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Maximus, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements showing revenue of $5.3 billion, an increase from $4.9 billion in the previous year. This growth was driven by increased volumes in U.S. Federal Services and U.S. Services segments.
The U.S. Federal Services segment reported revenue of $2.7 billion, up from $2.4 billion, with significant contributions from clinical assessments and technology solutions.
The U.S. Services segment saw revenue rise to $1.9 billion from $1.8 billion, benefiting from Medicaid-related activities returning to normal levels.
Outside the U.S. segment revenue decreased to $657 million from $689 million, affected by divestitures and currency fluctuations.
Net income for the fiscal year was $306.9 million, up from $161.8 million in the previous year. The effective tax rate increased to 24.5% from 23.1%.
Operating income improved to $488.5 million, compared to $294.8 million last year, with operating margins increasing to 9.2% from 6.0%.
Cash provided by operating activities was $515.3 million, up from $314.3 million, reflecting higher profitability and stable days sales outstanding.
Maximus reported $1.78 billion in goodwill and $630.6 million in net intangible assets, with no impairment charges recorded.
The company completed several divestitures in its Outside the U.S. segment, including businesses in Italy, Singapore, and Canada.
Maximus's backlog was reported at $16.2 billion, down from $20.7 billion, with the U.S. Federal Services segment accounting for the largest share.
The company continues to face litigation related to a cybersecurity incident involving the MOVEit file transfer application, with multiple lawsuits consolidated into a multidistrict litigation.
Maximus declared a quarterly dividend of $0.30 per share, payable on November 30, 2024, to shareholders of record as of November 15, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maximus Inc. annual 10-K report dated November 21, 2024. To report an error, please email earnings@qz.com.