{
  "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": 65,
  "pageCount": 98,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a call-and-response format to expose management's lack of transparency.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/65",
  "deckHref": "/decks/019dd923-622c-750b-8b98-98685acdea95",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-98685acdea95.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-98685acdea95#slide-65",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.36,
        "x": 0.32,
        "y": 0.3
      },
      "kind": "callout",
      "text": "Q1 FY 2017 Earnings Call",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c51b4e6-9a68-4439-9dfa-f760c8e1100e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We find this level of evasiveness in response to such a vital question highly questionable.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d3-5f04aa10b395",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.0017
      },
      "kind": "paragraph",
      "text": "Note that, when first asked about the buyers and the makeup of the loans in Q1 FY 2017, management effectively evaded the question, responding that the FICO score distribution of its financing customers \"look a lot like the broader used car market\" while providing no real detail on the makeup of its base of borrowers. We find this level of evasiveness in response to such a vital question highly questionable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f69d9e3b-1722-436e-acbe-544979380b96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.48,
        "x": 0.02,
        "y": 0.36
      },
      "kind": "quote",
      "text": "Yeah. Hi, guys. Thanks for taking my question. Can you help me out on what's the average FICO score of your buyers that are using financing on your site? And how has that trended as you've doubled since IPO, or actually call it massively more than doubled? Also, can you - it doesn't look like Ally is now taking all of your loans based on my calculations, are you selling to others now as well? And if so, who and what type of loans are you selling to other people than Ally? - Nat Schindler, Bank of America",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "089759c0-4e68-47f0-94b2-0a40be2f8196",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.5,
        "y": 0.59
      },
      "kind": "quote",
      "text": "Yeah. So first on the FICO question, I would say our FICO continues to look a lot like the broader used car market. So if you look at other leading retailers or just kind of used car sales in general, we've got a very similar FICO distribution to any of those retailers and that's been very stable across time, nothing to call out there. Obviously Ally is buying many of our loans and then they're also providing financing to other buyers that we're then able to refinance through these refinancing transactions. That I would say is in concept somewhat similar to the way securitization market kind of works, and we'll probably continue to develop more of those financial buyers over time. And those are some of the structural changes that we're talking about that we believe we'll have access to over the next several quarters we continue to bring more people in. But Ally remains our biggest partner by a long way. - Ernie Garcia III - CEO, Carvana",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afe6d007-e41b-428d-ab54-ea262eea0bcb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Yeah. Hi, guys. Thanks for taking my question. Can you help me out on what's the average FICO score of your buyers that are using financing on your site? And how has that trended as you've doubled since IPO, or actually call it massively more than doubled? Also, can you - it doesn't look like Ally is now taking all of your loans based on my calculations, are you selling to others now as well? And if so, who and what type of loans are you selling to other people than Ally?\" — Nat Schindler, Bank of America; \"Yeah. So first on the FICO question, I would say our FICO continues to look a lot like the broader used car market. So if you look at other leading retailers or just kind of used car sales in general, we've got a very similar FICO distribution to any of those retailers and that's been very stable across time, nothing to call out there.\" — Ernie Garcia III - CEO, Carvana",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d3-6057e36c8542",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "What Do These Loans Look Like, And Who Is Buying Them? Management Reluctant To Say",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbb0b4b4-75b2-41cd-af52-64fede134077",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "call-and-response",
      "slug": null,
      "matchId": "cf279ba7-eccc-4f99-ad34-d8289d19970c",
      "evidence": "Direct juxtaposition of analyst question and CEO response",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}