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Levi & Korsinsky Reminds ModivCare Inc. Investors of the Ongoing Investigation into Potential Violations of Securities Laws - MODV ...

ModivCare Inc. (MODV) Investors with Losses are Urged to Contact Levi & Korsinsky to Discuss Their Rights ...

Exhibit 10.1 AMENDMENT NO. 5 Dated as of January 9, 2025 to CREDIT AGREEMENT Dated as of February 3, 2022 THIS AMENDMENT NO. 5 (this "Amendment") is made as of January 9, 2025, by and among ModivCare Inc., a corporation organized under the laws of the State of Delaware (the "Borrower"), the financial institutions listed on the signature pages hereof and JPMorgan ChaseBank, N.A., as administrative agent (the "Administrative Agent"), under that certain Credit Agreement, dated as of February 3, 2022, by and am ...

Financial Data and Key Metrics - Q3 2024 revenue increased 2% YoY to $702 million, driven by 5% growth in Personal Care Services (PCS) and 1% growth in Non-Emergency Medical Transportation (NEMT) [32] - Adjusted EBITDA for Q3 2024 was $43 million, or 6.2% of revenue, driven by solid performance in RPM and PCS segments, as well as operational improvements and cost savings in NEMT [33] - Net loss for Q3 2024 was approximately $27 million, while adjusted net income was $6 million, or $0.45 per diluted share [32] - Free cash flow for Q3 2024 was $1.5 million, consisting of $9.3 million in operating cash flow and $7.7 million in capital expenditures [41] Business Line Data and Key Metrics NEMT Segment - NEMT revenue increased 1% YoY to $492 million, with average monthly membership up 1% sequentially to 30 million [34] - NEMT adjusted EBITDA was $31 million, with a margin of 6.2%, down 99 basis points sequentially due to higher utilization, trip mix, and higher G&A expenses [36] - NEMT gross margin decreased 150 basis points sequentially to 11.3%, primarily due to growth in trips and trip mix, partially offset by cost-saving initiatives [35] - NEMT unit costs decreased, with purchased services expense per trip down 1% QoQ to $3.75 and payroll and other expenses per trip down 9% sequentially to $5.60 [35] Personal Care Services (PCS) Segment - PCS revenue increased 5% YoY to $189 million, driven by 3% growth in hours and 2% growth in revenue per hour [37] - PCS adjusted EBITDA was $16 million, or 8.3% of revenue, showing modest improvement from Q2 due to lower G&A expenses and slightly lower service expense per hour [38] - Reimbursement rate increases in New York, New Jersey, and West Virginia contributed to PCS growth [37] Remote Patient Monitoring (RPM) Segment - RPM revenue decreased 2% YoY but increased 2% sequentially to $19 million, with adjusted EBITDA margin at 37% [39] - RPM margins are expected to remain in the mid-30% range despite headwinds from Medicare Advantage (MA) supplemental benefit changes [40] Market Data and Key Metrics - Medicaid redeterminations impacted NEMT membership by approximately 220,000 members and adjusted EBITDA by less than $1 million in Q3 2024 [36] - Medicare Advantage (MA) accounts for 15% of NEMT revenue and 25% of RPM revenue, with anticipated contraction in MA business in 2025 [17] - The company expects a shift in MA mix to "winners" from "losers" due to market changes, with a focus on developing MA products in response to these shifts [17] Company Strategy and Industry Competition - The company is transitioning shared-risk NEMT contracts to fee-for-service arrangements, which will improve cash flow and reduce receivables build [11][12] - The company is focusing on cost-saving initiatives, including automation and technology optimization, which have driven $3 million in net cost savings in Q3 2024 [19] - The company is working to deleverage its balance sheet, with discussions ongoing with the bank group for long-term covenant relief [31][44] - The company is evaluating the potential sale of assets, including Matrix, to optimize value and reduce debt [60][61] Management Commentary on Operating Environment and Future Outlook - Management expects 2025 adjusted EBITDA to increase by approximately 10%, driven by membership growth, new contract wins, and cost-saving initiatives [15] - The company anticipates continued headwinds in the MA market but expects growth in Medicaid and other segments to offset these challenges [90] - Management highlighted the importance of the company's multimodal network strategy in reducing NEMT unit costs and improving operational efficiency [21] Other Important Information - The company collected $105 million in gross contract receivables in Q3 2024, including $42 million from retrospective prepayment resets and $39 million from early settlements [43] - The company ended Q3 2024 with $48 million in cash and $1.2 billion in debt, with a net leverage ratio of 5.6x [45] - The company maintained its 2024 revenue guidance of $2.7 billion to $2.9 billion and adjusted EBITDA guidance of $170 million to $180 million [46] Q&A Session Summary Question: Fee-for-service shift in NEMT contracts - The shift to fee-for-service is driven by the need for faster cash flow and cost of capital considerations, with state Medicaid contracts likely to remain full-risk [53] - The company expects margin compression in shared-risk contracts but believes the cost savings and operational efficiencies will offset this [54][55] Question: Cash flow and receivables outlook - The company expects to normalize working capital and free cash flow by mid-2025 as shared-risk contracts roll off and fee-for-service contracts take effect [57][58] - The company collected $105 million in gross contract receivables in Q3 2024 and expects to settle or repay $47 million in contract payables by mid-2025 [43][57] Question: Potential asset sales and deleveraging - The company is evaluating the sale of assets, including Matrix, as part of its strategy to deleverage the balance sheet [60][61] - The timing of asset sales will depend on market conditions and the company's ability to achieve the right valuation [62] Question: NEMT cost structure and margin outlook - The company has made significant progress in reducing NEMT unit costs through automation and multimodal strategies, with further cost savings expected in 2025 [82][83] - The company expects NEMT margins to improve as it transitions to fee-for-service contracts and continues to optimize its cost structure [84] Question: RPM headwinds and PCS margin outlook - RPM growth is expected to be impacted by MA headwinds, but Medicaid LTSS growth is expected to offset these challenges [90] - PCS margins are expected to improve, with a target exit rate of around 10% by the end of 2024 [87] Question: CDPAP revenue and EBITDA impact - The potential loss of CDPAP revenue would have an EBITDA impact of $3 million to $5 million, but the company expects to continue participating in the New York market [93][94] Question: Fee-for-service revenue mix in NEMT - The company expects approximately 60% of NEMT revenue to transition to fee-for-service by the end of 2025, with the remaining 40% in full-risk state contracts [97] Question: Cash flow conversion and deleveraging - The company expects a 30% cash flow conversion rate post-mid-2025, with potential for improvement to 50% as the company deleverages [110][111] Question: Pennsylvania rate study and Matrix monetization - The company is optimistic about a potential rate increase in Pennsylvania but cannot predict the timing [112] - The timing for Matrix monetization has been pushed out due to MA headwinds [113]

ModivCare (MODV) came out with quarterly earnings of $0.45 per share, missing the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $1.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -23.73%. A quarter ago, it was expected that this provider of government-sponsored social services would post earnings of $0.81 per share when it actually produced a loss of $0.03, delivering a surprise of -103.70%.Over ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34221 ModivCare Inc. (Exact name of registrant as specified in its charter) Delaware 86-0845127 (State or other jurisdiction ...

Fiscal Year 2024 Revenue $2,700 - $2,900 Adjusted EBITDA $170 - $180 Modivcare Reports Third Quarter 2024 Financial Results; Affirms 2024 Guidance Denver, CO – November 6, 2024 – Modivcare Inc. (the "Company" or "Modivcare") (Nasdaq: MODV), a technologyenabled healthcare services company that provides a platform of integrated supportive care solutions focused on improving health outcomes, today reported financial results for the three and nine months ended September 30, 2024. Third Quarter 2024 Summary: • S ...

2Q 2024 Investor Presentation © 2024 Modivcare® Inc. © 2024 Modivcare® Inc. 1 Forward Looking Statements Certain statements contained in herein 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 up ...

ModivCare Inc. (NASDAQ:MODV) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Kevin Ellich – Head-Investor Relations Heath Sampson – President and Chief Executive Officer Barbara Gutierrez – Chief Financial Officer Conference Call Participants Brian Tanquilut – Jefferies Bob Labick – CJS Securities Pito Chickering – Deutsche Bank Scott Fidel – Stephens Rishi Parekh – JPMorgan Mike Petusky – Barrington Research Operator Good morning and welcome to ModivCare's Second Quarter 202 ...