Maximus has announced that its Board of Directors has authorized the expansion of purchases of the company’s common stock of up to an aggregate of $200 million, including the remaining balance from the 2018 authorization of $37.2 million as of March 17, 2020, the company announced on Thursday. 

“We view this step as a thoughtful and disciplined approach to capital allocation that is beneficial to shareholders and a pillar of our long-term strategy,” commented Bruce Caswell, 2020 Wash100 Award recipient, Chief Executive Officer and president of Maximus.

In 2018, the Maximus Board of Directors authorized the purchase of up to an aggregate of $200 million of the Company’s common stock. Past Maximus purchases under the 2018 plan through December 31, 2019, were 870,426 shares of MAXIMUS common stock for approximately $55.8 million. 

In the current quarter, Maximus has purchased an additional 1,716,200 shares for $107 million, bringing the total number of shares purchased to 2,586,626 for $162.8 million. Maximus has planned to purchase shares opportunistically at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions. 

Purchased shares will be held in the treasury and used for general corporate purposes such as issuance under employee stock plans.

“We remain committed to the execution of our strategic priorities to drive shareholder value and this includes the opportunistic purchase of Maximus common stock,” added Caswell. 

About MAXIMUS

Since 1975, MAXIMUS has operated under its founding mission of Helping Government Serve the People®, enabling citizens around the globe to successfully engage with their governments at all levels and across a variety of health and human services programs. 

MAXIMUS delivers innovative business process management and technology solutions that contribute to improved outcomes for citizens and higher levels of productivity, accuracy, accountability and efficiency of government-sponsored programs. With more than 30,000 employees worldwide, MAXIMUS is a proud partner to government agencies in the United States, Australia, Canada, Saudi Arabia, Singapore and the United Kingdom.

Accenture has reported financial results for the second quarter of fiscal 2020, ended Feb. 29, 2020, with revenues of $11.1 billion, an increase of 7 percent in U.S. dollars and 8 percent in local currency over the same period last year, the company announced on Thursday. 

“We exited the first half of our fiscal year in a clear position of strength — delivering excellent results, gaining significant market share and continuing to successfully execute our growth strategy. As we move forward, we will focus on helping our clients navigate and succeed in this uncertain period and continue to invest in our business and our people for the long term,” Julie Sweet, Accenture’s chief executive officer, said.

The gross margin for the quarter was 30.2 percent, compared with 29.2 percent for the second quarter last year. Operating cash flow for the quarter was $1.53 billion and property and equipment additions were $165 million.

New bookings for the second quarter were $14.2 billion and reflect a negative 1% foreign-currency impact compared with new bookings in the second quarter last year. On Feb. 14, 2020, a quarterly cash dividend of $0.80 per share was paid to shareholders of record at the close of business on Jan. 16, 2020.

In fiscal 2019, the company paid semi-annual cash dividends of $1.46 per share, equivalent to quarterly payments of $0.73 per share. The quarterly dividend of $0.80 per share this year represents a 10% increase over the equivalent quarterly rate in fiscal 2019.

During the second quarter of fiscal 2020, Accenture repurchased or redeemed 4.7 million shares, including 2.7 million shares repurchased in the open market, for a total of $970 million. This brings Accenture’s total share repurchases and redemptions for the first half of fiscal 2020 to 8.5 million shares, including 6.0 million shares repurchased in the open market, for a total of $1.70 billion.

Accenture’s third-quarter and full-year 2020 business outlook reflect its assumptions, as of today, regarding the potential effect of the coronavirus pandemic. The duration and magnitude of such impact will depend on numerous factors that the company may not be able to accurately predict, including those discussed in the Risk Factors set forth in Accenture’s Annual Report.

“The world is now facing a global health crisis and significant disruption in the global economy. I am incredibly proud of how our leadership team and all our people have rallied to ensure the safety and well-being of each other while continuing to serve our clients at this time of great need,” added Sweet.

About Accenture

Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries — powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 509,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises.