UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) May 25, 2016
Paycom Software, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-36393 | 80-0957485 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
7501 W. Memorial Road, Oklahoma City, Oklahoma | 73142 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (405) 722-6900
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events. |
On May 26, 2016, Paycom Software, Inc. (the Company) issued a press release announcing the approval of a stock repurchase plan, which was approved by the Companys board of directors on May 25, 2016. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit |
Description of Exhibit | |
99.1 | Press Release, dated May 26, 2016, issued by Paycom Software, Inc. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PAYCOM SOFTWARE, INC. | ||||||
Date: May 26, 2016 | By: | /s/ Craig E. Boelte | ||||
Name: | Craig E. Boelte | |||||
Title: | Chief Financial Officer |
Exhibit Index
Exhibit |
Description of Exhibit | |
99.1 | Press Release, dated May 26, 2016, issued by Paycom Software, Inc. |
Exhibit 99.1
Paycom Software, Inc. Announces Stock Repurchase Plan
OKLAHOMA CITY(BUSINESS WIRE)Paycom Software, Inc. (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 $50,000,000 is available to purchase shares of Paycoms outstanding common stock, par value $0.01 per share, over the next 24 months.
One of our strengths continues to be our strong cash-flow generation, allowing us to repurchase up to $50 million of our stock over the next 24 months, said Paycoms founder and CEO, Chad Richison. Our top priority continues to be reinvesting in our business and growth initiatives. We remain focused on organic growth and will continue to invest aggressively toward that goal. At the same time, our strong financial position and ability to generate significant cash-flow afford us the opportunity to return value to our stockholders in a manner consistent with our capital strategy.
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 Paycoms 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 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 has sales offices across the country and serves clients in all 50 states.
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 Paycoms business strategy; anticipated future operating results and operating expenses, cash flows, capital resources and liquidity; trends, opportunities and risks affecting Paycoms business, industry and financial results; future expansion or growth plans and potential for future growth; Paycoms ability to attract new clients to purchase its solution; Paycoms ability to retain clients and induce them to purchase additional applications; Paycoms ability to accurately forecast future revenues and appropriately plan its expenses; market acceptance of Paycoms solution and applications; Paycoms expectations regarding future revenue generated by certain applications; how certain factors affecting Paycoms performance correlate to improvements or deterioration in the labor market; Paycoms plan to open additional sales offices and its ability to effectively execute such plan; the sufficiency of Paycoms existing cash and cash equivalents to meet its working capital and capital expenditure needs over the next 12 months; Paycoms ability to
create additional jobs at its corporate headquarters; Paycoms expectation of increasing its capital expenditures and investment activity as its business grows; and Paycoms plans to purchase shares of its common stock under the authorized repurchase plan. In addition, forward-looking statements also consist of statements involving trend analyses and statements including such words as may, believe, could, anticipate, should, would, might, plan, expect, potential, possible, project, and similar expressions or the negative of such terms or other comparable terminology. These forward-looking statements speak only as of the date hereof and are subject to business and economic risks. As such, Paycoms actual results may differ materially from those set forth in the forward-looking statements as a result of the factors discussed in its filings with the Securities and Exchange Commission, including those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. 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.
Contacts
Paycom Software, Inc.
Media Contact:
Kathy Oden-Hall, 800-580-4505
CMO
media@paycom.com
or
Investor Relations Contact:
David Niederman, 855-603-1620
investors@paycom.com