OKLAHOMA CITY--(BUSINESS WIRE)--
Paycom Software, Inc. (“Paycom”) (NYSE:PAYC), a leading provider of
comprehensive, cloud-based human capital management software, today
announced that its Board of Directors has amended its ongoing stock
repurchase plan to add $100,000,000 of availability and extend the
expiration date of the stock repurchase plan to February 12, 2020.
“Today’s increase in our repurchase program further underscores our
confidence in the strength of our business and our long-term growth
prospects,” said Paycom’s founder and CEO, Chad Richison. “We remain
focused on organic growth, and our profitable business model allows us
to invest as required to achieve this 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 opportunistically
through stock buybacks.”
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 solution 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 serves clients in all 50 states from offices across the country.
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; and Paycom’s plans to purchase shares of its common
stock under the authorized stock repurchase plan. 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 could differ
materially from those set forth in the forward-looking statements as a
result of the factors discussed in Paycom’s filings with the Securities
and Exchange Commission, including but not limited to those discussed in
Paycom’s Annual Report on Form 10-K for the year ended December 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.
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Source: Paycom Software, Inc.