Exhibit 99.1
 
MAXIMUS Reports Results for Fiscal 2012 Fourth Quarter and Full Year
 
- Introduces Outlook for Fiscal 2013 -
 
 
RESTON, Va.--(BUSINESS WIRE)--November 15, 2012--MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for its fourth quarter and fiscal year ended September 30, 2012.
 
Key highlights include:
 
Revenue grew 20% to $300.7 million for the fourth quarter and 13% to $1.05 billion for the full fiscal year compared to the same periods last year, driven by growth on existing contracts, new work, and the PSI acquisition.
 
Adjusted diluted earnings per share from continuing operations increased 16% to $0.74 for the fourth quarter and increased 5% to $2.36 for the full fiscal year compared to the same periods last year.
 
Cash and cash equivalents totaled $189.3 million at September 30, 2012.
 
Year-to-date new signed contract awards totaled $1.44 billion at September 30, 2012.
 
Revenue for the fiscal 2012 fourth quarter increased 20% (21% on a constant currency basis) to $300.7 million versus $250.1 million reported for the same period last year. Revenue for fiscal year 2012 increased 13% (13% on a constant currency basis) to $1.05 billion compared to $929.6 million reported for fiscal 2011. Revenue increases were driven by growth on existing contracts, new work, and the acquisition of PSI. Fiscal 2012 organic revenue increased 7% compared to last year.
 
Fourth quarter GAAP income from continuing operations, net of taxes, totaled $23.8 million, or $0.68 per diluted share, and included approximately $0.06 of net legal and acquisition-related expenses, and tax adjustments. Excluding these costs, fourth quarter adjusted diluted earnings per share from continuing operations increased 16% to $0.74 compared to $0.64 reported for the same period last year. For the full year, GAAP income from continuing operations, net of taxes, totaled $76.1 million, or $2.19 per diluted share, and included approximately $0.17 per diluted share related to net legal and acquisition-related expenses, and tax adjustments. Excluding these expenses, adjusted diluted earnings per share from continuing operations increased 5% to $2.36 compared to fiscal 2011. A normalization table is included in the accompanying financial schedules.
 
“We are proud of our achievements in fiscal 2012 as we continue to grow the business and maximize shareholder value. We won our first health insurance exchange contract, expanded our domestic footprint through the acquisition of PSI, and achieved breakeven on our UK Work Programme contract. Our year-to-date signed awards of $1.44 billion were strong, contributing to our healthy backlog of $2.9 billion at September 30, 2012,” commented Richard A. Montoni, Chief Executive Officer of MAXIMUS.
 
 
 

 
 
Health Services Segment
 
Health Services Segment revenue for the fourth quarter of fiscal 2012 increased 16% to $181.6 million compared to $156.3 million for the same period last year, principally due to new work and the acquisition of PSI. For fiscal 2012, revenue increased 19% to $671.2 million compared to $565.9 million for the prior year, driven by new work, expansion on existing contracts, and the acquisition of PSI. Excluding revenue from PSI, year-over-year Segment organic revenue grew 15%.
 
Health Services Segment operating income for the fourth quarter totaled $20.0 million (11.0% operating margin) compared to $20.6 million (13.2% operating margin) in the same period last year. For the full fiscal year, Segment operating income was $80.6 million (12.0% operating margin) compared to $74.7 million (13.2% operating margin) in fiscal 2011. Operating margins for fiscal 2012 decreased due to: the managed care expansion in Texas; the timing of work, including contract rebids and start-ups; and lower-margin pass through revenue on a new health insurance exchange contract.
 
Human Services Segment
 
Human Services Segment revenue for the fourth quarter increased 27% to $119.2 million compared to $93.8 million in the prior-year period. For fiscal 2012, revenue increased 4% to $379.0 million compared to $363.8 million last year. Segment revenue growth was driven by the acquisition of PSI, which offset expected revenue decreases in the Company’s international operations related to the completion of short-term programs and lower caseloads in Australia and the transition to the Work Programme in the UK. As a result, excluding revenue from PSI, year-over-year Segment organic revenue decreased 6%.
 
Human Services Segment operating income for the fourth quarter increased 64% to $21.8 million (18.3% operating margin) and benefited from planned improvements on the UK Work Programme, as well as expected short-term work that was highly accretive. This compared to operating income of $13.3 million (14.2% operating margin) in the same period last year. For the full fiscal year, operating income grew 7% to $49.9 million (13.2% operating margin) compared to $46.8 million (12.9% operating margin) in fiscal 2011.
 
Backlog, Sales and Pipeline
 
The Company reported backlog totaling $2.9 billion at September 30, 2012, which is consistent with backlog of $2.9 billion at September 30, 2011.
 
Year-to-date signed contract wins at September 30, 2012 totaled $1.44 billion compared to $1.61 billion for fiscal 2011. Last year’s year-to-date signed awards included nearly $1 billion of awards from existing work. At September 30, 2012, new contracts pending (awarded but unsigned) totaled $128 million compared to $691 million last year.
 
Sales opportunities (pipeline) at November 7, 2012 totaled $2.6 billion (consisting of $1.2 billion in proposals pending, $145 million in proposals in preparation, and $1.3 billion in proposals tracking) compared to $1.8 billion in fiscal 2011.
 
Balance Sheet and Cash Flows
 
Cash and cash equivalents at September 30, 2012 totaled $189.3 million, of which 66% is held overseas. For the full fiscal year, cash provided by operating activities from continuing operations totaled $115.2 million with free cash flow of $92.0 million. For the fourth quarter of fiscal 2012, cash provided by operating activities from continuing operations totaled $30.1 million with free cash flow of $21.7 million.
 
Days Sales Outstanding (DSO) from continuing operations were favorable at 56 days and driven by the timing of collections.
 
 
 

 
 
On August 31, 2012, MAXIMUS paid a quarterly cash dividend of $0.09 per share, and on October 10, 2012, the Company announced a $0.09 per share cash dividend, payable on November 30, 2012 to shareholders of record on November 15, 2012.
 
During the fourth quarter of fiscal 2012, MAXIMUS used $3.9 million to purchase 65,800 shares of MAXIMUS common stock under its Board-authorized share repurchase program. For fiscal 2012, MAXIMUS repurchased a total of 306,000 shares and used cash of $13.0 million for buyback activity. At September 30, 2012, the Company had $127.4 million available for future repurchases. Subsequent to quarter close, MAXIMUS purchased another 168,500 shares of MAXIMUS common stock for $9.7 million through November 9, 2012.
 
Outlook
 
MAXIMUS is introducing fiscal 2013 guidance. MAXIMUS expects fiscal 2013 revenue to range between $1.225 billion and $1.275 billion, a 17% to 21% increase compared to fiscal 2012. At September 30, 2012, approximately 90% of forecasted 2013 revenue was in the form of backlog or outstanding option period renewals.
 
The Company expects fiscal 2013 adjusted diluted earnings per share from continuing operations to range between $2.85 and $3.05, a 21% to 29% increase compared to fiscal 2012. These ranges assume a lower contribution from mature contracts in Texas and California due to expected scope reductions in fiscal 2013, as previously disclosed. Revenue from these two contracts is expected to be lower in fiscal 2013 compared to fiscal 2012 by approximately $40 million to $45 million, with an estimated earnings impact of approximately $0.15 per diluted share.
 
“As we launch fiscal 2013, we foresee an exceptional year of top- and bottom-line growth. We remain focused on winning our fair share of health care reform work, growing our global operations, expanding our federal book of business, and strategically deploying cash. The management team remains committed to delivering outcomes that matter to our government clients, while at the same time adding new, profitable growth,” Montoni concluded.
 
Website Presentation, Conference Call and Webcast Information
 
MAXIMUS will host a conference call this morning, November 15, 2012, 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 www.maximus.com or by calling:
 
877.407.8289 (Domestic)/201.689.8341 (International)
 
 
For those unable to listen to the live call, a replay will be available through November 30, 2012. Callers can access the replay by calling:
 
877.660.6853 (Domestic)/201.612.7415 (International)
Replay conference ID number: 403280
 
About MAXIMUS
 
MAXIMUS is a leading operator of government health and human services programs in the United States, United Kingdom, Canada, Australia and Saudi Arabia. The Company delivers business process services to improve the cost effectiveness, efficiency and quality of government-sponsored benefit programs, such as Medicaid, Medicare, Children's Health Insurance Program (CHIP), Health Insurance BC (British Columbia), as well as welfare-to-work and child support programs around the globe. The Company's primary customer base includes federal, provincial, state, county and municipal governments. Operating under its founding mission of Helping Government Serve the People®, MAXIMUS has approximately 8,800 employees worldwide. For more information, visit www.maximus.com.
 
 
 

 
 
Non-GAAP Measures
 
This release refers to non-GAAP financial measures, including free cash flows from operating activities, adjusted diluted earnings per share from continuing operations, constant currency revenue growth, organic growth, and operating income excluding legal, settlement and acquisition-related expenses.
 
To provide constant currency information, revenue from foreign operations is converted into United States dollars using average exchange rates from the previous fiscal year. We believe constant currency revenue growth provides a useful basis for assessing the performance of the Company excluding foreign exchange fluctuations. To provide organic growth information, revenue in the prior year is compared to the current year without PSI revenues. We believe organic growth provides a useful basis for assessing the performance of the business excluding PSI. We have provided a reconciliation of free cash flows to operating cash flows from continuing operations. We believe that free cash flows from operations is a useful basis for investors to compare our performance across periods or across our competitors. Free cash flows show the effects of the Company’s operations and routine capital expenditure and exclude the cash flow effects of acquisitions, share repurchases, dividend payments and other financing transactions. We have provided a reconciliation to adjusted diluted earnings per share and operating income excluding legal, settlement and acquisition-related expenses. We believe that these measures are a useful basis for assessing the Company’s performance excluding the effect of the costs of acquiring PSI and the recovery of insurance claims in the periods shown.
 
The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to net income, cash flows from operating activities, diluted earnings per share, revenue growth and operating income as measures of performance.
 
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 www.maximus.com.
 
 
 

 
 
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
             
   
Three Months
   
Year
 
   
Ended September 30,
   
Ended September 30,
 
   
2012
   
2011
   
2012
   
2011
 
Revenue
 
$
300,736
   
$
250,107
   
$
1,050,145
   
$
929,633
 
Cost of revenue
 
216,107
   
181,880
   
762,202
   
675,982
 
Gross profit
 
84,629
   
68,227
   
287,943
   
253,651
 
Selling, general and administrative expenses
 
42,810
   
34,560
   
157,402
   
132,058
 
Acquisition-related expenses
 
766
   
   
2,876
   
 
Legal and settlement costs (recovery), net
 
1,080
   
(1,169
)
 
90
   
(808
)
Operating income from continuing operations
 
39,973
   
34,836
   
127,575
   
122,401
 
Interest and other income, net
 
1,084
   
1,124
   
4,176
   
3,495
 
Income from continuing operations before income taxes
 
41,057
   
35,960
   
131,751
   
125,896
 
Provision for income taxes
 
17,303
   
10,403
   
55,652
   
43,754
 
Income from continuing operations
 
23,754
   
25,557
   
76,099
   
82,142
 
                         
Discontinued operations, net of income taxes:
                       
Income (loss) from discontinued operations
 
   
197
   
   
(133
)
Gain (loss) on disposal
 
(83
)
 
(179
)
 
34
   
(841
)
Income (loss) from discontinued operations
 
(83
)
 
18
   
34
   
(974
)
                         
Net income
 
$
23,671
   
$
25,575
   
$
76,133
   
$
81,168
 
                         
Basic earnings (loss) per share:
                       
Income from continuing operations
 
$
0.70
   
$
0.75
   
$
2.25
   
$
2.39
 
Income (loss) from discontinued operations
 
   
   
   
(0.03
)
Basic earnings per share
 
$
0.70
   
$
0.75
   
$
2.25
   
$
2.36
 
                         
Diluted earnings (loss) per share:
                       
Income from continuing operations
 
$
0.68
   
$
0.73
   
$
2.19
   
$
2.31
 
Income (loss) from discontinued operations
 
   
   
   
(0.03
)
Diluted earnings per share
 
$
0.68
   
$
0.73
   
$
2.19
   
$
2.28
 
                         
Dividends per share
   
0.09
     
0.09
     
0.36
     
0.30
 
                         
Weighted average shares outstanding:
                       
Basic
 
34,045
   
34,180
   
33,867
   
34,417
 
Diluted
 
35,033
   
35,258
   
34,806
   
35,531
 
 
 
 

 
 
MAXIMUS, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands)
       
   
September 30,
 
   
2012
   
2011
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
189,312
   
$
172,950
 
Restricted cash
 
11,593
   
4,839
 
Accounts receivable—billed, net
 
172,705
   
146,900
 
Accounts receivable—unbilled
 
10,539
   
7,170
 
Prepaid income taxes
 
3,800
   
12,959
 
Deferred income taxes
 
22,207
   
19,256
 
Prepaid expenses and other current assets
 
38,528
   
27,202
 
Total current assets
 
448,684
   
391,276
 
Property and equipment, net
 
58,798
   
51,740
 
Capitalized software, net
 
27,390
   
26,616
 
Goodwill
 
112,032
   
71,323
 
Intangible assets, net
 
25,330
   
5,651
 
Deferred contract costs, net
 
9,284
   
8,020
 
Deferred income taxes
 
1,369
   
732
 
Deferred compensation plan assets
 
9,220
   
8,004
 
Other assets
 
3,186
   
1,917
 
Total assets
 
$
695,293
   
$
565,279
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
           
Current liabilities:
           
Accounts payable
 
$
71,314
   
$
55,470
 
Accrued compensation and benefits
 
56,105
   
47,748
 
Deferred revenue
 
61,840
   
47,902
 
Current portion of long-term debt
 
178
   
42
 
Acquisition-related contingent consideration
 
   
1,840
 
Income taxes payable
 
3,100
   
5,104
 
Other liabilities
 
6,599
   
5,787
 
Total current liabilities
 
199,136
   
163,893
 
Deferred revenue, less current portion
 
19,550
   
2,575
 
Long-term debt
 
1,558
   
1,654
 
Acquisition-related contingent consideration, less current portion
 
406
   
388
 
Income taxes payable, less current portion
 
1,412
   
1,484
 
Deferred income taxes
 
10,384
   
11,945
 
Deferred compensation plan liabilities, less current portion
 
11,741
   
8,883
 
Total liabilities
 
244,187
   
190,822
 
             
Shareholders’ equity:
           
Common stock, no par value; 60,000 shares authorized; 56,516 and 56,018 shares
      issued and 33,985 and 33,793 outstanding at September 30, 2012 and
      September 30, 2011, at stated amount, respectively
 
395,967
   
377,579
 
Treasury stock, at cost; 22,531 and 22,225 shares at September 30, 2012 and
     September 30, 2011, respectively
 
(429,646
)
 
(416,850
)
Accumulated other comprehensive income
 
20,240
   
12,480
 
Retained earnings
 
464,545
   
401,248
 
Total shareholders’ equity
 
451,106
   
374,457
 
Total liabilities and shareholders’ equity
 
$
695,293
   
$
565,279
 
 
 
 

 
 
MAXIMUS, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
             
   
Three Months
   
Year
 
   
Ended September 30,
   
Ended September 30,
 
   
2012
   
2011
   
2012
   
2011
 
Cash flows from operating activities:
                               
Net income
 
$
23,671
   
$
25,575
   
$
76,133
   
$
81,168
 
Adjustments to reconcile net income to net cash
provided by operating activities:
                       
Loss from discontinued operations
 
83
   
(18
)
 
(34
)
 
974
 
Depreciation and amortization
 
7,947
   
6,366
   
26,460
   
22,845
 
Deferred income taxes
 
1,355
   
1,386
   
(3,274
)
 
1,758
 
Non-cash equity based compensation
 
3,236
   
2,549
   
12,077
   
9,485
 
Change in assets and liabilities:
                       
Accounts receivable — billed
 
(14,297
)
 
(22,471
)
 
(7,213
)
 
(11,584
)
Accounts receivable — unbilled
 
1,996
   
9,209
   
2,214
   
10,068
 
Prepaid expenses and other current assets
 
2,227
   
(4,462
)
 
(6,018
)
 
(2,573
)
Deferred contract costs
 
(2,540
)
 
540
   
(1,221
)
 
(1,309
)
Accounts payable
 
9,759
   
(148
)
 
6,485
   
7,312
 
Accrued compensation and benefits
 
1,372
   
4,996
   
(2,648
)
 
4,490
 
Deferred revenue
 
(1,334
)
 
2,196
   
9,827
   
(11,779
)
Income taxes
 
(2,656
)
 
2,403
   
6,885
   
(10,814
)
Other assets and liabilities
 
(720
)
 
(1,021
)
 
(4,513
)
 
(2,456
)
Cash provided by continuing operations
 
30,099
   
27,100
   
115,160
   
97,585
 
Cash used in discontinued operations
 
   
361
   
   
(725
)
Cash provided by operating activities
 
30,099
   
27,461
   
115,160
   
96,860
 
                         
Cash flows from investing activities:
                       
Acquisition of business, net of cash acquired
 
   
   
(66,003
)
 
 
Proceeds from sale of discontinued operations
 
   
   
2,240
   
 
Purchases of property and equipment
 
(6,485
)
 
(7,543
)
 
(18,369
)
 
(18,506
)
Capitalized software costs
 
(1,932
)
 
(1,915
)
 
(4,779
)
 
(7,608
)
Proceeds from note receivable
 
   
172
   
299
   
237
 
Cash used in investing activities — continuing ops
 
(8,417
)
 
(9,286
)
 
(86,612
)
 
(25,877
)
                         
Cash flows from financing activities:
                       
Employee stock transactions
 
11
   
(70
)
 
1,977
   
8,980
 
Repurchases of common stock
 
(3,088
)
 
(39,566
)
 
(12,977
)
 
(56,540
)
Tax benefit due to option exercises and restricted stock units vesting
 
3,793
   
1,769
   
7,268
   
6,996
 
Issuance (repayment) of long-term debt
 
(44
)
 
   
(44
)
 
304
 
Acquisition-related contingent consideration
 
(1,809
)
 
(1,021
)
 
(1,809
)
 
(1,021
)
Cash dividends paid
 
(3,063
)
 
(3,086
)
 
(12,180
)
 
(10,327
)
Cash used in financing activities — continuing ops
 
(4,200
)
 
(41,974
)
 
(17,765
)
 
(51,608
)
 
Effect of exchange rate changes on cash and cash equivalents
 
2,930
   
(7,267
)
 
5,579
   
(1,746
)
                         
Net increase in cash and cash equivalents
 
20,412
   
(31,066
)
 
16,362
   
17,629
 
                         
Cash and cash equivalents, beginning of period
 
168,900
   
204,016
   
172,950
   
155,321
 
                         
Cash and cash equivalents, end of period
 
$
189,312
   
$
172,950
   
$
189,312
   
$
172,950
 
 
 
 

 
 
MAXIMUS, Inc.
SEGMENT INFORMATION
(Dollars in thousands)
(Unaudited)
         
   
Three Months Ended September 30,
 
Year Ended September 30,
   
2012
   
% (1)
 
2011
   
% (1)
 
2012
   
% (1)
 
2011
   
% (1)
                                         
Revenue:
                                               
Health Services
 
$
181,564
   
100
%
 
$
156,303
   
100
%
 
$
671,181
   
100
%
 
$
565,881
   
100
%
Human Services
 
119,172
   
100
%
 
93,804
   
100
%
 
378,964
   
100
%
 
363,752
   
100
%
Total
 
300,736
   
100
%
 
250,107
   
100
%
 
1,050,145
   
100
%
 
929,633
   
100
%
                                                 
Gross Profit:
                                               
Health services
 
44,533
   
24.5
%
 
39,183
   
25.1
%
 
172,456
   
25.7
%
 
147,239
   
26.0
%
Human Services
 
40,096
   
33.6
%
 
29,044
   
31.0
%
 
115,487
   
30.5
%
 
106,412
   
29.3
%
Total
 
84,629
   
28.1
%
 
68,227
   
27.3
%
 
287,943
   
27.4
%
 
253,651
   
27.3
%
                                                 
Selling, general, and
  administrative expense:
                                               
Health Services
 
24,551
   
13.5
%
 
18,566
   
11.9
%
 
91,837
   
13.7
%
 
72,524
   
12.8
%
Human Services
 
18,274
   
15.3
%
 
15,756
   
16.8
%
 
65,565
   
17.3
%
 
59,590
   
16.4
%
Corporate/Other
 
(15
)
 
NM
   
238
   
NM
   
   
NM
   
(56
)
 
NM
 
Total
 
42,810
   
14.2
%
 
34,560
   
13.8
%
 
157,402
   
15.0
%
 
132,058
   
14.2
%
                                                 
Operating income from
  continuing operations:
                                               
Health services
 
19,982
   
11.0
%
 
20,617
   
13.2
%
 
80,619
   
12.0
%
 
74,715
   
13.2
%
Human Services
 
21,822
   
18.3
%
 
13,288
   
14.2
%
 
49,922
   
13.2
%
 
46,822
   
12.9
%
Corporate/Other
 
15
   
NM
   
(238
)
 
NM
   
   
NM
   
56
   
NM
 
Subtotal: Segment
   Operating Income
 
41,819
   
13.9
%
 
33,667
   
13.5
%
 
130,541
   
12.4
%
 
121,593
   
13.1
%
   Legal, settlement and 
 acquisition-related
 expenses, net
 
1,846
   
NM
   
(1,169
)
 
NM
   
2,966
   
NM
   
(808
)
 
NM
 
Total
 
$
39,973
   
13.3
%
 
$
34,836
   
13.9
%
 
$
127,575
   
12.1
%
 
$
122,401
   
13.2
%
                                                         
 

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

 
 
MAXIMUS, Inc.
 
Non-GAAP Measures
 
   
PRO FORMA DILUTED EPS FROM CONTINUING OPERATIONS
 
("Adjusted Diluted EPS")
 
FY 2011 and FY 2012
 
(Unaudited)
 
             
         
Year
 
   
Quarter Ended
   
Ended
 
   
Dec. 31,
   
Mar. 31,
   
Jun. 30,
   
Sept. 30,
   
Sept. 30,
 
   
2011
   
2012
   
2012
   
2012
   
2012
 
Diluted EPS from continuing operations-GAAP basis
  $ 0.51     $ 0.41     $ 0.59     $ 0.68     $ 2.19  
                                         
Pro forma adjustments:
                                       
Legal, settlement and acquisition-related expenses, net
          (0.01 )     0.03       0.03       0.05  
Adjustment for tax accounts
          0.09             0.03       0.12  
Subtotal pro forma adjustments
          0.08       0.03       0.06       0.17  
                                         
Adjusted Diluted EPS from continuing operations
  $ 0.51     $ 0.49     $ 0.62     $ 0.74     $ 2.36  
               
         
Year
 
   
Quarter Ended
   
Ended
 
   
Dec. 31,
   
Mar. 31,
   
Jun. 30,
   
Sept. 30,
   
Sept. 30,
 
      2010       2011       2011       2011       2011  
Diluted EPS from continuing operations-GAAP basis
  $ 0.50     $ 0.54     $ 0.56     $ 0.73     $ 2.31  
                                         
Pro forma adjustments:
                                       
Legal and settlement expense (recovery), net
                      (0.02 )     (0.02 )
Adjustment for tax accounts
    0.01       0.01       0.01       (0.07 )     (0.04 )
Subtotal pro forma adjustments
    0.01       0.01       0.01       (0.09 )     (0.06 )
                                         
Adjusted Diluted EPS from continuing operations
  $ 0.51     $ 0.55     $ 0.57     $ 0.64     $ 2.25  
 
MAXIMUS, Inc.
FREE CASH FLOW
(Dollars in thousands)
(Unaudited)
             
   
Three Months
   
Year
 
   
Ended September 30,
   
Ended September 30,
 
   
2012
   
2011
   
2012
   
2011
 
                                 
Cash provided by operating activities – continuing ops
 
$
30,099
   
$
27,100
   
$
115,160
   
$
97,585
 
Purchases of property and equipment
 
(6,485
)
 
(7,543
)
 
(18,369
)
 
(18,506
)
Capitalized software costs
 
(1,932
)
 
(1,915
)
 
(4,779
)
 
(7,608
)
Free cash flow
 
$
21,682
   
$
17,642
   
$
92,012
   
$
71,471
 
 
CONTACT:
MAXIMUS
Lisa Miles, 703-251-8637
lisamiles@maximus.com