MAXIMUS, INC. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>MAXIMUS, INC. filed its quarterly report (10-Q) for the period ending December 31, 2023, providing an update on its financial performance and business operations.</b>

AI Summary

MAXIMUS, INC. (MMS) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. MAXIMUS, INC. reported financial results for the quarter ending December 31, 2023. The filing covers the period from October 1, 2023, to December 31, 2023. The company is incorporated in Virginia (VA) and has a fiscal year end of September 30. MAXIMUS, INC. is classified under SIC code 7389 (Services-Business Services, NEC). The filing is a 10-Q, indicating a quarterly report under the 1934 Securities Exchange Act.

Why It Matters

For investors and stakeholders tracking MAXIMUS, INC., this filing contains several important signals. This 10-Q filing provides investors with crucial, up-to-date financial information for MAXIMUS, INC., enabling informed investment decisions. Understanding the company's performance in the quarter ending December 31, 2023, is essential for assessing its current financial health and future prospects.

Risk Assessment

Risk Level: medium — MAXIMUS, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative events.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or significant changes in revenue, expenses, or profitability.

Key Numbers

• 2023-12-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-08 — Filing Date (FILED AS OF DATE)
• 7389 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• VA — State of Incorporation (STATE OF INCORPORATION)
• 0930 — Fiscal Year End (FISCAL YEAR END)
• 001-12997 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• MAXIMUS, INC. (company) — CONFORMED NAME
• 0001032220 (company) — CENTRAL INDEX KEY
• 7389 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• VA (company) — STATE OF INCORPORATION
• 10-Q (regulator) — FORM TYPE
• 1934 Act (regulator) — SEC ACT
• 001-12997 (regulator) — SEC FILE NUMBER
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT

Forward-Looking Statements

• MAXIMUS, INC. will continue to maintain its 'Large accelerated filer' status in future filings. (MAXIMUS, INC.) — high confidence, target: 2024-09-30

FAQ

Key Dates

• 2024-02-08: Filing Date — Indicates the date the 10-Q report was officially submitted to the SEC.
• 2023-12-31: Reporting Period End Date — Marks the end of the fiscal quarter for which the financial results are reported.

Filing Documents

• mms-20231231.htm (10-Q) — 839KB
• a311-mmsx2023x12x31xxex31x1.htm (EX-31.1) — 11KB
• a312-mmsx2023x12x31xxex31x2.htm (EX-31.2) — 11KB
• a321-mmsx2023x12x31xxex32x1.htm (EX-32.1) — 6KB
• a322-mmsx2023x12x31xxex32x2.htm (EX-32.2) — 5KB
• mms-20231231_g1.jpg (GRAPHIC) — 18KB
• 0001032220-24-000015.txt (&nbsp;) — 4991KB
• mms-20231231.xsd (EX-101.SCH) — 29KB
• mms-20231231_cal.xml (EX-101.CAL) — 61KB
• mms-20231231_def.xml (EX-101.DEF) — 154KB
• mms-20231231_lab.xml (EX-101.LAB) — 524KB
• mms-20231231_pre.xml (EX-101.PRE) — 325KB
• mms-20231231_htm.xml (XML) — 575KB

- Financial Information

Part I - Financial Information 4 Item 1.

Financial Statements

Financial Statements 4 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income 5 Consolidated Balance Sheets 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Changes in Shareholders' Equity 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 1. Organization 9 2. Significant Accounting Policies 9 3. Business Segments 10 4. Revenue Recognition 12 5. Earnings Per Share 13 6. Debt and Derivatives 14 7. Fair Value Measurements 14 8. Equity 16 9. Other Balance Sheet Items 17 10. Commitments and Contingencies 18 11. Subsequent Event 19 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Business Overview 20 Financial Overview 21 Results of Operations 21 Liquidity and Capital Resources 24 Critical Accounting Policies and Estimates 28 Non-GAAP and Other Measures 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

- Other Information

Part II - Other Information 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securitie s and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

Signatures

Signatures 33 2 Table of Contents Unless otherwise specified, references in this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-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 demand, and our recent acquisitions 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 th

- Financial Information

PART I - Financial Information

Financial Statements

Item 1. Financial Statements Maximus, Inc. Consolidated Statements of Operations (Unaudited) For the Three Months Ended December 31, 2023 December 31, 2022 (in thousands, except per share amounts) Revenue $ 1,327,041 $ 1,249,246 Cost of revenue 1,026,987 1,004,499 Gross profit 300,054 244,747 Selling, general, and administrative expenses 169,195 146,452 Amortization of intangible assets 23,349 23,518 Operating income 107,510 74,777 Interest expense 21,507 21,606 Other expense/(income), net 488 ( 266 ) Income before income taxes 85,515 53,437 Provision for income taxes 21,367 13,442 Net income $ 64,148 $ 39,995 Earnings per share: Basic $ 1.05 $ 0.65 Diluted $ 1.04 $ 0.65 Weighted average shares outstanding: Basic 61,322 61,117 Diluted 61,535 61,196 Dividends declared per share $ 0.30 $ 0.28 See accompanying notes to consolidated financial statements. 4 Table of Contents Maximus, Inc. Consolidated Statements of Comprehensive Income (Unaudited) For the Three Months Ended December 31, 2023 December 31, 2022 (in thousands) Net income $ 64,148 $ 39,995 Other comprehensive (loss)/income, net of tax: Foreign currency translation adjustments 5,912 8,036 Net losses on cash flow hedges, net of tax effect of $( 3,169 ) and $( 1,349 ), respectively ( 8,885 ) ( 3,781 ) Other comprehensive (loss)/income ( 2,973 ) 4,255 Comprehensive income $ 61,175 $ 44,250 See accompanying notes to consolidated financial statements. 5 Table of Contents Maximus, Inc. Consolidated Balance Sheets December 31, 2023 September 30, 2023 (unaudited) (in thousands) Assets: Cash and cash equivalents $ 104,186 $ 65,405 Accounts receivable, net 860,409 826,873 Income taxes receivable 15,850 16,556 Prepaid expenses and other current assets 129,174 146,632 Total current assets 1,109,619 1,055,466 Property and equipment, net 34,976 38,831 Capitalized software, net 125,383 107,811 Operating lease right-of-use assets 154,929 163,929 Goodwill

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View this 10-Q filing on SEC EDGAR