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Business Combinations (Tables) | 12 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
Table 6.1: VES Valuation
| Initial Allocation of Assets and Liabilities |  | Adjustments |  | Estimated Allocation of Assets and Liabilities as of September 30, 2021
| (in thousands)
Consideration paid: |  |  |  |  |
Cash consideration paid, net of cash acquired | $ | 1,360,231 |  |  | $ | — |  |  | $ | 1,360,231 |
Estimated additional cash payments | 7,494 |  |  | (2,859) |  |  | 4,635 |
Estimated cash consideration, net of cash acquired | 1,367,725 |  |  | (2,859) |  |  | 1,364,866 |
Assets acquired: |  |  |  |  |
Accounts receivable - billed, billable and unbilled | $ | 44,078 |  |  | $ | — |  |  | $ | 44,078 |
Prepaid expenses and other current assets | 13,911 |  |  | (5,956) |  |  | 7,955 |
Property and equipment, net | 9,113 |  |  | — |  |  | 9,113 |
Operating lease right-of-use assets | 18,898 |  |  | — |  |  | 18,898 |
Intangible assets | 664,000 |  |  | — |  |  | 664,000 |
Other assets | 12,816 |  |  | (5,650) |  |  | 7,166 |
Total identifiable assets acquired | 762,816 |  |  | (11,606) |  |  | 751,210 |
Liabilities assumed: |  |  |  |  |
Accounts payable and accrued compensation | 42,978 |  |  | (796) |  |  | 42,182 |
Operating lease liabilities | 18,898 |  |  | — |  |  | 18,898 |
Income taxes payable, current | 6,196 |  |  | (523) |  |  | 5,673 |
Deferred income taxes | 177,626 |  |  | (6,129) |  |  | 171,497 |
Other long-term liabilities | 6,667 |  |  | 5,603 |  |  | 12,270 |
Total identifiable liabilities assumed | 252,365 |  |  | (1,845) |  |  | 250,520 |
Net identifiable assets acquired | 510,451 |  |  | (9,761) |  |  | 500,690 |
Goodwill | 857,274 |  |  | 6,902 |  |  | 864,176 |
Net assets acquired | $ | 1,367,725 |  |  | $ | (2,859) |  |  | $ | 1,364,866 |
Table 6.3: Attain Valuation
| Allocation of Assets and Liabilities
| (in thousands)
Consideration paid: |
Cash consideration paid, net of cash acquired | $ | 419,097 |
Assets acquired: |
Accounts receivable - billed, billable and unbilled | 39,375 |
Prepaid expenses and other current assets | 926 |
Operating lease right-of-use assets | 24,960 |
Intangible assets | 105,000 |
Other assets | 74 |
Total identifiable assets acquired | 170,335 |
Liabilities assumed: |
Accounts payable and other liabilities | 28,863 |
Operating lease liabilities, less current portion | 26,401 |
Total identifiable liabilities assumed | 55,264 |
Net identifiable assets acquired | 115,071 |
Goodwill | 304,026 |
Net assets acquired | $ | 419,097 |
Schedule of Acquired Finite-Lived Intangible Assets Weighted Average Remaining Lives |
Table 6.2: VES Intangible Asset Values and Useful Lives
| Estimated Straight-Line Useful Life |  | Estimated Fair Value
|  |  | (in thousands)
Customer contracts and relationships | 12 years |  | $ | 580,000 |
Provider network | 12 years |  | 57,000 |
Technology-based intangible assets | 12 years |  | 27,000 |
Total intangible assets |  |  | $ | 664,000 |
Schedule of Business Acquisition, Pro Forma Information | The pro forma results below eliminate intercompany transactions, include amortization charges for acquired intangible assets, and estimates of interest expense based upon our total estimated borrowings, eliminate pre-acquisition transaction costs, and reflect corresponding changes in our provision for income taxes. Acquisition related costs incurred by Maximus, VES, and Attain have been excluded in the following pro forma results. These costs were $9.5 million, $52.2 million, and $0.3 million, respectively.
Table 6.4: Unaudited Pro Forma Results - As if both VES and Attain Acquisitions Occurred on October 1, 2019
| For the Year Ended September 30,
| 2021 |  | 2020
| (in thousands, except per share amounts)
Revenue | $ | 4,672,597 |  |  | $ | 4,013,994 |
Cost of revenue | 3,566,894 |  |  | 3,107,493 |
Gross profit | 1,105,703 |  |  | 906,501 |
Selling, general, and administrative expenses | 553,048 |  |  | 485,903 |
Amortization of intangible assets | 85,621 |  |  | 101,467 |
Operating income | 467,034 |  |  | 319,131 |
Interest expense | (37,410) |  |  | (38,239) |
Other expense, net | (2,414) |  |  | (12,791) |
Income before income taxes | 427,210 |  |  | 268,101 |
Provision for income taxes | 102,045 |  |  | 64,328 |
Net income | $ | 325,165 |  |  | $ | 203,773 |
Earnings per share: |  |  |
Basic | $ | 5.24 |  |  | $ | 3.23 |
Diluted | $ | 5.21 |  |  | $ | 3.22 |
Weighted average shares outstanding: |  |  |
Basic | 62,072 |  |  | 63,062 |
Diluted | 62,365 |  |  | 63,322 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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