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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 20, 2024
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Maximus, Inc.
(Exact name of registrant as specified in its charter)
Virginia 1-12997 54-1000588
(State or other jurisdiction of incorporation)
  (Commission File Number)
(I.R.S. Employer Identification No.)
1600 Tysons Boulevard McLean , VA 22102
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including the area code ( 703 ) 251-8500
No Change
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value MMS New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operations and Financial Condition.
 
On November 20, 2024, the Company issued a press release announcing its financial results for the quarter and year ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01    Financial Statements and Exhibits.

(d)     Exhibits.
  
Exhibit No. Description
   
Press release dated 11/20/2024.
104 Inline XBRL for the cover page of this Current Report on Form 8-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Maximus, Inc.
(Registrant)
Date: November 20, 2024 /s/ John T. Martinez
John T. Martinez
General Counsel and Secretary



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EX-99.1 2 mms-2024x09x30x8kxex991.htm EX-99.1 Document
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FOR IMMEDIATE RELEASE CONTACT:
James Francis, VP - IR
Jessica Batt, VP - IR & ESG
Date: November 20, 2024 IR@maximus.com

Maximus Reports Fourth Quarter and Full Year Results for Fiscal Year 2024
Establishes fiscal year 2025 guidance
(Tysons, Va. - November 20, 2024) - Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three months and year ended September 30, 2024.
Highlights for the fourth quarter and full fiscal year 2024 include:
•Full year revenue increased 8.2% to $5.31 billion, compared to $4.90 billion for the prior year. Organic growth was 8.8% and driven by higher volumes on key programs in the U.S. segments. Fourth quarter revenue grew 4.4%, or 4.7% on an organic basis.
•Full year diluted earnings per share were $4.99, and adjusted diluted earnings per share were $6.11. Fourth quarter diluted earnings per share were $1.19, and adjusted diluted earnings per share were $1.46.
•Full year cash flows from operating activities totaled $515 million, and free cash flow was $401 million, enabling debt reduction across the year to yield a 1.4x leverage ratio at September 30, 2024, as calculated in accordance with our credit agreement.
•A quarterly cash dividend of $0.30 per share payable on November 30, 2024, to shareholders of record on November 15, 2024.
"We are proud of the team for an excellent finish to a strong year, and one that demonstrates a healthy core business operating within our margin expectations," said Bruce Caswell, President and Chief Executive Officer. "We kick off fiscal 2025 with guidance that blends the momentum of fiscal 2024 with thoughtfulness toward the upcoming U.S. Presidential transition."
Caswell continued, "Our earned position as an efficient and flexible partner to government in the administration of entitlement programs and essential government services perennially supported on a bipartisan basis positions us well to advise, adapt, and rapidly implement new priorities."
Consolidated Fiscal Year 2024 Fourth Quarter and Full Year Results
Revenue for the full fiscal year 2024 increased 8.2% to $5.31 billion, compared to $4.90 billion for the prior year. Organic growth was 8.8% over the prior year. Revenue for the fourth quarter of the fiscal year grew 4.4% to $1.32 billion, or 4.7% on an organic basis. Both periods benefited from volume growth on clinical programs in the U.S. Federal Services Segment. The U.S. Services Segment had a full fiscal year 2024 contribution of Medicaid redetermination activities that have returned to normal levels, plus excess volumes from Medicaid-related support activities that were concluded by the fourth quarter of fiscal year 2024.
For the full fiscal year 2024, the operating margin was 9.2% and the adjusted EBITDA margin was 11.6%. This compares to margins of 6.0% and 9.1%, respectively, for the prior year that reflected ramping volumes on core programs and a partial period contribution from resumed Medicaid-related activities. Adjusted EBITDA margin excludes divestiture-related charges which were not material in either fiscal year.
Earnings per share were $4.99 and adjusted diluted earnings per share were $6.11. This compares to $2.63 and $3.83, respectively, for the prior year. Fourth quarter diluted earnings per share were $1.19, and adjusted diluted earnings per share were $1.46. This compares to $0.96 and $1.29, respectively, for the prior-year period.

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U.S. Federal Services Segment
U.S. Federal Services Segment revenue for fiscal year 2024 increased 13.9% to $2.74 billion, compared to $2.40 billion reported for the prior year. All growth was organic and driven primarily by volume growth on clinical programs.
The segment operating margin for the full fiscal year 2024 was 12.2%, as compared to 10.4% reported for the prior year. The segment delivered an 11.1% margin in fourth quarter of fiscal year 2024. Higher demand for services, particularly in clinical services, and a higher mix of performance-based work were drivers of margin enhancement in the segment this year.
U.S. Services Segment
U.S. Services Segment revenue for fiscal year 2024 increased by 5.5% to $1.91 billion, compared to $1.81 billion reported in the prior year. All growth was organic and driven by strong performance across the Medicaid-related portfolio. This included excess volumes from the unwinding exercise, which was concluded by the fourth quarter of this fiscal year.
The segment operating margin for fiscal year 2024 was 12.9%, compared to 10.1% reported in the prior year, and benefited from the strong Medicaid-related performance and the aforementioned excess volumes. The segment delivered an 11.1% margin in fourth quarter of fiscal year 2024 and did not benefit from excess volumes.
Outside the U.S. Segment
Outside the U.S. Segment revenue for fiscal year 2024 decreased 4.6% to $657.1 million as compared to $689.1 million reported for the prior year. Prior-year divestitures reduced revenue by 6.1%, while currency effects provided a 1.7% benefit to revenue growth.
The segment realized an operating profit of $7.7 million for fiscal year 2024, compared to an operating loss of $9.1 million in the prior year. Profitability for the segment this year, including the 4.8% margin in fourth quarter, reflects progress in containing volatile programs that have acted as greater headwinds in prior periods.
Sales, Pipeline, and Backlog
Year-to-date signed contract awards at September 30, 2024, totaled $2.2 billion, and contracts pending (awarded but unsigned) totaled $312 million. The book-to-bill ratio at September 30, 2024, was 0.4x on a trailing twelve-month basis. The lower book-to-bill reflects an anticipated lower-than-normal period of rebid activity. Given circumstances as best known today, the volume of adjudications for both rebids and new work are expected to increase over the next 12 months and result in an improved book-to-bill.
The sales pipeline at September 30, 2024, was $54.3 billion (comprised of approximately $4.22 billion in proposals pending, $7.12 billion in proposals in preparation, and $42.9 billion in opportunities tracking). New work opportunities represent approximately 48% of the total sales pipeline.
Backlog at September 30, 2024, which represents estimated future revenue from existing signed contracts, contracts that have been awarded but not yet signed, and unexercised priced contract options, was estimated to be $16.2 billion. This compares to $20.7 billion at the same point in the prior year. Remaining option periods for the Contact Center Operations (CCO) contract are included in the year-end balance, while the backlog associated with the Veterans Affairs Medical Disability Examination contracts has been reduced to account for the two-year recompete currently in the procurement stage.
Balance Sheet and Cash Flows
At September 30, 2024, cash and cash equivalents totaled $183 million, and gross debt was $1.15 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the full year ended September 30, 2024, as calculated in accordance with our credit agreement, was 1.4x. At the same point in the prior year, the ratio was 2.2x, and we remain below our target leverage range of 2x to 3x.
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For fiscal year 2024, cash flows from operating activities totaled $515 million, and free cash flow was $401 million. This compares to $314 million and $224 million, respectively, in the prior year. DSO at September 30, 2024, were 61 days, compared with 60 days at the same point in the prior year.
During fiscal year 2024, we purchased approximately 0.9 million shares totaling $73.1 million. Subsequent to September 30, 2024, and through November 19, 2024, we purchased approximately 0.5 million shares totaling $43.2 million. Including the subsequent activity, approximately $128 million remains on the current $200 million Board of Directors authorization granted in June 2024.
On October 5, 2024, our Board of Directors declared a quarterly cash dividend of $0.30 for each share of our common stock outstanding. The dividend is payable on November 30, 2024, to shareholders of record on November 15, 2024.
Fiscal Year 2025 Outlook
Maximus is establishing fiscal year 2025 guidance. Revenue is expected to range between $5.275 billion and $5.425 billion. An adjusted EBITDA margin, which excludes divestiture-related charges, of approximately 11.0% is anticipated for the full year. Adjusted diluted earnings per share, which excludes expense for amortization of intangible assets and divestiture-related charges, is expected to range between $5.70 and $6.00 per share.
Free cash flow is expected to range between $345 million and $375 million for fiscal year 2025. Forecasted expense of $92 million for amortization of intangible assets, $45 million for depreciation and amortization, and $65 million for interest is anticipated for the full year. An effective income tax rate of approximately 25% and weighted average shares outstanding of about 61 million is expected for fiscal year 2025.
Conference Call and Webcast Information
Maximus will host a conference call tomorrow, November 21, 2024, at 9:00 a.m. ET. Shareholders are invited to submit questions for management’s consideration by emailing IR@maximus.com up to one hour prior to the call.
The call is open to the public and available by webcast or by phone at:
877.407.8289 (Domestic) / +1.201.689.8341 (International)
For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.
About Maximus
As a leading strategic partner to governments across the globe, Maximus helps improve the delivery of public services amid complex technology, health, economic, environmental, and social challenges. With a deep understanding of program service delivery, acute insights that achieve operational excellence, and an extensive awareness of the needs of the people being served, our employees advance the critical missions of our partners. Maximus delivers innovative business process management, impactful consulting services, and technology solutions that provide improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. For more information, visit maximus.com.
Non-GAAP Measures and Risk Factors
This release refers to non-GAAP measures and other indicators, including organic growth, free cash flow, operating income, and EPS adjusted for amortization of intangible assets and divestiture-related charges, adjusted EBITDA, and other non-GAAP measures.
A description of these non-GAAP measures, the reasons why we use and present them, and details as to how they are calculated are included in our earnings presentation and forthcoming Form 10-K.
The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operations, revenue growth, or net income as measures of performance. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.
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Statements that are not historical facts, including statements about the company’s confidence and strategies, and the company’s expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand, or acceptance of the company’s products are forward-looking statements that involve risks and uncertainties.
These risks could cause the company’s actual results to differ materially from those indicated by such forward-looking statements. A summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2024, expected to be filed shortly with the Securities and Exchange Commission (SEC). The Company's SEC reports are accessible on maximus.com.

FY25 Guidance Reconciliation - Non-GAAP
($ in millions except per share items) Low End High End
Operating income $ 439  $ 464 
Add: amortization of intangible assets 92  92 
Add: depreciation & amortization of property, equipment and capitalized software 45  45 
Add: divestiture-related charges —  — 
Adjusted EBITDA $ 576  $ 601 
Revenue $ 5,275  $ 5,425 
Adjusted EBITDA Margin 10.9  % 11.1  %
Diluted EPS $ 4.60  $ 4.90 
Add: effect of amortization of intangible assets on diluted EPS 1.10  1.10 
Add: divestiture-related charges —  — 
Adjusted diluted EPS $ 5.70  $ 6.00 
Cash flows from operating activities $ 435  $ 465 
Remove: purchases of property and equipment and capitalized software costs (90) (90)
Free cash flow $ 345  $ 375 
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Maximus, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Three Months
Ended September 30,
For the Year Ended September 30,
2024 2023 2024 2023
(in thousands, except per share amounts)
Revenue $ 1,315,870  $ 1,259,953  $ 5,306,197  $ 4,904,728 
Cost of revenue 1,014,175  969,059  4,054,545  3,876,120 
Gross profit 301,695  290,894  1,251,652  1,028,608 
Selling, general, and administrative expenses 166,901  167,778  671,583  639,223 
Amortization of intangible assets 23,038  23,992  91,570  94,591 
Operating income 111,756  99,124  488,499  294,794 
Interest expense 20,012  20,507  82,440  84,138 
Other (income)/expense, net (925) 442  (450) 363 
Income before income taxes 92,669  78,175  406,509  210,293 
Provision for income taxes 20,165  19,029  99,595  48,501 
Net income $ 72,504  $ 59,146  $ 306,914  $ 161,792 
Earnings per share:
Basic $ 1.20  0.97  $ 5.03  $ 2.65 
Diluted $ 1.19  0.96  $ 4.99  $ 2.63 
Weighted average shares outstanding:
Basic 60,553  61,138  61,049  61,125 
Diluted 61,085  61,617  61,484  61,450 
Dividends declared per share $ 0.30  $ 0.28  $ 1.20  $ 1.12 











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Maximus, Inc.
Consolidated Balance Sheets
(Unaudited)
As of September 30,
2024 2023
(in thousands)
Assets:
Cash and cash equivalents $ 183,123  $ 65,405 
Accounts receivable, net 879,514  826,873 
Income taxes receivable 5,282  16,556 
Prepaid expenses and other current assets 132,625  146,632 
Total current assets 1,200,544  1,055,466 
Property and equipment, net 38,977  38,831 
Capitalized software, net 187,677  107,811 
Operating lease right-of-use assets 133,594  163,929 
Goodwill 1,782,871  1,779,215 
Intangible assets, net 630,569  703,648 
Deferred contract costs, net 59,432  45,372 
Deferred compensation plan assets 55,913  42,919 
Deferred income taxes 14,801  2,459 
Other assets 27,130  46,147 
Total assets $ 4,131,508  $ 3,985,797 
Liabilities and Shareholders' Equity:
Liabilities:
Accounts payable and accrued liabilities $ 303,321  $ 282,081 
Accrued compensation and benefits 237,121  194,251 
Deferred revenue, current portion 83,238  60,477 
Income taxes payable 26,535  451 
Long-term debt, current portion 40,139  86,844 
Operating lease liabilities, current portion 47,656  49,852 
Other current liabilities 69,519  49,058 
Total current liabilities 807,529  723,014 
Deferred revenue, non-current portion 45,077  38,849 
Deferred income taxes 169,118  203,898 
Long-term debt, non-current portion 1,091,954  1,163,149 
Deferred compensation plan liabilities, non-current portion 57,599  46,432 
Operating lease liabilities, non-current portion 97,221  129,367 
Other liabilities 20,195  13,253 
Total liabilities 2,288,693  2,317,962 
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 60,352 and 60,998 shares issued and outstanding as of September 30, 2024 and 2023, respectively
598,304  577,898 
Accumulated other comprehensive loss (32,460) (27,615)
Retained earnings 1,276,971  1,117,552 
Total shareholders' equity 1,842,815  1,667,835 
Total liabilities and shareholders' equity $ 4,131,508  $ 3,985,797 
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Maximus, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
For the Three Months
Ended September 30,
For the Year
Ended September 30,
2024 2023 2024 2023
(in thousands)
Cash flows from operating activities:
Net income $ 72,504  $ 59,146  $ 306,914  $ 161,792 
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment and capitalized software 9,811  17,633  33,957  54,725 
Amortization of intangible assets 23,038  23,992  91,570  94,591 
Amortization of debt issuance costs and debt discount 635  601  3,534  2,837 
Deferred income taxes (32,252) (823) (36,022) 1,552 
Stock compensation expense 7,744  7,283  35,349  29,522 
Loss on sale of businesses —  —  1,018  883 
Change in assets and liabilities, net of effects of business combinations and disposals:
Accounts receivable (24,034) (31,076) (50,562) (23,401)
Prepaid expenses and other current assets (8,751) (20,242) 10,565  859 
Deferred contract costs (4,778) 443  (13,155) 2,688 
Accounts payable and accrued liabilities 19,926  814  18,267  17,729 
Accrued compensation and benefits 59,290  44,262  38,247  12,650 
Deferred revenue 10,455  19,624  28,534  (12,123)
Income taxes 21,729  16,228  32,305  (16,958)
Operating lease right-of-use assets and liabilities 225  1,707  (1,906) (2,035)
Other assets and liabilities 8,292  4,997  16,643  (10,971)
Net cash provided by operating activities 163,834  144,589  515,258  314,340 
Cash flows from investing activities:
Purchases of property and equipment and capitalized software (31,953) (31,832) (114,190) (90,695)
Asset acquisition —  (17,999) — 
Proceeds from divestitures 608  3,085  9,732 
Net cash used in investing activities (31,939) (31,224) (129,104) (80,963)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders (18,054) (17,020) (72,901) (68,073)
Purchases of Maximus common stock (25,794) —  (73,069) — 
Tax withholding related to RSU vesting —  —  (13,455) (8,475)
Payments for contingent consideration —  (2,769) (10,977) (9,431)
Payments for debt financing costs —  —  (9,724) — 
Proceeds from borrowings 250,000  161,901  1,100,166  844,299 
Principal payments for debt (259,377) (222,460) (1,212,202) (952,974)
Cash-collateralized escrow liabilities 7,398  (1,601) 16,516  (56,144)
Net cash used in financing activities (45,827) (81,949) (275,646) (250,798)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1,894  (1,018) 3,164  2,717 
Net change in cash, cash equivalents, and restricted cash 87,962  30,398  113,672  (14,704)
Cash, cash equivalents and restricted cash, beginning of period 147,801  91,693  122,091  136,795 
Cash, cash equivalents and restricted cash, end of period $ 235,763  $ 122,091  $ 235,763  $ 122,091 
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Maximus, Inc.
Consolidated Results of Operations by Segment
(Unaudited)
For the Three Months
Ended September 30,
For the Year
Ended September 30,
2024 2023 2024 2023
Amount % (1) Amount % (1) Amount % (1) Amount % (1)
(dollars in thousands)
Revenue:
U.S. Federal Services $ 675,117  $ 617,404  $ 2,737,244  $ 2,403,606 
U.S. Services 463,555  473,827  1,911,813  1,812,069 
Outside the U.S. 177,198  168,722  657,140  689,053 
Revenue $ 1,315,870  $ 1,259,953  $ 5,306,197  $ 4,904,728 
Gross profit:
U.S. Federal Services $ 159,688  23.7% $ 155,373  25.2% $ 665,762  24.3% $ 557,886  23.2%
U.S. Services 110,290  23.8% 109,389  23.1% 479,787  25.1% 377,541  20.8%
Outside the U.S. 31,717  17.9% 26,132  15.5% 106,103  16.1% 93,181  13.5%
Gross profit $ 301,695  22.9% $ 290,894  23.1% $ 1,251,652  23.6% $ 1,028,608  21.0%
Selling, general, and administrative expenses:
U.S. Federal Services $ 84,469  12.5% $ 78,606  12.7% $ 332,140  12.1% $ 308,197  12.8%
U.S. Services 58,773  12.7% 54,198  11.4% 232,805  12.2% 194,991  10.8%
Outside the U.S. 23,149  13.1% 26,375  15.6% 98,398  15.0% 102,311  14.8%
Divestiture related charges (2) —  NM 2,868  NM 1,018  NM 3,751  NM
Other (3) 510  NM 5,731  NM 7,222  NM 29,973  NM
Selling, general, and administrative expenses $ 166,901  12.7% $ 167,778  13.3% $ 671,583  12.7% $ 639,223  13.0%
Operating income/(loss):
U.S. Federal Services $ 75,219  11.1% $ 76,767  12.4% $ 333,622  12.2% $ 249,689  10.4%
U.S. Services 51,517  11.1% 55,191  11.6% 246,982  12.9% 182,550  10.1%
Outside the U.S. 8,568  4.8% (243) (0.1)% 7,705  1.2% (9,130) (1.3)%
Amortization of intangible assets (23,038) NM (23,992) NM (91,570) NM (94,591) NM
Divestiture related charges (2) —  NM (2,868) NM (1,018) NM (3,751) NM
Other (3) (510) NM (5,731) NM (7,222) NM (29,973) NM
Operating income $ 111,756  8.5% $ 99,124  7.9% $ 488,499  9.2% $ 294,794  6.0%
        
(1)Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM."
(2)During fiscal years 2024 and 2023, we sold a number of businesses in our Outside the U.S. Segment.
(3)Other includes credits and costs that are not allocated to a particular segment, including charges related to acquisitions, divestitures, and certain legal activities. For fiscal year 2023, these included charges of $29.3 million related to a previously disclosed cybersecurity incident.
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Maximus, Inc.
Consolidated Free Cash Flows - Non-GAAP
(Unaudited)
For the Three Months
Ended September 30,
For the Year Ended September 30,
2024 2023 2024 2023
(in thousands)
Net cash provided by operating activities $ 163,834  $ 144,589  $ 515,258  $ 314,340 
Purchases of property and equipment and capitalized software (31,953) (31,832) (114,190) (90,695)
Free cash flow $ 131,881  $ 112,757  $ 401,068  $ 223,645 
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Maximus, Inc.
Non-GAAP Adjusted Results - Operating Income, Adjusted EBITDA, Net Income, and Diluted Earnings per Share
(Unaudited)
For the Three Months Ended September 30, For the Year Ended September 30,
2024 2023 2024 2023
(dollars in thousands, except per share data)
Operating income $ 111,756  $ 99,124  $ 488,499  $ 294,794 
Add back: Amortization of intangible assets 23,038  23,992  91,570  94,591 
Add back: Divestiture-related charges —  2,868  1,018  3,751 
Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) $ 134,794  $ 125,984  $ 581,087  $ 393,136 
Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) 10.2  % 10.0  % 11.0  % 8.0  %
Add back: Depreciation and amortization of property, equipment, and capitalized software 9,811  17,633  33,957  54,725 
Adjusted EBITDA (Non-GAAP) $ 144,605  $ 143,617  $ 615,044  $ 447,861 
Adjusted EBITDA margin (Non-GAAP) 11.0  % 11.4  % 11.6  % 9.1  %
Net income $ 72,504  $ 59,146  $ 306,914  $ 161,792 
Add back: Amortization of intangible assets, net of tax 16,973  17,682  67,481  69,714 
Add back: Divestiture-related charges —  2,868  1,018  3,751 
Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) $ 89,477  $ 79,696  $ 375,413  $ 235,257 
Diluted earnings per share $ 1.19  $ 0.96  $ 4.99  $ 2.63 
Add back: Effect of amortization of intangible assets on diluted earnings per share 0.27  0.28  1.10  1.14 
Add back: Effect of divestiture-related charges on diluted earnings per share —  0.05  0.02  0.06 
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) $ 1.46  $ 1.29  $ 6.11  $ 3.83 
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