{
  "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,
  "pageCount": 48,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 15,
  "notes": "The slide highlights a potential accounting discrepancy by showing the jump from ~$20/kg to $52.04/kg.",
  "elementsJson": [
    "headline_text",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/22",
  "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For ELF's Inventory Accounts to Reconcile, the Value per Kg of Imports Would Have Had to Increase ~150%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-849c-7f0e57299ef4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Value / kg: ~150%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-849c-80bb91ac5c40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.68,
        "x": 0.16,
        "y": 0.31
      },
      "kind": "table",
      "text": "Table showing Estimated Import Value, Imports (kg), and Value/kg for FY21-FY25",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7404fff8-b11a-4b68-b422-2341110e8daf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.03,
        "y": 0.05
      },
      "kind": "title",
      "text": "For ELF's Inventory Accounts to Reconcile, the Value per Kg of Imports Would Have Had to Increase ~150%",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5542083-887e-4d5c-949b-746ccb367fc1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d016d521-df05-41f6-b608-dde90b81ad5f",
      "evidence": "The slide uses data to highlight an implausible financial metric to suggest accounting manipulation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}