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FOR IMMEDIATE RELEASECONTACT:James Francis 703.251.8526
JamesBFrancis@maximus.com
Date: August 5, 2021Madison West 703.251.8443
MadisonTWest@maximus.com

Maximus Reports Fiscal Year 2021 Third Quarter Results
- COVID-19 Response Work Drives Record Quarter -

(RESTON, Va. - August 5, 2021) - Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and nine months ended June 30, 2021.

Highlights for the third quarter of fiscal year 2021 include:

•Record revenue of $1.24 billion beat Company expectations driven by COVID-19 response work including vaccination distribution support services, unemployment insurance program support, disease investigation, contact tracing, and other key initiatives.

•Operating income margin was 11.2% and diluted earnings per share were $1.51. Amortization of intangible assets was $12.1 million, or $0.15 diluted earnings per share. Adjusting for amortization of intangible assets, operating income margin and diluted earnings per share would be 12.2% and $1.66, respectively.

•The Company is raising guidance for fiscal year 2021 to account for the strong third quarter results. Revenue is expected to range between $4.2 billion and $4.25 billion and diluted earnings per share to range between $4.65 and $4.75.

•The acquired businesses of Attain Federal and VES completed on March 1, 2021 and May 28, 2021, respectively, are performing in-line with Company expectations.

•A quarterly cash dividend of $0.28 per share payable on August 31, 2021, to shareholders of record on August 13, 2021.

"I am extremely proud of the team, their accomplishments, and their ability to deliver outstanding results to our government customers and raise the bar in demonstrating our capabilities," shared Bruce Caswell, President and Chief Executive Officer. "As an example, on a single day this quarter, nearly 13,000 employees began their first day of work with Maximus supporting a significant new COVID response contract for a key customer and underpinned by one of the largest cloud-based telephony environments ever created for government capable of handling a half-million calls per hour."

Caswell continued, "Several months into our relationship together, I’m even more impressed with the capabilities and dedication that our Attain Federal and VES teams bring to Maximus. Already, we see the anticipated acquisition benefits coming to fruition for the combined companies and for our customers."

Third Quarter Results
For the third quarter of fiscal 2021, revenue increased 38.0% to $1.24 billion as compared to $901.3 million reported for the prior-year period driven by COVID-19 response work including vaccination distribution support services, unemployment insurance program support, disease investigation, contact tracing, and other key initiatives. COVID-19 response work contributed approximately $460 million and $860 million for the three and

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nine months ended June 30, 2021, respectively. The profitability of this work has been steadily improving and now delivers operating income margins above the Company's corporate average.

For the third quarter of fiscal 2021, operating income totaled $139.6 million, yielding an operating margin of 11.2%. This compares to an operating margin of 9.7% for the prior-year period. Diluted earnings per share were $1.51 as compared to $1.04 for the prior-year period. Adjusting for amortization of intangible assets, operating income margin and diluted earnings per share for amortization of intangible assets would be 12.2% and $1.66, respectively, for the third quarter of fiscal 2021.

Results for the quarter include a full three months for Attain Federal and just over one month for VES, contributing revenues of $56 million and $46 million, respectively.

For the nine months ended June 30, 2021, operating income margin was 10.8% and diluted earnings per share were $3.84. Amortization of intangible assets was $23.7 million, or $0.28 diluted earnings per share. Adjusting for amortization of intangible assets, year-to-date operating income margin and diluted earnings per share would be 11.6% and $4.12, respectively.

U.S. Services Segment
U.S. Services Segment revenue for the third quarter of fiscal 2021 increased 29% to $436.3 million as compared to $337.0 million reported for the prior-year period. COVID-19 response work contributed an estimated $164 million of revenue to this segment.

Operating margin for the third quarter of fiscal 2021 was 14.3% compared to 18.1% reported for the prior-year period. The operating margin reflects continued headwinds experienced on some of this segment's core programs, including those impacted by the pause of Medicaid redeterminations. The segment also experienced a delay in non-COVID new work, which is now expected to commence next fiscal year.

The Company expects the U.S. Services Segment to deliver an operating income margin in the range of 16% to 17% for fiscal 2021.

U.S. Federal Services Segment
U.S. Federal Services Segment revenue for the third quarter of fiscal 2021 increased to $617.6 million as compared to $450.1 million reported for the prior-year period. As expected, the Census contract contributed $170.4 million less revenue in the period as compared to the prior-year period. This was offset by an increase of COVID response work that exceeded Company expectations and contributed $280 million of revenue to the segment. Segment results for the quarter included $56 million of revenue from Attain Federal and $46 million of revenue from VES for the period starting at the acquisition date, May 28, 2021.

The operating margin for the third quarter of fiscal 2021 was 13.9% as compared to 8.7% reported for the prior-year period. The margin benefited from the segment's higher than expected volumes on the COVID-19 response work.

The Company expects the U.S. Federal Services Segment to deliver an operating income margin in the range of 10% to 11% for fiscal 2021.

Outside the U.S. Segment
Outside the U.S. Segment revenue for the third quarter of fiscal 2021 increased to $189.6 million as compared to $114.2 million reported for the prior-year period. Operating income for the third quarter of fiscal 2021 was $8.3 million which yielded an operating margin of 4.4%. This compares to an operating loss of $5.8 million reported for the prior-year period as a result of this segment experiencing the most pronounced impacts from

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the pandemic. Results for the third quarter of fiscal 2021 were slightly better than expected, driven by favorable performance in the Australia employment services business.

This segment has several contracts in startup, most notably the two-region win on the U.K. Restart program. This contract is responsible for the largest share of the estimated startup losses which are more heavily weighted to the fourth quarter of fiscal 2021. The programs in startup are expected to exceed 10% operating income margins over their lives, with significant improvement to the financial contribution expected in the second half of fiscal 2022.

The Company expects the Outside the U.S. Segment to deliver an operating margin in the low single digits primarily as a result of the startup losses. The fourth quarter for this segment is expected to realize an operating loss due to ramping of the U.K. Restart program.

Sales and Pipeline
Year-to-date signed contract awards at June 30, 2021 totaled $3.24 billion and contracts pending (awarded but unsigned) totaled $1.38 billion. These awards reflect total contract value (TCV) and include the previously announced U.K. Restart award as well as the CDC Vaccination Hotline award assumed at $300 million TCV.
The sales pipeline at June 30, 2021, was $33.6 billion (comprised of approximately $4.2 billion in proposals pending, $6.8 billion in proposals in preparation, and $22.6 billion in opportunities tracking) and decreased as compared to March 31, 2021 due to awarding of UK Restart and an uptick in levels of delay and cancellation resulting from the COVID-19 pandemic. New work opportunities represent 63.6% of the total sales pipeline.

Balance Sheet and Cash Flows
Cash and cash equivalents at June 30, 2021, totaled $96.1 million. At June 30, 2021, there was $1.71 billion of gross debt.

For the three months ended June 30, 2021, cash flow used in operations totaled $33.0 million and free cash flow used in operations was $41.6 million. Cash flows in the quarter were significantly impacted by the additional investment in working capital created by the sequential increase to revenue. The Company expects fourth quarter fiscal 2021 cash flows to be strong.

Days sales outstanding (DSO) were 77 days at June 30, 2021, including VES on a pro-forma basis. The higher revenue for the month of June as compared to April and May contributed to an increased DSO.

On July 9, 2021, our Board of Directors declared a quarterly cash dividend of $0.28 for each share of our common stock outstanding. The dividend is payable on August 31, 2021, to shareholders of record on August 13, 2021.

Pro-forma for Acquisitions
A pro-forma included in this release assumes VES and Attain Federal had been acquired on July 1, 2020, and therefore included for a full twelve months of the Company's operating results. The operating income and operating margin for the twelve month period, excluding amortization of intangible assets, was $591.3 million and 12.7%, respectively, for the combined company inclusive of Attain Federal and VES. Both acquisitions improve the Company's gross profit margin and are accretive to fiscal 2021 results from operations.




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FY21 Guidance Increase
As a result of the third quarter results, Maximus is increasing revenue, earnings, and cash flow guidance for fiscal 2021. The Company anticipates fiscal 2021 revenue will range between $4.2 billion and $4.25 billion and diluted earnings per share will range between $4.65 and $4.75.

For fiscal 2021, cash from operations is expected to range between $425 million and $455 million and free cash flow between $375 million and $405 million. The effective tax rate is expected to range between 25% and 25.5% and weighted average shares outstanding to be approximately 62.3 million.
Revenue attributable to COVID-19 response work is anticipated to be approximately $1 billion for fiscal 2021. The COVID-19 response work is tapering off as expected, resulting in a lower fourth quarter forecast as compared to the third quarter results. The fourth quarter of fiscal 2021 will be further impacted by the startup contracts in the Outside the U.S. Segment with planned losses totaling $13 million to $15 million for these contracts. Consistent with prior guidance, the Company assumes the Public Health Emergency (PHE) will remain in place beyond September 30, 2021.

Mr. Caswell added, "We are in a solid position to further our long-term organic growth goals and evolve our ongoing strategy across all three segments. This is partly driven by the benefits and new capabilities of the two recent acquisitions, and our team's unprecedented efforts throughout the past year which have deepened our relationships with key clients and brought new clients. With two months remaining in fiscal year 2021, its natural for us to be looking towards next year when we expect to see, not only macro-trends indicating improvement to our core programs but also momentum through new programs such as the UK Restart and more focused clinical and digital work afforded by Attain Federal and VES."
Conference Call and Webcast Information
Maximus will host a conference call this morning, August 5, 2021, at 9:00 a.m. (ET).

The call is open to the public and available by webcast or by phone at:
877.407.8289 (Domestic) / +1.201.689.8341 (International)

For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.

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 approximately 34,000 employees worldwide, Maximus is a proud partner to government agencies in the United States, Australia, Canada, Italy, Saudi Arabia, Singapore, South Korea, Sweden, and the United Kingdom. For more information, visit maximus.com.

Non-GAAP Measures
This release refers to non-GAAP measures and other indicators, including organic growth, free cash flow, days sales outstanding, results on a pro forma basis and other non-GAAP measures.

A description of these non-GAAP measures, the reasons why we use and present them, and details as to how they are calculated are included in our Annual Report on Form 10-K.


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The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operations, 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 such as those related to the impact of the pandemic and our recently-completed acquisitions including but not limited to:
•Our indebtedness following the completion of the VES acquisition is significant and could adversely affect our business and our ability to meet our obligations
•Difficulties in integrating our operations with those of Attain and VES and realizing the expected benefits of these acquisitions.
•If one or more of these contracts with the VA are terminated or are not renewed on favorable terms or at all, if the VA reduces the number of medical examinations allocated to VES under the contracts or if VES receives an adverse finding or review resulting from an audit or investigation, the benefits of the VES acquisition may be adversely affected.
•In connection with the acquisitions, we may be required to take write-downs or write-offs, restructuring and impairment, or other charges that could negatively affect our business, assets, liabilities, prospects, outlook, financial condition, and results of operations.
•The ultimate duration of the pandemic
•The threat of further negative pandemic-related impacts
•Delays in our core programs returning to normal volumes and operations
•The potential impacts resulting from budget challenges with our government clients
•The possibility of delayed or missed payments by customers
•The potential for further supply chain disruptions impacting IT or safety equipment
•The impact of further legislation and government policies on the programs we operate

These risks could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements. A summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2020, which was filed with the Securities and Exchange Commission (SEC) on November 19, 2020. A supplemental description of risk factors related to the Company's completed acquisitions of the Federal business of Attain and VES are included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 to be filed shortly. The Company's SEC reports are accessible on maximus.com.



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Maximus, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended June 30,Nine Months Ended June 30,
2021202020212020
Revenue$1,243,520 $901,337 $3,148,354 $2,537,701 
Cost of revenue951,664 715,734 2,419,785 2,023,550 
Gross profit291,856 185,603 728,569 514,151 
Selling, general, and administrative expenses140,129 89,582 364,498 283,662 
Amortization of intangible assets12,132 8,712 23,718 26,734 
Operating income139,595 87,309 340,353 203,755 
Interest expense3,087 616 4,049 1,565 
Other (expense)/income, net(8,289)(671)(9,584)621 
Income before income taxes128,219 86,022 326,720 202,811 
Provision for income taxes33,724 21,558 87,534 51,963 
Net income$94,495 64,464 $239,186 $150,848 
Basic earnings per share$1.52 $1.04 $3.86 $2.38 
Diluted earnings per share$1.51 $1.04 $3.84 $2.37 
Dividends declared per share$0.28 $0.28 $0.84 $0.84 
Weighted average shares outstanding:
Basic62,064 61,882 62,028 63,463 
Diluted62,453 62,102 62,300 63,666 












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Maximus, Inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
June 30, 2021September 30, 2020
(unaudited) 
ASSETS  
Current assets: 
Cash and cash equivalents$96,110 $71,737 
Accounts receivable — billed and billable, net of allowance of $6,607 and $6,051794,653 622,871 
Accounts receivable — unbilled334,666 163,332 
Income taxes receivable454 2,075 
Prepaid expenses and other current assets81,479 72,543 
Total current assets1,307,362 932,558 
Property and equipment, net67,794 66,721 
Capitalized software, net45,739 38,033 
Operating lease right-of-use assets186,944 177,159 
Goodwill1,757,795 593,129 
Intangible assets, net892,487 145,893 
Deferred contract costs, net37,020 20,891 
Deferred compensation plan assets47,041 36,819 
Deferred income taxes506 1,915 
Other assets27,905 11,584 
Total assets$4,370,593 $2,024,702 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$420,510 $253,338 
Accrued compensation and benefits181,559 137,101 
Deferred revenue68,846 51,655 
Income taxes payable19,763 5,377 
Current portion of long-term debt and other borrowings60,586 10,878 
Operating lease liabilities82,572 80,748 
Other current liabilities26,768 22,071 
Total current liabilities860,604 561,168 
Deferred revenue, less current portion36,051 27,311 
Deferred income taxes204,174 24,737 
Long-term debt, less current portion1,633,135 18,017 
Deferred compensation plan liabilities, less current portion44,076 38,654 
Operating lease liabilities, less current portion118,341 104,011 
Other liabilities20,765 8,985 
Total liabilities2,917,146 782,883 
Shareholders’ equity: 
Common stock, no par value; 100,000 shares authorized; 61,472 and 61,504 shares issued and outstanding at June 30, 2021, and September 30, 2020, respectively535,990 513,959 
Accumulated other comprehensive loss(36,031)(42,638)
Retained earnings953,488 770,498 
Total shareholders' equity1,453,447 1,241,819 
Total liabilities and shareholders' equity$4,370,593 $2,024,702 


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Maximus, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended June 30,Nine Months Ended June 30,
2021202020212020
Cash flows from operations:  
Net income$94,495 $64,464 $239,186 $150,848 
Adjustments to reconcile net income to cash flows from operations:  
Depreciation and amortization of property and equipment and
capitalized software		10,829 16,278 33,664 47,496 
Amortization of intangible assets12,132 8,712 23,718 26,734 
Deferred income taxes(4,319)(8,248)3,632 (5,210)
Stock compensation expense7,344 5,758 20,823 17,558 
Gain on sale of a business— (1,706)— (1,706)
Costs related to debt financing8,509 — 8,509 — 
Change in assets and liabilities, net of effects of business combinations 
Accounts receivable — billed and billable(167,592)(94,756)(83,881)(147,626)
Accounts receivable — unbilled(156,929)(82,556)(170,423)(80,267)
Prepaid expenses and other current assets(532)(3,733)7,542 529 
Deferred contract costs(6,589)(899)(15,773)(1,396)
Accounts payable and accrued liabilities104,478 26,300 116,873 48,622 
Accrued compensation and benefits51,148 29,808 34,387 33,647 
Deferred revenue10,328 (2,494)23,624 2,806 
Income taxes11,935 28,269 15,165 563 
Operating lease right-of-use assets and liabilities1,491 (1,237)1,077 (1,071)
Other assets and liabilities(9,767)2,851 (11,464)4,556 
Cash flows (used in)/from operations(33,039)(13,189)246,659 96,083 
Cash flows from investing activities:  
Purchases of property and equipment and capitalized software costs(8,549)(9,314)(32,133)(28,436)
Acquisitions of businesses, net of cash acquired(1,365,533)(60)(1,779,473)(2,611)
Proceeds from the sale of a business— 3,250 — 3,250 
Other— 287 — 385 
Cash used in investing activities(1,374,082)(5,837)(1,811,606)(27,412)
Cash flows from financing activities:  
Cash dividends paid to Maximus shareholders(17,211)(17,175)(51,625)(52,988)
Purchases of Maximus common stock— — (3,363)(166,959)
Tax withholding related to RSU vesting— — (9,818)(10,614)
Payments for debt financing(22,759)— (22,759)— 
Borrowings under new credit facilities1,700,000 — 1,700,000 — 
Other debt borrowings84,838 79,773 585,000 421,488 
Other debt repayments(344,042)(87,715)(607,880)(278,971)
Other(1)(305)(2,763)(957)
Cash from/(used in) financing activities1,400,825 (25,422)1,586,792 (89,001)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(433)1,694 2,830 (174)
Net (decrease)/increase in cash, cash equivalents, and restricted cash(6,729)(42,754)24,675 (20,504)
Cash, cash equivalents, and restricted cash, beginning of period119,965 138,742 88,561 116,492 
Cash, cash equivalents, and restricted cash, end of period$113,236 $95,988 $113,236 $95,988 


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Maximus, Inc.
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
Three Months Ended June 30,Nine Months Ended June 30,
2021% (1)2020% (1)2021% (1)2020% (1)
Revenue:
U.S. Services$436,338 $336,950 $1,269,487 $957,929 
U.S. Federal Services617,601 450,143 1,352,982 1,210,105 
Outside the U.S.189,581 114,244 525,885 369,667 
Total$1,243,520 $901,337 $3,148,354 $2,537,701 
Gross Profit:
U.S. Services$104,814 24.0 %$93,029 27.6 %$323,256 25.5 %$268,073 28.0 %
U.S. Federal Services155,776 25.2 %84,723 18.8 %312,405 23.1 %232,502 19.2 %
Outside the U.S.31,266 16.5 %7,851 6.9 %92,908 17.7 %13,576 3.7 %
Total$291,856 23.5 %$185,603 20.6 %$728,569 23.1 %$514,151 20.3 %
Selling, general, and administrative expense:
U.S. Services$42,606 9.8 %$31,996 9.5 %$116,655 9.2 %$102,633 10.7 %
U.S. Federal Services69,647 11.3 %45,490 10.1 %172,877 12.8 %131,455 10.9 %
Outside the U.S.22,973 12.1 %13,668 12.0 %65,018 12.4 %47,125 12.7 %
Gain on sale of business (3)— NM(1,706)NM— NM(1,706)NM
Other (2) 4,903 NM134 NM9,948 NM4,155 NM
Total$140,129 11.3 %$89,582 9.9 %$364,498 11.6 %$283,662 11.2 %
Operating income:
U.S. Services$62,208 14.3 %$61,033 18.1 %$206,601 16.3 %$165,440 17.3 %
U.S. Federal Services86,129 13.9 %39,233 8.7 %139,528 10.3 %101,047 8.4 %
Outside the U.S.8,293 4.4 %(5,817)(5.1)%27,890 5.3 %(33,549)(9.1)%
Amortization of intangible assets(12,132)NM(8,712)NM(23,718)NM(26,734)NM
Gain on sale of business (3)— NM1706 NM— NM1706 NM
Other (2) (4,903)NM(134)NM(9,948)NM(4,155)NM
Total$139,595 11.2 %$87,309 9.7 %$340,353 10.8 %$203,755 8.0 %

(1)    Percentage of respective segment revenue. Percentages not considered meaningful are marked “NM.”

(2)    Other selling, general, and administrative expenses includes credits and costs that are not allocated to a particular segment. This includes expenses incurred as part of our acquisitions, as well as potential acquisitions which have not been or may not be completed. Our results for the three and nine months ended June 30, 2021, included $5.6 million and $8.8 million, respectively, of expenses relating to the acquisitions of Attain, LLC, and VES Group, Inc.

(3)     During fiscal year 2020, we sold Q2 Administrators LLC, a subsidiary within our U.S. Federal Services Segment, resulting in a gain.


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Maximus, Inc.
FREE CASH FLOW
(Non-GAAP measure)
(Amounts in thousands)
(Unaudited)
 Three Months Ended June 30,Nine Months Ended June 30,
2021202020212020
Cash flows (used in)/from operations$(33,039)$(13,189)$246,659 $96,083 
Purchases of property and equipment and capitalized software costs(8,549)(9,314)(32,133)(28,436)
Free cash flow $(41,588)$(22,503)$214,526 $67,647 





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Maximus, Inc.
Unaudited Pro Forma Results
(Amounts in thousands, except per share data)

Unaudited pro forma results
Three Months
Ended June 30,		Nine Months
Ended June 30,		Trailing Twelve Months Ended June 30,
20212020202120202021
Revenue$1,335,780 $996,462 $3,566,466 $2,934,920 $4,645,540 
Cost of revenue1,004,523 787,189 2,679,170 2,283,589 3,503,074 
Gross profit331,257 209,273 887,296 651,331 1,142,466 
Selling, general, and administrative expenses151,321 110,754 425,062 360,370 551,143 
Amortization of intangible assets21,301 25,090 63,856 75,868 88,586 
Operating income158,635 73,429 398,378 215,093 502,737 
Interest expense8,701 9,423 26,715 28,528 36,426 
Other (expense)/income, net(7,320)(2,126)(10,401)(11,755)(11,437)
Income before income taxes142,614 61,880 361,262 174,810 454,874 
Provision for income taxes37,123 15,549 94,735 38,897 120,248 
Net income$105,491 $46,331 $266,527 $135,913 $334,626 
Basic earnings per share$1.70 $0.75 $4.30 $2.14 $5.40 
Diluted earnings per share$1.69 $0.75 $4.28 $2.13 $5.37 
Dividends declared per share$0.28 $0.28 $0.84 $0.84 $1.12 
Weighted average shares outstanding:
Basic62,064 61,882 62,028 63,463 62,001 
Diluted62,453 62,102 62,300 63,666 62,285 




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Maximus, Inc.
Other Non-GAAP Information
(Amounts in thousands, except per share data)

Three Months Ended June 30,Nine Months Ended June 30,
2021202020212020
Operating income$139,595 $87,309 $340,353 $203,755 
Amortization of intangible assets12,132 8,712 23,718 26,734 
Operating income excluding amortization of intangible assets - non-GAAP$151,727 $96,021 $364,071 $230,489 
Net income$94,495 $64,464 $239,186 $150,848 
Amortization of intangible assets adjusted for income taxes8,941 6,529 17,364 19,884 
Net income excluding amortization of intangible assets - non-GAAP$103,436 $70,993 $256,550 $170,732 
Diluted earnings per share$1.51 $1.04 $3.84 $2.37 
Effect of amortization of intangible assets on diluted earnings per share0.15 0.10 0.28 0.31 
Diluted earnings per share excluding amortization of intangible assets - non-GAAP$1.66 $1.14 $4.12 $2.68 


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