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    Modivcare Reports Second Quarter 2024 Financial Results; Adjusts 2024 Guidance

    8/7/24 4:05:00 PM ET
    $MODV
    Transportation Services
    Consumer Discretionary
    Get the next $MODV alert in real time by email

    Modivcare Inc. (the "Company" or "Modivcare") (NASDAQ:MODV), a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions focused on improving health outcomes, today reported financial results for the three and six months ended June 30, 2024.

    Second Quarter 2024 Summary:

    • Service revenue of $698.3 million, remaining consistent with the second quarter of 2023
    • Net loss of $128.9 million or negative $9.07 per diluted common share
    • Adjusted EBITDA(1) of $45.4 million, adjusted net loss(1) of $0.4 million and adjusted EPS(1) of negative $0.03 per diluted common share
    • Cash used in operating activities during the quarter of $55.3 million and free cash flow(2) of negative $62.0 million
    • Contract receivables, net of contract payables, of $79.0 million as of June 30, 2024
    • Won $97.8 million of NEMT total contract value (TCV) during second quarter 2024 ($32.6 million annual contract value (ACV)), with implementation beginning in the third quarter of 2024

     

     

    (1) Non-GAAP financial measure reconciliations and other related information about non-GAAP financial measures provided below.

    (2) Free cash flow, a non-GAAP financial measure, is calculated by us as cash flow from operations less our capital expenditures during the period of $6.7 million that is included in our purchase of property and equipment line in our Unaudited Condensed Consolidated Statements of Cash Flows provided below.

    "Second quarter adjusted EBITDA of $45 million was driven by strong performance within our NEMT segment due to new business wins, upward repricing, and platform automation," stated L. Heath Sampson, President and CEO. "We lowered our 2024 Adjusted EBITDA guidance range, primarily due to our personal care services transformation, which provides a solid foundation for growth, but it has also increased our cost structure and moderated growth in the first half of 2024. As previously disclosed, while our NEMT shared risk contract structure protects our margins and cash flow, it has also lengthened settlement cycles, leading to increased working capital needs as Medicaid redetermination and healthcare utilization normalize. As such, net cash flow from operating activities was a use of $55 million in the second quarter, with expectations for working capital to normalize in the second half of 2024. I am proud of how our team has transformed this company, especially in NEMT, where we have developed the most scaled and innovative platform. Our personal care and remote patient monitoring segments have also made significant progress, further positioning us to leverage our extensive footprints with recurring revenue and growing markets."

    Sampson continued, "Lastly, we successfully refinanced our 2025 senior unsecured notes with a new Term Loan B, removing a near-term overhang and tightening our capital structure. Our top priority is to de-lever our balance sheet while executing our transformation strategy, optimizing our business operations, and exploring other opportunities. We have built a company that provides multiple avenues to enhance shareholder value."

    2024 Guidance

    We maintained our revenue guidance range and lowered our adjusted EBITDA guidance range as follows ($ in millions):

     

     

    Fiscal Year 2024

     

     

     

    Updated

     

    Previous

     

    Revenue

     

    Unchanged

     

    $2,700 - $2,900

     

    Adjusted EBITDA

     

    $185 - $195

     

    $190 - $210

     

    Guidance excludes the effects of any future merger or acquisition activity and is based on the current operating environment.

    Second Quarter 2024 Results

    For the second quarter of 2024, the Company reported $698.3 million in revenue, which was consistent with the $699.1 million in revenue reported in the second quarter of 2023. NEMT segment revenue decreased by $6.3 million or 1.3%, PCS segment revenue grew by $6.3 million or 3.5%, and RPM segment revenue decreased by $0.2 million or 1.0%, as compared to the second quarter of 2023.

    Our operating loss was $98.9 million, or 14.2% of revenue, in the second quarter of 2024, compared to an operating loss of $175.8 million, or 25.1% of revenue, in the second quarter of 2023. Net loss in the second quarter of 2024 was $128.9 million, or negative $9.07 per diluted common share, compared to net loss of $190.9 million, or negative $13.47 per diluted common share in the second quarter of 2023. Both the operating loss and the net loss for the second quarters of 2023 and 2024 are primarily attributable to the non-cash goodwill impairment charges of $183.1 million and $105.3 million, respectively.

    Adjusted EBITDA was $45.4 million, or 6.5% of revenue, in the second quarter of 2024, compared to $52.4 million, or 7.5% of revenue, in the second quarter of 2023. The change in adjusted EBITDA was primarily a result of a decrease in adjusted EBITDA at the PCS, RPM, and Corporate and Other segments that was greater than the increase in adjusted EBITDA at the NEMT segment. Accordingly, adjusted net loss in the second quarter of 2024 was $0.4 million, or negative $0.03 per diluted common share, compared to adjusted net income of $20.8 million, or $1.47 per diluted common share, in the second quarter of 2023.

    Cash used in operations during the quarter was $55.3 million as compared to $108.2 million of cash used in operations during the second quarter of 2023. Changes in operating assets and liabilities during the quarter include an increase in contract receivables of $11.6 million, net, and a decrease in contract payables of $41.5 million, net. Net cash used in investing activities during the quarter was $6.7 million, primarily due to capitalized investments in technology and purchases of monitoring devices. Net cash provided by financing activities during the quarter was $62.2 million, which resulted in a quarter ended balance on our revolving credit facility of $183.0 million.

    During the second quarter, a goodwill impairment of $105.3 million was recognized at our RPM segment, as the Company performed its annual goodwill impairment assessment and determined that based on its qualitative assessment for each reporting unit, factors existed which required the Company to perform a quantitative assessment to test its goodwill for impairment. These factors included a decline in the performance of our RPM segment primarily related to lower than expected membership and revenue.

    Second Quarter 2024 Earnings Conference Call

    Modivcare will hold a conference call to discuss its financial results on Thursday, August 8, 2024 at 8:30 a.m. ET. To access the call, please dial:

    US toll-free: 1 (888) 645-4404

    International: 1 (862) 298-0702

    You may also access the conference call via webcast at investors.modivcare.com, where the call will also be archived.

    About Modivcare

    Modivcare Inc. ("Modivcare" or the "Company") is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. Our value-based solutions address the social determinants of health (SDoH) by connecting members to essential care services. By doing so, Modivcare helps health plans manage risks, reduce costs, and improve health outcomes. Modivcare is a provider of non-emergency medical transportation (NEMT), personal care services (PCS), and remote patient monitoring solutions (RPM). The company also holds a minority equity investment in CCHN Holdings (d/b/a Matrix Medical Network), an independent, at scale provider of comprehensive in-home health assessments in the U.S. To learn more about Modivcare, please visit www.modivcare.com.

    Non-GAAP Financial Measures and Adjustments

    In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"), the information contained herein may include presentations for the Company and its segments (as noted and applicable) of: (1) EBITDA, Adjusted EBITDA, Adjusted G&A expense, Adjusted EBITDA margin, Adjusted Net Income (Loss), and Adjusted EPS, all of which are non-GAAP financial measures considered by management to be performance measures; and (2) free cash flow, which is a non-GAAP financial measure considered by management to be a liquidity measure. EBITDA is defined as net income (loss) before: (1) interest expense, net; (2) provision (benefit) for income taxes; and (3) depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before (as applicable): (1) restructuring and related costs; (2) transaction and integration costs; (3) settlement related costs; (4) stock-based compensation; (5) impairment of goodwill; and (6) equity in net (income) loss of investee, net of tax. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by service revenue, net. Adjusted Net Income (Loss) is calculated as net income (loss) before (as applicable): (1) restructuring and related costs; (2) transaction and integration costs; (3) settlement related costs; (4) stock-based compensation; (5) impairment of goodwill; (6) equity in net (income) loss of investee, net of tax; (7) intangible asset amortization expense; and (8) the income tax impact of such adjustments. Adjusted EPS is calculated as Adjusted Net Income (Loss) divided by the diluted weighted-average number of common shares outstanding as calculated for Adjusted Net Income (Loss). Adjusted G&A expense is calculated as G&A expense before (as applicable): (1) restructuring and related costs; (2) transaction and integration costs; (3) settlement related costs; and (4) stock-based compensation. Free cash flow is calculated as cash flow from operations less our applicable capital expenditures included in our purchase of property and equipment line in our Consolidated Statements of Cash Flows.

    Reconciliations of the non-GAAP financial measures used herein to their most directly comparable GAAP financial measures that are not included in the discussion above are included below. We do not provide guidance for net income (loss) in this presentation on a basis consistent with GAAP or a reconciliation of forward-looking non-GAAP financial measure (Adjusted EBITDA) to its most directly comparable GAAP financial measure (net income (loss)) on a forward-looking basis because we are unable to predict items contained in the GAAP financial measure without unreasonable efforts. Our non-GAAP performance measures exclude expenses and amounts that are not driven by our core operating results and may be one time in nature. Excluding these expenses makes comparisons with prior periods as well as to other companies in our industry more meaningful. We believe such measures allow investors to gain a better understanding of the factors and trends affecting the ongoing operations of our business. We consider our core operations to be the ongoing activities to provide services from which we earn revenue, including direct operating costs and indirect costs to support these activities. As a result, our net income or loss in equity investee is excluded from these measures, as we do not have the ability to manage the venture, allocate resources within the venture, or directly control its operations or performance. Our free cash flow presentation (as applicable) reflects an additional way of viewing our liquidity that, when viewed together with our GAAP results, provides management, investors, and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. Our use of the term free cash flow is not intended to imply, and no inference should be made, however, that any reported amounts are free to be used without restriction for discretionary expenditures, as our use of these funds may be restricted by the terms of our outstanding indebtedness, including our credit facility, and otherwise earmarked for other non-discretionary expenditures.

    Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. We urge you to review the reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

    Forward-Looking Statements

    Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are predictive in nature and are frequently identified by the use of terms such as "may," "will," "should," "expect," "believe," "estimate," "intend," and similar words indicating possible future expectations, events or actions. The updated guidance discussed herein constitutes forward-looking statements. Such forward-looking statements are based on current expectations, assumptions, estimates and projections about our business and our industry, and are not guarantees of our future performance. These statements are subject to a number of known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control or predict, which may cause actual results to be materially different from those expressed or implied herein, including but not limited to: government or private insurance program funding reductions or limitations; implementation of alternative payment models or the transition of Medicaid and Medicare beneficiaries to Managed Care Organizations; our inability to control reimbursement rates received for our services; cost containment initiatives undertaken by private third-party payors and an inability to maintain or reduce our cost of services below rates set forth by our payors; inadequacies in, or security breaches of, our information technology systems, including those intended to protect our clients' confidential information; the effects of any public health emergency; changes in the funding, financial viability or our relationships with our payors; delays in collection, or non-collection, of our accounts receivable; any impairment of our goodwill and long-lived assets; any failure to maintain or to develop reliable, efficient and secure information technology systems; any inability to attract and retain qualified employees; any disruptions from acquisition or acquisition integration efforts; weakening of general economic conditions, including the impact of inflationary pressures, rising interest rates, labor shortages, higher labor costs and supply chain challenges; estimated income taxes being different from income taxes that we ultimately pay; pandemics and other infectious diseases; our contracts not surviving until the end of their stated terms, or not being renewed or extended; our failure to compete effectively in the marketplace; our not being awarded contracts through the government's requests for proposals process, or our awarded contracts not being profitable; any failure to satisfy our contractual obligations or to maintain existing pledged performance and payment bonds; any failure to estimate accurately the cost of performing our contracts; any misclassification of the drivers we engage as independent contractors rather than as employees; significant interruptions in our communication and data services; not successfully executing on our strategies in the face of our competition; any inability to maintain relationships with existing patient referral sources; certificates of need laws or other regulatory and licensure obligations that may adversely affect our personal care integration efforts and expansion into new markets; any failure to obtain the consent of the New York Department of Health to manage the day to day operations of our licensed in-home personal care services agency business; changes in the case-mix of our personal care patients, or changes in payor mix or payment methodologies; our loss of existing favorable managed care contracts; labor disputes or disruptions, in particular in New York; becoming subject to malpractice, professional negligence, medical liability or other similar claims; our operating in the competitive remote patient monitoring industry, and failing to develop and enhance related technology applications; any failure to innovate and provide services that are useful to customers and to achieve and maintain market acceptance; our lack of sole decision-making authority with respect to our minority investment in Matrix and any failure by Matrix to achieve positive financial position and results of operations; any legal challenges to the relationships or arrangements between our virtual clinical care management services and the unaffiliated physician-owned professional corporation through which such services are provided; any failure to comply with applicable data interoperability and information blocking rules; the lapse of temporary telehealth flexibilities currently permitted under the Consolidated Appropriations Act of 2023; the cost of our compliance with laws; changes to the regulatory landscape applicable to our businesses; changes in budgetary priorities of the government entities or private insurance programs that fund our services; regulations relating to privacy and security of patient and service user information; actions for false claims or recoupment of funds; civil penalties or loss of business for failing to comply with bribery, corruption and other regulations governing business with public organizations; increasing scrutiny and changing expectations with respect to environmental, social and governance matters; changes to, or violations of, licensing regulations, including regulations governing surveys and audits; our contracts being subject to audit and modification by the payors with whom we contract; a loss of Medicaid coverage by a significant number of Medicaid beneficiaries following the expiration of the COVID-19 public health emergency under the Families First Coronavirus Response Act (2020); our existing debt agreements containing restrictions, financial covenants and cross-default provisions that limit our flexibility in operating our business; our substantial indebtedness and lease obligations and ability to generate or distribute sufficient cash to service our indebtedness; the expiration of our existing credit agreement or any loss of available financing alternatives; our ability to incur substantial additional indebtedness or to issue additional equity; the results of the remediation of our identified material weaknesses in internal control over financial reporting; future sales of our common stock by existing stockholders; any stock price volatility; our dependence on our subsidiaries to fund our operations and expenses; securities analysts failing to publish research or publishing misleading or unfavorable research about us; and the effects of applicable anti-takeover provisions.

    The Company has provided additional information about the foregoing and other risks facing our business in our annual report on Form 10-K and subsequent periodic and current reports filed with the Securities and Exchange Commission that could impact future performance. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made and are expressly qualified in their entirety by the cautionary statements set forth herein and in our filings with the Securities and Exchange Commission, which you should read in their entirety before making an investment decision with respect to our securities. We undertake no obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable law.

    Modivcare Inc.

    Unaudited Condensed Consolidated Statements of Operations

    (in thousands, except share and per share data)

     

     

     

     

     

     

     

     

     

    Three months ended June 30,

     

    Six months ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    698,299

     

     

    $

    699,107

     

     

    $

    1,382,750

     

     

    $

    1,361,413

     

    Grant income

     

    —

     

     

     

    2,634

     

     

     

    —

     

     

     

    4,098

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

    Service expense

     

    588,100

     

     

     

    589,255

     

     

     

    1,171,666

     

     

     

    1,139,521

     

    General and administrative expense

     

    76,065

     

     

     

    79,240

     

     

     

    153,242

     

     

     

    158,953

     

    Depreciation and amortization

     

    27,752

     

     

     

    25,909

     

     

     

    54,855

     

     

     

    51,602

     

    Impairment of goodwill

     

    105,302

     

     

     

    183,100

     

     

     

    105,302

     

     

     

    183,100

     

    Total operating expenses

     

    797,219

     

     

     

    877,504

     

     

     

    1,485,065

     

     

     

    1,533,176

     

     

     

     

     

     

     

     

     

    Operating loss

     

    (98,920

    )

     

     

    (175,763

    )

     

     

    (102,315

    )

     

     

    (167,665

    )

     

     

     

     

     

     

     

     

    Interest expense, net

     

    19,950

     

     

     

    16,967

     

     

     

    38,636

     

     

     

    32,925

     

    Loss before income taxes and equity method investment

     

    (118,870

    )

     

     

    (192,730

    )

     

     

    (140,951

    )

     

     

    (200,590

    )

    Income tax (provision) benefit

     

    (9,558

    )

     

     

    830

     

     

     

    (9,015

    )

     

     

    2,703

     

    Equity in net income (loss) of investee, net of tax

     

    (456

    )

     

     

    956

     

     

     

    (1,218

    )

     

     

    2,981

     

    Net loss

    $

    (128,884

    )

     

    $

    (190,944

    )

     

    $

    (151,184

    )

     

    $

    (194,906

    )

     

     

     

     

     

     

     

     

    Loss per common share:

     

     

     

     

     

     

     

    Basic

    $

    (9.07

    )

     

    $

    (13.47

    )

     

    $

    (10.64

    )

     

    $

    (13.76

    )

    Diluted

    $

    (9.07

    )

     

    $

    (13.47

    )

     

    $

    (10.64

    )

     

    $

    (13.76

    )

     

     

     

     

     

     

     

     

    Weighted-average number of common shares outstanding:

     

     

     

     

     

     

    Basic

     

    14,216,954

     

     

     

    14,170,617

     

     

     

    14,209,477

     

     

     

    14,162,776

     

    Diluted

     

    14,216,954

     

     

     

    14,170,617

     

     

     

    14,209,477

     

     

     

    14,162,776

     

    Modivcare Inc.

    Unaudited Condensed Consolidated Balance Sheets

    (in thousands)

     

     

     

     

     

    June 30, 2024

     

    December 31, 2023

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    10,546

     

    $

    2,217

    Accounts receivable, net

     

    229,648

     

     

    222,537

    Contract receivables

     

    159,345

     

     

    143,960

    Other current assets(1)

     

    57,160

     

     

    36,209

    Total current assets

     

    456,699

     

     

    404,923

    Property and equipment, net

     

    84,949

     

     

    85,629

    Long-term contract receivables

     

    6,512

     

     

    —

    Goodwill

     

    680,252

     

     

    785,554

    Intangible assets, net

     

    321,313

     

     

    360,935

    Equity investment

     

    39,340

     

     

    41,531

    Operating lease right-of-use assets

     

    38,656

     

     

    39,776

    Other long-term assets

     

    48,421

     

     

    48,927

    Total assets

    $

    1,676,142

     

    $

    1,767,275

     

     

     

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    62,006

     

    $

    55,241

    Accrued contract payables

     

    86,894

     

     

    117,488

    Accrued expenses and other current liabilities

     

    120,469

     

     

    127,901

    Accrued transportation costs

     

    107,773

     

     

    97,245

    Current portion of operating lease liabilities

     

    8,474

     

     

    8,727

    Short-term borrowings

     

    183,000

     

     

    113,800

    Total current liabilities

     

    568,616

     

     

    520,402

    Long-term debt, net of deferred financing costs

     

    986,057

     

     

    983,757

    Operating lease liabilities, less current portion

     

    33,105

     

     

    33,784

    Other long-term liabilities(2)

     

    78,849

     

     

    73,137

    Total liabilities

     

    1,666,627

     

     

    1,611,080

     

     

     

     

    Stockholders' equity

     

     

     

    Stockholders' equity

     

    9,515

     

     

    156,195

    Total liabilities and stockholders' equity

    $

    1,676,142

     

    $

    1,767,275

    (1)

    Includes other receivables, prepaid expenses and other current assets and short-term restricted cash.

    (2)

    Includes other long-term liabilities and deferred tax liabilities.

    Modivcare Inc.

    Unaudited Condensed Consolidated Statements of Cash Flows

    (in thousands)

     

     

     

     

     

     

     

     

     

    Three months ended June 30,

     

    Six months ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Operating activities

     

     

     

     

     

     

     

    Net loss

    $

    (128,884

    )

     

    $

    (190,944

    )

     

    $

    (151,184

    )

     

    $

    (194,906

    )

    Depreciation and amortization

     

    27,752

     

     

     

    25,909

     

     

     

    54,855

     

     

     

    51,602

     

    Stock-based compensation

     

    2,252

     

     

     

    1,162

     

     

     

    4,262

     

     

     

    2,286

     

    Equity in net (income) loss of investee

     

    634

     

     

     

    (1,327

    )

     

     

    1,690

     

     

     

    (4,137

    )

    Deferred income taxes

     

    9,365

     

     

     

    (6,640

    )

     

     

    5,587

     

     

     

    (10,264

    )

    Impairment of goodwill

     

    105,302

     

     

     

    183,100

     

     

     

    105,302

     

     

     

    183,100

     

    Reduction of right-of-use asset

     

    1,972

     

     

     

    3,404

     

     

     

    4,919

     

     

     

    6,951

     

    Other non-cash items(1)

     

    1,451

     

     

     

    1,298

     

     

     

    2,858

     

     

     

    2,576

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

    Contract receivables

     

    (24,666

    )

     

     

    (21,738

    )

     

     

    (15,386

    )

     

     

    (48,631

    )

    Contract payables

     

    (41,504

    )

     

     

    (78,526

    )

     

     

    (30,594

    )

     

     

    (85,193

    )

    Long-term contract receivables

     

    13,086

     

     

     

    4,324

     

     

     

    (6,512

    )

     

     

    427

     

    Other changes in operating assets and liabilities(2)

     

    (22,046

    )

     

     

    (28,241

    )

     

     

    (21,523

    )

     

     

    (14,685

    )

    Net cash used in operating activities

     

    (55,286

    )

     

     

    (108,219

    )

     

     

    (45,726

    )

     

     

    (110,874

    )

     

     

     

     

     

     

     

     

    Investing activities

     

     

     

     

     

     

     

    Purchase of property and equipment

     

    (6,697

    )

     

     

    (8,945

    )

     

     

    (14,553

    )

     

     

    (22,265

    )

    Net cash used in investing activities

     

    (6,697

    )

     

     

    (8,945

    )

     

     

    (14,553

    )

     

     

    (22,265

    )

     

     

     

     

     

     

     

     

    Financing activities

     

     

     

     

     

     

     

    Net proceeds from short-term borrowings

     

    62,000

     

     

     

    111,500

     

     

     

    69,200

     

     

     

    126,500

     

    Payments of debt issuance costs

     

    (107

    )

     

     

    (376

    )

     

     

    (863

    )

     

     

    (376

    )

    Restricted stock surrendered for employee tax payment

     

    (92

    )

     

     

    (220

    )

     

     

    (156

    )

     

     

    (840

    )

    Other financing activities

     

    398

     

     

     

    346

     

     

     

    398

     

     

     

    346

     

    Net cash provided by financing activities

     

    62,199

     

     

     

    111,250

     

     

     

    68,579

     

     

     

    125,630

     

     

     

     

     

     

     

     

     

    Net change in cash, cash equivalents and restricted cash

     

    216

     

     

     

    (5,914

    )

     

     

    8,300

     

     

     

    (7,509

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    10,866

     

     

     

    13,380

     

     

     

    2,782

     

     

     

    14,975

     

    Cash, cash equivalents and restricted cash at end of period

    $

    11,082

     

     

    $

    7,466

     

     

    $

    11,082

     

     

    $

    7,466

     

    (1)

    Includes amortization of deferred financing costs and debt discount.

    (2)

    Includes accounts receivable and other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses, accrued transportation costs, other changes in operating assets and liabilities.

    Modivcare Inc.

    Unaudited Reconciliation of Non-GAAP Financial Measures

    Segment Information and Adjusted EBITDA

    (in thousands)

     

     

    Three months ended June 30, 2024

     

    NEMT

     

    PCS

     

    RPM

     

    Corporate and Other

     

    Total

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    490,677

     

     

    $

    186,610

     

     

    $

    19,025

     

     

    $

    1,987

     

     

    $

    698,299

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

    Service expense

     

    427,956

     

     

     

    149,866

     

     

     

    8,175

     

     

     

    2,103

     

     

     

    588,100

     

    General and administrative expense

     

    33,123

     

     

     

    23,897

     

     

     

    6,008

     

     

     

    13,037

     

     

     

    76,065

     

    Depreciation and amortization

     

    7,598

     

     

     

    12,793

     

     

     

    7,087

     

     

     

    274

     

     

     

    27,752

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    105,302

     

     

     

    —

     

     

     

    105,302

     

    Total operating expenses

     

    468,677

     

     

     

    186,556

     

     

     

    126,572

     

     

     

    15,414

     

     

     

    797,219

     

     

     

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    22,000

     

     

     

    54

     

     

     

    (107,547

    )

     

     

    (13,427

    )

     

     

    (98,920

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    19,950

     

     

     

    19,950

     

    Income (loss) before income taxes and equity method investment

     

    22,000

     

     

     

    54

     

     

     

    (107,547

    )

     

     

    (33,377

    )

     

     

    (118,870

    )

    Income tax benefit (provision)

     

    (5,748

    )

     

     

    67

     

     

     

    666

     

     

     

    (4,543

    )

     

     

    (9,558

    )

    Equity in net income (loss) of investee, net of tax

     

    146

     

     

     

    —

     

     

     

    —

     

     

     

    (602

    )

     

     

    (456

    )

    Net income (loss)

     

    16,398

     

     

     

    121

     

     

     

    (106,881

    )

     

     

    (38,522

    )

     

     

    (128,884

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    19,950

     

     

     

    19,950

     

    Income tax provision (benefit)

     

    5,748

     

     

     

    (67

    )

     

     

    (666

    )

     

     

    4,543

     

     

     

    9,558

     

    Depreciation and amortization

     

    7,598

     

     

     

    12,793

     

     

     

    7,087

     

     

     

    274

     

     

     

    27,752

     

    EBITDA

     

    29,744

     

     

     

    12,847

     

     

     

    (100,460

    )

     

     

    (13,755

    )

     

     

    (71,624

    )

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs(1)

     

    5,704

     

     

     

    1,179

     

     

     

    1,189

     

     

     

    (91

    )

     

     

    7,981

     

    Transaction and integration costs

     

    —

     

     

     

    431

     

     

     

    100

     

     

     

    29

     

     

     

    560

     

    Settlement related costs

     

    —

     

     

     

    805

     

     

     

    —

     

     

     

    —

     

     

     

    805

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,969

     

     

     

    1,969

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    105,302

     

     

     

    —

     

     

     

    105,302

     

    Equity in net (income) loss of investee, net of tax

     

    (146

    )

     

     

    —

     

     

     

    —

     

     

     

    602

     

     

     

    456

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    35,302

     

     

    $

    15,262

     

     

    $

    6,131

     

     

    $

    (11,246

    )

     

    $

    45,449

     

    (1)

    Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.

    Modivcare Inc.

    Unaudited Reconciliation of Non-GAAP Financial Measures

    Segment Information and Adjusted EBITDA

    (in thousands)

     

     

    Three months ended June 30, 2023

     

    NEMT

     

    PCS

     

    RPM

     

    Corporate and Other

     

    Total

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    496,975

     

     

    $

    180,325

     

     

    $

    19,211

     

     

    $

    2,596

     

     

    $

    699,107

     

    Grant income

     

    —

     

     

     

    2,634

     

     

     

    —

     

     

     

    —

     

     

     

    2,634

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

    Service expense

     

    441,897

     

     

     

    138,468

     

     

     

    6,705

     

     

     

    2,185

     

     

     

    589,255

     

    General and administrative expense

     

    28,337

     

     

     

    20,565

     

     

     

    5,327

     

     

     

    25,011

     

     

     

    79,240

     

    Depreciation and amortization

     

    6,739

     

     

     

    12,872

     

     

     

    6,059

     

     

     

    239

     

     

     

    25,909

     

    Impairment of goodwill

     

    —

     

     

     

    137,331

     

     

     

    45,769

     

     

     

    —

     

     

     

    183,100

     

    Total operating expenses

     

    476,973

     

     

     

    309,236

     

     

     

    63,860

     

     

     

    27,435

     

     

     

    877,504

     

     

     

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    20,002

     

     

     

    (126,277

    )

     

     

    (44,649

    )

     

     

    (24,839

    )

     

     

    (175,763

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    16,967

     

     

     

    16,967

     

    Income (loss) before income taxes and equity method investment

     

    20,002

     

     

     

    (126,277

    )

     

     

    (44,649

    )

     

     

    (41,806

    )

     

     

    (192,730

    )

    Income tax benefit (provision)

     

    (5,402

    )

     

     

    (3,095

    )

     

     

    (316

    )

     

     

    9,643

     

     

     

    830

     

    Equity in net income of investee, net of tax

     

    189

     

     

     

    —

     

     

     

    —

     

     

     

    767

     

     

     

    956

     

    Net income (loss)

     

    14,789

     

     

     

    (129,372

    )

     

     

    (44,965

    )

     

     

    (31,396

    )

     

     

    (190,944

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    16,967

     

     

     

    16,967

     

    Income tax provision (benefit)

     

    5,402

     

     

     

    3,095

     

     

     

    316

     

     

     

    (9,643

    )

     

     

    (830

    )

    Depreciation and amortization

     

    6,739

     

     

     

    12,872

     

     

     

    6,059

     

     

     

    239

     

     

     

    25,909

     

    EBITDA

     

    26,930

     

     

     

    (113,405

    )

     

     

    (38,590

    )

     

     

    (23,833

    )

     

     

    (148,898

    )

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs(1)

     

    2,055

     

     

     

    —

     

     

     

    —

     

     

     

    8,055

     

     

     

    10,110

     

    Transaction and integration costs(2)

     

    —

     

     

     

    173

     

     

     

    16

     

     

     

    665

     

     

     

    854

     

    Settlement related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    7,209

     

     

     

    7,209

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    947

     

     

     

    947

     

    Impairment of goodwill

     

    —

     

     

     

    137,331

     

     

     

    45,769

     

     

     

    —

     

     

     

    183,100

     

    Equity in net income of investee, net of tax

     

    (189

    )

     

     

    —

     

     

     

    —

     

     

     

    (767

    )

     

     

    (956

    )

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    28,796

     

     

    $

    24,099

     

     

    $

    7,195

     

     

    $

    (7,724

    )

     

    $

    52,366

     

    (1)

    Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.

    (2)

    Transaction and integration costs consist of fees incurred related to Sarbanes-Oxley Act of 2002 implementation and business integration efforts.
    Modivcare Inc.

    Unaudited Reconciliation of Non-GAAP Financial Measures

    Segment Information and Adjusted EBITDA

    (in thousands)

     

     

    Six months ended June 30, 2024

     

    NEMT

     

    PCS

     

    RPM

     

    Corporate and Other

     

    Total

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    969,983

     

     

    $

    370,178

     

     

    $

    39,127

     

     

    $

    3,462

     

     

    $

    1,382,750

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

    Service expense

     

    851,613

     

     

     

    299,304

     

     

     

    16,538

     

     

     

    4,211

     

     

     

    1,171,666

     

    General and administrative expense

     

    64,943

     

     

     

    48,329

     

     

     

    11,448

     

     

     

    28,522

     

     

     

    153,242

     

    Depreciation and amortization

     

    14,957

     

     

     

    25,588

     

     

     

    13,761

     

     

     

    549

     

     

     

    54,855

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    105,302

     

     

     

    —

     

     

     

    105,302

     

    Total operating expenses

     

    931,513

     

     

     

    373,221

     

     

     

    147,049

     

     

     

    33,282

     

     

     

    1,485,065

     

     

     

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    38,470

     

     

     

    (3,043

    )

     

     

    (107,922

    )

     

     

    (29,820

    )

     

     

    (102,315

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    38,636

     

     

     

    38,636

     

    Income (loss) before income taxes and equity method investment

     

    38,470

     

     

     

    (3,043

    )

     

     

    (107,922

    )

     

     

    (68,456

    )

     

     

    (140,951

    )

    Income tax (provision) benefit

     

    (10,022

    )

     

     

    890

     

     

     

    733

     

     

     

    (616

    )

     

     

    (9,015

    )

    Equity in net income (loss) of investee, net of tax

     

    118

     

     

     

    —

     

     

     

    —

     

     

     

    (1,336

    )

     

     

    (1,218

    )

    Net income (loss)

     

    28,566

     

     

     

    (2,153

    )

     

     

    (107,189

    )

     

     

    (70,408

    )

     

     

    (151,184

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    38,636

     

     

     

    38,636

     

    Income tax provision (benefit)

     

    10,022

     

     

     

    (890

    )

     

     

    (733

    )

     

     

    616

     

     

     

    9,015

     

    Depreciation and amortization

     

    14,957

     

     

     

    25,588

     

     

     

    13,761

     

     

     

    549

     

     

     

    54,855

     

    EBITDA

     

    53,545

     

     

     

    22,545

     

     

     

    (94,161

    )

     

     

    (30,607

    )

     

     

    (48,678

    )

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs(1)

     

    8,943

     

     

     

    1,306

     

     

     

    1,199

     

     

     

    1,638

     

     

     

    13,086

     

    Transaction and integration costs

     

    52

     

     

     

    1,877

     

     

     

    100

     

     

     

    74

     

     

     

    2,103

     

    Settlement related costs

     

    —

     

     

     

    805

     

     

     

    —

     

     

     

    —

     

     

     

    805

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,750

     

     

     

    3,750

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    105,302

     

     

     

    —

     

     

     

    105,302

     

    Equity in net (income) loss of investee, net of tax

     

    (118

    )

     

     

    —

     

     

     

    —

     

     

     

    1,336

     

     

     

    1,218

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    62,422

     

     

    $

    26,533

     

     

    $

    12,440

     

     

    $

    (23,809

    )

     

    $

    77,586

     

    (1)

    Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.

    Modivcare Inc.

    Unaudited Reconciliation of Non-GAAP Financial Measures

    Segment Information and Adjusted EBITDA

    (in thousands)

     

     

    Six months ended June 30, 2023

     

    NEMT

     

    PCS

     

    RPM

     

    Corporate and Other

     

    Total

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    966,438

     

     

    $

    354,456

     

     

    $

    37,923

     

     

    $

    2,596

     

     

    $

    1,361,413

     

    Grant income

     

    —

     

     

     

    4,098

     

     

     

    —

     

     

     

    —

     

     

     

    4,098

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

    Service expense

     

    849,583

     

     

     

    274,558

     

     

     

    13,195

     

     

     

    2,185

     

     

     

    1,139,521

     

    General and administrative expense

     

    62,212

     

     

     

    43,228

     

     

     

    11,096

     

     

     

    42,417

     

     

     

    158,953

     

    Depreciation and amortization

     

    13,505

     

     

     

    25,740

     

     

     

    11,913

     

     

     

    444

     

     

     

    51,602

     

    Impairment of goodwill

     

    —

     

     

     

    137,331

     

     

     

    45,769

     

     

     

    —

     

     

     

    183,100

     

    Total operating expenses

     

    925,300

     

     

     

    480,857

     

     

     

    81,973

     

     

     

    45,046

     

     

     

    1,533,176

     

     

     

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    41,138

     

     

     

    (122,303

    )

     

     

    (44,050

    )

     

     

    (42,450

    )

     

     

    (167,665

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32,925

     

     

     

    32,925

     

    Income (loss) before income taxes and equity method investment

     

    41,138

     

     

     

    (122,303

    )

     

     

    (44,050

    )

     

     

    (75,375

    )

     

     

    (200,590

    )

    Income tax (provision) benefit

     

    (11,020

    )

     

     

    (4,244

    )

     

     

    (486

    )

     

     

    18,453

     

     

     

    2,703

     

    Equity in net income of investee, net of tax

     

    842

     

     

     

    —

     

     

     

    —

     

     

     

    2,139

     

     

     

    2,981

     

    Net income (loss)

     

    30,960

     

     

     

    (126,547

    )

     

     

    (44,536

    )

     

     

    (54,783

    )

     

     

    (194,906

    )

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32,925

     

     

     

    32,925

     

    Income tax provision (benefit)

     

    11,020

     

     

     

    4,244

     

     

     

    486

     

     

     

    (18,453

    )

     

     

    (2,703

    )

    Depreciation and amortization

     

    13,505

     

     

     

    25,740

     

     

     

    11,913

     

     

     

    444

     

     

     

    51,602

     

    EBITDA

     

    55,485

     

     

     

    (96,563

    )

     

     

    (32,137

    )

     

     

    (39,867

    )

     

     

    (113,082

    )

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs(1)

     

    9,154

     

     

     

    —

     

     

     

    —

     

     

     

    15,401

     

     

     

    24,555

     

    Transaction and integration costs(2)

     

    —

     

     

     

    450

     

     

     

    48

     

     

     

    1,229

     

     

     

    1,727

     

    Settlement related costs

     

    275

     

     

     

    —

     

     

     

    —

     

     

     

    7,209

     

     

     

    7,484

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,795

     

     

     

    1,795

     

    Impairment of goodwill

     

    —

     

     

     

    137,331

     

     

     

    45,769

     

     

     

    —

     

     

     

    183,100

     

    Equity in net income of investee, net of tax

     

    (842

    )

     

     

    —

     

     

     

    —

     

     

     

    (2,139

    )

     

     

    (2,981

    )

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    64,072

     

     

    $

    41,218

     

     

    $

    13,680

     

     

    $

    (16,372

    )

     

    $

    102,598

     

    (1)

    Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.

    (2)

    Transaction and integration costs consist of fees incurred related to Sarbanes-Oxley Act of 2002 implementation and business integration efforts.
    Modivcare Inc.

    Unaudited Reconciliation of Non-GAAP Financial Measures

    Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Common Share

    (in thousands, except share and per share data)

     

     

    Three months ended June 30,

     

    Six months ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

    Net loss

    $

    (128,884

    )

     

    $

    (190,944

    )

     

    $

    (151,184

    )

     

    $

    (194,906

    )

     

     

     

     

     

     

     

     

    Restructuring and related costs(1)

     

    7,981

     

     

     

    10,110

     

     

     

    13,086

     

     

     

    24,555

     

    Transaction and integration costs(2)

     

    560

     

     

     

    854

     

     

     

    2,103

     

     

     

    1,727

     

    Settlement related costs

     

    805

     

     

     

    7,209

     

     

     

    805

     

     

     

    7,484

     

    Stock-based compensation

     

    1,969

     

     

     

    947

     

     

     

    3,750

     

     

     

    1,795

     

    Impairment of goodwill

     

    105,302

     

     

     

    183,100

     

     

     

    105,302

     

     

     

    183,100

     

    Equity in net (income) loss of investee, net of tax

     

    456

     

     

     

    (956

    )

     

     

    1,218

     

     

     

    (2,981

    )

    Intangible asset amortization expense

     

    19,765

     

     

     

    19,808

     

     

     

    39,544

     

     

     

    39,709

     

    Tax effected impact of adjustments

     

    (8,328

    )

     

     

    (9,352

    )

     

     

    (15,901

    )

     

     

    (19,506

    )

     

     

     

     

     

     

     

     

    Adjusted net income (loss)

    $

    (374

    )

     

    $

    20,776

     

     

    $

    (1,277

    )

     

    $

    40,977

     

     

     

     

     

     

     

     

     

    Adjusted earnings (loss) per share

    $

    (0.03

    )

     

    $

    1.47

     

     

    $

    (0.09

    )

     

    $

    2.89

     

     

     

     

     

     

     

     

     

    Diluted weighted-average number of common shares outstanding

     

    14,216,954

     

     

     

    14,173,854

     

     

     

    14,209,477

     

     

     

    14,178,375

     

    (1)

    Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.

    (2)

    Transaction and integration costs consist of fees incurred related to SOX implementation and business integration efforts.
    Modivcare Inc.

    Unaudited Key Statistical and Financial Data

    (in thousands, except for statistical data)

     

     

    Three months ended

     

     

     

    Six months ended

     

     

     

    Three months ended

     

     

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    March 31, 2024

     

    QoQ % Change

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NEMT Segment

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    490,677

     

     

    $

    496,975

     

     

    (1.3

    )%

     

    $

    969,983

     

     

    $

    966,438

     

     

    0.4

    %

     

    $

    479,306

     

     

    2.4

    %

    Purchased services expense

     

    372,579

     

     

     

    377,192

     

     

    (1.2

    )%

     

     

    735,479

     

     

     

    721,612

     

     

    1.9

    %

     

     

    362,900

     

     

    2.7

    %

    Payroll and other expense

     

    55,377

     

     

     

    64,705

     

     

    (14.4

    )%

     

     

    116,134

     

     

     

    127,971

     

     

    (9.2

    )%

     

     

    60,757

     

     

    (8.9

    )%

    Service expense

    $

    427,956

     

     

    $

    441,897

     

     

    (3.2

    )%

     

    $

    851,613

     

     

    $

    849,583

     

     

    0.2

    %

     

    $

    423,657

     

     

    1.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    62,721

     

     

    $

    55,078

     

     

    13.9

    %

     

    $

    118,370

     

     

    $

    116,855

     

     

    1.3

    %

     

    $

    55,649

     

     

    12.7

    %

    Gross margin

     

    12.8

    %

     

     

    11.1

    %

     

     

     

     

    12.2

    %

     

     

    12.1

    %

     

     

     

     

    11.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    G&A expense

    $

    33,123

     

     

    $

    28,337

     

     

    16.9

    %

     

    $

    64,943

     

     

    $

    62,212

     

     

    4.4

    %

     

    $

    31,820

     

     

    4.1

    %

    G&A expense adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs

     

    5,704

     

     

     

    2,055

     

     

    177.6

    %

     

     

    8,943

     

     

     

    9,154

     

     

    (2.3

    )%

     

     

    3,239

     

     

    76.1

    %

    Transaction and integration costs

     

    —

     

     

     

    —

     

     

    N/M

     

     

     

    52

     

     

     

    —

     

     

    N/M

     

     

     

    52

     

     

    (100.0

    )%

    Settlement related costs

     

    —

     

     

     

    —

     

     

    N/M

     

     

     

    —

     

     

     

    275

     

     

    (100.0

    )%

     

     

    —

     

     

    N/M

     

    Adjusted G&A expense

    $

    27,419

     

     

    $

    26,282

     

     

    4.3

    %

     

    $

    55,948

     

     

    $

    52,783

     

     

    6.0

    %

     

    $

    28,529

     

     

    (3.9

    )%

    Adjusted G&A expense % of revenue

     

    5.6

    %

     

     

    5.3

    %

     

     

     

     

    5.8

    %

     

     

    5.5

    %

     

     

     

     

    6.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

    $

    16,398

     

     

    $

    14,789

     

     

    10.9

    %

     

    $

    28,566

     

     

    $

    30,960

     

     

    (7.7

    )%

     

    $

    12,168

     

     

    34.8

    %

    Net income margin

     

    3.3

    %

     

     

    3.0

    %

     

     

     

     

    2.9

    %

     

     

    3.2

    %

     

     

     

     

    2.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    35,302

     

     

    $

    28,796

     

     

    22.6

    %

     

    $

    62,422

     

     

    $

    64,072

     

     

    (2.6

    )%

     

    $

    27,120

     

     

    30.2

    %

    Adjusted EBITDA margin

     

    7.2

    %

     

     

    5.8

    %

     

     

     

     

    6.4

    %

     

     

    6.6

    %

     

     

     

     

    5.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total paid trips (thousands)

     

    9,031

     

     

     

    8,735

     

     

    3.4

    %

     

     

    17,839

     

     

     

    16,937

     

     

    5.3

    %

     

     

    8,808

     

     

    2.5

    %

    Average monthly members (thousands)

     

    29,703

     

     

     

    34,312

     

     

    (13.4

    )%

     

     

    29,387

     

     

     

    34,008

     

     

    (13.6

    )%

     

     

    29,071

     

     

    2.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue per member per month

    $

    5.51

     

     

    $

    4.83

     

     

    14.1

    %

     

    $

    5.50

     

     

    $

    4.74

     

     

    16.0

    %

     

    $

    5.50

     

     

    0.2

    %

    Revenue per trip

    $

    54.33

     

     

    $

    56.89

     

     

    (4.5

    )%

     

    $

    54.37

     

     

    $

    57.06

     

     

    (4.7

    )%

     

    $

    54.42

     

     

    (0.2

    )%

    Monthly utilization

     

    10.1

    %

     

     

    8.5

    %

     

     

     

     

    10.1

    %

     

     

    8.3

    %

     

     

     

     

    10.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Purchased services per trip

    $

    41.26

     

     

    $

    43.18

     

     

    (4.4

    )%

     

    $

    41.23

     

     

    $

    42.61

     

     

    (3.2

    )%

     

    $

    41.20

     

     

    0.1

    %

    Payroll and other per trip

    $

    6.13

     

     

    $

    7.41

     

     

    (17.3

    )%

     

    $

    6.51

     

     

    $

    7.56

     

     

    (13.9

    )%

     

    $

    6.90

     

     

    (11.2

    )%

    Total service expense per trip

    $

    47.39

     

     

    $

    50.59

     

     

    (6.3

    )%

     

    $

    47.74

     

     

    $

    50.17

     

     

    (4.8

    )%

     

    $

    48.10

     

     

    (1.5

    )%

     

    N/M - Not Meaningful. Certain figures in the tables above do not provide meaningful percentage comparison, thus, the percentage has been removed.

    Modivcare Inc.

    Unaudited Key Statistical and Financial Data

    (in thousands, except for statistical data)

     

     

    Three months ended

     

     

     

    Six months ended

     

     

     

    Three months ended

     

     

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    March 31, 2024

     

    QoQ % Change

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PCS Segment

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    186,610

     

     

    $

    180,325

     

     

    3.5

    %

     

    $

    370,178

     

     

    $

    354,456

     

     

    4.4

    %

     

    $

    183,568

     

     

    1.7

    %

    Service expense

     

    149,866

     

     

     

    138,468

     

     

    8.2

    %

     

     

    299,304

     

     

     

    274,558

     

     

    9.0

    %

     

     

    149,438

     

     

    0.3

    %

    Gross profit

    $

    36,744

     

     

    $

    41,857

     

     

    (12.2

    )%

     

    $

    70,874

     

     

    $

    79,898

     

     

    (11.3

    )%

     

    $

    34,130

     

     

    7.7

    %

    Gross margin

     

    19.7

    %

     

     

    23.2

    %

     

     

     

     

    19.1

    %

     

     

    22.5

    %

     

     

     

     

    18.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    G&A expense

    $

    23,897

     

     

    $

    20,565

     

     

    16.2

    %

     

    $

    48,329

     

     

    $

    43,228

     

     

    11.8

    %

     

    $

    24,432

     

     

    (2.2

    )%

    G&A expense adjustments

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs

     

    1,179

     

     

     

    —

     

     

    N/M

     

     

     

    1,306

     

     

     

    —

     

     

    N/M

     

     

     

    127

     

     

    828.3

    %

    Transaction and integration costs

     

    431

     

     

     

    173

     

     

    149.1

    %

     

     

    1,877

     

     

     

    450

     

     

    317.1

    %

     

     

    1,446

     

     

    (70.2

    )%

    Settlement related costs

     

    805

     

     

     

    —

     

     

    N/M

     

     

     

    805

     

     

     

    —

     

     

    N/M

     

     

     

    —

     

     

    N/M

     

    Adjusted G&A expense

    $

    21,482

     

     

    $

    20,392

     

     

    5.3

    %

     

    $

    44,341

     

     

    $

    42,778

     

     

    3.7

    %

     

    $

    22,859

     

     

    (6.0

    )%

    Adjusted G&A expense % of revenue

     

    11.5

    %

     

     

    11.3

    %

     

     

     

     

    12.0

    %

     

     

    12.1

    %

     

     

     

     

    12.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss)

    $

    121

     

     

    $

    (129,372

    )

     

    (100.1

    )%

     

    $

    (2,153

    )

     

    $

    (126,547

    )

     

    (98.3

    )%

     

    $

    (2,274

    )

     

    (105.3

    )%

    Net income (loss) margin

     

    0.1

    %

     

     

    (71.7

    )%

     

     

     

     

    (0.6

    )%

     

     

    (35.7

    )%

     

     

     

     

    (1.2

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    15,262

     

     

    $

    24,099

     

     

    (36.7

    )%

     

    $

    26,533

     

     

    $

    41,218

     

     

    (35.6

    )%

     

    $

    11,271

     

     

    35.4

    %

    Adjusted EBITDA margin

     

    8.2

    %

     

     

    13.4

    %

     

     

     

     

    7.2

    %

     

     

    11.6

    %

     

     

     

     

    6.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total hours (thousands)

     

    7,048

     

     

     

    6,933

     

     

    1.7

    %

     

     

    14,013

     

     

     

    13,757

     

     

    1.9

    %

     

     

    6,965

     

     

    1.2

    %

    Revenue per hour

    $

    26.48

     

     

    $

    26.01

     

     

    1.8

    %

     

    $

    26.42

     

     

    $

    25.77

     

     

    2.5

    %

     

    $

    26.36

     

     

    0.5

    %

    Service expense per hour

    $

    21.26

     

     

    $

    19.97

     

     

    6.5

    %

     

    $

    21.36

     

     

    $

    19.96

     

     

    7.0

    %

     

    $

    21.46

     

     

    (0.9

    )%

     

    N/M - Not Meaningful. Certain figures in the tables above do not provide meaningful percentage comparison, thus, the percentage has been removed.

    Modivcare Inc.

    Unaudited Key Statistical and Financial Data

    (in thousands, except for statistical data)

     

     

    Three months ended

     

     

     

    Six months ended

     

     

     

    Three months ended

     

     

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    March 31, 2024

     

    QoQ % Change

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    RPM Segment

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Service revenue, net

    $

    19,025

     

     

    $

    19,211

     

     

    (1.0

    )%

     

    $

    39,127

     

     

    $

    37,923

     

     

    3.2

    %

     

    $

    20,102

     

     

    (5.4

    )%

    Service expense

     

    8,175

     

     

     

    6,705

     

     

    21.9

    %

     

     

    16,538

     

     

     

    13,195

     

     

    25.3

    %

     

     

    8,363

     

     

    (2.2

    )%

    Gross profit

    $

    10,850

     

     

    $

    12,506

     

     

    (13.2

    )%

     

    $

    22,589

     

     

    $

    24,728

     

     

    (8.7

    )%

     

    $

    11,739

     

     

    (7.6

    )%

    Gross margin

     

    57.0

    %

     

     

    65.1

    %

     

     

     

     

    57.7

    %

     

     

    65.2

    %

     

     

     

     

    58.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    G&A expense

    $

    6,008

     

     

    $

    5,327

     

     

    12.8

    %

     

    $

    11,448

     

     

    $

    11,096

     

     

    3.2

    %

     

    $

    5,440

     

     

    10.4

    %

    G&A expense adjustments

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs

     

    1,189

     

     

     

    —

     

     

    N/M

     

     

     

    1,199

     

     

     

    —

     

     

    N/M

     

     

     

    10

     

     

    N/M

     

    Transaction and integration costs

     

    100

     

     

     

    16

     

     

    525.0

    %

     

     

    100

     

     

     

    48

     

     

    108.3

    %

     

     

    —

     

     

    N/M

     

    Adjusted G&A expense

    $

    4,719

     

     

    $

    5,311

     

     

    (11.1

    )%

     

    $

    10,149

     

     

    $

    11,048

     

     

    (8.1

    )%

     

    $

    5,430

     

     

    (13.1

    )%

    Adjusted G&A expense % of revenue

     

    24.8

    %

     

     

    27.6

    %

     

     

     

     

    25.9

    %

     

     

    29.1

    %

     

     

     

     

    27.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss

    $

    (106,881

    )

     

    $

    (44,965

    )

     

    137.7

    %

     

    $

    (107,189

    )

     

    $

    (44,536

    )

     

    140.7

    %

     

    $

    (308

    )

     

    N/M

     

    Net loss margin

     

    (561.8

    )%

     

     

    (234.1

    )%

     

     

     

     

    (274.0

    )%

     

     

    (117.4

    )%

     

     

     

     

    (1.5

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    6,131

     

     

    $

    7,195

     

     

    (14.8

    )%

     

    $

    12,440

     

     

    $

    13,680

     

     

    (9.1

    )%

     

    $

    6,309

     

     

    (2.8

    )%

    Adjusted EBITDA margin

     

    32.2

    %

     

     

    37.5

    %

     

     

     

     

    31.8

    %

     

     

    36.1

    %

     

     

     

     

    31.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average monthly members (thousands)

     

    246

     

     

     

    240

     

     

    2.5

    %

     

     

    248

     

     

     

    237

     

     

    4.6

    %

     

     

    249

     

     

    (1.2

    )%

    Revenue per member per month

    $

    25.78

     

     

    $

    26.68

     

     

    (3.4

    )%

     

    $

    26.30

     

     

    $

    26.67

     

     

    (1.4

    )%

     

    $

    26.91

     

     

    (4.2

    )%

    Service expense per member per month

    $

    11.08

     

     

    $

    9.31

     

     

    19.0

    %

     

    $

    11.11

     

     

    $

    9.28

     

     

    19.7

    %

     

    $

    11.20

     

     

    (1.1

    )%

     

    N/M - Not Meaningful. Certain figures in the tables above do not provide meaningful percentage comparison, thus, the percentage has been removed.

    Modivcare Inc.

    Unaudited Key Statistical and Financial Data

    (in thousands)

     

     

    Three months ended

     

     

     

    Six months ended

     

     

     

    Three months ended

     

     

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    March 31, 2024

     

    QoQ % Change

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate and Other Segment

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    G&A expense

    $

    13,037

     

     

    $

    25,011

     

     

    (47.9

    )%

     

    $

    28,522

     

     

    $

    42,417

     

     

    (32.8

    )%

     

    $

    15,485

     

     

    (15.8

    )%

    G&A expense adjustments

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs

     

    (91

    )

     

     

    8,055

     

     

    (101.1

    )%

     

     

    1,638

     

     

     

    15,401

     

     

    (89.4

    )%

     

     

    1,729

     

     

    (105.3

    )%

    Transaction and integration costs

     

    29

     

     

     

    665

     

     

    (95.6

    )%

     

     

    74

     

     

     

    1,229

     

     

    (94.0

    )%

     

     

    45

     

     

    (35.6

    )%

    Settlement related costs

     

    —

     

     

     

    7,209

     

     

    (100.0

    )%

     

     

    —

     

     

     

    7,209

     

     

    (100.0

    )%

     

     

    —

     

     

    —

    %

    Stock-based compensation

     

    1,969

     

     

     

    947

     

     

    107.9

    %

     

     

    3,750

     

     

     

    1,795

     

     

    108.9

    %

     

     

    1,781

     

     

    10.6

    %

    Adjusted G&A expense

    $

    11,130

     

     

    $

    8,135

     

     

    36.8

    %

     

    $

    23,060

     

     

    $

    16,783

     

     

    37.4

    %

     

    $

    11,930

     

     

    (6.7

    )%

    Adjusted G&A expense % of consolidated revenue

     

    1.6

    %

     

     

    1.2

    %

     

     

     

     

    1.7

    %

     

     

    1.2

    %

     

     

     

     

    1.7

    %

     

     

     

    Three months ended

     

     

     

    Six months ended

     

     

     

    Three months ended

     

     

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    June 30, 2024

     

    June 30, 2023

     

    % Change

     

    March 31, 2024

     

    QoQ % Change

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consolidated Modivcare Inc.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    G&A expense

    $

    76,065

     

     

    $

    79,240

     

     

    (4.0

    )%

     

    $

    153,242

     

     

    $

    158,953

     

     

    (3.6

    )%

     

    $

    77,177

     

     

    (1.4

    )%

    G&A expense adjustments

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Restructuring and related costs

     

    7,981

     

     

     

    10,110

     

     

    (21.1

    )%

     

     

    13,086

     

     

     

    24,555

     

     

    (46.7

    )%

     

     

    5,105

     

     

    56.3

    %

    Transaction and integration costs

     

    560

     

     

     

    854

     

     

    (34.4

    )%

     

     

    2,103

     

     

     

    1,727

     

     

    21.8

    %

     

     

    1,543

     

     

    (63.7

    )%

    Settlement related costs

     

    805

     

     

     

    7,209

     

     

    (88.8

    )%

     

     

    805

     

     

     

    7,484

     

     

    (89.2

    )%

     

     

    —

     

     

    N/M

     

    Stock-based compensation

     

    1,969

     

     

     

    947

     

     

    107.9

    %

     

     

    3,750

     

     

     

    1,795

     

     

    108.9

    %

     

     

    1,781

     

     

    10.6

    %

    Adjusted G&A expense

    $

    64,750

     

     

    $

    60,120

     

     

    7.7

    %

     

    $

    133,498

     

     

    $

    123,392

     

     

    8.2

    %

     

    $

    68,748

     

     

    (5.8

    )%

    Adjusted G&A expense % of consolidated revenue

     

    9.3

    %

     

     

    8.6

    %

     

     

     

     

    9.7

    %

     

     

    9.1

    %

     

     

     

     

    10.0

    %

     

     

     

    N/M - Not Meaningful. Certain figures in the tables above do not provide meaningful percentage comparison, thus, the percentage has been removed.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240807160260/en/

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      Seasoned Executive Daniel Silvers Brings Decades of Experience in Corporate Finance, Capital Allocation and Public Company Governance Modivcare Inc. ("Modivcare" or the "Company") (NASDAQ:MODV), a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions focused on improving health outcomes, today announced that Daniel Silvers has been appointed to its board of directors (the "Board"), effective April 24, 2025. The appointment of Mr. Silvers completes the Board's previously announced plan to add three new independent directors pursuant to its contractual obligations with its lenders. "We welcome Mr. Silvers to the Board and are confide

      4/25/25 6:30:00 AM ET
      $MODV
      Transportation Services
      Consumer Discretionary
    • Modivcare Announces Changes to Board of Directors

      Financial and Healthcare Executive Erin L. Russell Brings Decades of Experience in Healthcare Capital Markets and Strategy Modivcare Inc. (the "Company" or "Modivcare") (NASDAQ:MODV), a technology-enabled healthcare services company providing a platform of integrated supportive care solutions focused on improving health outcomes, today announced that Erin L. Russell has been appointed to its board of directors (the "Board"), effective February 10, 2025. Ms. Russell brings more than 25 years of experience in the healthcare and financial sectors, with a distinguished track record in capital and credit markets. On the Board, Ms. Russell will be a member of the Audit and Nominating and Govern

      2/14/25 6:00:00 AM ET
      $EHTH
      $KAI
      $MODV
      $TVTY
      Specialty Insurers
      Finance
      Industrial Machinery/Components
      Industrials
    • GE Vernova and Solventum Set to Join S&P 500; Dentsply Sirona to Join S&P MidCap 400; Others to Join S&P SmallCap 600

      NEW YORK, March 27, 2024 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600: Solventum Corp. (NYSE:SOLV) will be added to the S&P 500 effective prior to the open of trading on Monday, April 1, replacing V.F. Corp. (NYSE:VFC), which will be moved to the S&P SmallCap 600 effective prior to the open of trading on Wednesday, April 3. V.F. will replace ModivCare Inc. (NASD: MODV) in the S&P SmallCap 600 also effective prior to the open of trading on April 3. S&P 500 and 100 constituent 3M Co. (NYSE:MMM) is spinning off Solventum in a transaction expected to be completed April 1. Following the spin-off, the parent 3M will rema

      3/27/24 6:12:00 PM ET
      $FOXF
      $GE
      $MMM
      $MODV
      Motor Vehicles
      Consumer Discretionary
      Consumer Electronics/Appliances
      Technology

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    SEC Filings

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    • ModivCare Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Financial Statements and Exhibits

      8-K - ModivCare Inc (0001220754) (Filer)

      5/8/25 4:52:15 PM ET
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      Transportation Services
      Consumer Discretionary
    • SEC Form 8-K filed by ModivCare Inc.

      8-K - ModivCare Inc (0001220754) (Filer)

      5/5/25 6:34:16 AM ET
      $MODV
      Transportation Services
      Consumer Discretionary
    • SEC Form DEFA14A filed by ModivCare Inc.

      DEFA14A - ModivCare Inc (0001220754) (Filer)

      4/30/25 4:57:23 PM ET
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      Transportation Services
      Consumer Discretionary

    $MODV
    Financials

    Live finance-specific insights

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    • Modivcare Reports First Quarter 2025 Financial Results

      Modivcare Inc. (the "Company" or "Modivcare") (NASDAQ:MODV), a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions focused on improving health outcomes, today reported financial results for the three months ended March 31, 2025. "In Q1, we continued to advance our strategic objectives and operational initiatives," said L. Heath Sampson, President and CEO. "Company-wide alignment on key initiatives—securing new contracts, laying the groundwork for scalable automation, reducing G&A, strengthening our working-capital discipline, and progressing toward divestiture readiness—positions us to deliver enhanced performance and long-term va

      5/8/25 4:53:00 PM ET
      $MODV
      Transportation Services
      Consumer Discretionary
    • Modivcare to Report First Quarter 2025 Financial Results

      Modivcare Inc. ("Modivcare" or the "Company") (NASDAQ:MODV), a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions focused on improving health outcomes, today announced that the Company is scheduled to report financial results for the first quarter ended March 31, 2025, on Thursday, May 8, 2025, after the market closes and host a conference call at 5:00 p.m. Eastern Time the same day. The conference call dial-in number for domestic callers is (877) 407-8037, and international callers should dial +1 (201) 689-8037. Interested parties may also access the live webcast via the Company's website at: https://investors.modivcare.com/even

      4/28/25 4:05:00 PM ET
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      Transportation Services
      Consumer Discretionary
    • Modivcare Reports Fourth Quarter and Full Year 2024 Financial Results; Announces Changes to the Board of Directors

      Modivcare Inc. (the "Company" or "Modivcare") (NASDAQ:MODV), a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions focused on improving patient outcomes, today reported financial results for the three months and full year ended December 31, 2024. Fourth Quarter 2024 Summary: Service revenue of $702.8 million, remaining consistent with the fourth quarter of 2023 Net loss of $23.5 million, or negative $1.64 per diluted common share Adjusted EBITDA(1) of $40.4 million, adjusted net income(1) of $2.7 million and adjusted EPS(1) of $0.19 per diluted common share Net cash provided by operating activities during the quarter of $30.0

      3/6/25 4:23:00 PM ET
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      Transportation Services
      Consumer Discretionary