MAXIMUS, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MAXIMUS, INC. has filed its Q2 2024 10-Q report, detailing financial performance and operations for the quarter ending March 31, 2024.</b>

AI Summary

MAXIMUS, INC. (MMS) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. MAXIMUS, INC. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Comparative data for the same period in 2023 (January 1, 2023, to March 31, 2023) is included. The report also includes data for the six months ended March 31, 2024, and March 31, 2023. The company's fiscal year ends on September 30.

Why It Matters

For investors and stakeholders tracking MAXIMUS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of MAXIMUS, INC., crucial for understanding recent performance and making informed investment decisions. The inclusion of comparative periods allows for an analysis of trends and year-over-year changes in the company's financial health and operational results.

Risk Assessment

Risk Level: low — MAXIMUS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess revenue trends, profitability, and any changes in operational performance for MAXIMUS, INC.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly Report)
• 2024-05-09 — Filing Date (Quarterly Report)
• 2023-03-31 — Comparative Period End Date (Quarterly Report)

Key Players & Entities

• MAXIMUS, INC. (company) — Filer name
• MMS (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-09 (date) — Filing date
• VA (location) — State of incorporation
• 7032518500 (phone) — Business phone number

FAQ

Industry Context

MAXIMUS, INC. operates in the business services sector, providing government health and human services programs. This sector is characterized by significant government contracts and regulatory oversight.

Regulatory Implications

As a government contractor, MAXIMUS, INC. is subject to various federal and state regulations governing its operations, contract compliance, and data privacy. The 10-Q filing reflects adherence to these reporting requirements.

What Investors Should Do

1. Analyze the revenue and net income trends for the reported quarter and year-to-date periods.
2. Examine any disclosures related to government contracts, potential awards, or challenges.
3. Review the balance sheet and cash flow statement for financial health indicators.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the period ending March 31, 2024, and includes comparative data from the prior year's quarter. Specific financial figures and changes from the previous filing are not detailed in the header information.

Filing Documents

• mms-20240331.htm (10-Q) — 1148KB
• a311-mmsx2024x03x31xxex31x1.htm (EX-31.1) — 11KB
• a312-mmsx2024x03x31xxex31x2.htm (EX-31.2) — 11KB
• a321-mmsx2024x03x31xxex32x1.htm (EX-32.1) — 6KB
• a322-mmsx2024x03x31xxex32x2.htm (EX-32.2) — 5KB
• mms-20240331_g1.jpg (GRAPHIC) — 18KB
• 0001032220-24-000050.txt (&nbsp;) — 5758KB
• mms-20240331.xsd (EX-101.SCH) — 31KB
• mms-20240331_cal.xml (EX-101.CAL) — 61KB
• mms-20240331_def.xml (EX-101.DEF) — 161KB
• mms-20240331_lab.xml (EX-101.LAB) — 486KB
• mms-20240331_pre.xml (EX-101.PRE) — 334KB
• mms-20240331_htm.xml (XML) — 808KB

- 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 10 1. Organization 10 2. Significant Accounting Policies 10 3. Business Segments 11 4. Revenue Recognition 13 5. Earnings Per Share 15 6. Debt and Derivatives 15 7. Acquisitions and Divestitures 16 8. Fair Value Measurements 16 9. Equity 18 10. Other Balance Sheet Items 18 11. Commitments and Contingencies 19 12. Subsequent Event 21 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 22 Business Overview 22 Financial Overview 23 Results of Operations 23 Liquidity and Capital Resources 27 Critical Accounting Policies and Estimates 31 Non-GAAP and Other Measures 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

- Other Information

Part II - Other Information 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 34

Signatures

Signatures 35 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 For the Six Months Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 (in thousands, except per share amounts) Revenue $ 1,348,357 $ 1,206,852 $ 2,675,398 $ 2,456,098 Cost of revenue 1,030,768 978,249 2,057,755 1,982,748 Gross profit 317,589 228,603 617,643 473,350 Selling, general, and administrative expenses 168,454 142,448 337,649 288,900 Amortization of intangible assets 21,641 23,650 44,990 47,168 Operating income 127,494 62,505 235,004 137,282 Interest expense 20,366 20,999 41,873 42,605 Other expense/(income), net ( 822 ) ( 818 ) ( 334 ) ( 1,084 ) Income before income taxes 107,950 42,324 193,465 95,761 Provision for income taxes 27,440 10,536 48,807 23,978 Net income $ 80,510 $ 31,788 $ 144,658 $ 71,783 Earnings per share: Basic $ 1.31 $ 0.52 $ 2.36 $ 1.17 Diluted $ 1.31 $ 0.52 $ 2.35 $ 1.17 Weighted average shares outstanding: Basic 61,371 61,120 61,330 61,119 Diluted 61,622 61,383 61,573 61,265 Dividends declared per share $ 0.30 $ 0.28 $ 0.60 $ 0.56 See accompanying notes to consolidated financial statements. 4 Table of Contents Maximus, Inc. Consolidated Statements of Comprehensive Income (Unaudited) For the Three Months Ended For the Six Months Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 (in thousands) Net income $ 80,510 $ 31,788 $ 144,658 $ 71,783 Other comprehensive (loss)/income, net of tax: Foreign currency translation adjustments ( 2,245 ) 965 3,667 9,001 Net gains/(losses) on cash flow hedge, net of tax effect of $ 957 , $( 1,630 ), $( 2,212 ), and $( 2,979 ), respectively 2,684 ( 4,562 ) ( 6,201 ) ( 8,343 ) Other comprehensive income/(loss) 439 ( 3,597 ) ( 2,534 ) 658 Comprehensive income $ 80,949 $ 28,191 $ 142,124 $ 72,441 See accompanying notes to consolidated financial statements. 5 Table of Contents Maximus, Inc. Consolidated Bala

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