UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-12997 Maximus, Inc. (Exact name of registrant as specified in its charter) Virginia 54-1000588 (State or other jurisdiction of inc ...

Maximus, Inc. (NYSE:MMS) Q2 2021 Earnings Conference Call May 6, 2021 9:00 AM ET Company Participants James Francis - Senior Director of Investor Relations Rick Nadeau - Chief Financial Officer Bruce Caswell - President & Chief Executive Officer Conference Call Participants Brendan Popson - CJS Securities Donald Hooker - KeyBanc Capital Markets Operator Greetings, and welcome to the MAXIMUS Fiscal 2021 Second Quarter Conference Call. At this time, all participants are in a listen-only mode. A brief question ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-12997 Maximus, Inc. (Exact name of registrant as specified in its charter) Virginia 54-1000588 (State or other jurisdiction of in ...

Financial Performance - Q1 FY21 - Total revenue increased by 15.6% to $945.6 million, compared to $818.2 million in Q1 FY20 [9] - Net income increased by 9.1% to $64.1 million, compared to $58.7 million in Q1 FY20 [9] - Diluted EPS increased by 13.2% to $1.03, compared to $0.91 in Q1 FY20 [9] - Operating income increased by 10.7% to $87.6 million, compared to $79.1 million in Q1 FY20 [9] Segment Performance - U.S Services revenue increased by 23.3% to $384.9 million in Q1 FY21 [9, 13] - U.S Federal Services revenue increased by 10.6% to $405.2 million in Q1 FY21 [9, 16] - Outside the U.S revenue increased by 11.5% to $155.4 million in Q1 FY21 [9, 21] COVID-19 Impact - Estimated COVID-response revenue was $160 million for the company in Q1 FY21 [10] - U.S Services segment experienced an estimated $114 million of COVID-response work [12] - U.S Federal Services segment experienced an estimated $46 million of COVID-response revenue [17] FY21 Outlook - The company raised its FY21 revenue guidance to $3.400 billion - $3.525 billion, from the previous $3.20 billion - $3.40 billion [32] - The company raised its FY21 diluted EPS guidance to $3.55 - $3.75, from the previous $3.45 - $3.70 [32]

MAXIMUS, Inc. (NYSE:MMS) Q1 2021 Earnings Conference Call February 4, 2021 9:00 AM ET Company Participants Lisa Miles ??? Senior Vice President of Investor Relations Rick Nadeau ??? Chief Financial Officer Bruce Caswell ??? President and Chief Executive Officer Conference Call Participants Brendan Popson ??? CJS Securities Richard Close ??? Canaccord Genuity Donald Hooker ??? KeyBanc Capital Markets Operator Greetings, and welcome to the MAXIMUS Fiscal 2021 First Quarter Conference Call. At this time, all p ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three months ended December 31, 2020, showing a **15.6% year-over-year revenue increase to $945.6 million** and a rise in net income to **$64.1 million** | Financial Metric | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | | :--- | :--- | :--- | | Revenue | $945.6 million | $818.2 million | | Gross Profit | $206.1 million | $175.5 million | | Operating Income | $87.6 million | $79.1 million | | Net Income | $64.1 million | $58.7 million | | Diluted Earnings Per Share | $1.03 | $0.91 | | Balance Sheet Item | Dec 31, 2020 (unaudited) | Sep 30, 2020 | | :--- | :--- | :--- | | Total Current Assets | $986.8 million | $932.6 million | | Total Assets | $2.07 billion | $2.02 billion | | Total Current Liabilities | $547.4 million | $561.2 million | | Total Liabilities | $767.9 million | $782.9 million | | Total Shareholders' Equity | $1.30 billion | $1.24 billion | | Cash Flow Activity | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | | :--- | :--- | :--- | | Cash flows from operations | $98.1 million | $87.3 million | | Cash used in investing activities | ($9.3 million) | ($10.5 million) | | Cash used in financing activities | ($31.5 million) | ($33.8 million) | | Net increase in cash | $61.3 million | $44.5 million | [Note 2. Segment Information](index=11&type=section&id=Note%202.%20Segment%20Information) The company operates through three segments: U.S. Services, U.S. Federal Services, and Outside the U.S., with U.S. Federal Services as the largest revenue contributor and U.S. Services generating the highest operating income - The company's operations are divided into three segments: U.S. Services (state and local government programs), U.S. Federal Services (federal civilian programs), and Outside the U.S. (international government and commercial clients)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) | Segment | Revenue (Q1 FY21) | Operating Income (Q1 FY21) | Operating Margin (Q1 FY21) | | :--- | :--- | :--- | :--- | | U.S. Services | $384.9 million | $61.5 million | 16.0% | | U.S. Federal Services | $405.2 million | $30.2 million | 7.5% | | Outside the U.S. | $155.4 million | $4.5 million | 2.9% | [Note 3. Revenue Recognition](index=13&type=section&id=Note%203.%20Revenue%20Recognition) Revenue is disaggregated by service, contract type, customer, and geography, with cost-plus contracts as the largest source and a **$10.2 million benefit** from changes in estimates on performance-based contracts | Contract Type | Revenue (Q1 FY21) | Revenue (Q1 FY20) | | :--- | :--- | :--- | | Performance-based | $294.0 million | $292.8 million | | Cost-plus | $384.5 million | $362.8 million | | Fixed price | $120.8 million | $119.2 million | | Time and materials | $146.3 million | $43.4 million | - Changes in contract estimates resulted in a benefit to revenue of **$10.2 million** and a benefit to diluted EPS of **$0.12** for the three months ended December 31, 2020, compared to a decline of **$1.4 million** in the prior fiscal year[56](index=56&type=chunk) - As of December 31, 2020, the company had approximately **$400 million** of remaining performance obligations, with about **55%** expected to be recognized as revenue within the next 12 months[59](index=59&type=chunk) [Note 8. Litigation](index=19&type=section&id=Note%208.%20Litigation) The company is involved in various legal matters, notably a potential **$31 million liability** from CMS disallowances related to a past Medicaid contract, where Maximus believes its exposure is limited to its fees - The company faces a potential liability of approximately **$31 million** from two CMS disallowances related to a past contract with a state Medicaid agency[75](index=75&type=chunk)[76](index=76&type=chunk) - Maximus believes its exposure is limited to its fees and that the responsible school districts will cover the remainder[75](index=75&type=chunk)[76](index=76&type=chunk) [Note 9. Subsequent Events](index=20&type=section&id=Note%209.%20Subsequent%20Events) On January 8, 2021, the Board of Directors declared a quarterly cash dividend of **$0.28 per share**, with an anticipated total payment of approximately **$17 million** - On January 8, 2021, the Board of Directors declared a quarterly cash dividend of **$0.28 per share**, with an anticipated total payment of approximately **$17 million**[77](index=77&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 FY2021 financial results, highlighting a **15.6% revenue increase to $945.6 million** driven by organic performance and new COVID-19 response work [Financial Overview](index=22&type=section&id=Financial%20Overview) Consolidated revenue grew **15.6%** year-over-year to **$945.6 million**, primarily driven by approximately **$160 million** from COVID-response work, while SG&A expenses increased due to severance and IT initiatives - Organic revenue growth was experienced across all segments, largely driven by new services to assist U.S. governments with COVID-response efforts, which contributed approximately **$160 million** in revenue[86](index=86&type=chunk) | Revenue Change Driver | Dollar Change (in millions) | Percentage Change | | :--- | :--- | :--- | | Organic effect | $128.8 million | 15.7% | | Net acquired growth | $2.4 million | 0.3% | | Currency effect | $5.9 million | 0.7% | | Effect of CQA contract | ($9.6 million) | (1.2)% | | **Total Change** | **$127.3 million** | **15.6%** | - SG&A expenses increased year-over-year due to approximately **$5.4 million** in severance, IT initiatives (cloud migration), costs to address the COVID pandemic, and increased business development activity[91](index=91&type=chunk) [U.S. Services Segment](index=24&type=section&id=U.S.%20Services%20Segment) The U.S. Services segment reported a **23% revenue increase to $384.9 million** from COVID-related administration contracts, but operating margin declined to **16.0%** due to reduced volumes on core performance-based programs | Metric | Q1 FY21 | Q1 FY20 | | :--- | :--- | :--- | | Revenue | $384.9 million | $312.3 million | | Operating Income | $61.5 million | $58.2 million | | Operating Margin | 16.0% | 18.6% | - The segment received approximately **$114 million** of short-term revenue from assisting customers with COVID-related administration[96](index=96&type=chunk) - Profitability was negatively impacted by temporary program changes, particularly the pause in Medicaid redeterminations, which reduced volumes on core, performance-based programs[96](index=96&type=chunk) [U.S. Federal Services Segment](index=24&type=section&id=U.S.%20Federal%20Services%20Segment) Revenue for the U.S. Federal Services segment grew **10.6% to $405.2 million**, driven by COVID-response work and the CQA contract, though operating margin decreased to **7.5%** due to lower margins on short-term work | Metric | Q1 FY21 | Q1 FY20 | | :--- | :--- | :--- | | Revenue | $405.2 million | $366.6 million | | Operating Income | $30.2 million | $31.6 million | | Operating Margin | 7.5% | 8.6% | - Key revenue drivers included approximately **$60 million** from the CQA contract and an estimated **$46 million** in incremental revenue from assisting the U.S. Federal Government with its COVID-response[100](index=100&type=chunk) - The operating margin declined due to lower margins on short-term work, reduced volumes on performance-based contracts like independent medical reviews, and increased spending on business development[100](index=100&type=chunk) [Outside the United States Segment](index=26&type=section&id=Outside%20the%20United%20States%20Segment) The Outside the U.S. segment's revenue increased **11.5% to $155.4 million**, achieving a **$4.5 million operating income** turnaround driven by organic growth, acquisitions, and favorable currency effects | Metric | Q1 FY21 | Q1 FY20 | | :--- | :--- | :--- | | Revenue | $155.4 million | $139.4 million | | Operating Income/(Loss) | $4.5 million | ($1.0 million) | | Operating Margin | 2.9% | (0.7)% | - Revenue growth stemmed from organic growth in employment services contracts, particularly a temporary spike in demand in Australia, as well as contributions from recent acquisitions and favorable currency translation[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - The company anticipates operating margins for this segment to be in a loss position in Q2 FY2021 due to upfront costs for new work, but expects the segment to be approximately breakeven for the full fiscal year[108](index=108&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$132.6 million in cash** and **$400 million available** on its credit facility, while cash flow from operations increased to **$98.1 million** | Cash Flow Metric (in millions) | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | | :--- | :--- | :--- | | Cash flows from operations | $98.1 million | $87.3 million | | Free cash flow (non-GAAP) | $89.0 million | $76.8 million | | Period End | Days Sales Outstanding (DSO) | | :--- | :--- | | December 31, 2019 | 71 | | September 30, 2020 | 77 | | December 31, 2020 | 75 | - At December 31, 2020, the company had approximately **$132.6 million** in unrestricted cash and **$400 million** of liquidity available on its corporate credit facility[109](index=109&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is foreign currency exchange rates, with **$162.3 million** in net foreign-denominated assets, while interest rate risk is considered minimal - The company's main market risk is foreign currency exchange rates, with **$162.3 million** in net assets denominated in currencies other than the U.S. Dollar at December 31, 2020[126](index=126&type=chunk) | Impact of 10% Unfavorable Exchange Rate Movement | December 31, 2020 (in millions) | | :--- | :--- | | Comprehensive income attributable to Maximus | $(16.2 million) | | Net decrease in cash and cash equivalents | $(7.8 million) | - Interest rate risk is low, with no borrowings under the corporate credit facility at December 31, 2020, and outstanding foreign debt of **$32.6 million** considered to have insignificant interest rate exposure[129](index=129&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2020, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[130](index=130&type=chunk) - No change in internal control over financial reporting occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, internal controls[131](index=131&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) This section refers readers to "Note 8. Litigation" in Part I, Item 1 of the report for information regarding the company's legal proceedings - For details on legal proceedings, the report refers to the disclosures in "Note 8. Litigation" within the financial statements section[133](index=133&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company directs readers to the "Risk Factors" section of its Annual Report on Form 10-K for a comprehensive discussion of potential risks - The report states that the risk factors discussed in the Form 10-K for the fiscal year ended September 30, 2020, should be considered[134](index=134&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Maximus repurchased **51,735 shares** of common stock for approximately **$3.4 million** during the quarter, with **$146.7 million** remaining available for future repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - Oct 31, 2020 | 51,735 | $64.98 | | Nov 1 - Nov 30, 2020 | — | — | | Dec 1 - Dec 31, 2020 | — | — | | **Total** | **51,735** | **—** | - As of December 31, 2020, **$146.7 million** remained available for future stock repurchases under the company's authorized program[67](index=67&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial statements in XBRL format - The exhibits filed with the report include CEO and CFO certifications under Sarbanes-Oxley and financial data in XBRL format[137](index=137&type=chunk)

MAXIMUS, Inc. (NYSE:MMS) Q4 2020 Earnings Conference Call November 19, 2020 9:00 AM ET Company Participants Bruce Caswell - President and CEO Rick Nadeau - CFO and Treasurer Lisa Miles - SVP, IR Conference Call Participants Charles Strauzer - CJS Securities Donald Hooker - KeyBanc Capital Markets Richard Close - Canaccord Genuity Dave Styblo - Jefferies Operator Greetings, and welcome to the MAXIMUS Fiscal 2020 Fourth Quarter and Year End Conference Call. [Operator Instructions] As a reminder, this conferen ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 ☐ TRANSITIONAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark one) FORM 10-K For the transition period from to Commission file number: 1-12997 ____________________________________________________________________________ Maximus, Inc. (Exact name of registrant as specifie ...

MAXIMUS Fiscal 2020 Fourth Quarter & Year End Earnings Call Rick Nadeau Chief Financial Officer November 19, 2020 1 | Maximus: Q4 FY20 Earnings Presentation Forward-looking Statements & Non-GAAP Information These slides should be read in conjunction with the Company's most recent quarterly earnings press release, along with listening to or reading a transcript of the comments of Company management from our most recent quarterly earnings conference call. This document may contain non-GAAP financial informati ...

Financial Data and Key Metrics Changes - Revenue for Q3 FY 2020 increased to $901.3 million from $730.7 million in the prior period, driven by the Census contract and new COVID-19 response work [13] - Operating margin for Q3 FY 2020 was 9.7%, reflecting lower revenue from performance-based contracts [14] - Diluted earnings per share were $1.04, benefiting from a change order worth $9 million or $0.11 per share [14] - Revenue guidance for the full year is now expected to range between $3.375 billion and $3.425 billion, with diluted earnings per share between $3.20 to $3.30 [10] Business Line Data and Key Metrics Changes - US Health & Human Services segment revenue totaled $337 million, a 15.7% increase over the prior period, all organic growth [15] - US Federal Services segment revenue increased to $450.1 million from $292.3 million in the prior year period, with organic growth of 4.1% [17] - Outside the US segment revenue was $114.2 million, with an operating loss of $5.8 million, impacted by pandemic-related disruptions [21][22] Market Data and Key Metrics Changes - The Census contract delivered $170 million of revenue in Q3, with an estimated total of approximately $500 million for the full fiscal year 2020 [20] - The outside US segment is expected to end the full year in an operating loss position, with improvements anticipated in FY '21 as economies recover [23] Company Strategy and Development Direction - The company is focused on digital transformation, clinical evolution, and market expansion as strategic goals [66] - Management emphasizes the importance of maintaining liquidity and flexibility in operations amid uncertainties [26] - The company is optimistic about the ongoing benefits from COVID-19 response work into fiscal 2021, anticipating improvements in operations outside the US [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unpredictability of the pandemic and its impact on operations, emphasizing the need for adaptability [36][41] - The company expects to face both headwinds and tailwinds, with new COVID-19 response work providing a favorable uptick [9] - Management remains cautious about the future, noting potential budget challenges from government clients and the impact of economic recovery on service demand [31][37] Other Important Information - The company finished Q3 with cash and cash equivalents of approximately $81.5 million, with outstanding draws on the credit facility totaling $145 million [24] - The total contract value pipeline at June 30 was $28.9 billion, with 67.7% representing new work [58] Q&A Session Summary Question: How much of the revenue increase this year is temporary versus durable? - Management estimates that $150 million to $200 million of revenue this year is related to COVID response work, which is dynamic and subject to change [70] Question: What is the outlook for the HAAS contract? - The HAAS contract is facing challenges due to the pandemic, with a shift towards telephonic assessments being piloted [76][79] Question: Breakdown of revenue in US Health & Human Services? - COVID response work contributed about $35 million to $40 million in the quarter [85] Question: Impact of the Census count potentially ending early? - Management is in dialogue with the Census Bureau and has not been instructed to make programmatic changes yet [96] Question: Financial uncertainty with states and potential impact on cash flows? - Management feels confident about liquidity despite potential delays in payments, as most work is deemed essential [101]