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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-11-20 00:00:00",
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  "notes": "The table compares two scenarios based on assumed cost per kg ($22.00 vs $18.00) to calculate potential inventory overstatement.",
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      "text": "Because ELF's imported inventory values should have remained roughly constant, if we start reconciling inventory from Q3 FY24, which we'll assume is not overstated, we see a hole quickly build.",
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      "text": "Potential Inventory Overstatement: $133.3mm",
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      "text": "Because ELF's imported inventory values should have remained roughly constant, if we start reconciling inventory from Q3 FY24, which we'll assume is not overstated, we see a hole quickly build (see Appendix A for more detail on estimating e.l.f. product U.S. Inventory).",
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      "text": "Conclusion: There Could be a ~$98 million to $133 million Hole in ELF's Inventory Account",
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