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  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 51,
  "pageCount": 98,
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  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Includes a table of revenue components and two bar charts comparing actual vs. hypothetical GPU.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/51",
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      "kind": "callout",
      "text": "The sudden increase in Carvana's VSC-related revenue per retail used vehicle to $390 increased Carvana's GPU by 6.5% in Q3 FY18 (versus a baseline of $250).",
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      "kind": "callout",
      "text": "VSC-related revenue per used retail vehicle sold for Carvana was steady at around $250 since FY15. Why did this figure nearly double between Q2 FY17 and Q3 FY18?",
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      "kind": "callout",
      "text": "Is this a legitimate source of gross profit for Carvana, considering that it is generated from related-party transactions?",
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      "text": "Carvana GPU (Ex-Gift) - Reported vs. Hypothetical",
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      "text": "Carvana: VSC Revenue per Retail Vehicle Sold",
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      "text": "VSC-related revenue per used retail vehicle: $390",
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      "text": "Dating back to FY15, Carvana consistently generated about $250 in VSC-related sales per used retail vehicle sold. However, this number has grown rapidly since H2 FY17 at a compounded quarterly growth rate (CQGR) of 14%, and now stands at $390...",
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      "kind": "title",
      "text": "Carvana Getting Increasingly Favorable Commissions On Related-Party VSC Sales?",
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