v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income $ 64,148 $ 39,995
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property, equipment, and capitalized software 8,411 12,280
Amortization of intangible assets 23,349 23,518
Amortization of debt issuance costs and debt discount 601 1,034
Deferred income taxes (2,165) (1,331)
Stock compensation expense 9,427 4,403
Loss on sale of a businesses 1,018 0
Change in assets and liabilities, net of effects of business combinations:    
Accounts receivable (35,379) (200,749)
Prepaid expenses and other current assets 10,056 10,624
Deferred contract costs (888) (1,013)
Accounts payable and accrued liabilities (15,543) 3,642
Accrued compensation and benefits (67,392) (53,271)
Deferred revenue 877 14,764
Income taxes 22,250 9,465
Operating lease right-of-use assets and liabilities (1,088) (948)
Other assets and liabilities 3,926 2,928
Net cash provided by/(used in) operating activities 21,608 (134,659)
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software (22,247) (15,697)
Proceeds from divestitures 1,815 0
Net cash used in investing activities (20,432) (15,697)
Cash flows from financing activities:    
Cash dividends paid to Maximus shareholders (18,299) (17,017)
Tax withholding related to RSU vesting (13,455) (8,475)
Payments for contingent consideration (2,819) (1,415)
Proceeds from borrowings 228,409 268,702
Principal payments for debt (166,658) (61,355)
Cash-collateralized escrow liabilities 1,204 (9,473)
Net cash provided by financing activities 28,382 170,967
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1,846 2,421
Net change in cash, cash equivalents, and restricted cash 31,404 23,032
Cash, cash equivalents, and restricted cash, beginning of period 122,091 136,795
Cash, cash equivalents, and restricted cash, end of period $ 153,495 $ 159,827

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