MAXIMUS INC
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
MMS$66.12+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| For the Three Months Ended | ||
|---|---|---|
| December 31, 2023 | December 31, 2022 | |
| (in thousands) | ||
| Cash flows from operating activities: | ||
| Net income | $64,148 | $39,995 |
| Adjustments to reconcile net income to cash flows from operations: | ||
| Depreciation and amortization of property, equipment, and capitalized software | 8,411 | 12,280 |
| Amortization of intangible assets | 23,349 | 23,518 |
| Amortization of debt issuance costs and debt discount | 601 | 1,034 |
| Deferred income taxes | (2,165) | (1,331) |
| Stock compensation expense | 9,427 | 4,403 |
| Loss on sale of a businesses | 1,018 | — |
| Change in assets and liabilities, net of effects of business combinations: | ||
| Accounts receivable | (35,379) | (200,749) |
| Prepaid expenses and other current assets | 10,056 | 10,624 |
| Deferred contract costs | (888) | (1,013) |
| Accounts payable and accrued liabilities | (15,543) | 3,642 |
| Accrued compensation and benefits | (67,392) | (53,271) |
| Deferred revenue | 877 | 14,764 |
| Income taxes | 22,250 | 9,465 |
| Operating lease right-of-use assets and liabilities | (1,088) | (948) |
| Other assets and liabilities | 3,926 | 2,928 |
| Net cash provided by/(used in) operating activities | 21,608 | (134,659) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment and capitalized software | (22,247) | (15,697) |
| Proceeds from divestitures | 1,815 | — |
| Net cash used in investing activities | (20,432) | (15,697) |
| Cash flows from financing activities: | ||
| Cash dividends paid to Maximus shareholders | (18,299) | (17,017) |
| Tax withholding related to RSU vesting | (13,455) | (8,475) |
| Payments for contingent consideration | (2,819) | (1,415) |
| Proceeds from borrowings | 228,409 | 268,702 |
| Principal payments for debt | (166,658) | (61,355) |
| Cash-collateralized escrow liabilities | 1,204 | (9,473) |
| Net cash provided by financing activities | 28,382 | 170,967 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,846 | 2,421 |
| Net change in cash, cash equivalents, and restricted cash | 31,404 | 23,032 |
| Cash, cash equivalents, and restricted cash, beginning of period | 122,091 | 136,795 |
| Cash, cash equivalents, and restricted cash, end of period | $153,495 | $159,827 |
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