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, 2018
Jun. 30, 2017
Cash flows from operations:    
Net income $ 175,300 $ 157,214
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 39,902 43,416
Amortization of intangible assets 7,846 9,508
Deferred income taxes 8,874 8,614
Stock compensation expense 15,713 15,822
Gain on sale of a business 0 (650)
Change in assets and liabilities:    
Accounts receivable — billed and billable (6,789) 68,023
Accounts receivable — unbilled 312 (7,267)
Prepaid expenses and other current assets 5,506 5,944
Deferred contract costs 2,240 1,114
Accounts payable and accrued liabilities (23,696) (37,413)
Accrued compensation and benefits (15,835) (1,703)
Deferred revenue (25,728) (16,270)
Income taxes 5,913 5,370
Other assets and liabilities (498) 375
Cash flows from operations 189,060 252,097
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (21,552) (19,088)
Acquisition of part of noncontrolling interest (157) 0
Proceeds from the sale of a business 0 1,035
Purchases of short-term investments (19,996) 0
Other 275 485
Cash used in investing activities (41,430) (17,568)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (8,801) (8,754)
Repurchases of common stock (61,987) (28,858)
Tax withholding related to RSU vesting (8,529) (9,267)
Borrowings under credit facility 134,683 155,000
Repayment of credit facility and other long-term debt (134,786) (304,902)
Stock option exercises 0 370
Other (4,058) (1,225)
Cash used in financing activities (83,478) (197,636)
Effect of exchange rate changes on cash and cash equivalents (1,383) 1,286
Net increase in cash and cash equivalents 62,769 38,179
Cash and cash equivalents, beginning of period 166,252 66,199
Cash and cash equivalents, end of period $ 229,021 $ 104,378