MAXIMUS, INC.
For the period ended Dec 31, 2024. Filed Feb 6, 2025.
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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, 2024 · Filed Feb 6, 2025
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10. Other Balance Sheet Items
- OTHER BALANCE SHEET ITEMS
Cash, Cash Equivalents, and Restricted Cash
| Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash | ||
|---|---|---|
| December 31, 2024 | September 30, 2024 | |
| (in thousands) | ||
| Cash and cash equivalents | $72,653 | $183,123 |
| Restricted cash | 50,217 | 52,640 |
| Cash, cash equivalents, and restricted cash | $122,870 | $235,763 |
Restricted cash is recorded within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets.
| Table 10.2: Supplemental Disclosures of Cash Flow Information | ||
|---|---|---|
| For the Three Months Ended | ||
| December 31, 2024 | December 31, 2023 | |
| (in thousands) | ||
| Interest payments | $17,559 | $20,522 |
| Income tax payments/(refunds), net | $12,418 | $(588) |
Accounts Receivable, Net
| Table 10.3: Details of Accounts Receivable, Net | ||
|---|---|---|
| December 31, 2024 | September 30, 2024 | |
| (in thousands) | ||
| Billed and billable receivables | $672,288 | $734,817 |
| Unbilled receivables | 295,025 | 149,488 |
| Allowance for credit losses | (4,663) | (4,791) |
| Accounts receivable, net | $962,650 | $879,514 |
We have a Receivables Purchase Agreement with Wells Fargo Bank N.A., under which we may sell certain U.S.-originated accounts receivable balances up to a maximum amount of $200.0 million at any given time. In return for these sales, we receive a cash payment equal to the face value of the receivables less a financing charge.
We account for these transfers as sales. We have no retained interest in the transferred receivables other than administrative responsibilities, and Wells Fargo has no recourse for any credit risk. We estimate that the implicit servicing fees for an arrangement of this size and type would be immaterial.
For the three months ended December 31, 2024 and 2023, the gross fair value of accounts receivables transferred to Wells Fargo and derecognized from our balance sheet was $125.2 million and $108.2 million, respectively. In exchange for these sales, we received cash of $124.4 million and $107.5 million for the same periods, respectively. The balance, representing a loss on sale from these transfers, is included within our selling, general, and administrative expenses. We have recorded these transactions within our operating cash flows.
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