Case Studies
Explore our insights from analysis projects
Carvana (CVNA)
Online Car Retailer, primarily active in the US2022 - 2024
Core car operations lost $210M in 2024; reported $990M operating income depends on financing activities. Gross Profit per unit overstated by 109%.
Other Findings
- Accrued Paid-in-Kind (PIK) Interest accounts for 70% of total Interest, positively benefits operating cash flow
- Related Party Revenue accounts for 95% of net profit
e.l.f Beauty (ELF)
Cosmetics and Beauty2023 - 2025
ELF's reported DSO of 35 days appears favorable vs. peers at 36.5 days, but adjusted DSO is actually 47.5 days — 30% higher than reported.
Other Findings
- Unsustainable Tax Benefits boosted Net Income by $28M in 2025 (from $84M to $112M)
- Accounting Policy Change boosted Net Income by $4M in 2025 (from $108M to $112M)
- Capitalization of Cloud Computing Costs