UPDATE: Paycom Software (PAYC) Announces $50M Stock Buyback

(update reflects headline correction)

Paycom Software, Inc. (NYSE: PAYC) 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 Paycom’s 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 Paycom's 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 Paycom’s common stock, general market and economic conditions and other corporate considerations.

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