Paycom Software, Inc. Increases Stock Repurchase Plan
May 13 2021 - 4:30PM
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 increased and
extended its ongoing stock repurchase plan, such that $300 million
is available for repurchases between May 14, 2021 and May 13,
2023.
“With our strong recurring revenue model and balance sheet, we
are in a position to increase our share repurchase plan and
opportunistically return value to stockholders,” said Paycom’s
founder and CEO, Chad Richison. “While macroeconomic uncertainty
may periodically impact our stock, we see tremendous value in our
long-term growth opportunities as we still only have approximately
5% market share of a large and growing total addressable market.
Demand for our innovative software solution continues to be at an
all-time high as employers and employees across the U.S. experience
the benefits of our differentiated employee usage strategy and our
ongoing focus on automation.”
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, 2020. 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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version on businesswire.com: https://www.businesswire.com/news/home/20210513006029/en/
Paycom Software, Inc. Investor Relations Contact: James Samford,
855-603-1620 investors@paycom.com
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