MAXIMUS, INC.
For the period ended Dec 31, 2024. Filed Feb 6, 2025.
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Dec 31, 2024 · Filed Feb 6, 2025
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6. Divestitures
- DIVESTITURES
We have recently made divestitures from our Outside the U.S. Segment.
In December 2024, we sold our businesses in Australia and Korea for a nominal sum. The sale agreement includes up to $5.0 million of contingent consideration based upon future performance. As of December 31, 2024, we have not recorded any potential contingent consideration. Our loss on sale of $38.3 million included approximately $21.3 million of previously unrealized foreign exchange losses, which we had recorded through other comprehensive income. The loss on sale is recorded as "selling, general, and administrative expenses" on our consolidated statement of operations. We also provided an indemnification to the buyer, the fair value of which we estimate to be $9.7 million. No tax benefit is anticipated from this transaction, resulting in a higher tax rate for the quarter ended December 31, 2024.
In November 2023, we sold our businesses in Italy and Singapore, as well as our employment services in Canada, recording a loss of $1.0 million.
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