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, 2020
Dec. 31, 2019
Cash flows from operations:    
Net income $ 64,077 $ 58,734
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 11,817 15,318
Amortization of intangible assets 6,516 9,088
Deferred income taxes 1,298 422
Stock compensation expense 6,062 5,397
Change in assets and liabilities, net of effects of business combinations    
Accounts receivable — billed and billable (35,729) (31,016)
Accounts receivable — unbilled 43,538 2,013
Prepaid expenses and other current assets 4,893 4,063
Deferred contract costs (205) 848
Accounts payable and accrued liabilities 11,199 2,403
Accrued compensation and benefits (35,682) 6,842
Deferred revenue 5,757 (1,345)
Income taxes 16,947 13,984
Operating lease right-of-use assets and liabilities (4,927) (1,622)
Other assets and liabilities 2,554 2,138
Cash flows from operations 98,115 87,267
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (9,094) (10,487)
Other (159) 25
Cash used in investing activities (9,253) (10,462)
Cash flows from financing activities:    
Cash dividends paid to Maximus shareholders (17,207) (17,913)
Purchases of Maximus common stock (3,363) (1,898)
Tax withholding related to RSU vesting (9,818) (10,614)
Borrowings of debt 147,852 83,419
Repayment of debt (146,188) (86,301)
Other (2,763) (493)
Cash used in financing activities (31,487) (33,800)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 3,882 1,452
Net increase in cash, cash equivalents, and restricted cash 61,257 44,457
Cash, cash equivalents, and restricted cash, beginning of period 88,561 116,492
Cash, cash equivalents, and restricted cash, end of period $ 149,818 $ 160,949