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Maximus Inc (MMS) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Maximus Inc

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CIK: 1032220 Ticker: MMS
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FOR IMMEDIATE RELEASE
 
CONTACT:
Lisa Miles 703.251.8637
 
 
 
lisamiles@maximus.com
Date: February 7, 2019
 
 
 

MAXIMUS Reports Fiscal Year 2019 First Quarter Results
- Company Reiterates Full Year Revenue and Earnings Guidance -

(RESTON, Va. - February 7, 2019) - MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for the three months ended December 31, 2018.

Highlights for the first quarter of fiscal year 2019 include:

•
Revenue grew 7% to $664.6 million compared to $623.1 million reported for the same period last year, driven by the citizen engagement center acquisition in the U.S. Federal Services Segment

•
Diluted earnings per share of $0.86 were better-than-expected due to strong operational delivery in the U.S. Health and Human Services Segment

•
Cash flows from operations of $59.3 million and free cash flow of $53.9 million

•
Year-to-date signed contract awards of approximately $224 million and contracts pending (awarded but unsigned) of approximately $743 million at December 31, 2018

•
Sales pipeline of $19.9 billion at December 31, 2018, of which 78% is new work

•
Purchased 650,000 shares of MAXIMUS common stock for a total cost of $41.3 million for an average price of $63.52

Bruce Caswell, President and Chief Executive Officer of MAXIMUS, commented, "MAXIMUS delivered solid first quarter results with good performance, most notably in our U.S. Health and Human Services Segment. We continue to make meaningful progress as we transform the customer experience with digital tools, expand our clinical-related services and extend our reach into new markets and customer areas."

For the first quarter of fiscal 2019, revenue totaled $664.6 million as compared to $623.1 million reported for the same period last year. Revenue growth from the acquisition was partially offset by unfavorable foreign currency translation of $7.2 million.

For the first quarter of fiscal 2019, operating income totaled $74.1 million, yielding an operating margin of 11.2% as compared to 12.8% for the same period last year. As expected, operating margin was lower due to the newly acquired citizen engagement center contracts that have cost-plus terms, and therefore generate operating margins in the mid-single digits.

For the first quarter of fiscal 2019, net income attributable to MAXIMUS totaled $55.9 million (or $0.86 of diluted earnings per share) and benefited from solid operational performance in the U.S. Health and Human Services Segment. This compares to first quarter of fiscal 2018 diluted earnings per share of $0.89.


1891 METRO CENTER DRIVE | RESTON, VIRGINIA 20190 | 703.251.8500 | MAXIMUS.COM

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The following information was filed by Maximus Inc (MMS) on Monday, February 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Maximus Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Supplemental Disclosures
Acquisition Of Citizen Engagement Centers Business
Acquisition Of Citizen Engagement Centers Business (Tables)
Acquisition Of Citizen Engagement Centers Business - Changes In Goodwill (Details)
Acquisition Of Citizen Engagement Centers Business - Components Of Intangible Assets (Details)
Acquisition Of Citizen Engagement Centers Business - Contribution Of The Acquired Business (Details)
Acquisition Of Citizen Engagement Centers Business - Estimated Future Amortization Expense For Intangible Assets (Details)
Acquisition Of Citizen Engagement Centers Business - Narrative (Details)
Acquisition Of Citizen Engagement Centers Business - Pro Forma Results (Details)
Acquisition Of Citizen Engagement Centers Business - Schedule Of Asset Acquired And Liabilities Assumed (Details)
Acquisition Of Citizen Engagement Centers Business - Schedule Of The Valuation Of The Intangible Assets Acquired (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Identifiable Assets For Segments (Details)
Income Tax
Income Tax (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Changes Due To Adoption Of Topic 606 (Details)
Organization And Basis Of Presentation - Changes Due To Adoption Of Topic 606 For Statements Of Cash Flow (Details)
Organization And Basis Of Presentation - Narrative (Details)
Organization And Basis Of Presentation - Results Had Former Accounting Policies Been Utilized (Details)
Recent Accounting Pronouncements
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Subsequent Event
Subsequent Event (Details)
Supplemental Disclosures (Details)
Ticker: MMS
CIK: 1032220
Form Type: 10-Q Quarterly Report
Accession Number: 0001032220-19-000045
Submitted to the SEC: Thu May 09 2019 7:04:35 AM EST
Accepted by the SEC: Thu May 09 2019
Period: Sunday, March 31, 2019
Industry: Business Services

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