Maximus Reports Fiscal Year 2024 Third Quarter Results

Rhea-AI Summary

Maximus (NYSE: MMS) reported strong fiscal year 2024 third quarter results, with revenue increasing 10.6% to $1.31 billion. The company raised its FY24 guidance for the third consecutive time, with revenue expected to range between $5.25 billion and $5.35 billion. Diluted earnings per share were $1.46, while adjusted diluted EPS reached $1.74. All three segments contributed to organic growth of 11.2%, with the U.S. Federal Services Segment being the primary driver. The company's net debt to EBITDA ratio improved to 1.5 times. Maximus declared a quarterly cash dividend of $0.30 per share, payable on August 31, 2024. The company's strong performance was attributed to favorable tailwinds and efficient delivery at scale across its operations.

Positive

• Revenue increased 10.6% to $1.31 billion, with 11.2% organic growth
• Adjusted diluted earnings per share increased to $1.74 from $0.78 in the prior year period
• U.S. Federal Services Segment revenue grew 17.0% to $683.3 million
• Net debt to EBITDA ratio improved to 1.5 times from 1.7 times in the prior quarter
• Raised FY24 guidance for revenue, adjusted operating income, and adjusted diluted EPS

Negative

• Outside the U.S. Segment realized an operating loss of $1.4 million
• Book-to-bill ratio at 0.6x, calculated on a trailing twelve-month basis

Financial Analyst

Maximus's Q3 FY2024 results demonstrate robust financial performance, with revenue increasing 10.6% to $1.31 billion and adjusted diluted EPS rising to $1.74, up from $0.78 in the prior year period. The company's organic growth of 11.2% across all segments is particularly impressive, driven primarily by the U.S. Federal Services Segment.

The improved adjusted operating margin of 12.6%, up from 6.9% last year, reflects enhanced operational efficiency. The reduction in net debt to EBITDA ratio to 1.5x from 1.7x in the previous quarter indicates strengthening financial health. With a third consecutive raise in FY2024 guidance, Maximus appears well-positioned for continued growth, making it an attractive prospect for investors seeking exposure to the government services sector.

Government Services Expert

Maximus's strong performance in the U.S. Federal Services Segment, with a 17% revenue increase and a 15.5% operating margin, underscores the company's ability to capitalize on high demand for clinical services in the government sector. The segment's expected full-year margin of 12.5% suggests sustainable profitability.

The U.S. Services Segment's 5.2% revenue growth, driven by Medicaid-related services, highlights Maximus's strategic positioning in critical government programs. However, investors should note that the completion of the Medicaid unwinding exercise may impact future growth rates. The Outside U.S. Segment's ongoing restructuring efforts, while currently resulting in a small loss, promise improved profitability once complete, potentially opening new growth avenues internationally.

Market Research Analyst

Maximus's robust sales pipeline of $44.1 billion, with 55% representing new work opportunities, indicates strong future growth potential. The inclusion of major recompete contracts like the Contact Center Operations and Veterans Affairs Medical Disability Examination in the pipeline suggests confidence in retaining key government contracts.

However, the book-to-bill ratio of 0.6x on a trailing twelve-month basis warrants attention, as it's below the ideal 1.0x or higher. This could indicate challenges in converting the pipeline into signed contracts. The company's share repurchase program, including the recent $200 million authorization expansion, demonstrates management's confidence in Maximus's value proposition and commitment to returning value to shareholders, which could support stock price stability.

Favorable tailwinds persist and drive third consecutive 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 nine months ending June 30, 2024.

Highlights for the third quarter of fiscal year 2024 include:

• Revenue increased 10.6% to $1.31 billion, compared to $1.19 billion for the prior year period. All three segments contributed to organic growth of 11.2%, with the U.S. Federal Services Segment being the primary driver.

• Diluted earnings per share were $1.46 and adjusted diluted earnings per share were $1.74, compared to $0.50 and $0.78, respectively, for the prior year period.

• Guidance is increasing again for fiscal year 2024. At the midpoints, revenue is increasing by $100 million, adjusted operating income guidance is increasing by $30 million, adjusted diluted earnings per share by $0.35, and free cash flow by $15 million.

• Net debt to EBITDA ratio improved to 1.5 times at June 30, 2024, compared to 1.7 times in the prior quarter.

• A quarterly cash dividend of $0.30 per share is payable on August 31, 2024, to shareholders of record on August 15, 2024.

"Our third quarter demonstrates our ability to capitalize on favorable tailwinds that have persisted across this year, where we accomplished high quality and efficient delivery, at scale," said Bruce Caswell, President and Chief Executive Officer. "I want to acknowledge and thank all our teams for their respective roles in delivering exceptional performance this quarter, enabling us to solidly beat expectations and continue the momentum of the business this year."

Third Quarter Results

Revenue for the third quarter of fiscal year 2024 increased 10.6% to $1.31 billion, compared to $1.19 billion for the prior year period. All three segments contributed to consolidated organic growth of 11.2%, with the primary driver being volume growth on clinical programs in the U.S. Federal Services Segment.

For the third quarter of fiscal year 2024, operating margin was 10.8% and the adjusted operating margin was 12.6%. This compares to margins of 4.9% and 6.9%, respectively, for the prior year period. Diluted earnings per share were $1.46 and adjusted diluted earnings per share were $1.74. This compares to $0.50 and $0.78, respectively, for the prior year period which included a $0.26 impact from the previously disclosed cybersecurity incident. Exceptional performance within environments of strong demand across both domestic segments led to higher-than-anticipated earnings this quarter.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the third quarter of fiscal year 2024 increased 17.0% to $683.3 million, compared to $584.0 million reported for the prior year period. All growth was organic and driven primarily by volume growth on clinical programs.

The segment operating margin for the third quarter of fiscal year 2024 was 15.5%, compared to 12.7% reported for the prior year period. This quarter's margin reflects excellent operational execution combined with high demand for services, particularly in clinical services, and a temporarily favorable mix of lower cost-plus revenue and higher performance-based revenue. The full-year fiscal 2024 margin for the U.S. Federal Services Segment is now expected to be approximately 12.5%.

U.S. Services Segment

U.S. Services Segment revenue for the third quarter of fiscal year 2024 increased 5.2% to $472.3 million, compared to $449.1 million reported in the prior year period. All growth was organic and enabled by strong performance across the Medicaid-related portfolio, a portion of which were excess volumes from the unwinding exercise which is now completed.

The segment operating margin for the third quarter of fiscal year 2024 was 13.0%, compared to 10.5% reported for the prior year. This quarter's margin benefited from the strong Medicaid-related performance and the aforementioned excess volumes. The full-year fiscal 2024 margin for the U.S. Services Segment is anticipated to be approximately 13%.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the third quarter of fiscal year 2024 increased 2.3% to $159.3 million, compared to $155.7 million reported in the prior year period. Organic growth was 6.8% and driven primarily by strong operations in the United Kingdom, with the effect of divested businesses partially offsetting the growth.

The segment realized an operating loss of $1.4 million for the third quarter of fiscal year 2024, compared to a loss of $15.2 million in the prior year period. This quarter's loss was contemplated in the full-year outlook for the segment, which remains slightly above breakeven. A smaller footprint and improved profitability are expected once segment-shaping efforts are complete, which remain a priority for this fiscal year.

Sales and Pipeline

Year-to-date signed contract awards at June 30, 2024, totaled $1.25 billion, and contracts pending (awarded but unsigned) totaled $398 million. The book-to-bill ratio at June 30, 2024, was 0.6x calculated on a trailing twelve-month basis.

The sales pipeline at June 30, 2024, totaled $44.1 billion, comprised of approximately $2.93 billion in proposals pending, $7.33 billion in proposals in preparation, and $33.8 billion in opportunities tracking. This quarter's large increase to the pipeline is attributable to capturing the Contact Center Operations (CCO) early recompete and the Veterans Affairs Medical Disability Examination contracts recompete stemming from higher volumes on the program. New work opportunities represent approximately 55% of the total sales pipeline.

Balance Sheet and Cash Flows

At June 30, 2024, cash and cash equivalents totaled $103 million, and gross debt was $1.16 billion. The ratio of debt, net of allowed cash, to EBITDA for the quarter ended June 30, 2024, as calculated in accordance with our credit agreement, was 1.5x. This compares to 1.7x at March 31, 2024.

For the third quarter of fiscal year 2024, cash provided by operating activities totaled $199 million, and free cash flow was $165 million. DSO at June 30, 2024, were 59 days, compared with 62 days at March 31, 2024.

During the third quarter of fiscal year 2024, we purchased approximately 611,000 shares, totaling $50.6 million, which is an average price of $82.79 per share. Subsequent to June 30, 2024, we purchased an additional 250,000 shares, totaling $21.2 million, at an average price of $84.78 per share. In June 2024, the Board of Directors authorized an expansion to the purchase program for Maximus common stock of up to an aggregate of $200 million.

On July 5, 2024, our Board of Directors declared a quarterly cash dividend of $0.30 for each share of our common stock outstanding. The dividend is payable on August 31, 2024, to shareholders of record on August 15, 2024.

Further Raise to FY24 Guidance

Maximus is further raising fiscal year 2024 guidance following its third quarter results. Revenue is now expected to range between $5.25 billion and $5.35 billion, representing an increase of $100 million from the midpoint of prior guidance.

Adjusted operating income is now expected to range between $570 million and $590 million, representing an increase of $30 million from the midpoint of prior guidance. Adjusted operating income excludes an estimated $90 million of expense for amortization of intangible assets and $1 million of divestiture-related charges.

Adjusted diluted earnings per share is now expected to range between $6.00 and $6.20 per share, representing an increase of $0.35 per share from the midpoint of prior guidance.

Free cash flow is now expected to range between $350 million and $380 million as a result of the increased earnings guidance and partially offset by higher capital expenditures for the remainder of the year. Interest expense is estimated to be $80 million for fiscal year 2024.

Conference Call and Webcast Information

Maximus will host a conference call tomorrow, August 8, 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 Forward-Looking Statements

This release contains 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 and details as to how they are calculated are included with 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 our confidence and strategies, and our expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand, or acceptance of our products are forward-looking statements that involve risks and uncertainties.

These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. A Special Note Regarding Forward-Looking Statements is included within our forthcoming Form 10-Q and 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. Our SEC reports are accessible on maximus.com.

Maximus, Inc.
Consolidated Statements of Operations
(Unaudited)
	For the Three Months Ended						For the Nine Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	(in thousands, except per share amounts)
Revenue	$	1,314,929		$	1,188,677		$	3,990,327		$	3,644,775
Cost of revenue		982,615			924,313			3,040,370			2,907,061
Gross profit		332,314			264,364			949,957			737,714
Selling, general, and administrative expenses		167,033			182,545			504,682			471,445
Amortization of intangible assets		23,542			23,431			68,532			70,599
Operating income		141,739			58,388			376,743			195,670
Interest expense		20,555			21,026			62,428			63,631
Other expense/(income), net		809			1,005			475			(79	)
Income before income taxes		120,375			36,357			313,840			132,118
Provision for income taxes		30,623			5,494			79,430			29,472
Net income	$	89,752		$	30,863		$	234,410		$	102,646
Earnings per share:
Basic	$	1.47		$	0.50		$	3.83		$	1.68
Diluted	$	1.46		$	0.50		$	3.81		$	1.67
Weighted average shares outstanding:
Basic		61,079			61,141			61,233			61,125
Diluted		61,381			61,544			61,495			61,368
Dividends declared per share	$	0.30		$	0.28		$	0.90		$	0.84

Maximus, Inc.
Consolidated Balance Sheets
	June 30, 2024				September 30, 2023
	(unaudited)
	(in thousands)
Assets:
Cash and cash equivalents	$	102,794			$	65,405
Accounts receivable, net		850,462				826,873
Income taxes receivable		9,464				16,556
Prepaid expenses and other current assets		115,571				146,632
Total current assets		1,078,291				1,055,466
Property and equipment, net		35,020				38,831
Capitalized software, net		169,449				107,811
Operating lease right-of-use assets		138,817				163,929
Goodwill		1,780,299				1,779,215
Intangible assets, net		653,386				703,648
Deferred contract costs, net		53,899				45,372
Deferred compensation plan assets		52,895				42,919
Deferred income taxes		5,911				2,459
Other assets		31,823				46,147
Total assets	$	3,999,790			$	3,985,797
Liabilities and Shareholders' Equity:
Liabilities:
Accounts payable and accrued liabilities	$	280,836			$	282,081
Accrued compensation and benefits		162,318				194,251
Deferred revenue, current portion		82,065				60,477
Income taxes payable		11,146				451
Long-term debt, current portion		39,952				86,844
Operating lease liabilities, current portion		47,992				49,852
Other current liabilities		55,734				49,058
Total current liabilities		680,043				723,014
Deferred revenue, non-current portion		35,269				38,849
Deferred income taxes		200,814				203,898
Long-term debt, non-current portion		1,100,701				1,163,149
Deferred compensation plan liabilities, non-current portion		55,870				46,432
Operating lease liabilities, non-current portion		101,911				129,367
Other liabilities		6,467				13,253
Total liabilities		2,181,075				2,317,962
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 60,427 and 60,998 shares issued and outstanding as of June 30, 2024, and September 30, 2023, respectively		604,287				577,898
Accumulated other comprehensive loss		(30,934	)			(27,615	)
Retained earnings		1,245,362				1,117,552
Total shareholders' equity		1,818,715				1,667,835
Total liabilities and shareholders' equity	$	3,999,790			$	3,985,797

Maximus, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
	(in thousands)
Cash flows from operating activities:
Net income	$	89,752			$	30,863			$	234,410			$	102,646
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment, and capitalized software		7,530				10,771				24,146				37,092
Amortization of intangible assets		23,542				23,431				68,532				70,599
Amortization of debt issuance costs and debt discount		1,697				601				2,899				2,236
Deferred income taxes		4,545				3,743				(3,770	)			2,375
Stock compensation expense		9,481				8,296				27,605				22,239
Loss on sale of businesses		—				—				1,018				883
Change in assets and liabilities, net of effects of business combinations:
Accounts receivable		65,857				(54,854	)			(26,528	)			7,675
Prepaid expenses and other current assets		(616	)			7,689				19,316				21,101
Deferred contract costs		(4,777	)			1,662				(8,377	)			2,245
Accounts payable and accrued liabilities		4,642				23,276				(1,659	)			16,915
Accrued compensation and benefits		(10,487	)			(17,390	)			(21,043	)			(31,612	)
Deferred revenue		7,374				(13,400	)			18,079				(31,747	)
Income taxes		(2,734	)			(26,608	)			10,576				(33,186	)
Operating lease right-of-use assets and liabilities		(1,746	)			(1,670	)			(2,131	)			(3,742	)
Other assets and liabilities		5,268				(1,696	)			8,351				(15,968	)
Net cash provided by/(used in) operating activities		199,328				(5,286	)			351,424				169,751
Cash flows from investing activities:
Purchases of property and equipment and capitalized software		(34,690	)			(25,112	)			(82,237	)			(58,863	)
Asset acquisition		—				—				(18,006	)			—
Proceeds from divestitures		—				—				3,078				9,124
Net cash used in investing activities		(34,690	)			(25,112	)			(97,165	)			(49,739	)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders		(18,239	)			(17,020	)			(54,847	)			(51,053	)
Purchases of Maximus common stock		(47,275	)			—				(47,275	)			—
Tax withholding related to RSU vesting		—				—				(13,455	)			(8,475	)
Payments for contingent consideration		(2,809	)			(2,621	)			(10,977	)			(6,662	)
Payments for debt financing costs		(9,724	)			—				(9,724	)			—
Proceeds from borrowings		426,757				220,000				850,166				682,398
Principal payments for debt		(488,038	)			(200,054	)			(952,825	)			(730,514	)
Cash-collateralized escrow liabilities		3,996				2,517				9,118				(54,543	)
Net cash provided by/(used in) financing activities		(135,332	)			2,822				(229,819	)			(168,849	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		155				549				1,270				3,735
Net change in cash, cash equivalents, and restricted cash		29,461				(27,027	)			25,710				(45,102	)
Cash, cash equivalents, and restricted cash, beginning of period		118,340				118,720				122,091				136,795
Cash, cash equivalents, and restricted cash, end of period	$	147,801			$	91,693			$	147,801			$	91,693

Maximus, Inc.
Consolidated Results of Operations by Segment
(Unaudited)
	For the Three Months Ended														For the Nine Months Ended
	June 30, 2024							June 30, 2023							June 30, 2024							June 30, 2023
	Amount				% (1)			Amount				% (1)			Amount				% (1)			Amount				% (1)
	(dollars in thousands)
Revenue:
U.S. Federal Services	$	683,347						$	583,960						$	2,062,127						$	1,786,202
U.S. Services		472,298							449,061							1,448,258							1,338,242
Outside the U.S.		159,284							155,656							479,942							520,331
Revenue	$	1,314,929						$	1,188,677						$	3,990,327						$	3,644,775
Gross profit:
U.S. Federal Services	$	186,075			27.2	%		$	156,945			26.9	%		$	506,074			24.5	%		$	402,513			22.5	%
U.S. Services		121,012			25.6	%			98,538			21.9	%			369,497			25.5	%			268,152			20.0	%
Outside the U.S.		25,227			15.8	%			8,881			5.7	%			74,386			15.5	%			67,049			12.9	%
Gross profit	$	332,314			25.3	%		$	264,364			22.2	%		$	949,957			23.8	%		$	737,714			20.2	%
Selling, general, and administrative expenses:
U.S. Federal Services	$	79,949			11.7	%		$	82,892			14.2	%		$	247,671			12.0	%		$	229,591			12.9	%
U.S. Services		59,531			12.6	%			51,536			11.5	%			174,032			12.0	%			140,793			10.5	%
Outside the U.S.		26,647			16.7	%			24,122			15.5	%			75,249			15.7	%			75,936			14.6	%
Divestiture-related charges (2)		—			NM				—			NM				1,018			NM				883			NM
Other (3)		906			NM				23,995			NM				6,712			NM				24,242			NM
Selling, general, and administrative expenses	$	167,033			12.7	%		$	182,545			15.4	%		$	504,682			12.6	%		$	471,445			12.9	%
Operating income/(loss):
U.S. Federal Services	$	106,126			15.5	%		$	74,053			12.7	%		$	258,403			12.5	%		$	172,922			9.7	%
U.S. Services		61,481			13.0	%			47,002			10.5	%			195,465			13.5	%			127,359			9.5	%
Outside the U.S.		(1,420	)		(0.9	)%			(15,241	)		(9.8	)%			(863	)		(0.2	)%			(8,887	)		(1.7	)%
Amortization of intangible assets		(23,542	)		NM				(23,431	)		NM				(68,532	)		NM				(70,599	)		NM
Divestiture-related charges (2)		—			NM				—			NM				(1,018	)		NM				(883	)		NM
Other (3)		(906	)		NM				(23,995	)		NM				(6,712	)		NM				(24,242	)		NM
Operating income	$	141,739			10.8	%		$	58,388			4.9	%		$	376,743			9.4	%		$	195,670			5.4	%

(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. In the three and nine months ended June 30, 2024, these charges include $0.3 million and $3.3 million related to the costs of a previously disclosed cybersecurity incident, respectively, compared to $22.1 million for the three and nine months ended June 30, 2023. Other charges include expenses incurred as part of our acquisitions, as well as potential acquisitions that have not been or may not be completed.

Maximus, Inc.
Consolidated Free Cash Flows - Non-GAAP
(Unaudited)
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
	(in thousands)
Net cash provided by/(used in) operating activities	$	199,328			$	(5,286	)		$	351,424			$	169,751
Purchases of property and equipment and capitalized software		(34,690	)			(25,112	)			(82,237	)			(58,863	)
Free cash flow (Non-GAAP)	$	164,638			$	(30,398	)		$	269,187			$	110,888

Maximus, Inc.
Non-GAAP Adjusted Results Excluding Amortization of Intangible Assets and Divestiture-Related Charges
(Unaudited)
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
	(dollars in thousands, except per share data)
Operating income	$	141,739			$	58,388			$	376,743			$	195,670
Add back: Amortization of intangible assets		23,542				23,431				68,532				70,599
Add back: Divestiture-related charges		—				—				1,018				883
Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	165,281			$	81,819			$	446,293			$	267,152
Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)		12.6	%			6.9	%			11.2	%			7.3	%
Net income	$	89,752			$	30,863			$	234,410			$	102,646
Add back: Amortization of intangible assets, net of tax		17,350				17,276				50,508				52,082
Add back: Divestiture-related charges		—				—				1,018				883
Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	107,102			$	48,139			$	285,936			$	155,611
Diluted earnings per share	$	1.46			$	0.50			$	3.81			$	1.67
Add back: Effect of amortization of intangible assets on diluted earnings per share		0.28				0.28				0.82				0.86
Add back: Effect of divestiture-related charges on diluted earnings per share		—				—				0.02				0.01
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	1.74			$	0.78			$	4.65			$	2.54

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807786571/en/

James Francis, VP - IR

Jessica Batt, VP - IR & ESG

IR@maximus.com

Source: Maximus

FAQ

What was Maximus's revenue for Q3 FY2024?

Maximus (MMS) reported revenue of $1.31 billion for the third quarter of fiscal year 2024, representing a 10.6% increase compared to the prior year period.

How much did Maximus's adjusted diluted EPS grow in Q3 FY2024?

Maximus (MMS) reported adjusted diluted earnings per share of $1.74 for Q3 FY2024, compared to $0.78 in the prior year period, representing significant growth.

What is Maximus's updated revenue guidance for FY2024?

Maximus (MMS) raised its fiscal year 2024 revenue guidance to range between $5.25 billion and $5.35 billion, an increase of $100 million from the midpoint of prior guidance.

How much was Maximus's quarterly dividend declared for Q3 FY2024?

Maximus (MMS) declared a quarterly cash dividend of $0.30 per share, payable on August 31, 2024, to shareholders of record on August 15, 2024.