MAXIMUS, INC.
For the period ended Sep 30, 2025. Filed Nov 20, 2025.
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FY2025 · Filed Nov 20, 2025
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14. Other Items
- OTHER ITEMS
Accounts Receivable, Net
| Table 14.1: Details of Accounts Receivable, Net | ||
|---|---|---|
| As of September 30, | ||
| 2025 | 2024 | |
| (in thousands) | ||
| Billed and billable receivables | $720,495 | $734,817 |
| Unbilled receivables | 187,372 | 149,488 |
| Allowance for credit losses | (9,772) | (4,791) |
| Accounts receivable, net | $898,095 | $879,514 |
| Table 14.2: Changes in Allowance for Credit Losses | |||
|---|---|---|---|
| For the Year Ended September 30, | |||
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Balance at beginning of period | $4,791 | $3,719 | $8,273 |
| Provision for estimated credit losses | 8,980 | 12,761 | 7,097 |
| Write-offs, net of recoveries | (3,999) | (11,689) | (11,651) |
| Balance at end of period | $9,772 | $4,791 | $3,719 |
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 $250.0 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 fiscal years ended September 30, 2025, 2024, and 2023 the value of accounts receivables transferred to Wells Fargo and derecognized from our balance sheet was $732.1 million, $334.3 million, and $450.4 million respectively. In exchange for these sales, we received cash of $727.7 million, $332.2 million, and $447.7 million for the same periods, respectively. The difference, 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.
Property and Equipment, Net
| Table 14.3: Details of Property and Equipment, Net | ||
|---|---|---|
| As of September 30, | ||
| 2025 | 2024 | |
| (in thousands) | ||
| Office furniture and equipment | $108,920 | $123,027 |
| Leasehold improvements | 65,944 | 78,894 |
| Property and equipment, at cost | 174,864 | 201,921 |
| Accumulated depreciation | (143,892) | (162,944) |
| Property and equipment, net | $30,972 | $38,977 |
Depreciation expense for the fiscal years ended September 30, 2025, 2024, and 2023, was $19.5 million, $19.2 million, and $28.4 million, respectively. This expense was recorded within "cost of revenue" and "selling, general, and administrative expenses" on our consolidated statements of operations.
Capitalized Software Costs, Net
Capitalized software is recorded at cost and includes purchased, internally-developed, and externally-developed software used in our operations. Amortization expense is provided using the straight-line method over the estimated useful lives of the software.
A summary of activities related to capitalized software costs is shown below:
| Table 14.4: Details of Capitalized Software, Net | ||
|---|---|---|
| As of September 30, | ||
| 2025 | 2024 | |
| (in thousands) | ||
| Capitalized software | $339,141 | $290,426 |
| Accumulated amortization | (124,881) | (102,749) |
| Capitalized software, net | $214,260 | $187,677 |
Amortization expense related to capitalized software for the fiscal years ended September 30, 2025, 2024, and 2023 was $22.2 million, $14.8 million, and $26.3 million, respectively. Amortization of capitalized software costs are recorded within our "cost of revenue" and "selling, general, and administrative expenses" on our consolidated statements of operations.
Deferred Contract Costs, Net
Deferred contract costs consist of contractually recoverable costs to fulfill services related to long-term service contracts. These costs include direct and incremental costs incurred prior to the commencement of providing service to our customer. These costs are expensed over the period the services are provided using the straight-line method.
A summary of activities related to deferred contract costs is shown below:
| Table 14.5: Details of Deferred Contracts Costs, Net | ||
|---|---|---|
| As of September 30, | ||
| 2025 | 2024 | |
| (in thousands) | ||
| Deferred contract costs | $100,771 | $94,253 |
| Accumulated amortization | (37,439) | (34,821) |
| Deferred contract costs, net | $63,332 | $59,432 |
Amortization expense related to deferred contract costs for the fiscal years ended September 30, 2025, 2024, and 2023 was $12.1 million, $9.8 million, and $12.7 million, respectively. These amounts were recorded within our "cost of revenue" on our consolidated statements of operations.
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