Business Combinations (Tables)

12 Months Ended

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