<p><strong>Carvana Co</strong> (NYSE: CVNA) 的股票在周三交易中下跌，此前做空机构 <strong>Gotham City Research</strong> 发布了一份批评报告，指控其存在会计问题和 虚增收益。</p>
<ul>
<li>Carvana 股票显示出明显的疲软。为什么 CVNA 股票下跌？</li>
</ul>
<h2>Gotham 认为 Carvana 虚增了收益</h2>
<p>Gotham 指控 Carvana 在 2023-2024 年的收益虚增超过 10 亿美元，并且 “对关联方的依赖远超披露。”</p>
<p>Benzinga 已联系 Carvana 对该报告进行评论。</p>
<p>该研究公司声称，Carvana 的调整后 EBITDA 主要依赖于 DriveTime 的杠杆，认为如果没有 DriveTime 的信用支持，Carvana 的收益将会崩溃，调整后 EBITDA 甚至无法覆盖其利息支出。</p>
<p>此外，报告预测 Carvana 的 2025 年 10K 将被延迟，2023 年和 2024 年的 10K 将需要重述，审计公司 <strong>Grant Thornton</strong> 最终将辞职。</p>
<p>Gotham 还指控 DriveTime 在 2023 年至 2024 年期间烧掉了超过 10 亿美元的运营现金流和自由现金流，同时通过新债务产生了超过 10 亿美元的融资现金流。根据报告，DriveTime 在此期间的杠杆率在 20 倍到 40 倍之间，远高于历史正常水平。</p>
<p>这位做空者进一步指控发现 “与 CVNA 销售的汽车相关的数十笔贷款” 出现在 VinAudit 报告和 Bridgecrest 的资产负债表上，Bridgecrest 完全由 Carvana 的董事长和主要股东 <strong>Ernie Garcia</strong> 所拥有。</p>
<p>Gotham 报告总结称，Carvana 正以虚高的利率向第三方出售贷款，从而使其能够在销售中确认收益。这随后 reportedly 使 Bridgecrest 能够向这些买家收取异常低的服务费用。</p>
<h2>Carvana 股票崩溃</h2>
<p><strong>CVNA 价格动态：</strong> 根据 Benzinga Pro，在周三发布时，Carvana 股票下跌 17.08%，报 $396.06。</p>
<p>技术指标为 Carvana 描绘了一个令人担忧的图景。该股票目前交易价格低于其 20 日简单移动平均线 (SMA) 12%，低于其 50 日 SMA 5.3%，这表明短期疲软。然而，它仍高于其 100 日 SMA 2.6%，显示出一些长期的强劲。</p>
<p>相对强弱指数 (RSI) 为 62.69，属于中性区域，而 MACD 在其信号线之上，表明看涨动能。这种组合表明，尽管该股票正在经历回调，但仍存在交易者可能想要密切关注的潜在强劲。</p>
<p><em>图片来源：Shutterstock</em></p>

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<p>Carvana Co（纽约证券交易所代码：CVNA）股价下跌 17.08%，至 396.06 美元，此前 Gotham City Research 发布了一份报告，指控其存在会计问题和虚增收益。报告称 Carvana 的收益被夸大了超过 10 亿美元，并且过于依赖关联方。报告预测 Carvana 将在 2025 年提交 10K 报告时出现延迟，并将对 2023 年和 2024 年的财务报表进行重述。Gotham 还指控 Carvana 以虚高的利率出售贷款，影响其财务稳定性。尽管股价下跌，但一些技术指标显示该股票仍有潜在的强劲表现</p>

<p><strong>Carvana Co</strong> (NYSE: CVNA) shares are trading lower on Wednesday after short seller <strong>Gotham City Research</strong> released a critical report alleging accounting issues and inflated earnings.</p>
<div class="lb-trans"><p><strong>Carvana Co</strong> (NYSE: CVNA) 的股票在周三交易中下跌，此前做空机构 <strong>Gotham City Research</strong> 发布了一份批评报告，指控其存在会计问题和 虚增收益。</p>
</div><ul>
<li>Carvana stock is showing notable weakness. Why is CVNA stock dropping?</li>
</ul>
<div class="lb-trans"><ul>
<li>Carvana 股票显示出明显的疲软。为什么 CVNA 股票下跌？</li>
</ul>
</div><h2>Gotham Believes Carvana Overstated Earnings</h2>
<div class="lb-trans"><h2>Gotham 认为 Carvana 虚增了收益</h2>
</div><p>Gotham alleges that Carvana overstated its 2023–2024 earnings by more than $1 billion and is &#34;far more dependent on related parties than disclosed.&#34;</p>
<div class="lb-trans"><p>Gotham 指控 Carvana 在 2023-2024 年的收益虚增超过 10 亿美元，并且 “对关联方的依赖远超披露。”</p>
</div><p>Benzinga has reached out to Carvana for comment on the report.</p>
<div class="lb-trans"><p>Benzinga 已联系 Carvana 对该报告进行评论。</p>
</div><p>The research firm claims Carvana's adjusted EBITDA is heavily propped up by DriveTime's leverage and argues that without credit support from DriveTime, Carvana's earnings would collapse and adjusted EBITDA wouldn't even cover its interest expenses.</p>
<div class="lb-trans"><p>该研究公司声称，Carvana 的调整后 EBITDA 主要依赖于 DriveTime 的杠杆，认为如果没有 DriveTime 的信用支持，Carvana 的收益将会崩溃，调整后 EBITDA 甚至无法覆盖其利息支出。</p>
</div><p>Moreover, the report predicts that Carvana's 2025 10K will be delayed, its 2023 and 2024 10Ks will need to be restated and auditor <strong>Grant Thornton</strong> will ultimately resign.</p>
<div class="lb-trans"><p>此外，报告预测 Carvana 的 2025 年 10K 将被延迟，2023 年和 2024 年的 10K 将需要重述，审计公司 <strong>Grant Thornton</strong> 最终将辞职。</p>
</div><p>Gotham also alleged DriveTime burned more than $1 billion in operating cash flow and free cash flow over from 2023 to 2024, while generating over $1 billion in financing cash flow through new debt. According to the report, DriveTime's leverage during that period sits between 20x and 40x, well above historical norms.</p>
<div class="lb-trans"><p>Gotham 还指控 DriveTime 在 2023 年至 2024 年期间烧掉了超过 10 亿美元的运营现金流和自由现金流，同时通过新债务产生了超过 10 亿美元的融资现金流。根据报告，DriveTime 在此期间的杠杆率在 20 倍到 40 倍之间，远高于历史正常水平。</p>
</div><p>The short‑seller further alleges it found &#34;dozens of loans tied to cars that CVNA sold&#34; appearing on VinAudit reports and on the balance sheet of Bridgecrest, which it says is fully owned by Carvana chairman and major shareholder <strong>Ernie Garcia</strong>.</p>
<div class="lb-trans"><p>这位做空者进一步指控发现 “与 CVNA 销售的汽车相关的数十笔贷款” 出现在 VinAudit 报告和 Bridgecrest 的资产负债表上，Bridgecrest 完全由 Carvana 的董事长和主要股东 <strong>Ernie Garcia</strong> 所拥有。</p>
</div><p>The Gotham report concludes that Carvana is selling loans to third parties at inflated rates, allowing it to book gains on the sales. This then reportedly allows Bridgecrest to charge those same buyers unusually low servicing fees.</p>
<div class="lb-trans"><p>Gotham 报告总结称，Carvana 正以虚高的利率向第三方出售贷款，从而使其能够在销售中确认收益。这随后 reportedly 使 Bridgecrest 能够向这些买家收取异常低的服务费用。</p>
</div><h2>Carvana Stock Collapses</h2>
<div class="lb-trans"><h2>Carvana 股票崩溃</h2>
</div><p><strong>CVNA Price Action:</strong> Carvana shares were down 17.08% at $396.06 at the time of publication on Wednesday, according to Benzinga Pro.</p>
<div class="lb-trans"><p><strong>CVNA 价格动态：</strong> 根据 Benzinga Pro，在周三发布时，Carvana 股票下跌 17.08%，报 $396.06。</p>
</div><p>The technical indicators paint a concerning picture for Carvana. The stock is currently trading 12% below its 20-day simple moving average (SMA) and 5.3% below its 50-day SMA, suggesting short-term weakness. However, it remains 2.6% above its 100-day SMA, indicating some longer-term strength.</p>
<div class="lb-trans"><p>技术指标为 Carvana 描绘了一个令人担忧的图景。该股票目前交易价格低于其 20 日简单移动平均线 (SMA) 12%，低于其 50 日 SMA 5.3%，这表明短期疲软。然而，它仍高于其 100 日 SMA 2.6%，显示出一些长期的强劲。</p>
</div><p>The RSI is at 62.69, which is considered neutral territory, while the MACD is above its signal line, indicating bullish momentum. This combination suggests that while the stock is experiencing a pullback, there is still underlying strength that traders may want to watch closely.</p>
<div class="lb-trans"><p>相对强弱指数 (RSI) 为 62.69，属于中性区域，而 MACD 在其信号线之上，表明看涨动能。这种组合表明，尽管该股票正在经历回调，但仍存在交易者可能想要密切关注的潜在强劲。</p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

Carvana 的股票在哥谭市发布空头报告后出现暴跌