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  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2023-06-15 00:00:00",
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  "notes": "The slide uses external data from Cox Automotive to support a thesis about vehicle pricing trends and their impact on company financial reporting.",
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      "kind": "callout",
      "text": "Used Prices Declining Again",
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      "text": "In addition to these unusual q/q inventory and pricing changes, 4Q22 total non-GAAP GPU was lowered by $483 due to a quirk in timing of loan sales, with a shift in receivables sales from year end into 1Q23.",
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      "text": "Annual change in used vehicle list prices from April 2022 to April 2023.",
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      "text": "Retail and Wholesale Price Indices for 2022 and 2023.",
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      "text": "used vehicle price",
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      "text": "In addition to these unusual q/q inventory and pricing changes, 4Q22 total non-GAAP GPU was lowered by $483 due to a quirk in timing of loan sales, with a shift in receivables sales from year end into 1Q23. If one normalizes for these impacts, 1Q23 GPU would have come in at roughly $4,000 versus the $4,796 reported, and 4Q22 GPU would have come in at $3,851, meaning that, sequentially, 1Q23 GPU was up only slightly Q/Q.",
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      "kind": "source-note",
      "text": "Source: Cox Automotive, May 12, 2023",
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      "kind": "source-note",
      "text": "Source: Cox Automotive Auto Market Report, June 6, 2023",
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      "text": "Retail and Wholesale Price Index",
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      "kind": "title",
      "text": "Average Used Vehicle List Price – Annual Change",
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      "name": "Domino Effect",
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      "position": 1,
      "objective": "Illustrating the impact of declining used vehicle prices on Carvana's GPU metrics.",
      "structure": "The Trigger Action -> First Reaction -> Second Reaction -> Final Impact",
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