MAXIMUS Board Authorizes Expansion of Share Repurchase Program
MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, announced today that its Board of Directors has authorized the expansion of its share repurchase program of up to an aggregate of $200 million, which includes the remaining balance from the 2015 authorization of $49.3 million as of June 22, 2018.
In 2015, the MAXIMUS Board of Directors authorized the repurchase of up to an aggregate of $200 million of the Company’s common stock. During fiscal 2016 and 2017, the Company repurchased 1,144,893 shares of MAXIMUS common stock for approximately $60.2 million. Since the Company’s second quarter earnings report on May 10, 2018, MAXIMUS has repurchased an additional 963,091 shares for $59.6 million, bringing the total number of shares repurchased in fiscal 2018 to 979,491.
MAXIMUS intends to purchase shares opportunistically at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions. Repurchased shares will be held in treasury and used for general corporate purposes such as issuance under employee stock plans.
“We remain good stewards of capital and we are committed to a sensible and disciplined approach to cash deployment. We will maintain the financial flexibility needed to continue to invest and grow the business while at the same time we believe that providing returns to shareholders and deploying capital, as demonstrated by this expansion of our share repurchase program, is an important component of our long-term strategy,” commented Bruce Caswell, President and Chief Executive Officer of MAXIMUS.
Since 1975, MAXIMUS has operated under its founding mission of Helping Government Serve the People®, enabling citizens around the globe to successfully engage with their governments at all levels and across a variety of health and human services programs. MAXIMUS delivers innovative business process management and technology solutions that contribute to improved outcomes for citizens and higher levels of productivity, accuracy, accountability and efficiency of government-sponsored programs. With more than 20,000 employees worldwide, MAXIMUS is a proud partner to government agencies in the United States, Australia, Canada, Saudi Arabia, Singapore and the United Kingdom. For more information, visit maximus.com.