MAXIMUS INC
For the period ended Sep 30, 2024. Filed Nov 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Nov 21, 2024
MMS$66.12+0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| For the Year Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $306,914 | $161,792 | $203,828 |
| Adjustments to reconcile net income to cash flows from operations: | |||
| Depreciation and amortization of property, equipment and capitalized software | 33,957 | 54,725 | 42,330 |
| Amortization of intangible assets | 91,570 | 94,591 | 90,465 |
| Amortization of debt issuance costs and debt discount | 3,534 | 2,837 | 3,012 |
| Gain on sale of land and building | — | — | (11,046) |
| Deferred income taxes | (36,022) | 1,552 | 10,204 |
| Stock compensation expense | 35,349 | 29,522 | 30,476 |
| Loss on sale of businesses | 1,018 | 883 | — |
| Change in assets and liabilities, net of effects of business combinations and disposals: | |||
| Accounts receivable | (50,562) | (23,401) | 14,132 |
| Prepaid expenses and other current assets | 10,565 | 859 | (6,745) |
| Deferred contract costs | (13,155) | 2,688 | (12,056) |
| Accounts payable and accrued liabilities | 18,267 | 17,729 | (32,722) |
| Accrued compensation and benefits | 38,247 | 12,650 | 3,288 |
| Deferred revenue | 28,534 | (12,123) | (19,342) |
| Income taxes | 32,305 | (16,958) | (13,510) |
| Operating lease right-of-use assets and liabilities | (1,906) | (2,035) | (1,112) |
| Other assets and liabilities | 16,643 | (10,971) | (11,363) |
| Net cash provided by operating activities | 515,258 | 314,340 | 289,839 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment and capitalized software | (114,190) | (90,695) | (56,145) |
| Acquisitions of businesses, net of cash acquired | — | — | (14,295) |
| Asset acquisition | (17,999) | — | — |
| Proceeds from divestitures | 3,085 | 9,732 | — |
| Proceeds from the sale of land and building | — | — | 16,431 |
| Net cash used in investing activities | (129,104) | (80,963) | (54,009) |
| Cash flows from financing activities: | |||
| Cash dividends paid to Maximus shareholders | (72,901) | (68,073) | (68,716) |
| Purchases of Maximus common stock | (73,069) | — | (96,119) |
| Tax withholding related to RSU vesting | (13,455) | (8,475) | (9,673) |
| Payments for contingent consideration | (10,977) | (9,431) | (1,369) |
| Payments for debt financing costs | (9,724) | — | — |
| Proceeds from borrowings | 1,100,166 | 844,299 | 615,000 |
| Principal payments for debt | (1,212,202) | (952,974) | (770,658) |
| Cash-collateralized escrow liabilities | 16,516 | (56,144) | 83,264 |
| Net cash used in financing activities | (275,646) | (250,798) | (248,271) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3,164 | 2,717 | (7,334) |
| Net change in cash, cash equivalents, and restricted cash | 113,672 | (14,704) | (19,775) |
| Cash, cash equivalents and restricted cash, beginning of period | 122,091 | 136,795 | 156,570 |
| Cash, cash equivalents and restricted cash, end of period | $235,763 | $122,091 | $136,795 |
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