Business combinations (Tables)
|
12 Months Ended |
Sep. 30, 2015 |
|---|
| Acentia |
|
| Business combinations |
|
| Schedule of assets and liabilities recorded in the Company's financial statements at their fair values at the acquisition date |
We have completed the process of allocating the acquisition price to the fair value of the assets and liabilities of Acentia at the acquisition date with the exception of balances relating to current and deferred taxes (in thousands).
|
|
|
Updated through
June 30, 2015
|
|
Adjustments
|
|
Updated through
September 30, 2015
|
|
|
Cash consideration, net of cash acquired
|
|
$
|
292,815
|
|
$
|
689
|
|
$
|
293,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable and unbilled receivables
|
|
$
|
35,060
|
|
$
|
273
|
|
$
|
35,333
|
|
|
Other current assets
|
|
|
5,151
|
|
|
(101
|
)
|
|
5,050
|
|
|
Property and equipment
|
|
|
1,619
|
|
|
521
|
|
|
2,140
|
|
|
Intangible assets—customer relationships
|
|
|
69,900
|
|
|
—
|
|
|
69,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total identifiable assets acquired
|
|
|
111,730
|
|
|
693
|
|
|
112,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and other liabilities
|
|
|
32,619
|
|
|
(193
|
)
|
|
32,426
|
|
|
Deferred revenue
|
|
|
251
|
|
|
—
|
|
|
251
|
|
|
Capital lease obligations
|
|
|
—
|
|
|
567
|
|
|
567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities assumed
|
|
|
32,870
|
|
|
374
|
|
|
33,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net identifiable assets acquired
|
|
|
78,860
|
|
|
319
|
|
|
79,179
|
|
|
Goodwill
|
|
|
213,955
|
|
|
370
|
|
|
214,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets acquired
|
|
$
|
292,815
|
|
$
|
689
|
|
$
|
293,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
| Schedule of unaudited pro forma information |
The pro forma results presented below include amortization charges for acquired intangible assets and adjustments to interest expense incurred and exclude related acquisition expenses (in thousands, except per share data).
|
|
|
Unaudited
pro forma
results for the
year ended
September 30,
|
|
|
|
|
2015
|
|
2014
|
|
|
Revenue
|
|
$
|
2,203,347
|
|
$
|
1,912,423
|
|
|
Net income
|
|
|
165,822
|
|
|
155,589
|
|
|
Basic earnings per share attributable to MAXIMUS
|
|
$
|
2.48
|
|
$
|
2.30
|
|
|
Diluted earnings per share attributable to MAXIMUS
|
|
$
|
2.44
|
|
$
|
2.25
|
|
|
| HML |
|
| Business combinations |
|
| Schedule of assets and liabilities recorded in the Company's financial statements at their fair values at the acquisition date |
The assets and liabilities of HML recorded in our financial statements at the acquisition date are summarized below (in thousands):
|
|
|
HML balance sheet on
HML acquisition date
|
|
|
Cash consideration, net of cash acquired
|
|
$
|
71,435
|
|
|
Stock consideration
|
|
|
6,425
|
|
|
|
|
|
|
|
|
Purchase consideration, net of cash acquired
|
|
$
|
77,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable and unbilled receivables
|
|
$
|
7,671
|
|
|
Other current assets
|
|
|
1,382
|
|
|
Property and equipment
|
|
|
2,752
|
|
|
Intangible assets
|
|
|
20,542
|
|
|
|
|
|
|
|
|
Total identifiable assets acquired
|
|
|
32,347
|
|
|
|
|
|
|
|
|
Accounts payable and other liabilities
|
|
|
6,228
|
|
|
Deferred revenue
|
|
|
1,149
|
|
|
Current income tax liability
|
|
|
756
|
|
|
Deferred tax liability
|
|
|
4,701
|
|
|
|
|
|
|
|
|
Total liabilities assumed
|
|
|
12,834
|
|
|
|
|
|
|
|
|
Net identifiable assets acquired
|
|
|
19,513
|
|
|
Goodwill
|
|
|
58,347
|
|
|
|
|
|
|
|
|
Net assets acquired
|
|
$
|
77,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of valuation of the intangible assets acquired |
The valuation of the intangible assets acquired is summarized below (in thousands).
|
|
|
Useful life
|
|
Fair value
|
|
|
Customer relationships
|
|
20 years
|
|
$
|
19,933
|
|
|
Technology-based intangible assets
|
|
2 years
|
|
|
609
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
|
|
$
|
20,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DeltaWare |
|
| Business combinations |
|
| Summary of effect on the financial statements |
The effect on the financial statements is summarized below (in thousands):
|
|
|
Contingent
consideration
|
|
|
Balance at September 30, 2014
|
|
$
|
358
|
|
|
Reduction in estimate
|
|
|
(302
|
)
|
|
Foreign currency translation
|
|
|
(56
|
)
|
|
|
|
|
|
|
|
Balance at September 30, 2015
|
|
$
|
—
|
|
|
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