For the quarter ended March 2024, Maximus (MMS) reported revenue of $1.35 billion, up 11.7% over the same period last year. EPS came in at $1.57, compared to $0.80 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.28 billion, representing a surprise of +5.44%. The company delivered an EPS surprise of +19.85%, with the consensus EPS estimate being $1.31.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they co ...

Maximus (MMS) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.31 per share. This compares to earnings of $0.80 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 19.85%. A quarter ago, it was expected that this government health services provider would post earnings of $1.28 per share when it actually produced earnings of $1.34, delivering a surprise of 4.69%.Over the last four quar ...

FOR IMMEDIATE RELEASE CONTACT: James Francis, VP - IR Jessica Batt, VP - IR & ESG Date: May 8, 2024 IR@maximus.com Maximus Reports Fiscal Year 2024 Second Quarter Results Strong demand drives highest post-pandemic margins and further raise to FY24 guidance (Tysons, Va. - May 8, 2024) - Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and six months ended March 31, 2024. Highlights for the second quarter of fiscal year 2024 include: "For the s ...

Wall Street analysts forecast that Maximus (MMS) will report quarterly earnings of $1.31 per share in its upcoming release, pointing to a year-over-year increase of 63.8%. It is anticipated that revenues will amount to $1.28 billion, exhibiting an increase of 6% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a comp ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Maximus (MMS) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. On the othe ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics a ...

− WASO: 62.0 million – 62.2 million Established entitlement programs are resilient and Strong balance sheet, giving us capacity to make strategic investments • Robust cash flows, healthy assets, and an appropriate amount of debt Chief Digital and Information Officer (CDIO) Advancements in Artificial Intelligence • Offers agents solutions to questions as they are raised by the consumer, reducing need to search for information while carrying out the call • Will reduce wait times, improve first call resolution ...

Maximus, Inc. (NYSE:MMS) Q1 2024 Earnings Call Transcript February 8, 2024 9:00 AM ET Company Participants Jessica Batt - VP of IR & ESG David Mutryn - CFO Bruce Caswell - President and CEO James Francis - VP of IR Conference Call Participants Charlie Strauzer - CJS Bert Subin - Stifel Operator Greetings, and welcome to Maximus' Fiscal 2024 First Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation ...

Part I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 FY2024 reflect significant year-over-year growth in revenue and net income, stable asset and equity growth, and a strong recovery in operating cash flow [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended December 31, 2023, the company reported a 6.2% increase in revenue to $1.33 billion and a 60.4% increase in net income to $64.1 million | Metric | Dec 31, 2023 (in $K) | Dec 31, 2022 (in $K) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,327,041 | $1,249,246 | +6.2% | | **Gross Profit** | $300,054 | $244,747 | +22.6% | | **Operating Income** | $107,510 | $74,777 | +43.8% | | **Net Income** | $64,148 | $39,995 | +60.4% | | **Diluted EPS** | $1.04 | $0.65 | +60.0% | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets slightly increased to $4.02 billion, total liabilities marginally decreased to $2.30 billion, and total shareholders' equity grew to $1.72 billion | Metric | Dec 31, 2023 (in $K) | Sep 30, 2023 (in $K) | | :--- | :--- | :--- | | **Total Current Assets** | $1,109,619 | $1,055,466 | | **Total Assets** | $4,016,861 | $3,985,797 | | **Total Current Liabilities** | $658,366 | $723,014 | | **Total Liabilities** | $2,299,055 | $2,317,962 | | **Total Shareholders' Equity** | $1,717,806 | $1,667,835 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 FY2024, the company generated $21.6 million in operating cash flow, a significant turnaround from the prior year, with $20.4 million used in investing and $28.4 million provided by financing activities | Cash Flow Activity | Q1 FY2024 (in $K) | Q1 FY2023 (in $K) | | :--- | :--- | :--- | | **Net cash from operating activities** | $21,608 | $(134,659) | | **Net cash used in investing activities** | $(20,432) | $(15,697) | | **Net cash provided by financing activities** | $28,382 | $170,967 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, revenue recognition, debt, and legal contingencies, highlighting strong U.S. segment growth, a decline in the Outside the U.S. segment, and ongoing cybersecurity litigation Segment Performance (Q1 FY2024 vs Q1 FY2023) | Segment | Revenue (Q1 FY2024, in $M) | Revenue (Q1 FY2023, in $M) | Operating Income (Q1 FY2024, in $M) | Operating Income (Q1 FY2023, in $M) | | :--- | :--- | :--- | :--- | :--- | | U.S. Federal Services | $677.1 | $618.2 | $68.8 | $51.0 | | U.S. Services | $489.8 | $439.5 | $66.1 | $37.8 | | Outside the U.S. | $160.1 | $191.6 | $(0.1) | $10.1 | - Performance-based contracts constitute the largest portion of revenue at **53.1%** for the quarter, an increase from **45.6%** in the prior-year period[43](index=43&type=chunk) - The company is involved in multiple class-action lawsuits consolidated into a Multidistrict Litigation (MDL) related to the MOVEit cybersecurity incident; the ultimate outcome and potential loss cannot be reasonably estimated at this time[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 FY2024 performance to organic growth in U.S. segments and improved profit margins, while the Outside the U.S. segment faced challenges, and liquidity substantially improved with positive operating cash flow [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Q1 FY2024 total revenue increased by 6.2% driven by organic growth, with expanded gross and operating margins, while U.S. segments grew significantly and the Outside the U.S. segment declined due to divestitures and lower volumes Revenue Change Analysis (Q1 FY2024 vs Q1 FY2023) | Component | Revenue Change (in $K) | Percentage Change | | :--- | :--- | :--- | | Organic effect | $86,799 | +6.9% | | Disposal of businesses | $(13,736) | -1.1% | | Currency effect | $4,732 | +0.4% | | **Total Change** | **$77,795** | **+6.2%** | - U.S. Federal Services revenue growth was driven by increased volumes on expanded programs, including the U.S. Department of VA's Medical Disability Examinations (MDE) contracts[110](index=110&type=chunk) - U.S. Services segment benefited from expanded eligibility support programs and the resumption of Medicaid redetermination activities, leading to a significant improvement in operating margin from **8.6%** to **13.5%**[113](index=113&type=chunk)[114](index=114&type=chunk) - The Outside the U.S. segment's performance was impacted by lower employment services volumes and the divestiture of businesses in Canada, Italy, and Singapore[117](index=117&type=chunk)[118](index=118&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly strengthened with positive operating cash flow of $21.6 million, total debt principal at $1.32 billion, and compliance with all financial covenants as of December 31, 2023 - The significant improvement in operating cash flow was driven by stronger cash collections, with Days Sales Outstanding (DSO) improving to **59 days** at December 31, 2023, compared to **74 days** at December 31, 2022[125](index=125&type=chunk)[126](index=126&type=chunk) Debt Covenant Ratios as of Dec 31, 2023 | Covenant Ratio | Actual | Requirement | | :--- | :--- | :--- | | **Consolidated Net Total Leverage Ratio** | 2.14 | Cannot exceed 4.00:1.00 | | **Consolidated Net Interest Coverage Ratio** | 6.66 | Cannot be less than 3.00:1.00 | Free Cash Flow (Non-GAAP) | Metric (in $K) | Q1 FY2024 | Q1 FY2023 | | :--- | :--- | :--- | | Net cash from operating activities | $21,608 | $(134,659) | | Purchases of property and equipment | $(22,247) | $(15,697) | | **Free cash flow** | **$(639)** | **$(150,356)** | [Non-GAAP and Other Measures](index=28&type=section&id=Non-GAAP%20and%20Other%20Measures) The company presents non-GAAP financial measures to provide insight into core operational performance, with adjusted diluted EPS at $1.34 for Q1 FY2024 compared to GAAP diluted EPS of $1.04 Reconciliation of GAAP to Non-GAAP Results (Q1 FY2024) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Operating Income (in $M)** | $107.5 | +$24.4 | $131.9 | | **Net Income (in $M)** | $64.1 | +$18.2 | $82.4 | | **Diluted EPS** | $1.04 | +$0.30 | $1.34 | [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk disclosures, covering interest rates and foreign currency, have not materially changed from its Annual Report on Form 10-K for FY2023 - There have been no material changes to the company's market rate risk disclosures during the three-month period ended December 31, 2023[145](index=145&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) As of December 31, 2023, management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of the end of the period[146](index=146&type=chunk) - No changes in internal control over financial reporting occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[147](index=147&type=chunk) Part II [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 for details on legal proceedings, primarily concerning the MOVEit cybersecurity incident litigation and a DOJ investigation into the Census project - For details on legal proceedings, the report refers to Note 10, which discusses litigation concerning the MOVEit cybersecurity incident and a DOJ investigation into the Census project[150](index=150&type=chunk)[81](index=81&type=chunk)[89](index=89&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for FY2023 were reported - No material changes to the risk factors disclosed in the 2023 Form 10-K were reported for the quarter ended December 31, 2023[151](index=151&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) This section discloses that the Chief Financial Officer and Chief Human Resources Officer adopted new Rule 10b5-1 trading arrangements during the quarter - David W. Mutryn, Chief Financial Officer, adopted a new Rule 10b5-1 trading arrangement on November 17, 2023[154](index=154&type=chunk) - Michelle Link, Chief Human Resources Officer, adopted a new Rule 10b5-1 trading arrangement on December 15, 2023[154](index=154&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 ☐ TRANSITIONAL 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) | | | --- | --- | ...