Maximus Reports Fiscal Year 2024 Second Quarter Results
Maximus (NYSE: MMS) reported strong financial results for the second quarter of fiscal year 2024, with revenue up 11.7% to $1.35 billion. Diluted earnings per share were $1.31, and adjusted diluted earnings per share were $1.57. The company raised guidance for FY24, with revenue increasing by $75 million, adjusted operating income by more than $34 million, adjusted diluted earnings per share by $0.40, and free cash flow by $25 million. Net debt to EBITDA ratio improved to 1.7 times. A quarterly cash dividend of $0.30 per share was declared.
Revenue increased by 11.7% to $1.35 billion for the second quarter of fiscal year 2024.
Adjusted diluted earnings per share rose to $1.57, reflecting a significant increase compared to the prior year period.
The company raised guidance for fiscal year 2024, with revenue, adjusted operating income, adjusted diluted earnings per share, and free cash flow all expected to increase.
Outside the U.S. Segment revenue decreased by 7.2% to $160.5 million, with divestitures impacting revenue negatively.
The debt, net of allowed cash, to EBITDA ratio decreased to 1.7 times, compared to the previous quarter, indicating a higher debt level.
The Days Sales Outstanding (DSO) increased to 62 days at March 31, 2024, compared to 59 days at December 31, 2023, which could indicate potential issues with receivables collection.
Strong demand drives highest post-pandemic margins and further raise to FY24 guidance
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, 2024.
Highlights for the second quarter of fiscal year 2024 include:
-
Revenue increased
11.7% to , compared to$1.35 billion for the prior year period. Organic growth was$1.21 billion 12.6% and driven by expanded programs in the domestic segments and resumed Medicaid-related activities. -
Diluted earnings per share were
, and adjusted diluted earnings per share were$1.31 , compared to$1.57 and$0.52 , respectively, for the prior year period.$0.81 -
The company is raising guidance for fiscal year 2024. At the midpoints, revenue is increasing by
, adjusted operating income guidance is increasing by more than$75 million , adjusted diluted earnings per share by$34 million , and free cash flow by$0.40 .$25 million - Net debt to EBITDA ratio improved to 1.7 times at March 31, 2024, compared to 2.1 times in the prior quarter.
-
A quarterly cash dividend of
per share is payable on May 31, 2024, to shareholders of record on May 15, 2024.$0.30
"For the second consecutive quarter, we are able to raise guidance that reflects our confidence in the earnings power of the business," said Bruce Caswell, President and Chief Executive Officer. "We are focused on driving future growth through continued, excellent operational execution coupled with innovative technology solutions to drive long-term shareholder value."
Second Quarter Results
Revenue for the second quarter of fiscal year 2024 increased
For the second quarter of fiscal year 2024, operating margin was
The segment operating margin for the second quarter of fiscal year 2024 was
The segment operating margin for the second quarter of fiscal year 2024 was
Outside the
Outside the
The segment realized an operating profit of
Sales and Pipeline
Year-to-date signed contract awards at March 31, 2024, totaled
The sales pipeline at March 31, 2024, totaled
Balance Sheet and Cash Flows
At March 31, 2024, cash and cash equivalents totaled
For the second quarter of fiscal year 2024, cash provided by operating activities totaled
Subsequent to March 31, 2024, we purchased approximately 242,000 shares at a cost of
On April 5, 2024, our Board of Directors declared a quarterly cash dividend of
Raising FY24 Guidance
Maximus is raising fiscal year 2024 guidance following second quarter results and an improved outlook for the remainder of the fiscal year. Revenue is now expected to range between
Adjusted operating income is now expected to range between
Adjusted diluted earnings per share is now expected to range between
Free cash flow is now expected to range between
Conference Call and Webcast Information
Maximus will host a conference call tomorrow, May 9, 2024, 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 and divestiture-related charges, adjusted 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, operating income, 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, 2023, which was filed with the Securities and Exchange Commission (SEC) on November 16, 2023. 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, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
||||||||
|
(in thousands, except per share amounts) |
||||||||||||||
Revenue |
$ |
1,348,357 |
|
|
$ |
1,206,852 |
|
|
$ |
2,675,398 |
|
|
$ |
2,456,098 |
|
Cost of revenue |
|
1,030,768 |
|
|
|
978,249 |
|
|
|
2,057,755 |
|
|
|
1,982,748 |
|
Gross profit |
|
317,589 |
|
|
|
228,603 |
|
|
|
617,643 |
|
|
|
473,350 |
|
Selling, general, and administrative expenses |
|
168,454 |
|
|
|
142,448 |
|
|
|
337,649 |
|
|
|
288,900 |
|
Amortization of intangible assets |
|
21,641 |
|
|
|
23,650 |
|
|
|
44,990 |
|
|
|
47,168 |
|
Operating income |
|
127,494 |
|
|
|
62,505 |
|
|
|
235,004 |
|
|
|
137,282 |
|
Interest expense |
|
20,366 |
|
|
|
20,999 |
|
|
|
41,873 |
|
|
|
42,605 |
|
Other expense/(income), net |
|
(822 |
) |
|
|
(818 |
) |
|
|
(334 |
) |
|
|
(1,084 |
) |
Income before income taxes |
|
107,950 |
|
|
|
42,324 |
|
|
|
193,465 |
|
|
|
95,761 |
|
Provision for income taxes |
|
27,440 |
|
|
|
10,536 |
|
|
|
48,807 |
|
|
|
23,978 |
|
Net income |
$ |
80,510 |
|
|
$ |
31,788 |
|
|
$ |
144,658 |
|
|
$ |
71,783 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.31 |
|
|
$ |
0.52 |
|
|
$ |
2.36 |
|
|
$ |
1.17 |
|
Diluted |
$ |
1.31 |
|
|
$ |
0.52 |
|
|
$ |
2.35 |
|
|
$ |
1.17 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
61,371 |
|
|
|
61,120 |
|
|
|
61,330 |
|
|
|
61,119 |
|
Diluted |
|
61,622 |
|
|
|
61,383 |
|
|
|
61,573 |
|
|
|
61,265 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share |
$ |
0.30 |
|
|
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
Maximus, Inc. Consolidated Statements of Operations (Unaudited) |
|||||||
|
March 31, 2024 |
|
September 30, 2023 |
||||
|
(unaudited) |
|
|
||||
|
(in thousands) |
||||||
Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
77,370 |
|
|
$ |
65,405 |
|
Accounts receivable, net |
|
916,004 |
|
|
|
826,873 |
|
Income taxes receivable |
|
14,167 |
|
|
|
16,556 |
|
Prepaid expenses and other current assets |
|
110,912 |
|
|
|
146,632 |
|
Total current assets |
|
1,118,453 |
|
|
|
1,055,466 |
|
Property and equipment, net |
|
35,371 |
|
|
|
38,831 |
|
Capitalized software, net |
|
141,943 |
|
|
|
107,811 |
|
Operating lease right-of-use assets |
|
148,413 |
|
|
|
163,929 |
|
Goodwill |
|
1,780,158 |
|
|
|
1,779,215 |
|
Intangible assets, net |
|
676,909 |
|
|
|
703,648 |
|
Deferred contract costs, net |
|
49,102 |
|
|
|
45,372 |
|
Deferred compensation plan assets |
|
51,786 |
|
|
|
42,919 |
|
Deferred income taxes |
|
2,129 |
|
|
|
2,459 |
|
Other assets |
|
36,880 |
|
|
|
46,147 |
|
Total assets |
$ |
4,041,144 |
|
|
$ |
3,985,797 |
|
Liabilities and Shareholders' Equity: |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
276,199 |
|
|
$ |
282,081 |
|
Accrued compensation and benefits |
|
172,601 |
|
|
|
194,251 |
|
Deferred revenue, current portion |
|
76,574 |
|
|
|
60,477 |
|
Income taxes payable |
|
15,792 |
|
|
|
451 |
|
Long-term debt, current portion |
|
88,517 |
|
|
|
86,844 |
|
Operating lease liabilities, current portion |
|
48,470 |
|
|
|
49,852 |
|
Other current liabilities |
|
50,563 |
|
|
|
49,058 |
|
Total current liabilities |
|
728,716 |
|
|
|
723,014 |
|
Deferred revenue, non-current portion |
|
33,374 |
|
|
|
38,849 |
|
Deferred income taxes |
|
192,890 |
|
|
|
203,898 |
|
Long-term debt, non-current portion |
|
1,121,337 |
|
|
|
1,163,149 |
|
Deferred compensation plan liabilities, non-current portion |
|
53,539 |
|
|
|
46,432 |
|
Operating lease liabilities, non-current portion |
|
112,780 |
|
|
|
129,367 |
|
Other liabilities |
|
9,365 |
|
|
|
13,253 |
|
Total liabilities |
|
2,252,001 |
|
|
|
2,317,962 |
|
Shareholders' equity: |
|
|
|
||||
Common stock, no par value; 100,000 shares authorized; 61,037 and 60,998 shares issued and outstanding as of March 31, 2024, and September 30, 2023, respectively |
|
594,387 |
|
|
|
577,898 |
|
Accumulated other comprehensive loss |
|
(30,149 |
) |
|
|
(27,615 |
) |
Retained earnings |
|
1,224,905 |
|
|
|
1,117,552 |
|
Total shareholders' equity |
|
1,789,143 |
|
|
|
1,667,835 |
|
Total liabilities and shareholders' equity |
$ |
4,041,144 |
|
|
$ |
3,985,797 |
|
|
|
|
|
Maximus, Inc. Consolidated Statements of Cash Flows (Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Six Months Ended |
||||||||||||
|
March 31, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
||||||||
|
(in thousands) |
||||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
80,510 |
|
|
$ |
31,788 |
|
|
$ |
144,658 |
|
|
$ |
71,783 |
|
Adjustments to reconcile net income to cash flows from operations: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization of property, equipment, and capitalized software |
|
8,205 |
|
|
|
14,041 |
|
|
|
16,616 |
|
|
|
26,321 |
|
Amortization of intangible assets |
|
21,641 |
|
|
|
23,650 |
|
|
|
44,990 |
|
|
|
47,168 |
|
Amortization of debt issuance costs and debt discount |
|
601 |
|
|
|
601 |
|
|
|
1,202 |
|
|
|
1,635 |
|
Deferred income taxes |
|
(6,150 |
) |
|
|
(37 |
) |
|
|
(8,315 |
) |
|
|
(1,368 |
) |
Stock compensation expense |
|
8,697 |
|
|
|
9,540 |
|
|
|
18,124 |
|
|
|
13,943 |
|
Loss on sale of businesses |
|
— |
|
|
|
883 |
|
|
|
1,018 |
|
|
|
883 |
|
Change in assets and liabilities, net of effects of business combinations: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
(57,006 |
) |
|
|
263,278 |
|
|
|
(92,385 |
) |
|
|
62,529 |
|
Prepaid expenses and other current assets |
|
9,876 |
|
|
|
2,788 |
|
|
|
19,932 |
|
|
|
13,412 |
|
Deferred contract costs |
|
(2,712 |
) |
|
|
1,596 |
|
|
|
(3,600 |
) |
|
|
583 |
|
Accounts payable and accrued liabilities |
|
9,242 |
|
|
|
(10,003 |
) |
|
|
(6,301 |
) |
|
|
(6,361 |
) |
Accrued compensation and benefits |
|
56,836 |
|
|
|
39,049 |
|
|
|
(10,556 |
) |
|
|
(14,222 |
) |
Deferred revenue |
|
9,828 |
|
|
|
(33,111 |
) |
|
|
10,705 |
|
|
|
(18,347 |
) |
Income taxes |
|
(8,940 |
) |
|
|
(16,043 |
) |
|
|
13,310 |
|
|
|
(6,578 |
) |
Operating lease right-of-use assets and liabilities |
|
703 |
|
|
|
(1,124 |
) |
|
|
(385 |
) |
|
|
(2,072 |
) |
Other assets and liabilities |
|
(843 |
) |
|
|
(17,200 |
) |
|
|
3,083 |
|
|
|
(14,272 |
) |
Net cash provided by operating activities |
|
130,488 |
|
|
|
309,696 |
|
|
|
152,096 |
|
|
|
175,037 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment and capitalized software |
|
(25,300 |
) |
|
|
(18,054 |
) |
|
|
(47,547 |
) |
|
|
(33,751 |
) |
Asset acquisition |
|
(18,006 |
) |
|
|
— |
|
|
|
(18,006 |
) |
|
|
— |
|
Proceeds from divestitures |
|
1,263 |
|
|
|
9,124 |
|
|
|
3,078 |
|
|
|
9,124 |
|
Net cash used in investing activities |
|
(42,043 |
) |
|
|
(8,930 |
) |
|
|
(62,475 |
) |
|
|
(24,627 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Cash dividends paid to Maximus shareholders |
|
(18,309 |
) |
|
|
(17,016 |
) |
|
|
(36,608 |
) |
|
|
(34,033 |
) |
Tax withholding related to RSU vesting |
|
— |
|
|
|
— |
|
|
|
(13,455 |
) |
|
|
(8,475 |
) |
Payments for contingent consideration |
|
(5,349 |
) |
|
|
(2,626 |
) |
|
|
(8,168 |
) |
|
|
(4,041 |
) |
Proceeds from borrowings |
|
195,000 |
|
|
|
193,696 |
|
|
|
423,409 |
|
|
|
462,398 |
|
Principal payments for debt |
|
(298,129 |
) |
|
|
(469,105 |
) |
|
|
(464,787 |
) |
|
|
(530,460 |
) |
Cash-collateralized escrow liabilities |
|
3,918 |
|
|
|
(47,587 |
) |
|
|
5,122 |
|
|
|
(57,060 |
) |
Net cash used in financing activities |
|
(122,869 |
) |
|
|
(342,638 |
) |
|
|
(94,487 |
) |
|
|
(171,671 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(731 |
) |
|
|
765 |
|
|
|
1,115 |
|
|
|
3,186 |
|
Net change in cash, cash equivalents, and restricted cash |
|
(35,155 |
) |
|
|
(41,107 |
) |
|
|
(3,751 |
) |
|
|
(18,075 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
153,495 |
|
|
|
159,827 |
|
|
|
122,091 |
|
|
|
136,795 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
118,340 |
|
|
$ |
118,720 |
|
|
$ |
118,340 |
|
|
$ |
118,720 |
|
Maximus, Inc. Consolidated Results of Operations by Segment (Unaudited) |
|||||||||||||||||||||||||||
|
For the Three Months Ended |
|
For the Six Months Ended |
||||||||||||||||||||||||
|
March 31, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
||||||||||||||||||||
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
||||||||||||
|
(dollars in thousands) |
||||||||||||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
701,702 |
|
|
|
|
$ |
584,075 |
|
|
|
|
$ |
1,378,780 |
|
|
|
|
$ |
1,202,242 |
|
|
|
||||
|
|
486,115 |
|
|
|
|
|
449,703 |
|
|
|
|
|
975,960 |
|
|
|
|
|
889,181 |
|
|
|
||||
Outside the |
|
160,540 |
|
|
|
|
|
173,074 |
|
|
|
|
|
320,658 |
|
|
|
|
|
364,675 |
|
|
|
||||
Revenue |
$ |
1,348,357 |
|
|
|
|
$ |
1,206,852 |
|
|
|
|
$ |
2,675,398 |
|
|
|
|
$ |
2,456,098 |
|
|
|
||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
163,337 |
|
|
23.3 |
% |
|
$ |
122,874 |
|
|
21.0 |
% |
|
$ |
319,999 |
|
|
23.2 |
% |
|
$ |
245,568 |
|
|
20.4 |
% |
|
|
130,122 |
|
|
26.8 |
% |
|
|
86,016 |
|
|
19.1 |
% |
|
|
248,485 |
|
|
25.5 |
% |
|
|
169,614 |
|
|
19.1 |
% |
Outside the |
|
24,130 |
|
|
15.0 |
% |
|
|
19,713 |
|
|
11.4 |
% |
|
|
49,159 |
|
|
15.3 |
% |
|
|
58,168 |
|
|
16.0 |
% |
Gross profit |
$ |
317,589 |
|
|
23.6 |
% |
|
$ |
228,603 |
|
|
18.9 |
% |
|
$ |
617,643 |
|
|
23.1 |
% |
|
$ |
473,350 |
|
|
19.3 |
% |
Selling, general, and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
79,867 |
|
|
11.4 |
% |
|
$ |
75,050 |
|
|
12.8 |
% |
|
$ |
167,722 |
|
|
12.2 |
% |
|
$ |
146,699 |
|
|
12.2 |
% |
|
|
62,201 |
|
|
12.8 |
% |
|
|
43,415 |
|
|
9.7 |
% |
|
|
114,501 |
|
|
11.7 |
% |
|
|
89,257 |
|
|
10.0 |
% |
Outside the |
|
23,460 |
|
|
14.6 |
% |
|
|
23,425 |
|
|
13.5 |
% |
|
|
48,601 |
|
|
15.2 |
% |
|
|
51,814 |
|
|
14.2 |
% |
Divestiture-related charges (2) |
|
— |
|
|
NM |
|
|
|
883 |
|
|
NM |
|
|
|
1,018 |
|
|
NM |
|
|
|
883 |
|
|
NM |
|
Other (3) |
|
2,926 |
|
|
NM |
|
|
|
(325 |
) |
|
NM |
|
|
|
5,807 |
|
|
NM |
|
|
|
247 |
|
|
NM |
|
Selling, general, and administrative expenses |
$ |
168,454 |
|
|
12.5 |
% |
|
$ |
142,448 |
|
|
11.8 |
% |
|
$ |
337,649 |
|
|
12.6 |
% |
|
$ |
288,900 |
|
|
11.8 |
% |
Operating income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
83,470 |
|
|
11.9 |
% |
|
$ |
47,824 |
|
|
8.2 |
% |
|
$ |
152,277 |
|
|
11.0 |
% |
|
$ |
98,869 |
|
|
8.2 |
% |
|
|
67,921 |
|
|
14.0 |
% |
|
|
42,601 |
|
|
9.5 |
% |
|
|
133,984 |
|
|
13.7 |
% |
|
|
80,357 |
|
|
9.0 |
% |
Outside the |
|
670 |
|
|
0.4 |
% |
|
|
(3,712 |
) |
|
(2.1 |
)% |
|
|
558 |
|
|
0.2 |
% |
|
|
6,354 |
|
|
1.7 |
% |
Amortization of intangible assets |
|
(21,641 |
) |
|
NM |
|
|
|
(23,650 |
) |
|
NM |
|
|
|
(44,990 |
) |
|
NM |
|
|
|
(47,168 |
) |
|
NM |
|
Divestiture-related charges (2) |
|
— |
|
|
NM |
|
|
|
(883 |
) |
|
NM |
|
|
|
(1,018 |
) |
|
NM |
|
|
|
(883 |
) |
|
NM |
|
Other (3) |
|
(2,926 |
) |
|
NM |
|
|
|
325 |
|
|
NM |
|
|
|
(5,807 |
) |
|
NM |
|
|
|
(247 |
) |
|
NM |
|
Operating income |
$ |
127,494 |
|
|
9.5 |
% |
|
$ |
62,505 |
|
|
5.2 |
% |
|
$ |
235,004 |
|
|
8.8 |
% |
|
$ |
137,282 |
|
|
5.6 |
% |
(1) | Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM." |
|
(2) | We have sold businesses in both fiscal years 2023 and 2024. |
|
(3) | Other expenses includes credits and costs that are not allocated to a particular segment. This includes expenses incurred as part of our acquisitions, as well as potential acquisitions which have not been or may not be completed. |
Maximus, Inc. Consolidated Free Cash Flows - Non-GAAP (Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Six Months Ended |
||||||||||||
|
March 31, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
||||||||
|
(in thousands) |
||||||||||||||
Net cash provided by operating activities |
$ |
130,488 |
|
|
$ |
309,696 |
|
|
$ |
152,096 |
|
|
$ |
175,037 |
|
Purchases of property and equipment and capitalized software |
|
(25,300 |
) |
|
|
(18,054 |
) |
|
|
(47,547 |
) |
|
|
(33,751 |
) |
Free cash flow (Non-GAAP) |
$ |
105,188 |
|
|
$ |
291,642 |
|
|
$ |
104,549 |
|
|
$ |
141,286 |
|
Maximus, Inc. Non-GAAP Adjusted Results Excluding Amortization of Intangible Assets and Divestiture-Related Charges (Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Six Months Ended |
||||||||||||
|
March 31, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
||||||||
|
(dollars in thousands, except per share data) |
||||||||||||||
Operating income |
$ |
127,494 |
|
|
$ |
62,505 |
|
|
$ |
235,004 |
|
|
$ |
137,282 |
|
Add back: Amortization of intangible assets |
|
21,641 |
|
|
|
23,650 |
|
|
|
44,990 |
|
|
|
47,168 |
|
Add back: Divestiture-related charges |
|
— |
|
|
|
883 |
|
|
|
1,018 |
|
|
|
883 |
|
Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
$ |
149,135 |
|
|
$ |
87,038 |
|
|
$ |
281,012 |
|
|
$ |
185,333 |
|
Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
|
11.1 |
% |
|
|
7.2 |
% |
|
|
10.5 |
% |
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
80,510 |
|
|
$ |
31,788 |
|
|
$ |
144,658 |
|
|
$ |
71,783 |
|
Add back: Amortization of intangible assets, net of tax |
|
15,949 |
|
|
|
17,446 |
|
|
|
33,158 |
|
|
|
34,806 |
|
Add back: Divestiture-related charges |
|
— |
|
|
|
883 |
|
|
|
1,018 |
|
|
|
883 |
|
Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
$ |
96,459 |
|
|
$ |
50,117 |
|
|
$ |
178,834 |
|
|
$ |
107,472 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
1.31 |
|
|
$ |
0.52 |
|
|
$ |
2.35 |
|
|
$ |
1.17 |
|
Add back: Effect of amortization of intangible assets on diluted earnings per share |
|
0.26 |
|
|
|
0.28 |
|
|
|
0.53 |
|
|
|
0.57 |
|
Add back: Effect of divestiture-related charges on diluted earnings per share |
|
— |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
$ |
1.57 |
|
|
$ |
0.81 |
|
|
$ |
2.90 |
|
|
$ |
1.75 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508587231/en/
James Francis, VP - IR
Jessica Batt, VP - IR & ESG
IR@maximus.com
Source: Maximus
FAQ
<p>What was Maximus' revenue for the second quarter of fiscal year 2024?</p>
Maximus reported revenue of $1.35 billion for the second quarter of fiscal year 2024.
<p>What were Maximus' adjusted diluted earnings per share for the same period?</p>
Maximus' adjusted diluted earnings per share were $1.57 for the second quarter of fiscal year 2024.
<p>When is the quarterly cash dividend payable to Maximus shareholders?</p>
The quarterly cash dividend of $0.30 per share is payable on May 31, 2024, to shareholders of record on May 15, 2024.
<p>What is Maximus' revised guidance for fiscal year 2024?</p>
Maximus raised its guidance for fiscal year 2024, with revenue expected to range between $5.15 billion and $5.25 billion, adjusted operating income between $540 million and $560 million, and adjusted diluted earnings per share between $5.65 and $5.85.
<p>How did Maximus' Outside the U.S. Segment perform in the second quarter of fiscal year 2024?</p>
Revenue for the Outside the U.S. Segment decreased by 7.2% to $160.5 million, impacted by divestitures and flat organic growth.