Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:      
Net income $ 291,200 $ 214,509 $ 240,495
Adjustments to reconcile net income to cash flows from operations:      
Depreciation and amortization of property, equipment and capitalized software 46,361 64,527 52,404
Amortization of intangible assets 44,357 35,634 33,054
Amortization of debt issuance costs and debt discount 865 0 0
Deferred income taxes (6,577) (19,145) 12,661
Stock compensation expense 28,554 23,708 20,774
Gain on sale of a business 0 (1,718) 0
Costs related to debt financing 8,509 0 0
Change in assets and liabilities, net of effects of business combinations:      
Accounts receivable 38,578 (180,747) (45,495)
Prepaid expenses and other current assets (16,726) (9,839) (15,583)
Deferred contract costs (15,426) (1,911) (4,670)
Accounts payable and accrued liabilities 26,904 79,930 47,580
Accrued compensation and benefits 18,112 29,484 2,288
Deferred revenue 53,652 2,391 16,488
Income taxes (2,733) 3,490 (4,720)
Operating lease right-of-use assets and liabilities 5,314 (556) 0
Other assets and liabilities (3,622) 4,835 1,451
Net cash provided by operating activities 517,322 244,592 356,727
Cash flows from investing activities:      
Purchases of property and equipment and capitalized software (36,565) (40,707) (66,846)
Acquisitions of businesses, net of cash acquired (1,798,915) (7,066) (436,839)
Acquisition of noncontrolling interests 0 0 (647)
Proceeds from the sale of a business 0 3,250 0
Maturities of short-term investments 0 0 19,996
Other 0 385 453
Net cash used in investing activities (1,835,480) (44,138) (483,883)
Cash flows from financing activities:      
Cash dividends paid to Maximus shareholders (68,838) (70,155) (63,887)
Purchases of Maximus common stock (3,363) (166,959) (47,446)
Tax withholding related to RSU vesting (9,818) (10,614) (8,915)
Payments for debt financing costs (23,213) 0 0
Proceeds from borrowings 2,318,129 638,048 414,664
Principal payments for debt (824,483) (619,445) (405,142)
Other (2,721) (965) (133)
Net cash provided by/(used in) financing activities 1,385,693 (230,090) (110,859)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 474 1,705 (2,052)
Net change in cash, cash equivalents, and restricted cash 68,009 (27,931) (240,067)
Cash, cash equivalents and restricted cash, beginning of period 88,561 116,492 356,559
Cash, cash equivalents and restricted cash, end of period $ 156,570 $ 88,561 $ 116,492