MMS FY 2023 Earnings Report — Maximus, Inc. Revenue & Financial Results | Market Cap Arena

Maximus, Inc.MMS

FY 2023 Earnings

Reported November 16, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$4.9B	—	$4.6B	—	5.9%
Op. Income	$295M	—	$312M	—	-5.3%
Gross Margin	19.0%	—	18.3%	—	0.7pp
Net Margin	3.3%	—	4.4%	—	-1.1pp
EPS (Diluted)	$2.63	—	$3.29	—	-20.1%
Free Cash Flow	$224M	—	$234M	—	-4.3%

Revenue Flow

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$4.0B
GROSS PROFIT	$934M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$639M
Other Expenses	$0
Operating Expenses	$639M
Cost & Expenses	$4.6B
OPERATING INCOME	$295M
Interest Income	$0
Interest Expense	$84M
Other Income/Expenses	-$85M
INCOME BEFORE TAX	$210M
Income Tax Expense	$49M
Net Income from Continuing Ops	$162M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$162M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$162M
D&A	$162M
EBIT	$294M
EBITDA	$456M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$4.0B
GROSS PROFIT	$934M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$639M
Other Expenses	$0
Operating Expenses	$639M
Cost & Expenses	$4.6B
OPERATING INCOME	$295M
Interest Income	$0
Interest Expense	$84M
Other Income/Expenses	-$85M
INCOME BEFORE TAX	$210M
Income Tax Expense	$49M
Net Income from Continuing Ops	$162M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$162M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$162M
D&A	$162M
EBIT	$294M
EBITDA	$456M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$162M
Depreciation & Amortization	$149M
Stock-Based Compensation	$30M
Deferred Income Tax	$2M
Other Non-Cash Items	$4M
Change in Working Capital	-$32M
OPERATING CASH FLOW	$314M
Capital Expenditure	-$91M
Acquisitions (Net)	$10M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$81M
Net Debt Issuance	-$109M
Common Stock Repurchased	-$8M
Common Dividends Paid	-$68M
Other Financing Activities	-$66M
NET CASH FROM FINANCING	-$251M
FREE CASH FLOW	$224M
Net Change in Cash	-$15M

Balance Sheet

Item	Amount
Cash & Equivalents	$122M
Short-Term Investments	$0
Net Receivables	$843M
Inventory	$0
Other Current Assets	$90M
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$203M
Goodwill	$1.8B
Intangible Assets	$811M
Long-Term Investments	$31M
Tax Assets	$2M
Other Non-Current Assets	$103M
TOTAL NON-CURRENT ASSETS	$2.9B
TOTAL ASSETS	$4.0B
Account Payables	$282M
Short-Term Debt	$137M
Deferred Revenue	$60M
Other Current Liabilities	$49M
TOTAL CURRENT LIABILITIES	$723M
Long-Term Debt	$1.2B
Deferred Revenue NC	$39M
Deferred Tax Liabilities	$204M
Other Non-Current Liabilities	$60M
TOTAL NON-CURRENT LIABILITIES	$1.6B
TOTAL LIABILITIES	$2.3B
Common Stock	$578M
Additional Paid-In Capital	$0
Retained Earnings	$1.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$28M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$4.0B
Total Debt	$1.4B
Net Debt	$1.3B