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, 2020
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operations:      
Net income $ 214,509 $ 240,495 $ 220,816
Adjustments to reconcile net income to cash flows from operations:      
Depreciation and amortization of property and equipment and capitalized software 64,527 52,404 51,884
Amortization of intangible assets 35,634 33,054 10,308
Deferred income taxes (19,145) 12,661 6,721
Stock compensation expense 23,708 20,774 20,238
Gain on sale of a business (1,718) 0 0
Changes in assets and liabilities, net of effects of business combinations      
Accounts receivable — billed and billable (141,842) (60,313) 34,033
Accounts receivable — unbilled (38,905) 14,818 4,920
Prepaid expenses and other current assets (9,839) (15,583) 4,954
Deferred contract costs (1,911) (4,670) 1,838
Accounts payable and accrued liabilities 79,930 47,580 (7,725)
Accrued compensation and benefits 29,484 2,288 (8,795)
Deferred revenue 2,391 16,488 (27,039)
Income taxes 3,490 (4,720) 7,262
Operating lease right-of-use assets and liabilities (556) 0 0
Other assets and liabilities 4,835 1,451 (2,641)
Cash flows from operations 244,592 356,727 316,774
Cash flows from investing activities:      
Purchases of property and equipment and capitalized software costs (40,707) (66,846) (26,520)
Acquisition of businesses, net of cash acquired (7,066) (436,839) 0
Acquisition of noncontrolling interests 0 (647) (157)
Proceeds from sale of business 3,250 0 0
Maturities of short-term investments 0 19,996 (19,996)
Other 385 453 1,436
Cash used in investing activities (44,138) (483,883) (45,237)
Cash flows from financing activities:      
Cash dividends paid to Maximus shareholders (70,155) (63,887) (11,692)
Purchases of Maximus common stock (166,959) (47,446) (66,919)
Tax withholding related to RSU vesting (10,614) (8,915) (8,529)
Borrowings of debt 638,048 414,664 136,632
Repayment of debt (619,445) (405,142) (136,769)
Other (965) (133) (4,603)
Cash used in financing activities (230,090) (110,859) (91,880)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,705 (2,052) (2,825)
Net (decrease)/increase in cash, cash equivalents and restricted cash (27,931) (240,067) 176,832
Cash, cash equivalents and restricted cash, beginning of period 116,492 356,559 179,727
Cash, cash equivalents and restricted cash, end of period $ 88,561 $ 116,492 $ 356,559