Maximus delivered a solid QQ3 2024 performance with revenue of $1.315 billion, up 10.6% year over year and 11.2% on an organic basis, led by strong demand in the US Federal Services segment. Adjusted operating income margin expanded to 12.6%, and adjusted EPS reached $1.74 for the quarter, a meaningful improvement from the prior-year period. The company raised guidance for the year on both revenue and earnings, signaling continued momentum into Q4 and into fiscal 2025. Management highlighted a robust pipeline, including high-value award opportunities in IRS modernization (EDOS), TSA OPTIMA, and Pennsylvania enrollment services, underpinning confidence in mid-single-digit organic growth and a long-run target margin range of 10-14%. Balance sheet and cash flow remained healthy, with operating cash flow of $199.3 million and free cash flow of $164.6 million in the quarter, and net debt-to-EBITDA improving to 1.5x versus 1.7x prior quarter. The guidance implies a 9% implied organic growth for the full year and an 11% adjusted operating income margin, underscoring management’s focus on disciplined capital allocation, including share repurchases, deleveraging, and selective M&A to accelerate growth.