Maximus (MMS) 8-K Other Events

Exhibit 99.1

MAXIMUS, Inc.

SEGMENT INFORMATION

(Amounts in thousands)

(Unaudited)

	Quarter Ended																				Year Ended Sept. 30, 2018
	Dec. 31, 2017			% (1)		Mar. 31, 2018			% (1)		Jun. 30, 2018			% (1)		Sept. 30, 2018			% (1)					% (1)
Revenue:
U.S. Health & Human Services	$	304,241		100	%	$	306,249		100	%	$	314,477		100	%	$	288,944		100	%	$	1,213,911		100	%
U.S. Federal Services	132,983			100	%	116,327			100	%	112,226			100	%	117,375			100	%	478,911			100	%
Outside the U.S.	185,924			100	%	190,211			100	%	171,152			100	%	152,127			100	%	699,414			100	%
Total	$	623,148		100	%	$	612,787		100	%	$	597,855		100	%	$	558,446		100	%	$	2,392,236		100	%
Gross Profit:
U.S. Health & Human Services	$	84,231		27.7	%	$	86,586		28.3	%	$	101,425		32.3	%	$	87,382		30.2	%	$	359,624		29.6	%
U.S. Federal Services	33,358			25.1	%	27,374			23.5	%	32,276			28.8	%	33,690			28.7	%	126,698			26.5	%
Outside the U.S.	34,371			18.5	%	34,843			18.3	%	20,983			12.3	%	17,866			11.7	%	108,063			15.5	%
Total	$	151,960		24.4	%	$	148,803		24.3	%	$	154,684		25.9	%	$	138,938		24.9	%	$	594,385		24.8	%
Selling, general and administrative expense:
U.S. Health & Human Services	$	34,805		11.4	%	$	36,616		12.0	%	$	34,382		10.9	%	$	35,187		12.2	%	$	140,990		11.6	%
U.S. Federal Services	16,648			12.5	%	17,540			15.1	%	17,399			15.5	%	17,725			15.1	%	69,312			14.5	%
Outside the U.S.	18,106			9.7	%	18,403			9.7	%	16,775			9.8	%	18,811			12.4	%	72,095			10.3	%
Other	—			NM		—			NM		1,032			NM		1,812			NM		2,844			NM
Total	$	69,559		11.2	%	$	72,559		11.8	%	$	69,588		11.6	%	$	73,535		13.2	%	$	285,241		11.9	%
Operating income:
U.S. Health & Human Services	$	49,426		16.2	%	$	49,970		16.3	%	$	67,043		21.3	%	$	52,195		18.1	%	$	218,634		18.0	%
U.S. Federal Services	16,710			12.6	%	9,834			8.5	%	14,877			13.3	%	15,965			13.6	%	57,386			12.0	%
Outside the U.S.	16,265			8.7	%	16,440			8.6	%	4,208			2.5	%	(945		)	(0.6	)%	35,968			5.1	%
Amortization of intangible assets	(2,718		)	NM		(2,603		)	NM		(2,525		)	NM		(2,462		)	NM		(10,308		)	NM
Restructuring costs	—			NM		(2,320		)	NM		—			NM		(1,033		)	NM		(3,353		)	NM
Acquisition-related expenses (2)	—			NM		—			NM		—			NM		(947		)	NM		(947		)	NM
Other (3)	—			NM		—			NM		(1,032		)	NM		(865		)	NM		(1,897		)	NM
Total	$	79,683		12.8	%	$	71,321		11.6	%	$	82,571		13.8	%	$	61,908		11.1	%	$	295,483		12.4	%

MAXIMUS, Inc.

SEGMENT INFORMATION

(Amounts in thousands)

(Unaudited)

	Quarter Ended																				Year Ended Sept. 30, 2017
	Dec. 31, 2016			% (1)		Mar. 31, 2017			% (1)		Jun. 30, 2017			% (1)		Sept. 30, 2017			% (1)					% (1)
Revenue:
U.S. Health & Human Services	$	305,480		100	%	$	307,357		100	%	$	295,002		100	%	$	312,247		100	%	$	1,220,086		100	%
U.S. Federal Services	141,298			100	%	145,370			100	%	131,589			100	%	127,316			100	%	545,573			100	%
Outside the U.S.	160,786			100	%	169,320			100	%	173,856			100	%	181,340			100	%	685,302			100	%
Total	$	607,564		100	%	$	622,047		100	%	$	600,447		100	%	$	620,903		100	%	$	2,450,961		100	%
Gross Profit:
U.S. Health & Human Services	$	81,276		26.6	%	$	84,851		27.6	%	$	84,020		28.5	%	$	98,759		31.6	%	$	348,906		28.6	%
U.S. Federal Services	37,576			26.6	%	36,571			25.2	%	33,627			25.6	%	31,547			24.8	%	139,321			25.5	%
Outside the U.S.	25,966			16.1	%	30,895			18.2	%	34,542			19.9	%	32,275			17.8	%	123,678			18.0	%
Total	$	144,818		23.8	%	$	152,317		24.5	%	$	152,189		25.3	%	$	162,581		26.2	%	$	611,905		25.0	%
Selling, general and administrative expense:
U.S. Health & Human Services	$	30,821		10.1	%	$	34,210		11.1	%	$	34,454		11.7	%	$	44,529		14.3	%	$	144,014		11.8	%
U.S. Federal Services	19,695			13.9	%	18,927			13.0	%	17,757			13.5	%	17,966			14.1	%	74,345			13.6	%
Outside the U.S.	14,525			9.0	%	15,367			9.1	%	16,187			9.3	%	18,663			10.3	%	64,742			9.4	%
Other	357			NM		92			NM		(90		)	NM		1,133			NM		1,492			NM
Total	$	65,398		10.8	%	$	68,596		11.0	%	$	68,308		11.4	%	$	82,291		13.3	%	$	284,593		11.6	%
Operating income:
U.S. Health & Human Services	$	50,455		16.5	%	$	50,641		16.5	%	$	49,566		16.8	%	$	54,230		17.4	%	$	204,892		16.8	%
U.S. Federal Services	17,881			12.7	%	17,644			12.1	%	15,870			12.1	%	13,581			10.7	%	64,976			11.9	%
Outside the U.S.	11,441			7.1	%	15,528			9.2	%	18,355			10.6	%	13,612			7.5	%	58,936			8.6	%
Amortization of intangible assets	(3,402		)	NM		(3,386		)	NM		(2,720		)	NM		(2,700		)	NM		(12,208		)	NM
Restructuring costs	(2,242		)	NM		—			NM		—			NM		—			NM		(2,242		)	NM
Acquisition-related expenses (2)	—			NM		—			NM		—			NM		(83		)	NM		(83		)	NM
Gain on sale of a business	—			NM		—			NM		650			NM		—			NM		650			NM
Other (3)	(357		)	NM		(92		)	NM		90			NM		(1,050		)	NM		(1,409		)	NM
Total	$	73,776		12.1	%	$	80,335		12.9	%	$	81,811		13.6	%	$	77,590		12.5	%	$	313,512		12.8	%

(1)    Percentage of respective segment revenue. Percentages considered not meaningful are marked “NM.”

(2) Acquisition-related expenses include costs for the acquisition of the U.S. Federal citizen engagement centers, which were incurred in fiscal year 2018 prior to the transaction closing in fiscal year 2019, and costs for the acquisition of Revitalised Limited in fiscal year 2017

(3) "Other" relates to various expenses which are not directly attributable to our segments, including litigation costs.

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Year Ended September 30,
	2018			2017
Cash flows from operations:
Net income	$	220,816		$	212,182
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant, equipment and capitalized software	51,884			55,769
Amortization of intangible assets	10,308			12,208
Deferred income taxes	6,721			4,762
Stock compensation expense	20,238			21,365
Gain on sale of a business	—			(650		)
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable — billed and billable	34,033			53,025
Accounts receivable — unbilled	4,920			26
Prepaid expenses and other current assets	4,954			2,584
Deferred contract costs	1,838			2,037
Accounts payable and accrued liabilities	(7,725		)	(28,309		)
Accrued compensation and benefits	(8,795		)	8,849
Deferred revenue	(27,039		)	(15,401		)
Income taxes	7,262			8,901
Other assets and liabilities	(2,641		)	(924		)
Cash provided by operating activities	316,774			336,424
Cash flows from investing activities:
Purchases of property and equipment and capitalized software costs	(26,520		)	(24,154		)
Acquisition of businesses, net of cash acquired	—			(2,677		)
Acquisition of part of noncontrolling interest	(157		)	—
Proceeds from the sale of a business	—			1,035
Purchases of short-term investments	(19,996		)	—
Other	1,436			575
Cash used in investing activities	(45,237		)	(25,221		)
Cash flows from financing activities:
Cash dividends paid	(11,692		)	(11,674		)
Repurchases of common stock	(66,919		)	(28,863		)
Tax withholding related to RSU vesting	(8,529		)	(9,175		)
Borrowings under credit facility	136,632			185,000
Repayment under credit facility	(136,769		)	(349,981		)
Stock option exercises	—			924
Other	(4,603		)	(1,660		)
Cash used in financing activities	(91,880		)	(215,429		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,825		)	3,660
Net increase in cash, cash equivalents and restricted cash	176,832			99,434
Cash, cash equivalents and restricted cash, beginning of period	179,727			80,293
Cash, cash equivalents and restricted cash, end of period	$	356,559		$	179,727

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Quarter Ended
	Dec. 31, 2017			Mar. 31, 2018			Jun. 30, 2018			Sept. 30, 2018
Cash flows from operations:
Net income	$	59,952		$	55,106		$	60,242		$	45,516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant, equipment and capitalized software	13,719			13,355			12,828			11,982
Amortization of intangible assets	2,718			2,603			2,525			2,462
Deferred income taxes	5,707			(14,886		)	18,053			(2,153		)
Stock compensation expense	5,402			5,922			4,389			4,525
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable — billed and billable	(44,381		)	25,859			11,733			40,822
Accounts receivable — unbilled	5,535			(10,265		)	5,042			4,608
Prepaid expenses and other current assets	6,019			2,507			(3,020		)	(552		)
Deferred contract costs	1,413			381			446			(402		)
Accounts payable and accrued liabilities	11,387			(14,558		)	(20,525		)	15,971
Accrued compensation and benefits	(29,588		)	14,197			(444		)	7,040
Deferred revenue	(12,405		)	(11,384		)	(1,939		)	(1,311		)
Income taxes	9,642			8,992			(12,721		)	1,349
Other assets and liabilities	2,877			934			(5,053		)	(1,399		)
Cash provided by operating activities	37,997			78,763			71,556			128,458
Cash flows from investing activities:
Purchases of property and equipment and capitalized software costs	(6,514		)	(6,661		)	(8,377		)	(4,968		)
Acquisition of part of noncontrolling interest	—			(157		)	—			—
Purchases of short-term investments	—			—			(19,996		)	—
Other	59			482			657			238
Cash used in investing activities	(6,455		)	(6,336		)	(27,716		)	(4,730		)
Cash flows from financing activities:
Cash dividends paid	(2,930		)	(2,935		)	(2,936		)	(2,891		)
Repurchases of common stock	(1,038		)	—			(60,949		)	(4,932		)
Tax withholding related to RSU vesting	(8,529		)	—			—			—
Borrowings under credit facility	59,683			65,000			10,000			1,949
Repayment under credit facility	(48,156		)	(76,596		)	(10,034		)	(1,983		)
Other	—			(2,130		)	(1,928		)	(545		)
Cash used in financing activities	(970		)	(16,661		)	(65,847		)	(8,402		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	203			867			(2,784		)	(1,111		)
Net increase/(decrease) in cash, cash equivalents and restricted cash	30,775			56,633			(24,791		)	114,215
Cash, cash equivalents and restricted cash, beginning of period	179,727			210,502			267,135			242,344
Cash, cash equivalents and restricted cash, end of period	$	210,502		$	267,135		$	242,344		$	356,559

MAXIMUS, Inc.

BACKLOG

(Amounts in millions)

(Unaudited)

	September 30,
	2018		2017
U.S. Health & Human Services	$	3,221	$	3,750
U.S. Federal Services	744		324
Outside the U.S.	1,335		1,626
Total	$	5,300	$	5,700