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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "notes": "The slide juxtaposes specific inventory figures ($27.7M in-transit, $25M Naturium) against official 10-Q text and CFO commentary to suggest potential accounting or operational concerns.",
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      "text": "The increase was reflective of building inventory to support net sales growth, as well as $8.7 million related to Naturium inventory, and $27.7 million related to a change in certain vendor arrangements where we now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center.",
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      "text": "$27.7 million of Elf product inventory is in-transit (i.e. 'on the water').\nThe Naturium acquisition added $25 million (total) to the company's total inventory.",
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      "text": "inventory: $205 million",
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      "text": "Cash provided by operating activities\nFor the nine months ended December 31, 2023, net cash provided by operating activities was $34.1 million. This included net income as adjusted for depreciation, amortization and other non-cash items of $167.2 million...",
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      "text": "\"Our ending inventory balance was $205 million, in line with our expectations and up from $81 million a year ago...\" - Mandy Fields, ELF CFO",
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      "text": "\"Our ending inventory balance was $205 million, in line with our expectations and up from $81 million a year ago. The difference is primarily a combination of 3 things. First, as we said last quarter, we continue to build back our inventory levels through fiscal '24 to support strong consumer demand. Second, approximately $28 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. Lastly, our consolidated results include Naturium for the first time, which added approximately $25 million of inventory. We believe we have the appropriate levels of inventory across the business to service our customers and support the demand we're seeing.\" — Mandy Fields, ELF CFO",
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      "text": "1 ELF Beauty, 3Q FY2024, 10-Q, p. 26",
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      "kind": "title",
      "text": "Q3 FY2024 10-Q and Earnings Call:",
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