{
  "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,
  "pageCount": 48,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "appendix_methodology",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 300,
  "notes": "The table provides a granular breakdown of product weights to support a valuation or cost-per-unit analysis.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/27",
  "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The weighted average unit weight is 53.8g, which equates to 18.6 units / kg. At an avg cost / unit of 0.98, the resulting value is $18.1/kg.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-849d-3f4ba413ac22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.09,
        "x": 0.88,
        "y": 0.03
      },
      "kind": "image",
      "text": "Muddy Waters Research logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e1dea28-1202-465c-a746-fcc6ddc79de1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "weighted average unit weight: 53.8g",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-849d-409e86d9a58b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.95,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "The table below covers 50 top selling SKUs and ~74% of GMV in autumn 2024 (per analytics). The weighted average unit weight is 53.8g, which equates to 18.6 units / kg. At an avg cost / unit of 0.98¹, the resulting value is $18.1/kg.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "103e6676-62a4-4e10-b1e3-81f600ba4236",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.03,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "1 The average cost per unit is calculated as $6.5 ASP * 50% retailer margin * 70% gross margin",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16818765-2e32-4c90-aa81-acc749cdb58a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.68,
        "x": 0.16,
        "y": 0.28
      },
      "kind": "table",
      "text": "SKU list with % of GMV, actual weight, and weighted average unit weight.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86b2d8bd-c50a-4dc2-91ad-7c5e4b137cea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Method 2: Constructing the Basket",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92e3d955-52bb-4ccd-abff-2b99542ccec9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}