| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
The adoption of Topic 606 resulted in the following changes to our opening balance sheet:
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| (dollars in thousands) |
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Balance at September 30, 2018 |
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Adjustments due to adoption of new standard |
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Opening balance at October 1, 2018 |
| Assets |
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| Accounts receivable - unbilled |
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$ |
31,536 |
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$ |
35,414 |
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$ |
66,950 |
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| Deferred income taxes |
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6,834 |
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(6,625) |
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|
209 |
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| Liabilities and shareholders' equity |
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| Deferred revenue - current |
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51,182 |
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(11,767) |
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39,415 |
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| Deferred income taxes - long-term |
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26,377 |
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7,074 |
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33,451 |
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| Retained earnings |
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633,281 |
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32,929 |
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|
666,210 |
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| Noncontrolling interests |
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2,552 |
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|
553 |
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|
3,105 |
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The table below shows the effects of the adoption of Topic 606 on our consolidated statements of operations for the year ended September 30, 2019.
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Twelve months ended September 30, 2019 |
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| (dollars in thousands, except per share data) |
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Balance under previous accounting guidance |
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Adjustments due to adoption of new standard |
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Balance as reported |
| Revenue |
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$ |
2,883,697 |
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$ |
3,118 |
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$ |
2,886,815 |
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| Income before income taxes |
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314,202 |
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3,118 |
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317,320 |
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| Provision for income taxes |
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75,539 |
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|
1,286 |
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|
76,825 |
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| Net income |
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238,663 |
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|
1,832 |
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240,495 |
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| (Loss)/income attributable to noncontrolling interests |
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(977) |
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|
648 |
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(329) |
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| Net income attributable to MAXIMUS |
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$ |
239,640 |
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$ |
1,184 |
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$ |
240,824 |
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| Basic earnings per share attributable to MAXIMUS |
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$ |
3.72 |
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$ |
0.01 |
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$ |
3.73 |
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| Diluted earnings per share attributable to MAXIMUS |
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$ |
3.70 |
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$ |
0.02 |
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$ |
3.72 |
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The effect on our balance sheet would have been as follows:
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| (dollars in thousands) |
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Balance at September 30, 2019 under previous accounting guidance |
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Adjustments due to adoption of new standard |
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Balance at September 30, 2019 as reported |
| Assets |
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| Accounts receivable - unbilled |
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$ |
88,390 |
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$ |
35,494 |
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$ |
123,884 |
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| Deferred income taxes |
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8,065 |
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(7,879) |
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|
186 |
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| Liabilities and shareholders' equity |
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| Deferred revenue - current |
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54,834 |
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(11,490) |
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43,344 |
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| Deferred income taxes - long-term |
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41,055 |
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5,505 |
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46,560 |
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| Common stock |
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497,232 |
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1,201 |
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498,433 |
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| Accumulated other comprehensive loss |
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(43,018) |
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(2,362) |
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(45,380) |
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| Retained earnings |
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759,978 |
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34,761 |
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|
794,739 |
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| Schedule of Cash and Cash Equivalents |
Our balances for cash, cash equivalents and restricted cash are as follows:
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Balance as of |
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| (dollars in thousands) |
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September 30, 2019 |
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September 30, 2018 |
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September 30, 2017 |
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September 30, 2016 |
| Cash and cash equivalents |
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$ |
105,565 |
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$ |
349,245 |
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$ |
166,252 |
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$ |
66,199 |
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| Restricted cash (recorded within "other current assets") |
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10,927 |
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7,314 |
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13,475 |
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14,094 |
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| Cash, cash equivalents and restricted cash |
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$ |
116,492 |
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$ |
356,559 |
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$ |
179,727 |
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$ |
80,293 |
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| Restrictions on Cash and Cash Equivalents |
Our balances for cash, cash equivalents and restricted cash are as follows:
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Balance as of |
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| (dollars in thousands) |
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September 30, 2019 |
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September 30, 2018 |
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September 30, 2017 |
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September 30, 2016 |
| Cash and cash equivalents |
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$ |
105,565 |
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$ |
349,245 |
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$ |
166,252 |
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$ |
66,199 |
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| Restricted cash (recorded within "other current assets") |
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10,927 |
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|
7,314 |
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|
13,475 |
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|
14,094 |
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| Cash, cash equivalents and restricted cash |
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$ |
116,492 |
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$ |
356,559 |
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$ |
179,727 |
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$ |
80,293 |
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