{ "docId": "019dd923-622c-750b-8b98-98685acdea95", "docSlug": "11e962264b36", "documentTitle": "Carvana Co. (CVNA)", "authorId": "54_Spruce_Point_Capital", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-03-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 61, "pageCount": 98, "prevPage": 60, "nextPage": 62, "slideType": "comparison_table", "function": "compare_peers", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses stacked bar charts to contrast revenue and GPU composition between the two companies.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_stacked", "bar_chart_stacked", "bar_chart_stacked", "bar_chart_stacked", "callout_box", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/61", "deckHref": "/decks/019dd923-622c-750b-8b98-98685acdea95", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-98685acdea95.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-98685acdea95#slide-61", "components": [ { "bbox": { "h": 0.08, "w": 0.11, "x": 0.88, "y": 0.6 }, "kind": "callout", "text": "KMX \"Other\" Contribution to GPU: 17%", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9e27b526-ce53-49ba-a1e0-5884856f2c55", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.12, "x": 0.38, "y": 0.66 }, "kind": "callout", "text": "CVNA \"Other\" Contribution to GPU: 48%", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab2ef46f-183a-43d1-900f-9da401f54b65", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "While finance and insurance (F&I) income drives ~50% of Carvana GPU, less than 20% of CarMax’s GPU (Ex-CAF) is attributable to F&I.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee35-7258-b4d2-30ec7d7312b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.45, "x": 0.52, "y": 0.29 }, "kind": "chart", "text": "KMX: Historical Revenue Breakdown", "attrs": null, "subkind": "bar-stacked", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "34efad3e-e7a9-486e-9d46-ba23cc6f3530", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.45, "x": 0.03, "y": 0.29 }, "kind": "chart", "text": "CVNA: Historical Revenue Breakdown", "attrs": null, "subkind": "bar-stacked", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "47976cd0-7a23-4c48-8b25-8897f65de243", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.45, "x": 0.03, "y": 0.58 }, "kind": "chart", "text": "CVNA: Historical GPU Breakdown", "attrs": null, "subkind": "bar-stacked", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ad1b63d4-8f02-4e4c-bbac-f04816c3bef5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.45, "x": 0.52, "y": 0.58 }, "kind": "chart", "text": "KMX: Historical GPU Breakdown", "attrs": null, "subkind": "bar-stacked", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7c69656-2fed-4c89-bfe5-99e862be6d98", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "GPU contribution: 48%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-ee35-7258-b4d2-373c3d6ecee2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "While finance and insurance (F&I) income drives ~50% of Carvana GPU, less than 20% of CarMax's GPU (Ex-CAF) is attributable to F&I. Not only do we see limited upside in the non-F&I component of Carvana's GPU, but we wonder why Carvana, as a largely-subprime auto dealer, is able to generate such significant F&I income on a per-vehicle basis.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "16811400-ccf9-4b28-bb6e-945c96c22046", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.94, "x": 0.03, "y": 0.9 }, "kind": "paragraph", "text": "While CarMax also sees its high-margin \"Other\" sales contribute an outsized share of GPU, Carvana is materially more dependent on this revenue stream for its gross profits. We take this as a negative sign for the health of Carvana: finance companies which generate income from loan sales are generally low-multiple businesses. This also renders Carvana more dependent on the availability of financing.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f78fddc-7ab2-4ace-acea-cbfad2d676cd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Carvana GPU Driven Largely By Gains From Loan Sales", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eb14627b-64fa-446c-902e-76e324beb4bc", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "comparison_frame", "slug": null, "matchId": "ec7d08b0-b22a-49b5-accd-4b311359bc3f", "evidence": "Direct side-by-side comparison of CVNA and KMX metrics", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }