Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operations:      
Net income $ 212,182 $ 180,160 $ 160,049
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization of property, plant, equipment and capitalized software 55,769 58,404 46,849
Amortization of intangible assets 12,208 13,377 9,348
Deferred income taxes 4,762 5,652 807
Stock compensation expense 21,365 18,751 17,237
Gain on sale of business (650) (6,880) 0
Changes in assets and liabilities, net of effects of business combinations:      
Accounts receivable—billed and billable 53,025 (51,986) (103,774)
Accounts receivable—unbilled 26 (5,590) (911)
Prepaid expenses and other current assets 2,584 (2,027) (6,475)
Deferred contract costs 2,037 (398) (7,245)
Accounts payable and accrued liabilities (28,309) (2,371) 44,351
Accrued compensation and benefits 8,849 (869) (3,157)
Deferred revenue (15,401) (11,661) 47,948
Income taxes 8,901 (13,125) 9,134
Other assets and liabilities (148) (1,411) (7,944)
Cash provided by operations 337,200 180,026 206,217
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired (2,677) (46,651) (289,212)
Purchases of property and equipment and capitalized software costs (24,154) (46,391) (105,149)
Proceeds from the sale of a business 1,035 5,515 0
Other 575 424 489
Cash used in investing activities (25,221) (87,103) (393,872)
Cash flows from financing activities:      
Cash dividends paid to MAXIMUS shareholders (11,674) (11,701) (11,852)
Repurchases of common stock (28,863) (33,335) (82,787)
Stock compensation tax benefit 0 5,172 9,474
Tax withholding related to RSU vesting (9,175) (11,614) (12,451)
Stock option exercises 924 546 868
Borrowings under credit facility 185,000 149,823 330,993
Repayment of credit facility and other long-term debt (349,981) (195,200) (121,611)
Other (1,660) (533) (75)
Expansion of credit facility 0 0 (1,444)
Cash (used in)/provided by financing activities (215,429) (96,842) 111,115
Effect of exchange rate changes on cash 3,503 (4,554) (6,900)
Net increase/(decrease) in cash and cash equivalents 100,053 (8,473) (83,440)
Cash and cash equivalents, beginning of period 66,199 74,672 158,112
Cash and cash equivalents, end of period $ 166,252 $ 66,199 $ 74,672