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  "documentTitle": "ModivCare | Results Presentation Deck | 11 slides",
  "authorId": "modivcare",
  "authorName": "ModivCare",
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  "presentationDate": "2021-02-01 00:00:00",
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  "pageNumber": 11,
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  "notes": "The slide highlights that Matrix trades at different multiples than ModivCare due to capital structure differences.",
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      "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",
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      "text": "LTM Adjusted EBITDA (12/31/20) $113.3; Illustrative Multiple 10.0x; Implied Enterprise Value $1,133; Less: Net Debt (12/31/20) ($246); Theoretical Equity Value $887; MODV Ownership 43.6%; Potential Value to MODV Shareholders (Pre-Tax) $387",
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      "text": "MATRIX – ILLUSTRATIVE VALUATION",
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      "text": "DIFFERENT CAPITAL STRUCTURE THAN MODIVCARE",
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