OKLAHOMA CITY--(BUSINESS WIRE)--
Paycom Software, Inc. (NYSE:PAYC), a leading provider of comprehensive,
cloud-based human capital management software delivered as
Software-as-a-Service, today announced that its Board of Directors has
authorized a stock repurchase plan under which up to $50,000,000 is
available to purchase shares of Paycom’s outstanding common stock, par
value $0.01 per share, over the next 24 months.
"One of our strengths continues to be our strong cash-flow generation,
allowing us to repurchase up to $50 million of our stock over the next
24 months," said Paycom's founder and CEO, Chad Richison. "Our top
priority continues to be reinvesting in our business and growth
initiatives. We remain focused on organic growth and will continue to
invest aggressively toward that goal. At the same time, our strong
financial position and ability to generate significant cash-flow afford
us the opportunity to return value to our stockholders in a manner
consistent with our capital strategy."
Shares may be repurchased from time-to-time in open market transactions
at prevailing market prices, in privately negotiated transactions or by
other means in accordance with federal securities laws, including Rule
10b5-1 programs, and the repurchase plan may be suspended or
discontinued at any time. The actual timing, number and value of shares
repurchased will be determined by a committee of the Board of Directors
at its discretion and will depend on a number of factors, including the
market price of Paycom’s common stock, general market and economic
conditions and other corporate considerations.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom
redefines the human capital management industry by allowing companies to
effectively navigate a rapidly changing business environment. Its
cloud-based software is based on a core system of record maintained in a
single database for all human capital management functions, providing
the functionality that businesses need to manage the complete employment
lifecycle, from recruitment to retirement. Paycom has the ability to
serve businesses of all sizes and in every industry. As one of the
leading human capital management providers, Paycom has sales offices
across the country and serves clients in all 50 states.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are any statements that look to future events
and include, but are not limited to, statements regarding Paycom’s
business strategy; anticipated future operating results and operating
expenses, cash flows, capital resources and liquidity; trends,
opportunities and risks affecting Paycom’s business, industry and
financial results; future expansion or growth plans and potential for
future growth; Paycom’s ability to attract new clients to purchase its
solution; Paycom’s ability to retain clients and induce them to purchase
additional applications; Paycom’s ability to accurately forecast future
revenues and appropriately plan its expenses; market acceptance of
Paycom’s solution and applications; Paycom’s expectations regarding
future revenue generated by certain applications; how certain factors
affecting Paycom’s performance correlate to improvements or
deterioration in the labor market; Paycom’s plan to open additional
sales offices and its ability to effectively execute such plan; the
sufficiency of Paycom’s existing cash and cash equivalents to meet its
working capital and capital expenditure needs over the next 12 months;
Paycom’s ability to create additional jobs at its corporate
headquarters; Paycom’s expectation of increasing its capital
expenditures and investment activity as its business grows; and Paycom’s
plans to purchase shares of its common stock under the authorized
repurchase plan. In addition, forward-looking statements also consist of
statements involving trend analyses and statements including such words
as “may,” “believe,” “could,” “anticipate,” “should,” “would,” “might,”
“plan,” “expect,” “potential,” “possible,” “project,” and similar
expressions or the negative of such terms or other comparable
terminology. These forward-looking statements speak only as of the date
hereof and are subject to business and economic risks. As such, Paycom’s
actual results may differ materially from those set forth in the
forward-looking statements as a result of the factors discussed in its
filings with the Securities and Exchange Commission, including those
discussed in its Annual Report on Form 10-K for the year ended December
31, 2015 and Quarterly Report on Form 10-Q for the quarter ended March
31, 2016. Paycom undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by applicable securities
laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160526005296/en/
Paycom Software, Inc.
Media Contact:
Kathy Oden-Hall,
800-580-4505
CMO
media@paycom.com
or
Investor
Relations Contact:
David Niederman, 855-603-1620
investors@paycom.com
Source: Paycom Software, Inc.