Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 128,973 $ 123,636
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and capitalized software 39,246 37,617
Amortization of intangible assets 9,928 6,182
Deferred income taxes (1,747) (8,921)
Stock compensation expense 13,818 12,785
Gain on sale of a business (6,453) 0
Changes in assets and liabilities:    
Accounts receivable — billed and billable (27,469) (81,430)
Accounts receivable — unbilled (5,556) 2,209
Prepaid expenses and other current assets 4,378 (3,496)
Deferred contract costs 956 (7,390)
Accounts payable and accrued liabilities (20,617) 45,064
Accrued compensation and benefits (9,974) (4,546)
Deferred revenue (11,703) 32,424
Income taxes (965) 37,476
Other assets and liabilities (4,683) (10,630)
Cash provided by operating activities 108,132 180,980
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (34,103) (73,167)
Acquisition of businesses, net of cash acquired (46,736) (289,612)
Proceeds from the sale of a business 5,515 0
Other 381 406
Cash used in investing activities (74,943) (362,373)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (8,780) (8,891)
Repurchases of common stock (33,335) (32,616)
Tax withholding related to RSU vesting (11,597) (12,451)
Expansion of credit facility 0 (1,444)
Borrowings under credit facility 139,823 255,993
Repayment of credit facility and other long-term debt (139,817) (90,112)
Tax provision due to option exercises and restricted stock units vesting 0 (1,208)
Stock option exercises 205 521
Other (533) (75)
Cash (used in)/provided by financing activities (54,034) 109,717
Effect of exchange rate changes on cash and cash equivalents (3,218) (4,559)
Net decrease in cash and cash equivalents (24,063) (76,235)
Cash and cash equivalents, beginning of period 74,672 158,112
Cash and cash equivalents, end of period $ 50,609 $ 81,877