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
 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operations:    
Net income $ 180,454 $ 175,300
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization of property and equipment and capitalized software 34,588 39,902
Amortization of intangible assets 24,026 7,846
Deferred income taxes 11,196 8,874
Stock compensation expense 15,323 15,713
Change in assets and liabilities excluding acquired assets and liabilities:    
Accounts receivable — billed and billable (108,131) (6,789)
Accounts receivable — unbilled 46,172 312
Prepaid expenses and other current assets (2,933) 5,506
Deferred contract costs (8,142) 2,240
Accounts payable and accrued liabilities 53,462 (23,696)
Accrued compensation and benefits 9,282 (15,835)
Deferred revenue 7,857 (25,728)
Income taxes 3,139 5,913
Other assets and liabilities (2,582) (1,242)
Cash flows from operations 263,711 188,316
Cash flows from investing activities:    
Purchases of property and equipment and capitalized software costs (39,033) (21,552)
Acquisitions (422,049) (157)
Short-term investments 19,996 (19,996)
Other 380 1,198
Cash used in investing activities (440,706) (40,507)
Cash flows from financing activities:    
Cash dividends paid to MAXIMUS shareholders (47,936) (8,801)
Purchases of MAXIMUS common stock (46,068) (61,987)
Tax withholding related to RSU vesting (8,915) (8,529)
Borrowings 320,048 134,683
Repayment of credit facility and other long-term debt (316,597) (134,786)
Other (133) (4,058)
Cash used in financing activities (99,601) (83,478)
Effect of exchange rate changes on cash and cash equivalents (994) (1,714)
Net (decrease)/increase in cash, cash equivalents and restricted cash (277,590) 62,617
Cash, cash equivalents and restricted cash, beginning of period 356,559 179,727
Cash, cash equivalents and restricted cash, end of period $ 78,969 $ 242,344