Paycom Software, Inc. Announces New Stock Repurchase Plan
OKLAHOMA CITY--(BUSINESS WIRE)--Nov 20, 2018--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.
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.
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.
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CONTACT: Paycom Software, Inc.
Kristen Sharkey, 800-580-4505
Sr. Director of Communications
Investor Relations Contact:
David Niederman, 855-603-1620
KEYWORD: UNITED STATES NORTH AMERICA OKLAHOMA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Paycom Software, Inc.
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PUB: 11/20/2018 08:30 AM/DISC: 11/20/2018 08:32 AM