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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-11-20 00:00:00",
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  "notes": "The slide uses a formulaic representation to show how executive compensation is tied to specific performance targets.",
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      "text": "A visual depiction of the calculation of the payout for the FY 2024 PSUs is shown below:",
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      "text": "The correlation between achievement of each of our net sales CAGR and Adjusted EBITDA CAGR goals and the corresponding achievement factor is as follows:",
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      "text": "For purposes of calculating the payout percentage, the achievement factors are converted to a percentage (e.g. an achievement factor of 1 equals 100%, etc.).",
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      "kind": "title",
      "text": "Sales Growth is the Key Equity Comp Metric",
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