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
 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operations:    
Net income $ 115,058 $ 99,426
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 27,074 29,967
Amortization of intangible assets 5,321 6,788
Deferred income taxes (9,179) (5,721)
Stock compensation expense 11,324 10,234
Change in assets and liabilities:    
Accounts receivable — billed and billable (18,522) 10,030
Accounts receivable — unbilled (4,730) (3,445)
Prepaid expenses and other current assets 8,526 7,512
Deferred contract costs 1,794 998
Accounts payable and accrued liabilities (3,171) (17,719)
Accrued compensation and benefits (15,391) (6,293)
Deferred revenue (23,789) (15,853)
Income taxes 18,634 20,715
Other assets and liabilities 3,620 209
Cash flows from operations 116,569 136,848
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (13,175) (12,975)
Acquisition of part of noncontrolling interest 157 0
Proceeds from the sale of a business 0 385
Other 183 218
Cash used in investing activities (13,149) (12,372)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (5,865) (5,837)
Repurchases of common stock (1,038) (28,858)
Tax withholding related to RSU vesting (8,529) (9,267)
Borrowings under credit facility 124,683 135,000
Repayment of credit facility and other long-term debt (124,752) (184,828)
Other (2,130) (1,145)
Cash used in financing activities (17,631) (94,935)
Effect of exchange rate changes on cash and cash equivalents 1,186 (878)
Net increase in cash and cash equivalents 86,975 28,663
Cash and cash equivalents, beginning of period 166,252 66,199
Cash and cash equivalents, end of period $ 253,227 $ 94,862