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Modivcare Reports Third Quarter 2022 Financial Results and Updates 2022 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 patient outcomes, today reported financial results for the three and nine months ended September 30, 2022.

Third Quarter 2022 Highlights:

  • Revenue of $647.8 million, a 31.4% increase as compared to $493.1 million in Q3 2021
  • Net loss of $28.5 million or $2.03 per diluted common share was primarily attributable to a goodwill impairment for Matrix
  • Adjusted EBITDA of $51.8 million, Adjusted Net Income of $22.7 million and Adjusted EPS of $1.61
  • Net cash used in operating activities during the quarter of $5.7 million
  • Cash and cash equivalents of $72.7 million as of September 30, 2022, with $1,000.0 million principal amount of debt outstanding related to the Senior Unsecured Notes due 2025 and 2029
  • Undrawn $325.0 million revolving credit facility as of September 30, 2022

“We delivered another solid quarter highlighted by over 30 percent revenue growth as compared to the same quarter last year, driven by 23 percent membership growth from our non-emergency medical transportation business and 43 percent revenue growth from our personal care business,” said Heath Sampson, President and Chief Executive Officer. “Modivcare is a uniquely positioned supportive care platform company focused on addressing the social determinants of health for our country’s most vulnerable population. Our team is focused on executing our plan to provide high-quality care and the best experience to our members while we also progress on cross-selling, bundling, and value-based care initiatives. I am very excited about the opportunity to continue to improve outcomes for our members and reduce costs through our services while creating meaningful long-term shareholder value. I want to thank our team members at Modivcare for their hard work and dedication executing our purpose and vision this quarter.”

Third Quarter 2022 Results

For the third quarter of 2022, the Company reported revenue of $647.8 million, an increase of 31.4% from $493.1 million in the third quarter of 2021.

Operating income was $12.4 million, or 1.9% of revenue, in the third quarter of 2022, compared to operating income of $13.0 million, or 2.6% of revenue, in the third quarter of 2021. Net loss in the third quarter of 2022 was $28.5 million, or $2.03 per diluted common share, compared to net loss of $7.6 million, or $0.54 per diluted common share, in the third quarter of 2021. Our net loss in the third quarter of 2022 is attributable primarily to a loss from our equity investment in Matrix of $26.4 million, net of tax, due to a goodwill impairment taken by one of their segments.

Adjusted EBITDA was $51.8 million, or 8.0% of revenue, in the third quarter of 2022, compared to $44.3 million, or 9.0% of revenue, in the third quarter of 2021.

Adjusted Net Income in the third quarter of 2022 was $22.7 million, or $1.61 per diluted common share, compared to $23.1 million, or $1.63 per diluted common share, in the third quarter of 2021.

The year-over-year increase in revenue was primarily due to incremental revenue of $34.5 million and $12.5 million associated with the acquisitions of Care Finders and VRI, respectively. NEMT revenue also increased year-over-year due to higher trip volume, which drove higher revenue per member in the third quarter of 2022.

Adjusted EBITDA increased in the third quarter of 2022 due to incremental contribution from Care Finders and VRI. This was partially offset by higher corporate general and administrative cost as the Company continued to make investments in its employees and technology.

Updated 2022 Guidance

We are updating our 2022 guidance as follows ($ in millions):

 

Updated

 

Previous

 

Low

 

High

 

Low

 

High

Revenue

$

2,450

 

$

2,475

 

$

2,375

 

$

2,400

Adjusted EBITDA

$

210

 

$

220

 

$

210

 

$

220

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

Organizational Consolidation and Change in Segments

We operate four reportable business segments: NEMT, Personal Care, RPM, and Corporate and Other. Effective January 1, 2022, the Company completed its segment reorganization which resulted in the addition of a Corporate segment that includes the costs associated with the Company's corporate operations. The operating results of our Corporate segment include our activities related to executive, accounting, finance, internal audit, tax, legal and certain strategic and corporate development functions for each segment, as well as the results of our Matrix investment. The Company reclassified certain costs associated with this reorganization for the three and nine months ended September 30, 2021 to conform to this presentation.

Third Quarter Earnings Conference Call

Modivcare will hold a conference call to discuss its financial results on Thursday, November 3, 2022 at 8:00 a.m. ET. To access the call, please dial:

US toll-free: 1 (888) 428-7458

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 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, Adjusted EBITDA margin and Adjusted G&A expense for the Company and its segments, and Adjusted Net Income and Adjusted EPS for the Company, 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 charges, including severance and organizational consolidation costs and professional services fees, (2) certain transaction and related costs, (3) cash settled equity, (4) stock-based compensation, (5) COVID-19 related costs, net of grant income, 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 is calculated as net income (loss) before: (1) restructuring and related charges, including severance and organizational consolidation costs and professional services fees (2) certain transaction and related costs, (3) cash settled equity, (4) stock-based compensation, (5) equity in net (income) loss of investee, net of tax (6) intangible amortization expense, (7) COVID-19 related costs, net of grant income, (8) transaction related financing expense, 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 charges, (2) transaction costs, (3) cash settled equity, and (4) stock-based compensation. We do not provide updated 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 long-lived assets; any failure to maintain or to develop further reliable, efficient and secure information technology systems; an inability to attract and retain qualified employees; any acquisition or acquisition integration efforts; 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; 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; acquired unknown liabilities in connection with the acquisition of 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 shortages in qualified employees and management; labor disputes or disruptions, in particular in New York; becoming subject to malpractice or other similar claims; and our reliance on others for the financial condition of our equity investment in Matrix.

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.

Modivcare Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Service revenue, net

 

$

647,782

 

 

$

493,059

 

 

$

1,850,472

 

 

$

1,421,117

Grant income

 

 

789

 

 

 

 

 

 

4,587

 

 

 

3,500

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Service expense

 

 

534,563

 

 

 

399,272

 

 

 

1,498,108

 

 

 

1,139,170

General and administrative expense

 

 

75,889

 

 

 

68,205

 

 

 

232,108

 

 

 

179,595

Depreciation and amortization

 

 

25,672

 

 

 

12,608

 

 

 

74,376

 

 

 

36,667

Total operating expenses

 

 

636,124

 

 

 

480,085

 

 

 

1,804,592

 

 

 

1,355,432

 

 

 

 

 

 

 

 

 

Operating income

 

 

12,447

 

 

 

12,974

 

 

 

50,467

 

 

 

69,185

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

 

Interest expense, net

 

 

15,557

 

 

 

17,702

 

 

 

46,429

 

 

 

34,412

Income (loss) before income taxes and equity method investment

 

 

(3,110

)

 

 

(4,728

)

 

 

4,038

 

 

 

34,773

Provision (benefit) for income taxes

 

 

(1,053

)

 

 

(2,001

)

 

 

877

 

 

 

8,409

Equity in net loss of investee, net of tax

 

 

26,448

 

 

 

4,845

 

 

 

28,020

 

 

 

1,424

Net income (loss)

 

$

(28,505

)

 

$

(7,572

)

 

$

(24,859

)

 

$

24,940

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

Basic

 

$

(2.03

)

 

$

(0.54

)

 

$

(1.77

)

 

$

1.77

Diluted

 

$

(2.03

)

 

$

(0.54

)

 

$

(1.77

)

 

$

1.75

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,051,794

 

 

 

13,993,438

 

 

 

14,041,224

 

 

 

14,102,371

Diluted

 

 

14,051,794

 

 

 

13,993,438

 

 

 

14,041,224

 

 

 

14,278,331

Modivcare Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 

 

 

 

 

 

 

September 30, 2022

 

December 31, 2021

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

72,703

 

$

133,139

Accounts receivable, net

 

 

266,177

 

 

233,121

Other current assets (1)

 

 

42,826

 

 

43,574

Total current assets

 

 

381,706

 

 

409,834

Property and equipment, net

 

 

67,413

 

 

53,549

Goodwill and intangible assets, net

 

 

1,428,210

 

 

1,415,000

Equity investment

 

 

43,477

 

 

83,069

Operating lease right-of-use assets

 

 

38,368

 

 

43,750

Other long-term assets

 

 

30,671

 

 

22,223

Total assets

 

$

1,989,845

 

$

2,027,425

 

 

 

 

 

Liabilities and stockholders' equity

Current liabilities:

 

 

 

 

Accounts payable

 

$

44,242

 

$

8,690

Accrued contract payables

 

 

243,800

 

 

281,586

Accrued expenses and other current liabilities

 

 

145,217

 

 

123,791

Accrued transportation costs

 

 

90,114

 

 

103,294

Current portion of operating lease liabilities

 

 

10,134

 

 

9,873

Total current liabilities

 

 

533,507

 

 

527,234

Long-term debt, net of deferred financing costs

 

 

978,301

 

 

975,225

Operating lease liabilities, less current portion

 

 

30,595

 

 

34,524

Other long-term liabilities (2)

 

 

93,294

 

 

117,175

Total liabilities

 

 

1,635,697

 

 

1,654,158

 

 

 

 

 

Stockholders' equity

 

 

 

 

Stockholders' equity

 

 

354,148

 

 

373,267

Total liabilities and stockholders' equity

 

$

1,989,845

 

$

2,027,425

(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)

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2022

 

2021

Operating activities

 

 

 

 

Net income (loss)

 

$

(24,859

)

 

$

24,940

 

Depreciation and amortization

 

 

74,376

 

 

 

36,667

 

Stock-based compensation

 

 

5,152

 

 

 

4,225

 

Equity in net loss of investee

 

 

38,883

 

 

 

1,978

 

Deferred income taxes

 

 

(31,232

)

 

 

(3,295

)

Reduction of right-of-use asset

 

 

8,680

 

 

 

8,681

 

Other non-cash items (1)

 

 

1,208

 

 

 

463

 

Changes in working capital (2)

 

 

(26,682

)

 

 

101,035

 

Net cash provided by operating activities

 

 

45,526

 

 

 

174,694

 

 

 

 

 

 

Investing activities

 

 

 

 

Purchase of property and equipment

 

 

(25,518

)

 

 

(13,852

)

Acquisition, net of cash acquired

 

 

(78,872

)

 

 

(667,228

)

Net cash used in investing activities

 

 

(104,390

)

 

 

(681,080

)

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from debt

 

 

100,000

 

 

 

625,000

 

Repayment of debt

 

 

(100,000

)

 

 

(125,000

)

Debt issuance costs

 

 

(2,415

)

 

 

(13,486

)

Repurchase of common stock, for treasury

 

 

 

 

 

(39,040

)

Proceeds from common stock issued pursuant to stock option exercise

 

 

1,237

 

 

 

3,099

 

Restricted stock surrendered for employee tax payment

 

 

(649

)

 

 

(851

)

Net cash provided by (used in) financing activities

 

 

(1,827

)

 

 

449,722

 

 

 

 

 

 

Net change in cash, cash equivalents and restricted cash

 

 

(60,691

)

 

 

(56,664

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

133,422

 

 

 

183,356

 

Cash, cash equivalents and restricted cash at end of period

 

$

72,731

 

 

$

126,692

 

(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.

Modivcare Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures

Segment Information and Adjusted EBITDA

(in thousands)

 

 

Three months ended September 30, 2022

 

NEMT

 

Personal

Care

 

RPM

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

459,796

 

 

$

169,226

 

$

18,760

 

$

 

 

$

647,782

 

Grant income

 

 

 

 

789

 

 

 

 

 

 

 

789

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Service expense

 

394,981

 

 

 

132,746

 

 

6,836

 

 

 

 

 

534,563

 

General and administrative expense

 

31,815

 

 

 

22,057

 

 

5,816

 

 

16,201

 

 

 

75,889

 

Depreciation and amortization

 

7,079

 

 

 

12,919

 

 

5,467

 

 

207

 

 

 

25,672

 

Total operating expenses

 

433,875

 

 

 

167,722

 

 

18,119

 

 

16,408

 

 

 

636,124

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

25,921

 

 

 

2,293

 

 

641

 

 

(16,408

)

 

 

12,447

 

 

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

15,557

 

 

 

15,557

 

Income (loss) before income taxes and equity method investment

 

25,921

 

 

 

2,293

 

 

641

 

 

(31,965

)

 

 

(3,110

)

Provision (benefit) for income taxes

 

6,978

 

 

 

661

 

 

179

 

 

(8,871

)

 

 

(1,053

)

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

 

(208

)

 

 

 

 

 

 

26,656

 

 

 

26,448

 

Net income (loss)

 

19,151

 

 

 

1,632

 

 

462

 

 

(49,750

)

 

 

(28,505

)

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

15,557

 

 

 

15,557

 

Provision (benefit) for income taxes

 

6,978

 

 

 

661

 

 

179

 

 

(8,871

)

 

 

(1,053

)

Depreciation and amortization

 

7,079

 

 

 

12,919

 

 

5,467

 

 

207

 

 

 

25,672

 

EBITDA

 

33,208

 

 

 

15,212

 

 

6,108

 

 

(42,857

)

 

 

11,671

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

902

 

 

 

582

 

 

39

 

 

565

 

 

 

2,088

 

Transaction costs (2)

 

5,506

 

 

 

2,231

 

 

471

 

 

2,691

 

 

 

10,899

 

Cash settled equity

 

 

 

 

 

 

 

 

82

 

 

 

82

 

Stock-based compensation

 

 

 

 

 

 

 

 

1

 

 

 

1

 

COVID-19 related costs, net of grant income

 

(51

)

 

 

659

 

 

 

 

 

 

 

608

 

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

 

(208

)

 

 

 

 

 

 

26,656

 

 

 

26,448

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

39,357

 

 

$

18,684

 

$

6,618

 

$

(12,862

)

 

$

51,797

 

(1)

Restructuring and related charges include severance, organizational consolidation costs and professional fees.

(2)

Transaction costs include integration efforts at recently acquired subsidiaries related to Sarbanes-Oxley Act of 2002 ("SOX") compliance and acquisition costs.

(3)

Effective January 1, 2022, the Company completed its segment reorganization which resulted in the addition of a Corporate segment that includes the costs associated with the Company's corporate operations. Through this reorganization, it was also determined that the Matrix Investment is no longer a reportable segment, and is now reported within the Corporate segment. Prior period segment amounts have been reclassified to conform to the current presentation.

Modivcare Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures

Segment Information and Adjusted EBITDA

(in thousands)

 

 

Three months ended September 30, 2021

 

NEMT

 

Personal

Care

 

RPM

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

372,992

 

$

118,503

 

$

1,564

 

$

 

 

$

493,059

 

Grant income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Service expense

 

304,398

 

 

94,107

 

 

767

 

 

 

 

 

399,272

 

General and administrative expense

 

29,875

 

 

15,802

 

 

216

 

 

22,312

 

 

 

68,205

 

Depreciation and amortization

 

7,496

 

 

4,912

 

 

200

 

 

 

 

 

12,608

 

Total operating expenses

 

341,769

 

 

114,821

 

 

1,183

 

 

22,312

 

 

 

480,085

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

31,223

 

 

3,682

 

 

381

 

 

(22,312

)

 

 

12,974

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

17,702

 

 

 

17,702

 

Income (loss) before income taxes and equity method investment

 

31,223

 

 

3,682

 

 

381

 

 

(40,014

)

 

 

(4,728

)

Provision (benefit) for income taxes

 

6,956

 

 

838

 

 

106

 

 

(9,901

)

 

 

(2,001

)

Equity in net loss of investee, net of tax

 

 

 

 

 

 

 

4,845

 

 

 

4,845

 

Net income (loss)

 

24,267

 

 

2,844

 

 

275

 

 

(34,958

)

 

 

(7,572

)

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

17,702

 

 

 

17,702

 

Provision (benefit) for income taxes

 

6,956

 

 

838

 

 

106

 

 

(9,901

)

 

 

(2,001

)

Depreciation and amortization

 

7,496

 

 

4,912

 

 

200

 

 

 

 

 

12,608

 

EBITDA

 

38,719

 

 

8,594

 

 

581

 

 

(27,157

)

 

 

20,737

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

2,521

 

 

 

 

 

 

717

 

 

 

3,238

 

Transaction costs (2)

 

376

 

 

1,177

 

 

 

 

9,739

 

 

 

11,292

 

Cash settled equity

 

 

 

 

 

 

 

2,600

 

 

 

2,600

 

Stock-based compensation

 

 

 

 

 

 

 

1,218

 

 

 

1,218

 

COVID-19 related costs, net of grant income

 

165

 

 

229

 

 

 

 

 

 

 

394

 

Equity in net loss of investee, net of tax

 

 

 

 

 

 

 

4,845

 

 

 

4,845

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

41,781

 

$

10,000

 

$

581

 

$

(8,038

)

 

$

44,324

 

(1)

Restructuring and related charges include severance, organizational consolidation costs and professional fees.

(2)

Transaction costs include Circulation MIP costs and certain transaction-related expenses.

(3)

Effective January 1, 2022, the Company completed its segment reorganization which resulted in the addition of a Corporate segment that includes the costs associated with the Company's corporate operations. Through this reorganization, it was also determined that the Matrix Investment is no longer a reportable segment, and is now reported within the Corporate segment. Prior period segment amounts have been reclassified to conform to the current presentation.

Modivcare Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures

Segment Information and Adjusted EBITDA

(in thousands)

 

 

Nine months ended September 30, 2022

 

NEMT

 

Personal

Care

 

RPM

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

1,309,449

 

 

$

491,661

 

 

$

49,362

 

 

$

 

 

$

1,850,472

 

Grant income

 

 

 

 

4,587

 

 

 

 

 

 

 

 

 

4,587

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Service expense

 

1,100,801

 

 

 

379,423

 

 

 

17,884

 

 

 

 

 

 

1,498,108

 

General and administrative expense

 

102,736

 

 

 

68,536

 

 

 

17,520

 

 

 

43,316

 

 

 

232,108

 

Depreciation and amortization

 

21,576

 

 

 

37,976

 

 

 

14,201

 

 

 

623

 

 

 

74,376

 

Total operating expenses

 

1,225,113

 

 

 

485,935

 

 

 

49,605

 

 

 

43,939

 

 

 

1,804,592

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

84,336

 

 

 

10,313

 

 

 

(243

)

 

 

(43,939

)

 

 

50,467

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

46,429

 

 

 

46,429

 

Income (loss) before income taxes and equity method investment

 

84,336

 

 

 

10,313

 

 

 

(243

)

 

 

(90,368

)

 

 

4,038

 

Provision (benefit) for income taxes

 

23,116

 

 

 

2,902

 

 

 

(68

)

 

 

(25,073

)

 

 

877

 

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

 

(143

)

 

 

 

 

 

 

 

 

28,163

 

 

 

28,020

 

Net income (loss)

 

61,363

 

 

 

7,411

 

 

 

(175

)

 

 

(93,458

)

 

 

(24,859

)

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

46,429

 

 

 

46,429

 

Provision (benefit) for income taxes

 

23,116

 

 

 

2,902

 

 

 

(68

)

 

 

(25,073

)

 

 

877

 

Depreciation and amortization

 

21,576

 

 

 

37,976

 

 

 

14,201

 

 

 

623

 

 

 

74,376

 

EBITDA

 

106,055

 

 

 

48,289

 

 

 

13,958

 

 

 

(71,479

)

 

 

96,823

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

11,359

 

 

 

763

 

 

 

63

 

 

 

950

 

 

 

13,135

 

Transaction costs (2)

 

5,506

 

 

 

6,334

 

 

 

2,753

 

 

 

7,719

 

 

 

22,312

 

Cash settled equity

 

 

 

 

 

 

 

 

 

 

89

 

 

 

89

 

Stock-based compensation

 

 

 

 

190

 

 

 

86

 

 

 

3,861

 

 

 

4,137

 

COVID-19 related costs, net of grant income

 

105

 

 

 

(2,370

)

 

 

 

 

 

 

 

 

(2,265

)

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

 

(143

)

 

 

 

 

 

 

 

 

28,163

 

 

 

28,020

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

122,882

 

 

$

53,206

 

 

$

16,860

 

 

$

(30,697

)

 

$

162,251

 

(1)

Restructuring and related charges include severance, organizational consolidation costs and professional fees.

(2)

Transaction costs include SOX integration efforts at recently acquired subsidiaries and acquisition costs.

(3)

Effective January 1, 2022, the Company completed its segment reorganization which resulted in the addition of a Corporate segment that includes the costs associated with the Company's corporate operations. Through this reorganization, it was also determined that the Matrix Investment is no longer a reportable segment, and is now reported within the Corporate segment. Prior period segment amounts have been reclassified to conform to the current presentation.

Modivcare Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures

Segment Information and Adjusted EBITDA

(in thousands)

 

 

Nine months ended September 30, 2021

 

NEMT

 

Personal

Care

 

RPM

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

1,081,168

 

$

338,385

 

 

$

1,564

 

$

 

 

$

1,421,117

 

Grant income

 

 

 

3,500

 

 

 

 

 

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Service expense

 

869,470

 

 

268,933

 

 

 

767

 

 

 

 

 

1,139,170

 

General and administrative expense

 

85,961

 

 

45,606

 

 

 

216

 

 

47,812

 

 

 

179,595

 

Depreciation and amortization

 

21,744

 

 

14,723

 

 

 

200

 

 

 

 

 

36,667

 

Total operating expenses

 

977,175

 

 

329,262

 

 

 

1,183

 

 

47,812

 

 

 

1,355,432

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

103,993

 

 

12,623

 

 

 

381

 

 

(47,812

)

 

 

69,185

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

34,412

 

 

 

34,412

 

Income (loss) before income taxes and equity method investment

 

103,993

 

 

12,623

 

 

 

381

 

 

(82,224

)

 

 

34,773

 

Provision (benefit) for income taxes

 

26,379

 

 

3,194

 

 

 

106

 

 

(21,270

)

 

 

8,409

 

Equity in net loss of investee, net of tax

 

 

 

 

 

 

 

 

1,424

 

 

 

1,424

 

Net income (loss)

 

77,614

 

 

9,429

 

 

 

275

 

 

(62,378

)

 

 

24,940

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

34,412

 

 

 

34,412

 

Provision (benefit) for income taxes

 

26,379

 

 

3,194

 

 

 

106

 

 

(21,270

)

 

 

8,409

 

Depreciation and amortization

 

21,744

 

 

14,723

 

 

 

200

 

 

 

 

 

36,667

 

EBITDA

 

125,737

 

 

27,346

 

 

 

581

 

 

(49,236

)

 

 

104,428

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

10,059

 

 

 

 

 

 

 

1,480

 

 

 

11,539

 

Transaction costs (2)

 

586

 

 

3,467

 

 

 

 

 

14,383

 

 

 

18,436

 

Cash settled equity

 

 

 

 

 

 

 

 

9,145

 

 

 

9,145

 

Stock-based compensation

 

 

 

76

 

 

 

 

 

3,707

 

 

 

3,783

 

COVID-19 related costs, net of grant income

 

618

 

 

(1,871

)

 

 

 

 

 

 

 

(1,253

)

Equity in net loss of investee, net of tax

 

 

 

 

 

 

 

 

1,424

 

 

 

1,424

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

137,000

 

$

29,018

 

 

$

581

 

$

(19,097

)

 

$

147,502

 

(1)

Restructuring and related charges include severance, organizational consolidation costs and professional fees.

(2)

Transaction costs include Circulation management incentive plan ("MIP") costs and certain transaction-related expenses.

(3)

Effective January 1, 2022, the Company completed its segment reorganization which resulted in the addition of a Corporate segment that includes the costs associated with the Company's corporate operations. Through this reorganization, it was also determined that the Matrix Investment is no longer a reportable segment, and is now reported within the Corporate segment. Prior period segment amounts have been reclassified to conform to the current presentation.

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 September 30,

 

Nine months ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(28,505

)

 

$

(7,572

)

 

$

(24,859

)

 

$

24,940

 

 

 

 

 

 

 

 

 

Restructuring and related charges(1)

 

2,088

 

 

 

3,238

 

 

 

13,135

 

 

 

11,539

 

Transaction costs(2)

 

10,899

 

 

 

11,292

 

 

 

22,312

 

 

 

18,436

 

Cash settled equity

 

82

 

 

 

2,600

 

 

 

89

 

 

 

9,145

 

Stock-based compensation

 

1

 

 

 

1,218

 

 

 

4,137

 

 

 

3,783

 

Equity in net loss of investee, net of tax

 

26,448

 

 

 

4,845

 

 

 

28,020

 

 

 

1,424

 

Intangible amortization expense

 

20,727

 

 

 

9,177

 

 

 

59,978

 

 

 

27,827

 

Transaction related financing expense

 

 

 

 

6,630

 

 

 

 

 

 

6,630

 

COVID-19 related costs, net of grant income

 

608

 

 

 

394

 

 

 

(2,265

)

 

 

(1,253

)

Tax effected impact of adjustments

 

(9,649

)

 

 

(8,763

)

 

 

(26,964

)

 

 

(20,034

)

 

 

 

 

 

 

 

 

Adjusted Net Income

$

22,699

 

 

$

23,059

 

 

$

73,583

 

 

$

82,437

 

 

 

 

 

 

 

 

 

Adjusted EPS

$

1.61

 

 

$

1.63

 

 

$

5.21

 

 

$

5.77

 

 

 

 

 

 

 

 

 

Diluted weighted-average number of common shares outstanding

 

14,110,928

 

 

 

14,161,806

 

 

 

14,119,598

 

 

 

14,278,331

 

(1)

Restructuring and related charges include severance, organizational consolidation costs and professional fees.

(2)

Transaction costs include certain transaction-related expenses and SOX integration efforts.

Modivcare Inc.

Unaudited Key Statistical and Financial Data

(in thousands, except for statistical data)

 

 

Three months ended

 

 

 

Nine months ended

 

 

 

Three months

ended

 

 

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

June 30, 2022

 

QoQ %

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEMT Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

459,796

 

 

$

372,992

 

 

23.3

%

 

$

1,309,449

 

 

$

1,081,168

 

 

21.1

%

 

$

448,733

 

 

2.5

%

Purchased services expense

 

340,138

 

 

 

256,750

 

 

32.5

%

 

 

935,298

 

 

 

725,059

 

 

29.0

%

 

 

317,213

 

 

7.2

%

Payroll and other expense

 

54,843

 

 

 

47,648

 

 

15.1

%

 

 

165,503

 

 

 

144,411

 

 

14.6

%

 

 

56,511

 

 

(3.0

)%

Service expense

$

394,981

 

 

$

304,398

 

 

29.8

%

 

$

1,100,801

 

 

$

869,470

 

 

26.6

%

 

$

373,724

 

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

64,815

 

 

$

68,594

 

 

(5.5

)%

 

$

208,648

 

 

$

211,698

 

 

(1.4

)%

 

$

75,009

 

 

(13.6

)%

Gross margin

 

14.1

%

 

 

18.4

%

 

 

 

 

15.9

%

 

 

19.6

%

 

 

 

 

16.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

31,815

 

 

$

29,875

 

 

6.5

%

 

$

102,736

 

 

$

85,961

 

 

19.5

%

 

$

33,588

 

 

(5.3

)%

G&A expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

902

 

 

 

2,521

 

 

(64.2

)%

 

 

11,359

 

 

 

10,059

 

 

12.9

%

 

 

4,852

 

 

(81.4

)%

Transaction costs

 

5,506

 

 

 

376

 

 

1364.4

%

 

 

5,506

 

 

 

586

 

 

%

 

 

 

 

%

Adjusted G&A expense

$

25,407

 

 

$

26,978

 

 

(5.8

)%

 

$

85,871

 

 

$

75,316

 

 

14.0

%

 

$

28,736

 

 

(11.6

)%

Adjusted G&A expense % of revenue

 

5.5

%

 

 

7.2

%

 

 

 

 

6.6

%

 

 

7.0

%

 

 

 

 

6.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

19,151

 

 

$

24,267

 

 

(21.1

)%

 

$

61,363

 

 

$

77,614

 

 

(20.9

)%

 

$

24,466

 

 

(21.7

)%

Net income margin

 

4.2

%

 

 

6.5

%

 

 

 

 

4.7

%

 

 

7.2

%

 

 

 

 

5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

39,357

 

 

$

41,781

 

 

(5.8

)%

 

$

122,882

 

 

$

137,000

 

 

(10.3

)%

 

$

46,307

 

 

(15.0

)%

Adjusted EBITDA margin

 

8.6

%

 

 

11.2

%

 

 

 

 

9.4

%

 

 

12.7

%

 

 

 

 

10.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total paid trips (in thousands)

 

8,045

 

 

 

6,928

 

 

16.1

%

 

 

22,987

 

 

 

20,204

 

 

13.8

%

 

 

7,831

 

 

2.7

%

Average monthly members (in thousands)

 

36,026

 

 

 

29,387

 

 

22.6

%

 

 

33,998

 

 

 

29,863

 

 

13.8

%

 

 

33,792

 

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue per member per month

$

4.25

 

 

$

4.23

 

 

0.5

%

 

$

4.28

 

 

$

4.02

 

 

6.5

%

 

$

4.43

 

 

(4.1

)%

Revenue per trip

$

57.15

 

 

$

53.84

 

 

6.1

%

 

$

56.96

 

 

$

53.51

 

 

6.4

%

 

$

57.30

 

 

(0.3

)%

Monthly utilization

 

7.4

%

 

 

7.9

%

 

 

 

 

7.5

%

 

 

7.5

%

 

 

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased services per trip

$

42.28

 

 

$

37.06

 

 

14.1

%

 

$

40.69

 

 

$

35.89

 

 

13.4

%

 

$

40.51

 

 

4.4

%

Payroll and other per trip

$

6.82

 

 

$

6.88

 

 

(0.9

)%

 

$

7.20

 

 

$

7.15

 

 

0.7

%

 

$

7.22

 

 

(5.5

)%

Total service expense per trip

$

49.10

 

 

$

43.94

 

 

11.7

%

 

$

47.89

 

 

$

43.04

 

 

11.3

%

 

$

47.73

 

 

2.9

%

Modivcare Inc.

Unaudited Key Statistical and Financial Data

(in thousands, except for statistical data)

 

 

Three months ended

 

 

 

Nine months ended

 

 

 

Three months

ended

 

 

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

June 30, 2022

 

QoQ %

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Care Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

169,226

 

 

$

118,503

 

 

42.8

%

 

$

491,661

 

 

$

338,385

 

 

45.3

%

 

$

162,737

 

 

4.0

%

Service expense

 

132,746

 

 

 

94,107

 

 

41.1

%

 

 

379,423

 

 

 

268,933

 

 

41.1

%

 

 

124,445

 

 

6.7

%

Gross profit

$

36,480

 

 

$

24,396

 

 

49.5

%

 

$

112,238

 

 

$

69,452

 

 

61.6

%

 

$

38,292

 

 

(4.7

)%

Gross Margin

 

21.6

%

 

 

20.6

%

 

 

 

 

22.8

%

 

 

20.5

%

 

 

 

 

23.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

22,057

 

 

$

15,802

 

 

39.6

%

 

$

68,536

 

 

$

45,606

 

 

50.3

%

 

$

23,346

 

 

(5.5

)%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

582

 

 

 

 

 

%

 

 

763

 

 

 

 

 

%

 

 

 

 

%

Transaction costs

 

2,231

 

 

 

1,177

 

 

89.5

%

 

 

6,334

 

 

 

3,467

 

 

82.7

%

 

 

2,830

 

 

(21.2

)%

Stock-based compensation

 

 

 

 

 

 

%

 

 

190

 

 

 

76

 

 

150.0

%

 

 

173

 

 

(100.0

)%

Adjusted G&A expense

$

19,244

 

 

$

14,625

 

 

31.6

%

 

$

61,249

 

 

$

42,063

 

 

45.6

%

 

$

20,343

 

 

(5.4

)%

Adjusted G&A expense % of revenue

 

11.4

%

 

 

12.3

%

 

 

 

 

12.5

%

 

 

12.4

%

 

 

 

 

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

1,632

 

 

$

2,844

 

 

(42.6

)%

 

$

7,411

 

 

$

9,429

 

 

(21.4

)%

 

$

4,123

 

 

(60.4

)%

Net income margin

 

1.0

%

 

 

2.4

%

 

 

 

 

1.5

%

 

 

2.8

%

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

18,684

 

 

$

10,000

 

 

86.8

%

 

$

53,206

 

 

$

29,018

 

 

83.4

%

 

$

17,901

 

 

4.4

%

Adjusted EBITDA margin

 

11.0

%

 

 

8.4

%

 

 

 

 

10.8

%

 

 

8.6

%

 

 

 

 

11.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total hours (in thousands)

 

6,836

 

 

 

5,075

 

 

34.7

%

 

 

20,076

 

 

 

14,331

 

 

40.1

%

 

 

6,705

 

 

2.0

%

Revenue per hour

$

24.76

 

 

$

23.35

 

 

6.0

%

 

$

24.49

 

 

$

23.61

 

 

3.7

%

 

$

24.27

 

 

2.0

%

Service expense per hour

$

19.42

 

 

$

18.54

 

 

4.7

%

 

$

18.90

 

 

$

18.77

 

 

0.7

%

 

$

18.56

 

 

4.6

%

Modivcare Inc.

Unaudited Key Statistical and Financial Data

(in thousands, except for statistical data)

 

 

Three months ended

 

 

 

Nine months ended

 

 

 

Three months

ended

 

 

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

June 30, 2022

 

QoQ %

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RPM Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

18,760

 

 

$

1,564

 

 

N/M

 

$

49,362

 

 

$

1,564

 

 

N/M

 

$

16,745

 

 

12.0

%

Service expense

 

6,836

 

 

 

767

 

 

N/M

 

 

17,884

 

 

 

767

 

 

N/M

 

 

6,061

 

 

12.8

%

Gross profit

$

11,924

 

 

$

797

 

 

N/M

 

$

31,478

 

 

$

797

 

 

N/M

 

$

10,684

 

 

11.6

%

Gross Margin

 

63.6

%

 

 

51.0

%

 

 

 

 

63.8

%

 

 

51.0

%

 

 

 

 

63.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

5,816

 

 

$

216

 

 

N/M

 

$

17,520

 

 

$

216

 

 

N/M

 

$

6,742

 

 

(13.7

)%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

39

 

 

 

 

 

N/M

 

 

63

 

 

 

 

 

N/M

 

 

 

 

%

Transaction costs

 

471

 

 

 

 

 

N/M

 

 

2,753

 

 

 

 

 

N/M

 

 

1,635

 

 

(71.2

)%

Stock-based compensation

 

 

 

 

 

 

N/M

 

 

86

 

 

 

 

 

N/M

 

 

57

 

 

(100.0

)%

Adjusted G&A expense

$

5,306

 

 

$

216

 

 

N/M

 

$

14,618

 

 

$

216

 

 

N/M

 

$

5,050

 

 

5.1

%

Adjusted G&A expense % of revenue

 

28.3

%

 

 

13.8

%

 

 

 

 

29.6

%

 

 

13.8

%

 

 

 

 

30.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

462

 

 

$

275

 

 

N/M

 

$

(175

)

 

$

275

 

 

N/M

 

$

(475

)

 

(197.3

)%

Net income (loss) margin

 

2.5

%

 

 

17.6

%

 

 

 

 

(0.4

)%

 

 

17.6

%

 

 

 

 

(2.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

6,618

 

 

$

581

 

 

N/M

 

$

16,860

 

 

$

581

 

 

N/M

 

$

5,634

 

 

17.5

%

Adjusted EBITDA margin

 

35.3

%

 

 

37.1

%

 

 

 

 

34.2

%

 

 

37.1

%

 

 

 

 

33.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average monthly members (in thousands)

 

230

 

 

N/M

 

N/M

 

 

201

 

 

N/M

 

N/M

 

 

203

 

 

13.3

%

Revenue per member per month

$

27.19

 

 

N/M

 

N/M

 

$

27.29

 

 

N/M

 

N/M

 

$

27.50

 

 

(1.1

)%

Service expense per member per month

$

9.91

 

 

N/M

 

N/M

 

$

9.89

 

 

N/M

 

N/M

 

$

9.95

 

 

(0.4

)%

N/M - Not Meaningful. The RPM Segment was established with the acquisition of VRI on September 22, 2021 and as such, these figures are not meaningful for comparative purposes.

Modivcare Inc.

Unaudited Key Statistical and Financial Data

(in thousands)

 

 

Three months ended

 

 

 

Nine months ended

 

 

 

Three months

ended

 

 

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

June 30, 2022

 

QoQ %

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

16,201

 

 

$

22,312

 

 

(27.4

)%

 

$

43,316

 

 

$

47,812

 

 

(9.4

)%

 

$

15,735

 

 

3.0

%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

565

 

 

 

717

 

 

(21.2

)%

 

 

950

 

 

 

1,480

 

 

(35.8

)%

 

 

354

 

 

59.6

%

Transaction costs

 

2,691

 

 

 

9,739

 

 

(72.4

)%

 

 

7,719

 

 

 

14,383

 

 

(46.3

)%

 

 

3,237

 

 

(16.9

)%

Cash settled equity

 

82

 

 

 

2,600

 

 

(96.8

)%

 

 

89

 

 

 

9,145

 

 

(99.0

)%

 

 

20

 

 

310.0

%

Stock-based compensation

 

1

 

 

 

1,218

 

 

(99.9

)%

 

 

3,861

 

 

 

3,707

 

 

4.2

%

 

 

2,440

 

 

(100.0

)%

Adjusted G&A expense

$

12,862

 

 

$

8,038

 

 

60.0

%

 

$

30,697

 

 

$

19,097

 

 

60.7

%

 

$

9,684

 

 

32.8

%

Adjusted G&A expense % of consolidated revenue

 

2.0

%

 

 

1.6

%

 

 

 

 

1.7

%

 

 

1.3

%

 

 

 

 

1.5

%

 

 

 

Three months ended

 

 

 

Nine months ended

 

 

 

Three months

ended

 

 

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

September

30, 2022

 

September

30, 2021

 

%

Change

 

June 30, 2022

 

QoQ %

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Modivcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

75,889

 

 

$

68,205

 

 

11.3

%

 

$

232,108

 

 

$

179,595

 

 

29.2

%

 

$

79,411

 

 

(4.4

)%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

2,088

 

 

 

3,238

 

 

(35.5

)%

 

 

13,135

 

 

 

11,539

 

 

13.8

%

 

 

5,206

 

 

(59.9

)%

Transaction costs

 

10,899

 

 

 

11,292

 

 

(3.5

)%

 

 

22,312

 

 

 

18,436

 

 

21.0

%

 

 

7,702

 

 

41.5

%

Cash settled equity

 

82

 

 

 

2,600

 

 

(96.8

)%

 

 

89

 

 

 

9,145

 

 

(99.0

)%

 

 

20

 

 

310.0

%

Stock-based compensation

 

1

 

 

 

1,218

 

 

(99.9

)%

 

 

4,137

 

 

 

3,783

 

 

9.4

%

 

 

2,670

 

 

(100.0

)%

Adjusted G&A expense

$

62,819

 

 

$

49,857

 

 

26.0

%

 

$

192,435

 

 

$

136,692

 

 

40.8

%

 

$

63,813

 

 

(1.6

)%

Adjusted G&A expense % of revenue

 

9.7

%

 

 

10.1

%

 

 

 

 

10.4

%

 

 

9.6

%

 

 

 

 

10.2

%

 

 

 

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