(Exact name of registrant as specified in its charter) | |||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||||
, | |||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||||||||
Registrant's telephone number, including the area code | ( | ) | |||||||||||||||||||||||||||
No Change | |||||||||||||||||||||||||||||
(Former name or former address, if changed since last report) | |||||||||||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
Press release dated May 3, 2023 | |||||
Conference call transcript for Earnings Call - May 4, 2023 | |||||
Conference call slide presentation for Earnings Call - May 4, 2023 |
Maximus, Inc. | ||||||||
(Registrant) | ||||||||
Date: May 8, 2023 | /s/ David R. Francis | |||||||
David R. Francis | ||||||||
General Counsel and Secretary |
FOR IMMEDIATE RELEASE | CONTACT: | James Francis, VP - IR | |||||||||
Jessica Batt, VP - IR & ESG | |||||||||||
Date: May 3, 2023 | IR@maximus.com |
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 |
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 | |||||||
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 |
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 | % |
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 |
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 |
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