, Carvana reported total non-GAAP GPU of $2,667. This metric was negatively affected by $701 in total retail and wholesale inventory valuation adjustments. In 1Q23, these inventory valuation allowances swung sharply to an $800 benefit.",
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      "text": "Recent Results are More Hype Than Sustainable Improvement",
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