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
 6 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operations:    
Net income $ 99,426 $ 76,223
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property, equipment and capitalized software 29,967 25,859
Amortization of intangible assets 6,788 6,411
Deferred income taxes (5,721) (327)
Stock compensation expense 10,234 9,151
Changes in assets and liabilities:    
Accounts receivable — billed and billable 10,030 (35,051)
Accounts receivable — unbilled (3,445) (4,851)
Prepaid expenses and other current assets 7,512 5,443
Deferred contract costs 998 810
Accounts payable and accrued liabilities (17,719) (19,949)
Accrued compensation and benefits (6,293) (14,211)
Deferred revenue (15,853) (2,009)
Income taxes 20,715 (22,597)
Other assets and liabilities 209 (3,038)
Cash flows from operations 136,848 21,864
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (12,975) (19,836)
Acquisition of businesses, net of cash acquired 0 (41,812)
Proceeds from the sale of a business 385 0
Other 218 210
Cash used in investing activities (12,372) (61,438)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (5,837) (5,860)
Repurchases of common stock (28,858) (31,138)
Tax withholding related to RSU vesting (9,267) (11,597)
Borrowings under credit facility 135,000 130,563
Repayment of credit facility and other long-term debt (184,828) (55,219)
Other (1,145) 0
Cash (used in)/provided by financing activities (94,935) 26,749
Effect of exchange rate changes on cash and cash equivalents (878) (1,064)
Net increase/(decrease) in cash and cash equivalents 28,663 (13,889)
Cash and cash equivalents, beginning of period 66,199 74,672
Cash and cash equivalents, end of period $ 94,862 $ 60,783