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  "documentTitle": "Oatly Group AB (OTLY)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Includes a specific footnote about Jefferies initiation report.",
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      "text": "Warning: We estimate that Oatly's Gross Margin is 640bps lower when including outbound transportation and logistics costs. Based on an interview with a former employee, this has been a material cost that made its U.S. gross margins negative.",
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      "text": "Warning: We estimate that Oatly's Gross Margin is 640bps lower when including outbound transportation and logistics costs.",
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      "text": "gross margin: 640 bps",
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      "kind": "quote",
      "text": "Failure by our logistics providers to deliver our products on time, or at all, could result in lost sales. We currently rely upon third-party logistics providers for the distribution of our products. Our utilization of third parties for distribution and transportation handling is subject to risks, including increases in fuel prices, which would increase our shipping costs, and labor matters (including illness or absenteeism in workforce), inclement weather or other disruptions, including as a result of the COVID-19 pandemic, any of which may impact the ability of these providers to provide distribution services that adequately meet our needs.",
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      "text": "Yes in 2018 and 2019, I was there. I saw it. The freight was extremely high and not considered part of the cost of goods sold. Then the company moved with the supply chain optimizing the cost analysis and started making a decent gross profit in 2020. And clearly because the Company was paying extremely high freight, it was affecting the gross margin.",
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      "text": "Yes in 2018 and 2019, I was there. I saw it. The freight was extremely high and not considered part of the cost of goods sold. Then the company moved with the supply chain optimizing the cost analysis and started making a decent gross profit in 2020. And clearly because the Company was paying extremely high freight, it was affecting the gross margin. — Former Oatly Accountant",
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      "text": "Note: Jefferies initiation report says 15% of SG&A is shipping costs",
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      "text": "Comparable Public Foods Company Shipping Costs With Sales In The $400-$600m Range",
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      "text": "Oatly's Adjusted Gross Margin For Outbound Shipping Costs Estimated at 6% of Sales, In The Range of Peer Analysis (Right Side)",
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      "text": "We Estimate Oatly's Gross Margin Is Inflated By 640 bps",
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