MAXIMUS(US:MMS)2024-11-20 21:31Revenue and Growth - Full year revenue increased 8.2% to $5.31 billion, with organic growth of 8.8% driven by higher volumes in key U.S. programs[2] - U.S. Federal Services Segment revenue increased 13.9% to $2.74 billion, all organic growth driven by clinical program volume[8] - U.S. Services Segment revenue increased 5.5% to $1.91 billion, with strong performance across the Medicaid-related portfolio[10] - Outside the U.S. Segment revenue decreased 4.6% to $657.1 million, impacted by prior-year divestitures[12] - Revenue for the three months ended September 30, 2024, was $1,315,870, an increase of 4.4% from $1,259,953 in 2023[35] - Revenue for 2024 reached $1,315,870, an increase from $1,259,953 in 2023, representing a growth of approximately 4.4%[42] - U.S. Federal Services revenue increased to $675,117 in 2024 from $617,404 in 2023, a growth of approximately 9.3%[42] Earnings and Profitability - Full year diluted earnings per share were $4.99, and adjusted diluted earnings per share were $6.11, compared to $2.63 and $3.83 for the prior year[6] - Net income for the year ended September 30, 2024, reached $306,914, compared to $161,792 in 2023, representing an increase of 89.5%[35] - Basic earnings per share for the three months ended September 30, 2024, was $1.20, up from $0.97 in 2023, reflecting a growth of 23.7%[35] - Operating income for the year ended September 30, 2024, was $488,499, compared to $294,794 in 2023, marking a 65.7% increase[35] - Gross profit for 2024 was $301,695, with a gross margin of 22.9%, compared to $290,894 and a margin of 23.1% in 2023[42] - Operating income for 2024 was $111,756, reflecting an operating margin of 8.5%, up from $99,124 and 7.9% in 2023[48] - Net income for 2024 was $72,504, an increase from $59,146 in 2023, representing a growth of approximately 22.6%[49] - Diluted earnings per share for 2024 were $1.19, compared to $0.96 in 2023, marking an increase of approximately 24.0%[49] Cash Flow and Financial Position - Cash flows from operating activities totaled $515 million, and free cash flow was $401 million, compared to $314 million and $224 million in the prior year[19] - Cash flows from operating activities for the year ended September 30, 2024, were $515,258, compared to $314,340 in 2023, an increase of 64.1%[40] - Free cash flow for fiscal year 2025 is expected to range between $345 million and $375 million[23] - Free cash flow for 2024 was $131,881, compared to $112,757 in 2023, indicating a growth of approximately 16.9%[46] - Cash and cash equivalents increased to $183,123 in 2024 from $65,405 in 2023, showing a significant rise of 179.5%[38] - Total assets as of September 30, 2024, were $4,131,508, an increase from $3,985,797 in 2023, indicating a growth of 3.7%[38] - Total liabilities decreased to $2,288,693 in 2024 from $2,317,962 in 2023, a reduction of 1.3%[38] Future Outlook - The sales pipeline at September 30, 2024, was $54.3 billion, with new work opportunities representing approximately 48% of the total[15] - Backlog at September 30, 2024, was estimated to be $16.2 billion, down from $20.7 billion at the same point in the prior year[16] - Fiscal year 2025 revenue guidance is expected to range between $5.275 billion and $5.425 billion, with an adjusted EBITDA margin of approximately 11.0%[22] - The company plans to continue focusing on market expansion and new product development to drive future growth[43] Expenses and Amortization - The company reported a decrease in amortization of intangible assets to $91,570 for the year ended September 30, 2024, down from $94,591 in 2023[35] - The company reported a decrease in selling, general, and administrative expenses as a percentage of revenue, from 13.3% in 2023 to 12.7% in 2024[42] Dividends - Dividends declared per share increased to $0.30 in 2024 from $0.28 in 2023, representing a growth of 7.1%[35]