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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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      "text": "If COGS are overstated in this way, then profits and sales must also be greatly overstated – over the preceding three quarters, possibly by hundreds of millions of dollars",
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      "text": "Net-net substantially all e.l.f. product is made in China and ~80% of ELF's total products are sourced from China. Tracking U.S. imports is the best data to understand end demand.",
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      "text": "Reconciling imports to inventory shows that ELF's reported COGS from Q4 FY24 – Q2 FY25 are therefore likely significantly overstated",
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      "text": "We argue that because imports crashed, as of Q2 FY25, ELF's inventory seems overstated by roughly 2x",
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      "text": "1 Mandy Fields Q2 FY25 Earnings.",
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