Maximus, Inc. (NYSE:MMS) Q1 2023 Earnings Conference Call February 9, 2023 9:00 AM ET

Company Participants

Jessica Batt - Vice President of Investor Relations & Environmental, Social & Governance

David Mutryn - Chief Financial Officer

Bruce Caswell - President & Chief Executive Officer

James Francis - Vice President of Investor Relations

Conference Call Participants

Charlie Strauzer - CJS Securities

Operator

Greetings, and welcome to the Maximus Fiscal 2023 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jessica Batt, Vice President of Investor Relations and ESG for Maximus. Thank you. Ms. Batt. You may begin.

Jessica Batt

Good morning and thanks for joining us. With me today is Bruce Caswell, President and CEO; David Mutryn, CFO; and James Francis, Vice President of Investor Relations.

I'd like to remind everyone that a number of statements being made today will be forward-looking in nature. Please remember that such statements are only predictions. Actual events and results may differ materially as a result of the risks we face, including those discussed in Item 1A of our most recent Forms 10-Q and 10-K.

We encourage you to review the information contained in our most recent filings with the SEC and our earnings press release. The company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Today's presentation also contains non-GAAP financial information. Management uses this information internally to analyze results and believes it may be informative to investors in gauging the quality of our financial performance, identifying trends, and providing meaningful period-to-period comparisons. For a reconciliation of the non-GAAP measures presented, please see the company's most recent Forms 10-Q and 10-K.

And with that, I'll hand the call over to David.

David Mutryn

Thanks, Jessica, and good morning. We are pleased to report solid first quarter results, as well as increased our revenue and earnings guidance for fiscal 2023. We have some important updates to share regarding Medicaid redeterminations that are now scheduled to commence later this fiscal year.

First, I will discuss results for the quarter. Maximus reported revenue of $1.25 billion for the first quarter of fiscal year 2023, which represents 8.5% year over year growth. Organic growth was 10.3%, driven by new or expanded programs in all three segments. As we continue to see strong demand for our services across our markets.