Home Business Wire Maximus Reports Fiscal Year 2023 Second Quarter Results

Maximus Reports Fiscal Year 2023 Second Quarter Results

Company reaffirms guidance in strengthened financial position following significant debt reduction

TYSONS, Va.–(BUSINESS WIRE)–Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and six months ended March 31, 2023.

Highlights for the second quarter of fiscal year 2023 include:

  • Revenue increased 2.5% to $1.21 billion, compared to $1.18 billion for the prior year period. Organic growth was 3.9% and driven by new or expanded programs in the U.S. segments.
  • Diluted earnings per share were $0.52, and adjusted diluted earnings per share were $0.80.
  • Record cash flows with cash provided by operating activities totaling $309.7 million and free cash flow of $291.6 million, enabling $275 million of debt reduction.
  • The company is maintaining revenue and earnings guidance for fiscal year 2023, with revenue expected to range between $4.85 billion and $5.0 billion and adjusted diluted earnings per share between $4.00 and $4.30 per share.
  • A quarterly cash dividend of $0.28 per share is payable on May 31, 2023, to shareholders of record on May 15, 2023.

Our second quarter results demonstrated solid execution, and we are entering the second half of fiscal year 2023 with excellent visibility into the key drivers to achieve our full-year financial targets,” said Bruce Caswell, President and Chief Executive Officer. “In the quarter, we de-levered our debt position by a full half-turn which was driven by record cash flows. We continue to focus on optimizing our portfolio with the divestiture of two small businesses in the Outside the U.S. segment, which were not core to our strategy and did not meet our financial objectives.”

Caswell continued, “Last quarter, we noted good line of sight to key operating assumptions, most notably around Medicaid redeterminations and volume growth in our Federal clinical services business driven by PACT Act legislation. I’m pleased that our outlook has proven durable as we are reaffirming fiscal year 2023 guidance and remain confident in our capability to execute in a superior manner in support of our customers’ essential programs.”

Second Quarter Results

Revenue for the second quarter of fiscal year 2023 increased 2.5% to $1.21 billion, compared to $1.18 billion for the prior year period. Organic growth was 3.9% driven by new or expanded programs in the U.S. segments.

For the second quarter of fiscal year 2023, operating margin was 5.2% and the adjusted operating margin was 7.1%. This compares to margins of 6.4% and 8.3%, respectively, for the prior year period. Diluted earnings per share were $0.52 and adjusted diluted earnings per share were $0.80. This compares to $0.80 and $1.07, respectively, for the prior-year period.

An operating loss in the Outside the U.S. segment and lower-than-expected U.S. Federal Services segment profitability tempered second quarter fiscal year 2023 results. Two small businesses in the Outside the U.S. segment, which contributed to the operating loss, were divested in the quarter resulting in an approximately one-cent reduction to diluted earnings per share for the second quarter of fiscal year 2023.

Additionally, the prior year period contained profitable short-term COVID response work in the U.S. segments and had less interest expense due to a more favorable rate environment.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the second quarter of fiscal year 2023 increased 1.9% to $584.1 million, compared to $573.3 million reported for the prior year period. All growth was organic and driven primarily by volume growth on the Veterans Affairs Medical Disability Exams (MDE) contracts, which comprise the Veterans Evaluations Services (VES) business.

The segment operating margin for the second quarter of fiscal year 2023 was 8.2%, compared to 8.1% reported for the prior year, and slightly lower than company expectations. While MDE contract volumes increased across the quarter, total volumes were slightly lower than forecasted, and higher costs were incurred for training of VES staff to yield full productivity. Strong line of sight remains on the volume forecast, and the full-year fiscal 2023 margin for the U.S. Federal Services Segment is still expected to range between 10% and 11%.

U.S. Services Segment

U.S. Services Segment revenue for the second quarter of fiscal year 2023 increased 13.0% to $449.7 million, compared to $398.1 million reported in the prior year period. All growth was organic and driven by previously disclosed new work in the core business areas of eligibility support and clinical services.

The segment operating margin for the second quarter of fiscal year 2023 was 9.5%, compared to 11.7% reported for the prior year period that contained profitable, short-term work. The segment’s profitability remained impacted by the paused Medicaid redeterminations, which are scheduled to restart in the third quarter. The full-year fiscal 2023 margin for the U.S. Services Segment is still expected to range between 9% and 11% with a lift to profitability expected in the fourth quarter reflecting an expected full-period contribution from redeterminations.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the second quarter of fiscal year 2023 decreased 16.0% to $173.1 million, compared to $206.0 million reported in the prior year period. Organic revenue contracted 8% due primarily to lower revenue in Australia following last year’s rebid outcome and currency was a 7% headwind.

The segment realized an operating loss of $3.7 million for the second quarter of fiscal year 2023, compared to an operating profit of $4.3 million in the prior year period. The company is focused on portions of the segment that are underperforming. Two small businesses, a commercial division within the United Kingdom and the employment services business in Sweden, were divested, which had combined operating losses in the quarter of $1.5 million.

Sales and Pipeline

Year-to-date signed contract awards at March 31, 2023, totaled $1.22 billion and contracts pending (awarded but unsigned) totaled $1.27 billion. The book-to-bill ratio at March 31, 2023, was 2.1x calculated on a trailing twelve-month basis.

The sales pipeline at March 31, 2023, totaled $31.9 billion, comprised of approximately $5.6 billion in proposals pending, $0.94 billion in proposals in preparation, and $25.3 billion in opportunities tracking. New work opportunities represent approximately 78% of the total sales pipeline.

Balance Sheet and Cash Flows

At March 31, 2023, cash and cash equivalents totaled $56.3 million, and gross debt was $1.30 billion. The ratio of debt, net of allowed cash, to adjusted EBITDA for the quarter ended March 31, 2023, as calculated in accordance with the company’s credit agreement, was 2.5x assisted by $275 million of debt reduction in the quarter. This compares to 3.0x at December 31, 2022.

For the second quarter of fiscal year 2023, cash provided by operating activities totaled $309.7 million and free cash flow was $291.6 million. The record quarterly cash flows made up for the temporarily low cash flows in the first quarter of fiscal year 2023. DSO was 56 days as of March 31, 2023. Going forward, the company expects to be in the target range of 60 to 70 days.

On April 6, 2023, 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 May 31, 2023, to shareholders of record on May 15, 2023.

Reaffirming FY23 Guidance

Maximus is reaffirming fiscal year 2023 guidance from the prior quarter. Revenue is expected to range between $4.85 billion and $5.0 billion, and adjusted operating income is expected to range between $415 million and $440 million, which excludes an estimated $94 million of expense for amortization of intangible assets. Adjusted diluted earnings per share is expected to range between $4.00 and $4.30 per share and free cash flow is expected to range between $225 million and $275 million.

The company’s guidance still assumes that redetermination activities in the U.S. Services Segment phase in during the third quarter, making a full period contribution in the fourth quarter of fiscal year 2023, and volumes continue to ramp on the MDE contracts in the VES business related to the PACT Act in U.S. Federal Services.

The company forecasts a slight reduction to interest expense, now ranging between $82 million and $85 million, an effective income tax rate between 24.5% and 25.5%, and weighted average shares outstanding between 61.2 million and 61.3 million shares for fiscal year 2023.

Conference Call and Webcast Information

Maximus will host a conference call tomorrow, May 4, 2023, at 9:00 a.m. ET. Shareholders are invited to submit questions for management’s consideration by emailing IR@maximus.com up to one hour prior to the call.

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

As a leading strategic partner to governments across the globe, Maximus helps improve the delivery of public services amid complex technology, health, economic, environmental, and social challenges. With a deep understanding of program service delivery, acute insights that achieve operational excellence, and an extensive awareness of the needs of the people being served, our employees advance the critical missions of our partners. Maximus delivers innovative business process management, impactful consulting services, and technology solutions that provide improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. For more information, visit maximus.com.

Non-GAAP Measures and Risk Factors

This release refers to non-GAAP measures and other indicators, including organic growth, free cash flow, operating income and EPS adjusted for amortization of intangible assets, EBITDA, 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 earnings presentation and forthcoming Form 10-Q.

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.

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, 2022, which was filed with the Securities and Exchange Commission (SEC) on November 22, 2022. The Company’s SEC reports are accessible on maximus.com.

 

Maximus, Inc.

Consolidated Statements of Operations

(Unaudited)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

March 31, 2023

 

March 31, 2022

 

March 31, 2023

 

March 31, 2022

 

(in thousands, except per share amounts)

Revenue

$

1,206,852

 

$

1,177,326

 

$

2,456,098

 

$

2,328,202

Cost of revenue

 

978,249

 

 

948,875

 

 

1,982,748

 

 

1,871,596

Gross profit

 

228,603

 

 

228,451

 

 

473,350

 

 

456,606

Selling, general, and administrative expenses

 

142,448

 

 

130,307

 

 

288,900

 

 

254,528

Amortization of intangible assets

 

23,650

 

 

22,856

 

 

47,168

 

 

45,261

Operating income

 

62,505

 

 

75,288

 

 

137,282

 

 

156,817

Interest expense

 

20,999

 

 

9,438

 

 

42,605

 

 

19,076

Other income/(expense), net

 

818

 

 

715

 

 

1,084

 

 

404

Income before income taxes

 

42,324

 

 

66,565

 

 

95,761

 

 

138,145

Provision for income taxes

 

10,536

 

 

16,469

 

 

23,978

 

 

34,719

Net income

$

31,788

 

$

50,096

 

$

71,783

 

$

103,426

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

0.52

 

$

0.81

 

$

1.17

 

$

1.66

Diluted

$

0.52

 

$

0.80

 

$

1.17

 

$

1.66

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

61,120

 

 

62,227

 

 

61,119

 

 

62,256

Diluted

 

61,383

 

 

62,381

 

 

61,265

 

 

62,409

 

 

 

 

 

 

 

 

Dividends declared per share

$

0.28

 

$

0.28

 

$

0.56

 

$

0.56

 

Maximus, Inc.

Consolidated Balance Sheets

 

 

March 31, 2023

 

September 30, 2022

 

(unaudited)

 

 

 

(in thousands)

Assets:

 

 

 

Cash and cash equivalents

$

56,344

 

 

$

40,658

 

Accounts receivable, net

 

742,387

 

 

 

807,110

 

Income taxes receivable

 

12,156

 

 

 

2,158

 

Prepaid expenses and other current assets

 

141,017

 

 

 

182,387

 

Total current assets

 

951,904

 

 

 

1,032,313

 

Property and equipment, net

 

46,915

 

 

 

52,258

 

Capitalized software, net

 

71,393

 

 

 

58,740

 

Operating lease right-of-use assets

 

162,633

 

 

 

132,885

 

Goodwill

 

1,780,200

 

 

 

1,779,415

 

Intangible assets, net

 

751,194

 

 

 

804,904

 

Deferred contract costs, net

 

47,498

 

 

 

47,732

 

Deferred compensation plan assets

 

42,049

 

 

 

37,050

 

Deferred income taxes

 

5,865

 

 

 

4,970

 

Other assets

 

39,205

 

 

 

42,447

 

Total assets

$

3,898,856

 

 

$

3,992,714

 

Liabilities and Shareholders’ Equity:

 

 

 

Liabilities:

 

 

 

Accounts payable and accrued liabilities

$

259,463

 

 

$

264,553

 

Accrued compensation and benefits

 

156,990

 

 

 

178,199

 

Deferred revenue, current portion

 

66,796

 

 

 

87,146

 

Income taxes payable

 

4,482

 

 

 

718

 

Long-term debt, current portion

 

84,490

 

 

 

63,458

 

Operating lease liabilities, current portion

 

55,928

 

 

 

63,999

 

Other current liabilities

 

53,026

 

 

 

116,374

 

Total current liabilities

 

681,175

 

 

 

774,447

 

Deferred revenue, non-current portion

 

25,776

 

 

 

21,414

 

Deferred income taxes

 

201,079

 

 

 

206,099

 

Long-term debt, non-current portion

 

1,205,028

 

 

 

1,292,483

 

Deferred compensation plan liabilities, non-current portion

 

43,706

 

 

 

40,210

 

Operating lease liabilities, non-current portion

 

121,957

 

 

 

86,175

 

Other liabilities

 

18,413

 

 

 

22,515

 

Total liabilities

 

2,297,134

 

 

 

2,443,343

 

Shareholders’ equity:

 

 

 

Common stock, no par value; 100,000 shares authorized; 60,784 and 60,774 shares issued and outstanding as of March 31, 2023, and September 30, 2022, respectively (shares in thousands)

 

572,632

 

 

 

557,978

 

Accumulated other comprehensive loss

 

(33,303

)

 

 

(33,961

)

Retained earnings

 

1,062,393

 

 

 

1,025,354

 

Total shareholders’ equity

 

1,601,722

 

 

 

1,549,371

 

Total liabilities and shareholders’ equity

$

3,898,856

 

 

$

3,992,714

 

 

 

 

 

Maximus, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

March 31, 2023

 

March 31, 2022

 

March 31, 2023

 

March 31, 2022

 

(in thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

31,788

 

 

$

50,096

 

 

$

71,783

 

 

$

103,426

 

Adjustments to reconcile net income to cash flows from operations:

 

 

 

 

 

 

 

Depreciation and amortization of property, equipment, and capitalized software

 

14,041

 

 

 

9,834

 

 

 

26,321

 

 

 

21,199

 

Amortization of intangible assets

 

23,650

 

 

 

22,856

 

 

 

47,168

 

 

 

45,261

 

Amortization of debt issuance costs and debt discount

 

601

 

 

 

648

 

 

 

1,635

 

 

 

1,297

 

Deferred income taxes

 

(37

)

 

 

(3,089

)

 

 

(1,368

)

 

 

(3,318

)

Stock compensation expense

 

9,540

 

 

 

6,804

 

 

 

13,943

 

 

 

15,052

 

Loss on sale of businesses

 

883

 

 

 

 

 

 

883

 

 

 

 

Change in assets and liabilities, net of effects of business combinations and disposals:

 

 

 

 

 

 

 

Accounts receivable

 

263,278

 

 

 

(34,950

)

 

 

62,529

 

 

 

(49,064

)

Prepaid expenses and other current assets

 

2,788

 

 

 

14,884

 

 

 

13,412

 

 

 

9,769

 

Deferred contract costs

 

1,596

 

 

 

380

 

 

 

583

 

 

 

(6,431

)

Accounts payable and accrued liabilities

 

(10,003

)

 

 

29,405

 

 

 

(6,361

)

 

 

(3,047

)

Accrued compensation and benefits

 

39,049

 

 

 

28,024

 

 

 

(14,222

)

 

 

(28,281

)

Deferred revenue

 

(33,111

)

 

 

12,544

 

 

 

(18,347

)

 

 

18,473

 

Income taxes

 

(16,043

)

 

 

(23,836

)

 

 

(6,578

)

 

 

(13,515

)

Operating lease right-of-use assets and liabilities

 

(1,124

)

 

 

5,077

 

 

 

(2,072

)

 

 

(1,293

)

Other assets and liabilities

 

(17,200

)

 

 

(3,899

)

 

 

(14,272

)

 

 

2,331

 

Net cash provided by operating activities

 

309,696

 

 

 

114,778

 

 

 

175,037

 

 

 

111,859

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment and capitalized software

 

(18,054

)

 

 

(16,571

)

 

 

(33,751

)

 

 

(22,898

)

Acquisitions of businesses, net of cash acquired

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Proceeds from sale of businesses

 

9,124

 

 

 

 

 

 

9,124

 

 

 

 

Net cash used in investing activities

 

(8,930

)

 

 

(16,575

)

 

 

(24,627

)

 

 

(22,902

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Cash dividends paid to Maximus shareholders

 

(17,016

)

 

 

(17,312

)

 

 

(34,033

)

 

 

(34,659

)

Purchases of Maximus common stock

 

 

 

 

(24,464

)

 

 

 

 

 

(25,843

)

Tax withholding related to RSU vesting

 

 

 

 

 

 

 

(8,475

)

 

 

(9,673

)

Payments for contingent consideration

 

(2,626

)

 

 

 

 

 

(4,041

)

 

 

 

Proceeds from borrowings

 

193,696

 

 

 

140,000

 

 

 

462,398

 

 

 

240,000

 

Principal payments for debt

 

(469,105

)

 

 

(287,023

)

 

 

(530,460

)

 

 

(303,708

)

Restricted cash movements

 

(47,587

)

 

 

 

 

 

(57,060

)

 

 

 

Net cash used in financing activities

 

(342,638

)

 

 

(188,799

)

 

 

(171,671

)

 

 

(133,883

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

765

 

 

 

(48

)

 

 

3,186

 

 

 

324

 

Net change in cash, cash equivalents, and restricted cash

 

(41,107

)

 

 

(90,644

)

 

 

(18,075

)

 

 

(44,602

)

Cash, cash equivalents and restricted cash, beginning of period

 

159,827

 

 

 

202,612

 

 

 

136,795

 

 

 

156,570

 

Cash, cash equivalents and restricted cash, end of period

$

118,720

 

 

$

111,968

 

 

$

118,720

 

 

$

111,968

 

 

Maximus, Inc.

Consolidated Results of Operations by Segment

(Unaudited)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

March 31, 2023

 

March 31, 2022

 

March 31, 2023

 

March 31, 2022

 

Amount

 

% (1)

 

Amount

 

% (1)

 

Amount

 

% (1)

 

Amount

 

% (1)

 

(dollars in thousands)

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

584,075

 

 

 

 

$

573,288

 

 

 

 

$

1,202,242

 

 

 

 

$

1,155,159

 

 

 

U.S. Services

 

449,703

 

 

 

 

 

398,077

 

 

 

 

 

889,181

 

 

 

 

 

784,494

 

 

 

Outside the U.S.

 

173,074

 

 

 

 

 

205,961

 

 

 

 

 

364,675

 

 

 

 

 

388,549

 

 

 

Revenue

$

1,206,852

 

 

 

 

$

1,177,326

 

 

 

 

$

2,456,098

 

 

 

 

$

2,328,202

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

122,874

 

 

21.0

%

 

$

115,153

 

 

20.1

%

 

$

245,568

 

 

20.4

%

 

$

241,729

 

 

20.9

%

U.S. Services

 

86,016

 

 

19.1

%

 

 

84,971

 

 

21.3

%

 

 

169,614

 

 

19.1

%

 

 

174,670

 

 

22.3

%

Outside the U.S.

 

19,713

 

 

11.4

%

 

 

28,327

 

 

13.8

%

 

 

58,168

 

 

16.0

%

 

 

40,207

 

 

10.3

%

Gross profit

$

228,603

 

 

18.9

%

 

$

228,451

 

 

19.4

%

 

$

473,350

 

 

19.3

%

 

$

456,606

 

 

19.6

%

Selling, general, and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

75,050

 

 

12.8

%

 

$

68,949

 

 

12.0

%

 

$

146,699

 

 

12.2

%

 

$

133,874

 

 

11.6

%

U.S. Services

 

43,415

 

 

9.7

%

 

 

38,273

 

 

9.6

%

 

 

89,257

 

 

10.0

%

 

 

73,375

 

 

9.4

%

Outside the U.S.

 

23,425

 

 

13.5

%

 

 

24,011

 

 

11.7

%

 

 

51,814

 

 

14.2

%

 

 

45,351

 

 

11.7

%

Loss on sale of businesses (2)

 

883

 

 

NM

 

 

 

 

 

NM

 

 

 

883

 

 

NM

 

 

 

 

 

NM

 

Other (3)

 

(325

)

 

NM

 

 

 

(926

)

 

NM

 

 

 

247

 

 

NM

 

 

 

1,928

 

 

NM

 

Selling, general, and administrative expenses

$

142,448

 

 

11.8

%

 

$

130,307

 

 

11.1

%

 

$

288,900

 

 

11.8

%

 

$

254,528

 

 

10.9

%

Operating income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

47,824

 

 

8.2

%

 

$

46,204

 

 

8.1

%

 

$

98,869

 

 

8.2

%

 

$

107,855

 

 

9.3

%

U.S. Services

 

42,601

 

 

9.5

%

 

 

46,698

 

 

11.7

%

 

 

80,357

 

 

9.0

%

 

 

101,295

 

 

12.9

%

Outside the U.S.

(3,712

)

(2.1

)%

 

4,316

2.1

%

 

6,354

1.7

%

 

(5,144

)

(1.3

)%

Amortization of intangible assets

 

(23,650

)

 

NM

 

 

 

(22,856

)

 

NM

 

 

 

(47,168

)

 

NM

 

 

 

(45,261

)

 

NM

 

Loss on sale of businesses (2)

 

(883

)

 

NM

 

 

 

 

 

NM

 

 

 

(883

)

 

NM

 

 

 

 

 

NM

 

Other (3)

 

325

 

 

NM

 

 

 

926

 

 

NM

 

 

 

(247

)

 

NM

 

 

 

(1,928

)

 

NM

 

Operating income

$

62,505

 

 

5.2

%

 

$

75,288

 

 

6.4

%

 

$

137,282

 

 

5.6

%

 

$

156,817

 

 

6.7

%

(1)

 

Percentage of respective segment revenue. Percentages not considered meaningful are marked “NM.”

(2)

 

During the second quarter of fiscal year 2023, we sold a small commercial practice in the United Kingdom and our employment operations business in Sweden, both subsidiaries within our Outside the U.S. Segment, resulting in a loss.

(3)

 

Other includes credits and costs that are not allocated to a particular segment.

 

Maximus, Inc.

Consolidated Free Cash Flows – Non-GAAP

(Unaudited)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

March 31, 2023

 

March 31, 2022

 

March 31, 2023

 

March 31, 2022

 

(in thousands)

Net cash provided by operating activities

$

309,696

 

 

$

114,778

 

 

$

175,037

 

 

$

111,859

 

Purchases of property and equipment and capitalized software

 

(18,054

)

 

 

(16,571

)

 

 

(33,751

)

 

 

(22,898

)

Free cash flow

$

291,642

 

 

$

98,207

 

 

$

141,286

 

 

$

88,961

 

 

Maximus, Inc.

Non-GAAP Adjusted Results Excluding Amortization of Intangible Assets

(Unaudited)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

March 31, 2023

 

March 31, 2022

 

March 31, 2023

 

March 31, 2022

 

(dollars in thousands, except per share data)

Operating income

$

62,505

 

 

$

75,288

 

 

$

137,282

 

 

$

156,817

 

Add back: Amortization of intangible assets

 

23,650

 

 

 

22,856

 

 

 

47,168

 

 

 

45,261

 

Adjusted operating income excluding amortization of intangible assets (Non-GAAP)

$

86,155

 

 

$

98,144

 

 

$

184,450

 

 

$

202,078

 

Adjusted operating income margin excluding amortization of intangible assets (Non-GAAP)

 

7.1

%

 

 

8.3

%

 

 

7.5

%

 

 

8.7

%

 

 

 

 

 

 

 

 

Net income

$

31,788

 

 

$

50,096

 

 

$

71,783

 

 

$

103,426

 

Add back: Amortization of intangible assets, net of tax

 

17,446

 

 

 

16,884

 

 

 

34,806

 

 

 

33,414

 

Adjusted net income excluding amortization of intangible assets (Non-GAAP)

$

49,234

 

 

$

66,980

 

 

$

106,589

 

 

$

136,840

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

0.52

 

 

$

0.80

 

 

$

1.17

 

 

$

1.66

 

Add back: Effect of amortization of intangible assets on diluted earnings per share

 

0.28

 

 

 

0.27

 

 

 

0.57

 

 

 

0.53

 

Adjusted diluted earnings per share excluding amortization of intangible assets (Non-GAAP)

$

0.80

 

 

$

1.07

 

 

$

1.74

 

 

$

2.19

 

 

Contacts

James Francis, VP – IR

Jessica Batt, VP – IR & ESG

IR@maximus.com

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