Conn’s announces $150M share repurchase program

THE WOODLANDS, Texas — Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the “Company”), a specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, today announced its Board of Directors has authorized a $150 million share repurchase program for the Company’s outstanding stock. The authorization to repurchase expires on December 14, 2022.

Chandra Holt, Conn’s Chief Executive Officer, commented, “The Board’s decision to repurchase our common stock reflects the positive momentum underway across our business, our strong balance sheet and the confidence we have in our future. The $150 million share repurchase program is the largest in Conn’s history and represents approximately 30% of our current market capitalization. We are committed to creating value for our shareholders by continuing to prioritize capital allocation initiatives that support our growth strategies, maintaining flexibility to pursue inorganic opportunities, and returning excess capital to shareholders through our share repurchase program.”

Under the repurchase program, the Company may purchase shares of its common stock through open market transactions, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchases under this program will be determined by the Company’s management at its discretion based on a variety of factors, including the market price of our common stock, corporate considerations, general market and economic conditions, and legal requirements. The program does not obligate the Company to acquire any particular amount of stock, and the program may be discontinued or suspended at any time at the Company’s discretion. The Company anticipates funding for this program to come from available corporate funds, including cash on hand and future cash flow, as well as from drawing on its revolving credit facility.

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