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MAXIMUS Reports Fourth Quarter and Full Year Results for Fiscal 2015

November 12, 2015 6:30 AM

- MAXIMUS Maintains Revenue Guidance and Lowers Earnings Guidance for Fiscal 2016 -

RESTON, Va.--(BUSINESS WIRE)-- MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for the three months and year ended September 30, 2015.

Highlights for the fourth quarter and full fiscal year 2015 include:

As previously disclosed in an 8-K filing on November 6, 2015, the Company is now reporting information for three segments. All historical segment data in this press release have been reclassified for comparison purposes.

For the fourth quarter of fiscal 2015, revenue increased 33% (38% on a constant currency basis) to $578.7 million, compared to $435.4 million reported for the same period last year. The increase in revenue was driven by organic growth and the acquisitions of Acentia and Remploy. This was offset by a 5% decline related to unfavorable foreign currency translation. For the fourth quarter of fiscal 2015, net income attributable to MAXIMUS totaled $35.4 million, or $0.53 per diluted share. This compares to diluted earnings per share of $0.53 for the fourth quarter of 2014.

Revenue for fiscal year 2015 increased 23% (27% on a constant currency basis) to $2.1 billion, compared to $1.7 billion reported for fiscal 2014. The increase in revenue was driven by organic growth primarily in the Health Services Segment and the U.S. Federal Services Segment, as well as revenue from the acquisitions of Acentia and Remploy. This was offset by a 4% decline from unfavorable foreign currency translation. For fiscal year 2015, net income attributable to MAXIMUS totaled $157.8 million, or $2.35 earnings per diluted share, which included approximately $0.04 per diluted share of acquisition-related expenses. Excluding the acquisition-related expenses, adjusted diluted earnings per share for fiscal year 2015 were $2.39. This compares to GAAP diluted earnings per share of $2.11 for fiscal year 2014.

Health Services Segment

Health Segment revenue for the fourth quarter of fiscal 2015 increased 29% (32% on a constant currency basis) to $296.2 million, compared to $230.5 million reported for the same period last year. Operating income for the fourth quarter of fiscal 2015 totaled $30.5 million (10.3% operating margin), compared to $31.2 million (13.5% operating margin) for the same period last year.

For the full fiscal year, Health Segment revenue increased 22% (25% on a constant currency basis) to $1.1 billion, compared to $906.7 million for the same period last year. All growth was organic. Fiscal 2015 operating income totaled $154.3 million (13.9% operating margin), compared to operating income of $115.6 million (12.7% operating margin) for fiscal 2014.

The increases in revenue for the fourth quarter and the full fiscal year 2015 were driven by new work and the expansion of existing contracts. Operating margins for the fourth quarter and full fiscal year 2015 were tempered by new programs in start-up, most notably the U.K. Health Assessment Advisory Service contract, which is not performing to the Company’s previous expectations.

U.S. Federal Services Segment

U.S. Federal Segment revenue for the fourth quarter of fiscal 2015 increased 70% to $154.3 million, compared to $90.6 million reported for the same period last year. Operating income for the fourth quarter totaled $20.9 million (13.5% operating margin), compared to $12.2 million (13.5% operating margin) for the same period last year.

For the full fiscal year, U.S. Federal Segment revenue increased 47% to $502.5 million, compared to $341.8 million for the same period last year. For fiscal 2015 operating income totaled $59.4 million (11.8% operating margin), compared to operating income of $63.1 million (18.5% operating margin) for fiscal 2014.

Revenue growth for the fourth quarter and full year were driven by new organic growth and the Acentia acquisition. Operating margins were unfavorably impacted by the expected decline in Medicare appeals volumes, which were highly accretive. Offsetting this, the Department of Education debt management contract steadily improved throughout the year and remains on track to achieve breakeven in fiscal 2016. As a result, this helped the year-over-year comparisons in the fourth quarter of fiscal 2015.

Human Services Segment

Human Services Segment revenue for the fourth quarter of fiscal 2015 increased 12% (23% on a constant currency basis) to $128.2 million, compared to $114.4 million for the same period last year. Operating income for the fourth quarter totaled $13.4 million (10.4% operating margin), compared to $9.9 million (8.7% operating margin) for the same period last year.

For the full fiscal year, Human Services Segment revenue increased 8% (16% on a constant currency basis) to $488.1 million, compared to $452.4 million for the same period last year. For fiscal 2015, Human Services Segment operating income totaled $60.2 million (12.3% operating margin), compared to operating income of $53.2 million (11.7% operating margin) for fiscal 2014.

The increase in revenue for the fourth quarter and the full fiscal year was driven by organic growth and revenue from the Remploy acquisition, but was offset by unfavorable foreign currency translation. Operating margins for the quarter and the full year benefitted from strong delivery across North America, the United Kingdom and Saudi Arabia, which was offset by the expected start-up losses on the Australian jobactive contract that launched on July 1, 2015.

Backlog, Sales and Pipeline

Backlog was $4.6 billion at September 30, 2015. Year-to-date signed contract awards at September 30, 2015 totaled $3.4 billion. New contracts pending (awarded but unsigned) totaled $149.4 million.

The sales pipeline at September 30, 2015 was $3.2 billion (consisting of approximately $771 million in proposals pending, $38 million in proposals in preparation, and $2.4 billion in opportunities tracking). Included in the $3.2 billion sales pipeline is the anticipated rebid for the U.K. Work Programme. This rebid is not expected to be awarded until fiscal year 2017, but the lengthy rebid process is expected to begin in the spring of 2016. The Company’s reported pipeline only reflects those opportunities where MAXIMUS expects that the request for proposal will be released within the next six months. This compares to a pipeline of $3.5 billion for the same period last year, which included $1.2 billion in rebids.

Balance Sheet and Cash Flows

Cash and cash equivalents at September 30, 2015 totaled $74.7 million. For the fourth quarter of fiscal 2015, cash provided by operating activities totaled $25.2 million, with negative free cash flow of $6.7 million. For the full fiscal year 2015, cash provided by operating activities totaled $206.2 million, with free cash flow of $101.1 million.

At September 30, 2015, Days Sales Outstanding (DSOs) were within the Company’s expected range at 67 days, compared to 64 days for the prior quarter.

On August 31, 2015, MAXIMUS paid a quarterly cash dividend of $0.045 per share. On October 8, 2015, the Company announced a $0.045 per share cash dividend, payable on November 30, 2015 to shareholders of record on November 13, 2015.

During the fourth quarter of fiscal 2015, MAXIMUS repurchased approximately 865,000 shares of the Company’s common stock for $52.2 million (a weighted average price of $60.20). For the full fiscal year, MAXIMUS repurchased approximately 1.6 million shares for $82.8 million (a weighted average price of $51.11). Subsequent to September 30, 2015, the Company repurchased approximately 103,000 additional shares of stock for $6.1 million (a weighted average price of $59.41). The Company currently has an estimated $162.5 million available for repurchases under its Board-authorized share repurchase program.

Outlook

MAXIMUS is establishing formal fiscal year 2016 guidance. The Company still expects revenue to range between $2.4 billion and $2.5 billion for fiscal 2016. The Company is updating its preliminary fiscal year 2016 GAAP diluted earnings per share guidance and now expects GAAP diluted EPS to range between $2.40 and $2.70. The lowered earnings outlook is attributable to a slower ramp and hence a reduced contribution from the U.K. Health Assessment Advisory Service contract. This guidance does not include any acquisitions or significant legal expenses or recoveries. The Company estimates that approximately 93% of its fiscal 2016 forecasted revenue is in the form of backlog or option periods.

“There were many positive developments for the Company over the past year. We secured new work and expanded existing contracts across all three of our segments. With the acquisitions of Acentia and Remploy, we introduced new growth platforms that strengthen our position for future opportunities in key markets. We also successfully launched operations under the Australian jobactive contract, a key rebid that included an increase in our market share,” commented MAXIMUS CEO Richard A. Montoni.

Montoni continued, “While the slower-than-expected ramp-up of the U.K. Health Assessment Advisory Service contract resulted in a reduced earnings outlook for fiscal year 2016, we remain confident that we will bring about the necessary changes to put this start-up contract on a path to success, as we have done with many large start-up contracts in the past. This is a single contract in our global portfolio and the overall macro demand trends for our services remain very favorable.”

Website Presentation, Conference Call and Webcast Information

MAXIMUS will host a conference call this morning, November 12, 2015, at 9:00 a.m. (ET). The call is open to the public and can be accessed under the Investor Relations page of the Company’s website at http://investor.maximus.com or by calling:

877.407.8289 (Domestic)/+1.201.689.8341 (International)

For those unable to listen to the live call, a replay will be available through November 25, 2015 by calling:

877.660.6853 (Domestic)/+1.201.612.7415 (International)Replay conference ID number: 13623294

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 16,000 employees worldwide, MAXIMUS is a proud partner to government agencies in the United States, Australia, Canada, New Zealand, Saudi Arabia and the United Kingdom. For more information, visit maximus.com.

Non-GAAP Measures

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

We have provided a reconciliation to adjusted diluted earnings per share. We believe that this measure is a useful basis for assessing the Company’s performance excluding the effect of acquisition expenses.

We have provided a reconciliation of free cash flow to cash provided by operating activities. We believe that free cash flow is a useful basis for investors to compare our performance across periods or against our competitors. Free cash flow shows the effects of the Company’s operations and routine capital expenditure and excludes the cash flow effects of acquisitions, share repurchases, dividend payments and other financing transactions.

To provide constant currency information, we calculate fiscal year 2015 revenue for all international businesses using the exchange rates used in the comparative period in fiscal year 2014. We believe constant currency provides a useful basis for assessing the performance of the business excluding the unpredictable effects of foreign exchange fluctuations.

Days sales outstanding, or DSO, is a measure of how efficiently we manage the billing and collection of our receivable balances. We calculate DSO by dividing billed and unbilled receivable balances at the end of each quarter by revenue per day for the period. Revenue per day for a quarter is determined by dividing total revenue by 91 days.

The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operating activities, 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. These uncertainties could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements and include reliance on government clients; risks associated with government contracting; risks involved in managing government projects; legislative changes and political developments; opposition from government unions; challenges resulting from growth; adverse publicity; and legal, economic, and other risks detailed 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 MonthsEnded September 30, YearEnded September 30,
2015 2014 2015 2014
Revenue $ 578,683 $ 435,406 $ 2,099,821 $ 1,700,912
Cost of revenue 453,376 322,474 1,587,104 1,248,789
Gross profit 125,307 112,932 512,717 452,123
Selling, general and administrative expenses 60,442 59,597 238,792 220,925
Amortization of intangible assets 3,166 1,527 9,348 5,890
Acquisition-related expenses 172 — 4,745 —
Operating income 61,527 51,808 259,832 225,308
Interest expense 709 — 1,398 —
Other income, net 257 758 1,385 2,061
Income before income taxes 61,075 52,566 259,819 227,369
Provision for income taxes 24,663 16,414 99,770 81,973
Net income 36,412 36,152 160,049 145,396

Income/(loss) attributable to non-controlling interests

975 (84 ) 2,277

(44

)

Net income attributable to MAXIMUS $ 35,437 $ 36,236 $ 157,772 $ 145,440
Basic earnings per share $ 0.53 $ 0.54 $ 2.37 $ 2.15
Diluted earnings per share $ 0.53 $ 0.53 $ 2.35 $ 2.11
Dividends per share $ 0.045 $ 0.045 $ 0.18 $ 0.18
Weighted average shares outstanding:
Basic 66,466 66,784 66,682 67,680
Diluted 67,133 68,233 67,275 69,087

MAXIMUS, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

September 30,
2015 2014
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 74,672 $ 158,112
Accounts receivable—billed and billable, net 396,177 263,011
Accounts receivable—unbilled 30,929 26,556
Deferred income taxes 18,992 28,108
Prepaid expenses and other current assets 60,129 56,673
Total current assets 580,899 532,460
Property and equipment, net 137,830 80,246
Capitalized software, net 32,483 39,734
Goodwill 376,302 170,626
Intangible assets, net 102,358 39,239
Deferred contract costs, net 19,126 12,046
Deferred compensation plan assets 19,310 17,126
Other assets 11,863 9,519
Total assets $ 1,280,171 $ 900,996
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 155,411 $ 103,181
Accrued compensation and benefits 99,700 94,137
Deferred revenue 77,642 55,878
Income taxes payable 11,709 4,693
Long-term debt, current portion 356 157
Other liabilities 11,562 7,275
Total current liabilities 356,380 265,321
Deferred revenue, less current portion 52,954 32,257
Deferred income taxes 15,159 21,383
Long-term debt 210,618 1,060
Deferred compensation plan liabilities, less current portion 20,635 18,768
Other liabilities 8,726 6,022
Total liabilities 664,472 344,811
Total equity 615,699 556,185
Total liabilities and equity $ 1,280,171 $ 900,996

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands; Unaudited)

Three MonthsEnded September 30, YearEnded September 30,
2015 2014 2015 2014
Cash flows from operating activities:
Net income $ 36,412 $ 36,152 $ 160,049 $ 145,396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant, equipment and capitalized software 9,232 10,844 46,849 42,778
Amortization of intangible assets 3,166 1,527 9,348 5,890
Deferred income taxes 9,728 3,475 807 2,898
Stock compensation expense 4,452 4,469 17,237 17,278
Changes in assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable — billed (22,344 ) 1,218 (103,774 ) (144 )
Accounts receivable — unbilled (3,120 ) (1,224 ) (911 ) 2,056
Prepaid expenses and other current assets (2,979 ) (1,197 ) (6,475 ) (2,540 )
Deferred contract costs 145 1,698 (7,245 ) 2,254
Accounts payable (713 ) 2,758 44,351 (2,928 )
Accrued compensation and benefits 1,389 9,767 (3,157 ) 12,277
Deferred revenue 15,524 2,753 47,948 2,841
Income taxes (28,342 ) (17,136 ) 9,134 (10,974 )
Other assets and liabilities 2,687 (6,654 ) (7,944 ) (3,482 )
Cash provided by operating activities 25,237 48,450 206,217 213,600
Cash flows from investing activities:
Acquisition of business, net of cash acquired 400 — (289,212 ) (2,670 )
Purchases of property and equipment (30,751 ) (17,873 ) (98,994 ) (36,262 )
Capitalized software costs (1,231 ) (1,709 ) (6,155 ) (10,886 )
Proceeds from note receivable 83 79 489 429
Cash used in investing activities (31,499 ) (19,503 ) (393,872 ) (49,389 )
Cash flows from financing activities:
Cash dividends paid (2,961 ) (3,006 ) (11,927 ) (12,187 )
Repurchases of common stock (50,171 ) (51,787 ) (82,787 ) (111,141 )
Stock compensation tax benefit 10,682 6,740 9,474 9,665
Tax withholding related to RSU vesting — — (12,451 ) (14,681 )
Stock option exercises 347 217 868 1,362
Issuance of debt 75,000 — 330,993 15,000
Repayment of debt (31,499 ) (40 ) (121,611 ) (15,162 )
Expansion of credit facility — — (1,444 ) —
Cash provided by/(used in) financing activities 1,398 (47,876 ) 111,115 (127,144 )
Effect of exchange rate changes on cash and cash equivalents (2,341 ) (5,901 ) (6,900 ) (4,572 )
Net increase/(decrease) in cash and cash equivalents (7,205 ) (24,830 ) (83,440 ) 32,495
Cash and cash equivalents, beginning of period 81,877 182,942 158,112 125,617
Cash and cash equivalents, end of period $ 74,672 $ 158,112 $ 74,672 $ 158,112

MAXIMUS, Inc.

SEGMENT INFORMATION 2015

(Amounts in thousands)

(Unaudited)

Quarter Ended Year Ended
Dec. 31, % (1) Mar. 31, % (1) Jun. 30, % (1) Sept. 30, % (1) Sept. 30, 2015 % (1)
2014 2015 2015 2015
Health Services $ 243,570 $ 270,918 $ 298,549 $ 296,201 $ 1,109,238
U.S. Federal Services 107,729 99,465 141,011 154,279 502,484
Human Services 115,744 111,411 132,741 128,203 488,099
Revenue 467,043 481,794 572,301 578,683 2,099,821
Health Services 183,723 201,045 228,736 241,626 855,130
U.S. Federal Services 82,161 77,451 106,231 117,995 383,838
Human Services 81,892 78,953 93,536 93,755 348,136
Cost of revenue 347,776 357,449 428,503 453,376 1,587,104
Health Services 59,847 24.6 % 69,873 25.8 % 69,813 23.4 % 54,575 18.4 % 254,108 22.9 %
U.S. Federal Services 25,568 23.7 % 22,014 22.1 % 34,780 24.7 % 36,284 23.5 % 118,646

23.6

%

Human Services 33,852 29.2 % 32,458 29.1 % 39,205 29.5 % 34,448 26.9 % 139,963 28.7 %
Gross profit 119,267 25.5 % 124,345 25.8 % 143,798 25.1 % 125,307 21.7 % 512,717 24.4 %
Health Services 22,007 9.0 % 28,397 10.5 % 25,343 8.5 % 24,068 8.1 % 99,815 9.0 %
U.S. Federal Services 12,250 11.4 % 12,377 12.4 % 19,244 13.6 % 15,381 10.0 % 59,252 11.8 %
Human Services 17,699 15.3 % 18,523 16.6 % 22,402 16.9 % 21,095 16.5 % 79,719 16.3 %
Other / Corporate 5 95 8 (102 ) 6
SG&A 51,961 11.1 % 59,392 12.3 % 66,997 11.7 % 60,442 10.4 % 238,792 11.4 %
Health Services 37,840 15.5 % 41,476 15.3 % 44,470 14.9 % 30,507 10.3 % 154,293 13.9 %
U.S. Federal Services 13,318 12.4 % 9,637

9.7

%

15,536 11.0 % 20,903 13.5 % 59,394 11.8 %
Human Services 16,153 14.0 % 13,935 12.5 % 16,803 12.7 % 13,353 10.4 % 60,244 12.3 %
Other / Corporate (5 ) (95 ) (8 ) 102 (6 )
Amortization of intangible assets (1,475 ) (1,432 ) (3,275 ) (3,166 ) (9,348 )
Acquisition-related expenses (600 ) (1,514 ) (2,459 ) (172 ) (4,745 )
Total operating income $ 65,231 14.0 % $ 62,007 12.9 % $ 71,067 12.4 % $ 61,527 10.6 % $ 259,832 12.4 %
(1) Percentage of respective segment revenue.

MAXIMUS, Inc.

SEGMENT INFORMATION 2014

(Amounts in thousands)

(Unaudited)

Quarter Ended Year Ended
Dec. 31, % (1) Mar. 31, % (1) Jun. 30, % (1) Sept. 30, % (1) Sept. 30, 2014 % (1)
2013 2014 2014 2014
Health Services $ 216,544 $ 230,953 $ 228,703 $ 230,450 $ 906,650
U.S. Federal Services 82,040 92,645 76,550 90,605 341,840
Human Services 108,008 115,417 114,646 114,351 452,422
Revenue 406,592 439,015 419,899 435,406 1,700,912
Health Services 168,350 179,337 173,803 171,432 692,922
U.S. Federal Services 53,728 59,393 51,918 66,008 231,047
Human Services 78,598 79,613 81,575 85,034 324,820
Cost of revenue 300,676 318,343 307,296 322,474 1,248,789
Health Services 48,194 22.3 % 51,616 22.3 % 54,900 24.0 % 59,018 25.6 % 213,728 23.6 %
U.S. Federal Services 28,312 34.5 % 33,252 35.9 % 24,632 32.2 % 24,597 27.1 % 110,793 32.4 %
Human Services 29,410 27.2 % 35,804 31.0 % 33,071 28.8 % 29,317 25.6 % 127,602 28.2 %
Gross profit 105,916 26.0 % 120,672 27.5 % 112,603 26.8 % 112,932 25.9 % 452,123 26.6 %
Health Services 22,650 10.5 % 21,907 9.5 % 25,747 11.3 % 27,868 12.1 % 98,172 10.8 %
U.S. Federal Services 11,525 14.0 % 13,226 14.3 % 10,586 13.8 % 12,358 13.6 % 47,695 14.0 %
Human Services 17,074 15.8 % 18,528 16.1 % 19,470 17.0 % 19,372 16.9 % 74,444 16.5 %
Other / Corporate 17 563 35 (1 ) 614
SG&A 51,266 12.6 % 54,224 12.4 % 55,838 13.3 % 59,597 13.7 % 220,925 13.0 %
Health Services 25,544 11.8 % 29,709 12.9 % 29,153 12.7 % 31,150 13.5 % 115,556 12.7 %
U.S. Federal Services 16,787 20.5 % 20,026 21.6 % 14,046 18.3 % 12,239 13.5 % 63,098 18.5 %
Human Services 12,336 11.4 % 17,276 15.0 % 13,601 11.9 % 9,945 8.7 % 53,158 11.7 %
Other / Corporate (17 ) (563 ) (35 ) 1 (614 )
Amortization of intangible assets (1,353 ) (1,468 ) (1,542 ) (1,527 ) (5,890 )
Total operating income $ 53,297 13.1 % $ 64,980 14.8 % $ 55,223 13.2 % $ 51,808 11.9 % $ 225,308 13.2 %
(1) Percentage of respective segment revenue.

MAXIMUS, Inc.

Non-GAAP Measures

ADJUSTED DILUTED EPS

FY 2015

(Unaudited)

Quarter Ended

YearEnded

Dec. 31,2014

Mar. 31,2015

Jun. 30,2015

Sept. 30,2015

Sept. 30,2015

Diluted EPS - GAAP basis $ 0.63 $ 0.58 $ 0.62 $ 0.53 $ 2.35
Acquisition-related expenses – 0.02 0.02 – 0.04
Adjusted Diluted EPS $ 0.63 $ 0.60 $ 0.64 $ 0.53 $ 2.39

ADJUSTED DILUTED EPS

FY 2014

(Unaudited)

Quarter Ended

YearEnded

Dec. 31,2013

Mar. 31,2014

Jun. 30,2014

Sept. 30,2014

Sept. 30,2014

Diluted EPS - GAAP basis $ 0.49 $ 0.59 $ 0.49 $ 0.53 $ 2.11
Acquisition-related expenses – – – – –
Adjusted Diluted EPS $ 0.49 $ 0.59 $ 0.49 $ 0.53 $ 2.11

FREE CASH FLOW

(Dollars in thousands; Unaudited)

Three MonthsEnded September 30, YearEnded September 30,
2015 2014 2015 2014
Cash provided by operating activities $ 25,237 $ 48,450 $ 206,217 $ 213,600
Purchases of property and equipment (30,751 ) (17,873 ) (98,994 ) (36,262 )
Capitalized software costs (1,231 ) (1,709 ) (6,155 ) (10,886 )
Free cash flow $ (6,745 ) $ 28,868 $ 101,068 $ 166,452

MAXIMUS

Lisa Miles, 703-251-8637

[email protected]

Source: MAXIMUS

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