Maximus Reports Fiscal Year 2024 Third Quarter Results
Favorable tailwinds persist and drive third consecutive raise to FY24 guidance
TYSONS, Va.--(BUSINESS WIRE)--Aug. 7, 2024--
Highlights for the third quarter of fiscal year 2024 include:
-
Revenue increased 10.6% to
$1.31 billion , compared to$1.19 billion for the prior year period. All three segments contributed to organic growth of 11.2%, with theU.S. Federal Services Segment being the primary driver.
-
Diluted earnings per share were
$1.46 and adjusted diluted earnings per share were$1.74 , compared to$0.50 and$0.78 , respectively, for the prior year period.
-
Guidance is increasing again for fiscal year 2024. At the midpoints, revenue is increasing by
$100 million , adjusted operating income guidance is increasing by$30 million , adjusted diluted earnings per share by$0.35 , and free cash flow by$15 million .
-
Net debt to EBITDA ratio improved to 1.5 times at
June 30, 2024 , compared to 1.7 times in the prior quarter.
-
A quarterly cash dividend of
$0.30 per share is payable onAugust 31, 2024 , to shareholders of record onAugust 15, 2024 .
"Our third quarter demonstrates our ability to capitalize on favorable tailwinds that have persisted across this year, where we accomplished high quality and efficient delivery, at scale," said
Third Quarter Results
Revenue for the third quarter of fiscal year 2024 increased 10.6% to
For the third quarter of fiscal year 2024, operating margin was 10.8% and the adjusted operating margin was 12.6%. This compares to margins of 4.9% and 6.9%, respectively, for the prior year period. Diluted earnings per share were
The segment operating margin for the third quarter of fiscal year 2024 was 15.5%, compared to 12.7% reported for the prior year period. This quarter's margin reflects excellent operational execution combined with high demand for services, particularly in clinical services, and a temporarily favorable mix of lower cost-plus revenue and higher performance-based revenue. The full-year fiscal 2024 margin for the
The segment operating margin for the third quarter of fiscal year 2024 was 13.0%, compared to 10.5% reported for the prior year. This quarter's margin benefited from the strong Medicaid-related performance and the aforementioned excess volumes. The full-year fiscal 2024 margin for the
Outside the
Outside the
The segment realized an operating loss of
Sales and Pipeline
Year-to-date signed contract awards at
The sales pipeline at
Balance Sheet and Cash Flows
At
For the third quarter of fiscal year 2024, cash provided by operating activities totaled
During the third quarter of fiscal year 2024, we purchased approximately 611,000 shares, totaling
On
Further Raise to FY24 Guidance
Maximus is further raising fiscal year 2024 guidance following its third quarter results. Revenue is now expected to range between
Adjusted operating income is now expected to range between
Adjusted diluted earnings per share is now expected to range between
Free cash flow is now expected to range between
Conference Call and Webcast Information
Maximus will host a conference call tomorrow,
The call is open to the public and available by webcast or by phone at:
877.407.8289 (Domestic) / +1.201.689.8341 (International)
For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.
About Maximus
As a leading strategic partner to governments across the globe, Maximus helps improve the delivery of public services amid complex technology, health, economic, environmental, and social challenges. With a deep understanding of program service delivery, acute insights that achieve operational excellence, and an extensive awareness of the needs of the people being served, our employees advance the critical missions of our partners. Maximus delivers innovative business process management, impactful consulting services, and technology solutions that provide improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. For more information, visit maximus.com.
Non-GAAP Measures and Forward-Looking Statements
This release contains non-GAAP measures and other indicators, including organic growth, free cash flow, operating income and EPS adjusted for amortization of intangible assets and divestiture-related charges, adjusted EBITDA, and other non-GAAP measures. A description of these non-GAAP measures and details as to how they are calculated are included with our earnings presentation and forthcoming Form 10-Q.
The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operations, revenue growth, operating income, or net income as measures of performance. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.
Statements that are not historical facts, including statements about our confidence and strategies, and our expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand, or acceptance of our products are forward-looking statements that involve risks and uncertainties.
These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. A Special Note Regarding Forward-Looking Statements is included within our forthcoming Form 10-Q and a summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended
|
||||||||||||
Consolidated Statements of Operations |
||||||||||||
(Unaudited) |
||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
|||||||||
|
|
|
|
|
|
|
|
|||||
|
(in thousands, except per share amounts) |
|||||||||||
Revenue |
$ |
1,314,929 |
|
$ |
1,188,677 |
|
$ |
3,990,327 |
|
$ |
3,644,775 |
|
Cost of revenue |
|
982,615 |
|
|
924,313 |
|
|
3,040,370 |
|
|
2,907,061 |
|
Gross profit |
|
332,314 |
|
|
264,364 |
|
|
949,957 |
|
|
737,714 |
|
Selling, general, and administrative expenses |
|
167,033 |
|
|
182,545 |
|
|
504,682 |
|
|
471,445 |
|
Amortization of intangible assets |
|
23,542 |
|
|
23,431 |
|
|
68,532 |
|
|
70,599 |
|
Operating income |
|
141,739 |
|
|
58,388 |
|
|
376,743 |
|
|
195,670 |
|
Interest expense |
|
20,555 |
|
|
21,026 |
|
|
62,428 |
|
|
63,631 |
|
Other expense/(income), net |
|
809 |
|
|
1,005 |
|
|
475 |
|
|
(79 |
) |
Income before income taxes |
|
120,375 |
|
|
36,357 |
|
|
313,840 |
|
|
132,118 |
|
Provision for income taxes |
|
30,623 |
|
|
5,494 |
|
|
79,430 |
|
|
29,472 |
|
Net income |
$ |
89,752 |
|
$ |
30,863 |
|
$ |
234,410 |
|
$ |
102,646 |
|
|
|
|
|
|
|
|
|
|||||
Earnings per share: |
|
|
|
|
|
|
|
|||||
Basic |
$ |
1.47 |
|
$ |
0.50 |
|
$ |
3.83 |
|
$ |
1.68 |
|
Diluted |
$ |
1.46 |
|
$ |
0.50 |
|
$ |
3.81 |
|
$ |
1.67 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|||||
Basic |
|
61,079 |
|
|
61,141 |
|
|
61,233 |
|
|
61,125 |
|
Diluted |
|
61,381 |
|
|
61,544 |
|
|
61,495 |
|
|
61,368 |
|
|
|
|
|
|
|
|
|
|||||
Dividends declared per share |
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.90 |
|
$ |
0.84 |
|
|
|||||||
Consolidated Balance Sheets |
|||||||
|
|
|
|
||||
|
(unaudited) |
|
|
||||
|
(in thousands) |
||||||
Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
102,794 |
|
|
$ |
65,405 |
|
Accounts receivable, net |
|
850,462 |
|
|
|
826,873 |
|
Income taxes receivable |
|
9,464 |
|
|
|
16,556 |
|
Prepaid expenses and other current assets |
|
115,571 |
|
|
|
146,632 |
|
Total current assets |
|
1,078,291 |
|
|
|
1,055,466 |
|
Property and equipment, net |
|
35,020 |
|
|
|
38,831 |
|
Capitalized software, net |
|
169,449 |
|
|
|
107,811 |
|
Operating lease right-of-use assets |
|
138,817 |
|
|
|
163,929 |
|
|
|
1,780,299 |
|
|
|
1,779,215 |
|
Intangible assets, net |
|
653,386 |
|
|
|
703,648 |
|
Deferred contract costs, net |
|
53,899 |
|
|
|
45,372 |
|
Deferred compensation plan assets |
|
52,895 |
|
|
|
42,919 |
|
Deferred income taxes |
|
5,911 |
|
|
|
2,459 |
|
Other assets |
|
31,823 |
|
|
|
46,147 |
|
Total assets |
$ |
3,999,790 |
|
|
$ |
3,985,797 |
|
Liabilities and Shareholders' Equity: |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
280,836 |
|
|
$ |
282,081 |
|
Accrued compensation and benefits |
|
162,318 |
|
|
|
194,251 |
|
Deferred revenue, current portion |
|
82,065 |
|
|
|
60,477 |
|
Income taxes payable |
|
11,146 |
|
|
|
451 |
|
Long-term debt, current portion |
|
39,952 |
|
|
|
86,844 |
|
Operating lease liabilities, current portion |
|
47,992 |
|
|
|
49,852 |
|
Other current liabilities |
|
55,734 |
|
|
|
49,058 |
|
Total current liabilities |
|
680,043 |
|
|
|
723,014 |
|
Deferred revenue, non-current portion |
|
35,269 |
|
|
|
38,849 |
|
Deferred income taxes |
|
200,814 |
|
|
|
203,898 |
|
Long-term debt, non-current portion |
|
1,100,701 |
|
|
|
1,163,149 |
|
Deferred compensation plan liabilities, non-current portion |
|
55,870 |
|
|
|
46,432 |
|
Operating lease liabilities, non-current portion |
|
101,911 |
|
|
|
129,367 |
|
Other liabilities |
|
6,467 |
|
|
|
13,253 |
|
Total liabilities |
|
2,181,075 |
|
|
|
2,317,962 |
|
Shareholders' equity: |
|
|
|
||||
Common stock, no par value; 100,000 shares authorized; 60,427 and 60,998 shares issued and outstanding as of |
|
604,287 |
|
|
|
577,898 |
|
Accumulated other comprehensive loss |
|
(30,934 |
) |
|
|
(27,615 |
) |
Retained earnings |
|
1,245,362 |
|
|
|
1,117,552 |
|
Total shareholders' equity |
|
1,818,715 |
|
|
|
1,667,835 |
|
Total liabilities and shareholders' equity |
$ |
3,999,790 |
|
|
$ |
3,985,797 |
|
|
|||||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands) |
||||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
89,752 |
|
|
$ |
30,863 |
|
|
$ |
234,410 |
|
|
$ |
102,646 |
|
Adjustments to reconcile net income to cash flows from operations: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization of property, equipment, and capitalized software |
|
7,530 |
|
|
|
10,771 |
|
|
|
24,146 |
|
|
|
37,092 |
|
Amortization of intangible assets |
|
23,542 |
|
|
|
23,431 |
|
|
|
68,532 |
|
|
|
70,599 |
|
Amortization of debt issuance costs and debt discount |
|
1,697 |
|
|
|
601 |
|
|
|
2,899 |
|
|
|
2,236 |
|
Deferred income taxes |
|
4,545 |
|
|
|
3,743 |
|
|
|
(3,770 |
) |
|
|
2,375 |
|
Stock compensation expense |
|
9,481 |
|
|
|
8,296 |
|
|
|
27,605 |
|
|
|
22,239 |
|
Loss on sale of businesses |
|
— |
|
|
|
— |
|
|
|
1,018 |
|
|
|
883 |
|
Change in assets and liabilities, net of effects of business combinations: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
65,857 |
|
|
|
(54,854 |
) |
|
|
(26,528 |
) |
|
|
7,675 |
|
Prepaid expenses and other current assets |
|
(616 |
) |
|
|
7,689 |
|
|
|
19,316 |
|
|
|
21,101 |
|
Deferred contract costs |
|
(4,777 |
) |
|
|
1,662 |
|
|
|
(8,377 |
) |
|
|
2,245 |
|
Accounts payable and accrued liabilities |
|
4,642 |
|
|
|
23,276 |
|
|
|
(1,659 |
) |
|
|
16,915 |
|
Accrued compensation and benefits |
|
(10,487 |
) |
|
|
(17,390 |
) |
|
|
(21,043 |
) |
|
|
(31,612 |
) |
Deferred revenue |
|
7,374 |
|
|
|
(13,400 |
) |
|
|
18,079 |
|
|
|
(31,747 |
) |
Income taxes |
|
(2,734 |
) |
|
|
(26,608 |
) |
|
|
10,576 |
|
|
|
(33,186 |
) |
Operating lease right-of-use assets and liabilities |
|
(1,746 |
) |
|
|
(1,670 |
) |
|
|
(2,131 |
) |
|
|
(3,742 |
) |
Other assets and liabilities |
|
5,268 |
|
|
|
(1,696 |
) |
|
|
8,351 |
|
|
|
(15,968 |
) |
Net cash provided by/(used in) operating activities |
|
199,328 |
|
|
|
(5,286 |
) |
|
|
351,424 |
|
|
|
169,751 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment and capitalized software |
|
(34,690 |
) |
|
|
(25,112 |
) |
|
|
(82,237 |
) |
|
|
(58,863 |
) |
Asset acquisition |
|
— |
|
|
|
— |
|
|
|
(18,006 |
) |
|
|
— |
|
Proceeds from divestitures |
|
— |
|
|
|
— |
|
|
|
3,078 |
|
|
|
9,124 |
|
Net cash used in investing activities |
|
(34,690 |
) |
|
|
(25,112 |
) |
|
|
(97,165 |
) |
|
|
(49,739 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Cash dividends paid to Maximus shareholders |
|
(18,239 |
) |
|
|
(17,020 |
) |
|
|
(54,847 |
) |
|
|
(51,053 |
) |
Purchases of Maximus common stock |
|
(47,275 |
) |
|
|
— |
|
|
|
(47,275 |
) |
|
|
— |
|
Tax withholding related to RSU vesting |
|
— |
|
|
|
— |
|
|
|
(13,455 |
) |
|
|
(8,475 |
) |
Payments for contingent consideration |
|
(2,809 |
) |
|
|
(2,621 |
) |
|
|
(10,977 |
) |
|
|
(6,662 |
) |
Payments for debt financing costs |
|
(9,724 |
) |
|
|
— |
|
|
|
(9,724 |
) |
|
|
— |
|
Proceeds from borrowings |
|
426,757 |
|
|
|
220,000 |
|
|
|
850,166 |
|
|
|
682,398 |
|
Principal payments for debt |
|
(488,038 |
) |
|
|
(200,054 |
) |
|
|
(952,825 |
) |
|
|
(730,514 |
) |
Cash-collateralized escrow liabilities |
|
3,996 |
|
|
|
2,517 |
|
|
|
9,118 |
|
|
|
(54,543 |
) |
Net cash provided by/(used in) financing activities |
|
(135,332 |
) |
|
|
2,822 |
|
|
|
(229,819 |
) |
|
|
(168,849 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
155 |
|
|
|
549 |
|
|
|
1,270 |
|
|
|
3,735 |
|
Net change in cash, cash equivalents, and restricted cash |
|
29,461 |
|
|
|
(27,027 |
) |
|
|
25,710 |
|
|
|
(45,102 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
118,340 |
|
|
|
118,720 |
|
|
|
122,091 |
|
|
|
136,795 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
147,801 |
|
|
$ |
91,693 |
|
|
$ |
147,801 |
|
|
$ |
91,693 |
|
|
|||||||||||||||||||||||||||
Consolidated Results of Operations by Segment |
|||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
|
Amount |
|
% (1) |
||||||||||||
|
(dollars in thousands) |
||||||||||||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
683,347 |
|
|
|
|
$ |
583,960 |
|
|
|
|
$ |
2,062,127 |
|
|
|
|
$ |
1,786,202 |
|
|
|
||||
|
|
472,298 |
|
|
|
|
|
449,061 |
|
|
|
|
|
1,448,258 |
|
|
|
|
|
1,338,242 |
|
|
|
||||
Outside the |
|
159,284 |
|
|
|
|
|
155,656 |
|
|
|
|
|
479,942 |
|
|
|
|
|
520,331 |
|
|
|
||||
Revenue |
$ |
1,314,929 |
|
|
|
|
$ |
1,188,677 |
|
|
|
|
$ |
3,990,327 |
|
|
|
|
$ |
3,644,775 |
|
|
|
||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
186,075 |
|
|
27.2 |
% |
|
$ |
156,945 |
|
|
26.9 |
% |
|
$ |
506,074 |
|
|
24.5 |
% |
|
$ |
402,513 |
|
|
22.5 |
% |
|
|
121,012 |
|
|
25.6 |
% |
|
|
98,538 |
|
|
21.9 |
% |
|
|
369,497 |
|
|
25.5 |
% |
|
|
268,152 |
|
|
20.0 |
% |
Outside the |
|
25,227 |
|
|
15.8 |
% |
|
|
8,881 |
|
|
5.7 |
% |
|
|
74,386 |
|
|
15.5 |
% |
|
|
67,049 |
|
|
12.9 |
% |
Gross profit |
$ |
332,314 |
|
|
25.3 |
% |
|
$ |
264,364 |
|
|
22.2 |
% |
|
$ |
949,957 |
|
|
23.8 |
% |
|
$ |
737,714 |
|
|
20.2 |
% |
Selling, general, and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
79,949 |
|
|
11.7 |
% |
|
$ |
82,892 |
|
|
14.2 |
% |
|
$ |
247,671 |
|
|
12.0 |
% |
|
$ |
229,591 |
|
|
12.9 |
% |
|
|
59,531 |
|
|
12.6 |
% |
|
|
51,536 |
|
|
11.5 |
% |
|
|
174,032 |
|
|
12.0 |
% |
|
|
140,793 |
|
|
10.5 |
% |
Outside the |
|
26,647 |
|
|
16.7 |
% |
|
|
24,122 |
|
|
15.5 |
% |
|
|
75,249 |
|
|
15.7 |
% |
|
|
75,936 |
|
|
14.6 |
% |
Divestiture-related charges (2) |
|
— |
|
|
NM |
|
|
|
— |
|
|
NM |
|
|
|
1,018 |
|
|
NM |
|
|
|
883 |
|
|
NM |
|
Other (3) |
|
906 |
|
|
NM |
|
|
|
23,995 |
|
|
NM |
|
|
|
6,712 |
|
|
NM |
|
|
|
24,242 |
|
|
NM |
|
Selling, general, and administrative expenses |
$ |
167,033 |
|
|
12.7 |
% |
|
$ |
182,545 |
|
|
15.4 |
% |
|
$ |
504,682 |
|
|
12.6 |
% |
|
$ |
471,445 |
|
|
12.9 |
% |
Operating income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
106,126 |
|
|
15.5 |
% |
|
$ |
74,053 |
|
|
12.7 |
% |
|
$ |
258,403 |
|
|
12.5 |
% |
|
$ |
172,922 |
|
|
9.7 |
% |
|
|
61,481 |
|
|
13.0 |
% |
|
|
47,002 |
|
|
10.5 |
% |
|
|
195,465 |
|
|
13.5 |
% |
|
|
127,359 |
|
|
9.5 |
% |
Outside the |
|
(1,420 |
) |
|
(0.9 |
)% |
|
|
(15,241 |
) |
|
(9.8 |
)% |
|
|
(863 |
) |
|
(0.2 |
)% |
|
|
(8,887 |
) |
|
(1.7 |
)% |
Amortization of intangible assets |
|
(23,542 |
) |
|
NM |
|
|
|
(23,431 |
) |
|
NM |
|
|
|
(68,532 |
) |
|
NM |
|
|
|
(70,599 |
) |
|
NM |
|
Divestiture-related charges (2) |
|
— |
|
|
NM |
|
|
|
— |
|
|
NM |
|
|
|
(1,018 |
) |
|
NM |
|
|
|
(883 |
) |
|
NM |
|
Other (3) |
|
(906 |
) |
|
NM |
|
|
|
(23,995 |
) |
|
NM |
|
|
|
(6,712 |
) |
|
NM |
|
|
|
(24,242 |
) |
|
NM |
|
Operating income |
$ |
141,739 |
|
|
10.8 |
% |
|
$ |
58,388 |
|
|
4.9 |
% |
|
$ |
376,743 |
|
|
9.4 |
% |
|
$ |
195,670 |
|
|
5.4 |
% |
(1) |
Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM." |
(2) |
We have sold businesses in both fiscal years 2023 and 2024. |
(3) |
Other expenses includes credits and costs that are not allocated to a particular segment. In the three and nine months ended |
|
|||||||||||||||
Consolidated Free Cash Flows - Non-GAAP |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands) |
||||||||||||||
Net cash provided by/(used in) operating activities |
$ |
199,328 |
|
|
$ |
(5,286 |
) |
|
$ |
351,424 |
|
|
$ |
169,751 |
|
Purchases of property and equipment and capitalized software |
|
(34,690 |
) |
|
|
(25,112 |
) |
|
|
(82,237 |
) |
|
|
(58,863 |
) |
Free cash flow (Non-GAAP) |
$ |
164,638 |
|
|
$ |
(30,398 |
) |
|
$ |
269,187 |
|
|
$ |
110,888 |
|
|
|||||||||||||||
Non-GAAP Adjusted Results Excluding Amortization of Intangible Assets and Divestiture-Related Charges |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(dollars in thousands, except per share data) |
||||||||||||||
Operating income |
$ |
141,739 |
|
|
$ |
58,388 |
|
|
$ |
376,743 |
|
|
$ |
195,670 |
|
Add back: Amortization of intangible assets |
|
23,542 |
|
|
|
23,431 |
|
|
|
68,532 |
|
|
|
70,599 |
|
Add back: Divestiture-related charges |
|
— |
|
|
|
— |
|
|
|
1,018 |
|
|
|
883 |
|
Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
$ |
165,281 |
|
|
$ |
81,819 |
|
|
$ |
446,293 |
|
|
$ |
267,152 |
|
Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
|
12.6 |
% |
|
|
6.9 |
% |
|
|
11.2 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
89,752 |
|
|
$ |
30,863 |
|
|
$ |
234,410 |
|
|
$ |
102,646 |
|
Add back: Amortization of intangible assets, net of tax |
|
17,350 |
|
|
|
17,276 |
|
|
|
50,508 |
|
|
|
52,082 |
|
Add back: Divestiture-related charges |
|
— |
|
|
|
— |
|
|
|
1,018 |
|
|
|
883 |
|
Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
$ |
107,102 |
|
|
$ |
48,139 |
|
|
$ |
285,936 |
|
|
$ |
155,611 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
1.46 |
|
|
$ |
0.50 |
|
|
$ |
3.81 |
|
|
$ |
1.67 |
|
Add back: Effect of amortization of intangible assets on diluted earnings per share |
|
0.28 |
|
|
|
0.28 |
|
|
|
0.82 |
|
|
|
0.86 |
|
Add back: Effect of divestiture-related charges on diluted earnings per share |
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) |
$ |
1.74 |
|
|
$ |
0.78 |
|
|
$ |
4.65 |
|
|
$ |
2.54 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807786571/en/
IR@maximus.com
Source: Maximus