Paycom Software, Inc. Increases Stock Repurchase Plan
Paycom Software has announced an increase in its stock repurchase program, now totaling $550 million available for repurchases until June 7, 2024. This marks an increase from the prior $166.8 million available. CEO Chad Richison emphasized the flexibility it provides to return value to shareholders amid market dislocations, citing strong cash flow and a positive outlook for growth. The repurchase can occur through various means, depending on market conditions.
- Increased stock repurchase program to $550 million enhances shareholder value.
- Strong balance sheet and cash flow indicate financial health.
- Opportunity to take advantage of market volatility for stock buybacks.
- None.
“Today’s increase in our repurchase program provides us with the flexibility to opportunistically return value to stockholders, particularly when there are dislocations in the market,” said Paycom’s founder and CEO,
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,
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
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Investor Relations Contact:
investors@paycom.com
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FAQ
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