Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 20, 2024

Maximus, Inc.

(Exact name of registrant as specified in its charter)

Virginia

1-12997

54-1000588

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1600 Tysons Boulevard

McLean

22102

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including the area code

(

703

)

251-8500

No Change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

MMS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 20, 2024, the Company issued a press release announcing its financial results for the quarter and year ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description

99.1			Press release dated 11/20/2024.
104			Inline XBRL for the cover page of this Current Report on Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						Maximus, Inc.
						(Registrant)

Date: November 20, 2024						/s/ John T. Martinez
						John T. Martinez
						General Counsel and Secretary


FOR IMMEDIATE RELEASE	CONTACT:	James Francis, VP - IR
		Jessica Batt, VP - IR & ESG
Date: November 20, 2024		IR@maximus.com

Maximus Reports Fourth Quarter and Full Year Results for Fiscal Year 2024

Establishes fiscal year 2025 guidance

(Tysons, Va. - November 20, 2024) - Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three months and year ended September 30, 2024.

Highlights for the fourth quarter and full fiscal year 2024 include:

•Full year revenue increased 8.2% to $5.31 billion, compared to $4.90 billion for the prior year. Organic growth was 8.8% and driven by higher volumes on key programs in the U.S. segments. Fourth quarter revenue grew 4.4%, or 4.7% on an organic basis.

•Full year diluted earnings per share were $4.99, and adjusted diluted earnings per share were $6.11. Fourth quarter diluted earnings per share were $1.19, and adjusted diluted earnings per share were $1.46.

•Full year cash flows from operating activities totaled $515 million, and free cash flow was $401 million, enabling debt reduction across the year to yield a 1.4x leverage ratio at September 30, 2024, as calculated in accordance with our credit agreement.

•A quarterly cash dividend of $0.30 per share payable on November 30, 2024, to shareholders of record on November 15, 2024.

"We are proud of the team for an excellent finish to a strong year, and one that demonstrates a healthy core business operating within our margin expectations," said Bruce Caswell, President and Chief Executive Officer. "We kick off fiscal 2025 with guidance that blends the momentum of fiscal 2024 with thoughtfulness toward the upcoming U.S. Presidential transition."

Caswell continued, "Our earned position as an efficient and flexible partner to government in the administration of entitlement programs and essential government services perennially supported on a bipartisan basis positions us well to advise, adapt, and rapidly implement new priorities."

Consolidated Fiscal Year 2024 Fourth Quarter and Full Year Results

Revenue for the full fiscal year 2024 increased 8.2% to $5.31 billion, compared to $4.90 billion for the prior year. Organic growth was 8.8% over the prior year. Revenue for the fourth quarter of the fiscal year grew 4.4% to $1.32 billion, or 4.7% on an organic basis. Both periods benefited from volume growth on clinical programs in the U.S. Federal Services Segment. The U.S. Services Segment had a full fiscal year 2024 contribution of Medicaid redetermination activities that have returned to normal levels, plus excess volumes from Medicaid-related support activities that were concluded by the fourth quarter of fiscal year 2024.

For the full fiscal year 2024, the operating margin was 9.2% and the adjusted EBITDA margin was 11.6%. This compares to margins of 6.0% and 9.1%, respectively, for the prior year that reflected ramping volumes on core programs and a partial period contribution from resumed Medicaid-related activities. Adjusted EBITDA margin excludes divestiture-related charges which were not material in either fiscal year.

Earnings per share were $4.99 and adjusted diluted earnings per share were $6.11. This compares to $2.63 and $3.83, respectively, for the prior year. Fourth quarter diluted earnings per share were $1.19, and adjusted diluted earnings per share were $1.46. This compares to $0.96 and $1.29, respectively, for the prior-year period.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for fiscal year 2024 increased 13.9% to $2.74 billion, compared to $2.40 billion reported for the prior year. All growth was organic and driven primarily by volume growth on clinical programs.

The segment operating margin for the full fiscal year 2024 was 12.2%, as compared to 10.4% reported for the prior year. The segment delivered an 11.1% margin in fourth quarter of fiscal year 2024. Higher demand for services, particularly in clinical services, and a higher mix of performance-based work were drivers of margin enhancement in the segment this year.

U.S. Services Segment

U.S. Services Segment revenue for fiscal year 2024 increased by 5.5% to $1.91 billion, compared to $1.81 billion reported in the prior year. All growth was organic and driven by strong performance across the Medicaid-related portfolio. This included excess volumes from the unwinding exercise, which was concluded by the fourth quarter of this fiscal year.

The segment operating margin for fiscal year 2024 was 12.9%, compared to 10.1% reported in the prior year, and benefited from the strong Medicaid-related performance and the aforementioned excess volumes. The segment delivered an 11.1% margin in fourth quarter of fiscal year 2024 and did not benefit from excess volumes.

Outside the U.S. Segment

Outside the U.S. Segment revenue for fiscal year 2024 decreased 4.6% to $657.1 million as compared to $689.1 million reported for the prior year. Prior-year divestitures reduced revenue by 6.1%, while currency effects provided a 1.7% benefit to revenue growth.

The segment realized an operating profit of $7.7 million for fiscal year 2024, compared to an operating loss of $9.1 million in the prior year. Profitability for the segment this year, including the 4.8% margin in fourth quarter, reflects progress in containing volatile programs that have acted as greater headwinds in prior periods.

Sales, Pipeline, and Backlog

Year-to-date signed contract awards at September 30, 2024, totaled $2.2 billion, and contracts pending (awarded but unsigned) totaled $312 million. The book-to-bill ratio at September 30, 2024, was 0.4x on a trailing twelve-month basis. The lower book-to-bill reflects an anticipated lower-than-normal period of rebid activity. Given circumstances as best known today, the volume of adjudications for both rebids and new work are expected to increase over the next 12 months and result in an improved book-to-bill.

The sales pipeline at September 30, 2024, was $54.3 billion (comprised of approximately $4.22 billion in proposals pending, $7.12 billion in proposals in preparation, and $42.9 billion in opportunities tracking). New work opportunities represent approximately 48% of the total sales pipeline.

Backlog at September 30, 2024, which represents estimated future revenue from existing signed contracts, contracts that have been awarded but not yet signed, and unexercised priced contract options, was estimated to be $16.2 billion. This compares to $20.7 billion at the same point in the prior year. Remaining option periods for the Contact Center Operations (CCO) contract are included in the year-end balance, while the backlog associated with the Veterans Affairs Medical Disability Examination contracts has been reduced to account for the two-year recompete currently in the procurement stage.

Balance Sheet and Cash Flows

At September 30, 2024, cash and cash equivalents totaled $183 million, and gross debt was $1.15 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the full year ended September 30, 2024, as calculated in accordance with our credit agreement, was 1.4x. At the same point in the prior year, the ratio was 2.2x, and we remain below our target leverage range of 2x to 3x.

For fiscal year 2024, cash flows from operating activities totaled $515 million, and free cash flow was $401 million. This compares to $314 million and $224 million, respectively, in the prior year. DSO at September 30, 2024, were 61 days, compared with 60 days at the same point in the prior year.

During fiscal year 2024, we purchased approximately 0.9 million shares totaling $73.1 million. Subsequent to September 30, 2024, and through November 19, 2024, we purchased approximately 0.5 million shares totaling $43.2 million. Including the subsequent activity, approximately $128 million remains on the current $200 million Board of Directors authorization granted in June 2024.

On October 5, 2024, our Board of Directors declared a quarterly cash dividend of $0.30 for each share of our common stock outstanding. The dividend is payable on November 30, 2024, to shareholders of record on November 15, 2024.

Fiscal Year 2025 Outlook

Maximus is establishing fiscal year 2025 guidance. Revenue is expected to range between $5.275 billion and $5.425 billion. An adjusted EBITDA margin, which excludes divestiture-related charges, of approximately 11.0% is anticipated for the full year. Adjusted diluted earnings per share, which excludes expense for amortization of intangible assets and divestiture-related charges, is expected to range between $5.70 and $6.00 per share.

Free cash flow is expected to range between $345 million and $375 million for fiscal year 2025. Forecasted expense of $92 million for amortization of intangible assets, $45 million for depreciation and amortization, and $65 million for interest is anticipated for the full year. An effective income tax rate of approximately 25% and weighted average shares outstanding of about 61 million is expected for fiscal year 2025.

Conference Call and Webcast Information

Maximus will host a conference call tomorrow, November 21, 2024, at 9:00 a.m. ET. Shareholders are invited to submit questions for management’s consideration by emailing IR@maximus.com up to one hour prior to the call.

The call is open to the public and available by webcast or by phone at:

877.407.8289 (Domestic) / +1.201.689.8341 (International)

For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.

About Maximus

As a leading strategic partner to governments across the globe, Maximus helps improve the delivery of public services amid complex technology, health, economic, environmental, and social challenges. With a deep understanding of program service delivery, acute insights that achieve operational excellence, and an extensive awareness of the needs of the people being served, our employees advance the critical missions of our partners. Maximus delivers innovative business process management, impactful consulting services, and technology solutions that provide improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. For more information, visit maximus.com.

Non-GAAP Measures and Risk Factors

This release refers to non-GAAP measures and other indicators, including organic growth, free cash flow, operating income, and EPS adjusted for amortization of intangible assets and divestiture-related charges, adjusted EBITDA, and other non-GAAP measures.

A description of these non-GAAP measures, the reasons why we use and present them, and details as to how they are calculated are included in our earnings presentation and forthcoming Form 10-K.

The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operations, 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 risks could cause the company’s actual results to differ materially from those indicated by such forward-looking statements. A summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2024, expected to be filed shortly with the Securities and Exchange Commission (SEC). The Company's SEC reports are accessible on maximus.com.


	FY25 Guidance Reconciliation - Non-GAAP
($ in millions except per share items)	Low End			High End
Operating income	$	439		$	464
Add: amortization of intangible assets	92			92
Add: depreciation & amortization of property, equipment and capitalized software	45			45
Add: divestiture-related charges	—			—
Adjusted EBITDA	$	576		$	601
Revenue	$	5,275		$	5,425
Adjusted EBITDA Margin	10.9		%	11.1		%

Diluted EPS	$	4.60		$	4.90
Add: effect of amortization of intangible assets on diluted EPS	1.10			1.10
Add: divestiture-related charges	—			—
Adjusted diluted EPS	$	5.70		$	6.00

Cash flows from operating activities	$	435		$	465
Remove: purchases of property and equipment and capitalized software costs	(90)			(90)
Free cash flow	$	345		$	375

Maximus, Inc.

Consolidated Statements of Operations

(Unaudited)


	For the Three Months Ended September 30,				For the Year Ended September 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)

Revenue	$	1,315,870	$	1,259,953	$	5,306,197	$	4,904,728
Cost of revenue	1,014,175		969,059		4,054,545		3,876,120
Gross profit	301,695		290,894		1,251,652		1,028,608
Selling, general, and administrative expenses	166,901		167,778		671,583		639,223
Amortization of intangible assets	23,038		23,992		91,570		94,591

Operating income	111,756		99,124		488,499		294,794
Interest expense	20,012		20,507		82,440		84,138
Other (income)/expense, net	(925)		442		(450)		363
Income before income taxes	92,669		78,175		406,509		210,293
Provision for income taxes	20,165		19,029		99,595		48,501
Net income	$	72,504	$	59,146	$	306,914	$	161,792

Earnings per share:
Basic	$	1.20	0.97		$	5.03	$	2.65
Diluted	$	1.19	0.96		$	4.99	$	2.63
Weighted average shares outstanding:
Basic	60,553		61,138		61,049		61,125
Diluted	61,085		61,617		61,484		61,450

Dividends declared per share	$	0.30	$	0.28	$	1.20	$	1.12

Maximus, Inc.

Consolidated Balance Sheets

(Unaudited)


	As of September 30,
	2024		2023
	(in thousands)
Assets:
Cash and cash equivalents	$	183,123	$	65,405
Accounts receivable, net	879,514		826,873
Income taxes receivable	5,282		16,556
Prepaid expenses and other current assets	132,625		146,632
Total current assets	1,200,544		1,055,466
Property and equipment, net	38,977		38,831
Capitalized software, net	187,677		107,811
Operating lease right-of-use assets	133,594		163,929
Goodwill	1,782,871		1,779,215
Intangible assets, net	630,569		703,648
Deferred contract costs, net	59,432		45,372
Deferred compensation plan assets	55,913		42,919
Deferred income taxes	14,801		2,459
Other assets	27,130		46,147
Total assets	$	4,131,508	$	3,985,797
Liabilities and Shareholders' Equity:
Liabilities:
Accounts payable and accrued liabilities	$	303,321	$	282,081
Accrued compensation and benefits	237,121		194,251
Deferred revenue, current portion	83,238		60,477
Income taxes payable	26,535		451
Long-term debt, current portion	40,139		86,844
Operating lease liabilities, current portion	47,656		49,852
Other current liabilities	69,519		49,058
Total current liabilities	807,529		723,014
Deferred revenue, non-current portion	45,077		38,849
Deferred income taxes	169,118		203,898
Long-term debt, non-current portion	1,091,954		1,163,149
Deferred compensation plan liabilities, non-current portion	57,599		46,432
Operating lease liabilities, non-current portion	97,221		129,367
Other liabilities	20,195		13,253
Total liabilities	2,288,693		2,317,962
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 60,352 and 60,998 shares issued and outstanding as of September 30, 2024 and 2023, respectively	598,304		577,898
Accumulated other comprehensive loss	(32,460)		(27,615)
Retained earnings	1,276,971		1,117,552
Total shareholders' equity	1,842,815		1,667,835
Total liabilities and shareholders' equity	$	4,131,508	$	3,985,797

Maximus, Inc.

Consolidated Statements of Cash Flows

(Unaudited)


	For the Three Months Ended September 30,				For the Year Ended September 30,
	2024		2023		2024		2023

	(in thousands)
Cash flows from operating activities:
Net income	$	72,504	$	59,146	$	306,914	$	161,792
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment and capitalized software	9,811		17,633		33,957		54,725
Amortization of intangible assets	23,038		23,992		91,570		94,591
Amortization of debt issuance costs and debt discount	635		601		3,534		2,837


Deferred income taxes	(32,252)		(823)		(36,022)		1,552
Stock compensation expense	7,744		7,283		35,349		29,522
Loss on sale of businesses	—		—		1,018		883
Change in assets and liabilities, net of effects of business combinations and disposals:
Accounts receivable	(24,034)		(31,076)		(50,562)		(23,401)
Prepaid expenses and other current assets	(8,751)		(20,242)		10,565		859
Deferred contract costs	(4,778)		443		(13,155)		2,688
Accounts payable and accrued liabilities	19,926		814		18,267		17,729
Accrued compensation and benefits	59,290		44,262		38,247		12,650
Deferred revenue	10,455		19,624		28,534		(12,123)
Income taxes	21,729		16,228		32,305		(16,958)
Operating lease right-of-use assets and liabilities	225		1,707		(1,906)		(2,035)

Other assets and liabilities	8,292		4,997		16,643		(10,971)
Net cash provided by operating activities	163,834		144,589		515,258		314,340
Cash flows from investing activities:
Purchases of property and equipment and capitalized software	(31,953)		(31,832)		(114,190)		(90,695)

Asset acquisition	7		—		(17,999)		—
Proceeds from divestitures	7		608		3,085		9,732



Net cash used in investing activities	(31,939)		(31,224)		(129,104)		(80,963)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders	(18,054)		(17,020)		(72,901)		(68,073)
Purchases of Maximus common stock	(25,794)		—		(73,069)		—
Tax withholding related to RSU vesting	—		—		(13,455)		(8,475)
Payments for contingent consideration	—		(2,769)		(10,977)		(9,431)
Payments for debt financing costs	—		—		(9,724)		—
Proceeds from borrowings	250,000		161,901		1,100,166		844,299
Principal payments for debt	(259,377)		(222,460)		(1,212,202)		(952,974)
Cash-collateralized escrow liabilities	7,398		(1,601)		16,516		(56,144)

Net cash used in financing activities	(45,827)		(81,949)		(275,646)		(250,798)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,894		(1,018)		3,164		2,717
Net change in cash, cash equivalents, and restricted cash	87,962		30,398		113,672		(14,704)
Cash, cash equivalents and restricted cash, beginning of period	147,801		91,693		122,091		136,795
Cash, cash equivalents and restricted cash, end of period	$	235,763	$	122,091	$	235,763	$	122,091

Maximus, Inc.

Consolidated Results of Operations by Segment

(Unaudited)


	For the Three Months Ended September 30,						For the Year Ended September 30,
	2024			2023			2024			2023
	Amount		% (1)	Amount		% (1)	Amount		% (1)	Amount		% (1)

	(dollars in thousands)
Revenue:
U.S. Federal Services	$	675,117		$	617,404		$	2,737,244		$	2,403,606
U.S. Services	463,555			473,827			1,911,813			1,812,069
Outside the U.S.	177,198			168,722			657,140			689,053
Revenue	$	1,315,870		$	1,259,953		$	5,306,197		$	4,904,728
Gross profit:
U.S. Federal Services	$	159,688	23.7%	$	155,373	25.2%	$	665,762	24.3%	$	557,886	23.2%
U.S. Services	110,290		23.8%	109,389		23.1%	479,787		25.1%	377,541		20.8%
Outside the U.S.	31,717		17.9%	26,132		15.5%	106,103		16.1%	93,181		13.5%
Gross profit	$	301,695	22.9%	$	290,894	23.1%	$	1,251,652	23.6%	$	1,028,608	21.0%
Selling, general, and administrative expenses:
U.S. Federal Services	$	84,469	12.5%	$	78,606	12.7%	$	332,140	12.1%	$	308,197	12.8%
U.S. Services	58,773		12.7%	54,198		11.4%	232,805		12.2%	194,991		10.8%
Outside the U.S.	23,149		13.1%	26,375		15.6%	98,398		15.0%	102,311		14.8%
Divestiture related charges (2)	—		NM	2,868		NM	1,018		NM	3,751		NM
Other (3)	510		NM	5,731		NM	7,222		NM	29,973		NM
Selling, general, and administrative expenses	$	166,901	12.7%	$	167,778	13.3%	$	671,583	12.7%	$	639,223	13.0%
Operating income/(loss):
U.S. Federal Services	$	75,219	11.1%	$	76,767	12.4%	$	333,622	12.2%	$	249,689	10.4%
U.S. Services	51,517		11.1%	55,191		11.6%	246,982		12.9%	182,550		10.1%
Outside the U.S.	8,568		4.8%	(243)		(0.1)%	7,705		1.2%	(9,130)		(1.3)%
Amortization of intangible assets	(23,038)		NM	(23,992)		NM	(91,570)		NM	(94,591)		NM
Divestiture related charges (2)	—		NM	(2,868)		NM	(1,018)		NM	(3,751)		NM

Other (3)	(510)		NM	(5,731)		NM	(7,222)		NM	(29,973)		NM
Operating income	$	111,756	8.5%	$	99,124	7.9%	$	488,499	9.2%	$	294,794	6.0%

(1)Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM."

(2)During fiscal years 2024 and 2023, we sold a number of businesses in our Outside the U.S. Segment.

(3)Other includes credits and costs that are not allocated to a particular segment, including charges related to acquisitions, divestitures, and certain legal activities. For fiscal year 2023, these included charges of $29.3 million related to a previously disclosed cybersecurity incident.

Maximus, Inc.

Consolidated Free Cash Flows - Non-GAAP

(Unaudited)


	For the Three Months Ended September 30,				For the Year Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Net cash provided by operating activities	$	163,834	$	144,589	$	515,258	$	314,340
Purchases of property and equipment and capitalized software	(31,953)		(31,832)		(114,190)		(90,695)
Free cash flow	$	131,881	$	112,757	$	401,068	$	223,645

Maximus, Inc.

Non-GAAP Adjusted Results - Operating Income, Adjusted EBITDA, Net Income, and Diluted Earnings per Share

(Unaudited)


	For the Three Months Ended September 30,						For the Year Ended September 30,
	2024			2023			2024			2023
	(dollars in thousands, except per share data)
Operating income	$	111,756		$	99,124		$	488,499		$	294,794
Add back: Amortization of intangible assets	23,038			23,992			91,570			94,591
Add back: Divestiture-related charges	—			2,868			1,018			3,751
Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	134,794		$	125,984		$	581,087		$	393,136
Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	10.2		%	10.0		%	11.0		%	8.0		%

Add back: Depreciation and amortization of property, equipment, and capitalized software	9,811			17,633			33,957			54,725
Adjusted EBITDA (Non-GAAP)	$	144,605		$	143,617		$	615,044		$	447,861
Adjusted EBITDA margin (Non-GAAP)	11.0		%	11.4		%	11.6		%	9.1		%

Net income	$	72,504		$	59,146		$	306,914		$	161,792
Add back: Amortization of intangible assets, net of tax	16,973			17,682			67,481			69,714

Add back: Divestiture-related charges	—			2,868			1,018			3,751
Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	89,477		$	79,696		$	375,413		$	235,257

Diluted earnings per share	$	1.19		$	0.96		$	4.99		$	2.63
Add back: Effect of amortization of intangible assets on diluted earnings per share	0.27			0.28			1.10			1.14
Add back: Effect of divestiture-related charges on diluted earnings per share	—			0.05			0.02			0.06
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)	$	1.46		$	1.29		$	6.11		$	3.83

Cover Page	Nov. 20, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 20, 2024
Entity Registrant Name	Maximus, Inc.
Entity Incorporation, State or Country Code	VA
Entity File Number	1-12997
Entity Tax Identification Number	54-1000588
Entity Address, Address Line One	1600 Tysons Boulevard
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	251-8500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MMS
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001032220