ELF Beauty Announces $500 Million Share Repurchase Program

ELF Beauty’s board of directors authorized a share repurchase program of up to $500 million of the company’s common stock.

The company’s 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.

“This share repurchase authorization reflects confidence in our strategy and the long-term potential we see for ELF Beauty,” said Tarang Amin, ELF Beauty’s chairman and chief executive officer. “We have a track record of delivering consistent, category-leading sales and market share growth and are excited about the whitespace we see for ELF 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. Purchases under the new share repurchase program may be made from time to time, in such amounts as management deems appropriate, through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, purchases through 10b5-1 trading plans, or by any combination of such methods.

The timing and amount of any repurchases pursuant to the new share repurchase program will be determined based on market conditions, share price and other factors. The new share repurchase program does not have an expiration date, does not require the company to repurchase any specific number of shares of its common stock and may be modified, suspended or terminated at any time without notice, officials said.