- COVID-19 Response Work Drives Record
Quarter -
Maximus (NYSE: MMS), a leading provider of government services
worldwide, reported financial results for the three and nine months
ended June 30, 2021.
Highlights for the third quarter of fiscal year 2021
include:
- Record revenue of $1.24 billion beat Company expectations
driven by COVID-19 response work including vaccination distribution
support services, unemployment insurance program support, disease
investigation, contact tracing, and other key initiatives.
- Operating income margin was 11.2% and diluted earnings per
share were $1.51. Amortization of intangible assets was $12.1
million, or $0.15 diluted earnings per share. Adjusting for
amortization of intangible assets, operating income margin and
diluted earnings per share would be 12.2% and $1.66,
respectively.
- The Company is raising guidance for fiscal year 2021 to account
for the strong third quarter results. Revenue is expected to range
between $4.2 billion and $4.25 billion and diluted earnings per
share to range between $4.65 and $4.75.
- The acquired businesses of Attain Federal and VES completed on
March 1, 2021 and May 28, 2021, respectively, are performing
in-line with Company expectations.
- A quarterly cash dividend of $0.28 per share payable on August
31, 2021, to shareholders of record on August 13, 2021.
"I am extremely proud of the team, their accomplishments, and
their ability to deliver outstanding results to our government
customers and raise the bar in demonstrating our capabilities,"
shared Bruce Caswell, President and Chief Executive Officer. "As an
example, on a single day this quarter, nearly 13,000 employees
began their first day of work with Maximus supporting a significant
new COVID response contract for a key customer and underpinned by
one of the largest cloud-based telephony environments ever created
for government capable of handling a half-million calls per
hour."
Caswell continued, "Several months into our relationship
together, I’m even more impressed with the capabilities and
dedication that our Attain Federal and VES teams bring to Maximus.
Already, we see the anticipated acquisition benefits coming to
fruition for the combined companies and for our customers."
Third Quarter Results
For the third quarter of fiscal 2021, revenue increased 38.0% to
$1.24 billion as compared to $901.3 million reported for the
prior-year period driven by COVID-19 response work including
vaccination distribution support services, unemployment insurance
program support, disease investigation, contact tracing, and other
key initiatives. COVID-19 response work contributed approximately
$460 million and $860 million for the three and nine months ended
June 30, 2021, respectively. The profitability of this work has
been steadily improving and now delivers operating income margins
above the Company's corporate average.
For the third quarter of fiscal 2021, operating income totaled
$139.6 million, yielding an operating margin of 11.2%. This
compares to an operating margin of 9.7% for the prior-year period.
Diluted earnings per share were $1.51 as compared to $1.04 for the
prior-year period. Adjusting for amortization of intangible assets,
operating income margin and diluted earnings per share for
amortization of intangible assets would be 12.2% and $1.66,
respectively, for the third quarter of fiscal 2021.
Results for the quarter include a full three months for Attain
Federal and just over one month for VES, contributing revenues of
$56 million and $46 million, respectively.
For the nine months ended June 30, 2021, operating income margin
was 10.8% and diluted earnings per share were $3.84. Amortization
of intangible assets was $23.7 million, or $0.28 diluted earnings
per share. Adjusting for amortization of intangible assets,
year-to-date operating income margin and diluted earnings per share
would be 11.6% and $4.12, respectively.
U.S. Services Segment
U.S. Services Segment revenue for the third quarter of fiscal
2021 increased 29% to $436.3 million as compared to $337.0 million
reported for the prior-year period. COVID-19 response work
contributed an estimated $164 million of revenue to this
segment.
Operating margin for the third quarter of fiscal 2021 was 14.3%
compared to 18.1% reported for the prior-year period. The operating
margin reflects continued headwinds experienced on some of this
segment's core programs, including those impacted by the pause of
Medicaid redeterminations. The segment also experienced a delay in
non-COVID new work, which is now expected to commence next fiscal
year.
The Company expects the U.S. Services Segment to deliver an
operating income margin in the range of 16% to 17% for fiscal
2021.
U.S. Federal Services Segment
U.S. Federal Services Segment revenue for the third quarter of
fiscal 2021 increased to $617.6 million as compared to $450.1
million reported for the prior-year period. As expected, the Census
contract contributed $170.4 million less revenue in the period as
compared to the prior-year period. This was offset by an increase
of COVID response work that exceeded Company expectations and
contributed $280 million of revenue to the segment. Segment results
for the quarter included $56 million of revenue from Attain Federal
and $46 million of revenue from VES for the period starting at the
acquisition date, May 28, 2021.
The operating margin for the third quarter of fiscal 2021 was
13.9% as compared to 8.7% reported for the prior-year period. The
margin benefited from the segment's higher than expected volumes on
the COVID-19 response work.
The Company expects the U.S. Federal Services Segment to deliver
an operating income margin in the range of 10% to 11% for fiscal
2021.
Outside the U.S. Segment
Outside the U.S. Segment revenue for the third quarter of fiscal
2021 increased to $189.6 million as compared to $114.2 million
reported for the prior-year period. Operating income for the third
quarter of fiscal 2021 was $8.3 million which yielded an operating
margin of 4.4%. This compares to an operating loss of $5.8 million
reported for the prior-year period as a result of this segment
experiencing the most pronounced impacts from the pandemic. Results
for the third quarter of fiscal 2021 were slightly better than
expected, driven by favorable performance in the Australia
employment services business.
This segment has several contracts in startup, most notably the
two-region win on the U.K. Restart program. This contract is
responsible for the largest share of the estimated startup losses
which are more heavily weighted to the fourth quarter of fiscal
2021. The programs in startup are expected to exceed 10% operating
income margins over their lives, with significant improvement to
the financial contribution expected in the second half of fiscal
2022.
The Company expects the Outside the U.S. Segment to deliver an
operating margin in the low single digits primarily as a result of
the startup losses. The fourth quarter for this segment is expected
to realize an operating loss due to ramping of the U.K. Restart
program.
Sales and Pipeline
Year-to-date signed contract awards at June 30, 2021 totaled
$3.24 billion and contracts pending (awarded but unsigned) totaled
$1.38 billion. These awards reflect total contract value (TCV) and
include the previously announced U.K. Restart award as well as the
CDC Vaccination Hotline award assumed at $300 million TCV.
The sales pipeline at June 30, 2021, was $33.6 billion
(comprised of approximately $4.2 billion in proposals pending, $6.8
billion in proposals in preparation, and $22.6 billion in
opportunities tracking) and decreased as compared to March 31, 2021
due to awarding of UK Restart and an uptick in levels of delay and
cancellation resulting from the COVID-19 pandemic. New work
opportunities represent 63.6% of the total sales pipeline.
Balance Sheet and Cash Flows
Cash and cash equivalents at June 30, 2021, totaled $96.1
million. At June 30, 2021, there was $1.71 billion of gross
debt.
For the three months ended June 30, 2021, cash flow used in
operations totaled $33.0 million and free cash flow used in
operations was $41.6 million. Cash flows in the quarter were
significantly impacted by the additional investment in working
capital created by the sequential increase to revenue. The Company
expects fourth quarter fiscal 2021 cash flows to be strong.
Days sales outstanding (DSO) were 77 days at June 30, 2021,
including VES on a pro-forma basis. The higher revenue for the
month of June as compared to April and May contributed to an
increased DSO.
On July 9, 2021, our Board of Directors declared a quarterly
cash dividend of $0.28 for each share of our common stock
outstanding. The dividend is payable on August 31, 2021, to
shareholders of record on August 13, 2021.
Pro-forma for Acquisitions
A pro-forma included in this release assumes VES and Attain
Federal had been acquired on July 1, 2020, and therefore included
for a full twelve months of the Company's operating results. The
operating income and operating margin for the twelve month period,
excluding amortization of intangible assets, was $591.3 million and
12.7%, respectively, for the combined company inclusive of Attain
Federal and VES. Both acquisitions improve the Company's gross
profit margin and are accretive to fiscal 2021 results from
operations.
FY21 Guidance Increase
As a result of the third quarter results, Maximus is increasing
revenue, earnings, and cash flow guidance for fiscal 2021. The
Company anticipates fiscal 2021 revenue will range between $4.2
billion and $4.25 billion and diluted earnings per share will range
between $4.65 and $4.75.
For fiscal 2021, cash from operations is expected to range
between $425 million and $455 million and free cash flow between
$375 million and $405 million. The effective tax rate is expected
to range between 25% and 25.5% and weighted average shares
outstanding to be approximately 62.3 million.
Revenue attributable to COVID-19 response work is anticipated to
be approximately $1 billion for fiscal 2021. The COVID-19 response
work is tapering off as expected, resulting in a lower fourth
quarter forecast as compared to the third quarter results. The
fourth quarter of fiscal 2021 will be further impacted by the
startup contracts in the Outside the U.S. Segment with planned
losses totaling $13 million to $15 million for these contracts.
Consistent with prior guidance, the Company assumes the Public
Health Emergency (PHE) will remain in place beyond September 30,
2021.
Mr. Caswell added, "We are in a solid position to further our
long-term organic growth goals and evolve our ongoing strategy
across all three segments. This is partly driven by the benefits
and new capabilities of the two recent acquisitions, and our team's
unprecedented efforts throughout the past year which have deepened
our relationships with key clients and brought new clients. With
two months remaining in fiscal year 2021, its natural for us to be
looking towards next year when we expect to see, not only
macro-trends indicating improvement to our core programs but also
momentum through new programs such as the UK Restart and more
focused clinical and digital work afforded by Attain Federal and
VES."
Conference Call and Webcast Information
Maximus will host a conference call this morning, August 5,
2021, at 9:00 a.m. (ET).
The call is open to the public and available by webcast or by
phone at: 877.407.8289 (Domestic) / +1.201.689.8341
(International)
For those unable to listen to the live call, a recording of the
webcast will be available on investor.maximus.com.
About Maximus
Since 1975, Maximus has operated under its founding mission of
Helping Government Serve the People®, enabling citizens around the
globe to successfully engage with their governments at all levels
and across a variety of health and human services programs. Maximus
delivers innovative business process management and technology
solutions that contribute to improved outcomes for citizens and
higher levels of productivity, accuracy, accountability, and
efficiency of government-sponsored programs. With approximately
34,000 employees worldwide, Maximus is a proud partner to
government agencies in the United States, Australia, Canada, Italy,
Saudi Arabia, Singapore, South Korea, Sweden, and the United
Kingdom. For more information, visit maximus.com.
Non-GAAP Measures
This release refers to non-GAAP measures and other indicators,
including organic growth, free cash flow, days sales outstanding,
results on a pro forma basis and other non-GAAP measures.
A description of these non-GAAP measures, the reasons why we use
and present them, and details as to how they are calculated are
included in our Annual Report on Form 10-K.
The presentation of these non-GAAP numbers is not meant to be
considered in isolation, nor as alternatives to cash flows from
operations, revenue growth, or net income as measures of
performance. These non-GAAP financial measures, as determined and
presented by us, may not be comparable to related or similarly
titled measures presented by other companies.
Statements that are not historical facts, including statements
about the Company’s confidence and strategies, and the Company’s
expectations about revenues, results of operations, profitability,
future contracts, market opportunities, market demand, or
acceptance of the Company’s products are forward-looking statements
that involve risks and uncertainties such as those related to the
impact of the pandemic and our recently-completed acquisitions
including but not limited to:
- Our indebtedness following the completion of the VES
acquisition is significant and could adversely affect our business
and our ability to meet our obligations
- Difficulties in integrating our operations with those of Attain
and VES and realizing the expected benefits of these
acquisitions.
- If one or more of these contracts with the VA are terminated or
are not renewed on favorable terms or at all, if the VA reduces the
number of medical examinations allocated to VES under the contracts
or if VES receives an adverse finding or review resulting from an
audit or investigation, the benefits of the VES acquisition may be
adversely affected.
- In connection with the acquisitions, we may be required to take
write-downs or write-offs, restructuring and impairment, or other
charges that could negatively affect our business, assets,
liabilities, prospects, outlook, financial condition, and results
of operations.
- The ultimate duration of the pandemic
- The threat of further negative pandemic-related impacts
- Delays in our core programs returning to normal volumes and
operations
- The potential impacts resulting from budget challenges with our
government clients
- The possibility of delayed or missed payments by customers
- The potential for further supply chain disruptions impacting IT
or safety equipment
- The impact of further legislation and government policies on
the programs we operate
These risks could cause the Company’s actual results to differ
materially from those indicated by such forward-looking statements.
A summary of risk factors can be found in Item 1A, "Risk Factors"
in our Annual Report on Form 10-K for the year ended September 30,
2020, which was filed with the Securities and Exchange Commission
(SEC) on November 19, 2020. A supplemental description of risk
factors related to the Company's completed acquisitions of the
Federal business of Attain and VES are included in our Quarterly
Report on Form 10-Q for the quarter ended June 30, 2021 to be filed
shortly. The Company's SEC reports are accessible on
maximus.com.
Maximus, Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2021
2020
2021
2020
Revenue
$
1,243,520
$
901,337
$
3,148,354
$
2,537,701
Cost of revenue
951,664
715,734
2,419,785
2,023,550
Gross profit
291,856
185,603
728,569
514,151
Selling, general, and administrative
expenses
140,129
89,582
364,498
283,662
Amortization of intangible assets
12,132
8,712
23,718
26,734
Operating income
139,595
87,309
340,353
203,755
Interest expense
3,087
616
4,049
1,565
Other (expense)/income, net
(8,289
)
(671
)
(9,584
)
621
Income before income taxes
128,219
86,022
326,720
202,811
Provision for income taxes
33,724
21,558
87,534
51,963
Net income
$
94,495
64,464
$
239,186
$
150,848
Basic earnings per share
$
1.52
$
1.04
$
3.86
$
2.38
Diluted earnings per share
$
1.51
$
1.04
$
3.84
$
2.37
Dividends declared per share
$
0.28
$
0.28
$
0.84
$
0.84
Weighted average shares outstanding:
Basic
62,064
61,882
62,028
63,463
Diluted
62,453
62,102
62,300
63,666
Maximus, Inc.
CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands)
June 30, 2021
September 30, 2020
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
96,110
$
71,737
Accounts receivable — billed and billable,
net of allowance of $6,607 and $6,051
794,653
622,871
Accounts receivable — unbilled
334,666
163,332
Income taxes receivable
454
2,075
Prepaid expenses and other current
assets
81,479
72,543
Total current assets
1,307,362
932,558
Property and equipment, net
67,794
66,721
Capitalized software, net
45,739
38,033
Operating lease right-of-use assets
186,944
177,159
Goodwill
1,757,795
593,129
Intangible assets, net
892,487
145,893
Deferred contract costs, net
37,020
20,891
Deferred compensation plan assets
47,041
36,819
Deferred income taxes
506
1,915
Other assets
27,905
11,584
Total assets
$
4,370,593
$
2,024,702
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
420,510
$
253,338
Accrued compensation and benefits
181,559
137,101
Deferred revenue
68,846
51,655
Income taxes payable
19,763
5,377
Current portion of long-term debt and
other borrowings
60,586
10,878
Operating lease liabilities
82,572
80,748
Other current liabilities
26,768
22,071
Total current liabilities
860,604
561,168
Deferred revenue, less current portion
36,051
27,311
Deferred income taxes
204,174
24,737
Long-term debt, less current portion
1,633,135
18,017
Deferred compensation plan liabilities,
less current portion
44,076
38,654
Operating lease liabilities, less current
portion
118,341
104,011
Other liabilities
20,765
8,985
Total liabilities
2,917,146
782,883
Shareholders’ equity:
Common stock, no par value; 100,000 shares
authorized; 61,472 and 61,504 shares issued and outstanding at June
30, 2021, and September 30, 2020, respectively
535,990
513,959
Accumulated other comprehensive loss
(36,031
)
(42,638
)
Retained earnings
953,488
770,498
Total shareholders' equity
1,453,447
1,241,819
Total liabilities and shareholders'
equity
$
4,370,593
$
2,024,702
Maximus, Inc.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2021
2020
2021
2020
Cash flows from operations:
Net income
$
94,495
$
64,464
$
239,186
$
150,848
Adjustments to reconcile net income to
cash flows from operations:
Depreciation and amortization of property
and equipment and
capitalized software
10,829
16,278
33,664
47,496
Amortization of intangible assets
12,132
8,712
23,718
26,734
Deferred income taxes
(4,319
)
(8,248
)
3,632
(5,210
)
Stock compensation expense
7,344
5,758
20,823
17,558
Gain on sale of a business
—
(1,706
)
—
(1,706
)
Costs related to debt financing
8,509
—
8,509
—
Change in assets and liabilities, net of
effects of business combinations
Accounts receivable — billed and
billable
(167,592
)
(94,756
)
(83,881
)
(147,626
)
Accounts receivable — unbilled
(156,929
)
(82,556
)
(170,423
)
(80,267
)
Prepaid expenses and other current
assets
(532
)
(3,733
)
7,542
529
Deferred contract costs
(6,589
)
(899
)
(15,773
)
(1,396
)
Accounts payable and accrued
liabilities
104,478
26,300
116,873
48,622
Accrued compensation and benefits
51,148
29,808
34,387
33,647
Deferred revenue
10,328
(2,494
)
23,624
2,806
Income taxes
11,935
28,269
15,165
563
Operating lease right-of-use assets and
liabilities
1,491
(1,237
)
1,077
(1,071
)
Other assets and liabilities
(9,767
)
2,851
(11,464
)
4,556
Cash flows (used in)/from operations
(33,039
)
(13,189
)
246,659
96,083
Cash flows from investing
activities:
Purchases of property and equipment and
capitalized software costs
(8,549
)
(9,314
)
(32,133
)
(28,436
)
Acquisitions of businesses, net of cash
acquired
(1,365,533
)
(60
)
(1,779,473
)
(2,611
)
Proceeds from the sale of a business
—
3,250
—
3,250
Other
—
287
—
385
Cash used in investing activities
(1,374,082
)
(5,837
)
(1,811,606
)
(27,412
)
Cash flows from financing
activities:
Cash dividends paid to Maximus
shareholders
(17,211
)
(17,175
)
(51,625
)
(52,988
)
Purchases of Maximus common stock
—
—
(3,363
)
(166,959
)
Tax withholding related to RSU vesting
—
—
(9,818
)
(10,614
)
Payments for debt financing
(22,759
)
—
(22,759
)
—
Borrowings under new credit facilities
1,700,000
—
1,700,000
—
Other debt borrowings
84,838
79,773
585,000
421,488
Other debt repayments
(344,042
)
(87,715
)
(607,880
)
(278,971
)
Other
(1
)
(305
)
(2,763
)
(957
)
Cash from/(used in) financing
activities
1,400,825
(25,422
)
1,586,792
(89,001
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(433
)
1,694
2,830
(174
)
Net (decrease)/increase in cash, cash
equivalents, and restricted cash
(6,729
)
(42,754
)
24,675
(20,504
)
Cash, cash equivalents, and restricted
cash, beginning of period
119,965
138,742
88,561
116,492
Cash, cash equivalents, and restricted
cash, end of period
$
113,236
$
95,988
$
113,236
$
95,988
Maximus, Inc.
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2021
% (1)
2020
% (1)
2021
% (1)
2020
% (1)
Revenue:
U.S. Services
$
436,338
$
336,950
$
1,269,487
$
957,929
U.S. Federal Services
617,601
450,143
1,352,982
1,210,105
Outside the U.S.
189,581
114,244
525,885
369,667
Total
$
1,243,520
$
901,337
$
3,148,354
$
2,537,701
Gross Profit:
U.S. Services
$
104,814
24.0
%
$
93,029
27.6
%
$
323,256
25.5
%
$
268,073
28.0
%
U.S. Federal Services
155,776
25.2
%
84,723
18.8
%
312,405
23.1
%
232,502
19.2
%
Outside the U.S.
31,266
16.5
%
7,851
6.9
%
92,908
17.7
%
13,576
3.7
%
Total
$
291,856
23.5
%
$
185,603
20.6
%
$
728,569
23.1
%
$
514,151
20.3
%
Selling, general, and administrative
expense:
U.S. Services
$
42,606
9.8
%
$
31,996
9.5
%
$
116,655
9.2
%
$
102,633
10.7
%
U.S. Federal Services
69,647
11.3
%
45,490
10.1
%
172,877
12.8
%
131,455
10.9
%
Outside the U.S.
22,973
12.1
%
13,668
12.0
%
65,018
12.4
%
47,125
12.7
%
Gain on sale of business (3)
—
NM
(1,706
)
NM
—
NM
(1,706
)
NM
Other (2)
4,903
NM
134
NM
9,948
NM
4,155
NM
Total
$
140,129
11.3
%
$
89,582
9.9
%
$
364,498
11.6
%
$
283,662
11.2
%
Operating income:
U.S. Services
$
62,208
14.3
%
$
61,033
18.1
%
$
206,601
16.3
%
$
165,440
17.3
%
U.S. Federal Services
86,129
13.9
%
39,233
8.7
%
139,528
10.3
%
101,047
8.4
%
Outside the U.S.
8,293
4.4
%
(5,817
)
(5.1
)%
27,890
5.3
%
(33,549
)
(9.1
)%
Amortization of intangible assets
(12,132
)
NM
(8,712
)
NM
(23,718
)
NM
(26,734
)
NM
Gain on sale of business (3)
—
NM
1706
NM
—
NM
1706
NM
Other (2)
(4,903
)
NM
(134
)
NM
(9,948
)
NM
(4,155
)
NM
Total
$
139,595
11.2
%
$
87,309
9.7
%
$
340,353
10.8
%
$
203,755
8.0
%
(1)
Percentage of respective segment
revenue. Percentages not considered meaningful are marked “NM.”
(2)
Other selling, general, and
administrative expenses includes credits and costs that are not
allocated to a particular segment. This includes expenses incurred
as part of our acquisitions, as well as potential acquisitions
which have not been or may not be completed. Our results for the
three and nine months ended June 30, 2021, included $5.6 million
and $8.8 million, respectively, of expenses relating to the
acquisitions of Attain, LLC, and VES Group, Inc.
(3)
During fiscal year 2020, we sold
Q2 Administrators LLC, a subsidiary within our U.S. Federal
Services Segment, resulting in a gain.
Maximus, Inc.
FREE CASH FLOW
(Non-GAAP measure)
(Amounts in thousands)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2021
2020
2021
2020
Cash flows (used in)/from operations
$
(33,039
)
$
(13,189
)
$
246,659
$
96,083
Purchases of property and equipment and
capitalized software costs
(8,549
)
(9,314
)
(32,133
)
(28,436
)
Free cash flow
$
(41,588
)
$
(22,503
)
$
214,526
$
67,647
Maximus, Inc.
Unaudited Pro Forma
Results
(Amounts in thousands, except
per share data)
Unaudited pro forma
results
Three Months
Ended June 30,
Nine Months
Ended June 30,
Trailing Twelve Months
Ended June 30,
2021
2020
2021
2020
2021
Revenue
$
1,335,780
$
996,462
$
3,566,466
$
2,934,920
$
4,645,540
Cost of revenue
1,004,523
787,189
2,679,170
2,283,589
3,503,074
Gross profit
331,257
209,273
887,296
651,331
1,142,466
Selling, general, and administrative
expenses
151,321
110,754
425,062
360,370
551,143
Amortization of intangible assets
21,301
25,090
63,856
75,868
88,586
Operating income
158,635
73,429
398,378
215,093
502,737
Interest expense
8,701
9,423
26,715
28,528
36,426
Other (expense)/income, net
(7,320
)
(2,126
)
(10,401
)
(11,755
)
(11,437
)
Income before income taxes
142,614
61,880
361,262
174,810
454,874
Provision for income taxes
37,123
15,549
94,735
38,897
120,248
Net income
$
105,491
$
46,331
$
266,527
$
135,913
$
334,626
Basic earnings per share
$
1.70
$
0.75
$
4.30
$
2.14
$
5.40
Diluted earnings per share
$
1.69
$
0.75
$
4.28
$
2.13
$
5.37
Dividends declared per share
$
0.28
$
0.28
$
0.84
$
0.84
$
1.12
Weighted average shares outstanding:
Basic
62,064
61,882
62,028
63,463
62,001
Diluted
62,453
62,102
62,300
63,666
62,285
Maximus, Inc.
Other Non-GAAP
Information
(Amounts in thousands, except
per share data)
Three Months Ended June
30,
Nine Months Ended June
30,
2021
2020
2021
2020
Operating income
$
139,595
$
87,309
$
340,353
$
203,755
Amortization of intangible assets
12,132
8,712
23,718
26,734
Operating income excluding amortization of
intangible assets - non-GAAP
$
151,727
$
96,021
$
364,071
$
230,489
Net income
$
94,495
$
64,464
$
239,186
$
150,848
Amortization of intangible assets adjusted
for income taxes
8,941
6,529
17,364
19,884
Net income excluding amortization of
intangible assets - non-GAAP
$
103,436
$
70,993
$
256,550
$
170,732
Diluted earnings per share
$
1.51
$
1.04
$
3.84
$
2.37
Effect of amortization of intangible
assets on diluted earnings per share
0.15
0.10
0.28
0.31
Diluted earnings per share excluding
amortization of intangible assets - non-GAAP
$
1.66
$
1.14
$
4.12
$
2.68
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210805005370/en/
James Francis 703.251.8526 JamesBFrancis@maximus.com
Madison West 703.251.8443 MadisonTWest@maximus.com
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