Item 5. Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities.
Market information for common stock.
Our common stock began trading on the NYSE under the symbol “ELF” on September 22, 2016. Prior to that date, there was no public trading market for our common stock. On May 16, 2024, the closing price for our common stock as reported by the NYSE was $162.26.
Holders of record
As of May 16, 2024, the approximate number of common stockholders of record was 25. This number does not include beneficial owners whose shares are held by nominees in street name.
Dividends
There were no dividends declared or paid during the fiscal year ended March 31, 2024. Since our initial public offering on September 22, 2016, we have never declared or paid cash dividends on our capital stock. We intend to retain all available funds and future earnings, if any, to fund expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. In addition, the Amended Credit Agreement limits our ability to pay dividends to our stockholders.
Any future determination related to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including future earnings, capital requirements, financial conditions, future prospects, contractual restrictions and covenants and other factors that our board of directors may deem relevant.
Stock performance graph
The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Exchange Act, each as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, or otherwise subject to the liabilities under the Securities Act of 1933 or Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
The following graph compares the total cumulative stockholder return on our common stock with the S&P 500 Stock Index and the S&P Consumer Discretionary Index for the 5-year period covering March 31, 2019, through March 31, 2024. The graph assumes an investment of $100 made at the closing of trading on March 31, 2019 in (i) our common stock, (ii) the stocks comprising the S&P 500 Index and (iii) the stocks comprising the S&P 500 Consumer Discretionary Index. All values assume reinvestment of the full amount of all dividends. The performance shown on the graph below is not intended to forecast or be indicative of possible future performance of our common stock.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $100 investment in stock or index | | 3/31/19 | | 6/30/19 | | 9/30/19 | | 12/31/19 | | 3/31/20 | | 6/30/20 | | 9/30/20 |
| e.l.f. Beauty, Inc. (ELF) | | $100.00 | | $133.02 | | $165.19 | | $152.17 | | $92.83 | | $179.91 | | $173.30 |
| S&P 500 Index (GSPC) | | $100.00 | | $103.79 | | $105.02 | | $113.98 | | $91.19 | | $109.38 | | $118.65 |
| S&P 500 Consumer Discretionary Index (S5COND) | | $100.00 | | $105.28 | | $105.82 | | $110.55 | | $89.23 | | $118.54 | | $136.40 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $100 investment in stock or index | | 12/31/20 | | 3/31/21 | | 6/30/21 | | 9/30/21 | | 12/31/21 | | 3/31/22 | | 6/30/22 |
| e.l.f. Beauty, Inc. (ELF) | | $237.64 | | $253.11 | | $256.04 | | $274.06 | | $313.30 | | $243.68 | | $289.43 |
| S&P 500 Index (GSPC) | | $132.52 | | $140.17 | | $151.62 | | $151.97 | | $168.15 | | $159.84 | | $133.55 |
| S&P 500 Consumer Discretionary Index (S5COND) | | $147.37 | | $151.95 | | $162.50 | | $162.51 | | $183.37 | | $166.82 | | $123.18 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $100 investment in stock or index | | 9/30/22 | | 12/31/22 | | 3/31/23 | | 6/30/23 | | 9/30/23 | | 12/31/23 | | 3/31/24 |
| e.l.f. Beauty, Inc. (ELF) | | $354.91 | | $521.70 | | $776.89 | | $1,077.64 | | $1,036.13 | | $1,361.70 | | $1,849.34 |
| S&P 500 Index (GSPC) | | $126.50 | | $135.46 | | $144.98 | | $157.01 | | $151.29 | | $168.28 | | $185.38 |
| S&P 500 Consumer Discretionary Index (S5COND) | | $128.55 | | $115.47 | | $134.09 | | $153.64 | | $146.26 | | $164.43 | | $172.62 |
Recent sales of unregistered securities
None.
Purchases of equity securities by the issuer and affiliated purchasers
In May 2019, we announced that our board of directors authorized the Share Repurchase Program, which authorizes us to repurchase up to $25.0 million of our outstanding shares of common stock. The Share Repurchase Program remains in effect through the earlier of (i) the date that $25.0 million of our outstanding common stock has been purchased under the Share Repurchase Program or (ii) the date that our board of directors cancels the Share Repurchase Program.
On April 30, 2021, the Company amended and restated its prior credit agreement. Subject to certain exceptions, the covenants in the Amended Credit Agreement require the Company to be in compliance with certain leverage ratios to make repurchases under the Share Repurchase Program.
We did not repurchase any shares during the fiscal year ended March 31, 2024, including pursuant to the Share Repurchase Program. A total of $17.1 million remains available for purchase under the Share Repurchase Program as of March 31, 2024.
Item 6. [Reserved]
