Carvana: Bridgecrest and the Undisclosed Transactions and Debts
GOTHAM CITY RESEARCH’S OPINIONS CVNA 2023-2024 earnings are overstated by $1 billion+, and far more dependent on related parties than disclosed. DriveTime’s leverage fuels CVNA Adj EBITDA. Without DriveTime credit, CVNA earnings collapse, and CVNA Adjusted EBITDA doesn’t cover its interest expense. CVNA 2025 10K will be delayed, 2023/2024 10Ks restated, BLAST ABS restated, & Grant Thornton will resign as auditor. CVNA and DriveTime creditors’ ability and willingness to fund t
The Dark Side of Iron Mountain: from a Melting Ice Cube, to a House on Fire
GOTHAM CITY RESEARCH’S OPINIONS IRM manipulates adjusted leverage & EBITDA to artificially reduce reported leverage to 5x when we calculate it as 9x. IRM is under scrutiny from government agencies and facing lawsuits over its suspect accounting and exploitative business practices. We expect these to intensify. Should our estimate of IRM’s true leverage and cash flow be correct, IRM will face higher financing costs and/or a dividend cut. we believe shares are uninvestible. We
Landbridge Holdings: Questions for Management and How the Bulls’ Related Party Math Does Not Add Up
Dear LB Management, Chair of the Board David Capobianco, and the LB Board: Related Party Data Center Revenue Question – How exactly did...