08.28.24
E.l.f. Beauty’s Board of Directors has authorized a share repurchase program of up to $500 million of the company’s common stock.
The previous $25 million program, authorized in 2019, has been exhausted following the company’s use of approximately $17 million in cash to repurchase shares over the past two weeks.
Tarang Amin, e.l.f. Beauty’s Chairman and CEO, said,
“This share repurchase authorization reflects confidence in our strategy and the long-term potential we see for e.l.f. Beauty. We have a track record of delivering consistent, category-leading sales and market share growth and are excited about the whitespace we see for e.l.f. Beauty across cosmetics, skin care, and international.”
The new share repurchase program authorizes the repurchase of up to $500 million of the company’s outstanding common stock. The new share repurchase program does not have an expiration date and does not require the company to repurchase any specific number of shares of its common stock.
Mandy Fields, e.l.f. Beauty’s Chief Financial Officer, said,
“This announcement illustrates the strong cash flow generation of our business and enhances our capital allocation optionality. We expect our cash priorities to remain focused on investing in our growth initiatives and supporting our strategic extensions. Our new repurchase authorization provides another avenue for us to continue to drive long-term value creation for our shareholders.”
e.l.f. Beauty Announces Third Quarter 2024 Results
The previous $25 million program, authorized in 2019, has been exhausted following the company’s use of approximately $17 million in cash to repurchase shares over the past two weeks.
Tarang Amin, e.l.f. Beauty’s Chairman and CEO, said,
“This share repurchase authorization reflects confidence in our strategy and the long-term potential we see for e.l.f. Beauty. We have a track record of delivering consistent, category-leading sales and market share growth and are excited about the whitespace we see for e.l.f. Beauty across cosmetics, skin care, and international.”
The new share repurchase program authorizes the repurchase of up to $500 million of the company’s outstanding common stock. The new share repurchase program does not have an expiration date and does not require the company to repurchase any specific number of shares of its common stock.
Mandy Fields, e.l.f. Beauty’s Chief Financial Officer, said,
“This announcement illustrates the strong cash flow generation of our business and enhances our capital allocation optionality. We expect our cash priorities to remain focused on investing in our growth initiatives and supporting our strategic extensions. Our new repurchase authorization provides another avenue for us to continue to drive long-term value creation for our shareholders.”
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