MAXIMUS: INVESTOR PRESENTATION, Delivering Social Value to Citizens
MAXIMUS Investment Thesis
$
LONG-TERM
OUTLOOK
Macro trends of demographics & government needs support
long-term growth
✓ Successful acquisition history & active M&A program
EXCELLENT
REVENUE VISIBILITY
✓ 90%+ of annual revenue from existing contracts
✓ Average weighted contract length of ~5 years (including options)
High-recurring revenue
✓ Sticky customer relationships
LEADER IN
MARKETS WITH
BARRIERS TO ENTRY
Deep relationships & excellent reputation
Market entry requires expertise in complex procurement process, operation
of government programs & serving diverse populations
Reputation for delivering outcomes & creating efficiencies
PROFITABLE
GROWTH & GOOD
STEWARDS
OF CAPITAL
Portfolio operating margin in targeted range of 10%-15%
High cash conversion
✓ Healthy balance sheet: TTM pro-forma EBITDA of $410.8M & cash/cash
equivalents $71.1M and no draws on corporate credit facility (at June 30, 2019)
✓ $400M credit facility extended through September 2022
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