{
  "docId": "019dd923-622c-750b-8b98-98685acdea95",
  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "pageNumber": 90,
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  "notes": "The slide uses a timeline-annotated line chart to correlate stock price drops with specific negative corporate events and insider selling activity.",
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      "text": "Insiders have been selling aggressively over the last six months, just as Ally cut back on its lending to Carvana and as earnings became more dependent on one-off drivers.",
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      "kind": "chart",
      "text": "Stock price performance from 6/1/2018 to 1/4/2019",
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      "text": "Insiders have been selling aggressively over the last six months, just as Ally cut back on its lending to Carvana and as earnings became more dependent on one-off drivers.",
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      "kind": "source-note",
      "text": "Note: While DriveTime's losses were reportedly surging in Jan 2018, Ally extended it a credit line. Ally's auto finance president and DriveTime supporter, Tim Russi later left Ally in April 2018",
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      "kind": "title",
      "text": "Insiders Selling Aggressively",
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      "evidence": "The deck concludes with a clear victory for Spruce Point, with a reiteration of downside risk in CVNA.",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck presents various consequences of not taking action on CVNA's governance and financial concerns, including potential downside risk.",
      "position": 2,
      "objective": "To emphasize the consequences of not taking action on CVNA's governance and financial concerns",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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