Modivcare Inc. (the “Company” or “Modivcare”) (Nasdaq: MODV), a
technology-enabled healthcare services company that provides a
suite of integrated supportive care solutions focused on improving
patient outcomes, today reported financial results for the three
months and full year ended December 31, 2022.
Fourth Quarter 2022
Highlights:
- Service revenue of $653.9 million, a 14% increase as compared
to $575.8 million in the fourth quarter of 2021
- Net loss of $6.9 million, or $0.49 per diluted common
share
- Adjusted EBITDA of $59.7 million, adjusted net income of $29.8
million and adjusted EPS of $2.11 per diluted common share
- Net cash used in operating activities during the quarter of
$56.0 million
- Cash and cash equivalents of $14.5 million as of December 31,
2022, with $1,000.0 million principal amount of debt outstanding
related to the Senior Unsecured Notes due 2025 and 2029
Full Year 2022
Highlights:
- Service revenue of $2,504.4 million, a 25% increase as compared
to $1,996.9 million in 2021
- Net loss of $31.8 million, or $2.26 per diluted common
share
- Adjusted EBITDA of $221.9 million, adjusted net income of
$103.4 million and adjusted EPS of $7.32 per diluted common
share
- Net cash used in operating activities in 2022 of $10.4
million
- On February 3, 2022, Modivcare Inc. entered into a new senior
secured revolving credit facility with total borrowing capacity of
$325.0 million and a maturity date in February 2027. This new
facility was undrawn at closing and replaces the Company’s prior
$225.0 million revolving credit facility.
“We reported strong financial results for 2022 with revenue and
Adjusted EBITDA exceeding the high end of our guidance ranges.
Solid fourth quarter 2022 results were highlighted by 14 percent
revenue growth, driven by mid-teens membership growth and 12
percent growth from our personal care business,” said Heath
Sampson, President and Chief Executive Officer. “Our 2023 guidance
affirms our confidence in continued growth this year and our
long-term outlook. As we continue our journey to become One
Modivcare, which is aligning across all of our supportive care
services to better serve the needs of our members and customers, we
are focused on building for scale, driving efficiencies, and
growing our business in 2023. I am grateful and proud of our team’s
dedication and hard work. Our supportive care services are uniquely
positioned to provide the highest quality, best-in-class member
experience for approximately 35 million members in the most
cost-effective manner for our customers and the healthcare
system.”
2023 Guidance
Our 2023 guidance is as follows ($ in millions):
Low
High
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.
Fourth Quarter 2022 Results
For the fourth quarter of 2022, the Company reported revenue of
$653.9 million, an increase of 14% from $575.8 million in the
fourth quarter of 2021.
Operating income was $6.6 million, or 1% of revenue, in the
fourth quarter of 2022, compared to $20.2 million, or 4% of
revenue, in the fourth quarter of 2021. Net loss was $6.9 million,
or $0.49 per common share in the fourth quarter of 2022, compared
to $31.5 million, or $2.25 per common share, in the fourth quarter
of 2021.
Adjusted EBITDA was $59.7 million, or 9% of revenue, in the
fourth quarter of 2022, compared to $57.5 million, or 10% of
revenue, in the fourth quarter of 2021.
Adjusted net income in the fourth quarter of 2022 was $29.8
million or $2.11 per diluted common share, compared to $29.8
million, or $2.11 per diluted common share, in the fourth quarter
of 2021.
Full Year 2022 Results
For the full year 2022, the Company reported revenue of $2,504.4
million, an increase of 25% from $1,996.9 million in 2021.
Operating income was $57.1 million, or 2% of revenue, for 2022,
compared to $89.4 million, or 4% of revenue, for 2021. Net loss in
2022 was $31.8 million, or $2.26 per common share, compared to a
net loss of $6.6 million, or $0.47 per common share, in 2021.
Adjusted EBITDA for 2022 was $221.9 million or 9% of revenue,
compared to $205.0 million, or 10% of revenue, in 2021.
Adjusted net income for 2022 was $103.4 million or $7.32 per
diluted common share, compared to $112.4 million, or $7.90 per
diluted common share, for 2021.
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 twelve months ended December 31, 2021 to conform to
this presentation.
Fourth Quarter Earnings Conference Call
Modivcare will hold a conference call to discuss its financial
results on Thursday, February 23, 2023 at 8:00 a.m. ET. To access
the call, please dial:
US toll-free: 1 (887) 407-8037 International: 1
(201) 689-8037
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 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, (9) transaction
related financing expense, and (10) 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 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 December
31,
Year ended December
31,
2022
2021
2022
2021
Service revenue, net
$
653,921
$
575,775
$
2,504,393
$
1,996,892
Grant income
2,764
1,941
7,351
5,441
Operating expenses:
Service expense
533,966
445,128
2,032,074
1,584,298
General and administrative expense
90,063
92,079
322,171
271,674
Depreciation and amortization
26,039
20,331
100,415
56,998
Total operating expenses
650,068
557,538
2,454,660
1,912,970
Operating income
6,617
20,178
57,084
89,363
Other expenses:
Interest expense, net
15,532
14,669
61,961
49,081
Income (loss) before income taxes and
equity method investment
(8,915
)
5,509
(4,877
)
40,282
Provision (benefit) for income taxes
(3,912
)
208
(3,035
)
8,617
Equity in net loss of investee, net of
tax
1,944
36,826
29,964
38,250
Net loss
$
(6,947
)
$
(31,525
)
$
(31,806
)
$
(6,585
)
Loss per common share:
Basic
$
(0.49
)
$
(2.25
)
$
(2.26
)
$
(0.47
)
Diluted
$
(0.49
)
$
(2.25
)
$
(2.26
)
$
(0.47
)
Weighted-average number of common shares
outstanding:
Basic
14,123,013
13,998,487
14,061,839
14,054,060
Diluted
14,123,013
13,998,487
14,061,839
14,054,060
Modivcare Inc.
Unaudited Condensed
Consolidated Balance Sheets
(in thousands)
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
14,451
$
133,139
Accounts receivable, net
294,341
233,121
Other current assets (1)
37,362
43,574
Total current assets
346,154
409,834
Operating lease right-of-use assets
39,405
43,750
Property and equipment, net
69,138
53,549
Goodwill and intangible assets, net
1,408,063
1,415,000
Equity investment
41,303
83,069
Other long-term assets
40,209
22,223
Total assets
$
1,944,272
$
2,027,425
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
54,959
$
8,690
Accrued contract payables
194,287
281,586
Accrued expenses and other current
liabilities
135,860
123,791
Accrued transportation costs
96,851
103,294
Current portion of operating lease
liabilities
9,640
9,873
Total current liabilities
491,597
527,234
Long-term debt, net of deferred financing
costs
979,361
975,225
Operating lease liabilities, less current
portion
32,088
34,524
Other long-term liabilities (2)
86,670
117,175
Total liabilities
1,589,716
1,654,158
Stockholders' equity
Stockholders' equity
354,556
373,267
Total liabilities and stockholders'
equity
$
1,944,272
$
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)
Year ended December
31,
2022
2021
Operating activities
Net loss
$
(31,806
)
$
(6,585
)
Depreciation and amortization
100,415
56,998
Stock-based compensation
6,872
5,904
Equity in net loss of investee
40,916
53,092
Deferred income taxes
(36,663
)
(17,691
)
Reduction of right-of-use asset
11,640
11,330
Other non-cash items
5,125
2,730
Changes in working capital
(106,941
)
81,062
Net cash provided by (used in) operating
activities
(10,442
)
186,840
Investing activities
Purchase of property and equipment
(33,004
)
(21,316
)
Acquisitions, net of cash acquired
(78,809
)
(664,309
)
Net cash used in investing activities
(111,813
)
(685,625
)
Financing activities
Proceeds from debt
114,000
625,000
Repayment of debt
(114,000
)
(125,000
)
Repurchase of common stock, for
treasury
—
(39,994
)
Payment of debt issuance costs
(2,415
)
(13,486
)
Proceeds from common stock issued pursuant
to stock option exercise
6,789
3,227
Restricted stock surrendered for employee
tax payment
(792
)
(896
)
Other financing activities
226
—
Net cash provided by financing
activities
3,808
448,851
Net change in cash and cash
equivalents
(118,447
)
(49,934
)
Cash, cash equivalents and restricted cash
at beginning of period
133,422
183,356
Cash, cash equivalents and restricted cash
at end of period
$
14,975
$
133,422
Modivcare Inc.
Unaudited Reconciliation of
Non-GAAP Financial Measures
Segment Information and
Adjusted EBITDA
(in thousands)
Three months ended December
31, 2022
NEMT
Personal Care
RPM
Corporate and Other
Total
Service revenue, net
$
458,993
$
176,013
$
18,915
$
—
$
653,921
Grant income
—
2,764
—
—
2,764
Operating expenses:
Service expense
386,646
140,642
6,678
—
533,966
General and administrative expense
44,199
22,829
5,636
17,399
90,063
Depreciation and amortization
7,133
13,049
5,653
204
26,039
Total operating expenses
437,978
176,520
17,967
17,603
650,068
Operating income (loss)
21,015
2,257
948
(17,603
)
6,617
Interest expense, net
—
—
—
15,532
15,532
Income (loss) before income taxes and
equity method investment
21,015
2,257
948
(33,135
)
(8,915
)
Provision (benefit) for income taxes
3,739
(92
)
276
(7,835
)
(3,912
)
Equity in net loss of investee, net of
tax
72
—
—
1,872
1,944
Net Income (loss)
17,204
2,349
672
(27,172
)
(6,947
)
Interest expense, net
—
—
—
15,532
15,532
Provision (benefit) for income taxes
3,739
(92
)
276
(7,835
)
(3,912
)
Depreciation and amortization
7,133
13,049
5,653
204
26,039
EBITDA
28,076
15,306
6,601
(19,271
)
30,712
Restructuring and related costs(1)
13,869
(6
)
—
—
13,863
Transaction and integration costs(2)
4,219
1,216
174
2,050
7,659
Settlement related costs
—
—
—
3,564
3,564
Cash settled equity
—
—
—
19
19
Stock-based compensation
—
—
—
1,823
1,823
COVID-19 related costs, net of grant
income
24
43
—
—
67
Equity in net loss of investee, net of
tax
72
—
—
1,872
1,944
Adjusted EBITDA
$
46,260
$
16,559
$
6,775
$
(9,943
)
$
59,651
(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 for SOX implementation and business integration
efforts.
Modivcare Inc.
Unaudited Reconciliation of
Non-GAAP Financial Measures
Segment Information and
Adjusted EBITDA
(in thousands)
Three months ended December
31, 2021
NEMT
Personal Care
RPM
Corporate and Other
Total
Service revenue, net
$
402,528
$
157,194
$
16,053
$
—
$
575,775
Grant income
—
1,941
—
—
1,941
Operating expenses:
Service expense
316,715
123,575
4,838
—
445,128
General and administrative expense
46,532
25,098
5,575
14,874
92,079
Depreciation and amortization
7,314
9,036
3,981
—
20,331
Total operating expenses
370,561
157,709
14,394
14,874
557,538
Operating income (loss)
31,967
1,426
1,659
(14,874
)
20,178
Interest expense, net
—
—
—
14,669
14,669
Income (loss) before income taxes and
equity method investment
31,967
1,426
1,659
(29,543
)
5,509
Provision (benefit) for income taxes
3,940
(42
)
341
(4,031
)
208
Equity in net loss of investee, net of
tax
—
—
—
36,826
36,826
Net Income (loss)
28,027
1,468
1,318
(62,338
)
(31,525
)
Interest expense, net
—
—
—
14,669
14,669
Provision (benefit) for income taxes
3,940
(42
)
341
(4,031
)
208
Depreciation and amortization
7,314
9,036
3,981
—
20,331
EBITDA
39,281
10,462
5,640
(51,700
)
3,683
Restructuring and related costs(1)
9,550
304
—
200
10,054
Transaction and integration costs(2)
(19
)
3,463
721
2,987
7,152
Cash settled equity
—
—
—
20
20
Stock-based compensation
—
(58
)
—
1,068
1,010
COVID-19 related costs, net of grant
income
101
(1,340
)
—
—
(1,239
)
Equity in net loss of investee, net of
tax
—
—
—
36,826
36,826
Adjusted EBITDA
$
48,913
$
12,831
$
6,361
$
(10,599
)
$
57,506
(1)
Restructuring and related costs include
professional fees for strategic initiatives and severance and
office closure costs.
(2)
Transaction and integration costs consist
of fees incurred in the acquisitions of Care Finders and VRI.
Modivcare Inc.
Unaudited Reconciliation of
Non-GAAP Financial Measures
Segment Information and
Adjusted EBITDA
(in thousands)
Year ended December 31,
2022
NEMT
Personal Care
RPM
Corporate and Other
Total
Service revenue, net
$
1,768,442
$
667,674
$
68,277
$
—
$
2,504,393
Grant income
—
7,351
—
—
7,351
Operating expenses:
Service expense
1,487,447
520,065
24,562
—
2,032,074
General and administrative expense
146,935
91,365
23,156
60,715
322,171
Depreciation and amortization
28,709
51,025
19,854
827
100,415
Total operating expenses
1,663,091
662,455
67,572
61,542
2,454,660
Operating income (loss)
105,351
12,570
705
(61,542
)
57,084
Interest expense, net
—
—
—
61,961
61,961
Income (loss) before income taxes and
equity method investment
105,351
12,570
705
(123,503
)
(4,877
)
Provision (benefit) for income taxes
26,855
2,810
208
(32,908
)
(3,035
)
Equity in net (income) loss of investee,
net of tax
(71
)
—
—
30,035
29,964
Net Income (loss)
78,567
9,760
497
(120,630
)
(31,806
)
Interest expense, net
—
—
—
61,961
61,961
Provision (benefit) for income taxes
26,855
2,810
208
(32,908
)
(3,035
)
Depreciation and amortization
28,709
51,025
19,854
827
100,415
EBITDA
134,131
63,595
20,559
(90,750
)
127,535
Restructuring and related costs(1)
25,228
757
63
950
26,998
Transaction and integration costs(2)
4,225
7,550
2,927
9,269
23,971
Settlement related costs
5,500
—
—
4,064
9,564
Cash settled equity
—
—
—
108
108
Stock-based compensation
—
190
86
5,684
5,960
COVID-19 related costs, net of grant
income
129
(2,327
)
—
—
(2,198
)
Equity in net (income) loss of investee,
net of tax
(71
)
—
—
30,035
29,964
Adjusted EBITDA
$
169,142
$
69,765
$
23,635
$
(40,640
)
$
221,902
(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 for SOX implementation and business integration
efforts.
Modivcare Inc.
Unaudited Reconciliation of
Non-GAAP Financial Measures
Segment Information and
Adjusted EBITDA
(in thousands)
Year ended December 31,
2021
NEMT
Personal Care
RPM
Corporate and Other
Total
Service revenue, net
$
1,483,696
$
495,579
$
17,617
$
—
$
1,996,892
Grant income
—
5,441
—
—
5,441
Operating expenses:
Service expense
1,186,185
392,508
5,605
—
1,584,298
General and administrative expense
132,493
70,704
5,791
62,686
271,674
Depreciation and amortization
29,058
23,759
4,181
—
56,998
Total operating expenses
1,347,736
486,971
15,577
62,686
1,912,970
Operating income (loss)
135,960
14,049
2,040
(62,686
)
89,363
Interest expense, net
—
—
—
49,081
49,081
Income (loss) before income taxes and
equity method investment
135,960
14,049
2,040
(111,767
)
40,282
Provision (benefit) for income taxes
30,319
3,152
447
(25,301
)
8,617
Equity in net loss of investee, net of
tax
—
—
—
38,250
38,250
Net Income (loss)
105,641
10,897
1,593
(124,716
)
(6,585
)
Interest expense, net
—
—
—
49,081
49,081
Provision (benefit) for income taxes
30,319
3,152
447
(25,301
)
8,617
Depreciation and amortization
29,058
23,759
4,181
—
56,998
EBITDA
165,018
37,808
6,221
(100,936
)
108,111
Restructuring and related costs(1)
19,609
304
—
1,680
21,593
Transaction and integration costs(2)
567
6,930
721
17,370
25,588
Cash settled equity
—
—
—
9,165
9,165
Stock-based compensation
—
18
—
4,775
4,793
COVID-19 related costs, net of grant
income
719
(3,211
)
—
—
(2,492
)
Equity in net loss of investee, net of
tax
—
—
—
38,250
38,250
Adjusted EBITDA
$
185,913
$
41,849
$
6,942
$
(29,696
)
$
205,008
(1)
Restructuring and related costs include
professional fees for strategic initiatives and severance and
office closure costs.
(2)
Transaction and integration costs consist
of fees incurred in the acquisitions of Care Finders and VRI.
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 December
31,
Year Ended December
31,
2022
2021
2022
2021
Net loss
$
(6,947
)
$
(31,525
)
$
(31,806
)
$
(6,585
)
Restructuring and related costs(1)
13,863
10,054
26,998
21,593
Transaction and integration costs(2)
7,659
7,152
23,971
25,588
Settlement related costs
3,564
—
9,564
—
Cash settled equity
19
20
108
9,165
Stock-based compensation
1,823
1,010
5,960
4,793
Equity in net loss of investee, net of
tax
1,944
36,826
29,964
38,250
Intangible amortization expense
20,381
16,424
80,359
44,251
Transaction-related financing expense
—
—
—
6,630
COVID-19 related costs
67
(1,239
)
(2,198
)
(2,492
)
Tax effected impact of adjustments
(12,555
)
(8,896
)
(39,518
)
(28,840
)
Adjusted Net Income
$
29,818
$
29,826
$
103,402
$
112,353
Adjusted EPS
$
2.11
$
2.11
$
7.32
$
7.90
Diluted weighted-average number of common
shares outstanding
14,149,333
14,149,143
14,126,912
14,224,302
(1)
Restructuring and related costs include
professional fees for strategic initiatives, organizational
consolidation costs, severance and other professional fees.
(2)
Transaction and integration costs include
certain transaction-related expenses, SOX implementation and
business integration efforts.
Modivcare Inc.
Unaudited Key Statistical and
Financial Data
(in thousands, except for
statistical data)
Three months ended
Year ended
Three months ended
December 31,
2022
December 31, 2021
% Change
December 31, 2022
December 31, 2021
% Change
September 30, 2022
QoQ % Change
NEMT Segment
Service revenue, net
$
458,993
$
402,528
14.0
%
$
1,768,442
$
1,483,696
19.2
%
$
459,796
(0.2
)%
Purchased services expense
331,708
266,443
24.5
%
1,267,006
991,502
27.8
%
340,138
(2.5
)%
Payroll and other expense
54,938
50,272
9.3
%
220,441
194,683
13.2
%
54,843
0.2
%
Service expense
$
386,646
$
316,715
22.1
%
$
1,487,447
$
1,186,185
25.4
%
$
394,981
(2.1
)%
Gross profit
$
72,347
$
85,813
(15.7
)%
$
280,995
$
297,511
(5.6
)%
$
64,815
11.6
%
Gross margin
15.8
%
21.3
%
15.9
%
20.1
%
14.1
%
G&A expense
$
44,199
$
46,532
(5.0
)%
$
146,935
$
132,493
10.9
%
$
31,815
38.9
%
G&A expense adjustments:
Restructuring and related costs
13,869
9,550
45.2
%
25,228
19,609
28.7
%
902
N/M
Transaction and integration costs
4,219
(19
)
N/M
4,225
567
N/M
6
N/M
Settlement related costs
$
—
$
—
N/M
$
5,500
$
—
N/M
$
5,500
N/M
Adjusted G&A expense
$
26,111
$
37,001
(29.4
)%
$
111,982
$
112,317
(0.3
)%
$
25,407
2.8
%
Adjusted G&A expense % of revenue
5.7
%
9.2
%
6.3
%
7.6
%
5.5
%
Net income
$
17,204
$
28,027
(38.6
)%
$
78,567
$
105,641
(25.6
)%
$
19,151
(10.2
)%
Net income margin
3.7
%
7.0
%
4.4
%
7.1
%
4.2
%
Adjusted EBITDA
$
46,260
$
48,913
(5.4
)%
$
169,142
$
185,913
(9.0
)%
$
39,357
17.5
%
Adjusted EBITDA margin
10.1
%
12.2
%
9.6
%
12.5
%
8.6
%
Total paid trips (in thousands)
7,807
7,078
10.3
%
30,795
27,282
12.9
%
8,045
(3.0
)%
Average monthly members (in thousands)
34,819
30,032
15.9
%
34,203
29,906
14.4
%
36,026
(3.4
)%
Revenue per member per month
$
4.39
$
4.47
(1.8
)%
$
4.31
$
4.13
4.4
%
$
4.25
3.3
%
Revenue per trip
$
58.79
$
56.87
3.4
%
$
57.43
$
54.38
5.6
%
$
57.15
2.9
%
Monthly utilization
7.5
%
7.9
%
7.5
%
7.6
%
7.4
%
Purchased services per trip
$
42.49
$
37.64
12.9
%
$
41.14
$
36.34
13.2
%
$
42.28
0.5
%
Payroll and other per trip
$
7.04
$
7.10
(0.8
)%
$
7.16
$
7.14
0.3
%
$
6.82
3.2
%
Total service expense per trip
$
49.53
$
44.74
10.7
%
$
48.30
$
43.48
11.1
%
$
49.10
0.9
%
N/M - Not Meaningful. Certain figures in
the tables above do not provide meaningful percentage comparison
and, thus, the percentage has been removed.
Modivcare Inc.
Unaudited Key Statistical and
Financial Data
(in thousands, except for
statistical data)
Three months ended
Year ended
Three months ended
December 31, 2022
December 31, 2021
% Change
December 31, 2022
December 31, 2021
% Change
September 30, 2022
QoQ % Change
Personal Care Segment
Service revenue, net
$
176,013
$
157,194
12.0
%
$
667,674
$
495,579
34.7
%
$
169,226
4.0
%
Service expense
140,642
123,575
13.8
%
520,065
392,508
32.5
%
132,746
5.9
%
Gross profit
$
35,371
$
33,619
5.2
%
$
147,609
$
103,071
43.2
%
$
36,480
(3.0
)%
Gross Margin
20.1
%
21.4
%
22.1
%
20.8
%
21.6
%
G&A expense
$
22,829
$
25,098
(9.0
)%
$
91,365
$
70,704
29.2
%
$
22,057
3.5
%
G&A expense adjustments
Restructuring and related costs
(6
)
304
(102.0
)%
757
304
—
%
582
N/M
Transaction and integration costs
1,216
3,463
(64.9
)%
7,550
6,930
8.9
%
2,231
(45.5
)%
Stock-based compensation
—
(58
)
(100.0
)%
190
18
N/M
—
N/M
Adjusted G&A expense
$
21,619
$
21,389
1.1
%
$
82,868
$
63,452
30.6
%
$
19,244
12.3
%
Adjusted G&A expense % of revenue
12.3
%
13.6
%
12.4
%
12.8
%
11.4
%
Net income
$
2,349
$
1,468
60.0
%
$
9,760
$
10,897
(10.4
)%
$
1,632
43.9
%
Net income margin
1.3
%
0.9
%
1.5
%
2.2
%
1.0
%
Adjusted EBITDA
$
16,559
$
12,831
29.1
%
$
69,765
$
41,849
66.7
%
$
18,684
(11.4
)%
Adjusted EBITDA margin
9.4
%
8.2
%
10.4
%
8.4
%
11.0
%
Total hours (in thousands)
6,842
6,857
(0.2
)%
26,918
21,188
27.0
%
6,836
0.1
%
Revenue per hour
$
25.73
$
22.92
12.3
%
$
24.80
$
23.39
6.0
%
$
24.76
3.9
%
Service expense per hour
$
20.56
$
18.02
14.1
%
$
19.32
$
18.53
4.3
%
$
19.42
5.9
%
N/M - Not Meaningful. Certain figures in
the tables above do not provide meaningful percentage comparison
and, thus, the percentage has been removed.
Modivcare Inc.
Unaudited Key Statistical and
Financial Data
(in thousands, except for
statistical data)
Three months ended
Year ended
Three months ended
December 31, 2022
December 31, 2021
% Change
December 31, 2022
December 31, 2021
% Change
September 30, 2022
QoQ % Change
RPM Segment
Service revenue, net
$
18,915
$
16,053
17.8
%
$
68,277
$
17,617
N/M
$
18,760
0.8
%
Service expense
6,678
4,838
38.0
%
24,562
5,605
N/M
6,836
(2.3
)%
Gross profit
$
12,237
$
11,215
9.1
%
$
43,715
$
12,012
N/M
$
11,924
2.6
%
Gross Margin
64.7
%
69.9
%
64.0
%
68.2
%
63.6
%
G&A expense
$
5,636
$
5,575
1.1
%
$
23,156
$
5,791
N/M
$
5,816
(3.1
)%
G&A expense adjustments
Restructuring and related charges
—
—
—
%
63
—
N/M
39
—
%
Transaction costs
174
721
(75.9
)%
2,927
721
N/M
471
(63.1
)%
Stock-based compensation
—
—
—
%
86
—
N/M
—
—
%
Adjusted G&A expense
$
5,462
$
4,854
12.5
%
$
20,080
$
5,070
N/M
$
5,306
2.9
%
Adjusted G&A expense % of revenue
28.9
%
30.2
%
29.4
%
28.8
%
28.3
%
Net income
$
672
$
1,318
(49.0
)%
$
497
$
1,593
N/M
$
462
45.5
%
Net income margin
3.6
%
8.2
%
0.7
%
9.0
%
2.5
%
Adjusted EBITDA
$
6,775
$
6,361
6.5
%
$
23,635
$
6,942
N/M
$
6,618
2.4
%
Adjusted EBITDA margin
35.8
%
39.6
%
34.6
%
39.4
%
35.3
%
Average monthly members (in thousands)
236
173
36.4
%
210
173
21.4
%
230
2.6
%
Revenue per member per month
$
26.72
$
30.93
(13.6
)%
$
27.09
$
30.86
(12.2
)%
$
27.19
(1.7
)%
Service expense per member per month
$
9.43
$
9.32
1.2
%
$
9.75
$
9.82
(0.7
)%
$
9.91
(4.8
)%
N/M - Not Meaningful. The RPM Segment was
established with the acquisition of VRI on September 22, 2021 and
as such, the comparison of the YTD figures is not meaningful.
Modivcare Inc.
Unaudited Key Statistical and
Financial Data
(in thousands)
Three months ended
Year ended
Three months ended
December 31, 2022
December 31, 2021
% Change
December 31, 2022
December 31, 2021
% Change
September 30, 2022
QoQ % Change
Corporate and Other Segment
G&A expense
$
17,399
$
14,874
17.0
%
$
60,715
$
62,686
(3.1
)%
$
16,201
7.4
%
G&A expense adjustments
Restructuring and related costs
—
200
(100.0
)%
950
1,680
(43.5
)%
565
N/M
Transaction and integration costs
2,050
2,987
(31.4
)%
9,269
17,370
(46.6
)%
2,191
(6.4
)%
Settlement related costs
3,564
—
N/M
4,064
—
N/M
500
N/M
Cash settled equity
19
20
(5.0
)%
108
9,165
(98.8
)%
82
(76.8
)%
Stock-based compensation
1,823
1,068
70.7
%
5,684
4,775
19.0
%
1
N/M
Adjusted G&A expense
$
9,943
$
10,599
(6.2
)%
$
40,640
$
29,696
36.9
%
$
12,862
(22.7
)%
Adjusted G&A expense % of consolidated
revenue
1.5
%
1.8
%
1.6
%
1.5
%
2.0
%
Three months ended
Year ended
Three months ended
December 31, 2022
December 31, 2021
% Change
December 31, 2022
December 31, 2021
% Change
September 30, 2022
QoQ % Change
Consolidated Modivcare
G&A expense
$
90,063
$
92,079
(2.2
) %
$
322,171
$
271,674
18.6
%
$
75,889
18.7
%
G&A expense adjustments
Restructuring and related costs
13,863
10,054
37.9
%
26,998
21,593
25.0
%
2,088
N/M
Transaction and integration costs
7,659
7,152
7.1
%
23,971
25,588
(6.3
)%
4,899
56.3
%
Settlement related costs
3,564
—
N/M
9,564
—
N/M
6,000
(40.6
)%
Cash settled equity
19
20
(5.0
)%
108
9,165
(98.8
)%
82
(76.8
)%
Stock-based compensation
1,823
1,010
80.5
%
5,960
4,793
24.3
%
1
N/M
Adjusted G&A expense
$
63,135
$
73,843
(14.5
)%
$
255,570
$
210,535
21.4
%
$
62,819
0.5
%
Adjusted G&A expense % of revenue
9.7
%
12.8
%
10.2
%
10.5
%
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230223005154/en/
Investor Relations Contact Kevin Ellich, Head of Investor
Relations (303) 728-7012 Kevin.Ellich@modivcare.com
ModivCare (NASDAQ:MODV)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
ModivCare (NASDAQ:MODV)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024