Elf Beauty Announces $500 Million Share Repurchase Program
Program Authorization
The company's Board of Directors authorized the repurchase of up to $500 million of the company's outstanding common stock.
The new share repurchase program replaces a $25 million authorization from 2019, which e.l.f. Beauty had fully utilized by the end of 2023.
Program Details
- The program has no expiration date.
- The company may repurchase shares opportunistically through open market purchases, block trades, privately negotiated transactions, or other means.
- The timing and amount of repurchases will depend on factors such as market conditions and other corporate considerations.
Financial Position
The company's financial position is strong, with $246.4 million in cash and cash equivalents as of April 30, 2023.
The company generated $67.8 million in operating cash flow during the fiscal first quarter and has a net debt-to-EBITDA ratio of 2.2x.
Management Commentary
"The share repurchase program reflects our confidence in the long-term growth prospects of our business and our commitment to enhancing shareholder value," said Tarang Amin, CEO of e.l.f. Beauty.
"We believe that our strong financial position and cash flow generation will enable us to execute this program while continuing to invest in our business for future growth."
Disclaimer
This article is for informational purposes only and should not be considered financial advice. Please consult with a financial professional before making any investment decisions.
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