{
  "docId": "019dd923-622c-750b-8b99-721c68819c81",
  "docSlug": "82a42fe61ec9",
  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 6,
  "pageCount": 28,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses red arrows and underlines to draw attention to specific risk factors in the company's 10-K.",
  "elementsJson": [
    "headline_text",
    "callout_box",
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    "footnote"
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-721c68819c81/6",
  "deckHref": "/decks/019dd923-622c-750b-8b99-721c68819c81",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-721c68819c81.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-721c68819c81#slide-6",
  "components": [
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      "kind": "callout",
      "text": "ELF lists that damage to its brand is one of the biggest risks associated with its business. In fact, it even references that certain vendors providing services could harm the brand or cause customer dissatisfaction. As we will show, ELF's viral marketing campaigns have been led by individuals that were associated with a cult that trafficked and branded women.",
      "attrs": null,
      "subkind": "primary",
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    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "As we will show, ELF's viral marketing campaigns have been led by individuals that were associated with a cult that trafficked and branded women.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "componentId": "019dd953-14d8-75c0-8c8e-59802ad474d2",
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        "x": 0.082,
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      },
      "kind": "list",
      "text": "Summary of material risks from ELF 10-K, highlighting reputation and third-party vendor risks.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ff40eb8-7cb0-4b9a-ae8b-9e83189d0751",
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      "kind": "source-note",
      "text": "Source: ELF 10-K",
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      "componentId": "9a427744-2fe5-4b30-96a2-c7983ed7fa6b",
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      "bbox": {
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      "kind": "title",
      "text": "Brand Equity Is A Material Risk To ELF",
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      "subkind": "headline",
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  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "05270365-5970-4a41-8c55-b67f315e52a7",
      "evidence": "Exposing contradiction between company risk disclosures and actual business practices.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 5,
      "beatId": "3ad651ac-65b1-41cf-8e93-9e519410fedd",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Exposing contradictions in ELF's brand equity and marketing partnerships",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 26,
      "from": 5,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "ec04b634-4265-403a-bac6-3c330a34b97e",
      "evidence": "Repeatedly highlighting connections between ELF's marketing partners and NXIVM",
      "position": 0,
      "objective": "Exposing contradictions and problematic connections",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    },
    {
      "to": 28,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "906b8199-6870-4f23-b268-c2cf94bad587",
      "evidence": "Presenting a clear and detailed short thesis",
      "position": 1,
      "objective": "Emphasizing the potential downside risk",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
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  "locked": true
}