Slide 1: Maximus: Q2 FY22 Earnings Presentation
1 | Maximus: Q2 FY22 Earnings Presentation David Mutryn Chief Financial Officer Fiscal 2022 Second Quarter Earnings Call May 5, 2022
Slide 2: Non-GAAP and forward-looking statements notice
2 | Maximus: Q2 FY22 Earnings Presentation These slides should be read in conjunction with the Company’s most recent quarterly earnings press release, along with listening to or reading a transcript of the comments of Company management from our most recent quarterly earnings conference call. This d
Slide 3: Total Company Results – Second Quarter of FY22
3 | Maximus: Q2 FY22 Earnings Presentation Total Company Results – Second Quarter of FY22 • Revenue growth of 22.7% over the prior year period driven primarily by expected contributions from U.S. Federal Services segment acquisitions and the U.K. Restart Programme in Outside the U.S. Segment • Botto
Slide 4: U.S. Services Segment
4 | Maximus: Q2 FY22 Earnings Presentation Q2 FY22 Revenue • Decline driven by expected reductions in COVID-19 response work. Adjusting for this work, normalized organic growth would be 25% in the segment Q2 FY22 Operating Margin • Margin of 11.7% reflects expected decline of profitable COVID-19 res
Slide 5: U.S. Federal Services Segment
5 | Maximus: Q2 FY22 Earnings Presentation U.S. Federal Services Segment Q2 FY22 Revenue • Increased due to contributions from Attain Federal, VES, and Aidvantage acquisitions • Organic revenue grew 9%. Adjusting for COVID-19 response work, normalized organic growth in the segment would be approxima
Slide 6: Outside the U.S. Segment
6 | Maximus: Q2 FY22 Earnings Presentation Outside the U.S. Segment Q2 FY22 Revenue • Increase driven primarily by ramping of the U.K. Restart Programme Q2 FY22 Operating Margin • Positive margin exceeded expectations due to strong performance on the U.K. Restart Programme, which delivered positive
Slide 7: Balance Sheet and Cash Flows
7 | Maximus: Q2 FY22 Earnings Presentation Balance Sheet • At March 31, 2022, $1.46B of gross debt and cash and cash equivalents of $93M • Ratio of debt, net of allowed cash, to pro-forma EBITDA (calculated in accordance with credit agreement) results in 2.4x at March 31, 2022 Cash Flows • Q2 FY22 c
Slide 8: Revised Fiscal Year 2022 Earnings Guidance
8 | Maximus: Q2 FY22 Earnings Presentation Revised Fiscal Year 2022 Earnings Guidance • Earnings guidance change driven by ($ DEPS): − PHE current extension through mid-July ($0.30) − PHE possible extension through mid-October ($0.30) − New work delays ($0.20) − Australia rebid impact to current yea
Slide 9: Bruce Caswell, President & Chief Executive Officer
9 | Maximus: Q2 FY22 Earnings Presentation Bruce Caswell President & Chief Executive Officer Fiscal 2022 Second Quarter Earnings Call May 5, 2022
Slide 10: New Headquarters
10 | Maximus: Q2 FY22 Earnings Presentation New Headquarters • Joining you from our new Headquarters in Tysons, Virginia • Reduced overall footprint in the Washington, D.C. area while growing the company • Modern and attractive space, combining visual appeal, wellness, comfort, technology, and a lit
Slide 11: Q1 FY22 Revised Guidance
11 | Maximus: Q1 FY22 Earnings Presentation Revised Guidance • Revised earnings guidance reflects how portions of our business are, in the near term, tied to current political climate and, still to a degree, the ongoing uncertainty of the pandemic • PHE extended another 90 days, through July 15, imp
Slide 12: Australia employment services contract update
12 | Maximus: Q1 FY22 Earnings Presentation • Anticipated caseload reductions to one of our employment services contracts in Australia due to further digitization through government-operated self-service • Disappointed with results which left Maximus with a disproportionately large reduction in volu
Slide 13: Success in our Recent Acquisitions
13 | Maximus: Q2 FY22 Earnings Presentation Success in our Recent Acquisitions VES • Two awards at a combined TCV of $383M • Perform medical disability exams for District 6 & 7 • While both districts to be shared with other vendors, expect the net result to be an increase to our overall revenue run
Slide 14: Enacting Upon our Strategy
14 | Maximus: Q2 FY22 Earnings Presentation Enacting Upon our Strategy Digitally Enabled • New York State of Health mobile application improves customer experience • Nearly 200K downloads • More than 250K documents submitted • 4.6 stars on Apple app store • 4.7 stars on Google • Small digital transf
Slide 15: Sales Pipeline and New Awards
15 | Maximus: Q2 FY22 Earnings Presentation Sales Pipeline March 31, 2022 New Work % Proposals Pending $7.4B Proposals in Preparation $3.6B Opportunities Tracking $18.8B Total Pipeline $29.8B 55% New Awards (YTD) March 31, 2022 Signed Contracts $1.47B Unsigned Contracts $1.75B New Awards & Pipeline
Slide 16: Closing remarks
16 | Maximus: Q2 FY22 Earnings Presentation • Exciting period of change for Maximus • New collaborative headquarters, cusp of rolling out a major brand refresh, forthcoming update on our 3 – 5 year strategy • Brand refresh reflects our expanding ability to harness the promise of technology and data
Slide 17: Appendix
17 | Maximus: Q2 FY22 Earnings Presentation Appendix
Slide 18: Normalized Organic Growth for Q2 FY22 Results
18 | Maximus: Q2 FY22 Earnings Presentation Normalized Organic Growth for Q2 FY22 Results $ % $ % $ % $ % Revenue Bridge (see Form 10-Q) a FY21 Q2 Revenue 448 330 181 959 b Organic Effect (50) -11.2% 29 8.8% 25 13.9% 4 0.4% c Acquired Growth - 0.0% 214 64.9% 6 3.5% 220 23.0% d Currency Effect - 0.0%