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Maximus, Inc. (MMS) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Maximus Inc

CIK: 1032220 Ticker: MMS
q2y19earningsimage2.jpg

FOR IMMEDIATE RELEASECONTACT:Lisa Miles 703.251.8637
lisamiles@maximus.com
Date: May 9, 2019

MAXIMUS Reports Fiscal Year 2019 Second Quarter Results
- Company Narrows Earnings Guidance to $3.65 to $3.75 -

(RESTON, Va. - May 9, 2019) - MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for the three and six months ended March 31, 2019.

Highlights for the second quarter of fiscal year 2019 include:

Revenue grew 20.2% to $736.5 million compared to $612.8 million reported for the same period last year, driven by the citizen engagement centers acquisition in the U.S. Federal Services Segment

Diluted earnings per share were $0.96, in line with Company expectations, and driven by strong results in the U.S. Health and Human Services and U.S. Federal Services Segments

Cash flows from operations of $67.9 million and free cash flow of $59.3 million 

Year-to-date signed contract awards totaled approximately $1.0 billion and contracts pending (awarded but unsigned) of $725 million at March 31, 2019 

Sales pipeline of $21.9 billion at March 31, 2019, of which 74% is new work

Bruce Caswell, President and Chief Executive Officer of MAXIMUS, commented, Over the past year we have maintained our unparalleled commitment to operational excellence, solid execution and generating robust cash flow. We remain keenly focused on our top priorities of digital transformation, clinical services evolution and strategic market expansion. The strategy aims to build on the many strengths of MAXIMUS and deliver added value to our global clients.”

For the second quarter of fiscal 2019, revenue totaled $736.5 million as compared to $612.8 million reported for the same period last year. Revenue growth from the acquisition was partially offset by unfavorable foreign currency translation of $11.9 million and timing of revenue within fiscal year 2019.

For the second quarter of fiscal 2019, operating income totaled $81.8 million, yielding an operating margin of 11.1% as compared to 11.6% for the same period last year. As expected, operating margin was lower principally due to the acquisition and its cost-plus contracts that generate an operating margin in the mid-single digits.

For the second quarter of fiscal 2019, net income attributable to MAXIMUS totaled $61.9 million, or $0.96 of diluted earnings per share, and benefited from solid operational performance in the U.S. Health and Human Services and U.S. Federal Services Segments. This compares to the second quarter of fiscal 2018 diluted earnings per share of $0.84. Results for the second quarter of fiscal 2019 include amortization expense related to intangible assets of $9.5 million or $0.11 cents diluted earnings per share, of which $7.1 million resulted from the acquisition.


The following information was filed by Maximus Inc (MMS) on Monday, May 13, 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
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 Events
Subsequent Events (Details)
Supplemental Disclosures
Supplemental Disclosures (Details)
Ticker: MMS
CIK: 1032220
Form Type: 10-Q Quarterly Report
Accession Number: 0001032220-19-000071
Submitted to the SEC: Thu Aug 08 2019 6:08:11 AM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Business Services

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