{
  "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": 5,
  "pageCount": 98,
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  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "The slide uses a classic activist short-seller format: headline thesis, summary of missed metrics, and a rhetorical question regarding management transparency.",
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      "kind": "callout",
      "text": "Spruce Point believes that the recent terrible financial results reported by Carvana continue to validate our concern about its uneconomic business model that isn’t scaling, is capital destructive, and favors insider enrichment over shareholder wealth creation. Our revised price target is $7.50 - $19.60 (56% to 83%)",
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      "kind": "callout",
      "text": "Spruce Point believes that the recent terrible financial results reported by Carvana continue to validate our concern about its uneconomic business model that isn’t scaling, is capital destructive, and favors insider enrichment over shareholder wealth creation.",
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      "kind": "list",
      "text": "FY 2019 Guidance Also Sorely Disappointed: Retail Units, Total GPU, Revenue",
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      "kind": "list",
      "text": "By reporting on Feb 27th, Carvana is already 2/3rds through the quarter and should be able to provide investors visibility into expected results. Why can’t it offer an outlook, and what, if anything, is the Company hiding?",
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      "kind": "list",
      "text": "Q4’18 Results Disappoint By A Mile: Retail Units, Revenue, Total GPU, EBITDA, Adj EPS, Operating Cash Burn",
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      "kind": "metric",
      "text": "Operating Cash Burn: -$414.3m",
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      "kind": "title",
      "text": "Spruce Point Reiterates Downside Risk In CVNA, Cuts Price Target On Worsening Financial Performance",
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      "kind": "title",
      "text": "Most Importantly: Carvana Suspended Giving Q1 2019 Guidance",
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