Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 71,783 $ 103,426
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property, equipment, and capitalized software 26,321 21,199
Amortization of intangible assets 47,168 45,261
Amortization of debt issuance costs and debt discount 1,635 1,297
Deferred income taxes (1,368) (3,318)
Stock compensation expense 13,943 15,052
Loss on sale of businesses 883 0
Change in assets and liabilities, net of effects of business combinations and disposals:    
Accounts receivable 62,529 (49,064)
Prepaid expenses and other current assets 13,412 9,769
Deferred contract costs 583 (6,431)
Accounts payable and accrued liabilities (6,361) (3,047)
Accrued compensation and benefits (14,222) (28,281)
Deferred revenue (18,347) 18,473
Income taxes (6,578) (13,515)
Operating lease right-of-use assets and liabilities (2,072) (1,293)
Other assets and liabilities (14,272) 2,331
Net cash provided by operating activities 175,037 111,859
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software (33,751) (22,898)
Acquisitions of businesses, net of cash acquired 0 (4)
Proceeds from sale of businesses 9,124 0
Net cash used in investing activities (24,627) (22,902)
Cash flows from financing activities:    
Cash dividends paid to Maximus shareholders (34,033) (34,659)
Purchases of Maximus common stock 0 (25,843)
Tax withholding related to RSU vesting (8,475) (9,673)
Payments for contingent consideration (4,041) 0
Proceeds from borrowings 462,398 240,000
Principal payments for debt (530,460) (303,708)
Restricted cash movements (57,060) 0
Net cash used in financing activities (171,671) (133,883)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 3,186 324
Net change in cash, cash equivalents, and restricted cash (18,075) (44,602)
Cash, cash equivalents and restricted cash, beginning of period 136,795 156,570
Cash, cash equivalents and restricted cash, end of period $ 118,720 $ 111,968