Exhibit 99.1
 
 
MAXIMUS Reports Financial Results for Second Quarter of Fiscal 2013
 
- Company Reiterates Guidance -
 
 
RESTON, Va.--(BUSINESS WIRE)--May 9, 2013--MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for its second quarter ended March 31, 2013.
 
Highlights for the quarter ended March 31, 2013 include:
 
 
Revenue grew 34% to $326.4 million for the second quarter compared to $243.5 million reported for the same period last year, driven by the PSI acquisition, growth on existing contracts and new work. The second quarter of fiscal 2013 included $16.0 million of non-recurring revenue from a previously disclosed contract termination; excluding this, revenue grew 27%.
 
 
Adjusted diluted earnings per share from continuing operations increased 47% to $0.72 for the second quarter of fiscal 2013 compared to $0.49 reported for the same period last year.
 
 
Cash and cash equivalents totaled $187.3 million at March 31, 2013.
 
 
Year-to-date signed contract awards totaled $886 million at March 31, 2013.
 
Revenue for the fiscal 2013 second quarter increased 34% to $326.4 million, which includes $16.0 million of non-recurring benefit related to a previously disclosed contract termination in the Human Services Segment. This compares to revenue of $243.5 million reported for the same period last year. Excluding the $16.0 million benefit, year-over-year second quarter revenue increased 27%, driven by the April 2012 acquisition of PSI, new work in both segments, and growth on existing contracts, which includes the ongoing revenue ramp up in the United Kingdom. Excluding PSI, revenue grew 15% organically compared to the prior-year period.
 
For the second quarter of fiscal 2013, income from continuing operations, net of taxes, totaled $31.7 million, or $0.91 per diluted share, and included pre-tax income of $10.9 million ($6.5 million, net of taxes), or $0.19 per diluted share, related to the previously disclosed contract termination. Excluding the benefit of $0.19 per diluted share, second quarter adjusted diluted earnings per share from continuing operations increased 47% to $0.72 compared to $0.49 reported for the same period last year. The year-over-year increase to earnings is attributable to accretive revenue growth in both segments. A reconciliation to non-GAAP measures is included in the accompanying financial schedules.
 
“Financial results in the quarter were solid and in-line with our expectations, supporting our growth trajectory for the remainder of fiscal 2013 and beyond. As expected, organic revenue growth accelerated in the second quarter, driven by strong performance from both segments. The long-term demand trends remain positive for MAXIMUS, with multi-year growth drivers in place as governments require a higher level of value-added services that deliver measurable and meaningful outcomes. These trends, coupled with our demonstrated experience and proven success, set the stage for our long-term success to grow the business and maximize shareholder value,” commented Richard A. Montoni, Chief Executive Officer of MAXIMUS.
 
 
 

 
 
Health Services Segment
 
Health Services Segment revenue for the second quarter of fiscal 2013 increased 23% to $197.9 million compared to $161.2 million for the same period last year, driven by the PSI acquisition, organic growth on existing contracts, and new work. Health Services Segment operating income for the second quarter of fiscal 2013 increased 59% to $28.9 million (14.6% operating margin) and benefitted from accretive revenue growth. This compares to $18.2 million (11.3% operating margin) for the same period last year.
 
Human Services Segment
 
Human Services Segment revenue for the second quarter of fiscal 2013 increased to $128.4 million compared to $82.3 million for the same period last year. Excluding the $16.0 million benefit from the aforementioned contract termination, revenue grew 37%, driven by the PSI acquisition, the ramp-up in the United Kingdom, as well as new work in Canada and Saudi Arabia. Human Services Segment operating income for the second quarter of 2013 totaled $21.5 million, which includes non-recurring pre-tax income of $10.9 million related to the contract termination. Excluding the $10.9 million benefit, operating income for the human services segment increased to $10.6 million (9.4% operating margin) compared to $8.6 million (10.5% operating margin) for the same period last year. The year-over-year operating income increase was driven by the expected improvement in the United Kingdom and growth in new programs, which offset the expected lower profit margin in Australia.
 
Sales and Pipeline
 
Year-to-date signed contract awards at March 31, 2013 totaled $886 million compared to $812 million reported for the same period last year. On a sequential basis, signed contract wins were strong with approximately $700 million of new signed awards during the fiscal second quarter of 2013. New contracts pending (awarded but unsigned) totaled $425 million compared to $284 million last year.
 
Sales pipeline for the quarter ended March 31, 2013 was $2.3 billion (consisting of $888 million in proposals pending, $85 million in proposals in preparation, and $1.3 billion in proposals tracking) and includes opportunities across multiple geographies and both segments. This compares to $1.7 billion in sales pipeline for the same period last year and $2.7 billion reported in the first fiscal quarter of 2013. Pipeline was lower on a sequential basis principally due to the large number of contracts shifting into the awarded categories.
 
Balance Sheet and Cash Flows
 
Cash and cash equivalents at March 31, 2013 totaled $187.3 million, of which approximately 70% is held overseas. For the second quarter of fiscal 2013, cash provided by operating activities from continuing operations totaled $29.4 million, with free cash flow of $18.3 million. Excluding the $16.0 million revenue benefit from the terminated contract, Days Sales Outstanding (DSO) from continuing operations were 66 days and remain within the Company’s previously stated range of 65 to 80 days.
 
On February 28, 2013, MAXIMUS paid a quarterly cash dividend of $0.09 per share. On April 18, 2013, the Company announced a $0.09 per share cash dividend, payable on May 31, 2013 to shareholders of record on May 15, 2013. In addition, on June 28, 2013 MAXIMUS will complete a two-for-one stock split where each shareholder of record on June 14, 2013 will receive an additional share of stock for each outstanding share.
 
MAXIMUS did not repurchase any shares of the Company’s common stock during the second quarter of fiscal 2013. At March 31, 2013, the Company had $114.6 million available for future repurchases under its Board-authorized share repurchase program.
 
 
 

 
 
Outlook
 
MAXIMUS is reiterating its fiscal 2013 revenue, earnings and cash flow guidance. The Company continues to expect fiscal 2013 revenue to range between $1.25 billion and $1.30 billion and adjusted diluted earnings per share from continuing operations to range between $3.00 and $3.15. The Company continues to expect cash provided by operating activities from continuing operations to range between $115 million and $135 million, and free cash flow from continuing operations to range between $70 million and $90 million.
 
Mr. Montoni concluded, “The recently announced two-for-one stock split underscores our confidence in the underlying, long-term fundamentals of MAXIMUS and our future outlook. The management team remains firmly committed to offering the highest quality of value-added services, enhancing our established brand recognition, and expanding our offerings to advance new opportunities.”
 
Website Presentation, Conference Call and Webcast Information
 
MAXIMUS will host a conference call this morning, May 9, 2013, 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 May 23, 2013. Callers can access the replay by calling:
 
877.660.6853 (Domestic)/201.612.7415 (International)
Replay conference ID number: 412909
 
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, organic growth, as well as revenues, operating income, net income and earnings per share excluding a terminated contract.
 
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 flow to operating cash flow from continuing operations. We believe that free cash flow from operations is a useful basis for investors to compare our performance across periods or across our competitors. Free cash flow 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 and the benefits of the terminated contract. We have also provided a reconciliation between revenue and revenue excluding the terminated contract. We believe that these measures are a useful basis for assessing the Company’s performance excluding the effect of the terminated contract, the costs of acquiring PSI, and net legal and settlement expenses.
 
 
 

 
 
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, operating income and operating margin 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
(Dollars in thousands, except per share data)
(Unaudited)
             
   
Three Months
   
Six Months
 
   
Ended March 31,
   
Ended March 31,
 
   
2013
   
2012
   
2013
   
2012
 
Revenue
 
$
326,351
   
$
243,452
   
$
612,617
   
$
483,055
 
Cost of revenue
 
228,907
   
178,686
   
438,643
   
358,442
 
Gross profit
 
97,444
   
64,766
   
173,974
   
124,613
 
Selling, general and administrative expenses
 
46,693
   
37,959
   
88,915
   
70,715
 
Acquisition-related expenses
 
16
   
233
   
164
   
233
 
Legal and settlement expenses/(recoveries), net
 
   
(824
)
 
142
   
(638
)
Operating income from continuing operations
 
50,735
   
27,398
   
84,753
   
54,303
 
Interest and other income, net
 
637
   
824
   
1,743
   
1,928
 
Income from continuing operations before income taxes
 
51,372
   
28,222
   
86,496
   
56,231
 
Provision for income taxes
 
19,658
   
14,011
   
32,999
   
24,362
 
Income from continuing operations
 
31,714
   
14,211
   
53,497
   
31,869
 
                         
Discontinued operations, net of income taxes:
                       
Loss from discontinued operations
 
(91
)
 
   
(594
)
 
 
Gain on disposal
 
66
   
62
   
102
   
108
 
Income (loss) from discontinued operations
 
(25
)
 
62
   
(492
)
 
108
 
                         
Net income
 
$
31,689
   
$
14,273
   
$
53,005
   
$
31,977
 
                         
Basic earnings (loss) per share:
                       
Income from continuing operations
 
$
0.93
   
$
0.42
   
$
1.57
   
$
0.95
 
Loss from discontinued operations
 
   
   
(0.01
)
 
 
Basic earnings per share
 
$
0.93
   
$
0.42
   
$
1.56
   
$
0.95
 
                         
Diluted earnings (loss) per share:
                       
Income from continuing operations
 
$
0.91
   
$
0.41
   
$
1.53
   
$
0.92
 
Loss from discontinued operations
 
   
   
(0.01
)
 
 
Diluted earnings per share
 
$
0.91
   
$
0.41
   
$
1.52
   
$
0.92
 
                         
Dividends paid per share
 
$
0.09
   
$
0.09
   
$
0.18
   
$
0.18
 
                         
Weighted average shares outstanding:
                       
Basic
 
34,089
   
33,788
   
34,085
   
33,725
 
Diluted
 
34,954
   
34,728
   
34,917
   
34,638
 
 
 
 

 
 
MAXIMUS, Inc.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
             
   
March 31,
   
September 30,
 
   
2013
   
2012
 
   
(unaudited)
       
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
187,343
   
$
189,312
 
Restricted cash
 
12,934
   
11,593
 
Accounts receivable — billed, net of reserves of $3,769 and $3,265
 
205,397
   
172,705
 
Accounts receivable — unbilled
 
18,689
   
10,539
 
Prepaid income taxes
 
11,517
   
3,800
 
Deferred income taxes
 
20,992
   
22,207
 
Prepaid expenses and other current assets
 
36,690
   
38,528
 
Total current assets
 
493,562
   
448,684
 
             
Property and equipment, net
 
58,845
   
58,798
 
Capitalized software, net
 
32,374
   
27,390
 
Goodwill
 
111,670
   
112,032
 
Intangible assets, net
 
22,874
   
25,330
 
Deferred contract costs, net
 
10,675
   
9,284
 
Deferred income taxes
 
1,249
   
1,369
 
Deferred compensation plan assets
 
9,831
   
9,220
 
Other assets, net
 
3,280
   
3,186
 
Total assets
 
$
744,360
   
$
695,293
 
             
LIABILITIES AND SHAREHOLDERS’ EQUITY
           
Current liabilities:
           
Accounts payable and accrued liabilities
 
$
80,553
   
$
73,128
 
Accrued compensation and benefits
 
49,592
   
56,105
 
Deferred revenue
 
66,072
   
60,026
 
Current portion of long-term debt
 
172
   
178
 
Income taxes payable
 
4,434
   
3,100
 
Other accrued liabilities
 
9,018
   
6,599
 
Total current liabilities
 
209,841
   
199,136
 
Deferred revenue, less current portion
 
8,943
   
19,550
 
Long-term debt
 
1,420
   
1,558
 
Acquisition-related contingent consideration, less current portion
 
393
   
406
 
Income taxes payable, less current portion
 
1,460
   
1,412
 
Deferred income taxes
 
15,539
   
10,384
 
Deferred compensation plan liabilities, less current portion
 
13,573
   
11,741
 
Total liabilities
 
251,169
   
244,187
 
             
Shareholders’ equity:
           
Common stock, no par value; 100,000 and 60,000 shares authorized; 56,883 and 56,516 shares issued and 34,103 and 33,985 shares outstanding at March 31, 2013 and September 30, 2012, at stated amount, respectively
 
407,685
   
395,967
 
Treasury stock, at cost; 22,780 and 22,531 shares at March 31, 2013 and September 30, 2012, respectively
 
(444,282
)
 
(429,646
)
Accumulated other comprehensive income
 
18,672
   
20,240
 
Retained earnings
 
511,116
   
464,545
 
Total shareholders’ equity
 
493,191
   
451,106
 
Total liabilities and shareholders’ equity
 
$
744,360
   
$
695,293
 
 
 
 

 
 
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
             
   
Three Months
   
Six Months
 
   
Ended March 31,
   
Ended March 31,
 
   
2013
   
2012
   
2013
   
2012
 
Cash flows from operating activities:
                               
Net income
 
$
31,689
   
$
14,273
   
$
53,005
   
$
31,977
 
Adjustments to reconcile net income to net cash provided by operating activities:
                       
(Income) loss from discontinued operations
 
25
   
(62
)
 
492
   
(108
)
Depreciation and amortization
 
7,959
   
5,434
   
17,934
   
11,545
 
Deferred income taxes
 
7,368
   
(2,891
)
 
6,757
   
(5,315
)
Non-cash equity based compensation
 
3,587
   
2,836
   
7,062
   
5,633
 
                         
Change in assets and liabilities:
                       
Accounts receivable — billed
 
(6,931
)
 
9,741
   
(33,311
)
 
7,268
 
Accounts receivable — unbilled
 
(7,307
)
 
355
   
(8,152
)
 
(63
)
Prepaid expenses and other current assets
 
(2,593
)
 
(2,471
)
 
(2,521
)
 
(4,092
)
Deferred contract costs
 
3,932
   
319
   
(1,413
)
 
1,109
 
Accounts payable and accrued liabilities
 
(1,798
)
 
4,528
   
8,728
   
12,298
 
Accrued compensation and benefits
 
5,817
   
4,266
   
(1,877
)
 
(6,287
)
Deferred revenue
 
(9,397
)
 
3,662
   
(2,934
)
 
11,291
 
Income taxes
 
(4,328
)
 
3,932
   
(6,561
)
 
8,910
 
Other assets and liabilities
 
1,352
   
(2,440
)
 
2,285
   
(5,128
)
Cash provided by operating activities – continuing ops
 
29,375
   
41,482
   
39,494
   
69,038
 
Cash used in operating activities – discontinued ops
 
(61
)
 
-
   
(554
)
 
-
 
Cash provided by operating activities
 
29,314
   
41,482
   
38,940
   
69,038
 
                         
Cash flows from investing activities:
                       
Purchases of property and equipment
 
(6,264
)
 
(4,022
)
 
(13,351
)
 
(6,576
)
Capitalized software costs
 
(4,776
)
 
(1,112
)
 
(8,240
)
 
(1,832
)
Proceeds from settlement of final PSI price
 
3,380
   
-
   
3,380
   
-
 
Proceeds from note receivable
 
112
   
124
   
172
   
272
 
Proceeds from sale of discontinued operations
 
-
   
-
   
-
   
2,240
 
Cash used in investing activities
 
(7,548
)
 
(5,010
)
 
(18,039
)
 
(5,896
)
                         
Cash flows from financing activities:
                       
Repurchases of common stock
 
-
 
 
-
   
(15,403
)
 
(9,749
)
Employee tax withholding on restricted stock units vesting
 
-
 
 
-
   
(6,677
)
 
(3,088
)
Tax benefit due to option exercises and RSU vesting
 
2,315
   
770
   
4,680
   
2,510
 
Cash dividends paid
 
(3,067
)
 
(3,038
)
 
(6,131
)
 
(6,061
)
Stock option exercises
 
-
 
 
1,959
   
1,752
   
4,775
 
Repayment of long-term debt
 
(43
)
 
-
   
(87
)
 
-
 
Cash used in financing activities
 
(795
)
 
(309
)
 
(21,866
)
 
(11,613
)
                       
Effect of exchange rate changes on cash and cash equivalents
 
(766
)
 
2,326
   
(1,004
)
 
5,058
                       
Net increase/(decrease) in cash and cash equivalents
 
20,205
   
38,489
   
(1,969
)
 
56,587
                       
Cash and cash equivalents, beginning of period
 
167,138
   
191,048
   
189,312
   
172,950
                       
Cash and cash equivalents, end of period
 
$
187,343
   
$
229,537
   
$
187,343
   
$
229,537
 
 
 

 
 
MAXIMUS, Inc.
SEGMENT INFORMATION
(Dollars in thousands)
(Unaudited)
 
   
Three Months Ended March 31,
 
Six Months Ended March 31,
   
2013
   
% (1)
 
2012
   
% (1)
 
2013
   
% (1)
 
2012
   
% (1)
                                         
Revenue:
                                               
Health Services
 
$
197,948
   
100
%
 
$
161,170
   
100
%
 
$
373,946
   
100
%
 
$
319,213
   
100
%
Human Services
 
128,403
   
100
%
 
82,282
   
100
%
 
238,671
   
100
%
 
163,842
   
100
%
Total
 
326,351
   
100
%
 
243,452
   
100
%
 
612,617
   
100
%
 
483,055
   
100
%
                                                 
Gross Profit:
                                               
Health Services
 
54,651
   
28
%
 
41,137
   
26
%
 
99,910
   
27
%
 
77,136
   
24
%
Human Services
 
42,793
   
33
%
 
23,629
   
29
%
 
74,064
   
31
%
 
47,477
   
29
%
Total
 
97,444
   
30
%
 
64,766
   
27
%
 
173,974
   
28
%
 
124,613
   
26
%
                                                 
Selling, general, and administrative expense:
                                               
Health Services
 
25,742
   
13
%
 
22,935
   
14
%
 
50,375
   
13
%
 
42,151
   
13
%
Human Services
 
21,334
   
17
%
 
15,024
   
18
%
 
38,923
   
16
%
 
28,564
   
17
%
Corporate/Other
 
(383
)
 
NM
   
   
NM
   
(383
)
 
NM
   
   
NM
 
Total
 
46,693
   
14
%
 
37,959
   
16
%
 
88,915
   
15
%
 
70,715
   
15
%
                                                 
Operating income from continuing operations:
                                               
Health Services
 
28,909
   
15
%
 
18,202
   
11
%
 
49,535
   
13
%
 
34,985
   
11
%
Human Services
 
21,459
   
17
%
 
8,605
   
10
%
 
35,141
   
15
%
 
18,913
   
12
%
Corporate/Other
 
383
   
NM
   
   
NM
   
383
   
NM
   
   
NM
 
Subtotal:
Segment Operating Income
 
50,751
   
16
%
 
26,807
   
11
%
 
85,059
   
14
%
 
53,898
   
11
%
Acquisition-related expenses
 
16
   
NM
   
233
   
NM
   
164
   
NM
   
233
   
NM
 
Legal and settlement expenses/(recoveries), net
 
   
NM
   
(824
)
 
NM
   
142
   
NM
   
(638
)
 
NM
 
Total
 
$
50,735
   
16
%
 
$
27,398
   
11
%
 
$
84,753
   
14
%
 
$
54,303
   
11
%

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

 
 
MAXIMUS, Inc.
Non-GAAP Measures
 
ADJUSTED REVENUE AND OPERATING INCOME
(Dollars in thousands)
(Unaudited)
 
   
Three Months
   
Six Months
 
   
Ended March 31,
   
Ended March 31,
 
   
2013
   
2013
 
             
Total company revenue
 
$
326,351
   
$
612,617
 
Revenue from terminated contract
 
16,035
   
16,035
 
Total company revenue excluding terminated contract
 
$
310,316
   
$
596,582
 
                 
Total company operating income
 
$
50,735
   
$
84,753
 
Operating income from terminated contract
   
10,900
     
10,900
 
Total company operating income, excluding terminated contract
 
$
39,835
   
$
73,853
 
                 
Total company operating margin, excluding terminated contract
   
12.8
%
   
12.4
%
             
             
   
Three Months
   
Six Months
 
   
Ended March 31,
   
Ended March 31,
 
   
2013
   
2013
 
             
Human Services revenue
 
$
128,403
   
$
238,671
 
Revenue from terminated contract
 
16,035
   
16,035
 
Human Services revenue, excluding terminated contract
 
$
112,368
   
$
222,636
 
                 
Human Services operating income
 
$
21,459
   
$
35,141
 
Operating income from terminated contract
   
10,900
     
10,900
 
Human Services operating income, excluding terminated contract
 
$
10,559
   
$
24,241
 
                 
Human Services operating margin, excluding terminated contract
   
9.4
%
   
10.9
%
 
 
 

 
 
MAXIMUS, Inc.
ADJUSTED DILUTED EPS FROM CONTINUING OPERATIONS
FY 2013 and FY 2012
(Unaudited)
 
   
Quarter Ended
   
Dec. 31,
   
Mar. 31,
 
   
2012
   
2013
 
Diluted EPS from continuing operations-GAAP basis
  $ 0.62     $ 0.91  
                 
Adjustments:
               
Legal, settlement and acquisition-related expenses
    0.01        
Adjustment for terminated contract
          (0.19 )
Subtotal pro forma adjustments
    0.01       (0.19 )
                 
Adjusted diluted EPS from continuing operations
  $ 0.63     $ 0.72  
 
 
   
Quarter Ended
   
Year 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  
                                         
Adjustments:
                                       
Legal, settlement and acquisition-related expenses (recovery), 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  
 
 
MAXIMUS, Inc.
FREE CASH FLOW
(Dollars in thousands)
(Unaudited)
 
   
Three Months
   
Six Months
 
   
Ended March 31,
   
Ended March 31,
 
   
2013
   
2012
   
2013
   
2012
 
Cash provided by operating activities – continuing operations
 
$
29,375
   
$
41,482
   
$
39,494
   
$
69,038
 
Purchases of property and equipment
   
(6,264
)
   
(4,022
)
   
(13,351
)
   
(6,576
)
Capitalized software costs
 
(4,776
)
 
(1,112
)
 
(8,240
)
 
(1,832
)
Free cash flow from continuing operations
 
$
18,335
   
$
36,348
   
$
17,903
   
$
60,630
 
                                 
 
CONTACT:
MAXIMUS
Lisa Miles, 703-251-8637
lisamiles@maximus.com