Exhibit 99.1
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
| 
 
  | 
 
  | 
 Quarter Ended  | 
 
  | 
 
  | 
 
  | 
 Year Ended  | 
 
  | 
 
  | 
 
  |    |||||||||||||||||
| 
 
  | 
 
  | 
 Dec. 31,  | 
 
  | 
 Percentage  | 
 
  | 
 Mar. 31,  | 
 
  | 
 Percentage  | 
 
  | 
 Jun. 30,  | 
 
  | 
 Percentage  | 
 
  | 
 Sept. 30,  | 
 
  | 
 Percentage  | 
 
  | 
 Sept. 30,  | 
 
  | 
 Percentage  | 
 
  |    |||||
| 
 
  | 
 
  | 
 2013  | 
 
  | 
 of Revenue  | 
 
  | 
 2014  | 
 
  | 
 of Revenue  | 
 
  | 
 2014  | 
 
  | 
 of Revenue  | 
 
  | 
 2014  | 
 
  | 
 of Revenue  | 
 
  | 
 2014  | 
 
  | 
 of Revenue  | 
 
  |    |||||
| 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  |    |||||
| 
 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  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Selling, general and administrative expenses  | 
 
  | 
 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  | 
 %  |    
| 
 
  | 
 
  | 
 Quarter Ended  | 
 
  | 
 
  | 
 
  | 
 Year Ended  | 
 
  | 
 
  | 
 
  |    |||||||||||||||||
| 
 
  | 
 
  | 
 Dec. 31,  | 
 
  | 
 Percentage  | 
 
  | 
 Mar. 31,  | 
 
  | 
 Percentage  | 
 
  | 
 Jun. 30,  | 
 
  | 
 Percentage  | 
 
  | 
 Sept. 30,  | 
 
  | 
 Percentage  | 
 
  | 
 Sept. 30,  | 
 
  | 
 Percentage  | 
 
  |    |||||
| 
 
  | 
 
  | 
 2012  | 
 
  | 
 of Revenue  | 
 
  | 
 2013  | 
 
  | 
 of Revenue  | 
 
  | 
 2013  | 
 
  | 
 of Revenue  | 
 
  | 
 2013  | 
 
  | 
 of Revenue  | 
 
  | 
 2013  | 
 
  | 
 of Revenue  | 
 
  |    |||||
| 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Health Services  | 
 
  | 
 $  | 
 147,051  | 
 
  | 
 
  | 
 
  | 
 $  | 
 164,754  | 
 
  | 
 
  | 
 
  | 
 $  | 
 171,710  | 
 
  | 
 
  | 
 
  | 
 $  | 
 208,050  | 
 
  | 
 
  | 
 
  | 
 $  | 
 691,565  | 
 
  | 
 
  | 
 
  |    
| 
 U.S. Federal Services  | 
 
  | 
 28,080  | 
 
  | 
 
  | 
 
  | 
 32,342  | 
 
  | 
 
  | 
 
  | 
 44,853  | 
 
  | 
 
  | 
 
  | 
 61,983  | 
 
  | 
 
  | 
 
  | 
 167,258  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Human Services  | 
 
  | 
 111,135  | 
 
  | 
 
  | 
 
  | 
 129,255  | 
 
  | 
 
  | 
 
  | 
 117,760  | 
 
  | 
 
  | 
 
  | 
 114,306  | 
 
  | 
 
  | 
 
  | 
 472,456  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Revenue  | 
 
  | 
 286,266  | 
 
  | 
 
  | 
 
  | 
 326,351  | 
 
  | 
 
  | 
 
  | 
 334,323  | 
 
  | 
 
  | 
 
  | 
 384,339  | 
 
  | 
 
  | 
 
  | 
 1,331,279  | 
 
  | 
 
  | 
 
  |    |||||
| 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Health Services  | 
 
  | 
 113,483  | 
 
  | 
 
  | 
 
  | 
 125,132  | 
 
  | 
 
  | 
 
  | 
 130,629  | 
 
  | 
 
  | 
 
  | 
 149,985  | 
 
  | 
 
  | 
 
  | 
 519,229  | 
 
  | 
 
  | 
 
  |    |||||
| 
 U.S. Federal Services  | 
 
  | 
 16,829  | 
 
  | 
 
  | 
 
  | 
 17,658  | 
 
  | 
 
  | 
 
  | 
 23,844  | 
 
  | 
 
  | 
 
  | 
 35,233  | 
 
  | 
 
  | 
 
  | 
 93,564  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Human Services  | 
 
  | 
 79,424  | 
 
  | 
 
  | 
 
  | 
 86,117  | 
 
  | 
 
  | 
 
  | 
 85,290  | 
 
  | 
 
  | 
 
  | 
 81,622  | 
 
  | 
 
  | 
 
  | 
 332,453  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Cost of revenue  | 
 
  | 
 209,736  | 
 
  | 
 
  | 
 
  | 
 228,907  | 
 
  | 
 
  | 
 
  | 
 239,763  | 
 
  | 
 
  | 
 
  | 
 266,840  | 
 
  | 
 
  | 
 
  | 
 945,246  | 
 
  | 
 
  | 
 
  |    |||||
| 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Health Services  | 
 
  | 
 33,568  | 
 
  | 
 22.8  | 
 %  | 
 39,622  | 
 
  | 
 24.0  | 
 %  | 
 41,081  | 
 
  | 
 23.9  | 
 %  | 
 58,065  | 
 
  | 
 27.9  | 
 %  | 
 172,336  | 
 
  | 
 24.9  | 
 %  |    |||||
| 
 U.S. Federal Services  | 
 
  | 
 11,251  | 
 
  | 
 40.1  | 
 %  | 
 14,684  | 
 
  | 
 45.4  | 
 %  | 
 21,009  | 
 
  | 
 46.8  | 
 %  | 
 26,750  | 
 
  | 
 43.2  | 
 %  | 
 73,694  | 
 
  | 
 44.1  | 
 %  |    |||||
| 
 Human Services  | 
 
  | 
 31,711  | 
 
  | 
 28.5  | 
 %  | 
 43,138  | 
 
  | 
 33.4  | 
 %  | 
 32,470  | 
 
  | 
 27.6  | 
 %  | 
 32,684  | 
 
  | 
 28.6  | 
 %  | 
 140,003  | 
 
  | 
 29.6  | 
 %  |    |||||
| 
 Gross profit  | 
 
  | 
 76,530  | 
 
  | 
 26.7  | 
 %  | 
 97,444  | 
 
  | 
 29.9  | 
 %  | 
 94,560  | 
 
  | 
 28.3  | 
 %  | 
 117,499  | 
 
  | 
 30.6  | 
 %  | 
 386,033  | 
 
  | 
 29.0  | 
 %  |    |||||
| 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Health Services  | 
 
  | 
 16,986  | 
 
  | 
 11.6  | 
 %  | 
 17,670  | 
 
  | 
 10.7  | 
 %  | 
 20,168  | 
 
  | 
 11.7  | 
 %  | 
 28,307  | 
 
  | 
 13.6  | 
 %  | 
 83,131  | 
 
  | 
 12.0  | 
 %  |    |||||
| 
 U.S. Federal Services  | 
 
  | 
 6,697  | 
 
  | 
 23.8  | 
 %  | 
 7,107  | 
 
  | 
 22.0  | 
 %  | 
 7,374  | 
 
  | 
 16.4  | 
 %  | 
 9,950  | 
 
  | 
 16.1  | 
 %  | 
 31,128  | 
 
  | 
 18.6  | 
 %  |    |||||
| 
 Human Services  | 
 
  | 
 17,395  | 
 
  | 
 15.7  | 
 %  | 
 21,130  | 
 
  | 
 16.3  | 
 %  | 
 20,481  | 
 
  | 
 17.4  | 
 %  | 
 19,964  | 
 
  | 
 17.5  | 
 %  | 
 78,970  | 
 
  | 
 16.7  | 
 %  |    |||||
| 
 Other / Corporate  | 
 
  | 
 992  | 
 
  | 
 
  | 
 
  | 
 (230  | 
 )  | 
 
  | 
 
  | 
 (177  | 
 )  | 
 
  | 
 
  | 
 13  | 
 
  | 
 
  | 
 
  | 
 598  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Selling, general and administrative expenses  | 
 
  | 
 42,070  | 
 
  | 
 14.7  | 
 %  | 
 45,677  | 
 
  | 
 14.0  | 
 %  | 
 47,846  | 
 
  | 
 14.3  | 
 %  | 
 58,234  | 
 
  | 
 15.2  | 
 %  | 
 193,827  | 
 
  | 
 14.6  | 
 %  |    |||||
| 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  | 
 
  |    |||||
| 
 Health Services  | 
 
  | 
 16,582  | 
 
  | 
 11.3  | 
 %  | 
 21,952  | 
 
  | 
 13.3  | 
 %  | 
 20,913  | 
 
  | 
 12.2  | 
 %  | 
 29,758  | 
 
  | 
 14.3  | 
 %  | 
 89,205  | 
 
  | 
 12.9  | 
 %  |    |||||
| 
 U.S. Federal Services  | 
 
  | 
 4,554  | 
 
  | 
 16.2  | 
 %  | 
 7,577  | 
 
  | 
 23.4  | 
 %  | 
 13,635  | 
 
  | 
 30.4  | 
 %  | 
 16,800  | 
 
  | 
 27.1  | 
 %  | 
 42,566  | 
 
  | 
 25.4  | 
 %  |    |||||
| 
 Human Services  | 
 
  | 
 14,316  | 
 
  | 
 12.9  | 
 %  | 
 22,008  | 
 
  | 
 17.0  | 
 %  | 
 11,989  | 
 
  | 
 10.2  | 
 %  | 
 12,720  | 
 
  | 
 11.1  | 
 %  | 
 61,033  | 
 
  | 
 12.9  | 
 %  |    |||||
| 
 Other / Corporate  | 
 
  | 
 (992  | 
 )  | 
 
  | 
 
  | 
 230  | 
 
  | 
 
  | 
 
  | 
 177  | 
 
  | 
 
  | 
 
  | 
 (13  | 
 )  | 
 
  | 
 
  | 
 (598  | 
 )  | 
 
  | 
 
  |    |||||
| 
 Amortization of intangible assets  | 
 
  | 
 (1,144  | 
 )  | 
 
  | 
 
  | 
 (1,171  | 
 )  | 
 
  | 
 
  | 
 (1,160  | 
 )  | 
 
  | 
 
  | 
 (1,408  | 
 )  | 
 
  | 
 
  | 
 (4,883  | 
 )  | 
 
  | 
 
  |    |||||
| 
 Acquisition-related expenses  | 
 
  | 
 (148  | 
 )  | 
 
  | 
 
  | 
 (16  | 
 )  | 
 
  | 
 
  | 
 (1,174  | 
 )  | 
 
  | 
 
  | 
 (830  | 
 )  | 
 
  | 
 
  | 
 (2,168  | 
 )  | 
 
  | 
 
  |    |||||
| 
 Total operating income  | 
 
  | 
 $  | 
 33,168  | 
 
  | 
 11.6  | 
 %  | 
 $  | 
 50,580  | 
 
  | 
 15.5  | 
 %  | 
 $  | 
 44,380  | 
 
  | 
 13.3  | 
 %  | 
 $  | 
 57,027  | 
 
  | 
 14.8  | 
 %  | 
 $  | 
 185,155  | 
 
  | 
 13.9  | 
 %  |