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) February 13, 2018
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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b2 of the Securities Exchange Act of 1934 (§ 240.12b2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 | Other Events. |
On February 13, 2018, Paycom Software, Inc. issued a press release announcing an increase in its ongoing stock repurchase plan. 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 No. |
Description of Exhibit | |
99.1 | Press Release, dated February 13, 2018, 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: February 13, 2018 |
By: |
/s/ Craig E. Boelte | ||||
Name: |
Craig E. Boelte | |||||
Title: |
Chief Financial Officer |
Exhibit 99.1
Paycom Software, Inc. Announces Increased Stock Repurchase Plan
OKLAHOMA CITY(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 amended its ongoing stock repurchase plan to add $100,000,000 of availability and extend the expiration date of the stock repurchase plan to February 12, 2020.
Todays increase in our repurchase program further underscores our confidence in the strength of our business and our long-term growth prospects, said Paycoms founder and CEO, Chad Richison. We remain focused on organic growth, and our profitable business model allows us to invest as required to achieve this 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 opportunistically through stock buybacks.
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 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 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; and Paycoms 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, Paycoms actual results could differ materially from those set forth in the forward-looking statements as a result of the factors discussed in Paycoms filings with the Securities and Exchange Commission, including but not limited to those discussed in Paycoms Annual Report on Form 10-K for the year ended December 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