Maximus, inc. (MMS)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09
Cash flows from operations:
Net income

27,650

58,734

60,041

62,965

61,766

55,723

45,516

60,242

55,106

59,952

54,968

57,788

53,097

46,329

51,187

52,750

49,341

26,882

36,413

42,258

39,028

42,350

36,152

34,428

41,461

33,355

36,244

28,100

31,689

21,316

23,369

20,485

14,273

17,704

25,575

19,892

18,219

17,482

21,713

17,325

18,743

12,628

Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property and equipment and capitalized software

15,900

15,318

17,816

12,181

11,176

11,231

11,982

12,828

13,355

13,719

12,353

13,449

15,405

14,562

19,158

13,387

12,912

12,947

9,232

13,911

12,739

10,967

10,846

10,996

10,267

10,669

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of intangible assets

8,934

9,088

9,028

9,049

9,519

5,458

2,462

2,525

2,603

2,718

2,700

2,720

3,386

3,402

3,449

3,517

3,262

3,149

3,166

3,275

1,433

1,474

1,525

1,542

1,470

1,353

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Income) loss from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

64

-25

-467

-

9

62

46

18

-68

-819

-105

1,032

1,200

752

-1,972

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,829

7,959

9,975

-

6,968

5,434

6,111

6,366

5,696

5,551

5,232

4,692

4,630

4,478

4,540

Deferred income taxes

2,616

422

1,465

-6,568

1,253

16,511

-2,153

18,053

-14,886

5,707

-3,852

14,335

-11,631

5,910

7,399

-1,420

172

-499

9,728

1,213

-9,209

-925

3,475

810

-9,046

7,659

-634

-3,727

7,368

-611

1,354

687

-2,891

-2,424

1,386

-774

156

990

-1,891

-1,126

8,337

-8,492

Deferred interest income on note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-84

-118

-61

Stock compensation expense

6,403

5,397

5,451

5,419

4,933

4,971

4,525

4,389

5,922

5,402

5,543

5,588

5,345

4,889

4,933

4,667

4,819

4,332

4,452

4,349

4,470

3,966

4,469

4,248

4,480

4,081

3,847

3,646

3,587

3,475

3,236

3,208

2,836

2,797

2,549

2,441

2,438

2,057

1,935

2,030

2,088

1,865

Change in assets and liabilities net of effects of business combinations
Accounts receivable — billed and billable

21,854

31,016

-47,818

35,411

2,830

69,890

-40,822

-11,733

-25,859

44,381

14,998

-57,993

4,657

-14,687

24,517

-7,582

5,304

29,747

22,344

547

76,641

4,242

-1,218

-36,154

32,250

5,266

37,927

16,761

6,931

26,380

15,254

184

-9,741

2,473

22,471

-12,483

23,741

-22,145

10,857

-6,118

4,572

-9,349

Accounts receivable — unbilled

-276

-2,013

31,354

-36,983

11,009

-20,198

-4,608

-5,042

10,265

-5,535

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts receivableunbilled

-

-

-

-

-

-

-

-

-

-

-

3,822

1,447

1,998

34

705

2,998

1,853

3,120

-4,520

-2,003

4,314

1,224

-3,330

-1,245

1,295

9,077

-2,231

7,307

845

-2,953

-281

-355

418

-9,209

1,162

-3,575

1,554

-4,954

-1,891

2,103

2,327

Prepaid expenses and other current assets

-199

-4,063

12,650

-2,185

-573

5,691

552

3,020

-2,507

-6,019

3,360

1,568

-1,267

-6,245

6,405

1,065

-127

-5,316

2,979

-2,547

5,822

221

1,197

3,882

-2,338

-201

-30

1

2,593

-72

-2,227

4,153

2,471

1,621

4,462

-220

-628

-1,041

-264

1,590

1,456

-1,042

Deferred contract costs

1,345

-848

-3,472

2,727

3,658

1,757

402

-446

-381

-1,413

-923

-116

-954

-44

1,354

-146

-46

-764

-145

285

3,651

3,454

-1,698

1,423

-625

-1,354

2,622

1,038

-3,932

5,345

2,540

-210

-319

-790

-540

620

649

580

-183

-392

-487

-479

Accounts payable and accrued liabilities

19,919

2,403

-5,882

11,382

15,516

26,564

15,971

-20,525

-14,558

11,387

9,104

-19,694

-3,144

-14,575

18,246

-668

-28,137

8,188

-713

17,790

13,833

13,441

2,758

-9,313

4,193

-566

14,973

7,752

-1,798

10,526

9,725

-15,572

4,528

7,770

-148

-4,827

8,339

3,948

-8,975

6,762

1,219

587

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

253

34

Accrued compensation and benefits

-3,003

6,842

-6,994

16,725

-7,820

377

7,040

-444

14,197

-29,588

10,552

4,590

10,944

-17,237

9,105

4,237

7,172

-21,383

1,389

7,717

11,638

-23,901

9,767

9,960

10,504

-17,954

14,367

8,818

5,817

-7,694

1,372

2,267

4,266

-10,553

4,996

6,061

4,986

-11,553

1,122

3,844

4,952

-2,035

Deferred revenue

6,645

-1,345

8,631

3,422

4,807

-372

-1,311

-1,939

-11,384

-12,405

869

-417

-5,757

-10,096

42

-9,694

877

-2,886

15,524

10,566

18,248

3,610

2,753

6,299

-5,168

-1,043

9,244

-6

-9,397

6,463

-1,334

-130

3,662

7,629

2,196

-2,679

-6,026

-5,270

8,745

8,423

992

13,134

Income taxes

-41,690

13,984

-7,859

19,635

-12,648

-3,848

1,349

-12,721

8,992

9,642

3,531

-15,345

3,813

16,902

-12,160

21,632

-19,554

-3,043

-28,342

17,893

747

18,836

-17,136

-3,991

4,081

6,072

-3,955

12,550

-4,328

-2,233

-2,656

631

3,932

4,978

2,403

-2,883

-6,864

-3,470

-3,145

5,751

-11,099

14,867

Operating lease right-of-use assets and liabilities

1,788

-1,622

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets and liabilities

433

-2,138

-4,033

-1,260

3,707

135

1,399

5,053

-934

-2,877

1,299

-166

1,867

-2,076

-3,272

1,645

2,237

801

-2,686

6,293

3,344

993

6,654

468

-314

-3,326

2,339

-339

-1,352

-933

417

-1,334

2,440

2,688

1,021

-183

1,426

192

-

-

-

-

Cash used in operating activities - discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-33

-61

-493

-

-

-

-

361

-135

-212

-739

-378

-1,147

-7,139

6,134

Cash flows from operations

22,005

87,267

93,016

136,500

67,871

59,340

128,458

71,556

78,763

37,997

84,327

115,249

65,708

71,140

71,894

86,268

20,498

1,366

25,237

118,914

5,472

56,594

48,450

88,690

34,514

41,946

32,363

49,635

29,314

9,626

30,099

16,023

41,482

27,556

27,461

33,964

5,793

29,642

20,244

48,442

14,734

55,021

Other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

694

1,251

Cash provided by operating activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

49,668

29,375

10,119

-

16,023

41,482

27,556

27,100

34,099

6,005

30,381

20,622

49,589

21,873

48,887

Cash flows from investing activities:
Purchases of property and equipment and capitalized software costs

8,635

10,487

-

20,492

8,568

9,973

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,754

-

8,873

5,076

4,440

18,711

11,518

6,264

7,087

6,485

5,308

4,022

2,554

7,543

4,499

4,057

2,407

3,553

4,352

2,093

3,938

Capitalized software costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,356

-

1,860

3,733

3,584

4,944

5,412

4,776

3,464

1,929

1,018

1,112

720

1,915

1,821

1,574

2,298

2,365

1,982

1,684

2,641

Acquisitions of businesses, net of cash acquired

2,551

0

-

-

0

421,809

-

-

-

-

-

-

-

-

-85

4,924

39,206

2,606

-400

289,612

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redemption of short-term investments

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the sale of a business

-

-

-

-

-

-

-

-

-

-

0

650

0

385

0

5,515

0

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,240

-

-

-

-

-

-

-

-

Purchases of property and equipment and capitalized software costs

8,635

10,487

-

20,492

8,568

9,973

-

8,377

6,661

6,514

-

6,113

5,207

7,768

-

14,267

9,151

10,685

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions

-

-

-

-

-

-

-

0

157

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Maturities of short-term investments

0

0

0

0

0

-19,996

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-73

-25

-73

-96

-237

-47

-238

-657

-482

-59

-1,060

267

175

43

-805

171

126

84

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

160

-

196

39

115

113

113

112

60

0

27

124

148

-

-

-

-

0

83

173

217

Cash used in investing activities-continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-9,286

-6,255

-5,631

-4,705

-5,505

-6,251

-14,277

-6,362

Cash used in investing activities

-11,113

-10,462

-43,177

-20,636

-8,331

-411,739

-4,730

-27,716

-6,336

-6,455

-7,653

-5,196

-5,032

-7,340

-12,160

-13,505

-48,231

-13,207

-31,499

-315,182

-33,241

-13,950

-19,503

-10,537

-11,440

-7,909

-94,977

-16,817

-7,548

-10,491

-8,417

-72,299

-5,010

-886

-9,286

-6,255

-5,631

-4,705

-5,505

-6,251

-14,277

-6,362

Cash flows from financing activities:
Cash dividends paid to MAXIMUS shareholders

17,900

17,913

15,951

15,953

15,950

16,033

2,891

2,936

2,935

2,930

2,920

2,917

2,917

2,920

2,921

2,920

2,919

2,941

2,961

2,963

2,966

2,962

3,006

3,043

3,053

3,085

3,070

3,071

3,067

3,064

3,063

3,056

3,038

3,023

3,086

2,598

2,576

2,067

2,080

2,094

2,083

2,118

Purchases of MAXIMUS common stock

165,061

1,898

1,378

0

5,084

40,984

4,932

60,949

0

1,038

5

0

91

28,767

0

2,197

0

31,138

50,171

0

0

32,616

51,787

24,658

13,166

21,530

5,473

12,411

0

15,403

3,088

140

0

9,749

39,566

8,515

89

8,370

17,699

8,007

5,850

8,661

Tax withholding related to RSU vesting

0

10,614

0

0

0

8,915

0

0

0

8,529

-92

0

12

9,255

17

0

44

11,553

0

-2

116

12,337

0

1,776

101

12,804

0

2,191

0

6,677

19

1,357

0

3,088

-

-

-

-

-

-

-

-

Borrowings under credit facility and other loan agreements

258,296

83,419

94,616

0

124,948

195,100

1,949

10,000

65,000

59,683

30,000

20,000

70,000

65,000

10,000

9,260

83,493

47,070

75,000

255,993

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of credit facility and other long-term debt

104,955

86,301

88,545

75,058

171,506

70,033

1,983

10,034

76,596

48,156

45,079

120,074

104,761

80,067

55,383

84,598

42,498

12,721

31,499

90,038

35

39

40

40

15,040

42

42

43

43

44

-

-

-

-

-

-

-

-

-

-

-

-

Stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

217

627

191

327

328

88

0

1,752

30

1,636

1,959

2,816

-

-

-

-

-

-

-

-

Employee stock transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,037

3,684

4,329

84

1,064

611

1,004

Stock compensation tax benefit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,889

0

2,315

2,365

3,793

965

770

1,740

1,769

1,409

2,787

1,031

1,477

314

975

135

Other

-159

-493

0

0

0

-133

-545

-1,928

-2,130

0

-435

-80

0

-1,145

0

-533

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash used in financing activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8,663

4,106

-5,077

-

-8,390

-6,354

-9,640

Cash used in financing activities

-29,779

-33,800

-11,258

-91,011

-67,592

59,002

-8,402

-65,847

-16,661

-970

-17,793

-102,701

-37,781

-57,154

-42,808

-80,783

38,032

-11,283

1,398

162,232

-4,561

-47,954

-47,876

-28,890

-13,244

-37,134

-2,368

-17,628

-795

-21,071

-4,200

-1,952

-309

-11,304

-41,974

-8,663

4,106

-5,077

-18,018

-8,390

-6,354

-9,640

Effect of exchange rate changes on cash and cash equivalents

-3,320

1,452

-1,058

-362

436

-1,068

-1,111

-2,784

867

203

2,374

2,164

2,200

-3,078

-1,336

-2,154

-474

-590

-2,341

1,378

-2,331

-3,606

-5,901

2,356

909

-1,936

2,688

-14,622

-766

-238

2,930

-2,409

2,326

2,732

-7,267

1,815

1,883

1,823

5,541

-2,104

319

106

Net increase/(decrease) in cash, cash equivalents and restricted cash

-22,207

44,457

37,523

24,491

-7,616

-294,465

114,215

-24,791

56,633

30,775

61,255

9,516

25,095

3,568

15,590

-10,174

9,825

-23,714

-7,205

-32,658

-34,661

-8,916

-24,830

51,619

10,739

-5,033

-62,294

568

20,205

-22,174

20,412

-60,637

38,489

18,098

-31,066

20,861

6,151

21,683

2,262

31,697

-5,578

39,125