MMS - Earnings call transcript Q1 2022

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Operator

Greetings, and welcome to the Maximus Fiscal 2022 First Quarter Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Madison West, Vice President of Investor Relations and ESG for Maximus. Thank you, Ms. West. ahead. go Please

Madison West

information. like thank is and CFO; joining With made Relations. us. James number that Good statements of Caswell, contained you circumstances, of President today presentation being I'd Investor the this meaningful and these any update of Bruce the performance, Vice Mutryn, remind today. as except it obligation and may me everyone Francis, a earnings our providing morning, by The President information also and for to uses release to and CEO; and today recent Item or results or results revise We in such forward-looking in materially, financial may XX-K. are investors required our period-to-period will including nature. Forms XA with quality predictions. review statements only those to most that forward-looking recent remember in comparisons. press assume in of to differ most our non-GAAP contains Actual SEC XX-Q be discussed to to gauging filings and company you reflect Management Please not statements analyze Today's events encourage does the financial David events and be our subsequent believe internally information trends law. identifying informative

XX-K. For and that, with And call non-GAAP most presented, measures to of hand David. recent a I'll the reconciliation Forms please see XX-Q over company's the the

David Mutryn

for reported morning, increased This Madison. quarter revenue year-over-year Maximus first billion. XX.X% year of $X.XX Thanks, which the fiscal to XXXX,

the Restart Federal driven the lesser to Services Segment Outside acquisitions top contributions the growth extent, start-ups U.S. Programme. from U.K. the the a was includes expected, U.S. the and by in which line As ramping of primarily Segment in

or for excluding expense. expense $X.XX fiscal line first per bottom excluding X.X%, intangibles margin income the XXXX, the was the share for amortization. were the X.X% $X.XX, earnings amortization or of Diluted operating quarter On the

by anticipated, better with some Our segment. results than slightly were quarter first variability

operating in as pre-pandemic profile start-ups as the Segment, the by earnings work our to most will first XXXX Also, response depressed less response notably, in year, prior caused the $XXX COVID a in expect fiscal fiscal we than million delays Outside levels, fiscal the ramp of the first million of noted, half the work with the Restart first returning COVID reminder, U.S. the a As in previously declines. quarter XXXX. the delivered continue half $XX losses to programs or Programme, about U.K. core in year period. in about of

normalized response the quarter, and While our the work organic COVID concluded approximately the adjusting year-over-year. Census would declined X.X% be in for revenue X% contract, organic growth

Let housekeeping item. me pause for a here

estimated associated with of Over X investors' response our the revenue important business. work, volume and the recognizing the years, past we've that understanding temporary COVID to nature are large

we and continues longer-term be pandemic to response. COVID the our endemic, an As seeing transitioning seems supporting cases, work some some temporary work COVID to specifically are of beyond this supporting in to transition work customers,

all detail. from revenue Given revenue be grew flat work work, anticipate declined This tracking COVID for bubble organic I estimating year relatively response this in the segments. $XXX.X the driven was behind the the for the will $XX Services moving the The gradually COVID which and this and Normalized of year-over-year. delivered of approximately million segment period. such work evolution review million away from XX%. quarter, was for short-term prior will in us, with results XX days. that and Segment financial recent on now large redetermination XX in COVID U.S. we we still to by XX.X%, January redeterminations segment occurred health and more begin in in the as year. ramping effect which the of work. This the most income exceeded XX.X% will compared the operating Medicaid remain primarily quarter, should new was longer-term public fiscal response to by activities segment extension, remain to for margin modestly resume work. our short-term due in prior The extension, paused expectations XXXX. driven emergency Despite

from assumes month previous of our starting projection, our X-month have in We the today work outlook meaning this a May assumed delay XXXX.

concluded U.S. $X the Federal contributions third respectively, XX.X% be For XX% the COVID in The in in response fiscal period. second Services an basis, the first quarter declined period. and the Federal in revenue of margin Attain normalized growth X% in On year Segment, driven Census operating million, Services to Adjusting XXXX segment revenue The organic acquisitions the declined prior prior primarily first the compared quarter. occurred organic XXXX. the the XXXX XX.X% as Federal over work year year fiscal fiscal income X.X% of million the $XXX.X would quarter, from to for segment acquisitions. approximately by work about in increased the contract, was quarter from and period. and response U.S. VES COVID the for prior

the helped up segment. margin recent operating the expected, blend the As acquisitions for

the Turning Segment. U.S. to Outside

to update provide the projected Bruce Australia, by at as XXXX. on continued of the to in U.K. to First that began contributor fiscal are prepared breakeven in of the his was the fiscal million. first an growth bolstered have upfront quarter midpoint Programme, operating that remarks. quarter still the $X.X quarter, for activities as million losses the from the the period emerge to compared start-ups, $X.X of country Programme, above-average million The this In includes in primary an in to U.K. were pandemic. ramp the start-ups The income Ramping segment. and increased revenue Restart year XXXX. This loss will prior placement of to reach and of operating planned XX.X% job first $XXX.X realized performance quarter including the segment Restart

Let cash me and touch sheet on the balance flow items.

flow is billion, had reflect quarter of the fiscal our of XXXX, The XXXX. increase unrestricted XX, of of and December operations payroll DSO pro was and $X ratio used first and debt $X.XX to at and which million cash for This agreement our flow we December $XXX guidance. collections accordance us working cash $X capital, EBITDA the days. cash allowed the fiscal in in deferred of had free As days, of compares credit our to equivalents our contemplated These XXXX used XX, the Cash of results September debt with range was XX had We cash million tax at of X.Xx. of target payment we putting XX cash forma totaled to as good gross and end XX million. in was X.Xx net in at XXXX. lower XX included cash anticipated calculated

drive M&A means we growth. to allocation, terms favor long-term In organic as of a capital to continue

reducing evaluate to means continues We our fund remain M&A being to we in and capital our of and program our stewards Our while sheet balance prudent cash goal that good acquisitions. prospects operations to of capital. maintaining selective from access provide with believe debt. This us evaluations

to future cash remain share purchases committed will made we be Finally, quarterly and continue to dividends opportunistically.

Let's go assumptions. fiscal XXXX to guidance and

top line revenue raising the $X.X now billion between are be and $X.X for billion project to full and guidance We year. fiscal

guidance remains earnings Our unchanged.

expect between excludes expense, EPS, between We which and $X $X.XX be $X.XX diluted and adjusted and to $X.XX. to intangibles amortization be diluted EPS

XXXX. expense projected to million amortization be is fiscal intangibles in $XX Our approximately

XX% $XXX cash and $XXX range $XXX flow flow We and operations expected guidance between with million flows million. million to million anticipate cash between Our cash interest is and free from unchanged, $XXX XX% purchases, $XX the weighted absent shares, be million. between million, $XX income and effective rate million million be tax and and to between average and to expense $XX.X $XX.X between share

to the the Segment be Our XX% Services XX% U.S. to in range the expectations XXXX. margins in Services are to domestic expected be XX% segments for the and for the XX% to year in U.S. fiscal Federal unchanged, with range margin

For year, the reflecting will range to to margin improve our expect the the half full the U.S. in the Segment, the fiscal expectation the that Outside X% for in second now we year. of X% be margin

updated some commentary me the Let on provide guidance.

has core and quarter, forecast all we largely work the of increased, of growth revenue thanks the assumed business engine projection well. fiscal stacks will Our the remain our This response reiterating acquisition anticipate top the on which largely that that to top business running unchanged last half from of COVID more belief first benefit XXXX. is core contribution, line

line, around is still as awards business. fiscal by May bottom I a resume track redeterminations particular, In on offset core On more to expected the response more X, now been work related our or line to is mentioned. XXXX in bottom contribute has on from the to Also, fiscal work some gradual revenue new contribution start the in ramp to core at headwinds rate. COVID but XXXX

profile the earnings XXXX. in about in exit taper in related current to still means run as forecast of delayed. a activities, we that cause employment redetermination services year down performance contracts outside programs and strength and to continues a revenue of improved reduced the a half to currently market. U.K. still and right. optimistic In of operating of half the risk labor current fiscal accommodate the of acquisition. response depressed our volume we project these the due earnings about steep to remains in closing, at addition, by last bolstered quarter. We dynamics, expect in we future COVID have start be quarter, to resumption further earnings the growth In core business, XX% delays, to guidance our are particular, of realized second of income less fiscal of quarterly We forecast higher can control little is second our face fiscal earnings remain move the now and we of Australia and earnings estimated following the to This the may still which expect We than rate year. the our back the XXXX work the The but the the

of response is remains clear sight the Bruce. continue the comparisons although in X all year-over-year over our as of COVID entirely line underlying near to the And the I'll by And accelerating turn is in make the to normalized in to While organic term, that, not exact improvement X% with in growth growth will call segments. control, there margin for quarter. work evidenced a tougher timing

Bruce Caswell

everyone. David, morning, good and Thank you,

nature order extension David is a short-term of illustrating of changing work scope for emergency, seeing some work additional COVID how choice of public CDC Overall, new we award, the this health extended positive is we prior or are task in the however, clients. This and work from light into and evolving our under urgent, As variant extended relationships. providing noted, a proof COVID vendor an of includes Omicron our albeit strategy when and recent points PHE. response there's our need are

to and live continue as constituents ongoing a ourselves health position businesses this partner, as government with learn to pandemic. long-term We public

with client, For in instance, multiyear contract underpinning is state for are our unemployment the for fiscal year TCV $XXX an in are our more contract business. value total organic work I'm than pleased new Awards estimated a growth planned included of or core nature award of to share we with seeing insurance 'XX that million. an a this

the base over X XXXX. a through X example, the quarter cases, implementation were state's This contract program is of Department total further years, eligibility operations, which first $XX effort. expansion to Human has by year contract, Medicaid second value fiscal beginning As quarter, benefit with potential to a in and in Arkansas option new awarded migration we year to contribute renewals Services, million the revenue and for forecasted a additional phased support including the changes, intake of a contract

our opportunity. as Illustrating further of PHE the to with the this work case for us position as known. the it states state the to such us come be brand the eligibility unwinding go-to as the or awards address past this helping inventory Our of partner support has end for strength government, forthcoming positioned

labor force seeker models conditions, suspend update and elements other the higher-risk Certain levels the resulting a of particularly operate, as disabled, me the the such Let the major to the brief Outside these policies, job businesses of seeing as many on U.K. in cases, were of the as participation varying where, obligations outpaced we based, mentioned, which in for has rates. in on economies such populations U.S. in In programs engagement outside anticipated which operating than Government economic lower rates. recovery our a David in conditions lower cases, leading result variant. U.S. are give the Segment, unemployment are depressed the Omicron the as at we Australia. rise

U.K. countries in and volume reduced programs. Taken together, to includes seeing programs the forecast these some services Australian due a jobactive dynamics, employment and are this Restart

our However, Restart challenges. well, that customers' the across is executing volumes team first expectations. job revised labor starts market our above quarter these Presently, despite the illustrated market are referral performing and uncontrollable

achieve clarity to to Together the will this expect program. customer XX. the we new continue suppliers, work in awards to bring fiscal continue result, other as our coming with a I As pipeline 'XX. months of and for breakeven longer-term situation December to dynamic year turn the now to and in the second of we half expectations to with will

For signed December at at the $XXX million includes awards that a small $X.XX first which XXXX, yet not but another XX, only work. XX, awarded were billion contracts were quarter there of Further, of been fiscal have contract XXXX, value of COVID total worth short-term of portion signed. December

Let's our sales addressable of to attention turn our pipeline opportunities.

tracking. in $X.X preparation December XXXX. total our of opportunities, to billion The sales proposals XX Our December pipeline in in Of XX% $XX.X of billion of XX new $XX.X is billion was work. opportunities at reported fiscal billion quarter compared contract represents pipeline $X.X in billion, the and $XX.X pending, comprised proposals pipeline approximately total value in fourth

the to be recent with integration continue acquisitions. of our pleased We

investing addressing and are people and to inventory We of VES the anticipated future with technology demand. in support exams

is enhancing on team by Our the with focused practices partners across program. implementing the on working best experience veteran

Attain Alliant together. hope to technology for to technology that are companies. bids vehicle, through contract the by merging precisely vehicles Federal additional we to executing the while access As which X offers see acquisition, desirable is us our business Attain capabilities, what contract we Maximus expand the enable on X brought

the repayment and further work protocols that delayed support borrower number the Aidvantage pause to to transferred FSA obligations borrowers ends. employees when us new resumption loans And exceed performance establishing on are, number higher ensure ease to for or to help student will the and meantime, Turning helps and processing being to X, May now In better we transition federal Aidvantage. established scheduled extended to the The the loan one, training repayment reviewing loan of student by meet FSA. return standards us and two, experience. prepare accuracy

mid-XXXX. growth these Medicaid of in evidence together acquisitions in assessments, our successful organic strategy long-term with seeing X-pronged are as We areas execution on care established like

are we total expand mentioned capabilities and As further addressable last how I simultaneously quarter, we leverage our forward looking our can at market.

across our We organizational the shareholder in longer-term ensure to plan leadership with strategy. through diligently of deliver working to result, been Maximus a growth our and pillars, coming on capabilities to model and evolution X- years. ongoing reliable our value has aim the congruent operational As expansion strategic X-year are organic margin

to services next phase of You current and continuation our the can elements the address customer priorities. incorporate such expect clinical a to key strategy see evolving of enhance as to government digital experience solutions

year shortly plan phase marketplace. more fiscal earnings 'XX Investor of to next We clarity government the in address provider a also of will mission innovative quarter additional of priorities expanded provide solutions I'm Maximus excited sought-after in our growth for that as vision upcoming around our detail strategic particularly which federal the call. technology share customers, at our Day, will the our our second follow

half to year 'XX, fiscal positive expect creating fiscal of 'XX. continue We year a momentum into solid second

noted, operate dynamic compared in very to environment we pre-pandemic continue the to period. As David a has

we for mandate than and businesses well employee employees, as the as a fiscal While and our the guidance and this procedures update be administration's timeline was our in continue safety XXXX quarter. pandemic. monitor so to XXX of are potential PHE, created unwind throughout to In we positive further negatively to prioritize impacted as our hold respond the with opportunities variant the on Biden expectations in as for light have evidenced to actively and vaccine Omicron well-being by first the changing the would more needs accordingly, customers of too changes workplace

Q&A. many labor benefit in as with we invested will for fiscal face provide industries to ours, when employee including over expanded and competition, including the assistance have open year market launched Operator? XXX(k) match, Additionally, financial occurs. employee line And unexpected newly the increased our enhancements, that, our assistance health and XXXX fund XXXX, benefits we

Operator

[Operator Instructions].

Strauzer Charlie from coming is CJS today Securities. question first Our of

Charles Strauzer

factors the us you bit wondering on prior about but talked a you about bit keeping got flat expand further know if line, I Obviously, could that of little some kind and a more same. you more little little the revenue a kept us the various some versus Maybe guidance. you've give EPS there. I color walk guidance. the that on top you underlying through was increased could

Bruce Caswell

it's Charlie, Absolutely. Bruce. Sure, take David, please over.

David Mutryn

Sure.

several by been disproportionate would programs is forecast a a the outside ramping driver I As is in delay the call, on really the by COVID the impact. PHE caused offset services has bottom line range. I more line X% guidance in really new rate; the at to headwinds work slower work. U.K. contribution worth the year And and extension; non-COVID-related mentioned That mentioned behind in that pointing the employment is out and these in those was the that increase tend full reduced have driven to core revenue redeterminations the And have bottom margin include the business. headwinds in Australia. It's by from X% main response started guidance, which U.S. the reducing for us now the third, but forecast the the on

James Francis

have do a follow-up? you Charlie,

Charles Strauzer

Yes.

delayed? factoring what the guidance into, On think going delays could And impact are if how May, potential said, forward, PHE how in that expansion in potentially you guidance? your further you this I was

Bruce Caswell

coverage. coverage XX Charlie, on a don't bit a The some that update. Bruce. Tuesday, recently. face a recently, on presently are by ran Politico fact, Most it's gotten about an So about extension Medicaid how has start of Americans PHE Why just reductions this, talking of million in article I and providing context in lot great could

terms what's We've of current for the engagement -- any expectation assessing customers as readiness in begin big asked for number spent we've now we're date beneficiary for and a these than steps in States more bumped were Medicaid which jargon in we're priority and forth the processing up that I address where expectation -- that states the such unwinding. so requirement decoupling the and Since Congress elements of is with community changes recall, anything get known seeing that health significant emergency, underlying the clarity really by processing with the as date some what they a the what about prepare as be the as on have changes, decouple as talk the verifying to discussion in states as this, take initial information of whether time mailings outreach with to directly, others like, and XX. by is really amount case will PHE and -- case that down, saw might of as this the unwound. begin could a taking as ultimately, also you so PHE without think, quarter up unwind And what engaged that investment folks the X.X% actions the yesterday the that could become a Because the -- the the is unwinding state as part an doing. PHE will from what when to and state funds, seeing of April for on other PHE there get up level through let's consider will quarter, of matching until actions. to enhanced be catch proceed. administration. for press case What our CMS that through, the me let case you let's Interestingly, federal the Medicaid end states that for of with been when states -- able last can with So certain interestingly as is early emergency, public The some of which would draw may Biden April they even and XX. mid-April, you May. I this let's of of the wouldn't activity health requirement processing maintenance about was extend changes extension current Congress May is to know, consistent, begin what's the is across public first the are we're we've unwind

Medicaid states eligibility qualify. integrity will how to Now, quickly actions respond? individuals if of and to and complete program redeterminations states case Some off move roles their Medicaid they longer ensure work no will

states XX normal mean, to this of going that very talked any said, redetermination we're and over I would months. have So a short to a amount as we've it spread we Other year run process time. in out

our it, will increase the that if bulge a load to not year. you the course want They All work. over significant for work there's level in will, So be it while, a in of the workforce.

in systems they obviously, in to accommodate for The then is months effectively so other a workflows restart that to that systems amount the forth XX level final well-established mind even something order redeterminations to the and of easier to eligibility to And be to processes going. previously state get support have handle loaded modified Often, and over states time. modified element it's processes the short to that may have than to in that again necessarily reactivate was process a this keep be further suspension. be, modify

with So a it's mixed timing. in terms of bag that, of bit a state all

that's instances, is into this this the work year. going is been to big year think in that that fiscal many something through through, picking we've I next end of extend lesson up and the

that financially. background, as it more over for David I'll So to with turn color,

David Mutryn

Bruce. Thanks, Yes.

at first, not of would we short guidance, would say, extension us another the have. put the at So risk this given I likely point in making year, runway

change quarter, saw helped we this X-month response which work assumption. a effectively our prior as recent was offset COVID delay, most of the from So higher levels

that more short-term factors X said timing. would do programs. fundamental of that part recognizing well of view coincide would carry redeterminations end PHE XXXX. We a work what not delays only I'd And the less to echo Medicaid continue phasing We cautioned that of the Bruce surge the we but see have that really into expect, then in work, as it extensions resuming a COVID to now the the core a and are are response we it that necessarily that delay

James Francis

Charlie. Thanks, back to Operator, you.

please. question Next

Operator

Instructions]. [Operator

from next KeyBanc of Our is Donald Hooker question coming Capital Markets.

Donald Hooker

sounds about I bigger can some permanent getting on perspective picture some mute. that. of of direction of to growth COVID? me conversion hope you for comments expect coming -- directionally be work kind the, kind that back I'm new apologize temporary was your to and in And sorry, I like us you're I out of you your to some Maximus some of generate. work Maximus nice with of step kind kind maybe rate I'm from wanted states. it the areas kind COVID mean, maybe prepared now. rate on kind what the you into to around of I'm extent that can of I hear right able wondering, hear maybe of is give what growth I hearing

Bruce Caswell

growth we in We've contract And rate in it's begin several my have been our terms this don't to I'd we've Services vehicles over the the the to generate more meaningful that is ask Don, then of changed. to specificity recently, past continue again been Why pleased begin I that grow David is you growth also as as Federal access U.S. in new organic year-over-year of world, open growth to growth capitalizing bullishness the Absolutely. VES, very and were the seen into. already We've provide relationships period. Federal compare able space marketplace I on X, Alliant team by More like if Bruce. to by Marketplace the planned we my Services for setting context contracts and has certainly, to expect been and not some I've pre-pandemic telling that as kind itself. us largest with going the years. and is think grow they prepared from there to broader the to Segment. also organic in remarks. mentioned in we the U.S. on Segment

has that able different unemployment As such up bit A we've prepared work remarks. work into we more longer-term work, doing pick in good a insurance work. I said with as of states recently before, of transitioned were mentioned to XX my

So states Segment. and work. those the longer-term are accountability that model the that variable of we and we becoming of organic further we top Services and the that a on engine U.S. with then more also outcomes, of provide growth have become in mind comfortable opportunities cost to more deliver sensing bit become for the I'm

labor to for on related successful which, other areas skill collection eligibility, the in this Maximus seasonal do the see a forth what inability, is that PHE we've in industries, reflection we at permanent handle did one, economy citizen well help other level eligibility that determination the that for number for client, course, and of programs disproportionately Medicaid core workforce given So in historically, have state Arkansas but environment work with an into experience, with tighter is And state prior and the example, and programs, workforce them perhaps, lot we would they've the the sometimes, And also hire private to unwinding do with for that been of, set now departments that had like a say legislation work, markets, to contract enabled demands to or of with and data the labor the I in to that And more to then, they that future. partners private allows didn't a these a great out. retiring needs we to core really so work example, that ongoing through partners. pandemic, engagement, were flexibility will for that for are basis Maximus. direct programs, be able to create

the partner Maximus. to economic with has that don't in shift that by but I that like that I that growth kind forward. we see underlying and created potential policy, states saying of summarize become And current of deepen, -- of I'd have to the contracting more those more conditions that it's enabled that's a given comfortable with Segment, growth U.S. a structural think just desire So think a Services market bit conditions going demographic, labor opportunity and organic

that in turn does rate, over terms mean Dave. to what now, of So I'll growth it

David Mutryn

organic continue organic the our Thanks. said, just we in the of I'll add our mid-single-digit growth X% do support. to work. that That the term, we December exceeding normalized positioning the we long target sustainable guidance markets sight and as fiscal runoff which quarter have Sure. growth in the short-term in level term, line as well of of the albeit near that to that suggests 'XX that's COVID adjusted year for believe our

James Francis

Do follow-up? a Don. Thanks, have you

Donald Hooker

Yes, more. ask Great. one I'll

maybe the various of contract just On you companies the -- across structures cost can the inflationary maybe of through your walk and cover? pressures we lot we're protected some a side, you're against seeing how how

Bruce Caswell

be Don. why that, little on fact, I challenges, to context don't market happy of We'd begin providing really and main market focus a area by, again, the And That's right? Sure. in process. do labor

So us, is verbalized -- labor a strictly a cost. it's right, for

more them In protect skills the So has that tightness same in and that brand. example, implemented impacting Maximus for finding as established seeing there David with We've market documented. talent talent. skills quickly At year of representatives manage strengthened our in the support programs home a support last we work-from-home work some in ways of strong over model problem mentioned so think retain -- imagining anything, a in a time, and attract and labor our and to been course footprint are priorities and term administration's have less And and recently week, nursing differently, additional all lot will for us we center -- the more our evidence clinical itself of out I needed shortage, think very attractive flexibility the people new that I work forth. if customer some a the are ways to that's new people. under points and kind service to case, the longer took we employer with XXX in for and labor much CDC to that's from talent. core higher calls, benefits and and business briefly, to, implementing and some It's There's so we our we well handle And very this very leverage the then well-known positions areas, many to on the we've And add a ability over technical color. I a better that some and more the we proof call to the X,XXX -- to in whatsoever. look instances. that I a that time. working and enable not and example, very was of recently be agents for contract of

skills, labor that and good about So human seeing. of try clinical it well relates we employer continually our attract have and position are challenging and But consulting technical our I as to we opportunities I the evaluate related more choice. focus monitor our ourselves to will talent. on as to and feel we risks it to market, resources say a skills to investment, the is market David? ability

David Mutryn

Yes.

same pressures, our thing face competitors we across first rising guidance over fact that be should we that higher in are does The wages consider price rising time. and able is our in The that I the which should industries wages to from add range. did suggest pressure is wages

skill business, the on depend a As on it question. bit the does far in set as impact our

not both the generally opportunity opportunity wage On the carry technical hours side, if ability, negotiated material which the the our assessment impact Again, right, to just to contracts billable would and in the the and foregone volumes, of staff our this is generally of shortages side, rate. pressure we quickly. into the Whereas move provided. hire unit clinical on cost that pressures we margin fixed on of the time lost baked able cases, talent to due cost to some and guidance previously best of

James Francis

at in I'll back We're take see you Otherwise, go We operator. you're to from if time. thanks, don't good, And this happy the anyone the Don. more one to queue.

Donald Hooker

I think now. I'm Thank good for you.

James Francis

Great, thank you. back you. Operator, to

Operator

Thank in you. Ladies for your and and interest thank participation gentlemen, you Maximus.

and your disconnect lines webcast may at enjoy this of your log the or the off rest You time, day.

Maximus (MMS) 3 Feb 222022 Q1 Earnings call transcript