Definition of punch outs:
(v) :
(intransitive, US) To leave a workplace by punching a timecard.
(v) :
(intransitive) To leave a workplace.
(v) :
(transitive) To repeatedly hit a person.
(v) :
(transitive) To hit a person so that they become unconscious (knocked out).
(v) :
(transitive) To use a punch to remove a piece of material or to remove a piece already scored.
(v) :
(transitive, intransitive, computing) To extract data from a computer by the use of a keyboard.