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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 slide explains the adjustment process for inventory data, noting that Q2 FY25 figures for Naturium and in-transit were estimated based on prior periods.",
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      "text": "We think the fact that ELF ceased disclosing these metrics in Q2 FY25 is also a red flag because this coincides with inventory reporting becoming hugely questionable (as we show later).",
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      "text": "Estimated Elf Product Inventory in U.S.: 124.8",
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      "text": "Through Q1 FY25, there is no additional guesswork because ELF disclosed Naturium and in-transit inventory dollar amounts (see Appendix B). We think the fact that ELF ceased disclosing these metrics in Q2 FY25 is also a red flag because this coincides with inventory reporting becoming hugely questionable (as we show later).",
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      "text": "For Q2 FY25, Naturium was set to the Q1 FY25 level; in-transit was set to the Q2 FY24 level.",
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      "text": "Step 2: Eliminating Naturium and In-Transit",
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