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MAXIMUS Reports Fourth Quarter and Full Year Results for Fiscal 2015

11/12/2015

- MAXIMUS Maintains Revenue Guidance and Lowers Earnings Guidance for Fiscal 2016 -

RESTON, Va.--(BUSINESS WIRE)--MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for the three months and year ended September 30, 2015.

Highlights for the fourth quarter and full fiscal year 2015 include:

  • Fourth quarter revenue growth of 33% to $578.7 million and GAAP diluted earnings per share of $0.53
  • Fiscal year 2015 revenue growth of 23% to $2.1 billion, GAAP diluted earnings per share of $2.35 and adjusted diluted earnings per share of $2.39
  • Cash and cash equivalents that totaled $74.7 million at September 30, 2015
  • Record signed year-to-date contract awards of $3.4 billion, new contracts pending of $149.4 million, and a sales pipeline of $3.2 billion at September 30, 2015

As previously disclosed in an 8-K filing on November 6, 2015, the Company is now reporting information for three segments. All historical segment data in this press release have been reclassified for comparison purposes.

For the fourth quarter of fiscal 2015, revenue increased 33% (38% on a constant currency basis) to $578.7 million, compared to $435.4 million reported for the same period last year. The increase in revenue was driven by organic growth and the acquisitions of Acentia and Remploy. This was offset by a 5% decline related to unfavorable foreign currency translation. For the fourth quarter of fiscal 2015, net income attributable to MAXIMUS totaled $35.4 million, or $0.53 per diluted share. This compares to diluted earnings per share of $0.53 for the fourth quarter of 2014.

Revenue for fiscal year 2015 increased 23% (27% on a constant currency basis) to $2.1 billion, compared to $1.7 billion reported for fiscal 2014. The increase in revenue was driven by organic growth primarily in the Health Services Segment and the U.S. Federal Services Segment, as well as revenue from the acquisitions of Acentia and Remploy. This was offset by a 4% decline from unfavorable foreign currency translation. For fiscal year 2015, net income attributable to MAXIMUS totaled $157.8 million, or $2.35 earnings per diluted share, which included approximately $0.04 per diluted share of acquisition-related expenses. Excluding the acquisition-related expenses, adjusted diluted earnings per share for fiscal year 2015 were $2.39. This compares to GAAP diluted earnings per share of $2.11 for fiscal year 2014.

Health Services Segment

Health Segment revenue for the fourth quarter of fiscal 2015 increased 29% (32% on a constant currency basis) to $296.2 million, compared to $230.5 million reported for the same period last year. Operating income for the fourth quarter of fiscal 2015 totaled $30.5 million (10.3% operating margin), compared to $31.2 million (13.5% operating margin) for the same period last year.

For the full fiscal year, Health Segment revenue increased 22% (25% on a constant currency basis) to $1.1 billion, compared to $906.7 million for the same period last year. All growth was organic. Fiscal 2015 operating income totaled $154.3 million (13.9% operating margin), compared to operating income of $115.6 million (12.7% operating margin) for fiscal 2014.

The increases in revenue for the fourth quarter and the full fiscal year 2015 were driven by new work and the expansion of existing contracts. Operating margins for the fourth quarter and full fiscal year 2015 were tempered by new programs in start-up, most notably the U.K. Health Assessment Advisory Service contract, which is not performing to the Company’s previous expectations.

U.S. Federal Services Segment

U.S. Federal Segment revenue for the fourth quarter of fiscal 2015 increased 70% to $154.3 million, compared to $90.6 million reported for the same period last year. Operating income for the fourth quarter totaled $20.9 million (13.5% operating margin), compared to $12.2 million (13.5% operating margin) for the same period last year.

For the full fiscal year, U.S. Federal Segment revenue increased 47% to $502.5 million, compared to $341.8 million for the same period last year. For fiscal 2015 operating income totaled $59.4 million (11.8% operating margin), compared to operating income of $63.1 million (18.5% operating margin) for fiscal 2014.

Revenue growth for the fourth quarter and full year were driven by new organic growth and the Acentia acquisition. Operating margins were unfavorably impacted by the expected decline in Medicare appeals volumes, which were highly accretive. Offsetting this, the Department of Education debt management contract steadily improved throughout the year and remains on track to achieve breakeven in fiscal 2016. As a result, this helped the year-over-year comparisons in the fourth quarter of fiscal 2015.

Human Services Segment

Human Services Segment revenue for the fourth quarter of fiscal 2015 increased 12% (23% on a constant currency basis) to $128.2 million, compared to $114.4 million for the same period last year. Operating income for the fourth quarter totaled $13.4 million (10.4% operating margin), compared to $9.9 million (8.7% operating margin) for the same period last year.

For the full fiscal year, Human Services Segment revenue increased 8% (16% on a constant currency basis) to $488.1 million, compared to $452.4 million for the same period last year. For fiscal 2015, Human Services Segment operating income totaled $60.2 million (12.3% operating margin), compared to operating income of $53.2 million (11.7% operating margin) for fiscal 2014.

The increase in revenue for the fourth quarter and the full fiscal year was driven by organic growth and revenue from the Remploy acquisition, but was offset by unfavorable foreign currency translation. Operating margins for the quarter and the full year benefitted from strong delivery across North America, the United Kingdom and Saudi Arabia, which was offset by the expected start-up losses on the Australian jobactive contract that launched on July 1, 2015.

Backlog, Sales and Pipeline

Backlog was $4.6 billion at September 30, 2015. Year-to-date signed contract awards at September 30, 2015 totaled $3.4 billion. New contracts pending (awarded but unsigned) totaled $149.4 million.

The sales pipeline at September 30, 2015 was $3.2 billion (consisting of approximately $771 million in proposals pending, $38 million in proposals in preparation, and $2.4 billion in opportunities tracking). Included in the $3.2 billion sales pipeline is the anticipated rebid for the U.K. Work Programme. This rebid is not expected to be awarded until fiscal year 2017, but the lengthy rebid process is expected to begin in the spring of 2016. The Company’s reported pipeline only reflects those opportunities where MAXIMUS expects that the request for proposal will be released within the next six months. This compares to a pipeline of $3.5 billion for the same period last year, which included $1.2 billion in rebids.

Balance Sheet and Cash Flows

Cash and cash equivalents at September 30, 2015 totaled $74.7 million. For the fourth quarter of fiscal 2015, cash provided by operating activities totaled $25.2 million, with negative free cash flow of $6.7 million. For the full fiscal year 2015, cash provided by operating activities totaled $206.2 million, with free cash flow of $101.1 million.

At September 30, 2015, Days Sales Outstanding (DSOs) were within the Company’s expected range at 67 days, compared to 64 days for the prior quarter.

On August 31, 2015, MAXIMUS paid a quarterly cash dividend of $0.045 per share. On October 8, 2015, the Company announced a $0.045 per share cash dividend, payable on November 30, 2015 to shareholders of record on November 13, 2015.

During the fourth quarter of fiscal 2015, MAXIMUS repurchased approximately 865,000 shares of the Company’s common stock for $52.2 million (a weighted average price of $60.20). For the full fiscal year, MAXIMUS repurchased approximately 1.6 million shares for $82.8 million (a weighted average price of $51.11). Subsequent to September 30, 2015, the Company repurchased approximately 103,000 additional shares of stock for $6.1 million (a weighted average price of $59.41). The Company currently has an estimated $162.5 million available for repurchases under its Board-authorized share repurchase program.

Outlook

MAXIMUS is establishing formal fiscal year 2016 guidance. The Company still expects revenue to range between $2.4 billion and $2.5 billion for fiscal 2016. The Company is updating its preliminary fiscal year 2016 GAAP diluted earnings per share guidance and now expects GAAP diluted EPS to range between $2.40 and $2.70. The lowered earnings outlook is attributable to a slower ramp and hence a reduced contribution from the U.K. Health Assessment Advisory Service contract. This guidance does not include any acquisitions or significant legal expenses or recoveries. The Company estimates that approximately 93% of its fiscal 2016 forecasted revenue is in the form of backlog or option periods.

“There were many positive developments for the Company over the past year. We secured new work and expanded existing contracts across all three of our segments. With the acquisitions of Acentia and Remploy, we introduced new growth platforms that strengthen our position for future opportunities in key markets. We also successfully launched operations under the Australian jobactive contract, a key rebid that included an increase in our market share,” commented MAXIMUS CEO Richard A. Montoni.

Montoni continued, “While the slower-than-expected ramp-up of the U.K. Health Assessment Advisory Service contract resulted in a reduced earnings outlook for fiscal year 2016, we remain confident that we will bring about the necessary changes to put this start-up contract on a path to success, as we have done with many large start-up contracts in the past. This is a single contract in our global portfolio and the overall macro demand trends for our services remain very favorable.”

Website Presentation, Conference Call and Webcast Information

MAXIMUS will host a conference call this morning, November 12, 2015, at 9:00 a.m. (ET). The call is open to the public and can be accessed under the Investor Relations page of the Company’s website at http://investor.maximus.com or by calling:

877.407.8289 (Domestic)/+1.201.689.8341 (International)

For those unable to listen to the live call, a replay will be available through November 25, 2015 by calling:

877.660.6853 (Domestic)/+1.201.612.7415 (International)
Replay conference ID number: 13623294

About 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 16,000 employees worldwide, MAXIMUS is a proud partner to government agencies in the United States, Australia, Canada, New Zealand, Saudi Arabia and the United Kingdom. For more information, visit maximus.com.

Non-GAAP Measures

This release refers to non-GAAP financial measures, including adjusted diluted earnings per share, free cash flow, constant currency and days sales outstanding.

We have provided a reconciliation to adjusted diluted earnings per share. We believe that this measure is a useful basis for assessing the Company’s performance excluding the effect of acquisition expenses.

We have provided a reconciliation of free cash flow to cash provided by operating activities. We believe that free cash flow is a useful basis for investors to compare our performance across periods or against our competitors. Free cash flow shows the effects of the Company’s operations and routine capital expenditure and excludes the cash flow effects of acquisitions, share repurchases, dividend payments and other financing transactions.

To provide constant currency information, we calculate fiscal year 2015 revenue for all international businesses using the exchange rates used in the comparative period in fiscal year 2014. We believe constant currency provides a useful basis for assessing the performance of the business excluding the unpredictable effects of foreign exchange fluctuations.

Days sales outstanding, or DSO, is a measure of how efficiently we manage the billing and collection of our receivable balances. We calculate DSO by dividing billed and unbilled receivable balances at the end of each quarter by revenue per day for the period. Revenue per day for a quarter is determined by dividing total revenue by 91 days.

The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operating activities, revenue growth or net income as measures of performance. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.

Statements that are not historical facts, including statements about the Company’s confidence and strategies and the Company’s expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand or acceptance of the Company’s products are forward-looking statements that involve risks and uncertainties. These uncertainties could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements and include reliance on government clients; risks associated with government contracting; risks involved in managing government projects; legislative changes and political developments; opposition from government unions; challenges resulting from growth; adverse publicity; and legal, economic, and other risks detailed in Exhibit 99.1 to the Company’s most recent Annual Report filed with the Securities and Exchange Commission, found on maximus.com.

 

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

 
  Three Months
Ended September 30,
  Year
Ended September 30,
2015   2014 2015   2014
Revenue $ 578,683 $ 435,406 $ 2,099,821 $ 1,700,912
Cost of revenue   453,376   322,474     1,587,104   1,248,789  
Gross profit 125,307 112,932 512,717 452,123
Selling, general and administrative expenses 60,442 59,597 238,792 220,925
Amortization of intangible assets 3,166 1,527 9,348 5,890
Acquisition-related expenses   172       4,745    
Operating income 61,527 51,808 259,832 225,308
Interest expense 709 1,398
Other income, net   257   758     1,385   2,061  
Income before income taxes 61,075 52,566 259,819 227,369
Provision for income taxes   24,663   16,414     99,770   81,973  
Net income 36,412 36,152 160,049 145,396

Income/(loss) attributable to non-controlling interests

  975   (84 )   2,277  

(44

)

Net income attributable to MAXIMUS $ 35,437 $ 36,236   $ 157,772 $ 145,440  
 
Basic earnings per share $ 0.53 $ 0.54 $ 2.37 $ 2.15
 
Diluted earnings per share $ 0.53 $ 0.53 $ 2.35 $ 2.11
 
Dividends per share $ 0.045 $ 0.045   $ 0.18 $ 0.18  
 
Weighted average shares outstanding:
Basic   66,466   66,784     66,682   67,680  
Diluted   67,133   68,233     67,275   69,087  
 
 

MAXIMUS, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

 
  September 30,
2015   2014
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 74,672 $ 158,112
Accounts receivable—billed and billable, net 396,177 263,011
Accounts receivable—unbilled 30,929 26,556
Deferred income taxes 18,992 28,108
Prepaid expenses and other current assets   60,129   56,673
Total current assets 580,899 532,460
 
Property and equipment, net 137,830 80,246
Capitalized software, net 32,483 39,734
Goodwill 376,302 170,626
Intangible assets, net 102,358 39,239
Deferred contract costs, net 19,126 12,046
Deferred compensation plan assets 19,310 17,126
Other assets   11,863   9,519
Total assets $ 1,280,171 $ 900,996
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 155,411 $ 103,181
Accrued compensation and benefits 99,700 94,137
Deferred revenue 77,642 55,878
Income taxes payable 11,709 4,693
Long-term debt, current portion 356 157
Other liabilities   11,562   7,275
Total current liabilities 356,380 265,321
Deferred revenue, less current portion 52,954 32,257
Deferred income taxes 15,159 21,383
Long-term debt 210,618 1,060
Deferred compensation plan liabilities, less current portion 20,635 18,768
Other liabilities   8,726   6,022
Total liabilities 664,472 344,811
 
Total equity   615,699   556,185
Total liabilities and equity $ 1,280,171 $ 900,996
 
 

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands; Unaudited)

 
  Three Months
Ended September 30,
  Year
Ended September 30,
2015   2014 2015   2014
Cash flows from operating activities:    
Net income $ 36,412 $ 36,152 $ 160,049 $ 145,396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant, equipment and capitalized software 9,232 10,844 46,849 42,778
Amortization of intangible assets 3,166 1,527 9,348 5,890
Deferred income taxes 9,728 3,475 807 2,898
Stock compensation expense 4,452 4,469 17,237 17,278
Changes in assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable — billed (22,344 ) 1,218 (103,774 ) (144 )
Accounts receivable — unbilled (3,120 ) (1,224 ) (911 ) 2,056
Prepaid expenses and other current assets (2,979 ) (1,197 ) (6,475 ) (2,540 )
Deferred contract costs 145 1,698 (7,245 ) 2,254
Accounts payable (713 ) 2,758 44,351 (2,928 )
Accrued compensation and benefits 1,389 9,767 (3,157 ) 12,277
Deferred revenue 15,524 2,753 47,948 2,841
Income taxes (28,342 ) (17,136 ) 9,134 (10,974 )
Other assets and liabilities   2,687     (6,654 )   (7,944 )   (3,482 )
Cash provided by operating activities   25,237     48,450     206,217     213,600  
 
Cash flows from investing activities:
Acquisition of business, net of cash acquired 400 (289,212 ) (2,670 )
Purchases of property and equipment (30,751 ) (17,873 ) (98,994 ) (36,262 )
Capitalized software costs (1,231 ) (1,709 ) (6,155 ) (10,886 )
Proceeds from note receivable   83     79     489     429  
Cash used in investing activities   (31,499 )   (19,503 )   (393,872 )   (49,389 )
 
Cash flows from financing activities:
Cash dividends paid (2,961 ) (3,006 ) (11,927 ) (12,187 )
Repurchases of common stock (50,171 ) (51,787 ) (82,787 ) (111,141 )
Stock compensation tax benefit 10,682 6,740 9,474 9,665
Tax withholding related to RSU vesting (12,451 ) (14,681 )
Stock option exercises 347 217 868 1,362
Issuance of debt 75,000 330,993 15,000
Repayment of debt (31,499 ) (40 ) (121,611 ) (15,162 )
Expansion of credit facility           (1,444 )    
Cash provided by/(used in) financing activities   1,398     (47,876 )   111,115     (127,144 )
 
Effect of exchange rate changes on cash and cash equivalents (2,341 ) (5,901 ) (6,900 ) (4,572 )
 
Net increase/(decrease) in cash and cash equivalents (7,205 ) (24,830 ) (83,440 ) 32,495
 
Cash and cash equivalents, beginning of period   81,877     182,942     158,112     125,617  
 
Cash and cash equivalents, end of period $ 74,672   $ 158,112   $ 74,672   $ 158,112  
 
 

MAXIMUS, Inc.

SEGMENT INFORMATION 2015

(Amounts in thousands)

(Unaudited)

 
  Quarter Ended     Year Ended  
Dec. 31,   % (1)   Mar. 31,   % (1)   Jun. 30,   % (1)   Sept. 30, % (1) Sept. 30, 2015 % (1)
2014   2015   2015   2015      
 
Health Services $ 243,570 $ 270,918 $ 298,549 $ 296,201 $ 1,109,238
U.S. Federal Services 107,729 99,465 141,011 154,279 502,484
Human Services   115,744     111,411     132,741     128,203     488,099  
Revenue   467,043     481,794     572,301     578,683     2,099,821  
 
Health Services 183,723 201,045 228,736 241,626 855,130
U.S. Federal Services 82,161 77,451 106,231 117,995 383,838
Human Services   81,892     78,953     93,536     93,755     348,136  
Cost of revenue   347,776     357,449     428,503     453,376     1,587,104  
 
Health Services 59,847 24.6 % 69,873 25.8 % 69,813 23.4 % 54,575 18.4 % 254,108 22.9 %
U.S. Federal Services 25,568 23.7 % 22,014 22.1 % 34,780 24.7 % 36,284 23.5 % 118,646

23.6

%

Human Services   33,852   29.2 %   32,458   29.1 %   39,205   29.5 %   34,448   26.9 %   139,963   28.7 %
Gross profit   119,267   25.5 %   124,345   25.8 %   143,798   25.1 %   125,307   21.7 %   512,717   24.4 %
 
Health Services 22,007 9.0 % 28,397 10.5 % 25,343 8.5 % 24,068 8.1 % 99,815 9.0 %
U.S. Federal Services 12,250 11.4 % 12,377 12.4 % 19,244 13.6 % 15,381 10.0 % 59,252 11.8 %
Human Services 17,699 15.3 % 18,523 16.6 % 22,402 16.9 % 21,095 16.5 % 79,719 16.3 %
Other / Corporate   5     95     8     (102 )   6  
SG&A   51,961   11.1 %   59,392   12.3 %   66,997   11.7 %   60,442   10.4 %   238,792   11.4 %
 
Health Services 37,840 15.5 % 41,476 15.3 % 44,470 14.9 % 30,507 10.3 % 154,293 13.9 %
U.S. Federal Services 13,318 12.4 % 9,637

9.7

%

15,536 11.0 % 20,903 13.5 % 59,394 11.8 %
Human Services 16,153 14.0 % 13,935 12.5 % 16,803 12.7 % 13,353 10.4 % 60,244 12.3 %
Other / Corporate (5 ) (95 ) (8 ) 102 (6 )
Amortization of intangible assets (1,475 ) (1,432 ) (3,275 ) (3,166 ) (9,348 )
Acquisition-related expenses   (600 )   (1,514 )   (2,459 )   (172 )   (4,745 )
Total operating income $ 65,231   14.0 % $ 62,007   12.9 % $ 71,067   12.4 % $ 61,527   10.6 % $ 259,832   12.4 %
 
(1)   Percentage of respective segment revenue.
 
 

MAXIMUS, Inc.

SEGMENT INFORMATION 2014

(Amounts in thousands)

(Unaudited)

 
  Quarter Ended     Year Ended  
Dec. 31,   % (1)   Mar. 31,   % (1)   Jun. 30,   % (1)   Sept. 30, % (1) Sept. 30, 2014 % (1)
2013   2014   2014   2014      
 
Health Services $ 216,544 $ 230,953 $ 228,703 $ 230,450 $ 906,650
U.S. Federal Services 82,040 92,645 76,550 90,605 341,840
Human Services   108,008     115,417     114,646     114,351     452,422  
Revenue   406,592     439,015     419,899     435,406     1,700,912  
 
Health Services 168,350 179,337 173,803 171,432 692,922
U.S. Federal Services 53,728 59,393 51,918 66,008 231,047
Human Services   78,598     79,613     81,575     85,034     324,820  
Cost of revenue   300,676     318,343     307,296     322,474     1,248,789  
 
Health Services 48,194 22.3 % 51,616 22.3 % 54,900 24.0 % 59,018 25.6 % 213,728 23.6 %
U.S. Federal Services 28,312 34.5 % 33,252 35.9 % 24,632 32.2 % 24,597 27.1 % 110,793 32.4 %
Human Services   29,410   27.2 %   35,804   31.0 %   33,071   28.8 %   29,317   25.6 %   127,602   28.2 %
Gross profit   105,916   26.0 %   120,672   27.5 %   112,603   26.8 %   112,932   25.9 %   452,123   26.6 %
 
Health Services 22,650 10.5 % 21,907 9.5 % 25,747 11.3 % 27,868 12.1 % 98,172 10.8 %
U.S. Federal Services 11,525 14.0 % 13,226 14.3 % 10,586 13.8 % 12,358 13.6 % 47,695 14.0 %
Human Services 17,074 15.8 % 18,528 16.1 % 19,470 17.0 % 19,372 16.9 % 74,444 16.5 %
Other / Corporate   17     563     35     (1 )   614  
SG&A   51,266   12.6 %   54,224   12.4 %   55,838   13.3 %   59,597   13.7 %   220,925   13.0 %
 
Health Services 25,544 11.8 % 29,709 12.9 % 29,153 12.7 % 31,150 13.5 % 115,556 12.7 %
U.S. Federal Services 16,787 20.5 % 20,026 21.6 % 14,046 18.3 % 12,239 13.5 % 63,098 18.5 %
Human Services 12,336 11.4 % 17,276 15.0 % 13,601 11.9 % 9,945 8.7 % 53,158 11.7 %
Other / Corporate (17 ) (563 ) (35 ) 1 (614 )
Amortization of intangible assets   (1,353 )   (1,468 )   (1,542 )   (1,527 )   (5,890 )
Total operating income $ 53,297   13.1 % $ 64,980   14.8 % $ 55,223   13.2 % $ 51,808   11.9 % $ 225,308   13.2 %
 
(1)   Percentage of respective segment revenue.
 
 

MAXIMUS, Inc.

Non-GAAP Measures

 

ADJUSTED DILUTED EPS

FY 2015

(Unaudited)

 

 

  Quarter Ended  

Year
Ended

Dec. 31,
2014

 

Mar. 31,
2015

 

Jun. 30,
2015

 

Sept. 30,
2015

 

Sept. 30,
2015

Diluted EPS - GAAP basis $ 0.63   $ 0.58   $ 0.62   $ 0.53 $ 2.35
 
Acquisition-related expenses     0.02   0.02     0.04
 
Adjusted Diluted EPS $ 0.63 $ 0.60 $ 0.64 $ 0.53 $ 2.39
 
 

ADJUSTED DILUTED EPS

FY 2014

(Unaudited)

 

 

  Quarter Ended  

Year
Ended

Dec. 31,
2013

 

Mar. 31,
2014

 

Jun. 30,
2014

 

Sept. 30,
2014

 

Sept. 30,
2014

Diluted EPS - GAAP basis $ 0.49   $ 0.59   $ 0.49   $ 0.53 $ 2.11
 
Acquisition-related expenses          
 
Adjusted Diluted EPS $ 0.49 $ 0.59 $ 0.49 $ 0.53 $ 2.11
 
 

FREE CASH FLOW

(Dollars in thousands; Unaudited)

 
  Three Months
Ended September 30,
  Year
Ended September 30,
2015   2014 2015   2014
 
Cash provided by operating activities $ 25,237 $ 48,450 $ 206,217 $ 213,600
Purchases of property and equipment (30,751 ) (17,873 ) (98,994 ) (36,262 )
Capitalized software costs   (1,231 )   (1,709 )   (6,155 )   (10,886 )
Free cash flow $ (6,745 ) $ 28,868   $ 101,068   $ 166,452  
 

MAXIMUS
Lisa Miles, 703-251-8637
lisamiles@maximus.com

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