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Modivcare Reports Second Quarter 2022 Financial Results and Updates 2022 Guidance

08.04.2022

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 six months ended June 30, 2022.

Second Quarter 2022 Highlights:

  • Revenue of $628.2 million, a 32.4% increase as compared to $474.4 million in Q2 2021
  • Net income of $3.3 million or $0.24 per diluted common share
  • Adjusted EBITDA of $60.2 million, Adjusted Net Income of $28.1 million and Adjusted EPS of $1.99
  • 2022 guidance increased to account for strong second quarter and year-to-date results
  • Net cash used in operating activities during the quarter of $17.9 million
  • Cash and cash equivalents of $88.0 million as of June 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 June 30, 2022

“We reported solid second quarter 2022 results with Adjusted EBITDA of $60 million and revenue growth of 32 percent driven by 23 percent growth from our non-emergency medical transportation business,” said Heath Sampson, Interim Chief Executive Officer and Chief Financial Officer. “We delivered on several strategic initiatives during the quarter, including expanding our national remote patient monitoring footprint with the acquisition of Guardian Medical Monitoring and aligning more closely with our transportation providers. We also hosted our inaugural investor day where we issued 2022 guidance, which we increased this morning, and provided a long-term outlook with 2025 targets for revenue of $3 billion and Adjusted EBITDA of $300 million. I am pleased with our progress as we continue to improve outcomes and better serve patients through our unique supportive care platform that addresses the social determinants of health by broadening access to care for the nearly 34 million members we serve. I want to thank our 20,000 team members for their hard work and dedication as they are the foundation of the care and services we provide that help empower patients.”

Second Quarter 2022 Results

For the second quarter of 2022, the Company reported revenue of $628.2 million, an increase of 32.4% from $474.4 million in the second quarter of 2021.

Operating income was $23.1 million, or 3.7% of revenue, in the second quarter of 2022, compared to operating income of $27.5 million, or 5.8% of revenue, in the second quarter of 2021. Net income in the second quarter of 2022 was $3.3 million, or $0.24 per diluted common share, compared to net income of $13.7 million, or $0.96 per diluted common share, in the second quarter of 2021.

Adjusted EBITDA was $60.2 million, or 9.6% of revenue, in the second quarter of 2022, compared to $53.1 million, or 11.2% of revenue, in the second quarter of 2021.

Adjusted Net Income in the second quarter of 2022 was $28.1 million, or $1.99 per diluted common share, compared to $30.3 million, or $2.14 per diluted common share, in the second quarter of 2021.

The year-over-year increase in revenue was primarily due to incremental revenue of $42.4 million and $16.7 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 Q2 2022.

Adjusted EBITDA increased in the second 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.

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 six months ended June 30, 2021 to conform to this presentation.

Updated 2022 Guidance

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

 

Updated

 

Previous

 

Low

 

High

 

Low

 

High

Revenue

$

2,375

 

$

2,400

 

$

2,350

 

$

2,375

Adjusted EBITDA

$

210

 

$

220

 

$

203

 

$

213

Guidance excludes the effect of any future acquisitions and is based on the current operating environment.

Investor Presentation and Conference Call

Modivcare will hold a conference call to discuss its financial results on Thursday, August 4, 2022 at 8:00 a.m. ET. To access the call, please dial:

US toll-free: 1 (877) 407-8037
International: 1 (201) 689-8037

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

About Modivcare

Modivcare Inc. (“Modivcare”) (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 and Adjusted EBITDA margin for the Company and its segments, Adjusted Net Income and Adjusted EPS for the Company, and Adjusted G&A expense for the Company’s segments, which are performance measures that are not recognized under GAAP. EBITDA is defined as income (loss) from continuing operations, net of taxes, 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 office closure and professional services costs, (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. Adjusted EBITDA margin is calculated as Adjusted EBITDA, divided by Service revenue, net. Adjusted Net Income is calculated as income from continuing operations, net of taxes, before: (1) restructuring and related charges including severance and office closure and professional services costs, (2) certain transaction and related costs, (3) cash settled equity, (4) stock-based compensation, (5) equity in net (income) loss of investee, (6) intangible amortization expense, (7) COVID-19 related costs, net of grant income, (8) tax impacts from the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and (9) the income tax impact of such adjustments. Adjusted EPS is calculated as Adjusted Net Income less (as applicable): the sum of (1) dividends on convertible preferred stock plus (2) income allocated to participating securities, 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. 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. In addition, 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. 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 filings 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 June 30,

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Service revenue, net

 

$

628,215

 

$

474,448

 

 

$

1,202,690

 

$

928,058

 

Grant income

 

 

3,330

 

 

852

 

 

 

3,798

 

 

3,500

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Service expense

 

 

504,230

 

 

379,565

 

 

 

963,545

 

 

739,898

 

General and administrative expense

 

 

79,411

 

 

56,465

 

 

 

156,219

 

 

111,390

 

Depreciation and amortization

 

 

24,758

 

 

11,820

 

 

 

48,704

 

 

24,059

 

Total operating expenses

 

 

608,399

 

 

447,850

 

 

 

1,168,468

 

 

875,347

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

23,146

 

 

27,450

 

 

 

38,020

 

 

56,211

 

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

 

Interest expense, net

 

 

15,472

 

 

8,287

 

 

 

30,872

 

 

16,710

 

Income before income taxes and equity method investment

 

 

7,674

 

 

19,163

 

 

 

7,148

 

 

39,501

 

Provision for income taxes

 

 

2,291

 

 

5,671

 

 

 

1,930

 

 

10,410

 

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

 

 

2,055

 

 

(180

)

 

 

1,572

 

 

(3,421

)

Net income

 

$

3,328

 

$

13,672

 

 

$

3,646

 

$

32,512

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.24

 

$

0.97

 

 

$

0.26

 

$

2.30

 

Diluted

 

$

0.24

 

$

0.96

 

 

$

0.26

 

$

2.27

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

14,047,459

 

 

14,025,325

 

 

 

14,035,588

 

 

14,151,946

 

Diluted

 

 

14,115,471

 

 

14,175,594

 

 

 

14,122,730

 

 

14,329,794

 

Modivcare Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 

 

 

 

 

 

 

June 30, 2022

 

December 31, 2021

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

87,956

 

$

133,139

Accounts receivable, net

 

 

272,402

 

 

233,121

Other current assets (1)

 

 

35,426

 

 

43,574

Total current assets

 

 

395,784

 

 

409,834

Property and equipment, net

 

 

62,739

 

 

53,549

Goodwill and intangible assets, net

 

 

1,448,982

 

 

1,415,000

Equity investment

 

 

80,364

 

 

83,069

Operating lease right-of-use assets

 

 

40,326

 

 

43,750

Other long-term assets

 

 

31,368

 

 

22,223

Total assets

 

$

2,059,563

 

$

2,027,425

 

 

 

 

 

Liabilities and stockholders' equity

Current liabilities:

 

 

 

 

Accounts payable

 

$

10,622

 

$

8,690

Accrued contract payables

 

 

278,052

 

 

281,586

Accrued expenses and other current liabilities

 

 

123,503

 

 

123,791

Accrued transportation costs

 

 

131,282

 

 

103,294

Current portion of operating lease liabilities

 

 

9,973

 

 

9,873

Total current liabilities

 

 

553,432

 

 

527,234

Long-term debt, net of deferred financing costs

 

 

977,261

 

 

975,225

Operating lease liabilities, less current portion

 

 

32,508

 

 

34,524

Long-term contracts payables

 

 

3,686

 

 

Other long-term liabilities (2)

 

 

110,736

 

 

117,175

Total liabilities

 

 

1,677,623

 

 

1,654,158

 

 

 

 

 

Stockholders' equity

 

 

 

 

Stockholders' equity

 

 

381,940

 

 

373,267

Total liabilities and stockholders' equity

 

$

2,059,563

 

$

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)

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

2022

 

 

 

2021

 

Operating activities

 

 

 

 

Net income

 

$

3,646

 

 

$

32,512

 

Depreciation and amortization

 

 

48,704

 

 

 

24,059

 

Stock-based compensation

 

 

4,496

 

 

 

2,659

 

Equity in net (income) loss of investee

 

 

2,358

 

 

 

(4,770

)

Deferred income taxes

 

 

(14,493

)

 

 

(2,843

)

Reduction of right-of-use asset

 

 

5,757

 

 

 

7,341

 

Other non-cash items (1)

 

 

645

 

 

 

(136

)

Changes in working capital (2)

 

 

93

 

 

 

110,969

 

Net cash provided by operating activities

 

 

51,206

 

 

 

169,791

 

 

 

 

 

 

Investing activities

 

 

 

 

Purchase of property and equipment

 

 

(15,899

)

 

 

(8,132

)

Acquisition, net of cash acquired

 

 

(78,861

)

 

 

(15,843

)

Net cash used in investing activities

 

 

(94,760

)

 

 

(23,975

)

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from debt

 

 

100,000

 

 

 

 

Repayment of debt

 

 

(100,000

)

 

 

 

Debt issuance costs

 

 

(2,415

)

 

 

 

Repurchase of common stock, for treasury

 

 

 

 

 

(39,040

)

Proceeds from common stock issued pursuant to stock option exercise

 

 

1,138

 

 

 

2,335

 

Restricted stock surrendered for employee tax payment

 

 

(607

)

 

 

(820

)

Other financing activities

 

 

 

 

 

(41

)

Net cash used in financing activities

 

 

(1,884

)

 

 

(37,566

)

 

 

 

 

 

Net change in cash, cash equivalents and restricted cash

 

 

(45,438

)

 

 

108,250

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

133,422

 

 

 

183,356

 

Cash, cash equivalents and restricted cash at end of period

 

$

87,984

 

 

$

291,606

 

(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 June 30, 2022

 

NEMT

 

Personal
Care

 

RPM

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

448,733

 

$

162,737

 

 

$

16,745

 

 

$

 

 

$

628,215

 

Grant income

 

 

 

3,330

 

 

 

 

 

 

 

 

 

3,330

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Service expense

 

373,724

 

 

124,445

 

 

 

6,061

 

 

 

 

 

 

504,230

 

General and administrative expense

 

33,588

 

 

23,346

 

 

 

6,742

 

 

 

15,735

 

 

 

79,411

 

Depreciation and amortization

 

7,392

 

 

12,552

 

 

 

4,606

 

 

 

208

 

 

 

24,758

 

Total operating expenses

 

414,704

 

 

160,343

 

 

 

17,409

 

 

 

15,943

 

 

 

608,399

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

34,029

 

 

5,724

 

 

 

(664

)

 

 

(15,943

)

 

 

23,146

 

 

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

15,472

 

 

 

15,472

 

Income (loss) before income taxes and equity method investment

 

34,029

 

 

5,724

 

 

 

(664

)

 

 

(31,415

)

 

 

7,674

 

Provision (benefit) for income taxes

 

9,563

 

 

1,601

 

 

 

(189

)

 

 

(8,684

)

 

 

2,291

 

Equity in net loss of investee, net of tax

 

 

 

 

 

 

 

 

 

2,055

 

 

 

2,055

 

Net Income (loss)

 

24,466

 

 

4,123

 

 

 

(475

)

 

 

(24,786

)

 

 

3,328

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

15,472

 

 

 

15,472

 

Provision (benefit) for income taxes

 

9,563

 

 

1,601

 

 

 

(189

)

 

 

(8,684

)

 

 

2,291

 

Depreciation and amortization

 

7,392

 

 

12,552

 

 

 

4,606

 

 

 

208

 

 

 

24,758

 

EBITDA

 

41,421

 

 

18,276

 

 

 

3,942

 

 

 

(17,790

)

 

 

45,849

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

4,852

 

 

 

 

 

 

 

 

354

 

 

 

5,206

 

Transaction costs (2)

 

 

 

2,830

 

 

 

1,635

 

 

 

3,237

 

 

 

7,702

 

Cash settled equity

 

 

 

 

 

 

 

 

 

20

 

 

 

20

 

Stock-based compensation

 

 

 

173

 

 

 

57

 

 

 

2,440

 

 

 

2,670

 

COVID-19 related costs, net of grant income

 

34

 

 

(3,378

)

 

 

 

 

 

 

 

 

(3,344

)

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

 

 

 

 

 

 

 

 

 

2,055

 

 

 

2,055

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

46,307

 

$

17,901

 

 

$

5,634

 

 

$

(9,684

)

 

$

60,158

 

(1)

Restructuring and related charges include professional services costs and severance and recruiting costs.

(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)

 

 

Three months ended June 30, 2021

 

NEMT

 

Personal
Care

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

Service revenue, net

$

364,760

 

$

109,688

 

 

$

 

 

$

474,448

 

Grant income

 

 

 

852

 

 

 

 

 

 

852

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Service expense

 

292,656

 

 

86,909

 

 

 

 

 

 

379,565

 

General and administrative expense

 

28,099

 

 

14,775

 

 

 

13,591

 

 

 

56,465

 

Depreciation and amortization

 

6,936

 

 

4,884

 

 

 

 

 

 

11,820

 

Total operating expenses

 

327,691

 

 

106,568

 

 

 

13,591

 

 

 

447,850

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

37,069

 

 

3,972

 

 

 

(13,591

)

 

 

27,450

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

8,287

 

 

 

8,287

 

Income (loss) before income taxes and equity method investment

 

37,069

 

 

3,972

 

 

 

(21,878

)

 

 

19,163

 

Provision (benefit) for income taxes

 

10,019

 

 

918

 

 

 

(5,266

)

 

 

5,671

 

Equity in net income of investee, net of tax

 

 

 

 

 

 

(180

)

 

 

(180

)

Net Income (loss)

 

27,050

 

 

3,054

 

 

 

(16,432

)

 

 

13,672

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

8,287

 

 

 

8,287

 

Provision (benefit) for income taxes

 

10,019

 

 

918

 

 

 

(5,266

)

 

 

5,671

 

Depreciation and amortization

 

6,936

 

 

4,884

 

 

 

 

 

 

11,820

 

EBITDA

 

44,005

 

 

8,856

 

 

 

(13,411

)

 

 

39,450

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

4,044

 

 

 

 

 

557

 

 

 

4,601

 

Transaction costs (2)

 

247

 

 

1,245

 

 

 

1,974

 

 

 

3,466

 

Cash settled equity

 

 

 

 

 

 

4,452

 

 

 

4,452

 

Stock-based compensation

 

 

 

76

 

 

 

1,340

 

 

 

1,416

 

COVID-19 related costs, net of grant income

 

114

 

 

(248

)

 

 

 

 

 

(134

)

Equity in net income of investee, net of tax

 

 

 

 

 

 

(180

)

 

 

(180

)

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

48,410

 

$

9,929

 

 

$

(5,268

)

 

$

53,071

 

(1)

Restructuring and related charges include professional services costs of $3.5 million and severance and office closure costs of $1.0 million.

(2)

Transaction costs include Circulation management incentive plan costs and acquisition costs related to Simplura Health Group and National MedTrans.

(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, with the exception of the RPM segment, which is not included in Q2 of 2021 as it was purchased in Q3 of 2021.

Modivcare Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures

Segment Information and Adjusted EBITDA

(in thousands)

 

 

Six months ended June 30, 2022

 

NEMT

 

Personal
Care

 

RPM

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

849,653

 

$

322,435

 

 

$

30,602

 

 

$

 

 

$

1,202,690

 

Grant income

 

 

 

3,798

 

 

 

 

 

 

 

 

 

3,798

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Service expense

 

705,820

 

 

246,677

 

 

 

11,048

 

 

 

 

 

 

963,545

 

General and administrative expense

 

70,921

 

 

46,479

 

 

 

11,704

 

 

 

27,115

 

 

 

156,219

 

Depreciation and amortization

 

14,497

 

 

25,057

 

 

 

8,734

 

 

 

416

 

 

 

48,704

 

Total operating expenses

 

791,238

 

 

318,213

 

 

 

31,486

 

 

 

27,531

 

 

 

1,168,468

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

58,415

 

 

8,020

 

 

 

(884

)

 

 

(27,531

)

 

 

38,020

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

30,872

 

 

 

30,872

 

Income (loss) before income taxes and equity method investment

 

58,415

 

 

8,020

 

 

 

(884

)

 

 

(58,403

)

 

 

7,148

 

Provision (benefit) for income taxes

 

16,138

 

 

2,241

 

 

 

(247

)

 

 

(16,202

)

 

 

1,930

 

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

 

65

 

 

 

 

 

 

 

 

1,507

 

 

 

1,572

 

Net Income (loss)

 

42,212

 

 

5,779

 

 

 

(637

)

 

 

(43,708

)

 

 

3,646

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

30,872

 

 

 

30,872

 

Provision (benefit) for income taxes

 

16,138

 

 

2,241

 

 

 

(247

)

 

 

(16,202

)

 

 

1,930

 

Depreciation and amortization

 

14,497

 

 

25,057

 

 

 

8,734

 

 

 

416

 

 

 

48,704

 

EBITDA

 

72,847

 

 

33,077

 

 

 

7,850

 

 

 

(28,622

)

 

 

85,152

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

10,456

 

 

181

 

 

 

24

 

 

 

385

 

 

 

11,046

 

Transaction costs (2)

 

 

 

4,103

 

 

 

2,282

 

 

 

5,028

 

 

 

11,413

 

Cash settled equity

 

 

 

 

 

 

 

 

 

7

 

 

 

7

 

Stock-based compensation

 

 

 

190

 

 

 

86

 

 

 

3,860

 

 

 

4,136

 

COVID-19 related costs, net of grant income

 

156

 

 

(3,029

)

 

 

 

 

 

 

 

 

(2,873

)

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

 

65

 

 

 

 

 

 

 

 

1,507

 

 

 

1,572

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

83,524

 

$

34,522

 

 

$

10,242

 

 

$

(17,835

)

 

$

110,453

 

(1)

Restructuring and related charges include professional services costs and severance and recruiting costs.

(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)

 

 

Six months ended June 30, 2021

 

NEMT

 

Personal
Care

 

Corporate (3)

 

Total

 

 

 

 

 

 

 

 

Service revenue, net

$

708,176

 

$

219,882

 

 

$

 

 

$

928,058

 

Grant income

 

 

 

3,500

 

 

 

 

 

 

3,500

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Service expense

 

565,072

 

 

174,826

 

 

 

 

 

 

739,898

 

General and administrative expense

 

56,086

 

 

29,804

 

 

 

25,500

 

 

 

111,390

 

Depreciation and amortization

 

14,248

 

 

9,811

 

 

 

 

 

 

24,059

 

Total operating expenses

 

635,406

 

 

214,441

 

 

 

25,500

 

 

 

875,347

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

72,770

 

 

8,941

 

 

 

(25,500

)

 

 

56,211

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

16,710

 

 

 

16,710

 

Income (loss) before income taxes and equity method investment

 

72,770

 

 

8,941

 

 

 

(42,210

)

 

 

39,501

 

Provision (benefit) for income taxes

 

19,423

 

 

2,356

 

 

 

(11,369

)

 

 

10,410

 

Equity in net income of investee, net of tax

 

 

 

 

 

 

(3,421

)

 

 

(3,421

)

Net Income (loss)

 

53,347

 

 

6,585

 

 

 

(27,420

)

 

 

32,512

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

16,710

 

 

 

16,710

 

Provision (benefit) for income taxes

 

19,423

 

 

2,356

 

 

 

(11,369

)

 

 

10,410

 

Depreciation and amortization

 

14,248

 

 

9,811

 

 

 

 

 

 

24,059

 

EBITDA

 

87,018

 

 

18,752

 

 

 

(22,079

)

 

 

83,691

 

 

 

 

 

 

 

 

 

Restructuring and related charges (1)

 

7,538

 

 

 

 

 

763

 

 

 

8,301

 

Transaction costs (2)

 

210

 

 

2,290

 

 

 

4,644

 

 

 

7,144

 

Cash settled equity

 

 

 

 

 

 

6,545

 

 

 

6,545

 

Stock-based compensation

 

 

 

76

 

 

 

2,489

 

 

 

2,565

 

COVID-19 related costs, net of grant income

 

453

 

 

(2,100

)

 

 

 

 

 

(1,647

)

Equity in net income of investee, net of tax

 

 

 

 

 

 

(3,421

)

 

 

(3,421

)

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

95,219

 

$

19,018

 

 

$

(11,059

)

 

$

103,178

 

(1)

Restructuring and related charges include professional services costs of $6.4 million and severance and office closure costs of $1.7 million.

(2)

Transaction costs include Circulation management incentive plan costs and acquisition costs related to Simplura Health Group and National MedTrans.

(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, with the exception of the RPM segment, which is not included in YTD 2021 as it was purchased in Q3 of 2021.

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 June 30,

 

Six months ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Net income

$

3,328

 

 

$

13,672

 

 

$

3,646

 

 

$

32,512

 

 

 

 

 

 

 

 

 

Restructuring and related charges(1)

 

5,206

 

 

 

4,601

 

 

 

11,046

 

 

 

8,301

 

Transaction costs(2)

 

7,702

 

 

 

3,466

 

 

 

11,413

 

 

 

7,144

 

Cash settled equity

 

20

 

 

 

4,452

 

 

 

7

 

 

 

6,545

 

Stock-based compensation

 

2,670

 

 

 

1,416

 

 

 

4,136

 

 

 

2,565

 

Equity in net income of investee, net of tax

 

2,055

 

 

 

(180

)

 

 

1,572

 

 

 

(3,421

)

Intangible amortization expense

 

19,752

 

 

 

9,148

 

 

 

39,251

 

 

 

18,649

 

COVID-19 related costs, net of grant income

 

(3,344

)

 

 

(134

)

 

 

(2,873

)

 

 

(1,647

)

Tax effected impact of adjustments

 

(9,299

)

 

 

(6,100

)

 

 

(18,224

)

 

 

(11,417

)

 

 

 

 

 

 

 

 

Adjusted Net Income

$

28,090

 

 

$

30,341

 

 

$

49,974

 

 

$

59,231

 

 

 

 

 

 

 

 

 

Adjusted EPS

$

1.99

 

 

$

2.14

 

 

$

3.54

 

 

$

4.13

 

 

 

 

 

 

 

 

 

Diluted weighted-average number of common shares outstanding

 

14,115,471

 

 

 

14,175,594

 

 

 

14,122,730

 

 

 

14,329,794

(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

 

 

 

Six months ended

 

 

 

Three months
ended

 

 

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

March 31,
2022

 

QoQ %
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEMT Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

448,733

 

 

$

364,760

 

 

23.0

%

 

$

849,653

 

 

$

708,176

 

 

20.0

%

 

$

400,920

 

 

11.9

%

Purchased services expense

 

317,213

 

 

 

245,015

 

 

29.5

%

 

 

595,160

 

 

 

468,309

 

 

27.1

%

 

 

277,947

 

 

14.1

%

Payroll and other expense

 

56,511

 

 

 

47,641

 

 

18.6

%

 

 

110,660

 

 

 

96,763

 

 

14.4

%

 

 

54,149

 

 

4.4

%

Service expense

$

373,724

 

 

$

292,656

 

 

27.7

%

 

$

705,820

 

 

$

565,072

 

 

24.9

%

 

$

332,096

 

 

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

75,009

 

 

$

72,104

 

 

4.0

%

 

$

143,833

 

 

$

143,104

 

 

0.5

%

 

$

68,824

 

 

9.0

%

Gross margin

 

16.7

%

 

 

19.8

%

 

 

 

 

16.9

%

 

 

20.2

%

 

 

 

 

17.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

33,588

 

 

$

28,099

 

 

19.5

%

 

$

70,921

 

 

$

56,086

 

 

26.5

%

 

$

37,333

 

 

(10.0

)%

G&A expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

4,852

 

 

 

4,044

 

 

20.0

%

 

 

10,456

 

 

 

7,538

 

 

38.7

%

 

 

5,604

 

 

(13.4

)%

Transaction costs

 

 

 

 

247

 

 

%

 

 

 

 

 

210

 

 

%

 

 

 

 

%

Adjusted G&A expense

$

28,736

 

 

$

23,808

 

 

20.7

%

 

$

60,465

 

 

$

48,338

 

 

25.1

%

 

$

31,729

 

 

(9.4

)%

Adjusted G&A expense % of revenue

 

6.4

%

 

 

6.5

%

 

 

 

 

7.1

%

 

 

6.8

%

 

 

 

 

7.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

24,466

 

 

$

27,050

 

 

(9.6

) %

 

$

42,212

 

 

$

53,347

 

 

(20.9

) %

 

$

17,746

 

 

37.9

%

Net income margin

 

5.5

%

 

 

7.4

%

 

 

 

 

5.0

%

 

 

7.5

%

 

 

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

46,307

 

 

$

48,410

 

 

(4.3

)%

 

$

83,524

 

 

$

95,219

 

 

(12.3

)%

 

$

37,217

 

 

24.4

%

Adjusted EBITDA margin

 

10.3

%

 

 

13.3

%

 

 

 

 

9.8

%

 

 

13.4

%

 

 

 

 

9.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total paid trips (in thousands)

 

7,831

 

 

 

6,657

 

 

17.6

%

 

 

14,942

 

 

 

13,276

 

 

12.5

%

 

 

7,111

 

 

10.1

%

Average monthly members (in thousands)

 

33,792

 

 

 

29,756

 

 

13.6

%

 

 

32,984

 

 

 

30,102

 

 

9.6

%

 

 

32,176

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue per member per month

$

4.43

 

 

$

4.09

 

 

8.3

%

 

$

4.29

 

 

$

3.92

 

 

9.4

%

 

$

4.15

 

 

6.7

%

Revenue per trip

$

57.30

 

 

$

54.79

 

 

4.6

%

 

$

56.86

 

 

$

53.34

 

 

6.6

%

 

$

56.38

 

 

1.6

%

Monthly utilization

 

7.7

%

 

 

7.5

%

 

 

 

 

7.6

%

 

 

7.4

%

 

 

 

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased services per trip

$

40.51

 

 

$

36.81

 

 

10.1

%

 

$

39.83

 

 

$

35.27

 

 

12.9

%

 

$

39.09

 

 

3.6

%

Payroll and other per trip

$

7.22

 

 

$

7.16

 

 

0.8

%

 

$

7.41

 

 

$

7.29

 

 

1.6

%

 

$

7.61

 

 

(5.1

) %

Modivcare Inc.

Unaudited Key Statistical and Financial Data

(in thousands, except for statistical data)

 

 

Three months ended

 

 

 

Six months ended

 

 

 

Three months
ended

 

 

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

March 31,
2022

 

QoQ %
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Care Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

162,737

 

 

$

109,688

 

 

48.4

%

 

$

322,435

 

 

$

219,882

 

 

46.6

%

 

$

159,698

 

 

1.9

%

Service expense

 

124,445

 

 

 

86,909

 

 

43.2

%

 

 

246,677

 

 

 

174,826

 

 

41.1

%

 

 

122,232

 

 

1.8

%

Gross profit

$

38,292

 

 

$

22,779

 

 

68.1

%

 

$

75,758

 

 

$

45,056

 

 

68.1

%

 

$

37,466

 

 

2.2

%

Gross Margin

 

23.5

%

 

 

20.8

%

 

 

 

 

23.5

%

 

 

20.5

%

 

 

 

 

23.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

23,346

 

 

$

14,775

 

 

58.0

%

 

$

46,479

 

 

$

29,804

 

 

55.9

%

 

$

23,133

 

 

0.9

%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

 

 

 

 

 

%

 

 

181

 

 

 

 

 

%

 

 

181

 

 

(100.0

)%

Transaction costs

 

2,830

 

 

 

1,245

 

 

127.3

%

 

 

4,103

 

 

 

2,290

 

 

79.2

%

 

 

1,273

 

 

122.3

%

Stock-based compensation

 

173

 

 

 

76

 

 

127.6

%

 

 

190

 

 

 

76

 

 

150.0

%

 

 

17

 

 

917.6

%

Adjusted G&A expense

$

20,343

 

 

$

13,454

 

 

51.2

%

 

$

42,005

 

 

$

27,438

 

 

53.1

%

 

$

21,662

 

 

(6.1

)%

Adjusted G&A expense % of revenue

 

12.5

%

 

 

12.3

%

 

 

 

 

13.0

%

 

 

12.5

%

 

 

 

 

13.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

4,123

 

 

$

3,054

 

 

35.0

%

 

$

5,779

 

 

$

6,585

 

 

(12.2

)%

 

$

1,656

 

 

149.0

%

Net income margin

 

2.5

%

 

 

2.8

%

 

 

 

 

1.8

%

 

 

3.0

%

 

 

 

 

1.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

17,901

 

 

$

9,929

 

 

80.3

%

 

$

34,522

 

 

$

19,018

 

 

81.5

%

 

$

16,621

 

 

7.7

%

Adjusted EBITDA margin

 

11.0

%

 

 

9.1

%

 

 

 

 

10.7

%

 

 

8.6

%

 

 

 

 

10.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total hours (in thousands)

 

6,705

 

 

 

4,629

 

 

44.8

%

 

 

13,240

 

 

 

9,255

 

 

43.1

%

 

 

6,535

 

 

2.6

%

Revenue per hour

$

24.27

 

 

$

23.70

 

 

2.4

%

 

$

24.35

 

 

$

23.76

 

 

2.5

%

 

$

24.44

 

 

(0.7

)%

Service expense per hour

$

18.56

 

 

$

18.77

 

 

(1.1

)%

 

$

18.63

 

 

$

18.89

 

 

(1.4

)%

 

$

18.70

 

 

(0.7

)%

Modivcare Inc.

Unaudited Key Statistical and Financial Data

(in thousands, except for statistical data)

 

 

Three months ended

 

 

 

Six months ended

 

 

 

Three months
ended

 

 

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

March 31,
2022

 

QoQ %
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RPM Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue, net

$

16,745

 

 

 

 

N/M

 

$

30,602

 

 

 

 

N/M

 

$

13,857

 

 

20.8

%

Service expense

 

6,061

 

 

 

 

N/M

 

 

11,048

 

 

 

 

N/M

 

 

4,987

 

 

21.5

%

Gross profit

$

10,684

 

 

 

 

N/M

 

$

19,554

 

 

 

 

N/M

 

$

8,870

 

 

20.5

%

Gross Margin

 

63.8

%

 

 

 

 

 

 

63.9

%

 

 

 

 

 

 

64.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

6,742

 

 

 

 

N/M

 

$

11,704

 

 

 

 

N/M

 

$

4,962

 

 

35.9

%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

 

 

 

 

N/M

 

 

24

 

 

 

 

N/M

 

 

24

 

 

(100.0

)%

Transaction costs

 

1,635

 

 

 

 

N/M

 

 

2,282

 

 

 

 

N/M

 

 

647

 

 

152.7

%

Stock-based compensation

 

57

 

 

 

 

N/M

 

 

86

 

 

 

 

N/M

 

 

29

 

 

96.6

%

Adjusted G&A expense

$

5,050

 

 

 

 

N/M

 

$

9,312

 

 

 

 

N/M

 

$

4,262

 

 

18.5

%

Adjusted G&A expense % of revenue

 

30.2

%

 

 

 

 

 

 

30.4

%

 

 

 

 

 

 

30.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(475

)

 

 

 

N/M

 

$

(637

)

 

 

 

N/M

 

$

(162

)

 

193.2

%

Net income (loss) margin

 

(2.8

)%

 

 

 

 

 

 

(2.1

)%

 

 

 

 

 

 

(1.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

5,634

 

 

 

 

N/M

 

$

10,242

 

 

 

 

N/M

 

$

4,608

 

 

22.3

%

Adjusted EBITDA margin

 

33.6

%

 

 

 

 

 

 

33.5

%

 

 

 

 

 

 

33.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average monthly members (in thousands)

 

203

 

 

 

 

N/M

 

 

186

 

 

 

 

N/M

 

 

169

 

 

20.1

%

Revenue per member per month

$

27.50

 

 

 

 

N/M

 

$

27.42

 

 

 

 

N/M

 

$

27.33

 

 

0.6

%

Service expense per member per month

$

9.95

 

 

 

 

N/M

 

$

9.90

 

 

 

 

N/M

 

$

9.84

 

 

1.1

%

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

 

 

 

Six months ended

 

 

 

Three months
ended

 

 

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

March 31,
2022

 

QoQ %
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

15,735

 

 

$

13,591

 

 

15.8

%

 

$

27,115

 

 

$

25,500

 

 

6.3

%

 

$

11,380

 

 

38.3

%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

354

 

 

 

557

 

 

(36.4

)%

 

 

385

 

 

 

763

 

 

(49.5

)%

 

 

31

 

 

1041.9

%

Transaction costs

 

3,237

 

 

 

1,974

 

 

64.0

%

 

 

5,028

 

 

 

4,644

 

 

8.3

%

 

 

1,791

 

 

80.7

%

Cash settled equity

 

20

 

 

 

4,452

 

 

(99.6

)%

 

 

7

 

 

 

6,545

 

 

(99.9

)%

 

 

(13

)

 

(253.8

)%

Stock-based compensation

 

2,440

 

 

 

1,340

 

 

82.1

%

 

 

3,860

 

 

 

2,489

 

 

55.1

%

 

 

1,420

 

 

71.8

%

Adjusted G&A expense

$

9,684

 

 

$

5,268

 

 

83.8

%

 

$

17,835

 

 

$

11,059

 

 

61.3

%

 

$

8,151

 

 

18.8

%

Adjusted G&A expense % of consolidated revenue

 

1.5

%

 

 

1.1

%

 

 

 

 

1.5

%

 

 

1.2

%

 

 

 

 

1.4

%

 

 

 

Three months ended

 

 

 

Six months ended

 

 

 

Three months
ended

 

 

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

June 30,
2022

 

June 30,
2021

 

%
Change

 

March 31,
2022

 

QoQ %
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Modivcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A expense

$

79,411

 

 

$

56,465

 

 

40.6

%

 

$

156,219

 

 

$

111,390

 

 

40.2

%

 

$

76,808

 

 

3.4

%

G&A expense adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related charges

 

5,206

 

 

 

4,601

 

 

13.1

%

 

 

11,046

 

 

 

8,301

 

 

33.1

%

 

 

5,840

 

 

(10.9

)%

Transaction costs

 

7,702

 

 

 

3,466

 

 

122.2

%

 

 

11,413

 

 

 

7,144

 

 

59.8

%

 

 

3,711

 

 

107.5

%

Cash settled equity

 

20

 

 

 

4,452

 

 

(99.6

)%

 

 

7

 

 

 

6,545

 

 

(99.9

)%

 

 

(13

)

 

(253.8

)%

Stock-based compensation

 

2,670

 

 

 

1,416

 

 

88.6

%

 

 

4,136

 

 

 

2,565

 

 

61.2

%

 

 

1,466

 

 

82.1

%

Adjusted G&A expense

$

63,813

 

 

$

42,530

 

 

50.0

%

 

$

129,617

 

 

$

86,835

 

 

49.3

%

 

$

65,804

 

 

(3.0

)%

Adjusted G&A expense % of revenue

 

10.2

%

 

 

9.0

%

 

 

 

 

10.8

%

 

 

9.4

%

 

 

 

 

11.5

%

 

 

 

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

Source: Modivcare Inc.

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