Maximus (MMS) Q4 FY2023 earnings: revenue $1.3 billion, up 7.0% on the year

Maximus, Inc. (MMS) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 30 September 2023, up 7.0% on the same quarter a year earlier. Net income was $59 million, down 14.4% on the year, and diluted earnings per share $0.96. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2023.

Revenue$1.3 billionup 7.0%

Net income$59 milliondown 14.4%

Diluted EPS$0.96

QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,260	n/a	n/a	n/a
Cost of revenue	969	n/a	n/a	n/a
Gross profit	291	n/a	n/a	n/a
Gross margin	23.1%	n/a	n/a
Selling, general and administrative	168	n/a	n/a	n/a
Operating income	99.1	n/a	n/a	n/a
Operating margin	7.9%	n/a	n/a
Pre-tax income	78.2	n/a	n/a	n/a
Income tax	19.0	n/a	n/a	n/a
Effective tax rate	24.3%	n/a	n/a
Net income	59.1	n/a	n/a	n/a
Net margin	4.7%	n/a	n/a
Diluted EPS	$0.96	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	145	n/a	n/a	n/a
Capital expenditure	31.8	n/a	n/a	n/a
Free cash flow	113	n/a	n/a	n/a
Free cash flow margin	8.9%	n/a	n/a
Cash from investing	-31.2	n/a	n/a	n/a
Cash from financing	-81.9	n/a	n/a	n/a
Share-based compensation	7.3	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	62m	n/a	n/a	n/a
Shares outstanding at period end	61m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,668	n/a	n/a	n/a
Debt	1,250	n/a	n/a	n/a
Operating lease liabilities	129	n/a	n/a	n/a
Other liabilities	939	n/a	n/a	n/a
Total liabilities and equity	3,986	n/a	n/a	n/a
Fixed assets	38.8	n/a	n/a	n/a
Goodwill	1,779	n/a	n/a	n/a
Intangible assets	704	n/a	n/a	n/a
Cash and equivalents	65.4	n/a	n/a	n/a
Receivables	827	n/a	n/a	n/a
Other assets	572	n/a	n/a	n/a
Total assets	3,986	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,260	1,327	1,348	1,315	1,316	1,403	1,362	1,348	1,318	1,345	1,306	1,279
Cost of revenue	969	1,027	1,031	983	1,014	1,101	1,023	989	985	1,026	964	930
Gross profit	291	300	318	332	302	302	339	360	334	319	342	349
Gross margin	23%	23%	24%	25%	23%	21%	25%	27%	25%	24%	26%	27%
SG&A	168	169	168	167	167	192	163	171	188	152	173	167
Operating income	99.1	108	127	142	112	86.8	153	166	123	146	148	161
Operating margin	8%	8%	9%	11%	8%	6%	11%	12%	9%	11%	11%	13%
Interest expense	n/a	21.5	20.4	20.6	20.0	17.5	21.5	22.7	22.4	20.8	22.1	23.9
Pre-tax income	78.2	85.5	108	120	92.7	69.0	132	143	100	126	127	138
Tax rate	24%	25%	25%	25%	22%	40%	27%	26%	25%	26%	23%	25%
Net income	59.1	64.1	80.5	89.8	72.5	41.2	96.6	106	75.3	93.9	98.1	104
Net margin	5%	5%	6%	7%	6%	3%	7%	8%	6%	7%	8%	8%
Diluted EPS	$0.96	$1.04	$1.31	$1.46	$1.19	$0.69	$1.69	$1.86	$1.32	$1.70	$1.80	$1.95
Operating cash flow	145	21.6	130	199	164	-80.0	42.7	-183	649	-244	190	-125
Capital expenditure	31.8	22.2	25.3	34.7	32.0	23.0	17.2	15.5	7.5	6.3	10.5	12.0
Free cash flow	113	-0.6	105	165	132	-103	25.5	-198	642	-251	179	-137
Buybacks	0.0	0.0	0.0	47.3	25.8	229	77.8	0.0	141	40.6	114	49.9
Shares outstanding	61m	61m	61m	60m	60m	57m	56m	56m	55m	55m	53m	52m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 16 November 2023, accession 0001032220-23-000096: the filing on EDGAR. All of Maximus, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install