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Maximus Inc. (MMS-0.85%) has filed its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing details financial statements for the quarter, showing an increase in revenue to $1,402,675,000 from $1,327,041,000 in the same quarter the previous year. The increase is attributed to organic growth in the company's U.S. Federal Services segment.
Cost of revenue for the quarter was $1,101,118,000, representing 78.5% of sales, compared to 77.4% in the same quarter of the previous year. This increase is due to higher labor and subcontractor costs.
The company reported a gross profit of $301,557,000 for the quarter, compared to $300,054,000 in the previous year.
Selling, general, and administrative expenses increased to $191,735,000 from $169,195,000, primarily due to divestiture-related charges.
Net income for the quarter was $41,196,000, down from $64,148,000 in the previous year. The decrease is attributed to higher tax expenses and divestiture-related charges.
Cash used in operating activities was $79,996,000, while cash used in investing and financing activities was $22,256,000 and $8,257,000, respectively.
Maximus had a working capital of $486,453,000 as of December 31, 2024. The company continues to focus on its strategic plan, emphasizing customer services, health services, and technology modernization.
The filing also discusses various legal proceedings, including ongoing litigation related to a cybersecurity incident and a civil investigation demand from the U.S. Department of Justice.
Maximus does not anticipate any significant changes to its financial position or operations as a result of these legal matters.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maximus Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.