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  "notes": "The table includes specific methodology notes regarding the exclusion of Naturium and 'on the water' inventory.",
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      "text": "* Excluding Naturium's sales and inventory balances, overseas sales and inventory balances, and inventory in-transit ('on the water').",
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      "text": "Sources: (i),(ii),(iii) SEC filings and/or earnings call transcripts (ii), (iii): In 2FQ 2025 Elf did not disclose inventory information for Naturium or inventory 'on the water' compared to the prior year, inventory adjustments assume impacts were immaterial, is assumed to be the same as the prior year",
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      "text": "SEC filings used to calculate the inventory balance, sales, and cost of ELF's brand in the US*",
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