{
  "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": 75,
  "pageCount": 98,
  "prevPage": 74,
  "nextPage": 76,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses legal document excerpts with red arrows to highlight specific contract amendments.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/75",
  "deckHref": "/decks/019dd923-622c-750b-8b98-98685acdea95",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-98685acdea95.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-98685acdea95#slide-75",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.18,
        "x": 0.78,
        "y": 0.44
      },
      "kind": "callout",
      "text": "Ally cuts early termination option",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "336dbc92-32bd-481f-9c84-5613806b0bc9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.18,
        "x": 0.78,
        "y": 0.34
      },
      "kind": "callout",
      "text": "Ally cuts direct buying of receivables",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a2c4ff4-ea89-40f9-9458-7e1b5ede24ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.18,
        "x": 0.78,
        "y": 0.79
      },
      "kind": "callout",
      "text": "Sonoran fills funding hole left by Ally with $1.36B commitment",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac58b08d-b372-4b37-8763-c45f60e49f9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Notably, Sonoran increased its funding capacity to $1.4B in Q3 – just as Ally cut its bulk financing capacity (excluding its financing of Sonoran of $350M) from $1.5B to $1.25B, and cut its early termination option from 180 days to 90 days.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d4-19b4051a8772",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "funding capacity: $1.4B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d4-1ffcb8e0e252",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Notably, Sonoran increased its funding capacity to $1.4B in Q3 – just as Ally cut its bulk financing capacity (excluding its financing of Sonoran of $350M) from $1.5B to $1.25B, and cut its early termination option from 180 days to 90 days.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c1bbde6-c32c-42a7-8fa5-bc72ceb78fe5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.65,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "table",
      "text": "Legal excerpts showing amendments to commitment amounts and termination notice periods.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bfc5629-2980-471c-af07-5cb431f27382",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Sonoran Providing Financing Just As Carvana Needed It Most",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e91861e9-dcf2-4d3a-a5fa-629c93d29313",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5505661d-4b6f-48f1-a75d-9ea6bddc7403",
      "evidence": "Exposing suspicious financial relationships between entities to suggest artificial support.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}