BusinessWire

Maximus Reports Fiscal Year 2020 Third Quarter Results

- Company Raises Guidance While COVID-19 Disruptions Persist -

RESTON, Va.--(BUSINESS WIRE)--Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and nine months ended June 30, 2020.


Highlights for the third quarter of fiscal 2020 include:

  • The Company’s continued focus on safeguarding employees and strategic technology investments have enabled continued support of our customers and citizens through the COVID-19 pandemic
  • Revenue increased to $901.3 million as compared to $730.7 million reported for the same period last year, driven by the Census contract in the U.S. Federal Services Segment and new COVID-19 response work such as contact tracing and assistance with unemployment benefits
  • Diluted earnings per share were $1.04 and benefited from a previously disclosed change order totaling $0.11 per diluted share
  • Revenue and earnings were better than expected principally due to new work and the expansion of existing contracts as a result of COVID-19, and an improved outlook in our Australia operations. As a result, the Company increased revenue and earnings guidance for fiscal 2020 with revenue expected to range between $3.375 billion and $3.425 billion and diluted earnings per share to range between $3.20 and $3.30 per share
  • A quarterly cash dividend of $0.28 for each share of our common stock outstanding payable on August 31, 2020, to shareholders of record on August 14, 2020.

COVID-19 Status Update

Overall, the Company is navigating the COVID-19 pandemic using a hybrid operational model which maintains delivery of services through a mix of safe, on-site working arrangements and work-from-home arrangements. The pandemic continues to impact all segments. The Outside the U.S. Segment remains impacted by the temporary halt on face-to-face health assessments and a general pandemic related slowdown in employment services. Within U.S. operations, disruptions persist on several performance-based contracts from ongoing COVID-19 response efforts by our government clients. For example, these programs have relaxed certain program requirements to allow vulnerable citizens continued access to vital services resulting in lower volumes and revenues.

These negative impacts have been offset by new COVID-19 response work, the restructuring of certain employment services contracts Outside the U.S. to reflect more equitable pay models, and an increase in expected revenue and earnings from the Census contract in the U.S. Federal Services Segment.

"Our employees have shown true resilience, working tirelessly to help citizens navigate challenging circumstances as governments have responded. The necessity of the health and human services programs we are entrusted to administer is no more apparent than during an economic crisis precipitated by the current global pandemic," shared Bruce Caswell, President and Chief Executive Officer. "Meanwhile, we continue to execute upon our three goals of Digital Transformation, which has helped us quickly transition to a hybrid operational model, Clinical Evolution, and the expansion of clinical BPO support services in response to COVID-19, and Market Expansion, supporting our strategic trajectory in the face of this global disruption."

Third Quarter Results

For the third quarter of fiscal 2020, revenue increased to $901.3 million as compared to $730.7 million reported for the prior-year period last year driven by the Census contract in the U.S. Federal Services Segment and COVID-19 response work such, as contact tracing and assistance with unemployment benefits. Excluding the citizen engagement centers business acquired in November 2018, which includes the Census contract, organic growth for the third quarter of fiscal 2020 was 3.5% compared to the prior-year period and tempered by declines in the Outside the U.S. Segment.

For the third quarter of fiscal 2020, operating income totaled $87.3 million, yielding an operating margin of 9.7%. This compares to 11.4% for the same period last year. The operating margin was lower due to decreased revenue from performance-based contracts and a greater mix of lower margin, cost-plus work related to the Census contract.

For the third quarter of fiscal 2020, net income attributable to Maximus totaled $64.5 million, or $1.04 of diluted earnings per share, which includes a $9 million change order that benefited results by $0.11 per diluted share. This compares to the third quarter of fiscal 2019 diluted earnings per share of $0.97.

U.S. Health & Human Services Segment

Revenue in the U.S. Health & Human Services Segment for the third quarter of fiscal 2020 increased 15.7% to $337.0 million compared to $291.1 million reported for the same period last year. All growth in this segment was organic and attributable to new work, including work tied to COVID-19 response efforts, and the expansion of existing contracts.

Operating margin for the third quarter of fiscal 2020 was 18.1% compared to 18.6% reported for the prior-year period. Operating margin for the third quarter of fiscal 2020 was 15.9% without the benefit of the aforementioned change order. The operating margin was impacted by operational disruptions related to the pandemic. As an example, the Company has experienced lower revenue and earnings on a significant performance-based state Medicaid program, where our government client paused renewals to ensure that individuals and families retain vital access to healthcare.

Continued disruptions are expected in the U.S. Health & Human Services Segment while still forecasted to deliver an operating margin between 17% and 18% for the full year.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the third quarter of fiscal 2020 increased to $450.1 million compared to $292.3 million reported for the same period last year. All revenue growth in this segment was organic. Excluding the citizen engagement centers business, organic revenue growth was 4.1% driven by new work, including that tied to COVID-19 response efforts, and growth on existing contracts.

Operating margin for the third quarter of fiscal 2020 was 8.7% compared to 11.6% reported for the prior-year period and was impacted by a combination of reduced volumes and revenue on certain performance-based contracts and a greater mix of cost-plus contracts which typically have lower operating margins. For example, the volume of independent medical reviews has decreased significantly due to a precipitous drop in workers' compensation claims.

The Census contract continued to operate at peak levels in the quarter due to the Census Bureau's extended response period. This contract delivered approximately $170 million and $380 million of revenue for the three and nine months ended June 30, 2020, respectively, and is expected to deliver approximately $500 million of revenue in fiscal year 2020.

The U.S. Federal Services Segment is expected to deliver an operating margin between 8% and 9% for the full year with a bias toward the lower end of the range.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the third quarter of fiscal 2020 decreased to $114.2 million compared to $147.3 million reported for the same period last year. Operating loss for the third quarter of fiscal 2020 was $5.8 million compared to an operating profit of $5.0 million and an operating margin of 3.4% reported for the prior-year period. This segment contains several significant employment services contracts, most notably in the U.K. and Australia, and the Health Assessment Advisory Service (HAAS) contract in the U.K., which all continue to operate at reduced levels.

The operating loss for the third quarter of fiscal 2020 is less than previously forecasted due to greater visibility of future outcome payments on the employment services contracts. The Company also successfully modified the contractual terms on certain employment services contracts to allow for more equitable pay points or cost reimbursement arrangements.

The Segment is still expected to end the full year in an operating loss position, although a significant loss is not expected in the fourth quarter of fiscal 2020. Face-to-face assessments on the HAAS contract remain suspended and other programs continue to be impacted by COVID-19. However, in fiscal 2021, the Company anticipates an expanded need and pent-up demand for employment services as geographies begin to emerge from the pandemic and may face unprecedented unemployment levels.

Sales and Pipeline

Year-to-date signed contract awards at June 30, 2020, totaled $1.5 billion and contracts pending (awarded but unsigned) totaled $672 million. These awards reflect total contract value.

The sales pipeline at June 30, 2020, was $28.9 billion (comprised of approximately $1.9 billion in proposals pending, $1.9 billion in proposals in preparation, and $25.1 billion in opportunities tracking).

Mr. Caswell continued, "The pipeline dynamics continue to be unique since the pandemic began in March. We still see procurements being completed in record time for efforts to support COVID-19. As you would expect, that focus has taken away from previously planned, normal course procurements. It continues to be a fluid situation that is changing daily where we anticipate both positive and negative impacts."

Balance Sheet and Cash Flows

Cash and cash equivalents at June 30, 2020, totaled $81.5 million and excludes $14.4 million of restricted cash included in the Consolidated Statement of Cash Flows. Outstanding draws on the Company's credit facility totaled $145.0 million at the end of the third quarter, leaving $255.0 million of available capacity.

For the nine months ended June 30, 2020, cash from operations totaled $96.1 million and free cash flow was $67.6 million. Year-to-date cash from operations has been negatively impacted due to the additional investment in working capital required by increases to revenue, the timing of collections, and lower income attributable to the Outside the U.S. Segment. Days sales outstanding (DSO) of 84 days at June 30, 2020, caused negative cash flows for the three months ended June 30, 2020.

At June 30, 2020, DSO were 84 days and outside the Company's typical range of 65 to 80 days. Subsequent to June 30, 2020, more than $90 million of accounts receivable were collected and DSO would have been 74 days with those payments included.

On July 3, 2020, 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, 2020, to shareholders of record on August 14, 2020.

Outlook

Maximus is increasing revenue and earnings guidance for fiscal 2020 following new work wins and the expansion of existing work tied to the COVID-19 response, including the extension of the Census contract. The Company anticipates fiscal 2020 revenue will range between $3.375 and $3.425 billion and diluted earnings per share will range between $3.20 and $3.30 per share. Cash flows from operations are expected to range between $200 and $220 million and free cash flow between $180 and $200 million.

Mr. Caswell added, "We are proud that our customers trust our experience and abilities to provide solutions and continued support during this critical time. We cannot predict with certainty how long the pandemic will last but we feel prepared to continue operating in our current manner and our strong financial standing furthers that ability."

Conference Call and Webcast Information

Maximus will host a conference call this morning, August 6, 2020, at 9:00 a.m. (ET).

The call is open to the public and available by webcast.

To receive dial-in details, participants must register prior to the call. Once registered, dial-in details will be sent to the participant by email.

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 more than 30,000 employees worldwide, Maximus is a proud partner to government agencies in the United States, Australia, Canada, Italy, Saudi Arabia, Singapore, Sweden, and the United Kingdom. For more information, visit maximus.com.

Non-GAAP Measures

This release refers to non-GAAP financial measures, including free cash flow, constant currency, and days sales outstanding.

We have provided a reconciliation of free cash flow to cash flows from operations.

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 impact of the COVID-19 pandemic including but not limited to:

  • 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 Exhibit 99.1 to the Company’s most recent Annual Report filed with the Securities and Exchange Commission, found 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,

 

2020

 

2019

 

2020

 

2019

Revenue

$

901,337

 

 

$

730,710

 

 

$

2,537,701

 

 

$

2,131,849

 

Cost of revenue

715,734

 

 

556,463

 

 

2,023,550

 

 

1,628,915

 

Gross profit

185,603

 

 

174,247

 

 

514,151

 

 

502,934

 

Selling, general and administrative expenses

89,582

 

 

81,604

 

 

283,662

 

 

239,377

 

Amortization of intangible assets

8,712

 

 

9,049

 

 

26,734

 

 

24,026

 

Operating income

87,309

 

 

83,594

 

 

203,755

 

 

239,531

 

Interest expense

616

 

 

420

 

 

1,565

 

 

2,614

 

Other (expense)/income, net

(671

)

 

556

 

 

621

 

 

3,048

 

Income before income taxes

86,022

 

 

83,730

 

 

202,811

 

 

239,965

 

Provision for income taxes

21,558

 

 

20,765

 

 

51,963

 

 

59,511

 

Net income

64,464

 

 

62,965

 

 

150,848

 

 

180,454

 

Income/(loss) attributable to noncontrolling interests

 

 

67

 

 

 

 

(281

)

Net income attributable to Maximus

$

64,464

 

 

$

62,898

 

 

$

150,848

 

 

$

180,735

 

Basic earnings per share

$

1.04

 

 

$

0.98

 

 

$

2.38

 

 

$

2.80

 

Diluted earnings per share

$

1.04

 

 

$

0.97

 

 

$

2.37

 

 

$

2.79

 

Dividends paid per share

$

0.28

 

 

$

0.25

 

 

$

0.84

 

 

$

0.75

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

61,882

 

 

64,405

 

 

63,463

 

 

64,534

 

Diluted

62,102

 

 

64,759

 

 

63,666

 

 

64,800

 

Maximus, Inc.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

 

 

June 30, 2020

 

September 30, 2019

 

(unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

81,548

 

 

$

105,565

 

Accounts receivable — billed and billable, net of reserves of $13,031 and $5,382

626,471

 

 

476,690

 

Accounts receivable — unbilled

203,267

 

 

123,884

 

Income taxes receivable

8,284

 

 

20,805

 

Prepaid expenses and other current assets

59,942

 

 

62,481

 

Total current assets

979,512

 

 

789,425

 

Property and equipment, net

73,319

 

 

99,589

 

Capitalized software, net

35,447

 

 

32,369

 

Operating lease right-of-use assets

171,041

 

 

 

Goodwill

586,757

 

 

584,469

 

Intangible assets, net

151,115

 

 

179,250

 

Deferred contract costs, net

20,267

 

 

18,921

 

Deferred compensation plan assets

33,834

 

 

32,908

 

Deferred income taxes

3,450

 

 

186

 

Other assets

8,244

 

 

8,615

 

Total assets

$

2,062,986

 

 

$

1,745,732

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

217,831

 

 

$

177,786

 

Accrued compensation and benefits

130,396

 

 

106,789

 

Deferred revenue

48,743

 

 

43,344

 

Income taxes payable

4,725

 

 

13,952

 

Current portion of long-term debt and other borrowings

7,000

 

 

9,658

 

Operating lease liabilities

74,878

 

 

 

Other liabilities

18,971

 

 

12,709

 

Total current liabilities

502,544

 

 

364,238

 

Deferred revenue, less current portion

30,090

 

 

32,341

 

Deferred income taxes

44,532

 

 

46,560

 

Long-term debt, less current portion

145,161

 

 

231

 

Deferred compensation plan liabilities, less current portion

34,302

 

 

34,079

 

Operating lease liabilities, less current portion

103,236

 

 

 

Other liabilities

8,174

 

 

20,082

 

Total liabilities

868,039

 

 

497,531

 

Shareholders’ equity:

 

 

 

Common stock, no par value; 100,000 shares authorized; 61,313 and 63,979 shares issued and outstanding at June 30, 2020, and September 30, 2019, at stated amount, respectively

517,200

 

 

498,433

 

Accumulated other comprehensive loss

(46,684

)

 

(45,380

)

Retained earnings

724,431

 

 

794,739

 

Total Maximus shareholders' equity

1,194,947

 

 

1,247,792

 

Noncontrolling interests

 

 

409

 

Total equity

1,194,947

 

 

1,248,201

 

Total liabilities and equity

$

2,062,986

 

 

$

1,745,732

 

Maximus, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

Nine Months Ended June 30,

 

2020

 

2019

 

2020

 

2019

Cash flows from operations:

 

 

 

 

 

 

 

Net income

$

64,464

 

 

$

62,965

 

 

$

150,848

 

 

$

180,454

 

Adjustments to reconcile net income to cash flows from operations:

 

 

 

 

 

 

 

Depreciation and amortization of property, equipment and capitalized software

16,278

 

 

12,181

 

 

47,496

 

 

34,588

 

Amortization of intangible assets

8,712

 

 

9,049

 

 

26,734

 

 

24,026

 

Deferred income taxes

(8,248

)

 

(6,568

)

 

(5,210

)

 

11,196

 

Stock compensation expense

5,758

 

 

5,419

 

 

17,558

 

 

15,323

 

Gain on sale of a business

(1,706

)

 

 

 

(1,706

)

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Accounts receivable — billed and billable

(94,756

)

 

(35,411

)

 

(147,626

)

 

(108,131

)

Accounts receivable — unbilled

(82,556

)

 

36,983

 

 

(80,267

)

 

46,172

 

Prepaid expenses and other current assets

(3,733

)

 

2,185

 

 

529

 

 

(2,933

)

Deferred contract costs

(899

)

 

(2,727

)

 

(1,396

)

 

(8,142

)

Accounts payable and accrued liabilities

26,300

 

 

11,382

 

 

48,622

 

 

53,462

 

Accrued compensation and benefits

29,808

 

 

16,725

 

 

33,647

 

 

9,282

 

Deferred revenue

(2,494

)

 

3,422

 

 

2,806

 

 

7,857

 

Income taxes

28,269

 

 

19,635

 

 

563

 

 

3,139

 

Operating lease right-of-use assets and liabilities

(1,237

)

 

 

 

(1,071

)

 

 

Other assets and liabilities

2,851

 

 

1,260

 

 

4,556

 

 

(2,582

)

Cash flows (used in)/from operations

(13,189

)

 

136,500

 

 

96,083

 

 

263,711

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment and capitalized software costs

(9,314

)

 

(20,492

)

 

(28,436

)

 

(39,033

)

Acquisitions of businesses, net of cash acquired

(60

)

 

(240

)

 

(2,611

)

 

(422,049

)

Proceeds from the sale of a business

3,250

 

 

 

 

3,250

 

 

 

Maturities of short-term investments

 

 

 

 

 

 

19,996

 

Other

287

 

 

96

 

 

385

 

 

380

 

Cash used in investing activities

(5,837

)

 

(20,636

)

 

(27,412

)

 

(440,706

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Cash dividends paid to Maximus shareholders

(17,175

)

 

(15,953

)

 

(52,988

)

 

(47,936

)

Purchases of Maximus common stock

 

 

 

 

(166,959

)

 

(46,068

)

Tax withholding related to RSU vesting

 

 

 

 

(10,614

)

 

(8,915

)

Borrowings under credit facility and other loan agreements

79,773

 

 

 

 

421,488

 

 

320,048

 

Repayment of credit facility and other long-term debt

(87,715

)

 

(75,058

)

 

(278,971

)

 

(316,597

)

Other

(305

)

 

 

 

(957

)

 

(133

)

Cash used in financing activities

(25,422

)

 

(91,011

)

 

(89,001

)

 

(99,601

)

 

 

 

 

 

 

 

 

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

1,694

 

 

(362

)

 

(174

)

 

(994

)

 

 

 

 

 

 

 

 

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

(42,754

)

 

24,491

 

 

(20,504

)

 

(277,590

)

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, beginning of period

138,742

 

 

54,478

 

 

116,492

 

 

356,559

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, end of period

$

95,988

 

 

$

78,969

 

 

$

95,988

 

 

$

78,969

 

 

 

 

 

 

 

 

 

Maximus, Inc.

SEGMENT INFORMATION

(Amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Nine Months Ended June 30,

 

 

2020

 

% (1)

 

2019

 

% (1)

 

2020

 

% (1)

 

2019

 

% (1)

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Health & Human Services

 

$

336,950

 

 

 

 

$

291,132

 

 

 

 

$

957,929

 

 

 

 

$

876,082

 

 

 

U.S. Federal Services

 

450,143

 

 

 

 

292,295

 

 

 

 

1,210,105

 

 

 

 

799,018

 

 

 

Outside the U.S.

 

114,244

 

 

 

 

147,283

 

 

 

 

369,667

 

 

 

 

456,749

 

 

 

Total

 

$

901,337

 

 

 

 

$

730,710

 

 

 

 

$

2,537,701

 

 

 

 

$

2,131,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Health & Human Services

 

$

93,029

 

 

27.6

%

 

$

86,664

 

 

29.8

%

 

$

268,073

 

 

28.0

%

 

$

260,955

 

 

29.8

%

U.S. Federal Services

 

84,723

 

 

18.8

%

 

66,803

 

 

22.9

%

 

232,502

 

 

19.2

%

 

175,484

 

 

22.0

%

Outside the U.S.

 

7,851

 

 

6.9

%

 

20,780

 

 

14.1

%

 

13,576

 

 

3.7

%

 

66,495

 

 

14.6

%

Total

 

$

185,603

 

 

20.6

%

 

$

174,247

 

 

23.8

%

 

$

514,151

 

 

20.3

%

 

$

502,934

 

 

23.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Health & Human Services

 

$

31,996

 

 

9.5

%

 

$

32,414

 

 

11.1

%

 

$

102,633

 

 

10.7

%

 

$

93,953

 

 

10.7

%

U.S. Federal Services

 

45,490

 

 

10.1

%

 

32,896

 

 

11.3

%

 

131,455

 

 

10.9

%

 

90,632

 

 

11.3

%

Outside the U.S.

 

13,668

 

 

12.0

%

 

15,791

 

 

10.7

%

 

47,125

 

 

12.7

%

 

52,591

 

 

11.5

%

Gain on sale of a business (3)

 

(1,706

)

 

NM

 

 

 

NM

 

(1,706

)

 

NM

 

 

 

NM

Other (2)

 

134

 

 

NM

 

503

 

 

NM

 

4,155

 

 

NM

 

2,201

 

 

NM

Total

 

$

89,582

 

 

9.9

%

 

$

81,604

 

 

11.2

%

 

$

283,662

 

 

11.2

%

 

$

239,377

 

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Health & Human Services

 

$

61,033

 

 

18.1

%

 

$

54,250

 

 

18.6

%

 

$

165,440

 

 

17.3

%

 

$

167,002

 

 

19.1

%

U.S. Federal Services

 

39,233

 

 

8.7

%

 

33,907

 

 

11.6

%

 

101,047

 

 

8.4

%

 

84,852

 

 

10.6

%

Outside the U.S.

 

(5,817

)

 

(5.1

)%

 

4,989

 

 

3.4

%

 

(33,549

)

 

(9.1

)%

 

13,904

 

 

3.0

%

Amortization of intangible assets

 

(8,712

)

 

NM

 

(9,049

)

 

NM

 

(26,734

)

 

NM

 

(24,026

)

 

NM

Gain on sale of a business (3)

 

1,706

 

 

NM

 

 

 

NM

 

1,706

 

 

NM

 

 

 

NM

Other (2)

 

(134

)

 

NM

 

(503

)

 

NM

 

(4,155

)

 

NM

 

(2,201

)

 

NM

Total

 

$

87,309

 

 

9.7

%

 

$

83,594

 

 

11.4

%

 

$

203,755

 

 

8.0

%

 

$

239,531

 

 

11.2

%

(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, including the costs for actual and potential acquisitions of other businesses.

 

(3)

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


Contacts

Lisa Miles 703.251.8637
lisamiles@maximus.com


Read full story here