MAXIMUS, INC. (MMS) – SEC staff letter
2026-03-13 · Re: Form 10-K for the Fiscal Year Ended September 30, 2025 Filed November 20, 2025 · Accession 0000000000-26-002616 · 3 staff comment(s) issued
Company response(s): 2026-03-26
Non-GAAP: Reconciliation & UsefulnessSegment Reporting (ASC 280)
2026-03-13 · Form 10-K for the Fiscal Year Ended September 30, 2025 Filed November 20, 2025 · Comment 1 · Non-GAAP and Other Measures, page 45 Awaiting / response not in dataset
Staff comment: Please begin the reconcilation of Adjusted EBITDA presented on page 46 with net income, the most directly comparable GAAP measure pursuant to Item 10(e)(1)(i)(B) of Regulation S-K and Questions 102.10(b) and 103.02 of the Division of Corporation Finance’s Compliance & Disclosure Interpretations on Non-GAAP Financial Measures (C&DI's). Additionally, we note the presentation of Adjusted EBITDA margin. Please present the comparable measure computed on a GAAP basis pursuant to Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10(a) of the C&DI's. letter →
2026-03-13 · Form 10-K for the Fiscal Year Ended September 30, 2025 Filed November 20, 2025 · Comment 2 · 10(e)(1)(i)(A) of Regulation S-K and Question 102.10(a) of the C&DI's. Awaiting / response not in dataset
Staff comment: We note that you believe providing measures that exclude the impact of amortization is useful to investors in evaluating your core operations and results; however, these measures include revenue from core operations generated in part by acquired assets. Please revise to clarify that although amortization of intangible assets acquired through acquisitions is being excluded from the non-GAAP measures, the revenue generated from these assets is still included in the measure. letter →
2026-03-13 · Form 10-K for the Fiscal Year Ended September 30, 2025 Filed November 20, 2025 · Comment 3 · Note 3: Business Segments, page 62 Awaiting / response not in dataset
Staff comment: Please tell us how your disclosure complies with the requirement to disclose how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources pusuant to ASC 280-10-50-30(f). letter →
Full letter on EDGAR → · Filing index · All MAXIMUS, INC. (MMS) correspondence
Non-GAAP: Reconciliation & Usefulness – what to check: Reconcile every non-GAAP measure (including segment-level measures presented outside the ASC 280 note) to the most directly comparable GAAP measure, and explain why it is useful.
Segment Reporting (ASC 280) – what to check: Check ASU 2023-07 significant segment expense disclosure, CODM identification, and that MD&A segment discussion matches the ASC 280 note.
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