MAXIMUS, INC. Files Q1 Fiscal 2025 10-Q Report

TL;DR

MAXIMUS Q1 FY25 10-Q filed. Check financials.

AI Summary

MAXIMUS, INC. filed its 10-Q for the period ending December 31, 2024. The filing covers the first quarter of their fiscal year. Key financial data and operational details for this period are presented, including comparative figures from the prior year's quarter.

Why It Matters

This report provides investors and analysts with a detailed look at MAXIMUS, INC.'s financial performance and position as of the end of the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.

Key Numbers

• 2024-12-31 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2023-12-31 — Prior Year Period End Date (Provides a basis for year-over-year comparison.)
• 2025-02-03 — Filing Date (The date the document was officially submitted to the SEC.)

Key Players & Entities

• MAXIMUS, INC. (company) — Filer of the 10-Q report
• 2024-12-31 (date) — End of the reporting period
• 2025-02-06 (date) — Date the filing was made
• 2023-12-31 (date) — Comparative period end date

FAQ

Filing Documents

• mms-20241231.htm (10-Q) — 901KB
• a311-mmsx2024x12x31xxex31x1.htm (EX-31.1) — 11KB
• a312-mmsx2024x12x31xxex31x2.htm (EX-31.2) — 11KB
• a321-mmsx2024x12x31xxex32x1.htm (EX-32.1) — 6KB
• a322-mmsx2024x12x31xxex32x2.htm (EX-32.2) — 5KB
• mms-20241231_g1.jpg (GRAPHIC) — 18KB
• 0001032220-25-000016.txt ( ) — 5290KB
• mms-20241231.xsd (EX-101.SCH) — 33KB
• mms-20241231_cal.xml (EX-101.CAL) — 60KB
• mms-20241231_def.xml (EX-101.DEF) — 165KB
• mms-20241231_lab.xml (EX-101.LAB) — 514KB
• mms-20241231_pre.xml (EX-101.PRE) — 336KB
• mms-20241231_htm.xml (XML) — 624KB

- 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 14 6. Divestitures 14 7. Debt and Derivatives 15 8. Fair Value Measurements 16 9. Equity 17 10. Other Balance Sheet Items 18 11. Commitments and Contingencies 19 12. Subsequent Event 20 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 21 Business Overview 21 Financial Overview 22 Results of Operations 22 Liquidity and Capital Resources 26 Critical Accounting Policies and Estimates 29 Non-GAAP and Other Measures 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

- Other Information

Part II - Other Information 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 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. 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

- 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, 2024 December 31, 2023 (in thousands, except per share amounts) Revenue $ 1,402,675 $ 1,327,041 Cost of revenue 1,101,118 1,026,987 Gross profit 301,557 300,054 Selling, general, and administrative expenses 191,735 169,195 Amortization of intangible assets 23,035 23,349 Operating income 86,787 107,510 Interest expense 17,522 21,507 Other expense, net 312 488 Income before income taxes 68,953 85,515 Provision for income taxes 27,757 21,367 Net income $ 41,196 $ 64,148 Earnings per share: Basic $ 0.69 $ 1.05 Diluted $ 0.69 $ 1.04 Weighted average shares outstanding: Basic 59,733 61,322 Diluted 60,002 61,535 Dividends declared per share $ 0.30 $ 0.30 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, 2024 December 31, 2023 (in thousands) Net income $ 41,196 $ 64,148 Other comprehensive income, net of tax: Foreign currency translation adjustments 10,452 5,912 Net gains/(losses) on cash flow hedges, net of tax provision/(benefit) of $ 876 and $( 3,169 ), respectively 2,454 ( 8,885 ) Other comprehensive income/(loss) 12,906 ( 2,973 ) Comprehensive income $ 54,102 $ 61,175 See accompanying notes to consolidated financial statements. 5 Table of Contents Maximus, Inc. Consolidated Balance Sheets December 31, 2024 September 30, 2024 (unaudited) (in thousands) Assets: Cash and cash equivalents $ 72,653 $ 183,123 Accounts receivable, net 962,650 879,514 Income taxes receivable 1,384 5,282 Prepaid expenses and other current assets 128,691 132,625 Total current assets 1,165,378 1,200,544 Property and equipment, net 37,905 38,977 Capitalized software, net 200,070 187,677 Operating lease right-of-use assets 118,749 133,594 Goodwill 1,779,68

View Full Filing

View this 10-Q filing on SEC EDGAR