Maximus (MMS) 10-Q 8 Aug 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-12997
Entity Registrant Name	Maximus, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1000588
Entity Address, Address Line One	1600 Tysons Boulevard
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	251-8500
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MMS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,177,003
Entity Central Index Key	0001032220
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
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 (in dollars per share)	$ 1.47	$ 0.50	$ 3.83	$ 1.68
Diluted (in dollars per share)	$ 1.46	$ 0.50	$ 3.81	$ 1.67
Weighted average shares outstanding:
Basic (in shares)	61,079	61,141	61,233	61,125
Diluted (in shares)	61,381	61,544	61,495	61,368
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.28	$ 0.90	$ 0.84

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 89,752	$ 30,863	$ 234,410	$ 102,646
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustments	412	1,946	4,079	10,947
Net gains/(losses) on cash flow hedge, net of tax provision/(benefit) of $(427), $2,513, $(2,639), and $(466), respectively	(1,197)	7,046	(7,398)	(1,297)
Other comprehensive income/(loss)	(785)	8,992	(3,319)	9,650
Comprehensive income	$ 88,967	$ 39,855	$ 231,091	$ 112,296

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net losses on cash flow hedges, tax	$ (427)	$ 2,513	$ (2,639)	$ (466)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
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:
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
Commitments and contingencies (Note 11)
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	60,427	60,998
Common stock, shares outstanding (in shares)	60,427	60,998

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 234,410	$ 102,646
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment, and capitalized software	24,146	37,092
Amortization of intangible assets	68,532	70,599
Amortization of debt issuance costs and debt discount	2,899	2,236
Deferred income taxes	(3,770)	2,375
Stock compensation expense	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	(26,528)	7,675
Prepaid expenses and other current assets	19,316	21,101
Deferred contract costs	(8,377)	2,245
Accounts payable and accrued liabilities	(1,659)	16,915
Accrued compensation and benefits	(21,043)	(31,612)
Deferred revenue	18,079	(31,747)
Income taxes	10,576	(33,186)
Operating lease right-of-use assets and liabilities	(2,131)	(3,742)
Other assets and liabilities	8,351	(15,968)
Net cash provided by operating activities	351,424	169,751
Cash flows from investing activities:
Purchases of property and equipment and capitalized software	(82,237)	(58,863)
Asset acquisition	(18,006)	0
Proceeds from divestitures	3,078	9,124
Net cash used in investing activities	(97,165)	(49,739)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders	(54,847)	(51,053)
Purchases of Maximus common stock	47,275	0
Tax withholding related to RSU vesting	(13,455)	(8,475)
Payments for contingent consideration	(10,977)	(6,662)
Payments for debt financing costs	(9,724)	0
Proceeds from borrowings	850,166	682,398
Principal payments for debt	(952,825)	(730,514)
Cash-collateralized escrow liabilities	9,118	(54,543)
Net cash used in financing activities	(229,819)	(168,849)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,270	3,735
Net change in cash, cash equivalents, and restricted cash	25,710	(45,102)
Cash, cash equivalents, and restricted cash, beginning of period	122,091	136,795
Cash, cash equivalents, and restricted cash, end of period	$ 147,801	$ 91,693

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Sep. 30, 2022		60,774
Beginning balance at Sep. 30, 2022	$ 1,549,371	$ 557,978	$ (33,961)	$ 1,025,354
Increase (Decrease) in Shareholders' Equity
Net income	39,995			39,995
Foreign currency translation	8,036		8,036
Cash flow hedge, net of tax	(3,781)		(3,781)
Cash dividends	(17,017)			(17,017)
Dividends on RSUs	0	298		(298)
Stock compensation expense	4,403	$ 4,403
Ending (in shares) at Dec. 31, 2022		60,774
Ending balance at Dec. 31, 2022	1,581,007	$ 562,679	(29,706)	1,048,034
Balance (in shares) at Sep. 30, 2022		60,774
Beginning balance at Sep. 30, 2022	1,549,371	$ 557,978	(33,961)	1,025,354
Increase (Decrease) in Shareholders' Equity
Net income	102,646
Foreign currency translation	10,947
Cash flow hedge, net of tax	(1,297)
Ending (in shares) at Jun. 30, 2023		60,784
Ending balance at Jun. 30, 2023	1,632,853	$ 581,338	(24,311)	1,075,826
Balance (in shares) at Dec. 31, 2022		60,774
Beginning balance at Dec. 31, 2022	1,581,007	$ 562,679	(29,706)	1,048,034
Increase (Decrease) in Shareholders' Equity
Net income	31,788			31,788
Foreign currency translation	965		965
Cash flow hedge, net of tax	(4,562)		(4,562)
Cash dividends	(17,016)			(17,016)
Dividends on RSUs	0	413		(413)
Stock compensation expense	9,540	$ 9,540
RSUs vested (in shares)		10
Ending (in shares) at Mar. 31, 2023		60,784
Ending balance at Mar. 31, 2023	1,601,722	$ 572,632	(33,303)	1,062,393
Increase (Decrease) in Shareholders' Equity
Net income	30,863			30,863
Foreign currency translation	1,946		1,946
Cash flow hedge, net of tax	7,046		7,046
Cash dividends	(17,020)			(17,020)
Dividends on RSUs		410		(410)
Stock compensation expense	8,296	$ 8,296
Ending (in shares) at Jun. 30, 2023		60,784
Ending balance at Jun. 30, 2023	$ 1,632,853	$ 581,338	(24,311)	1,075,826
Balance (in shares) at Sep. 30, 2023	60,998	60,998
Beginning balance at Sep. 30, 2023	$ 1,667,835	$ 577,898	(27,615)	1,117,552
Increase (Decrease) in Shareholders' Equity
Net income	64,148			64,148
Foreign currency translation	5,912		5,912
Cash flow hedge, net of tax	(8,885)		(8,885)
Cash dividends	(18,299)			(18,299)
Dividends on RSUs	0	285		(285)
Stock compensation expense	9,427	9,427
Tax withholding adjustment related to RSU vesting	(2,332)	$ (2,332)
RSUs vested (in shares)		33
Ending (in shares) at Dec. 31, 2023		61,031
Ending balance at Dec. 31, 2023	$ 1,717,806	$ 585,278	(30,588)	1,163,116
Balance (in shares) at Sep. 30, 2023	60,998	60,998
Beginning balance at Sep. 30, 2023	$ 1,667,835	$ 577,898	(27,615)	1,117,552
Increase (Decrease) in Shareholders' Equity
Net income	234,410
Foreign currency translation	4,079
Cash flow hedge, net of tax	(7,398)
Purchases of Maximus common stock	$ (50,600)
Ending (in shares) at Jun. 30, 2024	60,427	60,427
Ending balance at Jun. 30, 2024	$ 1,818,715	$ 604,287	(30,934)	1,245,362
Balance (in shares) at Dec. 31, 2023		61,031
Beginning balance at Dec. 31, 2023	1,717,806	$ 585,278	(30,588)	1,163,116
Increase (Decrease) in Shareholders' Equity
Net income	80,510			80,510
Foreign currency translation	(2,245)		(2,245)
Cash flow hedge, net of tax	2,684		2,684
Cash dividends	(18,309)			(18,309)
Dividends on RSUs	0	412		(412)
Stock compensation expense	8,697	$ 8,697
RSUs vested (in shares)		6
Ending (in shares) at Mar. 31, 2024		61,037
Ending balance at Mar. 31, 2024	1,789,143	$ 594,387	(30,149)	1,224,905
Increase (Decrease) in Shareholders' Equity
Net income	89,752			89,752
Foreign currency translation	412		412
Cash flow hedge, net of tax	(1,197)		(1,197)
Cash dividends	(18,239)			(18,239)
Dividends on RSUs	$ 0	$ 419		(419)
Purchases of Maximus common stock (in shares)	(611)	(611)
Purchases of Maximus common stock	$ (50,637)			(50,637)
Stock compensation expense	$ 9,481	$ 9,481
RSUs vested (in shares)		1
Ending (in shares) at Jun. 30, 2024	60,427	60,427
Ending balance at Jun. 30, 2024	$ 1,818,715	$ 604,287	$ (30,934)	$ 1,245,362

Organization

Organization	9 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Maximus, a Virginia corporation established in 1975, is a leading provider of government services worldwide. Under our mission of Moving People Forward , we help millions of people access the vital government services they need. With nearly 50 years of experience working with local, state, federal, and international government clients, we proudly design, develop, and deliver innovative and impactful programs that change lives. We are driven to strengthen communities and improve the lives of those we serve. We are a proud partner to government agencies in the United States ("U.S.") and worldwide.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements, including the notes, include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation for Interim Periods Certain information and footnote disclosures normally included for the annual financial statements to be prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. We believe that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly our financial position and the results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for the year or future periods. The financial statements should be read in conjunction with our audited consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. We have continued to follow the accounting policies set forth in those financial statements. Use of Estimates The preparation of these financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expenses. At each reporting period end, we make estimates, including those related to revenue recognition and cost estimation on certain contracts, the realizability of long-lived assets, including goodwill, and amounts related to income taxes, certain accrued liabilities, and contingencies and litigation. At June 30, 2024, our capitalized software balance includes $31.2 million related to technology for new services within our U.S. Services Segment. Earlier in fiscal year 2024, we evaluated these assets by comparing their carrying value to their estimated future cash flows. At that time, our probability-weighted undiscounted cash flows showed that we would recover the costs of these assets through our contract pipeline. We continue to monitor this asset. If circumstances change, we may be required to adjust the value or asset life of this asset.

Business Segments

Business Segments	9 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS We conduct our operations through three business segments: U.S. Federal Services, U.S. Services, and Outside the U.S. U.S. Federal Services Our U.S. Federal Services Segment delivers end-to-end solutions that help various U.S. federal government agencies better deliver on their mission, including program operations and management, clinical services, and technology solutions. The segment also includes system and application development, Information Technology ("IT") modernization, and maintenance services. Clinical services comprises appeals and assessments services, which includes managing the evaluation process for U.S. veterans and service members on behalf of the U.S. Department of Veterans Affairs ("VA") and certain state-based assessments and appeals work that is part of the segment's heritage. Under Technology Consulting Services ("TCS"), the segment executes on its digital strategy to deliver technology solutions that advance agency missions, including the challenge to modernize, provide better customer experience, and drive process efficiencies. U.S. Services Our U.S. Services Segment provides a variety of business process services ("BPS"), such as program administration, assessments, and related consulting work for U.S. state and local government programs. These services support a variety of programs, including the Affordable Care Act ("ACA"), Medicaid, the Children's Health Insurance Program ("CHIP"), Temporary Assistance to Needy Families ("TANF"), and child support programs. Previously, this segment suffered from reduced operating leverage resulting from the pause in Medicaid redeterminations during the COVID-19 pandemic, which resumed in fiscal year 2023. Outside the U.S. Our Outside the U.S. Segment provides BPS for international governments, transforming the lives of people around the world. Helping people find employment, access vital support, and remain healthy, these services include health and disability assessments, program administration for employment services, wellbeing solutions, and other job seeker-related services. We support programs and deliver services in the United Kingdom, including the Health Assessment Advisory Service and the recently awarded replacement contract scheduled to start in the fourth quarter of fiscal year 2024, Functional Assessment Services, and Restart; and Australia, including Workforce Australia, and other employment support and job seeker services in a number of other countries. Table 3: Results of Operation by Business Segment 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. Refer to "Note 7. Acquisitions and Divestitures" for more details. (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 which have not been or may not be completed.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION We recognize revenue as, or when, we satisfy performance obligations under a contract. The majority of our contracts have performance obligations that are satisfied over time. In most cases, we view our performance obligations as promises to transfer a series of distinct services to our customers that are substantially the same and which have the same pattern of service. We recognize revenue over the performance period as a customer receives the benefits of our services. Disaggregation of Revenue In addition to our segment reporting, we disaggregate our revenues by contract type and customer type. Our operating segments represent the manner in which our Chief Executive Officer reviews our financial results, which is further discussed in "Note 3. Business Segments." Table 4.1: Revenue by Contract Type 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) Performance-based $ 758,942 57.7 % $ 617,800 52.0 % $ 2,202,541 55.2 % $ 1,761,764 48.3 % Cost-plus 281,823 21.4 % 281,014 23.6 % 958,336 24.0 % 940,509 25.8 % Fixed price 170,787 13.0 % 171,809 14.5 % 514,280 12.9 % 527,556 14.5 % Time and materials 103,377 7.9 % 118,054 9.9 % 315,170 7.9 % 414,946 11.4 % Total revenue $ 1,314,929 $ 1,188,677 $ 3,990,327 $ 3,644,775 Table 4.2: Revenue by Customer Type 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) U.S. federal government agencies $ 666,895 50.7 % $ 568,924 47.9 % $ 2,015,780 50.5 % $ 1,742,739 47.8 % U.S. state government agencies 470,301 35.8 % 445,855 37.5 % 1,440,391 36.1 % 1,329,766 36.5 % International government agencies 156,587 11.9 % 148,742 12.5 % 468,995 11.8 % 491,861 13.5 % Other, including local municipalities and commercial customers 21,146 1.6 % 25,156 2.1 % 65,161 1.6 % 80,409 2.2 % Total revenue $ 1,314,929 $ 1,188,677 $ 3,990,327 $ 3,644,775 Contract balances Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. We classify these assets as accounts receivable — billed and billable and unbilled receivables; the liabilities are classified as deferred revenue. In many contracts, we bill our customers on a monthly basis shortly after the month end for work performed in that month, and such balances are considered collectible and are included within accounts receivable, net. Exceptions to this pattern will arise for various reasons, including those listed below. • Under cost-plus contracts, we are typically required to estimate a contract's share of our general and administrative expenses. This share is based upon estimates of total costs, which may vary over time. We typically invoice our customers at an agreed provisional billing rate, which may differ from actual rates incurred. If our actual rates are higher than the provisional billing rates, an asset is recorded for this variance; if the provisional billing rates are higher than our actual rates, we record a liability. • Certain contracts include retainage balances, whereby revenue is earned, but some portion of cash payments are held back by the customer for a period of time, typically to allow the customer to confirm the objective criteria laid out by the contract have been met. This balance is classified as accounts receivable - unbilled until restrictions on billing are lifted. As of June 30, 2024, and September 30, 2023, $26.3 million and $20.7 million, respectively, of our unbilled receivables related to amounts pursuant to contractual retainage provisions. • In certain contracts, we may receive funds from our customers prior to performing operations. These funds are typically referred to as "set-up costs" and reflect the need for us to make investments in infrastructure prior to providing a service. This investment in infrastructure is not a performance obligation that is distinct from the service that is subsequently provided and, as a result, revenue is not recognized based upon the establishment of this infrastructure, but rather over the course of the contractual relationship. The funds are initially recorded as deferred revenue and recognized over the term of the contract. Other contracts may not include set-up fees but will provide higher fees in earlier periods of the contract. The premium on these fees is deferred. • Some of our contracts, notably our employment services contracts in the Outside the U.S. Segment, include payments for desired outcomes, such as job placement and job retention, and these outcome payments occur over several months. We are required to estimate these outcome fees ahead of their realization and recognize this estimated fee over the period of delivery. During the three and nine months ended June 30, 2024, we recognized revenue of $8.2 million and $53.5 million, respectively, included in our deferred revenue balances at September 30, 2023. During the three and nine months ended June 30, 2023, we recognized revenue of $13.9 million and $75.3 million, respectively, included in our deferred revenue balances at September 30, 2022. Contract estimates We are required to use estimates in recognizing revenue from some of our contracts. S ome of our performance-based contract revenue is recognized based upon future milestones defined in each contract. This is the case in many of our employment services contracts in the Outside the U.S. Segment, where we are paid as individuals attain employment milestones, which may take many months to achieve. We recognize revenue over the period of performance. Our estimates vary from contract to contract but may include the number of participants within a portfolio reaching employment milestones and the service delivery periods for participants reaching the employment milestone. We estimate the total variable fees we will receive using the expected value method. We recognize the fees over the expected period of performance. At each reporting period, we update our estimates of the variable fees to represent the circumstances present at the end of the reporting period. We are required to constrain our estimates to the extent that it is probable that there will not be a significant reversal of cumulative revenue when the uncertainty is resolved. We do not have a history of significant constraints on these contracts. Table 4.3: Effect of Changes in Contract Estimates 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 data) Benefit to/(reduction of) revenue recognized due to changes in contract estimates $ (3,576) $ (2,134) $ (12,772) $ (8,272) Benefit to/(reduction of) diluted earnings per share recognized due to changes in contract estimates $ (0.04) $ (0.03) $ (0.16) $ (0.09) Remaining performance obligations As of June 30, 2024, we had approximately $310 million of remaining performance obligations. We anticipate that we will recognize revenue on approximately 72% of this balance within the next 12 months. This balance excludes contracts with an original duration of twelve months or less, including contracts with a penalty-free termination for convenience clause, and any variable consideration that is allocated entirely to future performance obligations, including variable transaction fees or fees tied directly to costs incurred.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Table 5: Weighted Average Number of Shares - Earnings Per Share For the Three Months Ended For the Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (in thousands) Basic weighted average shares outstanding 61,079 61,141 61,233 61,125 Dilutive effect of unvested RSUs and PSUs 302 403 262 243 Denominator for diluted earnings per share 61,381 61,544 61,495 61,368 The diluted earnings per share calculation for the three and nine months ended June 30, 2024, excludes approximately 212,000 and 216,000 unvested anti-dilutive restricted stock units, respectively. For the three and nine months ended June 30, 2023, approximately 98,000 and 105,000 unvested anti-dilutive restricted stock units were excluded from the diluted earnings per share calculation, respectively.

Debt And Derivatives

Debt And Derivatives	9 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt And Derivatives	DEBT AND DERIVATIVES Table 6.1: Details of Debt June 30, 2024 September 30, 2023 (in thousands) Term Loan A $ 650,000 $ 909,375 Term Loan B 500,000 344,934 Subsidiary loan agreements 5,003 3,220 Total debt principal 1,155,003 1,257,529 Less: Unamortized debt-issuance costs and discounts (14,350) (7,536) Total debt 1,140,653 1,249,993 Less: Current portion of long-term debt (39,952) (86,844) Long-term debt $ 1,100,701 $ 1,163,149 Our principal credit agreements are held within the United States. In addition, we hold revolving credit facilities in Australia, Canada, and the United Kingdom. On May 30, 2024, we amended our credit agreement with J.P. Morgan Chase Bank, N.A. (the "Amended Credit Agreement"), which replaced our previous arrangement with the same bank (the "Original Credit Agreement"). The Amended Credit Agreement is available for general corporate purposes, including the funding of working capital, capital expenditures, and possible future acquisitions. The Amended Credit Agreement has three components. • A Term Loan A facility (the "TLA"), which initially comprises $650 million. This facility matures on May 30, 2029. The interest rates are variable, based upon a combination of a Secured Overnight Financing Rate ("SOFR") and a margin based on our leverage. The margin can vary between 1.0% and 2.0%. At loan inception, it was set at 1.5% and will remain at this level until our December 2024 leverage calculation is submitted, which is likely to be in February 2025. • A Term Loan B facility, which initially comprises $500 million. This facility matures on May 30, 2031. The interest rates are based upon SOFR, subject to a floor of 0.5%, plus a fixed 2.0% margin. • A revolving credit facility, which enables us to borrow or utilize up to $750 million. The interest on this facility is generally based upon the same rates as those used for the TLA. In addition, we are charged a commitment fee between 0.125% and 0.30% on used funds, the fee being based upon our leverage. The Amended Credit Agreement requires us to comply with various covenants, the terms of which are consistent with the Original Credit Agreement and customary for agreements of this type. At June 30, 2024, we are in compliance with all covenants. We do not believe that these covenants restrict our ability to successfully operate the business or to pay dividends. The Amended Credit Agreement is, subject to customary exceptions, secured by substantially all of the assets of the Company and its wholly owned material domestic subsidiaries, and guaranteed by each of the Company’s wholly owned material domestic subsidiaries. Bank charges incurred in amending the Original Credit Agreement have been reported as a reduction to gross debt and will be amortized over the respective lives of the loans. The Amended Credit Agreement is considered a modification of the Original Credit Agreement, and accordingly, many of the costs deferred under this arrangement will continue to be deferred prospectively. Following the establishment of the Amended Credit Agreement, our future minimum principal payments are as follows: Table 6.2: Details of Future Minimum Principal Payments Due Amount Due (in thousands) July 1, 2024 through September 30, 2024 $ 14,378 Year ended September 30, 2025 37,500 Year ended September 30, 2026 41,562 Year ended September 30, 2027 53,750 Year ended September 30, 2028 57,813 Years ended thereafter 950,000 Interest Rate Derivative Instruments We utilize interest rate swaps to reduce our risk from interest rates, which we have designated as cash flow hedges. We had entered into interest rate swaps against the Original Credit Agreement which we will continue to utilize on the Amended Credit Agreement. • We have arrangements for a combined notional amount of $500 million, which hedges a SOFR component of our TLA to a fixed amount of 2.31%. These arrangements expire in May 2026. • We have an arrangement for a notional amount of $150 million, which hedges a SOFR component of our TLA to a fixed amount of 4.38%. This arrangement expires in September 2024. At June 30, 2024 and September 30, 2023, we had assets of $21.0 million and $31.0 million, respectively, related to these interest rate swaps. These were recorded as "other assets" within our consolidated balance sheets. As these instruments are considered effective cash flow hedges, gains and losses based upon interest rate fluctuations are recorded within "accumulated other comprehensive income" within our consolidated financial statements.
Debt And Derivatives	DEBT AND DERIVATIVES Table 6.1: Details of Debt June 30, 2024 September 30, 2023 (in thousands) Term Loan A $ 650,000 $ 909,375 Term Loan B 500,000 344,934 Subsidiary loan agreements 5,003 3,220 Total debt principal 1,155,003 1,257,529 Less: Unamortized debt-issuance costs and discounts (14,350) (7,536) Total debt 1,140,653 1,249,993 Less: Current portion of long-term debt (39,952) (86,844) Long-term debt $ 1,100,701 $ 1,163,149 Our principal credit agreements are held within the United States. In addition, we hold revolving credit facilities in Australia, Canada, and the United Kingdom. On May 30, 2024, we amended our credit agreement with J.P. Morgan Chase Bank, N.A. (the "Amended Credit Agreement"), which replaced our previous arrangement with the same bank (the "Original Credit Agreement"). The Amended Credit Agreement is available for general corporate purposes, including the funding of working capital, capital expenditures, and possible future acquisitions. The Amended Credit Agreement has three components. • A Term Loan A facility (the "TLA"), which initially comprises $650 million. This facility matures on May 30, 2029. The interest rates are variable, based upon a combination of a Secured Overnight Financing Rate ("SOFR") and a margin based on our leverage. The margin can vary between 1.0% and 2.0%. At loan inception, it was set at 1.5% and will remain at this level until our December 2024 leverage calculation is submitted, which is likely to be in February 2025. • A Term Loan B facility, which initially comprises $500 million. This facility matures on May 30, 2031. The interest rates are based upon SOFR, subject to a floor of 0.5%, plus a fixed 2.0% margin. • A revolving credit facility, which enables us to borrow or utilize up to $750 million. The interest on this facility is generally based upon the same rates as those used for the TLA. In addition, we are charged a commitment fee between 0.125% and 0.30% on used funds, the fee being based upon our leverage. The Amended Credit Agreement requires us to comply with various covenants, the terms of which are consistent with the Original Credit Agreement and customary for agreements of this type. At June 30, 2024, we are in compliance with all covenants. We do not believe that these covenants restrict our ability to successfully operate the business or to pay dividends. The Amended Credit Agreement is, subject to customary exceptions, secured by substantially all of the assets of the Company and its wholly owned material domestic subsidiaries, and guaranteed by each of the Company’s wholly owned material domestic subsidiaries. Bank charges incurred in amending the Original Credit Agreement have been reported as a reduction to gross debt and will be amortized over the respective lives of the loans. The Amended Credit Agreement is considered a modification of the Original Credit Agreement, and accordingly, many of the costs deferred under this arrangement will continue to be deferred prospectively. Following the establishment of the Amended Credit Agreement, our future minimum principal payments are as follows: Table 6.2: Details of Future Minimum Principal Payments Due Amount Due (in thousands) July 1, 2024 through September 30, 2024 $ 14,378 Year ended September 30, 2025 37,500 Year ended September 30, 2026 41,562 Year ended September 30, 2027 53,750 Year ended September 30, 2028 57,813 Years ended thereafter 950,000 Interest Rate Derivative Instruments We utilize interest rate swaps to reduce our risk from interest rates, which we have designated as cash flow hedges. We had entered into interest rate swaps against the Original Credit Agreement which we will continue to utilize on the Amended Credit Agreement. • We have arrangements for a combined notional amount of $500 million, which hedges a SOFR component of our TLA to a fixed amount of 2.31%. These arrangements expire in May 2026. • We have an arrangement for a notional amount of $150 million, which hedges a SOFR component of our TLA to a fixed amount of 4.38%. This arrangement expires in September 2024. At June 30, 2024 and September 30, 2023, we had assets of $21.0 million and $31.0 million, respectively, related to these interest rate swaps. These were recorded as "other assets" within our consolidated balance sheets. As these instruments are considered effective cash flow hedges, gains and losses based upon interest rate fluctuations are recorded within "accumulated other comprehensive income" within our consolidated financial statements.

Acquisitions And Divestitures

Acquisitions And Divestitures	9 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions And Divestitures	ACQUISITIONS AND DIVESTITURES On February 14, 2024, we acquired part of a vendor who has performed IT services for us over several years for a cash consideration of $18.0 million. Almost all of the consideration was allocated directly to the most significant asset, the acquired workforce. The value of this asset will be amortized over eight years. This asset is anticipated to provide support across all three of our operating segments. We have sold a number of components of our Outside the U.S. Segment: • In November 2023, we sold our businesses in Italy and Singapore, as well as our employment services business in Canada, recording a loss on sale of $1.0 million. During the fourth quarter of fiscal year 2023, we recorded an impairment charge of $2.9 million related to these assets. • In March 2023, we sold our commercial practice in the United Kingdom, resulting in a pre-tax loss of $0.6 million. The cash consideration had a fair value of $16 million, to be received in installments. At June 30, 2024, we have installments remaining of $5.5 million. • In March 2023, we sold our Swedish subsidiary for cash consideration of $0.4 million, resulting in a small loss.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following assets and liabilities are recorded at fair value on a recurring basis. • We hold mutual fund assets within a Rabbi Trust to cover liabilities in our deferred compensation plan. These assets have prices quoted within active markets and, accordingly, are classified as level 1 within the fair value hierarchy. • We have interest rate swap agreements serving to reduce our interest rate risk on our debt. These agreements can be valued using observable data and, accordingly, are classified as level 2 within the fair value hierarchy. • During fiscal year 2024, we recorded liabilities for additional consideration payable on certain acquisitions. This consideration was contingent upon the post-acquisition performance of these businesses. This liability was based upon our internal assumptions regarding revenues, margins, volumes, and contract terms. Accordingly, these inputs were not observable and were classified as level 3 within the fair value hierarchy. In fiscal year 2024, all outstanding liabilities were settled. The tables below present assets and liabilities measured and recorded at fair value in our consolidated balance sheets on a recurring basis and their corresponding level within the fair value hierarchy. No transfers between Level 1, Level 2, and Level 3 fair value measurements occurred for the nine months ended June 30, 2024. Table 8.1: Fair Value Measurements As of June 30, 2024 Level 1 Level 2 Level 3 Balance (in thousands) Assets: Deferred compensation assets - Rabbi Trust $ 32,642 $ — $ — $ 32,642 Interest rate swaps - $650 million notional value — 20,991 — 20,991 Total assets $ 32,642 $ 20,991 $ — $ 53,633 The fair values of receivables, prepaids, other assets, accounts payable, accrued costs, and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. The carrying value of our debt is consistent with the fair value as the stated interest rates in the agreements are consistent with the current market rates used in notes with similar terms in the markets (Level 2 inputs). Accumulated Other Comprehensive Loss All amounts recorded in accumulated other comprehensive loss are related to our foreign currency translations and interest rate swaps, net of tax. The following table shows changes in accumulated other comprehensive loss. Amounts reclassified from other comprehensive income were recorded within our selling, general and administrative expenses (for foreign currency translation adjustments) and within interest expense (for gains on derivatives). Table 8.2: Details of Changes in Accumulated Other Comprehensive Loss by Category Foreign currency translation adjustment Net unrealized gain on derivatives, net of tax Total (in thousands) Balance as of September 30, 2023 $ (50,484) $ 22,869 $ (27,615) Other comprehensive income before reclassifications 3,946 1,860 5,806 Amounts reclassified from accumulated other comprehensive loss 133 (9,258) (9,125) Net current period other comprehensive losses 4,079 (7,398) (3,319) Balance as of June 30, 2024 $ (46,405) $ 15,471 $ (30,934) The foreign currency translation adjustment reflects a cumulative difference between the value of our earnings in currencies other than the United States Dollar between the time they were recorded and the date of the financial statements. At June 30, 2024, the balance included approximately $18.9 million of translation differences related to the Australian Dollar and $19.4 million related to the British Pound, with the remaining balance principally comprised of differences related to the Canadian Dollar. Contingent Consideration The fair value of our contingent considerations are based upon estimates of the likely payments, which are based upon assumptions over future performance. The liabilities are reviewed on a quarterly basis and, where changes in estimates arise, these are recorded to selling and general administrative expenses. Our contingent consideration relates to the businesses below: • In October 2021, we acquired the student loan servicing business from Navient, which we rebranded as Aidvantage. Payments were based upon volumes, up to a maximum payment of $65.0 million. At September 30, 2023, the Aidvantage contingent consideration was $7.5 million. This liability was settled in the third quarter of this fiscal year. • In January 2022, we acquired BZ Bodies Limited. Future payments were based upon the performance of the business through December 2023, up to a maximum payment of $2.5 million (£2.0 million British Pounds). At September 30, 2023, we recorded a contingent consideration liability for the maximum payment, which we paid in the second quarter of fiscal year 2024. Movement in our contingent consideration balance is as follows: Table 8.3: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Contingent Consideration (in thousands) Opening contingent consideration as of September 30, 2023 $ 9,903 Adjustments to fair value recorded in the period 985 Cash payments (10,977) Foreign currency translations 89 Closing contingent consideration as of June 30, 2024 $ —

Equity

Equity	9 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity	EQUITY Stock Compensation We grant restricted stock units ("RSUs") and performance stock units ("PSUs") to eligible participants under our 2021 Omnibus Incentive Plan, which was approved by the Board of Directors and stockholders. The RSUs granted to employees vest ratably over three During the nine months ended June 30, 2024, we issued approximately 380,000 RSUs, which will vest ratably over one Share Purchase Program Under a resolution adopted in June 2024, the Board of Directors authorized an increase to our existing stock purchase program whereby we may purchase, at management's discretion, up to $200 million of our common stock. During the three and nine months ended June 30, 2024, we purchased approximately 611,000 common shares at a cost of $50.6 million. At June 30, 2024, approximately $193.9 million remained available for future stock purchases. Since June 30, 2024, we have purchased a further 250,000 common shares for approximately $21.2 million.

Other Balance Sheet Items

Other Balance Sheet Items	9 Months Ended
	Jun. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Other Balance Sheet Items	OTHER BALANCE SHEET ITEMS Cash, Cash Equivalents, and Restricted Cash Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash June 30, 2024 September 30, 2023 (in thousands) Cash and cash equivalents $ 102,794 $ 65,405 Restricted cash 45,007 56,686 Cash, cash equivalents, and restricted cash $ 147,801 $ 122,091 Restricted cash is recorded within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets. Table 10.2: Supplemental Disclosures of Cash Flow Information For the Nine Months Ended June 30, 2024 June 30, 2023 (in thousands) Interest payments $ 59,367 $ 59,580 Income tax payments $ 67,822 $ 60,460 Accounts Receivable, Net Table 10.3: Details of Accounts Receivable, Net June 30, 2024 September 30, 2023 (in thousands) Billed and billable receivables $ 613,429 $ 692,707 Unbilled receivables 249,813 137,885 Allowance for credit losses (12,780) (3,719) Accounts receivable, net $ 850,462 $ 826,873 On September 21, 2022, we entered into a Receivables Purchase Agreement with Wells Fargo Bank N.A., under which we may sell certain U.S.-originated accounts receivable balances up to a maximum amount of $200.0 million at any given time. In return for these sales, we receive a cash payment equal to the face value of the receivables less a financing charge. We account for these transfers as sales. We have no retained interest in the transferred receivables other than administrative responsibilities, and Wells Fargo has no recourse for any credit risk. We estimate that the implicit servicing fees for an arrangement of this size and type would be immaterial. For the nine months ended June 30, 2024, the gross fair value of accounts receivables transferred to Wells Fargo and derecognized from our balance sheet was $270.9 million. In exchange for these sales, we received $269.3 million of cash. The balance, representing a loss on sale from these transfers, is included within our selling, general, and administrative expenses. We have recorded these transactions within our operating cash flows.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Litigation We are subject to audits, investigations, and reviews relating to compliance with the laws and regulations that govern our role as a contractor to agencies and departments of federal, state, local, and foreign governments. Adverse findings could lead to criminal, civil, or administrative proceedings, and we could be faced with penalties, fines, suspension, or debarment. Adverse findings could also have a material adverse effect on us because of our reliance on government contracts. We are subject to periodic audits by federal, state, local, and foreign governments for taxes. We are also involved in various claims, arbitrations, and lawsuits arising in the normal conduct of our business. These include but are not limited to bid protests, employment matters, contractual disputes, and charges before administrative agencies. Except for the matters described below for which we cannot predict the outcome, we do not believe the outcome of any existing matter would likely have a material adverse effect on our consolidated financial position, results of operations, or cash flows. We evaluate, on a regular basis, developments in our litigation matters and establish or make adjustments to our accruals as appropriate. A liability is accrued if a loss is probable and the amount of such loss can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated, or the risk of loss is only reasonably possible, a potential liability will be disclosed but not accrued, if material. Due to the inherent uncertainty in the outcome of litigation, our estimates and assessments may prove to be incomplete or inaccurate and could be impacted by unanticipated events and circumstances, adverse outcomes, or other future determinations. MOVEit Cybersecurity Incident Litigation As the Company has previously disclosed, on May 31, 2023, Progress Software Corporation, the developer of MOVEit (“MOVEit”), a file transfer application used by many organizations to transfer data, announced a critical zero-day vulnerability in the application that allowed unauthorized third parties to access its customers’ MOVEit environments. Maximus uses MOVEit for internal and external file sharing purposes, including to share data with government customers related to Maximus's services in support of certain government programs. Based on its review of the impacted files to date, the Company has provided notices to individuals whose personal information, including social security numbers, protected health information, and/or other personal information, may have been included in the impacted files. On August 1, 2023, a purported class action was filed against Maximus Federal Services, Inc. (a wholly-owned subsidiary of Maximus, Inc.) in the U.S. District Court for the Eastern District of Virginia arising out of the MOVEit cybersecurity incident – Bishop v. Maximus Federal Services, Case No. 1:23-cv-01019 (U.S. Dist. Ct. E. D. VA). The plaintiff, who purports to represent a nationwide class of individuals, alleges, among other things, that the Company’s negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. Since August 1, 2023, approximately eleven additional cases arising out of the MOVEit cybersecurity incident have been filed in federal courts against Maximus, Inc. and its subsidiaries. These cases each allege substantially similar allegations on behalf of putative nationwide classes and on behalf of various putative state subclasses. Three plaintiffs have subsequently dismissed their claims voluntarily. On October 4, 2023, the United States Judicial Panel on Multidistrict Litigation granted a Motion to Transfer that created a Multidistrict Litigation (“MDL”) in the District of Massachusetts for all cases in federal court related to the MOVEit cybersecurity incident, including cases filed against Maximus and other defendants, including Progress Software Corporation, the creator of MOVEit. All of the cases against Maximus, Inc. and its subsidiaries initially filed in federal courts outside of the District of Massachusetts that are related to the MOVEit cybersecurity incident have now been transferred to the MDL under the caption In re: MOVEit Customer Data Security Breach Litigation and are currently stayed pending the filing of consolidated amended compliant(s). The plaintiffs in Bishop and the other cases against the company in the MDL seek damages to be proved at trial. On September 6, 2023, an individual action was filed in state court in the Florida Circuit Court for the 7th Judicial Circuit, Volusia County: Taylor v. Maximus Federal Services, Case No. 2023-12349 (Fla. Cir. Ct., 7th Jud. Cir., Volusia Cnty.), also arising out of the MOVEit cybersecurity incident. The plaintiff alleges, among other things, that the Company’s negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. Since September 6, 2023, approximately eight additional individual actions have been filed against Maximus, Inc. and its subsidiaries in Florida state courts, one of which has been dismissed. The Taylor matter pending in Volusia County, Florida has been stayed. The remaining seven matters pending in Florida’s state courts are pending in Miami-Dade County court. Each of the actions pending in Florida courts raise substantially similar allegations and legal claims. The plaintiffs in these individual actions seek damages to be proved at trial. On October 27, 2023, a purported class action was filed in state court in Marion Superior Court in Marion County, Indiana, against Maximus Health Services, Inc. (a wholly owned subsidiary of Maximus, Inc.): Solis Garcia v. Maximus Health Services, Inc., Case No. 49D12-2310-CT-042115 (Ind. Super. Ct., Marion Cnty.), again arising out of the MOVEit cybersecurity incident. The plaintiff, who purports to represent a class comprised of Indiana residents, alleges, among other things, that the Company’s negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. The plaintiff seeks damages to be proved at trial. The Company has removed this case to federal court in the Southern District of Indiana and it has been transferred to the MDL. The Company is not able to determine or predict the ultimate outcome of any of these proceedings or reasonably provide an estimate or range of the possible outcome or loss, if any. Census Project – Civil Investigation Demand (“CID”) In 2021, Maximus received a CID from the U.S. Department of Justice (“DOJ”) pursuant to the False Claims Act seeking records pertaining to the Census project. The CID requested the production of documents related to the Company’s compliance with telephone call quality assurance scoring and reporting requirements. The Company is cooperating with the DOJ in its investigation and providing responses and information on an ongoing basis. As of June 30, 2024, the Company has reserve d $4.0 million i n connection with this matter. While it is reasonably possible that losses exceeding the amount accrued may be incurred, it is not possible at this time to estimate the additional possible loss in excess of the amount already accrued.

Subsequent Event

Subsequent Event	9 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT 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. Based on the number of shares outstanding, we anticipate a cash payment of approximately $18.1 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 89,752	$ 80,510	$ 64,148	$ 30,863	$ 31,788	$ 39,995	$ 234,410	$ 102,646

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements, including the notes, include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of these financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expenses. At each reporting period end, we make estimates, including those related to revenue recognition and cost estimation on certain contracts, the realizability of long-lived assets, including goodwill, and amounts related to income taxes, certain accrued liabilities, and contingencies and litigation. At June 30, 2024, our capitalized software balance includes $31.2 million related to technology for new services within our U.S. Services Segment. Earlier in fiscal year 2024, we evaluated these assets by comparing their carrying value to their estimated future cash flows. At that time, our probability-weighted undiscounted cash flows showed that we would recover the costs of these assets through our contract pipeline. We continue to monitor this asset. If circumstances change, we may be required to adjust the value or asset life of this asset.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information for each of the Company's Business Segments	Table 3: Results of Operation by Business Segment 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. Refer to "Note 7. Acquisitions and Divestitures" for more details. (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 which have not been or may not be completed.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Table 4.1: Revenue by Contract Type 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) Performance-based $ 758,942 57.7 % $ 617,800 52.0 % $ 2,202,541 55.2 % $ 1,761,764 48.3 % Cost-plus 281,823 21.4 % 281,014 23.6 % 958,336 24.0 % 940,509 25.8 % Fixed price 170,787 13.0 % 171,809 14.5 % 514,280 12.9 % 527,556 14.5 % Time and materials 103,377 7.9 % 118,054 9.9 % 315,170 7.9 % 414,946 11.4 % Total revenue $ 1,314,929 $ 1,188,677 $ 3,990,327 $ 3,644,775 Table 4.2: Revenue by Customer Type 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) U.S. federal government agencies $ 666,895 50.7 % $ 568,924 47.9 % $ 2,015,780 50.5 % $ 1,742,739 47.8 % U.S. state government agencies 470,301 35.8 % 445,855 37.5 % 1,440,391 36.1 % 1,329,766 36.5 % International government agencies 156,587 11.9 % 148,742 12.5 % 468,995 11.8 % 491,861 13.5 % Other, including local municipalities and commercial customers 21,146 1.6 % 25,156 2.1 % 65,161 1.6 % 80,409 2.2 % Total revenue $ 1,314,929 $ 1,188,677 $ 3,990,327 $ 3,644,775 Table 4.3: Effect of Changes in Contract Estimates 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 data) Benefit to/(reduction of) revenue recognized due to changes in contract estimates $ (3,576) $ (2,134) $ (12,772) $ (8,272) Benefit to/(reduction of) diluted earnings per share recognized due to changes in contract estimates $ (0.04) $ (0.03) $ (0.16) $ (0.09)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares used to Compute Earnings Per Share	Table 5: Weighted Average Number of Shares - Earnings Per Share For the Three Months Ended For the Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (in thousands) Basic weighted average shares outstanding 61,079 61,141 61,233 61,125 Dilutive effect of unvested RSUs and PSUs 302 403 262 243 Denominator for diluted earnings per share 61,381 61,544 61,495 61,368

Debt And Derivatives (Tables)

Debt And Derivatives (Tables)	9 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Table 6.1: Details of Debt June 30, 2024 September 30, 2023 (in thousands) Term Loan A $ 650,000 $ 909,375 Term Loan B 500,000 344,934 Subsidiary loan agreements 5,003 3,220 Total debt principal 1,155,003 1,257,529 Less: Unamortized debt-issuance costs and discounts (14,350) (7,536) Total debt 1,140,653 1,249,993 Less: Current portion of long-term debt (39,952) (86,844) Long-term debt $ 1,100,701 $ 1,163,149
Schedule of Maturities of Long-term Debt	Table 6.2: Details of Future Minimum Principal Payments Due Amount Due (in thousands) July 1, 2024 through September 30, 2024 $ 14,378 Year ended September 30, 2025 37,500 Year ended September 30, 2026 41,562 Year ended September 30, 2027 53,750 Year ended September 30, 2028 57,813 Years ended thereafter 950,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	Table 8.1: Fair Value Measurements As of June 30, 2024 Level 1 Level 2 Level 3 Balance (in thousands) Assets: Deferred compensation assets - Rabbi Trust $ 32,642 $ — $ — $ 32,642 Interest rate swaps - $650 million notional value — 20,991 — 20,991 Total assets $ 32,642 $ 20,991 $ — $ 53,633 Table 8.2: Details of Changes in Accumulated Other Comprehensive Loss by Category Foreign currency translation adjustment Net unrealized gain on derivatives, net of tax Total (in thousands) Balance as of September 30, 2023 $ (50,484) $ 22,869 $ (27,615) Other comprehensive income before reclassifications 3,946 1,860 5,806 Amounts reclassified from accumulated other comprehensive loss 133 (9,258) (9,125) Net current period other comprehensive losses 4,079 (7,398) (3,319) Balance as of June 30, 2024 $ (46,405) $ 15,471 $ (30,934) Movement in our contingent consideration balance is as follows: Table 8.3: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Contingent Consideration (in thousands) Opening contingent consideration as of September 30, 2023 $ 9,903 Adjustments to fair value recorded in the period 985 Cash payments (10,977) Foreign currency translations 89 Closing contingent consideration as of June 30, 2024 $ —

Other Balance Sheet Items (Tabl

Other Balance Sheet Items (Tables)	9 Months Ended
	Jun. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash June 30, 2024 September 30, 2023 (in thousands) Cash and cash equivalents $ 102,794 $ 65,405 Restricted cash 45,007 56,686 Cash, cash equivalents, and restricted cash $ 147,801 $ 122,091
Schedule of Restrictions on Cash and Cash Equivalents	Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash June 30, 2024 September 30, 2023 (in thousands) Cash and cash equivalents $ 102,794 $ 65,405 Restricted cash 45,007 56,686 Cash, cash equivalents, and restricted cash $ 147,801 $ 122,091
Schedule of Supplementary Cash Flow Information	Table 10.2: Supplemental Disclosures of Cash Flow Information For the Nine Months Ended June 30, 2024 June 30, 2023 (in thousands) Interest payments $ 59,367 $ 59,580 Income tax payments $ 67,822 $ 60,460
Schedule of Details of Accounts Receivable	Table 10.3: Details of Accounts Receivable, Net June 30, 2024 September 30, 2023 (in thousands) Billed and billable receivables $ 613,429 $ 692,707 Unbilled receivables 249,813 137,885 Allowance for credit losses (12,780) (3,719) Accounts receivable, net $ 850,462 $ 826,873

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Capitalized software, net	$ 169,449	$ 107,811
Intangible assets, net	653,386	$ 703,648
Technology Equipment
Property, Plant and Equipment [Line Items]
Capitalized software, net	31,200
Intangible assets, net	$ 13,500

Business Segments - Narrative (

Business Segments - Narrative (Details) - segment		9 Months Ended
	Feb. 14, 2024	Jun. 30, 2024
Segment Reporting [Abstract]
Number of operating segments	3	3

Business Segments - Financial i

Business Segments - Financial information by segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Revenue	$ 1,314,929	$ 1,188,677	$ 3,990,327	$ 3,644,775
Gross profit:
Gross profit	$ 332,314	$ 264,364	$ 949,957	$ 737,714
Gross profit (as a percent)	25.30%	22.20%	23.80%	20.20%
Selling, general, and administrative expenses:
Selling, general, and administrative expenses	$ 167,033	$ 182,545	$ 504,682	$ 471,445
Selling, general, and administrative expenses (as a percent)	12.70%	15.40%	12.60%	12.90%
Divestiture-related charges			$ 1,018	$ 883
Operating income/(loss):
Operating income	$ 141,739	$ 58,388	$ 376,743	$ 195,670
Operating income (as a percent)	10.80%	4.90%	9.40%	5.40%
Amortization of Intangible Assets	$ (23,542)	$ (23,431)	$ (68,532)	$ (70,599)
Operating Segments | U.S. Federal Services
Revenue:
Revenue	683,347	583,960	2,062,127	1,786,202
Gross profit:
Gross profit	$ 186,075	$ 156,945	$ 506,074	$ 402,513
Gross profit (as a percent)	27.20%	26.90%	24.50%	22.50%
Selling, general, and administrative expenses:
Selling, general, and administrative expenses	$ 79,949	$ 82,892	$ 247,671	$ 229,591
Selling, general, and administrative expenses (as a percent)	11.70%	14.20%	12%	12.90%
Operating income/(loss):
Operating income	$ 106,126	$ 74,053	$ 258,403	$ 172,922
Operating income (as a percent)	15.50%	12.70%	12.50%	9.70%
Operating Segments | U.S. Services
Revenue:
Revenue	$ 472,298	$ 449,061	$ 1,448,258	$ 1,338,242
Gross profit:
Gross profit	$ 121,012	$ 98,538	$ 369,497	$ 268,152
Gross profit (as a percent)	25.60%	21.90%	25.50%	20%
Selling, general, and administrative expenses:
Selling, general, and administrative expenses	$ 59,531	$ 51,536	$ 174,032	$ 140,793
Selling, general, and administrative expenses (as a percent)	12.60%	11.50%	12%	10.50%
Operating income/(loss):
Operating income	$ 61,481	$ 47,002	$ 195,465	$ 127,359
Operating income (as a percent)	13%	10.50%	13.50%	9.50%
Operating Segments | Outside the U.S.
Revenue:
Revenue	$ 159,284	$ 155,656	$ 479,942	$ 520,331
Gross profit:
Gross profit	$ 25,227	$ 8,881	$ 74,386	$ 67,049
Gross profit (as a percent)	15.80%	5.70%	15.50%	12.90%
Selling, general, and administrative expenses:
Selling, general, and administrative expenses	$ 26,647	$ 24,122	$ 75,249	$ 75,936
Selling, general, and administrative expenses (as a percent)	16.70%	15.50%	15.70%	14.60%
Operating income/(loss):
Operating income	$ (1,420)	$ (15,241)	$ (863)	$ (8,887)
Operating income (as a percent)	(0.90%)	(9.80%)	(0.20%)	(1.70%)
Segment Reconciling Items
Selling, general, and administrative expenses:
Selling, general, and administrative expenses	$ 906	$ 23,995	$ 6,712	$ 24,242
Divestiture-related charges	0	0	1,018	883
Operating income/(loss):
Operating income	(906)	(23,995)	(6,712)	(24,242)
Amortization of Intangible Assets	(23,542)	(23,431)	(68,532)	(70,599)
Other expense	$ 300	$ 22,100	$ 3,300	$ 22,100

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 1,314,929	$ 1,188,677	$ 3,990,327	$ 3,644,775
U.S. federal government agencies
Disaggregation of Revenue [Line Items]
Revenue	$ 666,895	$ 568,924	$ 2,015,780	$ 1,742,739
U.S. federal government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	50.70%	47.90%	50.50%	47.80%
U.S. state government agencies
Disaggregation of Revenue [Line Items]
Revenue	$ 470,301	$ 445,855	$ 1,440,391	$ 1,329,766
U.S. state government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	35.80%	37.50%	36.10%	36.50%
International government agencies
Disaggregation of Revenue [Line Items]
Revenue	$ 156,587	$ 148,742	$ 468,995	$ 491,861
International government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	11.90%	12.50%	11.80%	13.50%
Other, including local municipalities and commercial customers
Disaggregation of Revenue [Line Items]
Revenue	$ 21,146	$ 25,156	$ 65,161	$ 80,409
Other, including local municipalities and commercial customers | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	1.60%	2.10%	1.60%	2.20%
Performance-based
Disaggregation of Revenue [Line Items]
Revenue	$ 758,942	$ 617,800	$ 2,202,541	$ 1,761,764
Performance-based | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	57.70%	52%	55.20%	48.30%
Cost-plus
Disaggregation of Revenue [Line Items]
Revenue	$ 281,823	$ 281,014	$ 958,336	$ 940,509
Cost-plus | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	21.40%	23.60%	24%	25.80%
Fixed price
Disaggregation of Revenue [Line Items]
Revenue	$ 170,787	$ 171,809	$ 514,280	$ 527,556
Fixed price | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	13%	14.50%	12.90%	14.50%
Time and materials
Disaggregation of Revenue [Line Items]
Revenue	$ 103,377	$ 118,054	$ 315,170	$ 414,946
Time and materials | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue in %	7.90%	9.90%	7.90%	11.40%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, revenue recognized	$ 8.2	$ 13.9	$ 53.5	$ 75.3
Revenue, remaining performance obligation, amount	$ 310		$ 310
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	72%		72%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Unbilled receivables
Disaggregation of Revenue [Line Items]
Unbilled contracts receivable	$ 26.3		$ 26.3		$ 20.7

Revenue Recognition - Effect of

Revenue Recognition - Effect of Changes in Contract Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Benefit to/(reduction of) revenue recognized due to changes in contract estimates	$ 1,314,929	$ 1,188,677	$ 3,990,327	$ 3,644,775
Benefit to/(reduction of) diluted earnings per share recognized due to changes in contract estimates (in dollars per share)	$ 1.46	$ 0.50	$ 3.81	$ 1.67
Change in contract estimates
Disaggregation of Revenue [Line Items]
Benefit to/(reduction of) revenue recognized due to changes in contract estimates	$ (3,576)	$ (2,134)	$ (12,772)	$ (8,272)
Benefit to/(reduction of) diluted earnings per share recognized due to changes in contract estimates (in dollars per share)	$ (0.04)	$ (0.03)	$ (0.16)	$ (0.09)

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	61,079	61,141	61,233	61,125
Dilutive effect of unvested RSUs and PSUs (in shares)	302	403	262	243
Denominator for diluted earnings per share (in shares)	61,381	61,544	61,495	61,368

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	212	98	216	105

Debt And Derivatives - Schedule

Debt And Derivatives - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total debt principal	$ 1,155,003	$ 1,257,529
Less: Unamortized debt-issuance costs and discounts	(14,350)	(7,536)
Total debt	1,140,653	1,249,993
Less: Current portion of long-term debt	(39,952)	(86,844)
Long-term debt	1,100,701	1,163,149
Secured Debt | Term Loan A
Debt Instrument [Line Items]
Debt principal	650,000	909,375
Secured Debt | Term Loan B
Debt Instrument [Line Items]
Debt principal	500,000	344,934
Subsidiary loan agreements
Debt Instrument [Line Items]
Debt principal	$ 5,003	$ 3,220

Debt And Derivatives - Narrativ

Debt And Derivatives - Narrative (Details) - USD ($)	May 30, 2024	Jun. 30, 2024	Sep. 30, 2023
Other Assets
Debt Instrument [Line Items]
Fair value of derivative asset		$ 21,000,000	$ 31,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750,000,000
Minimum | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.125%
Maximum | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Secured Debt
Debt Instrument [Line Items]
Floor interest rate	0.50%
Term Loan A | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Term Loan A | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Term Loan A | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650,000,000
Basis spread on variable rate	1.50%
Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Term Loan B | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Term Loan A, Due May 2026 | Secured Debt | Interest Rate Swap 1
Debt Instrument [Line Items]
Derivative, notional amount		$ 500,000,000
Derivative, fixed interest rate		2.31%
Term Loan A, Due September 2024 | Secured Debt | Interest Rate Swap 2
Debt Instrument [Line Items]
Derivative, notional amount		$ 150,000,000
Derivative, fixed interest rate		4.38%

Debt And Derivatives - Schedu_2

Debt And Derivatives - Schedule of Repayments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
July 1, 2024 through September 30, 2024	$ 14,378
Year ended September 30, 2025	37,500
Year ended September 30, 2026	41,562
Year ended September 30, 2027	53,750
Year ended September 30, 2028	57,813
Years ended thereafter	$ 950,000

Acquisitions And Divestitures (

Acquisitions And Divestitures (Details) $ in Thousands		1 Months Ended		3 Months Ended	9 Months Ended		16 Months Ended
	Feb. 14, 2024 USD ($) segment	Nov. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
Business Acquisition [Line Items]
Number of operating segments | segment	3				3
Proceeds from divestitures					$ 3,078	$ 9,124
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Loss on sale of business		$ 1,000
Impairment charge				$ 2,900
United Kingdom | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Loss on sale of business			$ 600
Total fair value of consideration			16,000
Proceeds from divestitures							$ 5,500
Sweden | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Total fair value of consideration			$ 400
Opteamix LLC
Business Acquisition [Line Items]
Cash consideration	$ 18,000
Intangible assets, estimated useful life	8 years

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Interest Rate Swap
Financial information for each of the Company's business segments
Notional value, asset	$ 650,000
Fair Value, Recurring
Financial information for each of the Company's business segments
Total assets	53,633
Fair Value, Recurring | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	20,991
Fair Value, Recurring | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	32,642
Level 1 | Fair Value, Recurring
Financial information for each of the Company's business segments
Total assets	32,642
Level 1 | Fair Value, Recurring | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	0
Level 1 | Fair Value, Recurring | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	32,642
Level 2 | Fair Value, Recurring
Financial information for each of the Company's business segments
Total assets	20,991
Level 2 | Fair Value, Recurring | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	20,991
Level 2 | Fair Value, Recurring | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	0
Level 3 | Fair Value, Recurring
Financial information for each of the Company's business segments
Total assets	0
Level 3 | Fair Value, Recurring | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	0
Level 3 | Fair Value, Recurring | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	$ 0

Fair Value Measurements - Accum

Fair Value Measurements - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning balance	$ 1,789,143	$ 1,601,722	$ 1,667,835	$ 1,549,371
Other comprehensive income before reclassifications			5,806
Amounts reclassified from accumulated other comprehensive loss			(9,125)
Net current period other comprehensive losses	(785)	8,992	(3,319)	9,650
Ending balance	1,818,715	1,632,853	1,818,715	1,632,853
Foreign currency translation adjustment
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning balance			(50,484)
Other comprehensive income before reclassifications			3,946
Amounts reclassified from accumulated other comprehensive loss			133
Net current period other comprehensive losses			4,079
Ending balance	(46,405)		(46,405)
Foreign currency translation adjustment | Australia, Dollars
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Ending balance	18,900		18,900
Net unrealized gain on derivatives, net of tax
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning balance			22,869
Other comprehensive income before reclassifications			1,860
Amounts reclassified from accumulated other comprehensive loss			(9,258)
Net current period other comprehensive losses			(7,398)
Ending balance	15,471		15,471
Accumulated Other Comprehensive Loss
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning balance	(30,149)	(33,303)	(27,615)	(33,961)
Net current period other comprehensive losses			(3,319)
Ending balance	$ (30,934)	$ (24,311)	$ (30,934)	$ (24,311)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands, £ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2024 USD ($)

Jun. 30, 2024 GBP (£)

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2023 GBP (£)

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Oct. 31, 2021 USD ($)

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Shareholders' equity

$ 1,818,715

$ 1,818,715

$ 1,632,853

$ 1,789,143

$ 1,717,806

$ 1,667,835

$ 1,601,722

$ 1,581,007

$ 1,549,371

Payments of contingent consideration

10,977

$ 6,662

Aidvantage

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Contingent consideration

7,500

BZ Bodies Limited

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Contingent consideration

2,500

£ 2

Payments of contingent consideration

2,500

£ 2

Maximum | Navient

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Contingent consideration

$ 65,000

Foreign currency translation adjustment

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Shareholders' equity

(46,405)

(46,405)

$ (50,484)

Australia, Dollars | Foreign currency translation adjustment

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Shareholders' equity

18,900

18,900

United Kingdom, Pounds | Foreign currency translation adjustment

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Shareholders' equity

$ 19,400

$ 19,400

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Inputs (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2024 USD ($)
Contingent Consideration
Beginning balance	$ 9,903
Adjustments to fair value recorded in the period	$ 985
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Cash payments	$ (10,977)
Foreign currency translations	$ 89
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Foreign currency translation adjustments
Ending balance	$ 0

Equity (Details)

Equity (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2020
Stock-based compensation
Stock repurchase programs, authorized amount				$ 200,000
Common shares repurchased (in shares)	250	611
Common shares repurchased, value	$ 21,200	$ 50,637	$ 50,600
Amount remaining available for future stock repurchases	$ 193,900	$ 193,900	$ 193,900
Restricted Stock Units (RSUs)
Stock-based compensation
Shares issued (in shares)			380
Restricted Stock Units (RSUs) | Member of Board of Directors | A2021 Stock Incentive Plan
Stock-based compensation
Vesting period			1 year
Restricted Stock Units (RSUs) | Minimum
Stock-based compensation
Vesting period			1 year
Restricted Stock Units (RSUs) | Minimum | A2021 Stock Incentive Plan
Stock-based compensation
Vesting period			3 years
Restricted Stock Units (RSUs) | Maximum
Stock-based compensation
Vesting period			4 years
Restricted Stock Units (RSUs) | Maximum | A2021 Stock Incentive Plan
Stock-based compensation
Vesting period			5 years
Performance Shares
Stock-based compensation
Vesting period			3 years
Shares issued (in shares)			128
Performance Shares | Minimum | A2021 Stock Incentive Plan
Stock-based compensation
Vesting rights, percentage			0%
Performance Shares | Maximum | A2021 Stock Incentive Plan
Stock-based compensation
Vesting rights, percentage			200%

Other Balance Sheet Items - Sch

Other Balance Sheet Items - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 102,794	$ 65,405
Restricted cash	45,007	56,686
Cash, cash equivalents, and restricted cash	$ 147,801	$ 122,091	$ 91,693	$ 136,795

Other Balance Sheet Items - Sup

Other Balance Sheet Items - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Interest payments	$ 59,367	$ 59,580
Income tax payments	$ 67,822	$ 60,460

Other Balance Sheet Items - Det

Other Balance Sheet Items - Details of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (12,780)	$ (3,719)
Accounts receivable, net	850,462	826,873
Billed and billable receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed and billable receivables	613,429	692,707
Unbilled receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed and billable receivables	$ 249,813	$ 137,885

Other Balance Sheet Items - Nar

Other Balance Sheet Items - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 21, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Receivables purchase agreement, maximum sales amount		$ 200
Transfer of financial assets, accounted for as sales	$ 270.9
Cash received from transfer of financial assets	$ 269.3

Commitments And Contingencies (

Commitments And Contingencies (Details) $ in Millions	Sep. 06, 2023 action	Jun. 30, 2024 USD ($) case
Loss Contingencies [Line Items]
Loss contingency accrual | $		$ 4
MOVEit, Federal Court
Loss Contingencies [Line Items]
Number of cases filed | case		11
MOVEit, State Court
Loss Contingencies [Line Items]
Number of cases filed	8
Number of cases dismissed	1

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 31, 2024	Jul. 05, 2024
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.30
Common Stock | Forecast
Subsequent Event [Line Items]
Payments of dividends	$ 18.1