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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": "Muddy Waters Research methodology slide for short-selling thesis.",
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      "text": "Based on these analytics, new for CY24 SKUs appear highly unlikely to have materially impacted imported inventory value / kg",
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      "text": "In CY24, only 66 of CY23's SKUs disappeared, which equaled just 0.14% of total CY23 GMV estimated by the data provider. In other words, the SKUs that comprised ~99% of tracked GMV in CY23 are still being sold in tracked channels (retail and online) in CY24.",
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      "text": "CY 2024's top 50 SKUs contributed over 70% of total GMV in CY24 and 62% of GMV in CY23.",
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      "text": "40 new SKUs in CY24 have contributed 4.8% total GMV in CY24, with 5 of these 40 new SKUs contributing 4.5% of the total tracked CY24 GMV.",
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      "text": "We used consumer purchase data to identify and compare top SKUs' contributions to GMV between CY23 and CY24. We obtained a list of ~400 ELF SKUs collected by a consumer data provider (not Nielsen) across both CY23 and CY24. The data included the GMV contribution and number of units sold.",
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      "text": "Based on these analytics, new for CY24 SKUs appear highly unlikely to have materially impacted imported inventory value / kg",
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      "text": "Method 1: Comparing CY24 and CY23 SKU GMVs",
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