Maximus Reports Fourth Quarter and Full Year Results for Fiscal Year 2024

Rhea-AI Summary

Maximus (NYSE: MMS) reported strong financial results for fiscal year 2024, with revenue increasing 8.2% to $5.31 billion. Full year diluted earnings per share reached $4.99, with adjusted EPS at $6.11. The company demonstrated solid organic growth of 8.8%, driven by higher volumes in U.S. segments. Operating margin improved to 9.2%, with adjusted EBITDA margin at 11.6%. Cash flows from operations totaled $515 million, with free cash flow of $401 million. The company announced fiscal 2025 guidance with revenue expected between $5.275-$5.425 billion and adjusted diluted EPS of $5.70-$6.00.

Positive

• Revenue growth of 8.2% to $5.31 billion with strong 8.8% organic growth
• Operating margin improved to 9.2% from 6.0% year-over-year
• Strong cash flow generation with $515 million from operations
• Debt reduction resulting in improved leverage ratio of 1.4x
• U.S. Federal Services segment revenue increased 13.9% to $2.74 billion

Negative

• Outside U.S. Segment revenue decreased 4.6% to $657.1 million
• Book-to-bill ratio declined to 0.4x on trailing twelve-month basis
• Backlog decreased to $16.2 billion from $20.7 billion year-over-year
• FY2025 guidance suggests potential flat to modest revenue growth

Insights

Financial Analyst

This earnings report shows strong performance with several positive indicators. Revenue grew 8.2% to $5.31 billion, with impressive organic growth of 8.8%. The company demonstrated solid profitability with adjusted diluted EPS of $6.11, up significantly from $3.83 in the previous year.

Key strengths include robust cash flow generation with $515 million from operations and improved leverage ratio of 1.4x, down from 2.2x. The U.S. Federal Services segment showed particularly strong performance with 13.9% organic growth and 12.2% operating margin. However, the 0.4x book-to-bill ratio and reduced backlog of $16.2 billion (down from $20.7 billion) warrant attention.

The FY2025 guidance suggests modest growth expectations, with revenue projected between $5.275-5.425 billion and slightly lower adjusted EPS of $5.70-6.00, indicating potential margin pressure ahead.

Government Services Analyst

The company's position in government services remains robust, particularly in clinical programs and Medicaid-related activities. The successful completion of Medicaid redetermination activities and strong performance in clinical services demonstrate operational excellence. The $54.3 billion sales pipeline, with 48% representing new work opportunities, indicates substantial growth potential.

However, the upcoming U.S. Presidential transition period could introduce temporary uncertainties. The company's bipartisan support and established position in essential government services provide stability, but the reduced backlog suggests increased importance of winning new contracts in the coming year to maintain growth momentum.

Establishes fiscal year 2025 guidance

TYSONS, Va.--(BUSINESS WIRE)-- Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three months and year ended September 30, 2024.

Highlights for the fourth quarter and full fiscal year 2024 include:

• Full year revenue increased 8.2% to $5.31 billion, compared to $4.90 billion for the prior year. Organic growth was 8.8% and driven by higher volumes on key programs in the U.S. segments. Fourth quarter revenue grew 4.4%, or 4.7% on an organic basis.
• Full year diluted earnings per share were $4.99, and adjusted diluted earnings per share were $6.11. Fourth quarter diluted earnings per share were $1.19, and adjusted diluted earnings per share were $1.46.
• Full year cash flows from operating activities totaled $515 million, and free cash flow was $401 million, enabling debt reduction across the year to yield a 1.4x leverage ratio at September 30, 2024, as calculated in accordance with our credit agreement.
• A quarterly cash dividend of $0.30 per share payable on November 30, 2024, to shareholders of record on November 15, 2024.

"We are proud of the team for an excellent finish to a strong year, and one that demonstrates a healthy core business operating within our margin expectations," said Bruce Caswell, President and Chief Executive Officer. "We kick off fiscal 2025 with guidance that blends the momentum of fiscal 2024 with thoughtfulness toward the upcoming U.S. Presidential transition."

Caswell continued, "Our earned position as an efficient and flexible partner to government in the administration of entitlement programs and essential government services perennially supported on a bipartisan basis positions us well to advise, adapt, and rapidly implement new priorities."

Consolidated Fiscal Year 2024 Fourth Quarter and Full Year Results

Revenue for the full fiscal year 2024 increased 8.2% to $5.31 billion, compared to $4.90 billion for the prior year. Organic growth was 8.8% over the prior year. Revenue for the fourth quarter of the fiscal year grew 4.4% to $1.32 billion, or 4.7% on an organic basis. Both periods benefited from volume growth on clinical programs in the U.S. Federal Services Segment. The U.S. Services Segment had a full fiscal year 2024 contribution of Medicaid redetermination activities that have returned to normal levels, plus excess volumes from Medicaid-related support activities that were concluded by the fourth quarter of fiscal year 2024.

For the full fiscal year 2024, the operating margin was 9.2% and the adjusted EBITDA margin was 11.6%. This compares to margins of 6.0% and 9.1%, respectively, for the prior year that reflected ramping volumes on core programs and a partial period contribution from resumed Medicaid-related activities. Adjusted EBITDA margin excludes divestiture-related charges which were not material in either fiscal year.

Earnings per share were $4.99 and adjusted diluted earnings per share were $6.11. This compares to $2.63 and $3.83, respectively, for the prior year. Fourth quarter diluted earnings per share were $1.19, and adjusted diluted earnings per share were $1.46. This compares to $0.96 and $1.29, respectively, for the prior-year period.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for fiscal year 2024 increased 13.9% to $2.74 billion, compared to $2.40 billion reported for the prior year. All growth was organic and driven primarily by volume growth on clinical programs.

The segment operating margin for the full fiscal year 2024 was 12.2%, as compared to 10.4% reported for the prior year. The segment delivered an 11.1% margin in fourth quarter of fiscal year 2024. Higher demand for services, particularly in clinical services, and a higher mix of performance-based work were drivers of margin enhancement in the segment this year.

U.S. Services Segment

U.S. Services Segment revenue for fiscal year 2024 increased by 5.5% to $1.91 billion, compared to $1.81 billion reported in the prior year. All growth was organic and driven by strong performance across the Medicaid-related portfolio. This included excess volumes from the unwinding exercise, which was concluded by the fourth quarter of this fiscal year.

The segment operating margin for fiscal year 2024 was 12.9%, compared to 10.1% reported in the prior year, and benefited from the strong Medicaid-related performance and the aforementioned excess volumes. The segment delivered an 11.1% margin in fourth quarter of fiscal year 2024 and did not benefit from excess volumes.

Outside the U.S. Segment

Outside the U.S. Segment revenue for fiscal year 2024 decreased 4.6% to $657.1 million as compared to $689.1 million reported for the prior year. Prior-year divestitures reduced revenue by 6.1%, while currency effects provided a 1.7% benefit to revenue growth.

The segment realized an operating profit of $7.7 million for fiscal year 2024, compared to an operating loss of $9.1 million in the prior year. Profitability for the segment this year, including the 4.8% margin in fourth quarter, reflects progress in containing volatile programs that have acted as greater headwinds in prior periods.

Sales, Pipeline, and Backlog

Year-to-date signed contract awards at September 30, 2024, totaled $2.2 billion, and contracts pending (awarded but unsigned) totaled $312 million. The book-to-bill ratio at September 30, 2024, was 0.4x on a trailing twelve-month basis. The lower book-to-bill reflects an anticipated lower-than-normal period of rebid activity. Given circumstances as best known today, the volume of adjudications for both rebids and new work are expected to increase over the next 12 months and result in an improved book-to-bill.

The sales pipeline at September 30, 2024, was $54.3 billion (comprised of approximately $4.22 billion in proposals pending, $7.12 billion in proposals in preparation, and $42.9 billion in opportunities tracking). New work opportunities represent approximately 48% of the total sales pipeline.

Backlog at September 30, 2024, which represents estimated future revenue from existing signed contracts, contracts that have been awarded but not yet signed, and unexercised priced contract options, was estimated to be $16.2 billion. This compares to $20.7 billion at the same point in the prior year. Remaining option periods for the Contact Center Operations (CCO) contract are included in the year-end balance, while the backlog associated with the Veterans Affairs Medical Disability Examination contracts has been reduced to account for the two-year recompete currently in the procurement stage.

Balance Sheet and Cash Flows

At September 30, 2024, cash and cash equivalents totaled $183 million, and gross debt was $1.15 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the full year ended September 30, 2024, as calculated in accordance with our credit agreement, was 1.4x. At the same point in the prior year, the ratio was 2.2x, and we remain below our target leverage range of 2x to 3x.

For fiscal year 2024, cash flows from operating activities totaled $515 million, and free cash flow was $401 million. This compares to $314 million and $224 million, respectively, in the prior year. DSO at September 30, 2024, were 61 days, compared with 60 days at the same point in the prior year.

During fiscal year 2024, we purchased approximately 0.9 million shares totaling $73.1 million. Subsequent to September 30, 2024, and through November 19, 2024, we purchased approximately 0.5 million shares totaling $43.2 million. Including the subsequent activity, approximately $128 million remains on the current $200 million Board of Directors authorization granted in June 2024.

On October 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 November 30, 2024, to shareholders of record on November 15, 2024.

Fiscal Year 2025 Outlook

Maximus is establishing fiscal year 2025 guidance. Revenue is expected to range between $5.275 billion and $5.425 billion. An adjusted EBITDA margin, which excludes divestiture-related charges, of approximately 11.0% is anticipated for the full year. Adjusted diluted earnings per share, which excludes expense for amortization of intangible assets and divestiture-related charges, is expected to range between $5.70 and $6.00 per share.

Free cash flow is expected to range between $345 million and $375 million for fiscal year 2025. Forecasted expense of $92 million for amortization of intangible assets, $45 million for depreciation and amortization, and $65 million for interest is anticipated for the full year. An effective income tax rate of approximately 25% and weighted average shares outstanding of about 61 million is expected for fiscal year 2025.

Conference Call and Webcast Information

Maximus will host a conference call tomorrow, November 21, 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-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.

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, 2024, expected to be filed shortly with the Securities and Exchange Commission (SEC). The Company's SEC reports are accessible on maximus.com.

	FY25 Guidance Reconciliation - Non-GAAP
($ in millions except per share items)	Low End				High End
Operating income	$	439			$	464
Add: amortization of intangible assets		92				92
Add: depreciation & amortization of property, equipment and capitalized software		45				45
Add: divestiture-related charges		—				—
Adjusted EBITDA	$	576			$	601
Revenue	$	5,275			$	5,425
Adjusted EBITDA Margin		10.9	%			11.1	%
Diluted EPS	$	4.60			$	4.90
Add: effect of amortization of intangible assets on diluted EPS		1.10				1.10
Add: divestiture-related charges		—				—
Adjusted diluted EPS	$	5.70			$	6.00
Cash flows from operating activities	$	435			$	465
Remove: purchases of property and equipment and capitalized software costs		(90	)			(90	)
Free cash flow	$	345			$	375

Maximus, Inc. Consolidated Statements of Operations (Unaudited)
	For the Three Months Ended September 30,							For the Year Ended September 30,
		2024			2023				2024			2023
	(in thousands, except per share amounts)
Revenue	$	1,315,870			$	1,259,953		$	5,306,197			$	4,904,728
Cost of revenue		1,014,175				969,059			4,054,545				3,876,120
Gross profit		301,695				290,894			1,251,652				1,028,608
Selling, general, and administrative expenses		166,901				167,778			671,583				639,223
Amortization of intangible assets		23,038				23,992			91,570				94,591
Operating income		111,756				99,124			488,499				294,794
Interest expense		20,012				20,507			82,440				84,138
Other (income)/expense, net		(925	)			442			(450	)			363
Income before income taxes		92,669				78,175			406,509				210,293
Provision for income taxes		20,165				19,029			99,595				48,501
Net income	$	72,504			$	59,146		$	306,914			$	161,792
Earnings per share:
Basic	$	1.20				0.97		$	5.03			$	2.65
Diluted	$	1.19				0.96		$	4.99			$	2.63
Weighted average shares outstanding:
Basic		60,553				61,138			61,049				61,125
Diluted		61,085				61,617			61,484				61,450
Dividends declared per share	$	0.30			$	0.28		$	1.20			$	1.12

Maximus, Inc. Consolidated Balance Sheets (Unaudited)
	As of September 30,
		2024				2023
	(in thousands)
Assets:
Cash and cash equivalents	$	183,123			$	65,405
Accounts receivable, net		879,514				826,873
Income taxes receivable		5,282				16,556
Prepaid expenses and other current assets		132,625				146,632
Total current assets		1,200,544				1,055,466
Property and equipment, net		38,977				38,831
Capitalized software, net		187,677				107,811
Operating lease right-of-use assets		133,594				163,929
Goodwill		1,782,871				1,779,215
Intangible assets, net		630,569				703,648
Deferred contract costs, net		59,432				45,372
Deferred compensation plan assets		55,913				42,919
Deferred income taxes		14,801				2,459
Other assets		27,130				46,147
Total assets	$	4,131,508			$	3,985,797
Liabilities and Shareholders' Equity:
Liabilities:
Accounts payable and accrued liabilities	$	303,321			$	282,081
Accrued compensation and benefits		237,121				194,251
Deferred revenue, current portion		83,238				60,477
Income taxes payable		26,535				451
Long-term debt, current portion		40,139				86,844
Operating lease liabilities, current portion		47,656				49,852
Other current liabilities		69,519				49,058
Total current liabilities		807,529				723,014
Deferred revenue, non-current portion		45,077				38,849
Deferred income taxes		169,118				203,898
Long-term debt, non-current portion		1,091,954				1,163,149
Deferred compensation plan liabilities, non-current portion		57,599				46,432
Operating lease liabilities, non-current portion		97,221				129,367
Other liabilities		20,195				13,253
Total liabilities		2,288,693				2,317,962
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 60,352 and 60,998 shares issued and outstanding as of September 30, 2024 and 2023, respectively		598,304				577,898
Accumulated other comprehensive loss		(32,460	)			(27,615	)
Retained earnings		1,276,971				1,117,552
Total shareholders' equity		1,842,815				1,667,835
Total liabilities and shareholders' equity	$	4,131,508			$	3,985,797

Maximus, Inc. Consolidated Statements of Cash Flows (Unaudited)
	For the Three Months Ended September 30,								For the Year Ended September 30,
		2024				2023				2024				2023
	(in thousands)
Cash flows from operating activities:
Net income	$	72,504			$	59,146			$	306,914			$	161,792
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment and capitalized software		9,811				17,633				33,957				54,725
Amortization of intangible assets		23,038				23,992				91,570				94,591
Amortization of debt issuance costs and debt discount		635				601				3,534				2,837
Deferred income taxes		(32,252	)			(823	)			(36,022	)			1,552
Stock compensation expense		7,744				7,283				35,349				29,522
Loss on sale of businesses		—				—				1,018				883
Change in assets and liabilities, net of effects of business combinations and disposals:
Accounts receivable		(24,034	)			(31,076	)			(50,562	)			(23,401	)
Prepaid expenses and other current assets		(8,751	)			(20,242	)			10,565				859
Deferred contract costs		(4,778	)			443				(13,155	)			2,688
Accounts payable and accrued liabilities		19,926				814				18,267				17,729
Accrued compensation and benefits		59,290				44,262				38,247				12,650
Deferred revenue		10,455				19,624				28,534				(12,123	)
Income taxes		21,729				16,228				32,305				(16,958	)
Operating lease right-of-use assets and liabilities		225				1,707				(1,906	)			(2,035	)
Other assets and liabilities		8,292				4,997				16,643				(10,971	)
Net cash provided by operating activities		163,834				144,589				515,258				314,340
Cash flows from investing activities:
Purchases of property and equipment and capitalized software		(31,953	)			(31,832	)			(114,190	)			(90,695	)
Asset acquisition		7				—				(17,999	)			—
Proceeds from divestitures		7				608				3,085				9,732
Net cash used in investing activities		(31,939	)			(31,224	)			(129,104	)			(80,963	)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders		(18,054	)			(17,020	)			(72,901	)			(68,073	)
Purchases of Maximus common stock		(25,794	)			—				(73,069	)			—
Tax withholding related to RSU vesting		—				—				(13,455	)			(8,475	)
Payments for contingent consideration		—				(2,769	)			(10,977	)			(9,431	)
Payments for debt financing costs		—				—				(9,724	)			—
Proceeds from borrowings		250,000				161,901				1,100,166				844,299
Principal payments for debt		(259,377	)			(222,460	)			(1,212,202	)			(952,974	)
Cash-collateralized escrow liabilities		7,398				(1,601	)			16,516				(56,144	)
Net cash used in financing activities		(45,827	)			(81,949	)			(275,646	)			(250,798	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		1,894				(1,018	)			3,164				2,717
Net change in cash, cash equivalents, and restricted cash		87,962				30,398				113,672				(14,704	)
Cash, cash equivalents and restricted cash, beginning of period		147,801				91,693				122,091				136,795
Cash, cash equivalents and restricted cash, end of period	$	235,763			$	122,091			$	235,763			$	122,091

Maximus, Inc. Consolidated Results of Operations by Segment (Unaudited)
	For the Three Months Ended September 30,												For the Year Ended September 30,
	2024						2023						2024						2023
	Amount				% (1)		Amount				% (1)		Amount				% (1)		Amount				% (1)
	(dollars in thousands)
Revenue:
U.S. Federal Services	$	675,117					$	617,404					$	2,737,244					$	2,403,606
U.S. Services		463,555						473,827						1,911,813						1,812,069
Outside the U.S.		177,198						168,722						657,140						689,053
Revenue	$	1,315,870					$	1,259,953					$	5,306,197					$	4,904,728
Gross profit:
U.S. Federal Services	$	159,688			23.7%		$	155,373			25.2%		$	665,762			24.3%		$	557,886			23.2%
U.S. Services		110,290			23.8%			109,389			23.1%			479,787			25.1%			377,541			20.8%
Outside the U.S.		31,717			17.9%			26,132			15.5%			106,103			16.1%			93,181			13.5%
Gross profit	$	301,695			22.9%		$	290,894			23.1%		$	1,251,652			23.6%		$	1,028,608			21.0%
Selling, general, and administrative expenses:
U.S. Federal Services	$	84,469			12.5%		$	78,606			12.7%		$	332,140			12.1%		$	308,197			12.8%
U.S. Services		58,773			12.7%			54,198			11.4%			232,805			12.2%			194,991			10.8%
Outside the U.S.		23,149			13.1%			26,375			15.6%			98,398			15.0%			102,311			14.8%
Divestiture related charges (2)		—			NM			2,868			NM			1,018			NM			3,751			NM
Other (3)		510			NM			5,731			NM			7,222			NM			29,973			NM
Selling, general, and administrative expenses	$	166,901			12.7%		$	167,778			13.3%		$	671,583			12.7%		$	639,223			13.0%
Operating income/(loss):
U.S. Federal Services	$	75,219			11.1%		$	76,767			12.4%		$	333,622			12.2%		$	249,689			10.4%
U.S. Services		51,517			11.1%			55,191			11.6%			246,982			12.9%			182,550			10.1%
Outside the U.S.		8,568			4.8%			(243	)		(0.1)%			7,705			1.2%			(9,130	)		(1.3)%
Amortization of intangible assets		(23,038	)		NM			(23,992	)		NM			(91,570	)		NM			(94,591	)		NM
Divestiture related charges (2)		—			NM			(2,868	)		NM			(1,018	)		NM			(3,751	)		NM
Other (3)		(510	)		NM			(5,731	)		NM			(7,222	)		NM			(29,973	)		NM
Operating income	$	111,756			8.5%		$	99,124			7.9%		$	488,499			9.2%		$	294,794			6.0%

(1)	Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM."
(2)	During fiscal years 2024 and 2023, we sold a number of businesses in our Outside the U.S. Segment.
(3)	Other includes credits and costs that are not allocated to a particular segment, including charges related to acquisitions, divestitures, and certain legal activities. For fiscal year 2023, these included charges of $29.3 million related to a previously disclosed cybersecurity incident.

Maximus, Inc. Consolidated Free Cash Flows - Non-GAAP (Unaudited)
	For the Three Months Ended September 30,								For the Year Ended September 30,
		2024				2023				2024				2023
	(in thousands)
Net cash provided by operating activities	$	163,834			$	144,589			$	515,258			$	314,340
Purchases of property and equipment and capitalized software		(31,953	)			(31,832	)			(114,190	)			(90,695	)
Free cash flow	$	131,881			$	112,757			$	401,068			$	223,645

Maximus, Inc. Non-GAAP Adjusted Results - Operating Income, Adjusted EBITDA, Net Income, and Diluted Earnings per Share (Unaudited)
	For the Three Months Ended September 30,								For the Year Ended September 30,
		2024				2023				2024				2023
	(dollars in thousands, except per share data)
Operating income	$	111,756			$	99,124			$	488,499			$	294,794
Add back: Amortization of intangible assets		23,038				23,992				91,570				94,591
Add back: Divestiture-related charges		—				2,868				1,018				3,751
Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	134,794			$	125,984			$	581,087			$	393,136
Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)		10.2	%			10.0	%			11.0	%			8.0	%
Add back: Depreciation and amortization of property, equipment, and capitalized software		9,811				17,633				33,957				54,725
Adjusted EBITDA (Non-GAAP)	$	144,605			$	143,617			$	615,044			$	447,861
Adjusted EBITDA margin (Non-GAAP)		11.0	%			11.4	%			11.6	%			9.1	%
Net income	$	72,504			$	59,146			$	306,914			$	161,792
Add back: Amortization of intangible assets, net of tax		16,973				17,682				67,481				69,714
Add back: Divestiture-related charges		—				2,868				1,018				3,751
Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	89,477			$	79,696			$	375,413			$	235,257
Diluted earnings per share	$	1.19			$	0.96			$	4.99			$	2.63
Add back: Effect of amortization of intangible assets on diluted earnings per share		0.27				0.28				1.10				1.14
Add back: Effect of divestiture-related charges on diluted earnings per share		—				0.05				0.02				0.06
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	1.46			$	1.29			$	6.11			$	3.83

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241120519885/en/

James Francis, VP - IR

Jessica Batt, VP - IR & ESG

IR@maximus.com

Source: Maximus

FAQ

What was Maximus (MMS) revenue growth in fiscal year 2024?

Maximus reported revenue growth of 8.2% to $5.31 billion in fiscal year 2024, with organic growth of 8.8%.

What is Maximus (MMS) earnings guidance for fiscal year 2025?

Maximus expects adjusted diluted earnings per share to range between $5.70 and $6.00 for fiscal year 2025.

What was Maximus (MMS) free cash flow in fiscal year 2024?

Maximus generated free cash flow of $401 million in fiscal year 2024.

How much debt reduction did Maximus (MMS) achieve in fiscal year 2024?

Maximus reduced its leverage ratio to 1.4x by September 30, 2024, down from 2.2x in the prior year.