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Maximus, Inc. (MMS) has been a leader in providing business process and technology solutions since 1975, with a mission of 'helping government serve the people.' Employing over 16,000 professionals, Maximus operates across North America, Australia, the United Kingdom, and Saudi Arabia, delivering high-quality services to government agencies.
The company is renowned for its expertise in managing government health and human services programs. It plays a pivotal role in enhancing the efficiency, cost-effectiveness, and quality of government-sponsored benefit programs, including Medicaid, Medicare, Health Insurance BC, and child support programs. A substantial portion of Maximus' revenue is derived from long-term contractual agreements with global governments, with the U.S. Federal Services segment being the largest contributor.
In recent achievements, Maximus has demonstrated its commitment to social responsibility through various community service projects. For instance, during GivingTuesday, Maximus employees volunteered their time and resources to support the Catherine McAuley Center, helping women and children transition from homelessness to independent living. This initiative is part of a broader effort led by the Maximus Foundation, an independent nonprofit organization established by the Maximus Board of Directors in 2000.
The Maximus Foundation focuses on grantmaking and corporate-wide humanitarian efforts, empowering employees to make a difference in their communities. Employee donors pool their charitable contributions through the Foundation, which doubles their impact via Maximus' dollar-for-dollar matching pledge. This commitment to social good is evident in the support provided to initiatives like the Atlanta Mission, which addresses homelessness by offering comprehensive services to individuals and families in need.
With a forward-looking approach, Maximus continues to innovate and expand its impact. The Foundation's 2023 Annual Report highlights a year of significant achievements and looks ahead to new grantmaking strategies for 2025, aiming for a more equitable and inclusive future. Through its dedicated efforts, Maximus not only serves government clients but also plays a crucial role in improving the overall wellbeing of communities worldwide.
Stay updated with the latest developments, projects, and news from Maximus by visiting their official website and following their social media channels.
Maximus (NYSE:MMS) has announced a $200 million increase to its stock purchase program. The previous authorization of $200 million, announced in June 2024, had $171.4 million available as of September 30, 2024, but recent purchases have exhausted this capacity.
The company will buy shares at market prices, through 10b5-1 plans, or privately negotiated transactions, with the timing and amount of purchases based on market conditions and corporate needs. This program has no expiration date and can be modified or discontinued at any time.
Bruce Caswell, President and CEO, emphasized that this move aligns with their strategy to maximize shareholder value and reflects confidence in their future as a partner to government.
Maximus (NYSE: MMS), a leading government services provider, announced the completion of its divestiture of operations in Australia and South Korea, part of its Outside the U.S. segment. The purchaser, Angus Knight, operates in seven countries, focusing on employment, education, health, and community services. Maximus has been in Australia since 2002 and South Korea since 2020, with over 1,200 employees transitioning to Angus Knight. This move follows prior divestitures in Sweden, Italy, Singapore, and Canada.
According to CEO Bruce Caswell, this transaction aligns with Maximus' strategy to optimize its Outside the U.S. portfolio. The combined annual revenue run-rate for the divested entities was around $120 million, with an estimated $100 million impact on fiscal year 2025 revenue guidance. The transaction is expected to be slightly accretive to fiscal year 2025 adjusted EBITDA margin and adjusted diluted EPS guidance, excluding non-cash foreign exchange losses. The margin outlook for the Outside the U.S. segment is projected to improve to between 3% and 5%.
Maximus (NYSE: MMS) announces that the U.S. Department of Health and Human Services, Centers for Medicare & Medicaid Services (CMS) has withdrawn their early re-procurement of the Contact Center Operations (CCO) contract for 1-800-MEDICARE and Federal Marketplace services. This decision means Maximus will continue its current contract, which has available option periods until 2031, without having to recompete for the same scope of work. The company currently provides support to more than 75 million eligible Americans who rely on Medicare and the Federal Marketplace.
Maximus (NYSE: MMS) announced that the U.S. Department of Health and Human Services, Centers for Medicare and Medicaid Services (CMS) has cancelled their Contact Center Operations (CCO) re-procurement solicitation. This cancellation affects the 1-800-MEDICARE and Federal Marketplace operations, which Maximus currently manages. The company will continue providing these services through existing contract option periods available until 2031. The program supports over 75 million eligible Americans who depend on Medicare and the Federal Marketplace.
Maximus (NYSE: MMS) reported strong financial results for fiscal year 2024, with revenue increasing 8.2% to $5.31 billion. Full year diluted earnings per share reached $4.99, with adjusted EPS at $6.11. The company demonstrated solid organic growth of 8.8%, driven by higher volumes in U.S. segments. Operating margin improved to 9.2%, with adjusted EBITDA margin at 11.6%. Cash flows from operations totaled $515 million, with free cash flow of $401 million. The company announced fiscal 2025 guidance with revenue expected between $5.275-$5.425 billion and adjusted diluted EPS of $5.70-$6.00.
Maximus showcases its commitment to Veterans through its VETS Employee Resource Group (ERG), featuring interviews with key members. The ERG supports Veterans' transition to civilian careers and military families. The company has received multiple recognitions in 2024, including listings on the Military Times Best for Vets: Employers and Military.com Best Military Spouse Employer lists, along with several Military Friendly® awards. The podcast 'ERGs Unplugged' highlights members' experiences, including Keith Egelston (retired Air Force Veteran and ERG President), Erik Laube (Air Force Veteran), and Kristen Eldridge (military family member).
Maximus (NYSE: MMS) has filed a lawsuit in the U.S. Court of Federal Claims challenging the rebid of the 1-800-MEDICARE and Federal Marketplace contract. Despite 95% customer satisfaction and exceeding performance metrics, CMS is rebidding the contract only two years into its nine-year term, requiring a labor harmony agreement. The lawsuit follows GAO's September 2024 ruling that partially sustained Maximus' pre-award protest. CMS has exercised the contract's third option year through September 2025, acknowledging Maximus' service quality. During recent hurricanes, Maximus maintained operations, handling over 190,000 calls without impacting wait times while protecting affected employees' pay.
A team of Maximus employees volunteered at the Ronald McDonald House in Richmond, Virginia, preparing meals for families with children receiving medical care at nearby hospitals. Volunteers Kristy Jones and Brandi Goode shared their experiences helping local families, including supporting a mother whose daughter needed urgent heart surgery. The initiative aligns with Maximus's role in Virginia's Cardinal Care Program, which provides healthcare coverage to over a million Virginians including children, pregnant women, adults, and people with disabilities.
Maximus (NYSE: MMS) has been awarded a spot on a $300 million Blanket Purchase Agreement (BPA) with the Internal Revenue Service (IRS) for Non-IT Consulting Services. The multiple-award BPA has a five-year period of performance and allows Maximus to compete for task orders. Services include Strategic Planning, Strategy Initiatives, Business Process Improvement, Regulatory Compliance, Concept of Operations (CONOPS), and Program Integration Support across the Taxpayer Services Organization.
The BPA focuses on developing operational plans aligned with the IRS Strategic Plan through 2031. Maximus, with its 30-year history of supporting the IRS, will assist in identifying, developing, and implementing the agency's modernization needs and improving services to taxpayers. This agreement expands Maximus' role to directly support the business organization at the IRS, driving greater business value and continuous improvement of the taxpayer experience.
Maximus has been recognized on Indeed's 2024 Work Wellbeing 100 list, which highlights top public companies with highly-rated wellness programs. The list was compiled based on a survey of approximately one million employees, conducted in partnership with the University of Oxford Wellbeing Research Centre.
Michelle Link, Chief Human Resources Officer at Maximus, emphasized the company's commitment to employee wellbeing, noting its positive impact on employee happiness, retention, and overall business success. Since 2022, Maximus has introduced several new health and wellness initiatives, including:
- Bloom digital physical therapy for women's pelvic floor health
- Building Healthy Families program with financial incentives for pregnant employees
- Wellbeing Coach Total offering personalized guidance and a digital app
- LiveHealth Online Coaching for weight management, blood pressure control, and tobacco cessation
These programs are part of Maximus' ongoing efforts to enhance employee benefits and support overall wellbeing.
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