Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:      
Net income $ 319,034 $ 306,914 $ 161,792
Adjustments to reconcile net income to cash flows from operations:      
Depreciation and amortization of property, equipment and capitalized software 41,669 33,957 54,725
Amortization of intangible assets 92,047 91,570 94,591
Amortization of debt issuance costs and debt discount 2,782 3,534 2,837
Deferred income taxes (16,716) (36,022) 1,552
Stock compensation expense 41,182 35,349 29,522
Divestiture-related charges 39,549 1,018 883
Change in assets and liabilities, net of effects of business combinations and disposals:      
Accounts receivable (31,852) (50,562) (23,401)
Prepaid expenses and other current assets (13,804) 10,565 859
Deferred contract costs (2,117) (13,155) 2,688
Accounts payable and accrued liabilities (7,492) 18,267 17,729
Accrued compensation and benefits 12,225 38,247 12,650
Deferred revenue (29,990) 28,534 (12,123)
Income taxes (7,508) 32,305 (16,958)
Operating lease right-of-use assets and liabilities (1,937) (1,906) (2,035)
Other assets and liabilities (7,700) 16,643 (10,971)
Net cash provided by operating activities 429,372 515,258 314,340
Cash flows from investing activities:      
Purchases of property and equipment and capitalized software (63,213) (114,190) (90,695)
Asset acquisition 0 (17,999) 0
Proceeds from divestitures 5,117 3,085 9,732
Other (2,165) 0 0
Net cash used in investing activities (60,261) (129,104) (80,963)
Cash flows from financing activities:      
Cash dividends paid to Maximus shareholders (68,710) (72,901) (68,073)
Purchases of Maximus common stock (447,482) (73,069) 0
Tax withholding related to RSU vesting (16,451) (13,455) (8,475)
Payments for contingent consideration 0 (10,977) (9,431)
Payments for debt financing costs (1,658) (9,724) 0
Proceeds from borrowings 1,499,000 1,100,166 844,299
Principal payments for debt (1,297,639) (1,212,202) (952,974)
Other (10,937) 16,516 (56,144)
Net cash used in financing activities (343,877) (275,646) (250,798)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (538) 3,164 2,717
Net change in cash, cash equivalents, and restricted cash 24,696 113,672 (14,704)
Cash, cash equivalents and restricted cash, beginning of period 235,763 122,091 136,795
Cash, cash equivalents and restricted cash, end of period $ 260,459 $ 235,763 $ 122,091