XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Business Segments | 6 Months Ended
--- | ---
Mar. 31, 2024
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS We conduct our operations through three business segments: U.S. Federal Services, U.S. Services, and Outside the U.S. U.S. Federal Services Our U.S. Federal Services Segment delivers end-to-end solutions that help various U.S. federal government agencies better deliver on their mission, including program operations and management, clinical services, and technology solutions. This segment also includes appeals and assessments services, system and application development, Information Technology ("IT") modernization, and maintenance services. Certain state-based assessments and appeals work that is part of the segment's heritage continues to be managed within this segment. Under Technology Consulting Services ("TCS"), the segment executes on its digital strategy to deliver technology solutions that advance agency missions, including the challenge to modernize, provide better customer experience, and drive process efficiencies. The segment continues to expand its clinical solutions through Veteran's Evaluation Services ("VES"), a Maximus company, that manages the clinical evaluation process for U.S. veterans and service members on behalf of the U.S. Department of Veterans Affairs ("VA"). U.S. Services Our U.S. Services Segment provides a variety of business process services ("BPS"), such as program administration, assessments, and related consulting work for U.S. state and local government programs. These services support a variety of programs, including the Affordable Care Act ("ACA"), Medicaid, the Children's Health Insurance Program ("CHIP"), Temporary Assistance to Needy Families ("TANF"), and child support programs. Previously, this segment suffered from reduced operating leverage resulting from the pause in Medicaid redeterminations during the COVID-19 pandemic, which resumed in fiscal year 2023. Outside the U.S. Our Outside the U.S. Segment provides BPS for international governments, transforming the lives of people around the world. Helping people find employment, access vital support, and remain healthy, these services include health and disability assessments, program administration for employment services, wellbeing solutions, and other job seeker-related services. We support programs and deliver services in the United Kingdom, including the Health Assessment Advisory Service and the recently awarded replacement contract to start in 2024, Functional Assessment Services, and Restart; and Australia, including Workforce Australia, and other employment support and job seeker services worldwide.
Table 3: Results of Operation by Business Segment
| For the Three Months Ended |  | For the Six Months Ended
| March 31, 2024 |  | March 31, 2023 |  | March 31, 2024 |  | March 31, 2023
| Amount |  | % (1) |  | Amount |  | % (1) |  | Amount |  | % (1) |  | Amount |  | % (1)
| (dollars in thousands)
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal Services | $ | 701,702 |  |  |  |  | $ | 584,075 |  |  |  |  | $ | 1,378,780 |  |  |  |  | $ | 1,202,242 |  |  |
U.S. Services | 486,115 |  |  |  |  | 449,703 |  |  |  |  | 975,960 |  |  |  |  | 889,181 |  |  |
Outside the U.S. | 160,540 |  |  |  |  | 173,074 |  |  |  |  | 320,658 |  |  |  |  | 364,675 |  |  |
Revenue | $ | 1,348,357 |  |  |  |  | $ | 1,206,852 |  |  |  |  | $ | 2,675,398 |  |  |  |  | $ | 2,456,098 |  |  |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal Services | $ | 163,337 |  |  | 23.3 | % |  | $ | 122,874 |  |  | 21.0 | % |  | $ | 319,999 |  |  | 23.2 | % |  | $ | 245,568 |  |  | 20.4 | %
U.S. Services | 130,122 |  |  | 26.8 | % |  | 86,016 |  |  | 19.1 | % |  | 248,485 |  |  | 25.5 | % |  | 169,614 |  |  | 19.1 | %
Outside the U.S. | 24,130 |  |  | 15.0 | % |  | 19,713 |  |  | 11.4 | % |  | 49,159 |  |  | 15.3 | % |  | 58,168 |  |  | 16.0 | %
Gross profit | $ | 317,589 |  |  | 23.6 | % |  | $ | 228,603 |  |  | 18.9 | % |  | $ | 617,643 |  |  | 23.1 | % |  | $ | 473,350 |  |  | 19.3 | %
Selling, general, and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal Services | $ | 79,867 |  |  | 11.4 | % |  | $ | 75,050 |  |  | 12.8 | % |  | $ | 167,722 |  |  | 12.2 | % |  | $ | 146,699 |  |  | 12.2 | %
U.S. Services | 62,201 |  |  | 12.8 | % |  | 43,415 |  |  | 9.7 | % |  | 114,501 |  |  | 11.7 | % |  | 89,257 |  |  | 10.0 | %
Outside the U.S. | 23,460 |  |  | 14.6 | % |  | 23,425 |  |  | 13.5 | % |  | 48,601 |  |  | 15.2 | % |  | 51,814 |  |  | 14.2 | %
Divestiture-related charges (2) | — |  |  | NM |  | 883 |  |  | NM |  | 1,018 |  |  | NM |  | 883 |  |  | NM
Other (3) | 2,926 |  |  | NM |  | (325) |  |  | NM |  | 5,807 |  |  | NM |  | 247 |  |  | NM
Selling, general, and administrative expenses | $ | 168,454 |  |  | 12.5 | % |  | $ | 142,448 |  |  | 11.8 | % |  | $ | 337,649 |  |  | 12.6 | % |  | $ | 288,900 |  |  | 11.8 | %
Operating income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal Services | $ | 83,470 |  |  | 11.9 | % |  | $ | 47,824 |  |  | 8.2 | % |  | $ | 152,277 |  |  | 11.0 | % |  | $ | 98,869 |  |  | 8.2 | %
U.S. Services | 67,921 |  |  | 14.0 | % |  | 42,601 |  |  | 9.5 | % |  | 133,984 |  |  | 13.7 | % |  | 80,357 |  |  | 9.0 | %
Outside the U.S. | 670 |  |  | 0.4 | % |  | (3,712) |  |  | (2.1) | % |  | 558 |  |  | 0.2 | % |  | 6,354 |  |  | 1.7 | %
Amortization of intangible assets | (21,641) |  |  | NM |  | (23,650) |  |  | NM |  | (44,990) |  |  | NM |  | (47,168) |  |  | NM
Divestiture-related charges (2) | — |  |  | NM |  | (883) |  |  | NM |  | (1,018) |  |  | NM |  | (883) |  |  | NM
Other (3) | (2,926) |  |  | NM |  | 325 |  |  | NM |  | (5,807) |  |  | NM |  | (247) |  |  | NM
Operating income | $ | 127,494 |  |  | 9.5 | % |  | $ | 62,505 |  |  | 5.2 | % |  | $ | 235,004 |  |  | 8.8 | % |  | $ | 137,282 |  |  | 5.6 | %
(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. Refer to "Note 7. Acquisitions and Divestitures" for more details. (3)Other expenses includes credits and costs that are not allocated to a particular segment. This includes expenses incurred as part of our acquisitions, as well as potential acquisitions which have not been or may not be completed.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration