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Modivcare Reports Second Quarter 2024 Financial Results; Adjusts 2024 Guidance

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.

 

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