{
  "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": 69,
  "pageCount": 98,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Uses a process flow diagram to show the relationship between Customer, Carvana, and DriveTime.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "process_diagram",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/69",
  "deckHref": "/decks/019dd923-622c-750b-8b98-98685acdea95",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-98685acdea95.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-98685acdea95#slide-69",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "diagram",
      "text": "Flow diagram showing Customer -> Carvana -> DriveTime transaction flow",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a7101c3-2332-4203-9a84-680d39c10ddd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "According to Carvana's 2017 S-1, DriveTime purchased all of Carvana's auto loan receivables (at par) from the beginning of 2013 through the end of 2015. Carvana therefore generated no gains or losses from loan sales through the end of 2015. Carvana originated a total of $24M of receivables in FY14 and $80M of receivables in FY15.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb4cf428-de16-4864-a06a-efd8215cb52c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "table",
      "text": "CVNA S-1 (Mar 31, 2017), Pg. 136 excerpt detailing purchase agreements",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ea67f38-cc07-40f1-ab0d-640937054512",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.3,
        "y": 0.05
      },
      "kind": "title",
      "text": "Previous Transparency Into Receivable Purchasers 2013-15 Purchaser: DriveTime",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6404ede3-a7a4-45b4-baa4-3a267b3a4348",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "dc06e1fa-d2ae-4122-9166-bea9a0b4d815",
      "evidence": "Exposing related party transactions and potential artificial financial engineering",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}