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Maximus Records $4.9B Full Year Revenue, $20.7B Contract Backlog in FY23; Bruce Caswell Quoted

Maximus (NYSE: MMS) released its consolidated fiscal 2023 fourth quarter and full-year results. In the three months and 12 months that ended Sept. 30, 2023, revenue increased 5.9 percent and 7 percent to $1.26 billion and $4.9 billion, respectively, versus the same periods in fiscal 2022. Notable highlights in the fiscal year 2023 release include the $6.1 billion signed contract awards and the $20.7 billion record contract backlog. 

The company said Wednesday the higher volumes on key programs in the U.S. segments drove organic growth– 7.4 percent for the quarter and 7.1 percent for the year.  

The U.S. Services Segment contributed the most to the top line. Its revenue for FY23 rose 12.7 percent year-over-year to $1.81 billion. Maximus said all growth was organic compared to $1.61 billion and driven by new work wins across multiple categories including multi-year contracts. Meanwhile, the U.S. Federal Services Segment revenue increased 6.4 percent to $2.4 billion compared to the prior year.

The sales pipeline of $37.1 billion consists of approximately $1.2 billion in proposals pending, $0.97 billion in proposals in preparation, and $34.9 billion in opportunities tracking. According to Maximus, new work opportunities comprise around 76 percent of the total sales pipeline. 

Bruce Caswell, president and CEO of Maximus and four-time Wash100 awardee, said, “We kick off fiscal 2024 with strong visibility to our guidance targets, carrying forward the momentum of the last quarter.” He expects nearly all of the company’s U.S. Federal Services programs to be designated essential.

Maximus’ share price rose 1.4 percent to $0.14 on reporting day, boosting its year-to-date gain to 9.07 percent.

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