0001220754-23-000019.txt : 20230504 0001220754-23-000019.hdr.sgml : 20230504 20230503183801 ACCESSION NUMBER: 0001220754-23-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230504 DATE AS OF CHANGE: 20230503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ModivCare Inc CENTRAL INDEX KEY: 0001220754 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 860845127 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34221 FILM NUMBER: 23885824 BUSINESS ADDRESS: STREET 1: 6900 LAYTON AVENUE STREET 2: 12TH FLOOR CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 303-728-7030 MAIL ADDRESS: STREET 1: 6900 LAYTON AVENUE STREET 2: 12TH FLOOR CITY: DENVER STATE: CO ZIP: 80237 FORMER COMPANY: FORMER CONFORMED NAME: PROVIDENCE SERVICE CORP DATE OF NAME CHANGE: 20030226 8-K 1 modv-20230504.htm 8-K modv-20230504
0001220754FALSE00012207542023-05-042023-05-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 4, 2023
ModivCare Inc.
(Exact name of registrant as specified in its charter)
 
Delaware001-3422186-0845127
(State or other jurisdiction of
incorporation or organization)		(Commission File Number)(I.R.S. Employer
Identification No.)
6900 E Layton Avenue, 12th Floor,Denver,Colorado80237
(Address of principal executive offices) (Zip Code)

(303) 728-7030
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, $0.001 par value per shareMODVThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨






Item 2.02 Results of Operations and Financial Condition.

On May 4, 2023, ModivCare Inc. ("ModivCare" or the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number		Description
99.1
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the iXBRL document.        
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
 



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  ModivCare Inc.
Date: May 4, 2023  By: /s/ L. Heath Sampson
  Name: L. Heath Sampson
  Title: Chief Executive Officer



 EX-99.1 2 a-ex991xmodvq12023pressrel.htm EX-99.1 Document

modivcare.jpg
Modivcare Reports
First Quarter 2023 Financial Results

Denver, CO – May 4, 2023 – 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 patient outcomes, today reported financial results for the three months ended March 31, 2023.

First Quarter 2023 Highlights:
•Service revenue of $662.3 million, a 15.3% increase as compared to $574.5 million in Q1 2022
•Net loss of $4.0 million or $0.28 per diluted common share
•Adjusted EBITDA(1) of $50.2 million, adjusted net income(1) of $20.2 million and adjusted EPS(1) of $1.42 per diluted common share
•Net cash used in operating activities during the quarter of $2.7 million
•Cash and cash equivalents of $12.8 million as of March 31, 2023, with $1.0 billion principal amount of debt outstanding related to the Senior Unsecured Notes due 2025 and 2029
•$15.0 million drawn on the $325.0 million revolving credit facility as of March 31, 2023
(1) Non-GAAP financial measure reconciliations and other related information about non-GAAP financial measures provided below

“We reported solid first quarter results with 15 percent revenue growth driven by strong growth across each of our segments,” said L. Heath Sampson, President and Chief Executive Officer. “We remain confident in our 2023 outlook, which we maintained, due to several factors, including recent new contract wins, a strong pipeline for new business, and the continued success of our Home business. As the U.S. healthcare system increasingly shifts to home-based care, we are well positioned to capitalize on these opportunities with our supportive care services. Our offerings provide high quality care and services to our members in a cost-effective manner, aligning with the evolving needs of the healthcare landscape. Our focus for 2023 remains steadfast to build for scale and grow our business. We are confident that the initiatives implemented over the past few quarters will drive efficiencies and operating leverage throughout the year. I am incredibly proud of our team’s ability to perform and execute at a high level, and I am grateful for their hard work and dedication.”

2023 Guidance

We maintained our 2023 revenue and our Adjusted EBITDA guidance range as follows ($ in millions):

LowHigh
Revenue$2,575 $2,600 
Adjusted EBITDA$225 $235 

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

First Quarter 2023 Results

For the first quarter of 2023, the Company reported revenue of $662.3 million, an increase of 15.3% from $574.5 million in the first quarter of 2022. The increase in revenue is primarily attributable to a 4.7% increase in membership and an 11.8% increase in revenue per member in our NEMT segment coupled with a 4.4% increase in hours worked and a 4.4% increase in rate per hour in our personal care segment.

Operating income was $8.1 million, or 1.2% of revenue, in the first quarter of 2023, compared to operating income of $14.9 million, or 2.6% of revenue, in the first quarter of 2022. Net loss in the first quarter of 2023 was $4.0 million, or $0.28


per diluted common share, compared to net income of $0.3 million, or $0.02 per diluted common share, in the first quarter of 2022.

Adjusted EBITDA was $50.2 million, or 7.6% of revenue, in the first quarter of 2023, compared to $50.3 million, or 8.8% of revenue, in the first quarter of 2022.

Adjusted net income in the first quarter of 2023 was $20.2 million, or $1.42 per diluted common share, compared to $22.2 million, or $1.57 per diluted common share, in the first quarter of 2022.

First Quarter Earnings Conference Call

Modivcare will hold a conference call to discuss its financial results on Thursday, May 4, 2023 at 8:00 a.m. ET. To access the call, please dial:

US toll-free: 1 (888) 437-3179
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. (Nasdaq: MODV) is a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions for public and private payors and their patients. Our value-based solutions are intended to address the social determinants of health (SDoH), enable greater access to care, reduce costs, and improve outcomes. We are a leading provider of non-emergency medical transportation (NEMT), personal care and remote patient monitoring. 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 ("GAAP"), this press release includes EBITDA, Adjusted EBITDA and Adjusted G&A expense for the Company and its segments, Adjusted EBITDA margin for the Company's segments (other than its Corporate segment), and Adjusted Net Income and Adjusted EPS for the Company, all of which are performance measures that are not recognized under GAAP. 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, including severance and organizational consolidation costs and professional services fees, (2) certain transaction and integration costs, (3) settlement related costs, (4) cash settled equity, (5) stock-based compensation, (6) COVID-19 related costs, net of grant income, and (7) 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 is calculated as net income (loss) before: (1) restructuring and related costs, including severance and organizational consolidation costs and professional services fees (2) certain transaction and integration costs, (3) settlement related costs, (4) cash settled equity, (5) stock-based compensation, (6) equity in net (income) loss of investee, net of tax (7) intangible amortization expense, (8) COVID-19 related costs, net of grant income, and (9) the income tax impact of such adjustments. Adjusted EPS is calculated as Adjusted Net Income divided by the diluted weighted-average number of common shares outstanding as calculated for Adjusted Net Income. 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, (4) cash settled equity, and (5) stock-based compensation. 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 measures to their most directly comparable GAAP financial measures on a forward-looking basis because we are unable to predict items contained in the GAAP financial measures 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 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 the 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 events to be materially different from those expressed or implied herein, including but not limited to: government or private insurance program funding reductions or limitations; alternative payment models or the transition of Medicaid and Medicare beneficiaries to Managed Care Organizations, or MCOs; our inability to control reimbursement rates received for our services; cost containment initiatives undertaken by private third-party payors; the effects of a public health emergency; inadequacies in, or security breaches of, our information technology systems, including the systems intended to protect our clients’ privacy and confidential information; any changes in the funding, financial viability or our relationships with our payors; pandemic infectious diseases, including the COVID-19 pandemic; disruptions to our contact center operations caused by health epidemics or pandemics like COVID-19; delays in collection, or non-collection, of our accounts receivable, particularly during any business integration; an impairment of our goodwill and long-lived assets; any failure to maintain or to develop reliable, efficient and secure information technology systems; an inability to attract and retain qualified employees; any acquisition or acquisition integration efforts; estimated income taxes being different from income taxes that we ultimately pay; 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; a 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, or CON, 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 that we acquired with our personal care segment; 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; our experiencing labor shortages in qualified employees and management; labor disputes or disruptions, in particular in New York; becoming subject to malpractice 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; and our lack of sole decision-making authority with respect to our minority investment in Matrix and any failure by Matrix to achieve positive financial results of operations.

The Company has provided additional information about the risks facing our business in our annual report on Form 10-K and subsequent periodic and current reports most recently filed with the Securities and Exchange Commission. 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.


Investor Relations Contact
Kevin Ellich,
Head of Investor Relations
(303) 728-7012
Kevin.Ellich@modivcare.com


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Modivcare Inc.
Page 4

Modivcare Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
Three months ended March 31,
20232022
Service revenue, net$662,306 $574,475 
Grant income1,464 468 
Operating expenses:  
    Service expense550,266 459,315 
    General and administrative expense79,713 76,808 
    Depreciation and amortization25,693 23,946 
Total operating expenses655,672 560,069 
Operating income8,098 14,874 
Interest expense, net15,958 15,400 
Loss before income taxes and equity method investment
(7,860)(526)
Benefit for income taxes(1,873)(361)
Equity in net income of investee, net of tax(2,025)(483)
Net income (loss)$(3,962)$318 
Earnings (loss) per common share:
Basic$(0.28)$0.02 
Diluted$(0.28)$0.02 
Weighted-average number of common shares outstanding:
    Basic14,163,511 14,023,585 
    Diluted14,163,511 14,123,825 

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Modivcare Inc.
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Modivcare Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
March 31, 2023December 31, 2022
Assets
Current assets:
    Cash and cash equivalents$12,848 $14,451 
    Accounts receivable, net296,745 294,341 
    Other current assets(1)
38,638 37,362 
Total current assets348,231 346,154 
Property and equipment, net76,252 69,138 
Goodwill and intangible assets, net1,388,576 1,408,063 
Equity investment43,698 41,303 
Operating lease right-of-use assets40,311 39,405 
Other long-term assets44,461 40,209 
Total assets$1,941,529 $1,944,272 
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings$15,000 $— 
Accounts payable54,987 54,959 
Accrued contract payables187,620 194,287 
Accrued expenses and other current liabilities 132,978 135,860 
Accrued transportation costs93,726 96,851 
Current portion of operating lease liabilities9,852 9,640 
Total current liabilities494,163 491,597 
Long-term debt, net of deferred financing costs980,433 979,361 
Operating lease liabilities, less current portion32,867 32,088 
Other long-term liabilities(2)
82,968 86,670 
Total liabilities1,590,431 1,589,716 
Stockholders' equity
Stockholders' equity351,098 354,556 
Total liabilities and stockholders' equity
$1,941,529 $1,944,272 

(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.

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Modivcare Inc.
Page 6

Modivcare Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Three months ended March 31,
20232022
Operating activities
Net income (loss)$(3,962)$318 
  Depreciation and amortization25,693 23,946 
  Stock-based compensation1,124 2,049 
  Equity in net income of investee(2,810)(671)
Deferred income taxes(3,624)(6,587)
Reduction of right-of-use asset3,547 2,884 
Other non-cash items(1)
(2,975)(1,996)
  Changes in working capital(2)
(19,648)51,542 
Net cash provided by (used in) operating activities(2,655)71,485 
Investing activities
Purchase of property and equipment(13,320)(8,584)
Net cash used in investing activities(13,320)(8,584)
Financing activities
Proceeds from short-term borrowings15,000 — 
Debt issuance costs— (2,415)
Proceeds from common stock issued pursuant to stock option exercise
— 1,138 
Restricted stock surrendered for employee tax payment(620)(572)
Net cash provided by (used in) financing activities14,380 (1,849)
Net change in cash, cash equivalents and restricted cash(1,595)61,052 
Cash, cash equivalents and restricted cash at beginning of period14,975 133,422 
Cash, cash equivalents and restricted cash at end of period$13,380 $194,474 

(1) Includes provision for doubtful accounts and amortization of deferred financing costs and debt discount.
(2) Includes accounts receivable and other receivables, prepaid expenses and other current assets, accrued contract payables, accounts payable and accrued expenses, accrued transportation costs and other long-term liabilities.


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Modivcare Inc.
Page 7

Modivcare Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures
Segment Information and Adjusted EBITDA
(in thousands)

Three months ended March 31, 2023
NEMTPersonal CareRPMCorporateTotal
Service revenue, net$469,463 $174,131 $18,712 $— $662,306 
Grant income— 1,464 — — 1,464 
Operating expenses:
  Service expense407,686 136,090 6,490 — 550,266 
  General and administrative expense33,875 22,663 5,769 17,406 79,713 
  Depreciation and amortization6,766 12,868 5,854 205 25,693 
Total operating expenses448,327 171,621 18,113 17,611 655,672 
Operating income (loss)21,136 3,974 599 (17,611)8,098 
Interest expense, net— — — 15,958 15,958 
Income (loss) before income taxes and equity method investment21,136 3,974 599 (33,569)(7,860)
Provision (benefit) for income taxes5,618 1,149 170 (8,810)(1,873)
Equity in net income of investee, net of tax(653)— — (1,372)(2,025)
Net income (loss)16,171 2,825 429 (23,387)(3,962)
Interest expense, net— — — 15,958 15,958 
Provision (benefit) for income taxes5,618 1,149 170 (8,810)(1,873)
Depreciation and amortization6,766 12,868 5,854 205 25,693 
EBITDA28,555 16,842 6,453 (16,034)35,816 
Restructuring and related costs(1)
7,099 — — 7,346 14,445 
Transaction and integration costs(2)
— 277 32 564 873 
Settlement related costs275 — — — 275 
Stock-based compensation— — — 848 848 
Equity in net income of investee, net of tax(653)— — (1,372)(2,025)
Adjusted EBITDA$35,276 $17,119 $6,485 $(8,648)$50,232 

(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 ("SOX") implementation and business integration efforts.

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Modivcare Inc.
Page 8

Modivcare Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures
Segment Information and Adjusted EBITDA
(in thousands)

Three months ended March 31, 2022
NEMTPersonal CareRPMCorporateTotal
Service revenue, net$400,920 $159,698 $13,857 $— $574,475 
Grant income— 468 — — 468 
Operating expenses:
  Service expense332,096 122,232 4,987 — 459,315 
  General and administrative expense37,333 23,133 4,962 11,380 76,808 
  Depreciation and amortization7,105 12,505 4,128 208 23,946 
Total operating expenses376,534 157,870 14,077 11,588 560,069 
Operating income (loss)24,386 2,296 (220)(11,588)14,874 
Interest expense, net— — — 15,400 15,400 
Income (loss) before income taxes and equity method investment24,386 2,296 (220)(26,988)(526)
Provision (benefit) for income taxes6,575 640 (58)(7,518)(361)
Equity in net (income) loss of investee, net of tax65 — — (548)(483)
Net income (loss)17,746 1,656 (162)(18,922)318 
Interest expense, net— — — 15,400 15,400 
Provision (benefit) for income taxes6,575 640 (58)(7,518)(361)
Depreciation and amortization7,105 12,505 4,128 208 23,946 
EBITDA31,426 14,801 3,908 (10,832)39,303 
Restructuring and related costs(1)
5,604 181 24 31 5,840 
Transaction and integration costs(2)
— 1,273 647 1,791 3,711 
Cash settled equity— — — (13)(13)
Stock-based compensation— 17 29 1,420 1,466 
COVID-19 related costs, net of grant income122 349 — — 471 
Equity in net (income) loss of investee, net of tax65 — — (548)(483)
Adjusted EBITDA$37,217 $16,621 $4,608 $(8,151)$50,295 

(1) Restructuring and related costs include professional services costs and severance and recruiting costs.
(2) Transaction and integration costs include SOX integration efforts at recently acquired subsidiaries and acquisition costs.

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Modivcare Inc.
Page 9

Modivcare Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Net Income per Common Share
(in thousands, except share and per share data)

Three months ended March 31,
20232022
Net income (loss)$(3,962)$318 
Restructuring and related costs(1)
14,445 5,840 
Transaction and integration costs(2)
873 3,711 
Settlement related costs275 — 
Cash settled equity— (13)
Stock-based compensation848 1,466 
Equity in net income of investee, net of tax(2,025)(483)
Intangible amortization expense19,901 19,490 
COVID-19 related costs, net of grant income— 471 
Tax effected impact of adjustments(10,154)(8,629)
Adjusted net income$20,201 $22,171 
Adjusted EPS$1.42 $1.57 
Diluted weighted-average number of common shares outstanding14,193,257 14,123,825 

(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.

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Modivcare Inc.
Page 10

Modivcare Inc.
Unaudited Key Statistical and Financial Data
(in thousands, except for statistical data)

Three months endedThree months ended
March 31, 2023March 31, 2022% ChangeDecember 31, 2022QoQ % Change
NEMT Segment
Service revenue, net$469,463 $400,920 17.1 %$458,993 2.3 %
Purchased services expense344,420 277,947 23.9 %331,708 3.8 %
Payroll and other expense63,266 54,149 16.8 %54,938 15.2 %
Service expense$407,686 $332,096 22.8 %$386,646 5.4 %
Gross profit$61,777 $68,824 (10.2)%$72,347 (14.6)%
Gross margin13.2 %17.2 %15.8 %
G&A expense$33,875 $37,333 (9.3)%$44,199 (23.4)%
G&A expense adjustments:
Restructuring and related costs7,099 5,604 26.7 %13,869 (48.8)%
Transaction and integration costs— — N/M4,219 —%
Settlement related costs275 — N/M— N/M
Adjusted G&A expense$26,501 $31,729 (16.5)%$26,111 1.5 %
Adjusted G&A expense % of revenue5.6 %7.9 %5.7 %
Net income$16,171 $17,746 (8.9)%$17,204 (6.0)%
Net income margin3.4 %4.4 %3.7 %
Adjusted EBITDA$35,276 $37,217 (5.2)%$46,260 (23.7)%
Adjusted EBITDA margin7.5 %9.3 %10.1 %
Total paid trips (in thousands)8,202 7,111 15.3 %7,807 5.1 %
Average monthly members (in thousands)33,704 32,176 4.7 %34,819 (3.2)%
Revenue per member per month$4.64 $4.15 11.8 %$4.39 5.7 %
Revenue per trip$57.24 $56.38 1.5 %$58.79 (2.6)%
Monthly utilization8.1 %7.4 %7.5 %
Purchased services per trip$41.99 $39.09 7.4 %$42.49 (1.2)%
Payroll and other per trip$7.71 $7.61 1.3 %$7.04 9.5 %
Total service expense per trip$49.70 $46.70 6.4 %$49.53 0.3 %

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


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Modivcare Inc.
Page 11

Modivcare Inc.
Unaudited Key Statistical and Financial Data
(in thousands, except for statistical data)

Three months endedThree months ended
March 31, 2023March 31, 2022% ChangeDecember 31, 2022QoQ % Change
Personal Care Segment
Service revenue, net$174,131 $159,698 9.0 %$176,013 (1.1)%
Service expense 136,090 122,232 11.3 %140,642 (3.2)%
Gross profit$38,041 $37,466 1.5 %$35,371 7.5 %
Gross Margin21.8 %23.5 %20.1 %
G&A expense$22,663 $23,133 (2.0)%$22,829 (0.7)%
G&A expense adjustments
Restructuring and related costs— 181 (100.0)%(6)(100.0)%
Transaction and integration costs277 1,273 (78.2)%1,216 (77.2)%
Stock-based compensation— 17 (100.0)%— N/M
Adjusted G&A expense$22,386 $21,662 3.3 %$21,619 3.5 %
Adjusted G&A expense % of revenue12.9 %13.6 %12.3 %
Net income$2,825 $1,656 70.6 %$2,349 20.3 %
Net income margin1.6 %1.0 %1.3 %
Adjusted EBITDA$17,119 $16,621 3.0 %$16,559 3.4 %
Adjusted EBITDA margin9.8 %10.4 %9.4 %
Total hours (in thousands)6,824 6,535 4.4 %6,842 (0.3)%
Revenue per hour$25.52 $24.44 4.4 %$25.73 (0.8)%
Service expense per hour$19.94 $18.70 6.6 %$20.56 (3.0)%

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


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Modivcare Inc.
Page 12

Modivcare Inc.
Unaudited Key Statistical and Financial Data
(in thousands, except for statistical data)

Three months endedThree months ended
March 31, 2023March 31, 2022% ChangeDecember 31, 2022QoQ % Change
RPM Segment
Service revenue, net$18,712 $13,857 35.0 %$18,915 (1.1)%
Service expense6,490 4,987 30.1 %6,678 (2.8)%
Gross profit$12,222 $8,870 37.8 %$12,237 (0.1)%
Gross Margin65.3 %64.0 %64.7 %
G&A expense$5,769 $4,962 16.3 %$5,636 2.4 %
G&A expense adjustments
Restructuring and related costs— 24 (100.0)%— N/M
Transaction and integration costs32 647 (95.1)%174 (81.6)%
Stock-based compensation— 29 (100.0)%— N/M
Adjusted G&A expense$5,737 $4,262 34.6 %$5,462 5.0 %
Adjusted G&A expense % of revenue30.7 %30.8 %28.9 %
Net income (loss)$429 $(162)N/M$672 (36.2)%
Net income (loss) margin2.3 %(1.2)%3.6 %
Adjusted EBITDA$6,485 $4,608 40.7 %$6,775 (4.3)%
Adjusted EBITDA margin34.7 %33.3 %35.8 %
Average monthly members (in thousands)235 169 39.1 %236 (0.4)%
Revenue per member per month$26.54 $27.33 (2.9)%$26.72 (0.7)%
Service expense per member per month$9.21 $9.84 (6.4)%$9.43 (2.3)%

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



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Modivcare Inc.
Page 13

Modivcare Inc.
Unaudited Key Statistical and Financial Data
(in thousands)

Three months endedThree months ended
March 31, 2023March 31, 2022% ChangeDecember 31, 2022QoQ % Change
Corporate and Other Segment
G&A expense$17,406 $11,380 53.0 %$17,399 — %
G&A expense adjustments
Restructuring and related costs7,346 31 N/M— N/M
Transaction and integration costs564 1,791 (68.5)%2,050 (72.5)%
Settlement related costs— — N/M3,564 (100.0)%
Cash settled equity— (13)(100.0)%19 (100.0)%
Stock-based compensation848 1,420 (40.3)%1,823 (53.5)%
Adjusted G&A expense $8,648 $8,151 6.1 %$9,943 (13.0)%
Adjusted G&A expense % of consolidated revenue1.3 %1.4 %1.5 %

Three months endedThree months ended
March 31, 2023March 31, 2022% ChangeDecember 31, 2022QoQ % Change
Consolidated Modivcare
G&A expense$79,713 $76,808 3.8 %$90,063 (11.5)%
G&A expense adjustments
Restructuring and related costs14,445 5,840 147.3 %13,863 4.2 %
Transaction and integration costs873 3,711 (76.5)%7,659 (88.6)%
Settlement related costs275 — N/M3,564 (92.3)%
Cash settled equity— (13)(100.0)%19 (100.0)%
Stock-based compensation848 1,466 (42.2)%1,823 (53.5)%
Adjusted G&A expense $63,272 $65,804 (3.8)%$63,135 0.2 %
Adjusted G&A expense % of revenue9.6 %11.5 %9.7 %

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


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Cover
May 04, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 04, 2023
Entity Registrant Name ModivCare Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34221
Entity Tax Identification Number 86-0845127
Entity Address, Address Line One 6900 E Layton Avenue, 12th Floor,
Entity Address, City or Town Denver,
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80237
City Area Code 303
Local Phone Number 728-7030
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol MODV
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001220754
Amendment Flag false
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