More than $500 million is available for repurchase between June 7, 2022 and June 7. 2024.
Paycom Software recently announced that its Board of Directors has increased and extended its ongoing stock repurchase plan, such that $550 million is available for repurchases between June 7, 2022, and June 7, 2024.
Prior to the increase, approximately $166.8 million was available for repurchases.
“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 Chad Richison, Paycom’s founder and CEO. “Our confidence in Paycom’s growth opportunity remains high, and we have a strong balance sheet and generate significant cash flow. We missed an opportunity to be aggressive buyers of our stock at the beginning of the pandemic, and our new program positions us to responsibly take advantage of market volatility.”
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.