Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 243,746 $ 234,410
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property, equipment, and capitalized software 27,502 24,146
Amortization of intangible assets 69,041 68,532
Amortization of debt issuance costs and debt discount 2,046 2,899
Deferred income taxes (5,829) (3,770)
Stock compensation expense 30,324 27,605
Divestiture-related charges 39,343 1,018
Change in assets and liabilities, net of effects of business combinations and divestitures:    
Accounts receivable (553,297) (26,528)
Prepaid expenses and other current assets 9,341 19,316
Deferred contract costs (856) (8,377)
Accounts payable and accrued liabilities (21,808) (1,659)
Accrued compensation and benefits (50,369) (21,043)
Deferred revenue (8,675) 18,079
Income taxes 5,625 10,576
Operating lease right-of-use assets and liabilities (3,508) (2,131)
Other assets and liabilities (2,626) 8,351
Net cash (used in)/provided by operating activities (220,000) 351,424
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software (55,686) (82,237)
Asset acquisition 0 (18,006)
Proceeds from divestitures 736 3,078
Other (2,165) 0
Net cash used in investing activities (57,115) (97,165)
Cash flows from financing activities:    
Cash dividends paid to Maximus shareholders (51,865) (54,847)
Purchases of Maximus common stock (306,443) (47,275)
Tax withholding related to RSU vesting (16,451) (13,455)
Payments for contingent consideration 0 (10,977)
Payments for debt financing costs (1,658) (9,724)
Proceeds from borrowings 1,335,208 850,166
Principal payments for debt (810,174) (952,825)
Other (1,824) 9,118
Net cash provided by/(used in) financing activities 146,793 (229,819)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (65) 1,270
Net change in cash, cash equivalents, and restricted cash (130,387) 25,710
Cash, cash equivalents, and restricted cash, beginning of period 235,763 122,091
Cash, cash equivalents, and restricted cash, end of period $ 105,376 $ 147,801