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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "The slide uses a stacked bar chart to compare reported GPU against adjusted scenarios to highlight the impact of specific accounting choices.",
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      "kind": "callout",
      "text": "Q3 With Gain on Loan Sale, NOT Ex-Gift: $2,263",
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      "text": "Q3 With Gain on Loan Sale, and Ex-Gift: $2,303",
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      "text": "Q3 WITHOUT Gain on Loan Sale, NOT Ex-Gift, Assuming $250 VSC-Related Rev Per Car: $1,965",
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      "text": "Without this refinancing income and without excluding the gift expense, management would have missed GPU guidance of $2,300 by ~10%, and GPU would have contracted sequentially.",
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      "text": "Without this refinancing income and without excluding the gift expense, management would have missed GPU guidance of $2,300 by ~10%, and GPU would have contracted sequentially.",
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      "text": "In Q3 FY 2018, management realized a $4M gain from “facilitating the refinancing of a $236M pool of Carvana-originated finance receivables that we had previously sold.”",
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      "kind": "title",
      "text": "Finding New Ways To Milk Profits From Loans: Odd Gain From Refinancing Agreement",
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