The following is a summary of the Maximus, Inc. (MMS) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Maximus reported organic revenue growth of 9% and record adjusted earnings per share of $6.11.

• The company delivered strong financial performance with free cash flow surpassing $400 million, nearly 80% growth over the prior year, and highlighting a solid cash flow generation and a disciplined capital allocation approach.

• Fiscal year 2024 saw a revenue growth of 8.8%, with a significant contribution from government contract volumes.

Business Progress:

• Maximus secured key contracts including two task orders under the IRS EDOS amounting to $128 million, and a rebid of the California Independent Medical Review project valued at $120 million.

• The company focused on strategic expansions particularly in federal segment increasing organic growth and leveraging technology modernization across government tasks.

• Launch of Maximus Forward program further optimized operational efficiency and integrated new leadership roles targeted at enhancing digital and information capabilities.

Opportunities:

• Expected governmental transitions and flexible public policy provide an avenue for Maximus to potentially expand its role and influence in the administration of government services.

• Building on bipartisan support for key programs, such as veterans' services and Medicaid, and digital transformation initiatives, which can secure ongoing and future contracts leading to sustained growth.

Risks:

• Speculated changes due to the incoming administration may introduce delays and shifts in priorities affecting new contracts and rebids.

• The company might experience lowered book-to-bill ratios and increased competition in securing government contracts due to the potential changes in federal appointments and procurement processes.

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