− 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) | | | --- | --- | ...

• Reminder: the pause to redeterminations had resulted in depressed margins in this segment, and a full period of conducting redeterminations is expected next quarter 5 | Maximus: Q3 FY23 Earnings Presentation Outside the U.S. Segment ($ in millions) Q3 FY23 Q3 FY22 % Change Revenue Outside the U.S. $ 155.7 $ 200.9 (23)% Operating Income/(Loss) Outside the U.S. $ (15.2) $ (11.2) nm Operating Margin % (9.8)% (5.6)% • Revenue decrease of 23% is attributable to organic contraction totaling 17% due to last year ...

Maximus, Inc. (NYSE:MMS) Q3 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants Jessica Batt - Vice President, Investor Relations Bruce Caswell - President and Chief Executive Officer David Mutryn - Chief Financial Officer and Treasurer James Francis - Vice President of Investor Relations Conference Call Participants Charlie Strauzer - CJS Securities Operator Greetings, and welcome to the Maximus Fiscal Year 2023 Third Quarter Earnings Conference Call. [Operator Instructions] As a r ...

Table of Contents | (Exact name of registrant as specified in its charter) Virginia | 54-1000588 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | 1600 Tysons Boulevard, McLean, Virginia | 22102 | | (Address of principal executive offices) | (Zip Code) | | (703) 251-8500 | | 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 ...

Maximus, Inc. (NYSE:MMS) Q2 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Jessica Batt - Vice President of Investor Relations & Environmental, Social & Governance David Mutryn - Chief Financial Officer Bruce Caswell - President & Chief Executive Officer James Francis - Vice President of Investor Relations Conference Call Participants Charles Strauzer - CJS Securities Operator Greetings and welcome to the Maximus Fiscal Year 2023 Second Quarter Earnings Conference Call. [Operator ...

Table of Contents 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, 2023 ☐ 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 | 54-10 ...

Maximus, Inc. (NYSE:MMS) Q1 2023 Earnings Conference Call February 9, 2023 9:00 AM ET Company Participants Jessica Batt - Vice President of Investor Relations & Environmental, Social & Governance David Mutryn - Chief Financial Officer Bruce Caswell - President & Chief Executive Officer James Francis - Vice President of Investor Relations Conference Call Participants Charlie Strauzer - CJS Securities Operator Greetings, and welcome to the Maximus Fiscal 2023 First Quarter Earnings Conference Call. At this ti ...