We've had a flood of 15+ inbounds in the past week asking us to look at potential accounting fraud at $CVNA. More than I've ever seen in so short a span of time, many that describe granular red flags. Carvana is a relatively 'known' problem name with an enthusiastic retail base and therefore not one we have focused on but a quick look shows its stock is divorced from its fundamental reality. With limited cash left, FY23 net income that would have been negative to the tune of ~$700 million but for a corporate debt exchange and a Q1 2024 net income that also would have negative but for a gain on fair value of warrants, it's probably just a matter of time before the wheels fall off here. High leverage, restrictive rates, and financial red flags are a deadly long-term combo. Management's claim in Q1 earnings that "we have never been more confident in our opportunity to become the largest and most profitable automotive retailer and to buy and sell millions of cars" stands at stark odds with the ~$68 million in stock sales since April including many insiders dumping after its recent 'earnings'. We wouldn't be surprised if the company has to sell stock to survive in the near future. Good luck either way and we appreciate all the interested outreach.