Welfare to Work

Maximus: FND termination payment $2.7m + $1.5

Maximus: FND termination payment $2.7m + $1.5

Not sure what it all really means but the Wall Street Journal is reporting….

Human Services Segment results in the quarter included the expected reimbursement for the termination of the predecessor Flexible New Deal (FND) contract, which was replaced by the Work Programme contract.

The termination payment included $2.7 million for revenue earned and an additional $1.5 million, net of subcontractor expenses, for cost recoveries.

Key highlights include: —

Revenue for the first quarter grew 12% to $239.6 million compared to the same period last year. —

Company generated strong cash in the first quarter with cash provided by operating activities from continuing operations of $27.6 million and free cash flow of $24.3 million.

Wall Street Journal

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