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

%