Maximus Reports Fiscal Year 2021 Second Quarter Results
Maximus (NYSE: MMS) reported a 17.3% revenue increase to $959.3 million for Q2 FY2021, driven largely by COVID-19 response initiatives. Operating income was $113 million with an 11.8% margin. The company raised its fiscal 2021 guidance, projecting revenues between $4.0 billion and $4.2 billion and EPS of $4.20 to $4.40, including contributions from recent acquisitions. The U.S. Services Segment experienced a 45% revenue boost, while the U.S. Federal Services Segment's revenue declined due to the Census contract. A quarterly dividend of $0.28 per share is scheduled for May 28, 2021.
- Revenue increased 17.3% to $959.3 million.
- Operating margin improved to 11.8%, up from 4.6% in the prior-year period.
- Raised fiscal 2021 revenue guidance to $4.0 billion - $4.2 billion.
- Increased diluted EPS guidance to $4.20 - $4.40.
- U.S. Services Segment revenue rose 45%.
- Two acquisitions expected to enhance revenue and operating margins.
- U.S. Federal Services Segment revenue decreased to $330.1 million, down from $393.4 million.
- Census contract revenue decline of $133.1 million compared to the prior-year period.
- COVID-19 response work revenue expected to decrease over time, impacting Q4 FY2021.
- Ongoing impacts from paused Medicaid redeterminations affecting core program revenues.
Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and six months ended March 31, 2021.
Highlights for the second quarter of fiscal 2021 include:
-
Revenue increased
17.3% compared to the prior-year period driven by new COVID-19 response work such as vaccination distribution support services, unemployment insurance program support, disease investigation, contact tracing, and other key initiatives.
-
Operating income margin was
11.8% and diluted earnings per share were$1.29 .
- Results for the quarter were better than Company expectations due to higher level of COVID-19 response work in the U.S. segments, most notably U.S. Services, and employment services work in Australia.
-
The Company is raising guidance for fiscal 2021 as a result of the improved COVID-19 response work forecast and following the recently announced acquisitions of the Federal division of Attain, LLC and Veterans Evaluation Services, Inc. (VES). Revenue is expected to range between
$4.0 billion and$4.2 billion and diluted earnings per share to range between$4.20 and$4.40 per share including the expected impact of the two acquisitions.
-
A quarterly cash dividend of
$0.28 per share payable on May 28, 2021, to shareholders of record on May 14, 2021.
"Over the past year, Maximus has served at the forefront of government efforts to control the spread and address the challenges of the global pandemic as our team has rallied to keep our employees safe and help citizens secure needed support," shared Bruce Caswell, President and Chief Executive Officer. "Now, more than ever, governments desire flexibility to adapt quickly to the changing economic, health, and employment needs of individuals and families. We are proud that our customers rely on our proven agility and scalability in providing secure and effective solutions to meet these demands."
Second Quarter Results
For the second quarter of fiscal 2021, revenue increased
Organic growth excluding the effects of currency for the second quarter of fiscal 2021 was
For the second quarter of fiscal 2021, operating income totaled
Results for the quarter included Attain operations from the acquisition date of March 1, 2021, which contributed revenue of
U.S. Services Segment
U.S. Services Segment revenue for the second quarter of fiscal 2021 increased
Operating margin for the second quarter of fiscal 2021 was
The Company expects this segment to deliver an operating income margin in the range of
U.S. Federal Services Segment
U.S. Federal Services Segment revenue for the second quarter of fiscal 2021 decreased to
The operating margin for the second quarter of fiscal 2021 was
The Company recently announced two acquisitions for the U.S. Federal Services Segment. The acquisition of Attain is expected to contribute
The acquisition of VES was announced on April 21, 2021, and is expected to close in the Company's third quarter of fiscal 2021. VES is expected to contribute
Following second quarter results and the Attain acquisition, the full year margin forecast improved to approximately
Outside the U.S. Segment
Outside the U.S. Segment revenue for the second quarter of fiscal 2021 increased to
The Company is seeing stronger demand than previously forecasted for employment services in the Outside the U.S. Segment. On April 26, 2021, a large win covering two regions to deliver the U.K. Restart programme was announced. In addition, there are new employment services programs in place in Saudi Arabia, Sweden, South Korea, and Italy.
Employment services programs typically experience startup losses in the early phase of operations which are expected to impact this segment's third and fourth quarters of fiscal 2021. The two-region win on the U.K. Restart programme is responsible for the largest share of the estimated startup losses which are more heavily weighted to the fourth quarter. The programs in startup are expected to exceed
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 the U.K. Restart programme.
Sales and Pipeline
Year-to-date signed contract awards at March 31, 2021, totaled
The sales pipeline at March 31, 2021, was
Mr. Caswell continued, "The ongoing value of partners like Maximus has been evidenced during the pandemic through our ability to maintain continuity of vital programs and to support new economic relief and public health initiatives. I am proud of our teams who continue to support these new initiatives which tend to have an extremely quick turnaround between the proposal, award, and delivery. Looking further down the road, our new work pipeline continues to be strong, representing about
Balance Sheet and Cash Flows
Cash and cash equivalents at March 31, 2021, totaled
For the three months ended March 31, 2021, cash from operations totaled
On April 9, 2021, our Board of Directors declared a quarterly cash dividend of
Increased Outlook
For the second consecutive quarter, Maximus is increasing revenue, earnings, and cash flow guidance for fiscal 2021 following recent awards, scope increases, and contract extensions related to COVID-19 response work. The Company anticipates fiscal 2021 revenue will range between
For fiscal 2021, cash from operations is expected to range between
Revenue attributable to COVID-19 response work is anticipated to range between
The negative impacts from the temporary changes to some core programs as a result of the pandemic are expected to persist through the remainder of fiscal 2021. The Company assumes the Public Health Emergency (PHE) will continue past fiscal 2021 year-end.
Mr. Caswell added, "The impressive accomplishments achieved halfway through fiscal year 2021 are a testament to our long-term strategy and the dedication of our team. We continue to demonstrate our ability to quickly respond to evolving customer needs to combat the global health crisis, including new contracts supporting vaccination administration efforts, while continuing strong support for core program operations that themselves have adapted to changing government policy. We have had an exciting and busy second quarter with two acquisitions furthering all three pillars of our long-term strategic plan. Moreover, our recognition as an industry leader in the employment services market resulted in the U.K. Restart win among other startup programs in the Outside the U.S. Segment."
Conference Call and Webcast Information
Maximus will host a conference call this morning, May 6, 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, and days sales outstanding.
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 and announced acquisitions including but not limited to:
- Completing the acquisition of VES Group, Inc. ("VES") within the timeframe anticipated or at all, difficulties in integrating VES and the Federal business of Attain, LLC (“Attain”) including realization of the expected benefits, and adverse effects on the business including the ability to meet obligations resulting from indebtedness required to complete the VES acquisition
- 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 acquisition of the Federal business of Attain and proposed acquisition of VES are included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 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 March 31, |
|
Six Months Ended March 31, |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenue |
$ |
959,280 |
|
|
$ |
818,135 |
|
|
$ |
1,904,834 |
|
|
$ |
1,636,364 |
|
Cost of revenue |
728,622 |
|
|
665,037 |
|
|
1,468,121 |
|
|
1,307,816 |
|
||||
Gross profit |
230,658 |
|
|
153,098 |
|
|
436,713 |
|
|
328,548 |
|
||||
Selling, general, and administrative expenses |
112,402 |
|
|
106,853 |
|
|
224,369 |
|
|
194,080 |
|
||||
Amortization of intangible assets |
5,070 |
|
|
8,934 |
|
|
11,586 |
|
|
18,022 |
|
||||
Operating income |
113,186 |
|
|
37,311 |
|
|
200,758 |
|
|
116,446 |
|
||||
Interest expense |
756 |
|
|
465 |
|
|
962 |
|
|
949 |
|
||||
Other (expense)/income, net |
(520) |
|
|
573 |
|
|
(1,295) |
|
|
1,292 |
|
||||
Income before income taxes |
111,910 |
|
|
37,419 |
|
|
198,501 |
|
|
116,789 |
|
||||
Provision for income taxes |
31,296 |
|
|
9,769 |
|
|
53,810 |
|
|
30,405 |
|
||||
Net income |
$ |
80,614 |
|
|
27,650 |
|
|
$ |
144,691 |
|
|
$ |
86,384 |
|
|
Basic earnings per share |
$ |
1.30 |
|
|
$ |
0.43 |
|
|
$ |
2.33 |
|
|
$ |
1.34 |
|
Diluted earnings per share |
$ |
1.29 |
|
|
$ |
0.43 |
|
|
$ |
2.33 |
|
|
$ |
1.34 |
|
Dividends paid per share |
$ |
0.28 |
|
|
$ |
0.28 |
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
62,026 |
|
|
63,934 |
|
|
62,022 |
|
|
64,264 |
|
||||
Diluted |
62,294 |
|
|
64,125 |
|
|
62,212 |
|
|
64,446 |
|
Maximus, Inc. CONSOLIDATED BALANCE SHEETS (Amounts in thousands) |
|||||||
|
March 31, 2021 |
|
September 30, 2020 |
||||
|
(unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
101,683 |
|
|
$ |
71,737 |
|
Accounts receivable — billed and billable, net of allowance of |
582,474 |
|
|
622,871 |
|
||
Accounts receivable — unbilled |
177,938 |
|
|
163,332 |
|
||
Income taxes receivable |
1,685 |
|
|
2,075 |
|
||
Prepaid expenses and other current assets |
68,357 |
|
|
72,543 |
|
||
Total current assets |
932,137 |
|
|
932,558 |
|
||
Property and equipment, net |
62,087 |
|
|
66,721 |
|
||
Capitalized software, net |
45,351 |
|
|
38,033 |
|
||
Operating lease right-of-use assets |
176,826 |
|
|
177,159 |
|
||
Goodwill |
899,796 |
|
|
593,129 |
|
||
Intangible assets, net |
240,463 |
|
|
145,893 |
|
||
Deferred contract costs, net |
30,309 |
|
|
20,891 |
|
||
Deferred compensation plan assets |
43,747 |
|
|
36,819 |
|
||
Deferred income taxes |
222 |
|
|
1,915 |
|
||
Other assets |
10,457 |
|
|
11,584 |
|
||
Total assets |
$ |
2,441,395 |
|
|
$ |
2,024,702 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
278,629 |
|
|
$ |
253,338 |
|
Accrued compensation and benefits |
124,279 |
|
|
137,101 |
|
||
Deferred revenue |
61,475 |
|
|
51,655 |
|
||
Income taxes payable |
8,051 |
|
|
5,377 |
|
||
Current portion of long-term debt and other borrowings |
16,551 |
|
|
10,878 |
|
||
Operating lease liabilities |
79,430 |
|
|
80,748 |
|
||
Other current liabilities |
25,309 |
|
|
22,071 |
|
||
Total current liabilities |
593,724 |
|
|
561,168 |
|
||
Deferred revenue, less current portion |
32,926 |
|
|
27,311 |
|
||
Deferred income taxes |
31,044 |
|
|
24,737 |
|
||
Long-term debt, less current portion |
250,601 |
|
|
18,017 |
|
||
Deferred compensation plan liabilities, less current portion |
44,076 |
|
|
38,654 |
|
||
Operating lease liabilities, less current portion |
110,124 |
|
|
104,011 |
|
||
Other liabilities |
8,995 |
|
|
8,985 |
|
||
Total liabilities |
1,071,490 |
|
|
782,883 |
|
||
Shareholders’ equity: |
|
|
|
||||
Common stock, no par value; 100,000 shares authorized; 61,472 and 61,504 shares issued
|
528,205 |
|
|
513,959 |
|
||
Accumulated other comprehensive loss |
(34,945) |
|
|
(42,638) |
|
||
Retained earnings |
876,645 |
|
|
770,498 |
|
||
Total shareholders' equity |
1,369,905 |
|
|
1,241,819 |
|
||
Total liabilities and shareholders' equity |
$ |
2,441,395 |
|
|
$ |
2,024,702 |
|
Maximus, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) |
|||||||||||||||
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Cash flows from operations: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
80,614 |
|
|
$ |
27,650 |
|
|
$ |
144,691 |
|
|
$ |
86,384 |
|
Adjustments to reconcile net income to cash flows from operations: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization of property and equipment and capitalized software |
11,018 |
|
|
15,900 |
|
|
22,835 |
|
|
31,218 |
|
||||
Amortization of intangible assets |
5,070 |
|
|
8,934 |
|
|
11,586 |
|
|
18,022 |
|
||||
Deferred income taxes |
6,653 |
|
|
2,616 |
|
|
7,951 |
|
|
3,038 |
|
||||
Stock compensation expense |
7,417 |
|
|
6,403 |
|
|
13,479 |
|
|
11,800 |
|
||||
Change in assets and liabilities, net of effects of business combinations |
|
|
|
|
|
|
|
||||||||
Accounts receivable — billed and billable |
119,440 |
|
|
(21,854) |
|
|
83,711 |
|
|
(52,870) |
|
||||
Accounts receivable — unbilled |
(57,032) |
|
|
276 |
|
|
(13,494) |
|
|
2,289 |
|
||||
Prepaid expenses and other current assets |
3,181 |
|
|
199 |
|
|
8,074 |
|
|
4,262 |
|
||||
Deferred contract costs |
(8,979) |
|
|
(1,345) |
|
|
(9,184) |
|
|
(497) |
|
||||
Accounts payable and accrued liabilities |
1,196 |
|
|
19,919 |
|
|
12,395 |
|
|
22,322 |
|
||||
Accrued compensation and benefits |
18,921 |
|
|
(3,003) |
|
|
(16,761) |
|
|
3,839 |
|
||||
Deferred revenue |
7,539 |
|
|
6,645 |
|
|
13,296 |
|
|
5,300 |
|
||||
Income taxes |
(13,717) |
|
|
(41,690) |
|
|
3,230 |
|
|
(27,706) |
|
||||
Operating lease right-of-use assets and liabilities |
4,513 |
|
|
1,788 |
|
|
(414) |
|
|
166 |
|
||||
Other assets and liabilities |
(4,251) |
|
|
(433) |
|
|
(1,697) |
|
|
1,705 |
|
||||
Cash flows from operations |
181,583 |
|
|
22,005 |
|
|
279,698 |
|
|
109,272 |
|
||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment and capitalized software costs |
(14,490) |
|
|
(8,635) |
|
|
(23,584) |
|
|
(19,122) |
|
||||
Acquisitions of businesses, net of cash acquired |
(413,781) |
|
|
(2,551) |
|
|
(413,940) |
|
|
(2,551) |
|
||||
Other |
— |
|
|
73 |
|
|
— |
|
|
98 |
|
||||
Cash used in investing activities |
(428,271) |
|
|
(11,113) |
|
|
(437,524) |
|
|
(21,575) |
|
||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Cash dividends paid to Maximus shareholders |
(17,207) |
|
|
(17,900) |
|
|
(34,414) |
|
|
(35,813) |
|
||||
Purchases of Maximus common stock |
— |
|
|
(165,061) |
|
|
(3,363) |
|
|
(166,959) |
|
||||
Tax withholding related to RSU vesting |
— |
|
|
— |
|
|
(9,818) |
|
|
(10,614) |
|
||||
Borrowings of debt |
352,310 |
|
|
258,296 |
|
|
500,162 |
|
|
341,715 |
|
||||
Repayment of debt |
(117,650) |
|
|
(104,955) |
|
|
(263,838) |
|
|
(191,256) |
|
||||
Other |
1 |
|
|
(159) |
|
|
(2,762) |
|
|
(652) |
|
||||
Cash provided by/(used in) financing activities |
217,454 |
|
|
(29,779) |
|
|
185,967 |
|
|
(63,579) |
|
||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
(619) |
|
|
(3,320) |
|
|
3,263 |
|
|
(1,868) |
|
||||
Net increase in cash, cash equivalents, and restricted cash |
(29,853) |
|
|
(22,207) |
|
|
31,404 |
|
|
22,250 |
|
||||
Cash, cash equivalents, and restricted cash, beginning of period |
149,818 |
|
|
160,949 |
|
|
88,561 |
|
|
116,492 |
|
||||
Cash, cash equivalents, and restricted cash, end of period |
$ |
119,965 |
|
|
$ |
138,742 |
|
|
$ |
119,965 |
|
|
$ |
138,742 |
|
Maximus, Inc. SEGMENT INFORMATION (Amounts in thousands) (Unaudited) |
||||||||||||||||||||||||||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||||||||||
|
|
2021 |
|
% (1) |
|
2020 |
|
% (1) |
|
2021 |
|
% (1) |
|
2020 |
|
% (1) |
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Services |
|
$ |
448,215 |
|
|
|
|
$ |
308,698 |
|
|
|
|
$ |
833,149 |
|
|
|
|
$ |
620,979 |
|
|
|
||||
U.S. Federal Services |
|
330,136 |
|
|
|
|
393,391 |
|
|
|
|
735,381 |
|
|
|
|
759,962 |
|
|
|
||||||||
Outside the U.S. |
|
180,929 |
|
|
|
|
116,046 |
|
|
|
|
336,304 |
|
|
|
|
255,423 |
|
|
|
||||||||
Total |
|
$ |
959,280 |
|
|
|
|
$ |
818,135 |
|
|
|
|
$ |
1,904,834 |
|
|
|
|
$ |
1,636,364 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Services |
|
$ |
119,440 |
|
|
26.6 |
% |
|
$ |
85,454 |
|
|
27.7 |
% |
|
$ |
218,442 |
|
|
26.2 |
% |
|
$ |
175,044 |
|
|
28.2 |
% |
U.S. Federal Services |
|
74,133 |
|
|
22.5 |
% |
|
76,958 |
|
|
19.6 |
% |
|
156,629 |
|
|
21.3 |
% |
|
147,779 |
|
|
19.4 |
% |
||||
Outside the U.S. |
|
37,085 |
|
|
20.5 |
% |
|
(9,314) |
|
|
(8.0) |
% |
|
61,642 |
|
|
18.3 |
% |
|
5,725 |
|
|
2.2 |
% |
||||
Total |
|
$ |
230,658 |
|
|
24.0 |
% |
|
$ |
153,098 |
|
|
18.7 |
% |
|
$ |
436,713 |
|
|
22.9 |
% |
|
$ |
328,548 |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general, and administrative expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Services |
|
$ |
36,593 |
|
|
8.2 |
% |
|
$ |
39,239 |
|
|
12.7 |
% |
|
$ |
74,049 |
|
|
8.9 |
% |
|
$ |
70,637 |
|
|
11.4 |
% |
U.S. Federal Services |
|
50,978 |
|
|
15.4 |
% |
|
46,726 |
|
|
11.9 |
% |
|
103,230 |
|
|
14.0 |
% |
|
85,965 |
|
|
11.3 |
% |
||||
Outside the U.S. |
|
22,013 |
|
|
12.2 |
% |
|
17,404 |
|
|
15.0 |
% |
|
42,045 |
|
|
12.5 |
% |
|
33,457 |
|
|
13.1 |
% |
||||
Other (2) |
|
2,818 |
|
|
NM |
|
3,484 |
|
|
NM |
|
5,045 |
|
|
NM |
|
4,021 |
|
|
NM |
||||||||
Total |
|
$ |
112,402 |
|
|
11.7 |
% |
|
$ |
106,853 |
|
|
13.1 |
% |
|
$ |
224,369 |
|
|
11.8 |
% |
|
$ |
194,080 |
|
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income: |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Maximus Reports Fiscal Year 2021 Second Quarter Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What was Maximus' revenue for Q2 FY2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Maximus reported a revenue of $959.3 million for Q2 FY2021."
}
},
{
"@type": "Question",
"name": "How much did Maximus increase its EPS guidance for fiscal 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Maximus increased its EPS guidance to a range of $4.20 to $4.40 for fiscal 2021."
}
},
{
"@type": "Question",
"name": "What were the key drivers for revenue growth at Maximus?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Revenue growth was primarily driven by COVID-19 response work, including vaccination distribution and unemployment insurance program support."
}
},
{
"@type": "Question",
"name": "What impact did the Census contract have on Maximus' revenue?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The Census contract led to a revenue decrease of $133.1 million in the U.S. Federal Services Segment compared to the prior-year period."
}
},
{
"@type": "Question",
"name": "What is the outlook for Maximus' revenue in fiscal 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Maximus anticipates revenue to range between $4.0 billion and $4.2 billion for fiscal 2021."
}
}
]
}
FAQ
What was Maximus' revenue for Q2 FY2021?
Maximus reported a revenue of $959.3 million for Q2 FY2021.
How much did Maximus increase its EPS guidance for fiscal 2021?
Maximus increased its EPS guidance to a range of $4.20 to $4.40 for fiscal 2021.
What were the key drivers for revenue growth at Maximus?
Revenue growth was primarily driven by COVID-19 response work, including vaccination distribution and unemployment insurance program support.
What impact did the Census contract have on Maximus' revenue?
The Census contract led to a revenue decrease of $133.1 million in the U.S. Federal Services Segment compared to the prior-year period.
What is the outlook for Maximus' revenue in fiscal 2021?
Maximus anticipates revenue to range between $4.0 billion and $4.2 billion for fiscal 2021.
MAXIMUS, Inc.
NYSE:MMSMMS RankingsMMS Latest NewsMMS Stock Data
5.00B
59.76M
0.99%
100.1%
1.28%
Specialty Business Services
Services-business Services, Nec
United States of America
MCLEAN
|