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
 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operations:    
Net income $ 157,214 $ 128,973
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property, equipment and capitalized software 43,416 39,246
Amortization of intangible assets 9,508 9,928
Deferred income taxes 8,614 (1,747)
Stock compensation expense 15,822 13,818
Gain on sale of a business (650) (6,453)
Change in assets and liabilities:    
Accounts receivable — billed and billable 68,023 (27,469)
Accounts receivable — unbilled (7,267) (5,556)
Prepaid expenses and other current assets 5,944 4,378
Deferred contract costs 1,114 956
Accounts payable and accrued liabilities (37,413) (20,617)
Accrued compensation and benefits (1,703) (9,974)
Deferred revenue (16,270) (11,703)
Income taxes 5,370 (965)
Other assets and liabilities 375 (4,683)
Cash flows from operations 252,097 108,132
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (19,088) (34,103)
Acquisition of businesses, net of cash acquired 0 (46,736)
Proceeds from the sale of a business 1,035 5,515
Other 485 381
Cash used in investing activities (17,568) (74,943)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (8,754) (8,780)
Repurchases of common stock (28,858) (33,335)
Tax withholding related to RSU vesting (9,267) (11,597)
Borrowings under credit facility 155,000 139,823
Repayment of credit facility and other long-term debt (304,902) (139,817)
Stock option exercises 370 205
Other (1,225) (533)
Cash used in financing activities (197,636) (54,034)
Effect of exchange rate changes on cash and cash equivalents 1,286 (3,218)
Net increase/(decrease) in cash and cash equivalents 38,179 (24,063)
Cash and cash equivalents, beginning of period 66,199 74,672
Cash and cash equivalents, end of period $ 104,378 $ 50,609