Dayforce, Inc. (NYSE: DAY) announced that its Board of Directors approved a share repurchase program with authorization to purchase up to $500 million of its common stock.

"Dayforce continues to disrupt the HCM market, allowing the Company to achieve strong results, profitability improvements, and enhanced cash flow generation," said Jeremy Johnson, Chief Financial Officer of Dayforce. "Our robust, scalable business model and improving cash flow metrics enable us to take a comprehensive view of capital allocation, balancing investments in maintaining technology innovation, ongoing strategic M&A, and now a share repurchase program. This program reflects our belief that our shares are currently undervalued and demonstrates our confidence in the business."

Dayforce may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program has no expiration date, may be modified, suspended, or discontinued at any time at the Company’s discretion, and does not obligate the Company to acquire any amount of common stock.