MAXIMUS, INC. MMS Cash Flow

Maximus, inc. (MMS)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09
Cash flows from operations:
Net income
209,390	243,506	240,495	225,970	223,247	216,587	220,816	230,268	227,814	225,805	212,182	208,401	203,363	199,607	180,160	165,386	154,894	144,581	160,049	159,788	151,958	154,391	145,396	145,488	139,160	129,388	117,349	104,474	96,859	79,443	75,831	78,037	77,444	81,390	81,168	77,306	74,739	75,263	70,409	0	0	0
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property and equipment and capitalized software
61,215	56,491	52,404	46,570	47,217	49,396	51,884	52,255	52,876	54,926	55,769	62,574	62,512	60,019	58,404	48,478	49,002	48,829	46,849	48,463	45,548	43,076	42,778	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
36,099	36,684	33,054	26,488	19,964	13,048	10,308	10,546	10,741	11,524	12,208	12,957	13,754	13,630	13,377	13,094	12,852	11,023	9,348	7,707	5,974	6,011	5,890	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Income) loss from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	135	58	-823	-974	40	1,308	2,879	1,012	0	0	0
Depreciation and amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	24,879	23,607	23,724	22,845	21,171	20,105	19,032	18,340	0	0	0
Deferred income taxes
-2,065	-3,428	12,661	9,043	33,664	17,525	6,721	5,022	1,304	4,559	4,762	16,013	258	12,061	5,652	7,981	10,614	1,233	807	-5,446	-5,849	-5,686	2,898	-1,211	-5,748	10,666	2,396	4,384	8,798	-1,461	-3,274	-3,242	-4,703	-1,656	1,758	-1,519	-1,871	6,310	-3,172	0	0	0
Deferred interest income on note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-263	0	0	0
Stock compensation expense
22,670	21,200	20,774	19,848	18,818	19,807	20,238	21,256	22,455	21,878	21,365	20,755	19,834	19,308	18,751	18,270	17,952	17,603	17,237	17,254	17,153	17,163	17,278	16,656	16,054	15,161	14,555	13,944	13,506	12,755	12,077	11,390	10,623	10,225	9,485	8,871	8,460	8,110	7,918	0	0	0
Change in assets and liabilities net of effects of business combinations
Accounts receivable — billed and billable
40,463	21,439	60,313	67,309	20,165	-8,524	-34,033	21,787	-24,473	6,043	-53,025	-43,506	6,905	7,552	51,986	49,813	57,942	129,279	103,774	80,212	43,511	-880	144	39,289	92,204	66,885	87,999	65,326	48,749	32,077	8,170	15,387	2,720	36,202	11,584	-30	6,335	-12,834	-38	0	0	0
Accounts receivable — unbilled
-7,918	3,367	-14,818	-50,780	-18,839	-19,583	-4,920	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivableunbilled
-	-	-	-	-	-	-	-	-	-	-	7,301	4,184	5,735	5,590	8,676	3,451	-1,550	911	-985	205	963	-2,056	5,797	6,896	15,448	14,998	2,968	4,918	-2,744	-3,171	-9,427	-7,984	-11,204	-10,068	-5,813	-8,866	-3,188	-2,415	0	0	0
Prepaid expenses and other current assets
6,203	5,829	15,583	3,485	8,690	6,756	-4,954	-2,146	-3,598	-2,358	-2,584	461	-42	1,098	2,027	-1,399	-5,011	938	6,475	4,693	11,122	2,962	2,540	1,313	-2,568	2,363	2,492	295	4,447	4,325	6,018	12,707	8,334	5,235	2,573	-2,153	-343	1,741	1,740	0	0	0
Deferred contract costs
-248	2,065	4,670	8,544	5,371	1,332	-1,838	-3,163	-2,833	-3,406	-2,037	240	210	1,118	398	-1,101	-670	3,027	7,245	5,692	6,830	2,554	-2,254	2,066	1,681	-1,626	5,073	4,991	3,743	7,356	1,221	-1,859	-1,029	-61	1,309	1,666	654	-482	-1,541	0	0	0
Accounts payable and accrued liabilities
27,822	23,419	47,580	69,433	37,526	7,452	-7,725	-14,592	-13,761	-2,347	-28,309	-19,167	-141	-25,134	-2,371	-21,330	-2,872	39,098	44,351	47,822	20,719	11,079	-2,928	9,287	26,352	20,361	31,453	26,205	2,881	9,207	6,451	-3,422	7,323	11,134	7,312	-1,515	10,074	2,954	-407	0	0	0
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Accrued compensation and benefits
13,570	8,753	2,288	16,322	-847	21,170	-8,795	-5,283	-249	-3,502	8,849	7,402	7,049	3,277	-869	-8,585	-5,105	-639	-3,157	5,221	7,464	6,330	12,277	16,877	15,735	11,048	21,308	8,313	1,762	211	-2,648	976	4,770	5,490	4,490	616	-1,601	-1,635	7,883	0	0	0
Deferred revenue
17,353	15,515	16,488	6,546	1,185	-15,006	-27,039	-24,859	-23,337	-17,710	-15,401	-16,228	-25,505	-18,871	-11,661	3,821	24,081	41,452	47,948	35,177	30,910	7,494	2,841	9,332	3,027	-1,202	6,304	-4,274	-4,398	8,661	9,827	13,357	10,808	1,120	-11,779	-5,230	5,872	12,890	31,294	0	0	0
Income taxes
-15,930	13,112	-4,720	4,488	-27,868	-6,228	7,262	9,444	6,820	1,641	8,901	-6,790	30,187	6,820	-13,125	-29,307	-33,046	-12,745	9,134	20,340	-1,544	1,790	-10,974	2,207	18,748	10,339	2,034	3,333	-8,586	-326	6,885	11,944	8,430	-2,366	-10,814	-16,362	-7,728	-11,963	6,374	0	0	0
Operating lease right-of-use assets and liabilities
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets and liabilities
-6,998	-3,724	-1,451	3,981	10,294	5,653	2,641	2,541	-2,678	123	924	-3,647	-1,836	-1,466	1,411	1,997	6,645	7,752	7,944	17,284	11,459	7,801	3,482	-833	-1,640	-2,678	-285	-2,207	-3,202	590	4,211	4,815	5,966	4,952	2,456	0	0	0	-	-	-	-
Cash used in operating activities - discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-725	-1,464	-2,476	-9,403	-2,530	0	0	0
Cash flows from operations
338,788	384,654	356,727	392,169	327,225	338,117	316,774	272,643	316,336	303,281	336,424	323,991	295,010	249,800	180,026	133,369	166,015	150,989	206,217	229,430	199,206	228,248	213,600	197,513	158,458	153,258	120,938	118,674	85,062	97,230	115,160	112,522	130,463	94,774	96,860	89,643	104,121	113,062	138,441	0	0	0
Other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Cash provided by operating activities - continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	112,161	130,237	94,760	97,585	91,107	106,597	122,465	140,971	0	0	0
Cash flows from investing activities:
Purchases of property and equipment and capitalized software costs
0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	37,100	39,745	40,933	43,580	31,354	25,144	22,902	18,369	19,427	18,618	18,653	18,506	14,516	14,369	12,405	13,936	0	0	0
Capitalized software costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	14,121	17,673	18,716	18,596	15,581	11,187	7,523	4,779	4,765	5,568	6,030	7,608	8,058	8,219	8,329	8,672	0	0	0
Acquisitions of businesses, net of cash acquired
0	0	-	-	0	0	-	-	-	-	-	-	-	-	46,651	46,336	331,024	291,818	289,212	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemption of short-term investments
-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of a business
-	-	-	-	-	-	-	-	-	-	1,035	1,035	5,900	5,900	5,515	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	2,240	0	0	0	-	-	-	-	-	-	-	-
Purchases of property and equipment and capitalized software costs
0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions
-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Maturities of short-term investments
0	0	-19,996	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-267	-431	-453	-618	-1,179	-1,424	-1,436	-2,258	-1,334	-677	-575	-320	-416	-465	-424	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	463	380	453	398	285	199	211	299	0	0	0	-	-	-	-	473	0	0	0
Cash used in investing activities-continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-25,877	-22,096	-22,092	-30,738	-32,395	0	0	0
Cash used in investing activities
-85,388	-82,606	-483,883	-445,436	-452,516	-450,521	-45,237	-48,160	-25,640	-24,336	-25,221	-29,728	-38,037	-81,236	-87,103	-106,442	-408,119	-393,129	-393,872	-381,876	-77,231	-55,430	-49,389	-124,863	-131,143	-127,251	-129,833	-43,273	-98,755	-96,217	-86,612	-87,481	-21,437	-22,058	-25,877	-22,096	-22,092	-30,738	-32,395	0	0	0
Cash flows from financing activities:
Cash dividends paid to MAXIMUS shareholders
67,717	65,767	63,887	50,827	37,810	24,795	11,692	11,721	11,702	11,684	11,674	11,675	11,678	11,680	11,701	11,741	11,784	11,831	11,852	11,897	11,977	12,064	12,187	12,251	12,279	12,293	12,272	12,265	12,250	12,221	12,180	12,203	11,745	11,283	10,327	9,321	8,817	8,324	8,375	0	0	0
Purchases of MAXIMUS common stock
168,337	8,360	47,446	51,000	111,949	106,865	66,919	61,992	1,043	1,134	28,863	28,858	31,055	30,964	33,335	83,506	81,309	81,309	82,787	84,403	109,061	122,227	111,141	64,827	52,580	39,414	33,287	30,902	18,631	18,631	12,977	49,455	57,830	57,919	56,540	34,673	34,165	39,926	40,217	0	0	0
Tax withholding related to RSU vesting
10,614	10,614	8,915	8,915	8,915	8,915	8,529	8,437	8,437	8,449	9,175	9,284	9,284	9,316	11,614	11,597	11,595	11,667	12,451	12,451	14,229	14,214	14,681	14,681	15,096	14,995	8,868	8,887	8,053	8,053	4,464	0	0	0	-	-	-	-	-	-	-	-
Borrowings under credit facility and other loan agreements
436,331	302,983	414,664	321,997	331,997	272,049	136,632	164,683	174,683	179,683	185,000	165,000	154,260	167,753	149,823	214,823	461,556	378,063	330,993	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of credit facility and other long-term debt
354,859	421,410	405,142	318,580	253,556	158,646	136,769	179,865	289,905	318,070	349,981	360,285	324,809	262,546	195,200	171,316	176,756	134,293	121,611	90,152	154	15,159	15,162	15,164	15,167	170	172	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,362	1,473	934	743	2,168	1,870	3,418	5,377	6,441	0	0	0	-	-	-	-	-	-	-	-
Employee stock transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,134	9,161	6,088	2,763	0	0	0
Stock compensation tax benefit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,569	8,473	9,438	7,893	7,268	5,244	5,688	7,705	6,996	6,704	5,609	3,797	2,901	0	0	0
Other
-652	-493	-133	-678	-2,606	-4,736	-4,603	-4,493	-2,645	-515	-1,660	-1,225	-1,678	-1,678	-533	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash used in financing activities - continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Cash used in financing activities
-165,848	-203,661	-110,859	-108,003	-82,839	-31,908	-91,880	-101,271	-138,125	-159,245	-215,429	-240,444	-218,526	-142,713	-96,842	-52,636	190,379	147,786	111,115	61,841	-129,281	-137,964	-127,144	-81,636	-70,374	-57,925	-41,862	-43,694	-28,018	-27,532	-17,765	-55,539	-62,250	-57,835	-51,608	-27,652	-27,379	-37,839	-42,402	0	0	0
Effect of exchange rate changes on cash and cash equivalents
-3,288	468	-2,052	-2,105	-4,527	-4,096	-2,825	660	5,608	6,941	3,660	-50	-4,368	-7,042	-4,554	-5,559	-2,027	-3,884	-6,900	-10,460	-9,482	-6,242	-4,572	4,017	-12,961	-14,636	-12,938	-12,696	-483	2,609	5,579	-4,618	-394	-837	-1,746	11,062	7,143	5,579	3,862	0	0	0
Net increase/(decrease) in cash, cash equivalents and restricted cash
84,264	98,855	-240,067	-163,375	-212,657	-148,408	176,832	123,872	158,179	126,641	99,434	53,769	34,079	18,809	-8,473	-31,268	-53,752	-98,238	-83,440	-101,065	-16,788	28,612	32,495	-4,969	-56,020	-46,554	-63,695	19,011	-42,194	-23,910	16,362	-35,116	46,382	14,044	17,629	50,957	61,793	50,064	67,506	0	0	0