Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:      
Net income $ 180,160 $ 160,049 $ 145,396
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property, plant, equipment and capitalized software 58,404 46,849 42,778
Amortization of intangible assets 13,377 9,348 5,890
Deferred income taxes 5,652 807 2,898
Stock compensation expense 18,751 17,237 17,278
Gain on sale of a business (6,880) 0 0
Changes in assets and liabilities, net of effects of business combinations:      
Accounts receivable—billed and billable (51,986) (103,774) (144)
Accounts receivable—unbilled (5,590) (911) 2,056
Prepaid expenses and other current assets (2,027) (6,475) (2,540)
Deferred contract costs (398) (7,245) 2,254
Accounts payable and accrued liabilities (2,371) 44,351 (2,928)
Accrued compensation and benefits (869) (3,157) 12,277
Deferred revenue (11,661) 47,948 2,841
Income taxes (13,125) 9,134 (10,974)
Other assets and liabilities (1,411) (7,944) (3,482)
Cash provided by operating activities 180,026 206,217 213,600
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired (46,651) (289,212) (2,670)
Purchases of property and equipment and capitalized software costs (46,391) (105,149) (47,148)
Proceeds from the sale of a business 5,515 0 0
Other 424 489 429
Cash used in investing activities (87,103) (393,872) (49,389)
Cash flows from financing activities:      
Cash dividends paid to MAXIMUS shareholders (11,701) (11,852) (12,187)
Repurchases of common stock (33,335) (82,787) (111,141)
Stock compensation tax benefit 5,172 9,474 9,665
Tax withholding related to RSU vesting (11,614) (12,451) (14,681)
Stock option exercises 546 868 1,362
Borrowings under credit facility 149,823 330,993 15,000
Repayment of credit facility and other long-term debt (195,200) (121,611) (15,162)
Other (533) (75) 0
Expansion of credit facility 0 (1,444) 0
Cash (used in)/provided by financing activities (96,842) 111,115 (127,144)
Effect of exchange rate changes on cash (4,554) (6,900) (4,572)
Net (decrease)/increase in cash and cash equivalents (8,473) (83,440) 32,495
Cash and cash equivalents, beginning of period 74,672 158,112 125,617
Cash and cash equivalents, end of period $ 66,199 $ 74,672 $ 158,112