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
 3 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operations:    
Net income $ 59,952 $ 46,329
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 13,719 14,562
Amortization of intangible assets 2,718 3,402
Deferred income taxes 5,707 5,910
Stock compensation expense 5,402 4,889
Change in assets and liabilities:    
Accounts receivable — billed and billable (44,381) 14,687
Accounts receivable — unbilled 5,535 (1,998)
Prepaid expenses and other current assets 6,019 6,245
Deferred contract costs 1,413 44
Accounts payable and accrued liabilities 11,387 (14,575)
Accrued compensation and benefits (29,588) (17,237)
Deferred revenue (12,405) (10,096)
Income taxes 9,642 16,902
Other assets and liabilities 2,748 2,076
Cash flows from operations 37,868 71,140
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (6,514) (7,768)
Proceeds from the sale of a business 0 385
Other 45 43
Cash used in investing activities (6,469) (7,340)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (2,930) (2,920)
Repurchases of common stock (1,038) (28,767)
Tax withholding related to RSU vesting (8,529) (9,255)
Borrowings under credit facility 59,683 65,000
Repayment of credit facility and other long-term debt (48,156) (80,067)
Other 0 (1,145)
Cash used in financing activities (970) (57,154)
Effect of exchange rate changes on cash and cash equivalents 224 (3,078)
Net increase in cash and cash equivalents 30,653 3,568
Cash and cash equivalents, beginning of period 166,252 66,199
Cash and cash equivalents, end of period $ 196,905 $ 69,767