Maximus Reports Fiscal Year 2021 Third Quarter Results

·23 min read

- COVID-19 Response Work Drives Record Quarter -

RESTON, Va., August 05, 2021--(BUSINESS WIRE)--Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and nine months ended June 30, 2021.

Highlights for the third quarter of fiscal year 2021 include:

  • Record revenue of $1.24 billion beat Company expectations driven by COVID-19 response work including vaccination distribution support services, unemployment insurance program support, disease investigation, contact tracing, and other key initiatives.

  • Operating income margin was 11.2% and diluted earnings per share were $1.51. Amortization of intangible assets was $12.1 million, or $0.15 diluted earnings per share. Adjusting for amortization of intangible assets, operating income margin and diluted earnings per share would be 12.2% and $1.66, respectively.

  • The Company is raising guidance for fiscal year 2021 to account for the strong third quarter results. Revenue is expected to range between $4.2 billion and $4.25 billion and diluted earnings per share to range between $4.65 and $4.75.

  • The acquired businesses of Attain Federal and VES completed on March 1, 2021 and May 28, 2021, respectively, are performing in-line with Company expectations.

  • A quarterly cash dividend of $0.28 per share payable on August 31, 2021, to shareholders of record on August 13, 2021.

"I am extremely proud of the team, their accomplishments, and their ability to deliver outstanding results to our government customers and raise the bar in demonstrating our capabilities," shared Bruce Caswell, President and Chief Executive Officer. "As an example, on a single day this quarter, nearly 13,000 employees began their first day of work with Maximus supporting a significant new COVID response contract for a key customer and underpinned by one of the largest cloud-based telephony environments ever created for government capable of handling a half-million calls per hour."

Caswell continued, "Several months into our relationship together, I’m even more impressed with the capabilities and dedication that our Attain Federal and VES teams bring to Maximus. Already, we see the anticipated acquisition benefits coming to fruition for the combined companies and for our customers."

Third Quarter Results

For the third quarter of fiscal 2021, revenue increased 38.0% to $1.24 billion as compared to $901.3 million reported for the prior-year period driven by COVID-19 response work including vaccination distribution support services, unemployment insurance program support, disease investigation, contact tracing, and other key initiatives. COVID-19 response work contributed approximately $460 million and $860 million for the three and nine months ended June 30, 2021, respectively. The profitability of this work has been steadily improving and now delivers operating income margins above the Company's corporate average.

For the third quarter of fiscal 2021, operating income totaled $139.6 million, yielding an operating margin of 11.2%. This compares to an operating margin of 9.7% for the prior-year period. Diluted earnings per share were $1.51 as compared to $1.04 for the prior-year period. Adjusting for amortization of intangible assets, operating income margin and diluted earnings per share for amortization of intangible assets would be 12.2% and $1.66, respectively, for the third quarter of fiscal 2021.

Results for the quarter include a full three months for Attain Federal and just over one month for VES, contributing revenues of $56 million and $46 million, respectively.

For the nine months ended June 30, 2021, operating income margin was 10.8% and diluted earnings per share were $3.84. Amortization of intangible assets was $23.7 million, or $0.28 diluted earnings per share. Adjusting for amortization of intangible assets, year-to-date operating income margin and diluted earnings per share would be 11.6% and $4.12, respectively.

U.S. Services Segment

U.S. Services Segment revenue for the third quarter of fiscal 2021 increased 29% to $436.3 million as compared to $337.0 million reported for the prior-year period. COVID-19 response work contributed an estimated $164 million of revenue to this segment.

Operating margin for the third quarter of fiscal 2021 was 14.3% compared to 18.1% reported for the prior-year period. The operating margin reflects continued headwinds experienced on some of this segment's core programs, including those impacted by the pause of Medicaid redeterminations. The segment also experienced a delay in non-COVID new work, which is now expected to commence next fiscal year.

The Company expects the U.S. Services Segment to deliver an operating income margin in the range of 16% to 17% for fiscal 2021.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the third quarter of fiscal 2021 increased to $617.6 million as compared to $450.1 million reported for the prior-year period. As expected, the Census contract contributed $170.4 million less revenue in the period as compared to the prior-year period. This was offset by an increase of COVID response work that exceeded Company expectations and contributed $280 million of revenue to the segment. Segment results for the quarter included $56 million of revenue from Attain Federal and $46 million of revenue from VES for the period starting at the acquisition date, May 28, 2021.

The operating margin for the third quarter of fiscal 2021 was 13.9% as compared to 8.7% reported for the prior-year period. The margin benefited from the segment's higher than expected volumes on the COVID-19 response work.

The Company expects the U.S. Federal Services Segment to deliver an operating income margin in the range of 10% to 11% for fiscal 2021.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the third quarter of fiscal 2021 increased to $189.6 million as compared to $114.2 million reported for the prior-year period. Operating income for the third quarter of fiscal 2021 was $8.3 million which yielded an operating margin of 4.4%. This compares to an operating loss of $5.8 million reported for the prior-year period as a result of this segment experiencing the most pronounced impacts from the pandemic. Results for the third quarter of fiscal 2021 were slightly better than expected, driven by favorable performance in the Australia employment services business.

This segment has several contracts in startup, most notably the two-region win on the U.K. Restart program. This contract is responsible for the largest share of the estimated startup losses which are more heavily weighted to the fourth quarter of fiscal 2021. The programs in startup are expected to exceed 10% operating income margins over their lives, with significant improvement to the financial contribution expected in the second half of fiscal 2022.

The Company expects the Outside the U.S. Segment to deliver an operating margin in the low single digits primarily as a result of the startup losses. The fourth quarter for this segment is expected to realize an operating loss due to ramping of the U.K. Restart program.

Sales and Pipeline

Year-to-date signed contract awards at June 30, 2021 totaled $3.24 billion and contracts pending (awarded but unsigned) totaled $1.38 billion. These awards reflect total contract value (TCV) and include the previously announced U.K. Restart award as well as the CDC Vaccination Hotline award assumed at $300 million TCV.

The sales pipeline at June 30, 2021, was $33.6 billion (comprised of approximately $4.2 billion in proposals pending, $6.8 billion in proposals in preparation, and $22.6 billion in opportunities tracking) and decreased as compared to March 31, 2021 due to awarding of UK Restart and an uptick in levels of delay and cancellation resulting from the COVID-19 pandemic. New work opportunities represent 63.6% of the total sales pipeline.

Balance Sheet and Cash Flows

Cash and cash equivalents at June 30, 2021, totaled $96.1 million. At June 30, 2021, there was $1.71 billion of gross debt.

For the three months ended June 30, 2021, cash flow used in operations totaled $33.0 million and free cash flow used in operations was $41.6 million. Cash flows in the quarter were significantly impacted by the additional investment in working capital created by the sequential increase to revenue. The Company expects fourth quarter fiscal 2021 cash flows to be strong.

Days sales outstanding (DSO) were 77 days at June 30, 2021, including VES on a pro-forma basis. The higher revenue for the month of June as compared to April and May contributed to an increased DSO.

On July 9, 2021, our Board of Directors declared a quarterly cash dividend of $0.28 for each share of our common stock outstanding. The dividend is payable on August 31, 2021, to shareholders of record on August 13, 2021.

Pro-forma for Acquisitions

A pro-forma included in this release assumes VES and Attain Federal had been acquired on July 1, 2020, and therefore included for a full twelve months of the Company's operating results. The operating income and operating margin for the twelve month period, excluding amortization of intangible assets, was $591.3 million and 12.7%, respectively, for the combined company inclusive of Attain Federal and VES. Both acquisitions improve the Company's gross profit margin and are accretive to fiscal 2021 results from operations.

FY21 Guidance Increase

As a result of the third quarter results, Maximus is increasing revenue, earnings, and cash flow guidance for fiscal 2021. The Company anticipates fiscal 2021 revenue will range between $4.2 billion and $4.25 billion and diluted earnings per share will range between $4.65 and $4.75.

For fiscal 2021, cash from operations is expected to range between $425 million and $455 million and free cash flow between $375 million and $405 million. The effective tax rate is expected to range between 25% and 25.5% and weighted average shares outstanding to be approximately 62.3 million.

Revenue attributable to COVID-19 response work is anticipated to be approximately $1 billion for fiscal 2021. The COVID-19 response work is tapering off as expected, resulting in a lower fourth quarter forecast as compared to the third quarter results. The fourth quarter of fiscal 2021 will be further impacted by the startup contracts in the Outside the U.S. Segment with planned losses totaling $13 million to $15 million for these contracts. Consistent with prior guidance, the Company assumes the Public Health Emergency (PHE) will remain in place beyond September 30, 2021.

Mr. Caswell added, "We are in a solid position to further our long-term organic growth goals and evolve our ongoing strategy across all three segments. This is partly driven by the benefits and new capabilities of the two recent acquisitions, and our team's unprecedented efforts throughout the past year which have deepened our relationships with key clients and brought new clients. With two months remaining in fiscal year 2021, its natural for us to be looking towards next year when we expect to see, not only macro-trends indicating improvement to our core programs but also momentum through new programs such as the UK Restart and more focused clinical and digital work afforded by Attain Federal and VES."

Conference Call and Webcast Information

Maximus will host a conference call this morning, August 5, 2021, at 9:00 a.m. (ET).

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

Since 1975, Maximus has operated under its founding mission of Helping Government Serve the People®, enabling citizens around the globe to successfully engage with their governments at all levels and across a variety of health and human services programs. Maximus delivers innovative business process management and technology solutions that contribute to improved outcomes for citizens and higher levels of productivity, accuracy, accountability, and efficiency of government-sponsored programs. With approximately 34,000 employees worldwide, Maximus is a proud partner to government agencies in the United States, Australia, Canada, Italy, Saudi Arabia, Singapore, South Korea, Sweden, and the United Kingdom. For more information, visit maximus.com.

Non-GAAP Measures

This release refers to non-GAAP measures and other indicators, including organic growth, free cash flow, days sales outstanding, results on a pro forma basis and other non-GAAP measures.

A description of these non-GAAP measures, the reasons why we use and present them, and details as to how they are calculated are included in our Annual Report on Form 10-K.

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, 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 the Company’s confidence and strategies, and the Company’s expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand, or acceptance of the Company’s products are forward-looking statements that involve risks and uncertainties such as those related to the impact of the pandemic and our recently-completed acquisitions including but not limited to:

  • Our indebtedness following the completion of the VES acquisition is significant and could adversely affect our business and our ability to meet our obligations

  • Difficulties in integrating our operations with those of Attain and VES and realizing the expected benefits of these acquisitions.

  • If one or more of these contracts with the VA are terminated or are not renewed on favorable terms or at all, if the VA reduces the number of medical examinations allocated to VES under the contracts or if VES receives an adverse finding or review resulting from an audit or investigation, the benefits of the VES acquisition may be adversely affected.

  • In connection with the acquisitions, we may be required to take write-downs or write-offs, restructuring and impairment, or other charges that could negatively affect our business, assets, liabilities, prospects, outlook, financial condition, and results of operations.

  • The ultimate duration of the pandemic

  • The threat of further negative pandemic-related impacts

  • Delays in our core programs returning to normal volumes and operations

  • The potential impacts resulting from budget challenges with our government clients

  • The possibility of delayed or missed payments by customers

  • The potential for further supply chain disruptions impacting IT or safety equipment

  • The impact of further legislation and government policies on the programs we operate

These risks could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements. 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 September 30, 2020, which was filed with the Securities and Exchange Commission (SEC) on November 19, 2020. A supplemental description of risk factors related to the Company's completed acquisitions of the Federal business of Attain and VES are included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 to be filed shortly. The Company's SEC reports are accessible on maximus.com.

Maximus, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

Three Months Ended June 30,

Nine Months Ended June 30,

2021

2020

2021

2020

Revenue

$

1,243,520

$

901,337

$

3,148,354

$

2,537,701

Cost of revenue

951,664

715,734

2,419,785

2,023,550

Gross profit

291,856

185,603

728,569

514,151

Selling, general, and administrative expenses

140,129

89,582

364,498

283,662

Amortization of intangible assets

12,132

8,712

23,718

26,734

Operating income

139,595

87,309

340,353

203,755

Interest expense

3,087

616

4,049

1,565

Other (expense)/income, net

(8,289

)

(671

)

(9,584

)

621

Income before income taxes

128,219

86,022

326,720

202,811

Provision for income taxes

33,724

21,558

87,534

51,963

Net income

$

94,495

64,464

$

239,186

$

150,848

Basic earnings per share

$

1.52

$

1.04

$

3.86

$

2.38

Diluted earnings per share

$

1.51

$

1.04

$

3.84

$

2.37

Dividends declared per share

$

0.28

$

0.28

$

0.84

$

0.84

Weighted average shares outstanding:

Basic

62,064

61,882

62,028

63,463

Diluted

62,453

62,102

62,300

63,666

Maximus, Inc.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

June 30, 2021

September 30, 2020

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

96,110

$

71,737

Accounts receivable — billed and billable, net of allowance of $6,607 and $6,051

794,653

622,871

Accounts receivable — unbilled

334,666

163,332

Income taxes receivable

454

2,075

Prepaid expenses and other current assets

81,479

72,543

Total current assets

1,307,362

932,558

Property and equipment, net

67,794

66,721

Capitalized software, net

45,739

38,033

Operating lease right-of-use assets

186,944

177,159

Goodwill

1,757,795

593,129

Intangible assets, net

892,487

145,893

Deferred contract costs, net

37,020

20,891

Deferred compensation plan assets

47,041

36,819

Deferred income taxes

506

1,915

Other assets

27,905

11,584

Total assets

$

4,370,593

$

2,024,702

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

420,510

$

253,338

Accrued compensation and benefits

181,559

137,101

Deferred revenue

68,846

51,655

Income taxes payable

19,763

5,377

Current portion of long-term debt and other borrowings

60,586

10,878

Operating lease liabilities

82,572

80,748

Other current liabilities

26,768

22,071

Total current liabilities

860,604

561,168

Deferred revenue, less current portion

36,051

27,311

Deferred income taxes

204,174

24,737

Long-term debt, less current portion

1,633,135

18,017

Deferred compensation plan liabilities, less current portion

44,076

38,654

Operating lease liabilities, less current portion

118,341

104,011

Other liabilities

20,765

8,985

Total liabilities

2,917,146

782,883

Shareholders’ equity:

Common stock, no par value; 100,000 shares authorized; 61,472 and 61,504 shares issued and outstanding at June 30, 2021, and September 30, 2020, respectively

535,990

513,959

Accumulated other comprehensive loss

(36,031

)

(42,638

)

Retained earnings

953,488

770,498

Total shareholders' equity

1,453,447

1,241,819

Total liabilities and shareholders' equity

$

4,370,593

$

2,024,702

Maximus, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

Three Months Ended June 30,

Nine Months Ended June 30,

2021

2020

2021

2020

Cash flows from operations:

Net income

$

94,495

$

64,464

$

239,186

$

150,848

Adjustments to reconcile net income to cash flows from operations:

Depreciation and amortization of property and equipment and

capitalized software

10,829

16,278

33,664

47,496

Amortization of intangible assets

12,132

8,712

23,718

26,734

Deferred income taxes

(4,319

)

(8,248

)

3,632

(5,210

)

Stock compensation expense

7,344

5,758

20,823

17,558

Gain on sale of a business

(1,706

)

(1,706

)

Costs related to debt financing

8,509

8,509

Change in assets and liabilities, net of effects of business combinations

Accounts receivable — billed and billable

(167,592

)

(94,756

)

(83,881

)

(147,626

)

Accounts receivable — unbilled

(156,929

)

(82,556

)

(170,423

)

(80,267

)

Prepaid expenses and other current assets

(532

)

(3,733

)

7,542

529

Deferred contract costs

(6,589

)

(899

)

(15,773

)

(1,396

)

Accounts payable and accrued liabilities

104,478

26,300

116,873

48,622

Accrued compensation and benefits

51,148

29,808

34,387

33,647

Deferred revenue

10,328

(2,494

)

23,624

2,806

Income taxes

11,935

28,269

15,165

563

Operating lease right-of-use assets and liabilities

1,491

(1,237

)

1,077

(1,071

)

Other assets and liabilities

(9,767

)

2,851

(11,464

)

4,556

Cash flows (used in)/from operations

(33,039

)

(13,189

)

246,659

96,083

Cash flows from investing activities:

Purchases of property and equipment and capitalized software costs

(8,549

)

(9,314

)

(32,133

)

(28,436

)

Acquisitions of businesses, net of cash acquired

(1,365,533

)

(60

)

(1,779,473

)

(2,611

)

Proceeds from the sale of a business

3,250

3,250

Other

287

385

Cash used in investing activities

(1,374,082

)

(5,837

)

(1,811,606

)

(27,412

)

Cash flows from financing activities:

Cash dividends paid to Maximus shareholders

(17,211

)

(17,175

)

(51,625

)

(52,988

)

Purchases of Maximus common stock

(3,363

)

(166,959

)

Tax withholding related to RSU vesting

(9,818

)

(10,614

)

Payments for debt financing

(22,759

)

(22,759

)

Borrowings under new credit facilities

1,700,000

1,700,000

Other debt borrowings

84,838

79,773

585,000

421,488

Other debt repayments

(344,042

)

(87,715

)

(607,880

)

(278,971

)

Other

(1

)

(305

)

(2,763

)

(957

)

Cash from/(used in) financing activities

1,400,825

(25,422

)

1,586,792

(89,001

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(433

)

1,694

2,830

(174

)

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

(6,729

)

(42,754

)

24,675

(20,504

)

Cash, cash equivalents, and restricted cash, beginning of period

119,965

138,742

88,561

116,492

Cash, cash equivalents, and restricted cash, end of period

$

113,236

$

95,988

$

113,236

$

95,988

Maximus, Inc.

SEGMENT INFORMATION

(Amounts in thousands)

(Unaudited)

Three Months Ended June 30,

Nine Months Ended June 30,

2021

% (1)

2020

% (1)

2021

% (1)

2020

% (1)

Revenue:

U.S. Services

$

436,338

$

336,950

$

1,269,487

$

957,929

U.S. Federal Services

617,601

450,143

1,352,982

1,210,105

Outside the U.S.

189,581

114,244

525,885

369,667

Total

$

1,243,520

$

901,337

$

3,148,354

$

2,537,701

Gross Profit:

U.S. Services

$

104,814

24.0

%

$

93,029

27.6

%

$

323,256

25.5

%

$

268,073

28.0

%

U.S. Federal Services

155,776

25.2

%

84,723

18.8

%

312,405

23.1

%

232,502

19.2

%

Outside the U.S.

31,266

16.5

%

7,851

6.9

%

92,908

17.7

%

13,576

3.7

%

Total

$

291,856

23.5

%

$

185,603

20.6

%

$

728,569

23.1

%

$

514,151

20.3

%

Selling, general, and administrative expense:

U.S. Services

$

42,606

9.8

%

$

31,996

9.5

%

$

116,655

9.2

%

$

102,633

10.7

%

U.S. Federal Services

69,647

11.3

%

45,490

10.1

%

172,877

12.8

%

131,455

10.9

%

Outside the U.S.

22,973

12.1

%

13,668

12.0

%

65,018

12.4

%

47,125

12.7

%

Gain on sale of business (3)

NM

(1,706

)

NM

NM

(1,706

)

NM

Other (2)

4,903

NM

134

NM

9,948

NM

4,155

NM

Total

$

140,129

11.3

%

$

89,582

9.9

%

$

364,498

11.6

%

$

283,662

11.2

%

Operating income:

U.S. Services

$

62,208

14.3

%

$

61,033

18.1

%

$

206,601

16.3

%

$

165,440

17.3

%

U.S. Federal Services

86,129

13.9

%

39,233

8.7

%

139,528

10.3

%

101,047

8.4

%

Outside the U.S.

8,293

4.4

%

(5,817

)

(5.1

)%

27,890

5.3

%

(33,549

)

(9.1

)%

Amortization of intangible assets

(12,132

)

NM

(8,712

)

NM

(23,718

)

NM

(26,734

)

NM

Gain on sale of business (3)

NM

1706

NM

NM

1706

NM

Other (2)

(4,903

)

NM

(134

)

NM

(9,948

)

NM

(4,155

)

NM

Total

$

139,595

11.2

%

$

87,309

9.7

%

$

340,353

10.8

%

$

203,755

8.0

%

(1)

Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM."

(2)

Other selling, general, and administrative expenses includes credits and costs that are not allocated to a particular segment. This includes expenses incurred as part of our acquisitions, as well as potential acquisitions which have not been or may not be completed. Our results for the three and nine months ended June 30, 2021, included $5.6 million and $8.8 million, respectively, of expenses relating to the acquisitions of Attain, LLC, and VES Group, Inc.

(3)

During fiscal year 2020, we sold Q2 Administrators LLC, a subsidiary within our U.S. Federal Services Segment, resulting in a gain.

Maximus, Inc.

FREE CASH FLOW

(Non-GAAP measure)

(Amounts in thousands)

(Unaudited)

Three Months Ended June 30,

Nine Months Ended June 30,

2021

2020

2021

2020

Cash flows (used in)/from operations

$

(33,039

)

$

(13,189

)

$

246,659

$

96,083

Purchases of property and equipment and capitalized software costs

(8,549

)

(9,314

)

(32,133

)

(28,436

)

Free cash flow

$

(41,588

)

$

(22,503

)

$

214,526

$

67,647

Maximus, Inc.

Unaudited Pro Forma Results

(Amounts in thousands, except per share data)

Unaudited pro forma results

Three Months

Ended June 30,

Nine Months

Ended June 30,

Trailing Twelve Months

Ended June 30,

2021

2020

2021

2020

2021

Revenue

$

1,335,780

$

996,462

$

3,566,466

$

2,934,920

$

4,645,540

Cost of revenue

1,004,523

787,189

2,679,170

2,283,589

3,503,074

Gross profit

331,257

209,273

887,296

651,331

1,142,466

Selling, general, and administrative expenses

151,321

110,754

425,062

360,370

551,143

Amortization of intangible assets

21,301

25,090

63,856

75,868

88,586

Operating income

158,635

73,429

398,378

215,093

502,737

Interest expense

8,701

9,423

26,715

28,528

36,426

Other (expense)/income, net

(7,320

)

(2,126

)

(10,401

)

(11,755

)

(11,437

)

Income before income taxes

142,614

61,880

361,262

174,810

454,874

Provision for income taxes

37,123

15,549

94,735

38,897

120,248

Net income

$

105,491

$

46,331

$

266,527

$

135,913

$

334,626

Basic earnings per share

$

1.70

$

0.75

$

4.30

$

2.14

$

5.40

Diluted earnings per share

$

1.69

$

0.75

$

4.28

$

2.13

$

5.37

Dividends declared per share

$

0.28

$

0.28

$

0.84

$

0.84

$

1.12

Weighted average shares outstanding:

Basic

62,064

61,882

62,028

63,463

62,001

Diluted

62,453

62,102

62,300

63,666

62,285

Maximus, Inc.

Other Non-GAAP Information

(Amounts in thousands, except per share data)

Three Months Ended June 30,

Nine Months Ended June 30,

2021

2020

2021

2020

Operating income

$

139,595

$

87,309

$

340,353

$

203,755

Amortization of intangible assets

12,132

8,712

23,718

26,734

Operating income excluding amortization of intangible assets - non-GAAP

$

151,727

$

96,021

$

364,071

$

230,489

Net income

$

94,495

$

64,464

$

239,186

$

150,848

Amortization of intangible assets adjusted for income taxes

8,941

6,529

17,364

19,884

Net income excluding amortization of intangible assets - non-GAAP

$

103,436

$

70,993

$

256,550

$

170,732

Diluted earnings per share

$

1.51

$

1.04

$

3.84

$

2.37

Effect of amortization of intangible assets on diluted earnings per share

0.15

0.10

0.28

0.31

Diluted earnings per share excluding amortization of intangible assets - non-GAAP

$

1.66

$

1.14

$

4.12

$

2.68

View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005370/en/

Contacts

James Francis 703.251.8526
JamesBFrancis@maximus.com

Madison West 703.251.8443
MadisonTWest@maximus.com

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