{
  "kind": "all",
  "value": "all",
  "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations",
  "filters": {
    "documentKinds": [],
    "sourceTypes": [],
    "orientations": []
  },
  "total": 319975,
  "page": 1990,
  "pageSize": 60,
  "pageCount": 5333,
  "rows": [
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 1,
      "slideType": "cover",
      "function": "front_matter",
      "notes": "The slide features an AI-generated image depicting a warehouse setting with a chart, suggesting a focus on financial discrepancies.",
      "imagePath": "https://imgproxy.kitesheet.com/z8yMEK2p7ilnGQY_HDowAduxhQI_062xe02L_jJdFVc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MWU2NjViNzlhOWEvcDAwMS5wbmc",
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/1",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": "https://imgproxy.kitesheet.com/IhP9zvvFZFBw00dRet7_U-yt1KuawPxX2EA7am8BSuI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MWU2NjViNzlhOWEvcDAwMS5qcGc",
      "thumbSrc": "https://imgproxy.kitesheet.com/DDMu9lPyDMqrWjOVWUiBAeDWIFaRweWbGA40teb32wg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MWU2NjViNzlhOWEvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/mo9gjFdQK_razBHLVKgQX4OIVPraZZRGaO0gjrhufFY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MWU2NjViNzlhOWEvcDAwMS5qcGc"
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 2,
      "slideType": "appendix_disclosure",
      "function": "other",
      "notes": "Standard Muddy Waters legal disclaimer page.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/2",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-2",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 3,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The yellow shaded area highlights the period where the correlation between revenue and imports diverges significantly.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/3",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-3",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "12fffec3-c3f9-44b5-899d-f3da453c3ce5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial expose_contradiction slides highlighting the inconsistencies in e.l.f. Beauty, Inc.'s reporting",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 4,
      "slideType": "villain_critique",
      "function": "expose_contradiction",
      "notes": "The slide outlines a specific fraud allegation regarding inventory accounting and revenue recognition.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/4",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-4",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "12fffec3-c3f9-44b5-899d-f3da453c3ce5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial expose_contradiction slides highlighting the inconsistencies in e.l.f. Beauty, Inc.'s reporting",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 5,
      "slideType": "thesis_headline",
      "function": "diagnose_problem",
      "notes": "Muddy Waters Research short thesis slide.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/5",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-5",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "12fffec3-c3f9-44b5-899d-f3da453c3ce5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial expose_contradiction slides highlighting the inconsistencies in e.l.f. Beauty, Inc.'s reporting",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 6,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The yellow shaded region highlights the period of divergence.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/6",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-6",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 7,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses red bars to highlight the contradiction between management's claims of inventory buildup and the actual drop in imports.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/7",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-7",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 8,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a list of specific quarterly guidance raises to support the thesis of a contradiction.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/8",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-8",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 9,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a screenshot of a financial news article to frame the contradiction.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/9",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-9",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 10,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Muddy Waters Research short thesis slide.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/10",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-10",
      "loopMatches": [
        {
          "to": 12,
          "from": 10,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "e485ced1-89af-473d-9e90-5e9e4cdc8f69",
          "evidence": "The presentation of contradictory evidence and analysis",
          "position": 0,
          "objective": "To reveal the potential for overstatement of inventory and revenue",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.8,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 11,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Includes a transcript excerpt from a former ELF Shanghai manager.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/11",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-11",
      "loopMatches": [
        {
          "to": 12,
          "from": 10,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "e485ced1-89af-473d-9e90-5e9e4cdc8f69",
          "evidence": "The presentation of contradictory evidence and analysis",
          "position": 0,
          "objective": "To reveal the potential for overstatement of inventory and revenue",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.8,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 12,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Muddy Waters Research report slide; uses Q&A format to build a case against the subject company.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/12",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-12",
      "loopMatches": [
        {
          "to": 12,
          "from": 10,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "e485ced1-89af-473d-9e90-5e9e4cdc8f69",
          "evidence": "The presentation of contradictory evidence and analysis",
          "position": 0,
          "objective": "To reveal the potential for overstatement of inventory and revenue",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.8,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "b7350ff2-5e57-482e-8dfc-7abffea49b16",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The series of expose_contradiction slides detailing the contradictions in the company's reporting",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 13,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "This is a classic 'preempt_rebuttal' slide used by short-sellers to address potential counter-arguments before concluding their thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/13",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-13",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 14,
      "slideType": "transition",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/14",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-14",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 15,
      "slideType": "appendix_methodology",
      "function": "summarize",
      "notes": "The slide explains the reliability of weight data based on maritime safety requirements and clarifies the exclusion of air freight.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/15",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-15",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 16,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The chart shows two lines (A and B) that are nearly identical, indicating high data consistency.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/16",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-16",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 17,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a direct quote from a supplier to contradict potential investor assumptions about ELF's supply chain stability.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/17",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-17",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 18,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "Muddy Waters research note style, focusing on investigative skepticism.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/18",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-18",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 19,
      "slideType": "key_takeaways",
      "function": "summarize",
      "notes": "Muddy Waters research note slide.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/19",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-19",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 20,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "This is a classic 'preempting the rebuttal' slide used in short-selling research to invalidate potential bull-case explanations.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/20",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-20",
      "loopMatches": [
        {
          "to": 24,
          "from": 20,
          "name": "Analogy",
          "slug": "08-analogy",
          "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
          "matchId": "78994c9f-61f2-411d-8286-11dcd9127bf1",
          "evidence": "The use of multiple methodologies to confirm the findings",
          "position": 1,
          "objective": "To validate the import data and demonstrate the inconsistency in e.l.f. Beauty, Inc.'s reporting",
          "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
          "confidence": 0.7,
          "description": "Explain the unfamiliar through a well-understood parallel domain"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 13,
          "beatId": "fdad5bae-23de-455f-9bdd-5e11fcd445e9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "The preempt_rebuttal and transition slides addressing potential explanations and presenting alternative analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 21,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "Methodology relies on the formula: Imports = Ending Balance - Beginning Balance + COGS.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/21",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-21",
      "loopMatches": [
        {
          "to": 24,
          "from": 20,
          "name": "Analogy",
          "slug": "08-analogy",
          "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
          "matchId": "78994c9f-61f2-411d-8286-11dcd9127bf1",
          "evidence": "The use of multiple methodologies to confirm the findings",
          "position": 1,
          "objective": "To validate the import data and demonstrate the inconsistency in e.l.f. Beauty, Inc.'s reporting",
          "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
          "confidence": 0.7,
          "description": "Explain the unfamiliar through a well-understood parallel domain"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 22,
      "slideType": "preempt_rebuttal",
      "function": "expose_contradiction",
      "notes": "The slide highlights a potential accounting discrepancy by showing the jump from ~$20/kg to $52.04/kg.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/22",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-22",
      "loopMatches": [
        {
          "to": 24,
          "from": 20,
          "name": "Analogy",
          "slug": "08-analogy",
          "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
          "matchId": "78994c9f-61f2-411d-8286-11dcd9127bf1",
          "evidence": "The use of multiple methodologies to confirm the findings",
          "position": 1,
          "objective": "To validate the import data and demonstrate the inconsistency in e.l.f. Beauty, Inc.'s reporting",
          "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
          "confidence": 0.7,
          "description": "Explain the unfamiliar through a well-understood parallel domain"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 23,
      "slideType": "valuation_table",
      "function": "analyze_data",
      "notes": "Includes detailed footnotes regarding methodology for logistics costs and supplier share assumptions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/23",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-23",
      "loopMatches": [
        {
          "to": 24,
          "from": 20,
          "name": "Analogy",
          "slug": "08-analogy",
          "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
          "matchId": "78994c9f-61f2-411d-8286-11dcd9127bf1",
          "evidence": "The use of multiple methodologies to confirm the findings",
          "position": 1,
          "objective": "To validate the import data and demonstrate the inconsistency in e.l.f. Beauty, Inc.'s reporting",
          "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
          "confidence": 0.7,
          "description": "Explain the unfamiliar through a well-understood parallel domain"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 24,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The slide uses a numbered list to detail three specific analytical approaches, including SKU GMV comparison, product mix sampling, and supplier data verification.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/24",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-24",
      "loopMatches": [
        {
          "to": 24,
          "from": 20,
          "name": "Analogy",
          "slug": "08-analogy",
          "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
          "matchId": "78994c9f-61f2-411d-8286-11dcd9127bf1",
          "evidence": "The use of multiple methodologies to confirm the findings",
          "position": 1,
          "objective": "To validate the import data and demonstrate the inconsistency in e.l.f. Beauty, Inc.'s reporting",
          "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
          "confidence": 0.7,
          "description": "Explain the unfamiliar through a well-understood parallel domain"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 25,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "Muddy Waters Research methodology slide for short-selling thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/25",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-25",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 26,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The methodology involves purchasing a basket of products, weighing them, and applying margin deductions to derive an import cost per kg.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/26",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-26",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 27,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The table provides a granular breakdown of product weights to support a valuation or cost-per-unit analysis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/27",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-27",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 28,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The slide includes a disclaimer about the use of sister SKUs for weight calculations.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/28",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-28",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 29,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "Muddy Waters Research methodology slide for short-selling thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/29",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-29",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 30,
      "slideType": "valuation_table",
      "function": "expose_contradiction",
      "notes": "The table compares two scenarios based on assumed cost per kg ($22.00 vs $18.00) to calculate potential inventory overstatement.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/30",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-30",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 31,
      "slideType": "thesis_headline",
      "function": "summarize",
      "notes": "This is a high-impact thesis slide typical of short-seller research reports.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/31",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-31",
      "loopMatches": [
        {
          "to": 35,
          "from": 31,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "4eced5d4-72d9-4147-8bc2-e54e29b46f01",
          "evidence": "The presentation of potential financial impacts and insider stock sales",
          "position": 2,
          "objective": "To highlight the implications of not addressing the potential overstatement of revenue and inventory",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 35,
          "from": 31,
          "beatId": "390c3609-4001-4377-8a6d-d375f8556b2e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The thesis_headline and key_takeaways slides summarizing the findings and implications",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 32,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The slide outlines a two-step calculation: assuming inventory overstatement acts as a plug for gross profit, then dividing by the reported 71% gross margin.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/32",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-32",
      "loopMatches": [
        {
          "to": 35,
          "from": 31,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "4eced5d4-72d9-4147-8bc2-e54e29b46f01",
          "evidence": "The presentation of potential financial impacts and insider stock sales",
          "position": 2,
          "objective": "To highlight the implications of not addressing the potential overstatement of revenue and inventory",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 35,
          "from": 31,
          "beatId": "390c3609-4001-4377-8a6d-d375f8556b2e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The thesis_headline and key_takeaways slides summarizing the findings and implications",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 33,
      "slideType": "quote_slide",
      "function": "establish_context",
      "notes": "The quote is a classic Charlie Munger aphorism often used in financial analysis to explain management behavior.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/33",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-33",
      "loopMatches": [
        {
          "to": 35,
          "from": 31,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "4eced5d4-72d9-4147-8bc2-e54e29b46f01",
          "evidence": "The presentation of potential financial impacts and insider stock sales",
          "position": 2,
          "objective": "To highlight the implications of not addressing the potential overstatement of revenue and inventory",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 35,
          "from": 31,
          "beatId": "390c3609-4001-4377-8a6d-d375f8556b2e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The thesis_headline and key_takeaways slides summarizing the findings and implications",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 34,
      "slideType": "kpi_overview",
      "function": "analyze_data",
      "notes": "The slide uses a formulaic representation to show how executive compensation is tied to specific performance targets.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/34",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-34",
      "loopMatches": [
        {
          "to": 35,
          "from": 31,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "4eced5d4-72d9-4147-8bc2-e54e29b46f01",
          "evidence": "The presentation of potential financial impacts and insider stock sales",
          "position": 2,
          "objective": "To highlight the implications of not addressing the potential overstatement of revenue and inventory",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 35,
          "from": 31,
          "beatId": "390c3609-4001-4377-8a6d-d375f8556b2e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The thesis_headline and key_takeaways slides summarizing the findings and implications",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 35,
      "slideType": "key_takeaways",
      "function": "expose_contradiction",
      "notes": "The slide uses specific time periods to contrast insider selling behavior before and after a suspected accounting event.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/35",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-35",
      "loopMatches": [
        {
          "to": 35,
          "from": 31,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "4eced5d4-72d9-4147-8bc2-e54e29b46f01",
          "evidence": "The presentation of potential financial impacts and insider stock sales",
          "position": 2,
          "objective": "To highlight the implications of not addressing the potential overstatement of revenue and inventory",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 35,
          "from": 31,
          "beatId": "390c3609-4001-4377-8a6d-d375f8556b2e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The thesis_headline and key_takeaways slides summarizing the findings and implications",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 36,
      "slideType": "appendix",
      "function": "appendix",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/36",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-36",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 37,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The slide outlines the logic for adjusting reported inventory figures to isolate U.S.-specific product inventory, highlighting accounting red flags regarding in-transit inventory.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/37",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-37",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 38,
      "slideType": "appendix_methodology",
      "function": "quantify_opportunity",
      "notes": "The methodology assumes international inventory is proportional to international revenue and that gross margins are consistent across regions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/38",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-38",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 39,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "The slide explains the adjustment process for inventory data, noting that Q2 FY25 figures for Naturium and in-transit were estimated based on prior periods.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/39",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-39",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
      "docSlug": "71e665b79a9a",
      "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-11-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 40,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The table uses the formula: Estimated End Inventory - Estimated Beg Inventory + Estimated COGS = Estimated Import Value.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/40",
      "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-40",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 17,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses red arrows to point out the specific line items being compared across two different financial reporting sources.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/17",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-17",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 18,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses anecdotal evidence from former employees to support the claim of weak internal controls.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/18",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-18",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 19,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses qualitative testimony to challenge the integrity of Eurofins' internal controls and financial reporting.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/19",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-19",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 20,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses investigative research-note style to highlight potential conflicts of interest and governance failures.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/20",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-20",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 21,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a mix of narrative text and a scanned document excerpt to support claims of governance shortcomings.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/21",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-21",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 22,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a bar chart to show revenue per employee and a table to show geographic workforce composition to argue that Eurofins is an outlier.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/22",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-22",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 23,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a combination of line charts and bar charts to highlight discrepancies in workforce distribution and personnel costs.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/23",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-23",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 24,
      "slideType": "villain_critique",
      "function": "name_villain",
      "notes": "This is a research note page focusing on forensic accounting red flags regarding Eurofins' capital expenditure and acquisition patterns.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/24",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-24",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 25,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide highlights financial anomalies in both capital expenditure and M&A strategy.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/25",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-25",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 26,
      "slideType": "villain_critique",
      "function": "expose_contradiction",
      "notes": "The slide uses a comparative valuation approach (BioSanté vs. Club Med resort) to cast doubt on management's capital allocation.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/26",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-26",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 27,
      "slideType": "before_after",
      "function": "expose_contradiction",
      "notes": "The slide uses a sarcastic tone ('For ~30% more money') to frame the comparison as a negative value proposition for BioSanté.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/27",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-27",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 28,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Includes photographic evidence of properties and references to Companies House records.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/28",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-28",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 29,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses forensic accounting and visual evidence to challenge the justification for a corporate acquisition premium.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/29",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-29",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 30,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses visual evidence (Google Earth imagery) to contrast property state with financial claims.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/30",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-30",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 30,
          "from": 3,
          "beatId": "3d510a0f-6fd9-45d2-879c-09a0eaf3d1a5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The research note presents various contradictions in Eurofins Scientific's financial reporting and disclosures.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 31,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "Includes a screenshot of a Spanish financial statement table and explanatory text regarding Eurofins' cash pooling structure.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/31",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-31",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 32,
      "slideType": "appendix_data",
      "function": "appendix",
      "notes": "Financial disclosure table listing specific Eurofins entities and their respective debt balances.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/32",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-32",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 33,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The table lists individual entity names and associated numerical values, concluding with total debt figures.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/33",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-33",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 34,
      "slideType": "appendix_disclosure",
      "function": "expose_contradiction",
      "notes": "Includes a screenshot of a press release and detailed footnotes citing legal and financial documents.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/34",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-34",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 35,
      "slideType": "valuation_table",
      "function": "analyze_data",
      "notes": "The table is a direct excerpt from a financial note (Note 3.2) regarding income from related parties.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/35",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-35",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-9fb7a842e09f",
      "docSlug": "cddb6c0b289f",
      "documentTitle": "Eurofins Scientific SE (ERF)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Carson C. Block",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-06-24 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 36,
      "slideType": "appendix_data",
      "function": "appendix",
      "notes": "The slide contains four distinct tables, each with a small introductory paragraph explaining the data methodology for that specific section.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-9fb7a842e09f/36",
      "deckHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-9fb7a842e09f#slide-36",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    }
  ]
}