Paycom Software, Inc 8-K, filed Mar 12, 2020
Paycom Software, Inc. (PAYC)
About this 8-K
Paycom Software, Inc filed this 8-K on March 12, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
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| Item 8.01 | Other Events. |
Since February 2019, Paycom Software, Inc. (the “Company”) has received subpoenas and requests from the Securities and Exchange Commission (the “SEC”), focused on whether certain Paycom clients were charged, and paid, an additional amount for one or more applications for which the clients were already being charged. In connection with this matter, the Company has identified less than 250 affected clients, representing approximately 0.5% of its client base as of December 31, 2019. During the quarter ended December 31, 2019, the Company notified clients affected by such charges between approximately 2011 and 2019 and refunded approximately $2.5 million, in the aggregate, to such clients. This issue did not have a material impact on the Company’s financial results for any prior period. The SEC staff has informed the Company’s counsel that its inquiry concerns the Company’s books and records and its internal controls.
In addition, on March 12, 2020, the Company 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 |
Description of Exhibit | |||
| 99.1 |
Press Release, dated March 12, 2020, issued by Paycom Software, Inc. | |||
| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||
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: March 12, 2020 |
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 increased and extended its ongoing stock repurchase plan, such that $250 million is available for repurchases between March 13, 2020 and March 12, 2022.
“Today’s increase in our repurchase program further underscores our confidence in the strength of our business and our long-term growth prospects, irrespective of macroeconomic factors that may affect our stock price from time to time,” said Paycom’s 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 Paycom’s 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 Paycom’s business strategy; anticipated future operating results and operating expenses, cash flows, capital resources and liquidity; trends, opportunities and risks affecting Paycom’s business, industry and financial results; and Paycom’s 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, Paycom’s actual results could differ materially from those set forth in the forward-looking statements as a result of the factors discussed in Paycom’s filings with the Securities and Exchange Commission, including but not limited to those discussed in Paycom’s Annual Report on Form 10-K for the year ended December 31, 2019. 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.
Investor Relations Contact:
James Samford, 855-603-1620
investors@paycom.com