Maximus Reports Fiscal Year 2023 Third Quarter Results
Domestic segments successfully deliver on expectations driving core business
TYSONS, Va.--(BUSINESS WIRE)-- Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and nine months ended June 30, 2023.
Highlights for the third quarter of fiscal year 2023 include:
-
Revenue increased
5.6% to , compared to$1.19 billion for the prior year period. Organic growth was$1.13 billion 6.7% and driven by higher volumes on key programs in theU.S. segments. -
Diluted earnings per share were
and adjusted diluted earnings per share were$0.50 , both of which include an approximately$0.78 expense, or$22 million per share impact, related to the previously-disclosed cybersecurity incident.$0.26 -
U.S. Federal Services segment margin was12.7% , andU.S. Services segment was10.5% , which demonstrate successful delivery on ramping PACT Act volumes and commencement of Medicaid redeterminations. -
The company is tightening revenue guidance and updating earnings guidance to account for the cybersecurity incident in third-quarter results. For fiscal year 2023, revenue is expected to range between
and$4.87 5 billion , and adjusted diluted earnings per share between$4.97 5 billion and$3.74 per share, which is equivalent to between$3.94 and$4.00 excluding the cybersecurity incident.$4.20 -
A quarterly cash dividend of
per share is payable on August 31, 2023, to shareholders of record on August 15, 2023.$0.28
"Our third quarter results show successful execution on the key drivers to which we previously felt there was excellent visibility, so we feel confident in achieving our full-year financial targets," said Bruce Caswell, President and Chief Executive Officer. "Those targets have been updated to reflect the accrual arising from the cybersecurity incident. Nevertheless, the fundamentals of the business remain as strong as ever, both in the near term and well into future periods."
Caswell continued, "Medicaid redeterminations are commencing as anticipated, enabling us to regain operating leverage in
Third Quarter Results
Revenue for the third quarter of fiscal year 2023 increased
For the third quarter of fiscal year 2023, operating margin was
Adjusted diluted earnings per share of
In addition, the Outside the
The segment operating margin for the third quarter of fiscal year 2023 was
The segment operating margin for the third quarter of fiscal year 2023 was
Outside the
Outside the
The segment realized an operating loss of
Sales and Pipeline
Year-to-date signed contract awards at June 30, 2023, totaled
The sales pipeline at June 30, 2023, totaled
Balance Sheet and Cash Flows
At June 30, 2023, cash and cash equivalents totaled
For the third quarter of fiscal year 2023, cash used in operating activities totaled
On July 7, 2023, our Board of Directors declared a quarterly cash dividend of
Updated FY23 Guidance
Maximus expects revenue for fiscal year 2023 revenue guidance to range between
Adjusted operating income, which excludes the expense for amortization of intangible assets, is expected to range between
Adjusted diluted earnings per share, which excludes the expense for amortization of intangible assets, is expected to range between
Free cash flow is expected to range between
The company's guidance implies strong earnings growth for the fourth quarter of fiscal year 2023, which is largely unchanged from prior guidance, and driven by further increasing volumes in the VES business in
The company forecasts interest expense to still range between
Conference Call and Webcast Information
Maximus will host a conference call tomorrow, August 3, 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 accompanying earnings presentation slides, including relevant financial charts, are available at investor.maximus.com.
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, and in our Form 10-Q expected to be filed shortly. The Company's SEC reports are accessible on maximus.com.
On July 26, 2023, the company announced a cybersecurity incident related to a third-party file-sharing application. Results for the third quarter of fiscal year 2023 contained in this release include an approximately
Maximus, Inc. |
||||||||||||
Consolidated Statements of Operations |
||||||||||||
(Unaudited) |
||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
|||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
|||||
|
(in thousands, except per share amounts) |
|||||||||||
Revenue |
$ |
1,188,677 |
|
$ |
1,125,785 |
|
$ |
3,644,775 |
|
|
$ |
3,453,987 |
Cost of revenue |
|
924,313 |
|
|
915,564 |
|
|
2,907,061 |
|
|
|
2,787,160 |
Gross profit |
|
264,364 |
|
|
210,221 |
|
|
737,714 |
|
|
|
666,827 |
Selling, general, and administrative expenses |
|
182,545 |
|
|
132,974 |
|
|
471,445 |
|
|
|
387,502 |
Amortization of intangible assets |
|
23,431 |
|
|
22,690 |
|
|
70,599 |
|
|
|
67,951 |
Operating income |
|
58,388 |
|
|
54,557 |
|
|
195,670 |
|
|
|
211,374 |
Interest expense |
|
21,026 |
|
|
10,791 |
|
|
63,631 |
|
|
|
29,867 |
Other expense/(income), net |
|
1,005 |
|
|
2,497 |
|
|
(79 |
) |
|
|
2,093 |
Income before income taxes |
|
36,357 |
|
|
41,269 |
|
|
132,118 |
|
|
|
179,414 |
Provision for income taxes |
|
5,494 |
|
|
9,934 |
|
|
29,472 |
|
|
|
44,653 |
Net income |
$ |
30,863 |
|
$ |
31,335 |
|
$ |
102,646 |
|
|
$ |
134,761 |
|
|
|
|
|
|
|
|
|||||
Earnings per share: |
|
|
|
|
|
|
|
|||||
Basic |
$ |
0.50 |
|
$ |
0.51 |
|
$ |
1.68 |
|
|
$ |
2.17 |
Diluted |
$ |
0.50 |
|
$ |
0.51 |
|
$ |
1.67 |
|
|
$ |
2.17 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|||||
Basic |
|
61,141 |
|
|
61,607 |
|
|
61,125 |
|
|
|
62,038 |
Diluted |
|
61,544 |
|
|
61,756 |
|
|
61,368 |
|
|
|
62,190 |
|
|
|
|
|
|
|
|
|||||
Dividends declared per share |
$ |
0.28 |
|
$ |
0.28 |
|
$ |
0.84 |
|
|
$ |
0.84 |
Maximus, Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
|
June 30, 2023 |
|
September 30, 2022 |
||||
|
(unaudited) |
|
|
||||
Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
35,007 |
|
|
$ |
40,658 |
|
Accounts receivable, net |
|
798,509 |
|
|
|
807,110 |
|
Income taxes receivable |
|
34,435 |
|
|
|
2,158 |
|
Prepaid expenses and other current assets |
|
128,085 |
|
|
|
182,387 |
|
Total current assets |
|
996,036 |
|
|
|
1,032,313 |
|
Property and equipment, net |
|
44,808 |
|
|
|
52,258 |
|
Capitalized software, net |
|
88,007 |
|
|
|
58,740 |
|
Operating lease right-of-use assets |
|
160,563 |
|
|
|
132,885 |
|
Goodwill |
|
1,780,884 |
|
|
|
1,779,415 |
|
Intangible assets, net |
|
727,956 |
|
|
|
804,904 |
|
Deferred contract costs, net |
|
45,928 |
|
|
|
47,732 |
|
Deferred compensation plan assets |
|
44,412 |
|
|
|
37,050 |
|
Deferred income taxes |
|
5,771 |
|
|
|
4,970 |
|
Other assets |
|
48,819 |
|
|
|
42,447 |
|
Total assets |
$ |
3,943,184 |
|
|
$ |
3,992,714 |
|
Liabilities and Shareholders' Equity: |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
283,686 |
|
|
$ |
264,553 |
|
Accrued compensation and benefits |
|
140,007 |
|
|
|
178,199 |
|
Deferred revenue, current portion |
|
64,822 |
|
|
|
87,146 |
|
Income taxes payable |
|
70 |
|
|
|
718 |
|
Long-term debt, current portion |
|
86,901 |
|
|
|
63,458 |
|
Operating lease liabilities, current portion |
|
53,385 |
|
|
|
63,999 |
|
Other current liabilities |
|
54,430 |
|
|
|
116,374 |
|
Total current liabilities |
|
683,301 |
|
|
|
774,447 |
|
Deferred revenue, non-current portion |
|
14,860 |
|
|
|
21,414 |
|
Deferred income taxes |
|
207,145 |
|
|
|
206,099 |
|
Long-term debt, non-current portion |
|
1,223,133 |
|
|
|
1,292,483 |
|
Deferred compensation plan liabilities, non-current portion |
|
47,363 |
|
|
|
40,210 |
|
Operating lease liabilities, non-current portion |
|
120,766 |
|
|
|
86,175 |
|
Other liabilities |
|
13,763 |
|
|
|
22,515 |
|
Total liabilities |
|
2,310,331 |
|
|
|
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 June 30, 2023, and September 30, 2022, respectively |
|
581,338 |
|
|
|
557,978 |
|
Accumulated other comprehensive loss |
|
(24,311 |
) |
|
|
(33,961 |
) |
Retained earnings |
|
1,075,826 |
|
|
|
1,025,354 |
|
Total shareholders' equity |
|
1,632,853 |
|
|
|
1,549,371 |
|
Total liabilities and shareholders' equity |
$ |
3,943,184 |
|
|
$ |
3,992,714 |
|
|
|
|
|
Maximus, Inc. |
|||||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||
|
(in thousands) |
||||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
30,863 |
|
|
$ |
31,335 |
|
|
$ |
102,646 |
|
|
$ |
134,761 |
|
Adjustments to reconcile net income to cash flows from operations: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization of property, equipment, and capitalized software |
|
10,771 |
|
|
|
8,676 |
|
|
|
37,092 |
|
|
|
29,875 |
|
Amortization of intangible assets |
|
23,431 |
|
|
|
22,690 |
|
|
|
70,599 |
|
|
|
67,951 |
|
Amortization of debt issuance costs and debt discount |
|
601 |
|
|
|
649 |
|
|
|
2,236 |
|
|
|
1,946 |
|
Deferred income taxes |
|
3,743 |
|
|
|
(3,861 |
) |
|
|
2,375 |
|
|
|
(7,179 |
) |
Stock compensation expense |
|
8,296 |
|
|
|
7,028 |
|
|
|
22,239 |
|
|
|
22,080 |
|
Loss on sale of businesses |
|
— |
|
|
|
— |
|
|
|
883 |
|
|
|
— |
|
Change in assets and liabilities, net of effects of business combinations and disposals: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
(54,854 |
) |
|
|
9,067 |
|
|
|
7,675 |
|
|
|
(39,997 |
) |
Prepaid expenses and other current assets |
|
7,689 |
|
|
|
(315 |
) |
|
|
21,101 |
|
|
|
9,454 |
|
Deferred contract costs |
|
1,662 |
|
|
|
(1,271 |
) |
|
|
2,245 |
|
|
|
(7,702 |
) |
Accounts payable and accrued liabilities |
|
23,276 |
|
|
|
(39,530 |
) |
|
|
16,915 |
|
|
|
(42,577 |
) |
Accrued compensation and benefits |
|
(17,390 |
) |
|
|
42,127 |
|
|
|
(31,612 |
) |
|
|
13,846 |
|
Deferred revenue |
|
(13,400 |
) |
|
|
(18,131 |
) |
|
|
(31,747 |
) |
|
|
342 |
|
Income taxes |
|
(26,608 |
) |
|
|
693 |
|
|
|
(33,186 |
) |
|
|
(12,822 |
) |
Operating lease right-of-use assets and liabilities |
|
(1,670 |
) |
|
|
(37 |
) |
|
|
(3,742 |
) |
|
|
(1,330 |
) |
Other assets and liabilities |
|
(1,696 |
) |
|
|
(1,203 |
) |
|
|
(15,968 |
) |
|
|
1,128 |
|
Net cash (used in)/provided by operating activities |
|
(5,286 |
) |
|
|
57,917 |
|
|
|
169,751 |
|
|
|
169,776 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment and capitalized software |
|
(25,112 |
) |
|
|
(13,038 |
) |
|
|
(58,863 |
) |
|
|
(35,936 |
) |
Acquisitions of businesses, net of cash acquired |
|
— |
|
|
|
(14,140 |
) |
|
|
— |
|
|
|
(14,144 |
) |
Proceeds from sale of businesses |
|
— |
|
|
|
— |
|
|
|
9,124 |
|
|
|
— |
|
Proceeds from sale of land and building |
|
— |
|
|
|
2,000 |
|
|
|
— |
|
|
|
2,000 |
|
Net cash used in investing activities |
|
(25,112 |
) |
|
|
(25,178 |
) |
|
|
(49,739 |
) |
|
|
(48,080 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Cash dividends paid to Maximus shareholders |
|
(17,020 |
) |
|
|
(17,103 |
) |
|
|
(51,053 |
) |
|
|
(51,762 |
) |
Purchases of Maximus common stock |
|
— |
|
|
|
(48,021 |
) |
|
|
— |
|
|
|
(73,864 |
) |
Tax withholding related to RSU vesting |
|
— |
|
|
|
— |
|
|
|
(8,475 |
) |
|
|
(9,673 |
) |
Payments for contingent consideration |
|
(2,621 |
) |
|
|
— |
|
|
|
(6,662 |
) |
|
|
— |
|
Proceeds from borrowings |
|
220,000 |
|
|
|
175,000 |
|
|
|
682,398 |
|
|
|
415,000 |
|
Principal payments for debt |
|
(200,054 |
) |
|
|
(139,265 |
) |
|
|
(730,514 |
) |
|
|
(442,973 |
) |
Restricted cash movements |
|
2,517 |
|
|
|
— |
|
|
|
(54,543 |
) |
|
|
— |
|
Net cash provided by/(used in) financing activities |
|
2,822 |
|
|
|
(29,389 |
) |
|
|
(168,849 |
) |
|
|
(163,272 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
549 |
|
|
|
(4,693 |
) |
|
|
3,735 |
|
|
|
(4,369 |
) |
Net change in cash, cash equivalents, and restricted cash |
|
(27,027 |
) |
|
|
(1,343 |
) |
|
|
(45,102 |
) |
|
|
(45,945 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
118,720 |
|
|
|
111,968 |
|
|
|
136,795 |
|
|
|
156,570 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
91,693 |
|
|
$ |
110,625 |
|
|
$ |
91,693 |
|
|
$ |
110,625 |
|
Maximus, Inc. |
|||||||||||||||||||||||||||
Consolidated Results of Operations by Segment |
|||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||||||||||||||
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
||||||||||||
|
(dollars in thousands) |
||||||||||||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
583,960 |
|
|
|
|
$ |
525,519 |
|
|
|
|
$ |
1,786,202 |
|
|
|
|
$ |
1,680,678 |
|
|
|
||||
|
|
449,061 |
|
|
|
|
|
399,320 |
|
|
|
|
|
1,338,242 |
|
|
|
|
|
1,183,814 |
|
|
|
||||
Outside the |
|
155,656 |
|
|
|
|
|
200,946 |
|
|
|
|
|
520,331 |
|
|
|
|
|
589,495 |
|
|
|
||||
Revenue |
$ |
1,188,677 |
|
|
|
|
$ |
1,125,785 |
|
|
|
|
$ |
3,644,775 |
|
|
|
|
$ |
3,453,987 |
|
|
|
||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
156,945 |
|
|
26.9 |
% |
|
$ |
124,203 |
|
|
23.6 |
% |
|
$ |
402,513 |
|
|
22.5 |
% |
|
$ |
365,932 |
|
|
21.8 |
% |
|
|
98,538 |
|
|
21.9 |
% |
|
|
74,135 |
|
|
18.6 |
% |
|
|
268,152 |
|
|
20.0 |
% |
|
|
248,805 |
|
|
21.0 |
% |
Outside the |
|
8,881 |
|
|
5.7 |
% |
|
|
11,883 |
|
|
5.9 |
% |
|
|
67,049 |
|
|
12.9 |
% |
|
|
52,090 |
|
|
8.8 |
% |
Gross profit |
$ |
264,364 |
|
|
22.2 |
% |
|
$ |
210,221 |
|
|
18.7 |
% |
|
$ |
737,714 |
|
|
20.2 |
% |
|
$ |
666,827 |
|
|
19.3 |
% |
Selling, general, and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
82,892 |
|
|
14.2 |
% |
|
$ |
69,466 |
|
|
13.2 |
% |
|
$ |
229,591 |
|
|
12.9 |
% |
|
$ |
203,340 |
|
|
12.1 |
% |
|
|
51,536 |
|
|
11.5 |
% |
|
|
42,351 |
|
|
10.6 |
% |
|
|
140,793 |
|
|
10.5 |
% |
|
|
115,726 |
|
|
9.8 |
% |
Outside the |
|
24,122 |
|
|
15.5 |
% |
|
|
23,101 |
|
|
11.5 |
% |
|
|
75,936 |
|
|
14.6 |
% |
|
|
68,452 |
|
|
11.6 |
% |
Loss on sale of businesses (2) |
|
— |
|
|
NM |
|
|
|
— |
|
|
NM |
|
|
|
883 |
|
|
NM |
|
|
|
— |
|
|
NM |
|
Other (3) |
|
23,995 |
|
|
NM |
|
|
|
(1,944 |
) |
|
NM |
|
|
|
24,242 |
|
|
NM |
|
|
|
(16 |
) |
|
NM |
|
Selling, general, and administrative expenses |
$ |
182,545 |
|
|
15.4 |
% |
|
$ |
132,974 |
|
|
11.8 |
% |
|
$ |
471,445 |
|
|
12.9 |
% |
|
$ |
387,502 |
|
|
11.2 |
% |
Operating income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
74,053 |
|
|
12.7 |
% |
|
$ |
54,737 |
|
|
10.4 |
% |
|
$ |
172,922 |
|
|
9.7 |
% |
|
$ |
162,592 |
|
|
9.7 |
% |
|
|
47,002 |
|
|
10.5 |
% |
|
|
31,784 |
|
|
8.0 |
% |
|
|
127,359 |
|
|
9.5 |
% |
|
|
133,079 |
|
|
11.2 |
% |
Outside the |
|
(15,241 |
) |
|
(9.8 |
)% |
|
|
(11,218 |
) |
|
(5.6 |
)% |
|
|
(8,887 |
) |
|
(1.7 |
)% |
|
|
(16,362 |
) |
|
(2.8 |
)% |
Amortization of intangible assets |
|
(23,431 |
) |
|
NM |
|
|
|
(22,690 |
) |
|
NM |
|
|
|
(70,599 |
) |
|
NM |
|
|
|
(67,951 |
) |
|
NM |
|
Loss on sale of businesses (2) |
|
— |
|
|
NM |
|
|
|
— |
|
|
NM |
|
|
|
(883 |
) |
|
NM |
|
|
|
— |
|
|
NM |
|
Other (3) |
|
(23,995 |
) |
|
NM |
|
|
|
1,944 |
|
|
NM |
|
|
|
(24,242 |
) |
|
NM |
|
|
|
16 |
|
|
NM |
|
Operating income |
$ |
58,388 |
|
|
4.9 |
% |
|
$ |
54,557 |
|
|
4.8 |
% |
|
$ |
195,670 |
|
|
5.4 |
% |
|
$ |
211,374 |
|
|
6.1 |
% |
(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 |
|
(3) |
Other includes credits and costs that are not allocated to a particular segment. In the three and nine months ended June 30, 2023, these charges include |
Maximus, Inc. |
|||||||||||||||
Consolidated Free Cash Flows - Non-GAAP |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||
|
(in thousands) |
||||||||||||||
Net cash (used in)/provided by operating activities |
$ |
(5,286 |
) |
|
$ |
57,917 |
|
|
$ |
169,751 |
|
|
$ |
169,776 |
|
Purchases of property and equipment and capitalized software |
|
(25,112 |
) |
|
|
(13,038 |
) |
|
|
(58,863 |
) |
|
|
(35,936 |
) |
Free cash flow |
$ |
(30,398 |
) |
|
$ |
44,879 |
|
|
$ |
110,888 |
|
|
$ |
133,840 |
|
Maximus, Inc. |
|||||||||||||||
Non-GAAP Adjusted Results Excluding Amortization of Intangible Assets |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||
|
(dollars in thousands, except per share data) |
||||||||||||||
Operating income |
$ |
58,388 |
|
|
$ |
54,557 |
|
|
$ |
195,670 |
|
|
$ |
211,374 |
|
Add back: Amortization of intangible assets |
|
23,431 |
|
|
|
22,690 |
|
|
|
70,599 |
|
|
|
67,951 |
|
Adjusted operating income excluding amortization of intangible assets (Non-GAAP) |
$ |
81,819 |
|
|
$ |
77,247 |
|
|
$ |
266,269 |
|
|
$ |
279,325 |
|
Adjusted operating income margin excluding amortization of intangible assets (Non-GAAP) |
|
6.9 |
% |
|
|
6.9 |
% |
|
|
7.3 |
% |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
30,863 |
|
|
$ |
31,335 |
|
|
$ |
102,646 |
|
|
$ |
134,761 |
|
Add back: Amortization of intangible assets, net of tax |
|
17,276 |
|
|
|
16,750 |
|
|
|
52,082 |
|
|
|
50,164 |
|
Adjusted net income excluding amortization of intangible assets (Non-GAAP) |
$ |
48,139 |
|
|
$ |
48,085 |
|
|
$ |
154,728 |
|
|
$ |
184,925 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
0.50 |
|
|
$ |
0.51 |
|
|
$ |
1.67 |
|
|
$ |
2.17 |
|
Add back: Effect of amortization of intangible assets on diluted earnings per share |
|
0.28 |
|
|
|
0.27 |
|
|
|
0.85 |
|
|
|
0.80 |
|
Adjusted diluted earnings per share excluding amortization of intangible assets (Non-GAAP) |
$ |
0.78 |
|
|
$ |
0.78 |
|
|
$ |
2.52 |
|
|
$ |
2.97 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230802521666/en/
James Francis, VP - IR
Jessica Batt, VP - IR & ESG
IR@maximus.com
Source: Maximus