What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2020-11-05 compared with 2020-08-06 · 8 added, 33 removed, 87 unchanged (32% of the section changed)

18 unchanged sentences

To the extent our clients make such election, we are collecting less money from them to hold and then remit to the appropriate taxing authorities, which adversely affects our average funds held for clients balance and, consequently, interest earned on funds held for clients.

Significantly lower average interest rates in 2020, combined with the lack of growth of the average funds held for clients balance due to lower employee headcount at our clients as well as clients electing the Social Security tax deferral under the CARES Act, had a negative effect on interest earned on funds held for clients and, consequently, recurring revenue growth for the three and six months ended June 30, 2020.

We expect that the foregoing adverse economic factors will continue to have a negative impact on recurring revenues in future periods for so long as such conditions persist.

2 unchanged sentences

Our remote work arrangements may create operational challenges and may result in increased costs related to investments in technology.

As of June 30, 2020, 96% of our employees were working remotely.

Furthermore, we have prohibited all business-related travel until further notice and our salesforce is conducting all sales meetings virtually.

As of September 30, 2020, 95% of our employees were working remotely.

Furthermore, we have prohibited all business-related travel until further notice and our salesforce is conducting all sa les meetings virtually.

If clients and client prospects are not as willing or available to engage via video conference and teleconference, t he shift from in-person to virtual sales meetings could negatively affect our sales efforts, impede client acquisition and lengthen our sales cycles, which would negatively impact our business and results of operations and could impact our financial condition in the future.

30 unchanged sentences

Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)

April 1 - 30, 2020 (2)

May 1 - 31, 2020 (3)

June 1 - 30, 2020

July 1 - 31, 2020 (2)

August 1 - 31, 2020 (2)

September 1 - 30, 2020

Pursuant to a stock repurchase plan announced on November 20, 2018, we were authorized to purchase (in the aggregate) up to $150.0 million of our common stock in open market purchases, privately negotiated transactions or by other means.

On March 12, 2020, we announced that our Board of Directors increased the availability under the existing stock repurchase plan to $250.0 million and extended the expiration date to March 12, 2022.

Includes 19,069 shares withheld to satisfy tax withholding for certain employees upon the vesting of restricted stock.

Consists of shares withheld to satisfy tax withholding for certain employees upon the vesting of restricted stock.

7 unchanged sentences

1 to the Registration Statement on Form S-1/A dated March 31, 2014, filed with the SEC on March 31, 2014).

Registration Rights Agreement (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-1 dated March 10, 2014, filed with the SEC on March 10, 2014).

Joinder to Registration Rights Agreement, by and among Paycom Software, Inc.

and each of the signatories thereto, dated as of March 6, 2015 (incorporated by reference to Exhibit 4.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 13, 2015).

Amendment No.

1 to the Registration Rights Agreement, by and among Paycom Software, Inc.

and each of the signatories thereto, dated as of May 13, 2015 (incorporated by reference to Exhibit 4.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed with the SEC on August 7, 2015).