MINNEAPOLIS and TORONTO – Dayforce, Inc. (NYSE: DAY; TSX: DAY), a prominent player in the human capital management (HCM) sector, has initiated a share repurchase program, with plans to buy back up to $500 million of its common stock.
The company's Chief Financial Officer, Jeremy Johnson, highlighted the firm's strong financial performance and the scalability of its business model as key factors enabling this capital allocation strategy.
The repurchase program is part of Dayforce's broader approach to capital management, which includes ongoing investments in technology innovation and strategic mergers and acquisitions (M&A). Johnson expressed confidence in the value of the company's shares and the overall business, suggesting that the current market valuation does not fully reflect the company's worth.
The timing and volume of the repurchases will be contingent on a variety of factors, including market conditions, regulatory requirements, and stock prices. Dayforce has stated that the program does not have a set expiration date and may be adjusted, paused, or stopped at the company's discretion without any obligation to purchase a specific number of shares.
Dayforce's approach to share repurchases may involve open market purchases, privately negotiated transactions, or other methods, potentially utilizing Rule 10b5-1 trading plans, which are designed to allow insiders to buy or sell company stock without incurring insider trading liability.
This announcement is made in the context of Dayforce's commitment to enhancing work life through its global HCM technology platform, which serves a wide range of customers and employees worldwide. The platform offers integrated solutions for HR, payroll, talent, workforce management, and benefits.
The information in this article is based on a press release statement from Dayforce, Inc. It is important to note that the press release also contains forward-looking statements, which involve risks and uncertainties.
As such, the actual outcomes could differ materially from those projected. Dayforce has stated that it does not intend to update these forward-looking statements publicly, even if new information becomes available in the future.
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