MAXIMUS, INC. Files 2024 Annual Report

TL;DR

MAXIMUS 10-K filed: FY24 results are in, check the financials.

AI Summary

MAXIMUS, INC. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its business operations and financial condition. The company, incorporated in Virginia, operates in the business services sector. Key financial data and operational details for the fiscal years 2021 through 2024 are presented within the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of MAXIMUS, INC.'s performance, financial health, and strategic outlook for the past fiscal year.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and forward-looking statements, typical for publicly traded companies.

Key Numbers

• 2024-09-30 — Fiscal Year End (End date for the reported fiscal year)
• 2024-11-21 — Filing Date (Date the 10-K was officially submitted to the SEC)
• 2021-2024 — Fiscal Years Covered (Range of fiscal years for which data is presented)

Key Players & Entities

• MAXIMUS, INC. (company) — Filer of the 10-K report
• 2024-09-30 (date) — Fiscal year end date
• 2024-11-21 (date) — Filing date
• VA (location) — State of incorporation
• 7032518500 (phone_number) — Business phone number

FAQ

Filing Documents

• mms-20240930.htm (10-K) — 1936KB
• a1012-formofrestrictedstoc.htm (EX-10.12) — 113KB
• a1013-formofperformancexba.htm (EX-10.13) — 141KB
• a1015-separationandrelease.htm (EX-10.15) — 45KB
• a1016-separationandrelease.htm (EX-10.16) — 42KB
• a191insidertradingpolicy.htm (EX-19.1) — 31KB
• a211-mmsx2024x09x30xxex211.htm (EX-21.1) — 22KB
• a231-mmsx2024x09x30xxex23x1.htm (EX-23.1) — 4KB
• a311-mmsx2024x09x30xxex31x1.htm (EX-31.1) — 11KB
• a312-mmsx2024x09x30xxex31x2.htm (EX-31.2) — 11KB
• a321-mmsx2024x09x30xxex32x1.htm (EX-32.1) — 6KB
• a322-mmsx2024x09x30xxex32x2.htm (EX-32.2) — 5KB
• a971-maximus_secxnyseclawb.htm (EX-97.1) — 36KB
• image_1a.jpg (GRAPHIC) — 16KB
• image_1b.jpg (GRAPHIC) — 16KB
• image_2a.jpg (GRAPHIC) — 13KB
• image_2b.jpg (GRAPHIC) — 13KB
• image_3a.jpg (GRAPHIC) — 37KB
• image_3b.jpg (GRAPHIC) — 37KB
• image_4a.jpg (GRAPHIC) — 5KB
• image_4b.jpg (GRAPHIC) — 5KB
• mms-20240930_g1.jpg (GRAPHIC) — 18KB
• mms-20240930_g2.jpg (GRAPHIC) — 145KB
• 0001032220-24-000094.txt ( ) — 11558KB
• mms-20240930.xsd (EX-101.SCH) — 55KB
• mms-20240930_cal.xml (EX-101.CAL) — 110KB
• mms-20240930_def.xml (EX-101.DEF) — 321KB
• mms-20240930_lab.xml (EX-101.LAB) — 816KB
• mms-20240930_pre.xml (EX-101.PRE) — 603KB
• mms-20240930_htm.xml (XML) — 1639KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 Part II. 29 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Business Overview 31 Financial Overview 31 Results of Operations 32 Backlog 37 Liquidity and Capital Resources 37 Critical Accounting Policies and Estimates 42 Non-GAAP and Other Measures 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 46 Consolidated Statements of Operations 48 Consolidated Statements of Comprehensive Income 49 Consolidated Balance Sheets 50 Consolidated Statements of Cash Flows 51 Consolidated Statements of Changes in Shareholders' Equity 52 Notes to the Consolidated Financial Statements 53 1. Organization 53 2. Significant Accounting Policies 53 3. Business Segments 59 4. Revenue Recognition 61 5. Earnings Per Share 63 6. Debt and Derivatives 64 7. Acquisitions and Divestitures 66 8. Goodwill and Intangibles 67 9. Fair Value Measurements 68 10. Leases 70 11. Income Taxes 71 12. Equity 74 13. Cash and Cash Equivalents and Restricted Cash 75 2 Table of Contents Table of Contents to 2024 Form 10-K (continued) 14. Other Balance Sheet Components 75 15. Commitments and Contingencies 77 16. Employee Benefit Plans and Deferred Compensation 79 17. Subsequent Events 79 Item 9. Changes in and Disagreement with Accountants on Accounting and Financial Disclosure 80 Item 9A.

Controls and Procedures

Controls and Procedures 80 Item 9B. Other Information 82 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 Part III. 83 Item 10. Directors, Executive Officers and Corporate Governance 83 Item 11.

Executive Compensation

Executive Compensation 83 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83 Item 13. Certain Relationships and Related Transactions, and Director Independence 83 Item 14. Principal Accountant Fees and Services 83 Part IV. 84 Item 15. Exhibits and Financial Statement Schedules 84 Item 16. Form 10-K Summary 86

Signatures

Signatures 87 3 Table of Contents Unless otherwise specified, references in this Annual Report on Form 10-K to "our," "we," "us," "Maximus," the "Company," and "our business" refer to Maximus, Inc. and its subsidiaries. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Included in this Annual Report on Form 10-K are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. F orward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "opportunity," "could," "potential," "believe," "project," "estimate," "expect," "continue," "forecast," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Any statements herein that are not historical facts, including statements about our confidence, strategies and initiatives, and our expectations about revenues, results of operations, profitability, liquidity, market dema nd, and our recent acquisitio ns and divestitures, are forward-looking statements that are subject to risks and uncertainties. These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: a failure to meet performance requirements could lead to penalties, liquidated damages, actual damages, adverse settlement agreements, and/or contract termination; our ability to successfully compete, bid for, and accurately price contracts to generate our desired profit; the effects of future legislative or government budgetary and spending changes; the impact of the U.S. government on federal procurement, federal funding to states' safety-net programs, and the o

Business

Item 1. Business General Maximus, under its mission of Moving People Forward, helps millions of people access the vital government services they need. With nearly 50 years of experience working with local, state, federal, and international government clients, we proudly design, develop, and deliver innovative and impactful programs that change lives. We are driven to strengthen communities and improve the lives of those we serve. We create value for our customers through our ability to translate health and human services public policy into operating models that achieve outcomes for governments at scale. Our work covers a broad array of services, including the operation of large health insurance eligibility and enrollment programs; clinical services, including assessments, appeals, and independent medical reviews; and technology services. These services benefit from a market with increasing demographic demand, constrained government budgets, and an increased focus on technology as governments prioritize modernization. We also demonstrate the ability to move quickly, ranging from digitally enabled contact center support services for natural disaster response to swift establishments of public health and safety initiatives, examples of which occurred during the COVID-19 pandemic. Our organic growth through increased contract scope and entry into new markets has been supplemented by strategic acquisitions. In recent years, three acquisitions enhanced our qualifications for servicing the U.S. Federal Government in areas of clinical assessments, leading technology consulting solutions, and digitally-enabled contact center services. We are progressing through our strategic plan introduced in fiscal year 2022. We believe in further expansion of our business and remain in a strong position to capitalize on organic growth opportunities in our core business. Our strategic plan consists of three central pillars: Customer Services, Digitally Enabled. Elevate the customer exp

View Full Filing

View this 10-K filing on SEC EDGAR