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 |
% |