Maximus : Investor Presentation

HELPING GOVERNMENT SERVE THE PEOPLE®

Investor Presentation

MAXIMUS Investment Thesis

	LONG-TERM	 Macro trends: demographics, aging populations with complex health needs
		Governments seeking financially stable, reliable public-sector partner
	OUTLOOK
		Successful acquisition history & active M&A program

EXCELLENT REVENUE VISIBILITY

• 90%+ of annual revenue from existing contracts
• Average weighted remaining contract length of 4+ years (including options)
• High-recurringrevenue
• 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

• Operating margins historically in the 10-15% range (current guidance implies 8.3% margin, or 10.3% excluding amortization)
• High cash conversion (1.2 - 1.3 FCF vs. GAAP net income)
• TTM pro-forma EBITDA of $627M and 2.5x net debt ratio following strategic acquisitions

2 | MAXIMUS: INVESTOR PRESENTATION

Key Financial Results

Annual Revenue

Diluted EPS

5-year CAGR1: 13.4%

Year	CQA Revenue	COVID Revenue
FY 19	$185M	-
FY 20	$515M	$200M (actual)
FY 21	$67M	$1.12B (actual)
FY 22E	$ -	$350M (est.)

5-year CAGR1: 5.5%

FY20 thru

FY22E

impacted by COVID-19 pandemic

Notes:

1. Calculated using FY17 revenue of $2,451M and diluted EPS of $3.17 and the midpoint of FY22 estimated ranges.
2. Calculated by taking revenue from acquired businesses for the 12-month period after each acquisition.
   ³ FY22E includes expected reduction from the Census contract and COVID response work (see 'CQA & COVID Revenue Chart'), offset by contributions from acquisitions and other organic growth.

3 | MAXIMUS: INVESTOR PRESENTATION

Service Delivery Through Three Segments

FY21 Total Company Revenue

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Common Themes That Drive Demand

Demographics	 Increased longevity and more complex healthcare needs
	 Financial hardships and other barriers that require a combination of social safety-net
	programs and support into work
	 Focus on citizen responsibility and engagement as a condition of receiving benefits
	Programs that focus on measurable outcomes can cost-effectively address this need.

Supplier Flexibility  U.S. per capita funding for Medicaid and potential removal of certain federal mandates

• Updated guidance by OPM that gives state governments the flexibility to use contractors for the administration of federally funded, state-administered programs. Potential to create

long term opportunities for work that was historically performed by government employees

Changes to funding and governance mechanics enhances overall flexibility that state and local authorities can use to shape their benefit programs.

Value for Spend

• Programs that address societal needs must be a good use of taxpayer dollars and achieve their intended outcomes
• Increased accountability with contractual performance metrics that incent suppliers who deliver and penalize those who do not

We believe this environment favors companies like MAXIMUS who can deliver highly complex government programs in a transparent and independent fashion.

5 | MAXIMUS: INVESTOR PRESENTATION