MAXIMUS, INC. Files Q3 2024 10-Q

TL;DR

MAXIMUS Q3 24 10-Q is in. Check financials.

AI Summary

MAXIMUS, INC. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details revenue, net income, and other financial metrics for the third quarter and the first nine months of fiscal year 2024, comparing them to the prior year periods. Key financial data and business segment information are provided.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for MAXIMUS, INC., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including revenue, expenses, and net income, which are critical for assessing the company's financial health and potential risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240808 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• MAXIMUS, INC. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Date the filing was made
• 7032518500 (dollar_amount) — Business phone number

FAQ

Filing Documents

• mms-20240630.htm (10-Q) — 1222KB
• a311-mmsx2024x06x30xxex31x1.htm (EX-31.1) — 11KB
• a312-mmsx2024x06x30xxex31x2.htm (EX-31.2) — 11KB
• a321-mmsx2024x06x30xxex32x1.htm (EX-32.1) — 6KB
• a322-mmsx2024x06x30xxex32x2.htm (EX-32.2) — 5KB
• mms-20240630_g1.jpg (GRAPHIC) — 18KB
• 0001032220-24-000075.txt ( ) — 6124KB
• mms-20240630.xsd (EX-101.SCH) — 32KB
• mms-20240630_cal.xml (EX-101.CAL) — 57KB
• mms-20240630_def.xml (EX-101.DEF) — 174KB
• mms-20240630_lab.xml (EX-101.LAB) — 517KB
• mms-20240630_pre.xml (EX-101.PRE) — 354KB
• mms-20240630_htm.xml (XML) — 837KB

- 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 17 9. Equity 18 10. Other Balance Sheet Items 19 11. Commitments and Contingencies 20 12. Subsequent Even t 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 35

Signatures

Signatures 36 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 Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (in thousands, except per share amounts) Revenue $ 1,314,929 $ 1,188,677 $ 3,990,327 $ 3,644,775 Cost of revenue 982,615 924,313 3,040,370 2,907,061 Gross profit 332,314 264,364 949,957 737,714 Selling, general, and administrative expenses 167,033 182,545 504,682 471,445 Amortization of intangible assets 23,542 23,431 68,532 70,599 Operating income 141,739 58,388 376,743 195,670 Interest expense 20,555 21,026 62,428 63,631 Other expense/(income), net 809 1,005 475 ( 79 ) Income before income taxes 120,375 36,357 313,840 132,118 Provision for income taxes 30,623 5,494 79,430 29,472 Net income $ 89,752 $ 30,863 $ 234,410 $ 102,646 Earnings per share: Basic $ 1.47 $ 0.50 $ 3.83 $ 1.68 Diluted $ 1.46 $ 0.50 $ 3.81 $ 1.67 Weighted average shares outstanding: Basic 61,079 61,141 61,233 61,125 Diluted 61,381 61,544 61,495 61,368 Dividends declared per share $ 0.30 $ 0.28 $ 0.90 $ 0.84 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 Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (in thousands) Net income $ 89,752 $ 30,863 $ 234,410 $ 102,646 Other comprehensive (loss)/income, net of tax: Foreign currency translation adjustments 412 1,946 4,079 10,947 Net gains/(losses) on cash flow hedge, net of tax provision/(benefit) of $( 427 ), $ 2,513 , $( 2,639 ), and $( 466 ), respectively ( 1,197 ) 7,046 ( 7,398 ) ( 1,297 ) Other comprehensive income/(loss) ( 785 ) 8,992 ( 3,319 ) 9,650 Comprehensive income $ 88,967 $ 39,855 $ 231,091 $ 112,296 See accompanying notes to consolidated financial statements. 5 Table of Contents Maximus, Inc. Consolidated Balance Shee

View Full Filing

View this 10-Q filing on SEC EDGAR