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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-11-20 00:00:00",
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  "notes": "Methodology relies on the formula: Imports = Ending Balance - Beginning Balance + COGS.",
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      "text": "Once we have beginning and ending balances of imported inventory (i.e., ELF’s products for sale in the U.S.) and their COGS – all based on reported financials, we can deduce the dollar value of imports baked into ELF’s reported financials (Imports = Ending Balance - Beginning Balance + COGS)",
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      "text": "Once we have beginning and ending balances of imported inventory (i.e., ELF's products for sale in the U.S.) and their COGS – all based on reported financials, we can deduce the dollar value of imports baked into ELF's reported financials (Imports = Ending Balance - Beginning Balance + COGS)",
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      "text": "Then we divide the implied Imports ($ value) by the kgs imported. We use annual periods to minimize lumpiness due to timing differences.",
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      "text": "Using ELF's financials, disclosures, and some conservative estimates, we can estimate the portion of ELF's reported inventory balances and COGS attributable to products imported to the U.S. (see Appendix A for the detailed work)",
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      "text": "Analyzing Imported Inventory Value per Kg",
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