MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
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| Quarter Ended |
| Ended |
| Quarter Ended |
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| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
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Revenue |
| $ | 169,710 |
| $ | 177,158 |
| $ | 178,434 |
| $ | 194,806 |
| $ | 720,108 |
| $ | 203,320 |
| $ | 204,386 |
| $ | 211,527 |
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Cost of revenue |
| 122,806 |
| 130,624 |
| 131,064 |
| 144,268 |
| 528,762 |
| 151,145 |
| 153,835 |
| 154,514 |
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Gross profit |
| 46,904 |
| 46,534 |
| 47,370 |
| 50,538 |
| 191,346 |
| 52,175 |
| 50,551 |
| 57,013 |
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Selling, general and administrative expenses |
| 26,414 |
| 26,714 |
| 27,255 |
| 26,645 |
| 107,028 |
| 27,429 |
| 28,787 |
| 31,658 |
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Legal and settlement expense (recovery) |
| — |
| 368 |
| (4,829 | ) | 190 |
| (4,271 | ) | 686 |
| (6,037 | ) | — |
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Operating income from continuing operations |
| 20,490 |
| 19,452 |
| 24,944 |
| 23,703 |
| 88,589 |
| 24,060 |
| 27,801 |
| 25,355 |
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Interest and other income, net |
| 94 |
| 35 |
| 129 |
| (113 | ) | 145 |
| 99 |
| 186 |
| 442 |
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Income from continuing operations before income taxes |
| 20,584 |
| 19,487 |
| 25,073 |
| 23,590 |
| 88,734 |
| 24,159 |
| 27,987 |
| 25,797 |
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Provision for income taxes |
| 8,131 |
| 7,697 |
| 9,904 |
| 9,161 |
| 34,893 |
| 9,559 |
| 9,996 |
| 9,672 |
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Income from continuing operations |
| 12,453 |
| 11,790 |
| 15,169 |
| 14,429 |
| 53,841 |
| 14,600 |
| 17,991 |
| 16,125 |
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Discontinued operations, net of income taxes: |
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Income (loss) from discontinued operations |
| (485 | ) | (763 | ) | (186 | ) | (4,300 | ) | (5,734 | ) | (1,972 | ) | 752 |
| 1,200 |
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Loss on disposal |
| (5 | ) | — |
| — |
| (1,562 | ) | (1,567 | ) | — |
| — |
| — |
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Income (loss) from discontinued operations |
| (490 | ) | (763 | ) | (186 | ) | (5,862 | ) | (7,301 | ) | (1,972 | ) | 752 |
| 1,200 |
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Net income |
| $ | 11,963 |
| $ | 11,027 |
| $ | 14,983 |
| $ | 8,567 |
| $ | 46,540 |
| $ | 12,628 |
| $ | 18,743 |
| $ | 17,325 |
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Basic earnings (loss) per share: |
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Income from continuing operations |
| $ | 0.70 |
| $ | 0.68 |
| $ | 0.87 |
| $ | 0.82 |
| $ | 3.06 |
| $ | 0.83 |
| $ | 1.03 |
| $ | 0.93 |
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Income (loss) from discontinued operations |
| (0.03 | ) | (0.05 | ) | (0.01 | ) | (0.33 | ) | (0.41 | ) | (0.11 | ) | 0.05 |
| 0.06 |
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Basic earnings per share |
| $ | 0.67 |
| $ | 0.63 |
| $ | 0.86 |
| $ | 0.49 |
| $ | 2.65 |
| $ | 0.72 |
| $ | 1.08 |
| $ | 0.99 |
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Diluted earnings (loss) per share: |
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Income from continuing operations |
| $ | 0.69 |
| $ | 0.66 |
| $ | 0.85 |
| $ | 0.80 |
| $ | 3.01 |
| $ | 0.81 |
| $ | 1.00 |
| $ | 0.90 |
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Income (loss) from discontinued operations |
| (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.32 | ) | (0.41 | ) | (0.11 | ) | 0.04 |
| 0.06 |
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Diluted earnings per share |
| $ | 0.67 |
| $ | 0.62 |
| $ | 0.84 |
| $ | 0.48 |
| $ | 2.60 |
| $ | 0.70 |
| $ | 1.04 |
| $ | 0.96 |
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Dividends per share |
| $ | 0.10 |
| $ | 0.12 |
| $ | 0.12 |
| $ | 0.12 |
| $ | 0.46 |
| $ | 0.12 |
| $ | 0.12 |
| $ | 0.12 |
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Weighted average shares outstanding: |
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Basic |
| 17,802 |
| 17,435 |
| 17,503 |
| 17,538 |
| 17,570 |
| 17,595 |
| 17,408 |
| 17,423 |
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Diluted |
| 17,956 |
| 17,751 |
| 17,839 |
| 17,945 |
| 17,886 |
| 18,039 |
| 17,980 |
| 18,004 |
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MAXIMUS, Inc.
Segment Financial Information from Continuing Operations (1)
(Dollars in thousands)
(Unaudited)
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| Year |
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| Quarter Ended |
| Ended |
| Quarter Ended |
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| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
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Revenue: |
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Health Services |
| $ | 121,995 |
| $ | 121,228 |
| $ | 122,415 |
| $ | 129,503 |
| $ | 495,141 |
| $ | 130,640 |
| $ | 127,279 |
| $ | 127,307 |
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Human Services |
| 47,715 |
| 55,930 |
| 56,019 |
| 65,303 |
| 224,967 |
| 72,680 |
| 77,107 |
| 84,220 |
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Total |
| 169,710 |
| 177,158 |
| 178,434 |
| 194,806 |
| 720,108 |
| 203,320 |
| 204,386 |
| 211,527 |
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Gross Profit: |
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Health Services |
| 35,187 |
| 32,901 |
| 30,176 |
| 33,283 |
| 131,547 |
| 32,910 |
| 28,932 |
| 32,425 |
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Human Services |
| 11,717 |
| 13,633 |
| 17,194 |
| 17,255 |
| 59,799 |
| 19,265 |
| 21,619 |
| 24,588 |
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Total |
| 46,904 |
| 46,534 |
| 47,370 |
| 50,538 |
| 191,346 |
| 52,175 |
| 50,551 |
| 57,013 |
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Selling, General, and Administrative expense: |
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Health Services |
| 14,562 |
| 14,472 |
| 15,372 |
| 14,267 |
| 58,673 |
| 15,402 |
| 16,209 |
| 17,916 |
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Human Services |
| 11,617 |
| 11,887 |
| 11,839 |
| 12,099 |
| 47,442 |
| 11,886 |
| 12,582 |
| 13,904 |
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Corporate/Other |
| 235 |
| 355 |
| 44 |
| 279 |
| 913 |
| 141 |
| (4 | ) | (162 | ) | ||||||||
Total |
| 26,414 |
| 26,714 |
| 27,255 |
| 26,645 |
| 107,028 |
| 27,429 |
| 28,787 |
| 31,658 |
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Income from Operations: (1) |
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Health Services |
| 20,625 |
| 18,429 |
| 14,804 |
| 19,016 |
| 72,874 |
| 17,508 |
| 12,723 |
| 14,509 |
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Human Services |
| 100 |
| 1,746 |
| 5,355 |
| 5,156 |
| 12,357 |
| 7,379 |
| 9,037 |
| 10,684 |
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Consolidating adjustments |
| (235 | ) | (355 | ) | (44 | ) | (279 | ) | (913 | ) | (141 | ) | 4 |
| 162 |
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Subtotal |
| 20,490 |
| 19,820 |
| 20,115 |
| 23,893 |
| 84,318 |
| 24,746 |
| 21,764 |
| 25,355 |
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Legal and settlement expense (recovery) |
| — |
| 368 |
| (4,829 | ) | 190 |
| (4,271 | ) | 686 |
| (6,037 | ) | — |
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Consolidated total |
| $ | 20,490 |
| $ | 19,452 |
| $ | 24,944 |
| $ | 23,703 |
| $ | 88,589 |
| $ | 24,060 |
| $ | 27,801 |
| $ | 25,355 |
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Gross profit percentage |
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Health Services |
| 28.8 | % | 27.1 | % | 24.7 | % | 25.7 | % | 26.6 | % | 25.2 | % | 22.7 | % | 25.5 | % | ||||||||
Human Services |
| 24.6 | % | 24.4 | % | 30.7 | % | 26.4 | % | 26.6 | % | 26.5 | % | 28.0 | % | 29.2 | % | ||||||||
Consolidated total |
| 27.6 | % | 26.3 | % | 26.5 | % | 25.9 | % | 26.6 | % | 25.7 | % | 24.7 | % | 27.0 | % | ||||||||
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Selling, General and Administrative expense percentage |
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Health Services |
| 11.9 | % | 11.9 | % | 12.6 | % | 11.0 | % | 11.8 | % | 11.8 | % | 12.7 | % | 14.1 | % | ||||||||
Human Services |
| 24.3 | % | 21.3 | % | 21.1 | % | 18.5 | % | 21.1 | % | 16.4 | % | 16.3 | % | 16.5 | % | ||||||||
Consolidated total |
| 15.6 | % | 15.1 | % | 15.3 | % | 13.7 | % | 14.9 | % | 13.5 | % | 14.1 | % | 15.0 | % | ||||||||
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Operating margin percentage: |
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Health Services |
| 16.9 | % | 15.2 | % | 12.1 | % | 14.7 | % | 14.7 | % | 13.4 | % | 10.0 | % | 11.4 | % | ||||||||
Human Services |
| 0.2 | % | 3.1 | % | 9.6 | % | 7.9 | % | 5.5 | % | 10.2 | % | 11.7 | % | 12.7 | % | ||||||||
Consolidated total |
| 12.1 | % | 11.0 | % | 14.0 | % | 12.2 | % | 12.3 | % | 11.8 | % | 13.6 | % | 12.0 | % |
(1) Before income taxes
MAXIMUS, Inc.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
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| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
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| 2008 |
| 2009 |
| 2009 |
| 2009 |
| 2009 |
| 2010 |
| 2010 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
| $ | 61,461 |
| $ | 85,090 |
| $ | 91,666 |
| $ | 87,815 |
| $ | 126,940 |
| $ | 121,362 |
| $ | 153,059 |
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Restricted cash |
| 2,543 |
| 2,449 |
| 3,702 |
| 3,919 |
| 4,590 |
| 3,971 |
| 3,753 |
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Accounts receivable — billed |
| 96,952 |
| 94,376 |
| 113,261 |
| 133,485 |
| 124,248 |
| 131,026 |
| 124,208 |
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Accounts receivable — unbilled |
| 14,454 |
| 23,071 |
| 15,779 |
| 19,510 |
| 21,836 |
| 24,278 |
| 22,179 |
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Current portion of note receivable |
| 759 |
| 786 |
| 949 |
| 736 |
| 458 |
| 167 |
| — |
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Income taxes receivable |
| 9,469 |
| 17,097 |
| 7,823 |
| 7,501 |
| — |
| 5,478 |
| — |
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Deferred income taxes |
| 17,574 |
| 8,735 |
| 12,695 |
| 5,389 |
| 11,609 |
| 6,846 |
| 8,017 |
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Due from insurance carrier |
| 12,986 |
| — |
| — |
| — |
| — |
| — |
| — |
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Prepaid expenses and other current assets |
| 11,322 |
| 17,501 |
| 18,671 |
| 19,749 |
| 18,750 |
| 20,343 |
| 21,757 |
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Current assets of discontinued operations |
| 15,263 |
| 10,996 |
| 14,367 |
| 14,007 |
| 4,559 |
| 2,657 |
| 5,190 |
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Total current assets |
| 242,783 |
| 260,101 |
| 278,913 |
| 292,111 |
| 312,990 |
| 316,128 |
| 338,163 |
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Property and equipment, at cost |
| 78,387 |
| 80,463 |
| 88,020 |
| 98,781 |
| 103,300 |
| 107,189 |
| 109,708 |
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Less accumulated depreciation and amortization |
| (45,231 | ) | (47,087 | ) | (50,322 | ) | (53,495 | ) | (56,857 | ) | (60,380 | ) | (62,887 | ) | |||||||
Property and equipment, net |
| 33,156 |
| 33,376 |
| 37,698 |
| 45,286 |
| 46,443 |
| 46,809 |
| 46,821 |
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Capitalized software |
| 20,521 |
| 23,262 |
| 23,970 |
| 26,475 |
| 29,402 |
| 31,496 |
| 32,830 |
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Less accumulated amortization |
| (6,159 | ) | (6,581 | ) | (6,769 | ) | (7,506 | ) | (8,504 | ) | (9,379 | ) | (10,049 | ) | |||||||
Capitalized software, net |
| 14,362 |
| 16,681 |
| 17,201 |
| 18,969 |
| 20,898 |
| 22,117 |
| 22,781 |
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Deferred contract costs, net |
| 6,384 |
| 7,604 |
| 8,530 |
| 8,206 |
| 7,753 |
| 7,298 |
| 6,863 |
| |||||||
Goodwill |
| 57,776 |
| 57,563 |
| 60,088 |
| 61,029 |
| 61,364 |
| 69,067 |
| 67,806 |
| |||||||
Intangible assets, net |
| 2,832 |
| 2,458 |
| 2,419 |
| 2,455 |
| 3,218 |
| 8,826 |
| 8,128 |
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Note receivable |
| 1,036 |
| 721 |
| 192 |
| — |
| — |
| — |
| — |
| |||||||
Deferred income taxes |
| 3,217 |
| 1,440 |
| — |
| 1,239 |
| 3,434 |
| — |
| — |
| |||||||
Other assets, net |
| 3,459 |
| 3,065 |
| 2,918 |
| 3,939 |
| 3,975 |
| 3,999 |
| 3,816 |
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Noncurrent assets of discontinued operations |
| 1,436 |
| 1,373 |
| 1,347 |
| — |
| — |
| — |
| — |
| |||||||
Total assets |
| $ | 366,441 |
| $ | 384,382 |
| $ | 409,306 |
| $ | 433,234 |
| $ | 460,075 |
| $ | 474,244 |
| $ | 494,378 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
| 30,830 |
| 48,500 |
| 45,876 |
| 44,644 |
| 48,070 |
| 53,940 |
| 57,134 |
| |||||||
Accrued compensation and benefits |
| 21,564 |
| 23,710 |
| 25,782 |
| 31,738 |
| 29,393 |
| 34,850 |
| 37,997 |
| |||||||
Current portion of deferred revenue |
| 19,075 |
| 17,543 |
| 18,947 |
| 22,177 |
| 32,278 |
| 30,319 |
| 35,385 |
| |||||||
Current portion of income taxes payable |
| — |
| — |
| — |
| — |
| 4,982 |
| — |
| 823 |
| |||||||
Acquisition-related contingent consideration |
| — |
| — |
| — |
| — |
| — |
| — |
| 906 |
| |||||||
Other accrued liabilities |
| 16,968 |
| 12,929 |
| 14,554 |
| 15,083 |
| 16,396 |
| 10,554 |
| 9,577 |
| |||||||
Current liabilities of discontinued operations |
| 15,430 |
| 12,752 |
| 11,057 |
| 13,823 |
| 13,991 |
| 3,608 |
| 3,209 |
| |||||||
Total current liabilities |
| 103,867 |
| 115,434 |
| 116,216 |
| 127,465 |
| 145,110 |
| 133,271 |
| 145,031 |
| |||||||
Acquisition-related contingent consideration |
| — |
| — |
| — |
| — |
| — |
| 3,092 |
| 2,100 |
| |||||||
Deferred revenue, less current portion |
| 4,490 |
| 5,745 |
| 6,019 |
| 6,527 |
| 9,572 |
| 13,039 |
| 16,081 |
| |||||||
Income taxes payable, less current portion |
| 1,668 |
| 1,573 |
| 1,753 |
| 1,871 |
| 2,086 |
| 2,041 |
| 1,755 |
| |||||||
Deferred income taxes |
| — |
| — |
| 2,212 |
| 243 |
| 243 |
| 2,714 |
| 2,724 |
| |||||||
Long-term debt |
| — |
| — |
| — |
| — |
| — |
| 885 |
| 1,187 |
| |||||||
Total liabilities |
| 110,025 |
| 122,752 |
| 126,200 |
| 136,106 |
| 157,011 |
| 155,042 |
| 168,878 |
| |||||||
Shareholders’ equity: |
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Common stock |
| 330,834 |
| 332,462 |
| 334,590 |
| 338,739 |
| 341,819 |
| 345,591 |
| 349,098 |
| |||||||
Treasury stock |
| (312,338 | ) | (319,149 | ) | (319,146 | ) | (319,149 | ) | (327,810 | ) | (333,657 | ) | (341,664 | ) | |||||||
Accumulated other comprehensive income |
| (1,139 | ) | (1,771 | ) | 4,694 |
| 8,268 |
| 9,351 |
| 11,007 |
| 6,673 |
| |||||||
Retained earnings |
| 239,059 |
| 250,088 |
| 262,968 |
| 269,270 |
| 279,704 |
| 296,261 |
| 311,393 |
| |||||||
Total shareholders’ equity |
| 256,416 |
| 261,630 |
| 283,106 |
| 297,128 |
| 303,064 |
| 319,202 |
| 325,500 |
| |||||||
Total liabilities and shareholders’ equity |
| $ | 366,441 |
| $ | 384,382 |
| $ | 409,306 |
| $ | 433,234 |
| $ | 460,075 |
| $ | 474,244 |
| $ | 494,378 |
|
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
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| Year |
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| Quarter Ended |
| Ended |
| Quarter Ended |
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| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
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Cash flows from operating activities |
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Net income |
| $ | 11,963 |
| $ | 11,027 |
| $ | 14,983 |
| $ | 8,567 |
| $ | 46,540 |
| $ | 12,628 |
| $ | 18,743 |
| $ | 17,325 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
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| ||||||||
(Income) loss from discontinued operations |
| 490 |
| 763 |
| 186 |
| 5,862 |
| 7,301 |
| 1,972 |
| (752 | ) | (1,200 | ) | ||||||||
Depreciation |
| 1,961 |
| 2,129 |
| 2,217 |
| 2,575 |
| 8,882 |
| 3,104 |
| 3,132 |
| 3,320 |
| ||||||||
Amortization |
| 737 |
| 788 |
| 555 |
| 1,270 |
| 3,350 |
| 1,436 |
| 1,346 |
| 1,311 |
| ||||||||
Deferred income taxes |
| 12,043 |
| 10,617 |
| (309 | ) | 4,368 |
| 26,719 |
| (8,492 | ) | 8,337 |
| (1,126 | ) | ||||||||
Gain on sale of fixed asset |
| — |
| (51 | ) | — |
| — |
| (51 | ) | — |
| — |
| — |
| ||||||||
Deferred interest income on note receivable |
| 107 |
| 104 |
| 101 |
| 64 |
| 376 |
| 61 |
| 118 |
| 84 |
| ||||||||
Non-cash equity based compensation |
| 1,866 |
| 2,084 |
| 1,678 |
| 1,679 |
| 7,307 |
| 1,865 |
| 2,088 |
| 2,030 |
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Change in assets and liabilities, net of effects from business combinations and divestitures: |
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| ||||||||
Accounts receivable — billed |
| 22,162 |
| 2,441 |
| (18,076 | ) | (19,579 | ) | (13,052 | ) | 9,349 |
| (4,572 | ) | 6,118 |
| ||||||||
Accounts receivable — unbilled |
| (6,327 | ) | (8,774 | ) | 7,822 |
| 602 |
| (6,677 | ) | (2,327 | ) | (2,103 | ) | 1,891 |
| ||||||||
Due from insurance carrier |
| — |
| 12,500 |
| — |
| — |
| 12,500 |
| — |
| — |
| — |
| ||||||||
Prepaid expenses and other current assets |
| (3,844 | ) | (6,081 | ) | (1,024 | ) | (852 | ) | (11,801 | ) | 1,042 |
| (1,456 | ) | (1,590 | ) | ||||||||
Deferred contract costs |
| (1,236 | ) | (1,250 | ) | (720 | ) | 324 |
| (2,882 | ) | 479 |
| 487 |
| 392 |
| ||||||||
Other assets |
| (899 | ) | 133 |
| 1,074 |
| (1,130 | ) | (822 | ) | (34 | ) | (253 | ) | 151 |
| ||||||||
Accounts payable |
| (11,841 | ) | 17,641 |
| (3,118 | ) | (1,689 | ) | 993 |
| 587 |
| 1,219 |
| 6,762 |
| ||||||||
Accrued compensation and benefits |
| (3,746 | ) | 2,100 |
| 1,524 |
| 5,619 |
| 5,497 |
| (2,035 | ) | 4,952 |
| 3,844 |
| ||||||||
Deferred revenue |
| 2,492 |
| 57 |
| 840 |
| 2,431 |
| 5,820 |
| 13,134 |
| 992 |
| 8,423 |
| ||||||||
Income taxes |
| (21,959 | ) | (7,535 | ) | 9,452 |
| (709 | ) | (20,751 | ) | 14,867 |
| (11,099 | ) | 5,751 |
| ||||||||
Other liabilities |
| (34,755 | ) | (723 | ) | (186 | ) | (1,051 | ) | (36,715 | ) | 1,251 |
| 694 |
| (3,897 | ) | ||||||||
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Cash provided by (used in) operating activities — continuing operations |
| (30,786 | ) | 37,970 |
| 16,999 |
| 8,351 |
| 32,534 |
| 48,887 |
| 21,873 |
| 49,589 |
| ||||||||
Cash provided by (used in) operating activities — discontinued operations |
| 3,609 |
| 891 |
| (5,198 | ) | (1,203 | ) | (1,901 | ) | 6,134 |
| (7,139 | ) | (1,147 | ) | ||||||||
Cash provided by (used in) operating activities |
| (27,177 | ) | 38,861 |
| 11,801 |
| 7,148 |
| 30,633 |
| 55,021 |
| 14,734 |
| 48,442 |
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Cash flows from investing activities |
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Payments for sales of discontinued operations, net of transation costs |
| — |
| — |
| — |
| (1,626 | ) | (1,626 | ) | — |
| — |
| — |
| ||||||||
Proceeds from sale of fixed assets |
| — |
| 54 |
| — |
| 642 |
| 696 |
| — |
| — |
| — |
| ||||||||
Acquisition of business, net of cash acquired |
| — |
| — |
| — |
| (406 | ) | (406 | ) | — |
| (10,673 | ) | — |
| ||||||||
Proceeds from note receivable |
| 182 |
| 184 |
| 265 |
| 341 |
| 972 |
| 217 |
| 173 |
| 83 |
| ||||||||
Purchases of property and equipment |
| (2,414 | ) | (2,476 | ) | (5,714 | ) | (9,090 | ) | (19,694 | ) | (3,938 | ) | (2,093 | ) | (4,352 | ) | ||||||||
Capitalized software costs |
| (1,717 | ) | (2,969 | ) | (351 | ) | (1,851 | ) | (6,888 | ) | (2,641 | ) | (1,684 | ) | (1,982 | ) | ||||||||
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Cash used in investing activities — continuing operations |
| (3,949 | ) | (5,207 | ) | (5,800 | ) | (11,990 | ) | (26,946 | ) | (6,362 | ) | (14,277 | ) | (6,251 | ) | ||||||||
Cash used in investing activities — discontinued operations |
| (11 | ) | (3 | ) | (22 | ) | (54 | ) | (90 | ) | — |
| — |
| — |
| ||||||||
Cash used in investing activities |
| (3,960 | ) | (5,210 | ) | (5,822 | ) | (12,044 | ) | (27,036 | ) | (6,362 | ) | (14,277 | ) | (6,251 | ) | ||||||||
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Cash flows from financing activities |
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Employee stock transactions |
| 593 |
| (690 | ) | 733 |
| 1,656 |
| 2,292 |
| 1,004 |
| 611 |
| 1,064 |
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Repurchases of common stock |
| (22,431 | ) | (7,615 | ) | — |
| — |
| (30,046 | ) | (8,661 | ) | (5,850 | ) | (8,007 | ) | ||||||||
Payments on capital lease obligations |
| (417 | ) | — |
| — |
| — |
| (417 | ) | — |
| — |
| — |
| ||||||||
Tax benefit due to option exercises and restricted stock units vesting |
| 53 |
| 234 |
| (281 | ) | 645 |
| 651 |
| 135 |
| 975 |
| 314 |
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Issuance (repayment) of long-term debt |
| — |
| — |
| — |
| — |
| — |
| — |
| (7 | ) | 333 |
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Cash dividends paid |
| (1,765 | ) | (2,089 | ) | (2,101 | ) | (2,099 | ) | (8,054 | ) | (2,118 | ) | (2,083 | ) | (2,094 | ) | ||||||||
Cash provided by (used in) financing activities — continuing operations |
| (23,967 | ) | (10,160 | ) | (1,649 | ) | 202 |
| (35,574 | ) | (9,640 | ) | (6,354 | ) | (8,390 | ) | ||||||||
Cash provided by (used in) financing activities — discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Cash provided by (used in) financing activities |
| (23,967 | ) | (10,160 | ) | (1,649 | ) | 202 |
| (35,574 | ) | (9,640 | ) | (6,354 | ) | (8,390 | ) | ||||||||
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Effect of exchange rate changes on cash and cash equivalents |
| (3,040 | ) | 138 |
| 2,246 |
| 843 |
| 187 |
| 106 |
| 319 |
| (2,104 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents |
| (58,144 | ) | 23,629 |
| 6,576 |
| (3,851 | ) | (31,790 | ) | 39,125 |
| (5,578 | ) | 31,697 |
| ||||||||
Cash and cash equivalents, beginning of period |
| 119,605 |
| 61,461 |
| 85,090 |
| 91,666 |
| 119,605 |
| 87,815 |
| 126,940 |
| 121,362 |
| ||||||||
Cash and cash equivalents, end of period |
| $ | 61,461 |
| $ | 85,090 |
| $ | 91,666 |
| $ | 87,815 |
| $ | 87,815 |
| $ | 126,940 |
| $ | 121,362 |
| $ | 153,059 |
|
MAXIMUS, Inc.
Supplemental Pro Forma Diluted EPS from Continuing Operations (“Adjusted EPS”)
(Unaudited)
|
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| Year |
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| ||||||||
|
| Quarter Ended |
| Ended |
| Quarter Ended |
| ||||||||||||||||||
|
| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| ||||||||
Diluted EPS from continuing operations-GAAP basis |
| $ | 0.69 |
| $ | 0.66 |
| $ | 0.85 |
| $ | 0.80 |
| $ | 3.01 |
| $ | 0.81 |
| $ | 1.00 |
| $ | 0.90 |
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Pro forma adjustments: |
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Legal and settlement expense (recovery), net |
| — |
| 0.01 |
| (0.16 | ) | 0.01 |
| (0.14 | ) | 0.02 |
| (0.21 | ) | — |
| ||||||||
Severance |
| — |
| 0.01 |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Subtotal pro forma adjustments |
| $ | 0.00 |
| $ | 0.02 |
| $ | (0.16 | ) | $ | 0.01 |
| $ | (0.14 | ) | $ | 0.02 |
| $ | (0.21 | ) | — |
| |
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| ||||||||
Adjusted EPS from continuing operations |
| $ | 0.69 |
| $ | 0.68 |
| $ | 0.69 |
| $ | 0.81 |
| $ | 2.87 |
| $ | 0.83 |
| $ | 0.79 |
| $ | 0.90 |
|