{ "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, "pageCount": 48, "prevPage": 11, "nextPage": 13, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "balanced", "nDataPoints": 0, "notes": "Muddy Waters Research report slide; uses Q&A format to build a case against the subject company.", "elementsJson": [ "headline_text", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/12", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-12", "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "paragraph", "text": "Supplier C\nQ: [Do you arrange customs clearance in the U.S. or do your customers do it themselves?]\nA: \"Yeah, usually our customers, or we are clear, do the clearance at us by themselves. Yes.\"\nQ: \"Okay, so you do the duty clearance in US?\"\nA: \"No, the customers will do it. Yeah. Okay.\"\nQ: \"So the price you provide is FOB price?\"\nA: \"Yeah, so Shanghai FOB, FOB Ningbo, yeah... You know, How to say that, just like Chinese know the Chinese local culture, and I think the US people know the US regulation was the local laws. So, I think it, will be better. It's the best way for the native or the local people to do.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2cc2f05f-7cd6-4757-8adb-579853ddb38c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "Supplier A\nQ: \"You had some questions about Incoterms. I think, so normally, when you guys are shipping, you're shipping FOB, or do you ship C&F? Or what are your [shipping times]... you said it was six weeks?\"\nA: \"Normally we were doing FOB.\"\nQ: \"Okay. Will you be able to ship to us and take over the duty, customs declaration?...Incoterms will be DDP [Incoterms: Delivery Duty Paid – seller responsibility]?\"\nA: At the moment that we don't have such an experience. But, yeah, we don't have much experience. Yeah, yeah, yeah.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "74f641ad-aca7-4213-aacc-530d2ce26e0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Supplier B\nA: \"Yes, we don't do DDP for e.l.f. \"\nQ: \"Oh, okay, I thought that's what you were saying.\"\nA: \"No. So not, other clients, okay, you know, like a medium size, like a small size, you know, clients, they prefer us to be a DDP, because for the big brands, they always have their own, you know, logistic, you know, key, handle everything. Sometimes I think they even sign the fixed rate contract with the steamboat carrier.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8ba9cccf-a713-455b-8520-27950f0bdf12", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "No. So not, other clients, okay, you know, like a medium size, like a small size, you know, clients, they prefer us to be a DDP, because for the big brands, they always have their own, you know, logistic, you know, key, handle everything. Sometimes I think they even sign the fixed rate contract with the steamboat carrier. — Supplier B", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f1b-7682-849b-8e65f254e8a9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Three Major Suppliers Echoed That ELF Has Long Handled its Own Importation and Clearance", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "98243736-3ce1-47ef-a804-02d22dd9393f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "3163a061-d97a-4303-ade7-24635b88a5a6", "evidence": "Using supplier interviews to contradict company claims regarding logistics and customs.", "confidence": 0.9 } ], "arcBeats": [ { "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" } ], "loops": [ { "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" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }