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  "docId": "019dd923-622c-750b-8b98-98685acdea95",
  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "pageNumber": 36,
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  "notes": "Includes two bar charts comparing Carvana (CVNA) to peers (KMX, LAD, GPI, PAG, AN, SAH).",
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      "kind": "callout",
      "text": "While Carvana could perhaps achieve levels of compensation efficiency comparable to CarMax, achieving per-unit compensation costs 30-60% lower than CarMax would be extremely challenging.",
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      "kind": "chart",
      "text": "Compensation Expense per Employee",
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      "text": "We also note that reported compensation expense per employee is lower than that of all industry peers except CarMax, as is compensation expense per retail unit sold. We question the extent to which Carvana will be able to achieve further compensation cost savings on a per-employee and per-unit basis.",
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      "kind": "title",
      "text": "The Salary Lever Has Already Been Pulled: Limited Room For Improvement On Compensation",
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