Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operations:    
Net income $ 46,329 $ 26,882
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property, equipment and capitalized software 14,562 12,947
Amortization of intangible assets 3,402 3,149
Deferred income taxes 5,910 (499)
Stock compensation expense 4,889 4,332
Changes in assets and liabilities:    
Accounts receivable — billed and billable 14,687 (29,747)
Accounts receivable — unbilled (1,998) (1,853)
Prepaid expenses and other current assets 6,245 5,316
Deferred contract costs 44 764
Accounts payable and accrued liabilities (14,575) 8,188
Accrued compensation and benefits (17,237) (21,383)
Deferred revenue (10,096) (2,886)
Income taxes 16,902 (3,043)
Other assets and liabilities 2,076 (801)
Cash flows from operations 71,140 1,366
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (7,768) (10,685)
Acquisition of businesses, net of cash acquired 0 (2,606)
Proceeds from the sale of a business 385 0
Other 43 84
Cash used in investing activities (7,340) (13,207)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (2,920) (2,941)
Repurchases of common stock (28,767) (31,138)
Tax withholding related to RSU vesting (9,255) (11,553)
Borrowings under credit facility 65,000 47,070
Repayment of credit facility and other long-term debt (80,067) (12,721)
Other (1,145) 0
Cash used in financing activities (57,154) (11,283)
Effect of exchange rate changes on cash and cash equivalents (3,078) (590)
Net increase/(decrease) in cash and cash equivalents 3,568 (23,714)
Cash and cash equivalents, beginning of period 66,199 74,672
Cash and cash equivalents, end of period $ 69,767 $ 50,958