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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "notes": "The slide uses direct quotes from the company's 10-Q and CFO to point out the inventory accounting change.",
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      "text": "This increase reflects “a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center.",
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      "text": "$36.9 million of Elf product inventory is in-transit (i.e. 'on the water'). This increase reflects “a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center.",
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      "text": "Cash provided by operating activities. For the six months ended September 30, 2023, net cash provided by operating activities was $51.3 million...",
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      "text": "Our ending inventory balance was $147 million, in line with our expectations and up from $81 million a year ago. The difference is a combination of two things. As we said last quarter, we plan to build back our inventory levels through fiscal '24 to support the strong consumer demand we're seeing. In addition, approximately $37 million of the increase is the result of taking ownership of inventory from China when it ships versus when it enters our distribution center here in the U.S. - Mandy Fields, CFO",
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      "text": "“a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center.” — ELF Beauty, 2Q FY2024, 10-Q",
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      "text": "1 ELF Beauty, 2Q FY2024, 10-Q, p. 21",
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      "text": "Q2 FY2024 10-Q and Earnings Call:",
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