Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:      
Net income $ 306,914 $ 161,792 $ 203,828
Adjustments to reconcile net income to cash flows from operations:      
Depreciation and amortization of property, equipment and capitalized software 33,957 54,725 42,330
Amortization of intangible assets 91,570 94,591 90,465
Amortization of debt issuance costs and debt discount 3,534 2,837 3,012
Gain on sale of land and building 0 0 (11,046)
Deferred income taxes (36,022) 1,552 10,204
Stock compensation expense 35,349 29,522 30,476
Loss on sale of businesses 1,018 883 0
Change in assets and liabilities, net of effects of business combinations and disposals:      
Accounts receivable (50,562) (23,401) 14,132
Prepaid expenses and other current assets 10,565 859 (6,745)
Deferred contract costs (13,155) 2,688 (12,056)
Accounts payable and accrued liabilities 18,267 17,729 (32,722)
Accrued compensation and benefits 38,247 12,650 3,288
Deferred revenue 28,534 (12,123) (19,342)
Income taxes 32,305 (16,958) (13,510)
Operating lease right-of-use assets and liabilities (1,906) (2,035) (1,112)
Other assets and liabilities 16,643 (10,971) (11,363)
Net cash provided by operating activities 515,258 314,340 289,839
Cash flows from investing activities:      
Purchases of property and equipment and capitalized software (114,190) (90,695) (56,145)
Acquisitions of businesses, net of cash acquired 0 0 (14,295)
Asset acquisition (17,999) 0 0
Proceeds from divestitures 3,085 9,732 0
Proceeds from the sale of land and building 0 0 16,431
Net cash used in investing activities (129,104) (80,963) (54,009)
Cash flows from financing activities:      
Cash dividends paid to Maximus shareholders (72,901) (68,073) (68,716)
Purchases of Maximus common stock (73,069) 0 (96,119)
Tax withholding related to RSU vesting (13,455) (8,475) (9,673)
Payments for contingent consideration (10,977) (9,431) (1,369)
Payments for debt financing costs (9,724) 0 0
Proceeds from borrowings 1,100,166 844,299 615,000
Principal payments for debt (1,212,202) (952,974) (770,658)
Cash-collateralized escrow liabilities 16,516 (56,144) 83,264
Net cash used in financing activities (275,646) (250,798) (248,271)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 3,164 2,717 (7,334)
Net change in cash, cash equivalents, and restricted cash 113,672 (14,704) (19,775)
Cash, cash equivalents and restricted cash, beginning of period 122,091 136,795 156,570
Cash, cash equivalents and restricted cash, end of period $ 235,763 $ 122,091 $ 136,795