OKLAHOMA CITY--(BUSINESS WIRE)--
Paycom Software, Inc. (“Paycom”) (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 $150 million is
available to purchase shares of Paycom’s outstanding common stock over
the next two years. Since May 2016 Paycom’s Board of Directors has now
authorized the repurchase of up to $425 million of common stock.
“Our ability to produce meaningful cash-flow and our confidence in our
growth prospects afford us the opportunity to continue to return value
to our stockholders through this new stock buyback,” said Paycom’s
founder and CEO, Chad Richison.
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,
2017, and Quarterly Report on Form 10-Q for the quarter ended September
30, 2018. 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:
https://www.businesswire.com/news/home/20181120005212/en/
Paycom Software, Inc.
Media Contact:
Kristen Sharkey,
800-580-4505
Sr. Director of Communications
media@paycom.com
or
Investor
Relations Contact:
David Niederman, 855-603-1620
investors@paycom.com
Source: Paycom Software, Inc.