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
 3 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operations:    
Net income $ 55,723 $ 59,952
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 11,231 13,719
Amortization of intangible assets 5,458 2,718
Deferred income taxes 16,511 5,707
Stock compensation expense 4,971 5,402
Change in assets and liabilities:    
Accounts receivable — billed and billable (69,890) (44,381)
Accounts receivable — unbilled 20,198 5,535
Prepaid expenses and other current assets (5,691) 6,019
Deferred contract costs (1,757) 1,413
Accounts payable and accrued liabilities 26,564 11,387
Accrued compensation and benefits 377 (29,588)
Deferred revenue (372) (12,405)
Income taxes (3,848) 9,642
Other assets and liabilities (135) 2,877
Cash flows from operations 59,340 37,997
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (9,973) (6,514)
Acquisition of the citizen engagement centers business (421,809) 0
Redemption of short-term investments 19,996 0
Other 47 59
Cash used in investing activities (411,739) (6,455)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (16,033) (2,930)
Purchases of MAXIMUS common stock (40,984) (1,038)
Tax withholding related to RSU vesting (8,915) (8,529)
Borrowings 195,100 59,683
Repayment of credit facility and other long-term debt (70,033) (48,156)
Other (133) 0
Cash provided by/(used in) financing activities 59,002 (970)
Effect of exchange rate changes on cash and cash equivalents (1,068) 203
Net (decrease)/increase in cash, cash equivalents and restricted cash (294,465) 30,775
Cash, cash equivalents and restricted cash, beginning of period 356,559 179,727
Cash, cash equivalents and restricted cash, end of period $ 62,094 $ 210,502