Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operations:    
Net income $ 117,489 $ 115,058
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 22,407 27,074
Amortization of intangible assets 14,977 5,321
Deferred income taxes 17,764 (9,179)
Stock compensation expense 9,904 11,324
Change in assets and liabilities excluding acquired assets and liabilities:    
Accounts receivable — billed and billable (72,720) (18,522)
Accounts receivable — unbilled 9,189 (4,730)
Prepaid expenses and other current assets (5,118) 8,526
Deferred contract costs (5,415) 1,794
Accounts payable and accrued liabilities 42,080 (3,171)
Accrued compensation and benefits (7,443) (15,391)
Deferred revenue 4,435 (23,789)
Income taxes (16,496) 18,634
Other assets and liabilities (3,842) 3,811
Cash flows from operations 127,211 116,760
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (18,541) (13,175)
Acquisitions (421,809) (157)
Redemption of short-term investments 19,996 0
Other 284 541
Cash used in investing activities (420,070) (12,791)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (31,983) (5,865)
Purchases of MAXIMUS common stock (46,068) (1,038)
Tax withholding related to RSU vesting (8,915) (8,529)
Borrowings 320,048 124,683
Repayment of credit facility and other long-term debt (241,539) (124,752)
Other (133) (2,130)
Cash used in financing activities (8,590) (17,631)
Effect of exchange rate changes on cash and cash equivalents (632) 1,070
Net (decrease)/increase in cash, cash equivalents and restricted cash (302,081) 87,408
Cash, cash equivalents and restricted cash, beginning of period 356,559 179,727
Cash, cash equivalents and restricted cash, end of period $ 54,478 $ 267,135