{
  "docId": "019de070-94ac-7797-b616-88db5eb7399e",
  "docSlug": "5633232e512d476761adf3acd4c02ef2",
  "documentTitle": "ModivCare | Investor Presentation Deck | 31 slides",
  "authorId": "modivcare",
  "authorName": "ModivCare",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2021-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 24,
  "pageCount": 31,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "revenue_buildup",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The slide uses a standard valuation bridge from EBITDA to equity value, highlighting the ownership stake.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de070-94ac-7797-b616-88db5eb7399e/24",
  "deckHref": "/decks/019de070-94ac-7797-b616-88db5eb7399e",
  "deckJsonHref": "/decks/019de070-94ac-7797-b616-88db5eb7399e.json",
  "deckAnchorHref": "/decks/019de070-94ac-7797-b616-88db5eb7399e#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.06,
        "y": 0.19
      },
      "kind": "list",
      "text": "Legacy risk adjustment models consistently trade at EBITDA multiples of 10x-12x\nNew risk- and value-based models similar to Matrix are obtaining EBITDA multiples greater than 12x",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eae02784-2ff5-4536-aa6c-95c34f204b9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.32,
        "x": 0.06,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Refer to GAAP to Non-GAAP reconciliation on slide 30",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd3186b7-f8a8-49e3-b2ea-6092f6d1d9b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.08,
        "y": 0.38
      },
      "kind": "table",
      "text": "LTM Adjusted EBITDA (9/30/20) $103.3; Illustrative Multiple 10.0x; Implied Enterprise Value $1,033.0; Less: Net Debt (9/30/20) ($255.0); Theoretical Equity Value $778.0; MODV Ownership 43.6%; Potential Value to MODV Shareholders (Pre-Tax) $339.2",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11760797-0afc-40bb-8544-97ee31d324f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.68,
        "x": 0.06,
        "y": 0.06
      },
      "kind": "title",
      "text": "MATRIX – ILLUSTRATIVE VALUATION",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d010d991-18ae-4b6a-b24c-8c6e4e0b8392",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.64,
        "x": 0.06,
        "y": 0.12
      },
      "kind": "title",
      "text": "DIFFERENT CAPITAL STRUCTURE THAN PROVIDENCE",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4f1a199-27fb-45af-b196-fa2e3e909ebe",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 24,
      "from": 21,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "c0c2835d-6781-4896-8cdd-6e9c78b96209",
      "evidence": "The deck presents ModivCare's investment highlights and potential for value creation.",
      "position": 2,
      "objective": "What are ModivCare's investment highlights?",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.7,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}