Maximus (MMS) Q1 FY2024 earnings: revenue $1.3 billion, up 6.2% on the year

Maximus, Inc. (MMS) reported revenue of $1.3 billion for Q1 FY2024, the quarter ended 31 December 2023, up 6.2% on the same quarter a year earlier. Net income was $64 million, up 60.4% on the year, and diluted earnings per share $1.04. The figures are the company's own, from the 10-Q it filed with the SEC on 8 February 2024.

Revenue$1.3 billionup 6.2%

Net income$64 millionup 60.4%

Diluted EPS$1.04

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,327	1,260	n/a	n/a
Cost of revenue	1,027	969	n/a	n/a
Gross profit	300	291	n/a	n/a
Gross margin	22.6%	23.1%	n/a
Selling, general and administrative	169	168	n/a	n/a
Operating income	108	99.1	n/a	n/a
Operating margin	8.1%	7.9%	n/a
Interest expense	21.5	n/a	n/a	n/a
Pre-tax income	85.5	78.2	n/a	n/a
Income tax	21.4	19.0	n/a	n/a
Effective tax rate	25.0%	24.3%	n/a
Net income	64.1	59.1	n/a	n/a
Net margin	4.8%	4.7%	n/a
Diluted EPS	$1.04	$0.96	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	21.6	145	n/a	n/a
Capital expenditure	22.2	31.8	n/a	n/a
Free cash flow	-0.6	113	n/a	n/a
Free cash flow margin	-0.0%	8.9%	n/a
Cash from investing	-20.4	-31.2	n/a	n/a
Cash from financing	28.4	-81.9	n/a	n/a
Share-based compensation	9.4	7.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividend per share	$0.30	n/a	n/a	n/a
Diluted shares, weighted	62m	62m	n/a	n/a
Shares outstanding at period end	61m	61m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,718	1,668	n/a	n/a
Debt	1,313	1,250	n/a	n/a
Operating lease liabilities	119	129	n/a	n/a
Other liabilities	868	939	n/a	n/a
Total liabilities and equity	4,017	3,986	n/a	n/a
Fixed assets	35.0	38.8	n/a	n/a
Goodwill	1,781	1,779	n/a	n/a
Intangible assets	680	704	n/a	n/a
Cash and equivalents	104	65.4	n/a	n/a
Receivables	860	827	n/a	n/a
Other assets	556	572	n/a	n/a
Total assets	4,017	3,986	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-Q for the period ended 31 December 2023, filed 8 February 2024, accession 0001032220-24-000015: 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