Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:      
Net income $ 203,828 $ 291,200 $ 214,509
Adjustments to reconcile net income to cash flows from operations:      
Depreciation and amortization of property, equipment and capitalized software 42,330 46,361 64,527
Amortization of intangible assets 90,465 44,357 35,634
Amortization of debt issuance costs and debt discount 3,012 865 0
Costs related to debt financing 0 8,509 0
Gain on sale of land and building (11,046) 0 0
Deferred income taxes 10,204 (6,577) (19,145)
Stock compensation expense 30,476 28,554 23,708
Gain on sale of a business 0 0 (1,718)
Change in assets and liabilities, net of effects of business combinations:      
Accounts receivable 14,132 38,578 (180,747)
Prepaid expenses and other current assets (6,745) (16,726) (9,839)
Deferred contract costs (12,056) (15,426) (1,911)
Accounts payable and accrued liabilities (32,722) 26,904 79,930
Accrued compensation and benefits 3,288 18,112 29,484
Deferred revenue (19,342) 53,652 2,391
Income taxes (13,510) (2,733) 3,490
Operating lease right-of-use assets and liabilities (1,112) 5,314 (556)
Other assets and liabilities (11,363) (3,622) 4,835
Net cash provided by operating activities 289,839 517,322 244,592
Cash flows from investing activities:      
Purchases of property and equipment and capitalized software (56,145) (36,565) (40,707)
Acquisitions of businesses, net of cash acquired (14,295) (1,798,915) (7,066)
Proceeds from the sale of land and building 16,431 0 0
Proceeds from the sale of a business 0 0 3,250
Other 0 0 385
Net cash used in investing activities (54,009) (1,835,480) (44,138)
Cash flows from financing activities:      
Cash dividends paid to Maximus shareholders (68,716) (68,838) (70,155)
Purchases of Maximus common stock (96,119) (3,363) (166,959)
Tax withholding related to RSU vesting (9,673) (9,818) (10,614)
Payments for contingent consideration (1,369) 0 0
Payments for debt financing costs 0 (23,213) 0
Proceeds from borrowings 615,000 2,318,129 638,048
Principal payments for debt (770,658) (824,483) (619,445)
Other 83,264 (2,721) (965)
Net cash (used in)/provided by financing activities (248,271) 1,385,693 (230,090)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (7,334) 474 1,705
Net change in cash, cash equivalents, and restricted cash (19,775) 68,009 (27,931)
Cash, cash equivalents and restricted cash, beginning of period 156,570 88,561 116,492
Cash, cash equivalents and restricted cash, end of period $ 136,795 $ 156,570 $ 88,561