Maximus Reports Fiscal Year 2024 Third Quarter Results

Favorable tailwinds persist and drive third consecutive raise to FY24 guidance

Maximus (NYSE: MMS), a leading provider of government services worldwide, reported financial results for the three and nine months ending June 30, 2024.

Highlights for the third quarter of fiscal year 2024 include:

  • Revenue increased 10.6% to $1.31 billion, compared to $1.19 billion for the prior year period. All three segments contributed to organic growth of 11.2%, with the U.S. Federal Services Segment being the primary driver.
  • Diluted earnings per share were $1.46 and adjusted diluted earnings per share were $1.74, compared to $0.50 and $0.78, respectively, for the prior year period.
  • Guidance is increasing again for fiscal year 2024. At the midpoints, revenue is increasing by $100 million, adjusted operating income guidance is increasing by $30 million, adjusted diluted earnings per share by $0.35, and free cash flow by $15 million.
  • Net debt to EBITDA ratio improved to 1.5 times at June 30, 2024, compared to 1.7 times in the prior quarter.
  • A quarterly cash dividend of $0.30 per share is payable on August 31, 2024, to shareholders of record on August 15, 2024.

"Our third quarter demonstrates our ability to capitalize on favorable tailwinds that have persisted across this year, where we accomplished high quality and efficient delivery, at scale," said Bruce Caswell, President and Chief Executive Officer. "I want to acknowledge and thank all our teams for their respective roles in delivering exceptional performance this quarter, enabling us to solidly beat expectations and continue the momentum of the business this year."

Third Quarter Results

Revenue for the third quarter of fiscal year 2024 increased 10.6% to $1.31 billion, compared to $1.19 billion for the prior year period. All three segments contributed to consolidated organic growth of 11.2%, with the primary driver being volume growth on clinical programs in the U.S. Federal Services Segment.

For the third quarter of fiscal year 2024, operating margin was 10.8% and the adjusted operating margin was 12.6%. This compares to margins of 4.9% and 6.9%, respectively, for the prior year period. Diluted earnings per share were $1.46 and adjusted diluted earnings per share were $1.74. This compares to $0.50 and $0.78, respectively, for the prior year period which included a $0.26 impact from the previously disclosed cybersecurity incident. Exceptional performance within environments of strong demand across both domestic segments led to higher-than-anticipated earnings this quarter.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the third quarter of fiscal year 2024 increased 17.0% to $683.3 million, compared to $584.0 million reported for the prior year period. All growth was organic and driven primarily by volume growth on clinical programs.

The segment operating margin for the third quarter of fiscal year 2024 was 15.5%, compared to 12.7% reported for the prior year period. This quarter's margin reflects excellent operational execution combined with high demand for services, particularly in clinical services, and a temporarily favorable mix of lower cost-plus revenue and higher performance-based revenue. The full-year fiscal 2024 margin for the U.S. Federal Services Segment is now expected to be approximately 12.5%.

U.S. Services Segment

U.S. Services Segment revenue for the third quarter of fiscal year 2024 increased 5.2% to $472.3 million, compared to $449.1 million reported in the prior year period. All growth was organic and enabled by strong performance across the Medicaid-related portfolio, a portion of which were excess volumes from the unwinding exercise which is now completed.

The segment operating margin for the third quarter of fiscal year 2024 was 13.0%, compared to 10.5% reported for the prior year. This quarter's margin benefited from the strong Medicaid-related performance and the aforementioned excess volumes. The full-year fiscal 2024 margin for the U.S. Services Segment is anticipated to be approximately 13%.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the third quarter of fiscal year 2024 increased 2.3% to $159.3 million, compared to $155.7 million reported in the prior year period. Organic growth was 6.8% and driven primarily by strong operations in the United Kingdom, with the effect of divested businesses partially offsetting the growth.

The segment realized an operating loss of $1.4 million for the third quarter of fiscal year 2024, compared to a loss of $15.2 million in the prior year period. This quarter's loss was contemplated in the full-year outlook for the segment, which remains slightly above breakeven. A smaller footprint and improved profitability are expected once segment-shaping efforts are complete, which remain a priority for this fiscal year.

Sales and Pipeline

Year-to-date signed contract awards at June 30, 2024, totaled $1.25 billion, and contracts pending (awarded but unsigned) totaled $398 million. The book-to-bill ratio at June 30, 2024, was 0.6x calculated on a trailing twelve-month basis.

The sales pipeline at June 30, 2024, totaled $44.1 billion, comprised of approximately $2.93 billion in proposals pending, $7.33 billion in proposals in preparation, and $33.8 billion in opportunities tracking. This quarter's large increase to the pipeline is attributable to capturing the Contact Center Operations (CCO) early recompete and the Veterans Affairs Medical Disability Examination contracts recompete stemming from higher volumes on the program. New work opportunities represent approximately 55% of the total sales pipeline.

Balance Sheet and Cash Flows

At June 30, 2024, cash and cash equivalents totaled $103 million, and gross debt was $1.16 billion. The ratio of debt, net of allowed cash, to EBITDA for the quarter ended June 30, 2024, as calculated in accordance with our credit agreement, was 1.5x. This compares to 1.7x at March 31, 2024.

For the third quarter of fiscal year 2024, cash provided by operating activities totaled $199 million, and free cash flow was $165 million. DSO at June 30, 2024, were 59 days, compared with 62 days at March 31, 2024.

During the third quarter of fiscal year 2024, we purchased approximately 611,000 shares, totaling $50.6 million, which is an average price of $82.79 per share. Subsequent to June 30, 2024, we purchased an additional 250,000 shares, totaling $21.2 million, at an average price of $84.78 per share. In June 2024, the Board of Directors authorized an expansion to the purchase program for Maximus common stock of up to an aggregate of $200 million.

On July 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 August 31, 2024, to shareholders of record on August 15, 2024.

Further Raise to FY24 Guidance

Maximus is further raising fiscal year 2024 guidance following its third quarter results. Revenue is now expected to range between $5.25 billion and $5.35 billion, representing an increase of $100 million from the midpoint of prior guidance.

Adjusted operating income is now expected to range between $570 million and $590 million, representing an increase of $30 million from the midpoint of prior guidance. Adjusted operating income excludes an estimated $90 million of expense for amortization of intangible assets and $1 million of divestiture-related charges.

Adjusted diluted earnings per share is now expected to range between $6.00 and $6.20 per share, representing an increase of $0.35 per share from the midpoint of prior guidance.

Free cash flow is now expected to range between $350 million and $380 million as a result of the increased earnings guidance and partially offset by higher capital expenditures for the remainder of the year. Interest expense is estimated to be $80 million for fiscal year 2024.

Conference Call and Webcast Information

Maximus will host a conference call tomorrow, August 8, 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 Forward-Looking Statements

This release contains 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 and details as to how they are calculated are included with our earnings presentation and forthcoming Form 10-Q.

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, operating income, 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 our confidence and strategies, and our expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand, or acceptance of our products are forward-looking statements that involve risks and uncertainties.

These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. A Special Note Regarding Forward-Looking Statements is included within our forthcoming Form 10-Q and 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, 2023, which was filed with the Securities and Exchange Commission (SEC) on November 16, 2023. Our SEC reports are accessible on maximus.com.

Maximus, Inc.

Consolidated Statements of Operations

(Unaudited)

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

(in thousands, except per share amounts)

Revenue

$

1,314,929

 

$

1,188,677

 

$

3,990,327

 

$

3,644,775

 

Cost of revenue

 

982,615

 

 

924,313

 

 

3,040,370

 

 

2,907,061

 

Gross profit

 

332,314

 

 

264,364

 

 

949,957

 

 

737,714

 

Selling, general, and administrative expenses

 

167,033

 

 

182,545

 

 

504,682

 

 

471,445

 

Amortization of intangible assets

 

23,542

 

 

23,431

 

 

68,532

 

 

70,599

 

Operating income

 

141,739

 

 

58,388

 

 

376,743

 

 

195,670

 

Interest expense

 

20,555

 

 

21,026

 

 

62,428

 

 

63,631

 

Other expense/(income), net

 

809

 

 

1,005

 

 

475

 

 

(79

)

Income before income taxes

 

120,375

 

 

36,357

 

 

313,840

 

 

132,118

 

Provision for income taxes

 

30,623

 

 

5,494

 

 

79,430

 

 

29,472

 

Net income

$

89,752

 

$

30,863

 

$

234,410

 

$

102,646

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.47

 

$

0.50

 

$

3.83

 

$

1.68

 

Diluted

$

1.46

 

$

0.50

 

$

3.81

 

$

1.67

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

61,079

 

 

61,141

 

 

61,233

 

 

61,125

 

Diluted

 

61,381

 

 

61,544

 

 

61,495

 

 

61,368

 

 

 

 

 

 

 

 

 

Dividends declared per share

$

0.30

 

$

0.28

 

$

0.90

 

$

0.84

 

Maximus, Inc.

Consolidated Balance Sheets

 

 

June 30, 2024

 

September 30, 2023

 

(unaudited)

 

 

 

(in thousands)

Assets:

 

 

 

Cash and cash equivalents

$

102,794

 

 

$

65,405

 

Accounts receivable, net

 

850,462

 

 

 

826,873

 

Income taxes receivable

 

9,464

 

 

 

16,556

 

Prepaid expenses and other current assets

 

115,571

 

 

 

146,632

 

Total current assets

 

1,078,291

 

 

 

1,055,466

 

Property and equipment, net

 

35,020

 

 

 

38,831

 

Capitalized software, net

 

169,449

 

 

 

107,811

 

Operating lease right-of-use assets

 

138,817

 

 

 

163,929

 

Goodwill

 

1,780,299

 

 

 

1,779,215

 

Intangible assets, net

 

653,386

 

 

 

703,648

 

Deferred contract costs, net

 

53,899

 

 

 

45,372

 

Deferred compensation plan assets

 

52,895

 

 

 

42,919

 

Deferred income taxes

 

5,911

 

 

 

2,459

 

Other assets

 

31,823

 

 

 

46,147

 

Total assets

$

3,999,790

 

 

$

3,985,797

 

Liabilities and Shareholders' Equity:

 

 

 

Liabilities:

 

 

 

Accounts payable and accrued liabilities

$

280,836

 

 

$

282,081

 

Accrued compensation and benefits

 

162,318

 

 

 

194,251

 

Deferred revenue, current portion

 

82,065

 

 

 

60,477

 

Income taxes payable

 

11,146

 

 

 

451

 

Long-term debt, current portion

 

39,952

 

 

 

86,844

 

Operating lease liabilities, current portion

 

47,992

 

 

 

49,852

 

Other current liabilities

 

55,734

 

 

 

49,058

 

Total current liabilities

 

680,043

 

 

 

723,014

 

Deferred revenue, non-current portion

 

35,269

 

 

 

38,849

 

Deferred income taxes

 

200,814

 

 

 

203,898

 

Long-term debt, non-current portion

 

1,100,701

 

 

 

1,163,149

 

Deferred compensation plan liabilities, non-current portion

 

55,870

 

 

 

46,432

 

Operating lease liabilities, non-current portion

 

101,911

 

 

 

129,367

 

Other liabilities

 

6,467

 

 

 

13,253

 

Total liabilities

 

2,181,075

 

 

 

2,317,962

 

Shareholders' equity:

 

 

 

Common stock, no par value; 100,000 shares authorized; 60,427 and 60,998 shares issued and outstanding as of June 30, 2024, and September 30, 2023, respectively

 

604,287

 

 

 

577,898

 

Accumulated other comprehensive loss

 

(30,934

)

 

 

(27,615

)

Retained earnings

 

1,245,362

 

 

 

1,117,552

 

Total shareholders' equity

 

1,818,715

 

 

 

1,667,835

 

Total liabilities and shareholders' equity

$

3,999,790

 

 

$

3,985,797

 

Maximus, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

(in thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

89,752

 

 

$

30,863

 

 

$

234,410

 

 

$

102,646

 

Adjustments to reconcile net income to cash flows from operations:

 

 

 

 

 

 

 

Depreciation and amortization of property, equipment, and capitalized software

 

7,530

 

 

 

10,771

 

 

 

24,146

 

 

 

37,092

 

Amortization of intangible assets

 

23,542

 

 

 

23,431

 

 

 

68,532

 

 

 

70,599

 

Amortization of debt issuance costs and debt discount

 

1,697

 

 

 

601

 

 

 

2,899

 

 

 

2,236

 

Deferred income taxes

 

4,545

 

 

 

3,743

 

 

 

(3,770

)

 

 

2,375

 

Stock compensation expense

 

9,481

 

 

 

8,296

 

 

 

27,605

 

 

 

22,239

 

Loss on sale of businesses

 

 

 

 

 

 

 

1,018

 

 

 

883

 

Change in assets and liabilities, net of effects of business combinations:

 

 

 

 

 

 

 

Accounts receivable

 

65,857

 

 

 

(54,854

)

 

 

(26,528

)

 

 

7,675

 

Prepaid expenses and other current assets

 

(616

)

 

 

7,689

 

 

 

19,316

 

 

 

21,101

 

Deferred contract costs

 

(4,777

)

 

 

1,662

 

 

 

(8,377

)

 

 

2,245

 

Accounts payable and accrued liabilities

 

4,642

 

 

 

23,276

 

 

 

(1,659

)

 

 

16,915

 

Accrued compensation and benefits

 

(10,487

)

 

 

(17,390

)

 

 

(21,043

)

 

 

(31,612

)

Deferred revenue

 

7,374

 

 

 

(13,400

)

 

 

18,079

 

 

 

(31,747

)

Income taxes

 

(2,734

)

 

 

(26,608

)

 

 

10,576

 

 

 

(33,186

)

Operating lease right-of-use assets and liabilities

 

(1,746

)

 

 

(1,670

)

 

 

(2,131

)

 

 

(3,742

)

Other assets and liabilities

 

5,268

 

 

 

(1,696

)

 

 

8,351

 

 

 

(15,968

)

Net cash provided by/(used in) operating activities

 

199,328

 

 

 

(5,286

)

 

 

351,424

 

 

 

169,751

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment and capitalized software

 

(34,690

)

 

 

(25,112

)

 

 

(82,237

)

 

 

(58,863

)

Asset acquisition

 

 

 

 

 

 

 

(18,006

)

 

 

 

Proceeds from divestitures

 

 

 

 

 

 

 

3,078

 

 

 

9,124

 

Net cash used in investing activities

 

(34,690

)

 

 

(25,112

)

 

 

(97,165

)

 

 

(49,739

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Cash dividends paid to Maximus shareholders

 

(18,239

)

 

 

(17,020

)

 

 

(54,847

)

 

 

(51,053

)

Purchases of Maximus common stock

 

(47,275

)

 

 

 

 

 

(47,275

)

 

 

 

Tax withholding related to RSU vesting

 

 

 

 

 

 

 

(13,455

)

 

 

(8,475

)

Payments for contingent consideration

 

(2,809

)

 

 

(2,621

)

 

 

(10,977

)

 

 

(6,662

)

Payments for debt financing costs

 

(9,724

)

 

 

 

 

 

(9,724

)

 

 

 

Proceeds from borrowings

 

426,757

 

 

 

220,000

 

 

 

850,166

 

 

 

682,398

 

Principal payments for debt

 

(488,038

)

 

 

(200,054

)

 

 

(952,825

)

 

 

(730,514

)

Cash-collateralized escrow liabilities

 

3,996

 

 

 

2,517

 

 

 

9,118

 

 

 

(54,543

)

Net cash provided by/(used in) financing activities

 

(135,332

)

 

 

2,822

 

 

 

(229,819

)

 

 

(168,849

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

155

 

 

 

549

 

 

 

1,270

 

 

 

3,735

 

Net change in cash, cash equivalents, and restricted cash

 

29,461

 

 

 

(27,027

)

 

 

25,710

 

 

 

(45,102

)

Cash, cash equivalents, and restricted cash, beginning of period

 

118,340

 

 

 

118,720

 

 

 

122,091

 

 

 

136,795

 

Cash, cash equivalents, and restricted cash, end of period

$

147,801

 

 

$

91,693

 

 

$

147,801

 

 

$

91,693

 

Maximus, Inc.

Consolidated Results of Operations by Segment

(Unaudited)

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

Amount

 

% (1)

 

Amount

 

% (1)

 

Amount

 

% (1)

 

Amount

 

% (1)

 

(dollars in thousands)

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

683,347

 

 

 

 

$

583,960

 

 

 

 

$

2,062,127

 

 

 

 

$

1,786,202

 

 

 

U.S. Services

 

472,298

 

 

 

 

 

449,061

 

 

 

 

 

1,448,258

 

 

 

 

 

1,338,242

 

 

 

Outside the U.S.

 

159,284

 

 

 

 

 

155,656

 

 

 

 

 

479,942

 

 

 

 

 

520,331

 

 

 

Revenue

$

1,314,929

 

 

 

 

$

1,188,677

 

 

 

 

$

3,990,327

 

 

 

 

$

3,644,775

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

186,075

 

 

27.2

%

 

$

156,945

 

 

26.9

%

 

$

506,074

 

 

24.5

%

 

$

402,513

 

 

22.5

%

U.S. Services

 

121,012

 

 

25.6

%

 

 

98,538

 

 

21.9

%

 

 

369,497

 

 

25.5

%

 

 

268,152

 

 

20.0

%

Outside the U.S.

 

25,227

 

 

15.8

%

 

 

8,881

 

 

5.7

%

 

 

74,386

 

 

15.5

%

 

 

67,049

 

 

12.9

%

Gross profit

$

332,314

 

 

25.3

%

 

$

264,364

 

 

22.2

%

 

$

949,957

 

 

23.8

%

 

$

737,714

 

 

20.2

%

Selling, general, and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

79,949

 

 

11.7

%

 

$

82,892

 

 

14.2

%

 

$

247,671

 

 

12.0

%

 

$

229,591

 

 

12.9

%

U.S. Services

 

59,531

 

 

12.6

%

 

 

51,536

 

 

11.5

%

 

 

174,032

 

 

12.0

%

 

 

140,793

 

 

10.5

%

Outside the U.S.

 

26,647

 

 

16.7

%

 

 

24,122

 

 

15.5

%

 

 

75,249

 

 

15.7

%

 

 

75,936

 

 

14.6

%

Divestiture-related charges (2)

 

 

 

NM

 

 

 

 

 

NM

 

 

 

1,018

 

 

NM

 

 

 

883

 

 

NM

 

Other (3)

 

906

 

 

NM

 

 

 

23,995

 

 

NM

 

 

 

6,712

 

 

NM

 

 

 

24,242

 

 

NM

 

Selling, general, and administrative expenses

$

167,033

 

 

12.7

%

 

$

182,545

 

 

15.4

%

 

$

504,682

 

 

12.6

%

 

$

471,445

 

 

12.9

%

Operating income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Federal Services

$

106,126

 

 

15.5

%

 

$

74,053

 

 

12.7

%

 

$

258,403

 

 

12.5

%

 

$

172,922

 

 

9.7

%

U.S. Services

 

61,481

 

 

13.0

%

 

 

47,002

 

 

10.5

%

 

 

195,465

 

 

13.5

%

 

 

127,359

 

 

9.5

%

Outside the U.S.

 

(1,420

)

 

(0.9

)%

 

 

(15,241

)

 

(9.8

)%

 

 

(863

)

 

(0.2

)%

 

 

(8,887

)

 

(1.7

)%

Amortization of intangible assets

 

(23,542

)

 

NM

 

 

 

(23,431

)

 

NM

 

 

 

(68,532

)

 

NM

 

 

 

(70,599

)

 

NM

 

Divestiture-related charges (2)

 

 

 

NM

 

 

 

 

 

NM

 

 

 

(1,018

)

 

NM

 

 

 

(883

)

 

NM

 

Other (3)

 

(906

)

 

NM

 

 

 

(23,995

)

 

NM

 

 

 

(6,712

)

 

NM

 

 

 

(24,242

)

 

NM

 

Operating income

$

141,739

 

 

10.8

%

 

$

58,388

 

 

4.9

%

 

$

376,743

 

 

9.4

%

 

$

195,670

 

 

5.4

%

(1)

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

(2)

We have sold businesses in both fiscal years 2023 and 2024.

(3)

Other expenses includes credits and costs that are not allocated to a particular segment. In the three and nine months ended June 30, 2024, these charges include $0.3 million and $3.3 million related to the costs of a previously disclosed cybersecurity incident, respectively, compared to $22.1 million for the three and nine months ended June 30, 2023. Other charges include expenses incurred as part of our acquisitions, as well as potential acquisitions that have not been or may not be completed.

Maximus, Inc.

Consolidated Free Cash Flows - Non-GAAP

(Unaudited)

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

(in thousands)

Net cash provided by/(used in) operating activities

$

199,328

 

 

$

(5,286

)

 

$

351,424

 

 

$

169,751

 

Purchases of property and equipment and capitalized software

 

(34,690

)

 

 

(25,112

)

 

 

(82,237

)

 

 

(58,863

)

Free cash flow (Non-GAAP)

$

164,638

 

 

$

(30,398

)

 

$

269,187

 

 

$

110,888

 

Maximus, Inc.

Non-GAAP Adjusted Results Excluding Amortization of Intangible Assets and Divestiture-Related Charges

(Unaudited)

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

(dollars in thousands, except per share data)

Operating income

$

141,739

 

 

$

58,388

 

 

$

376,743

 

 

$

195,670

 

Add back: Amortization of intangible assets

 

23,542

 

 

 

23,431

 

 

 

68,532

 

 

 

70,599

 

Add back: Divestiture-related charges

 

 

 

 

 

 

 

1,018

 

 

 

883

 

Adjusted operating income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)

$

165,281

 

 

$

81,819

 

 

$

446,293

 

 

$

267,152

 

Adjusted operating income margin excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)

 

12.6

%

 

 

6.9

%

 

 

11.2

%

 

 

7.3

%

 

 

 

 

 

 

 

 

Net income

$

89,752

 

 

$

30,863

 

 

$

234,410

 

 

$

102,646

 

Add back: Amortization of intangible assets, net of tax

 

17,350

 

 

 

17,276

 

 

 

50,508

 

 

 

52,082

 

Add back: Divestiture-related charges

 

 

 

 

 

 

 

1,018

 

 

 

883

 

Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)

$

107,102

 

 

$

48,139

 

 

$

285,936

 

 

$

155,611

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.46

 

 

$

0.50

 

 

$

3.81

 

 

$

1.67

 

Add back: Effect of amortization of intangible assets on diluted earnings per share

 

0.28

 

 

 

0.28

 

 

 

0.82

 

 

 

0.86

 

Add back: Effect of divestiture-related charges on diluted earnings per share

 

 

 

 

 

 

 

0.02

 

 

 

0.01

 

Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP)

$

1.74

 

 

$

0.78

 

 

$

4.65

 

 

$

2.54

 

 

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