{ "docId": "019de517-dc1f-77a8-9725-c5687b130bcc", "docSlug": "81d65446518e3c6cbf953e242045279f", "documentTitle": "ModivCare | Investor Conference Presentation Deck | 15 slides", "authorId": "modivcare", "authorName": "ModivCare", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-01-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 13, "pageCount": 15, "prevPage": 12, "nextPage": 14, "slideType": "kpi_overview", "function": "analyze_data", "density": "overcrowded", "nDataPoints": 1000, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-dc1f-77a8-9725-c5687b130bcc/13", "deckHref": "/decks/019de517-dc1f-77a8-9725-c5687b130bcc", "deckJsonHref": "/decks/019de517-dc1f-77a8-9725-c5687b130bcc.json", "deckAnchorHref": "/decks/019de517-dc1f-77a8-9725-c5687b130bcc#slide-13", "components": [ { "bbox": { "h": 0.03, "w": 0.309, "x": 0.665, "y": 0.81 }, "kind": "source-note", "text": "(1) Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b778d50-66e4-4f91-a922-1aeffa6e7673", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.309, "x": 0.344, "y": 0.81 }, "kind": "source-note", "text": "(1) Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ea07dac-fc6c-466a-8ea9-10a598e7aa31", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.014, "x": 0.96, "y": 0.95 }, "kind": "source-note", "text": "13", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "98c0d48e-5e84-4b73-9442-0a80dfd963f9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.309, "x": 0.023, "y": 0.81 }, "kind": "source-note", "text": "(1) Restructuring and related costs include professional fees for strategic initiatives, organizational consolidation costs, severance and other professional fees.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9f24b641-b1e7-474f-a7cd-6d9a9a4d985a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.309, "x": 0.665, "y": 0.876 }, "kind": "source-note", "text": "(3) Stock-based compensation includes cash settled equity balances.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a6a3f702-1d6f-435c-8f7c-25ab2a77becf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.115, "x": 0.859, "y": 0.929 }, "kind": "source-note", "text": "© 2024 Modivcare® Inc.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cf482215-c597-4a21-a654-5619f03e222b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.309, "x": 0.665, "y": 0.843 }, "kind": "source-note", "text": "(2) Transaction and integration costs consist of fees incurred related to Sarbanes-Oxley Act of 2002 implementation and business integration efforts.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea8f0bf9-ee66-4343-b5c9-fc05fe677902", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.69, "w": 0.309, "x": 0.665, "y": 0.107 }, "kind": "table", "text": "Modivcare Inc. Unaudited Reconciliation of Non-GAAP Financial Measures Segment Information and Adjusted EBITDA (in thousands) Three months ended September 30, 2022 NEMT PCS RPM Corporate and Other Total Service revenue, net $ 459,796 $ 169,226 $ 18,760 $ — $ 647,782 Grant income 789 789 Operating expenses: Service expense 394,981 132,746 6,836 534,563 General and administrative expense 31,815 22,057 5,816 16,201 75,889 Depreciation and amortization 7,079 12,919 5,467 207 25,672 Total operating expenses 433,875 167,722 18,119 16,408 636,124 Operating income (loss) 25,921 2,293 641 (16,408) 12,447 Interest expense, net 15,557 15,557 Income (loss) before income taxes and equity method investment 25,921 2,293 641 (31,965) (3,110) Income tax (provision) benefit (6,978) (661) (179) 8,871 1,053 Equity in net income (loss) of investee, net of tax 208 (26,656) (26,448) Net income (loss) 19,151 1,632 462 (49,750) (28,505) Interest expense, net 15,557 15,557 Income tax provision (benefit) 6,978 661 179 (8,871) (1,053) Depreciation and amortization 7,079 12,919 5,467 207 25,672 EBITDA 33,208 15,212 6,108 (42,857) 11,671 Restructuring and related costs(1) 902 582 39 565 2,088 Transaction and integration costs(2) 6 2,231 471 2,191 4,899 Settlement related costs 5,500 500 6,000 Stock-based compensation(3) 83 83 COVID-19 related costs, net of grant income (51) 659 608 Equity in net (income) loss of investee, net of tax (208) 26,656 26,448 Adjusted EBITDA $ 39,357 $ 18,684 $ 6,618 $ (12,862) $ 51,797", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1364bb57-b1df-4e17-8cc4-d5e87f1d5994", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.69, "w": 0.309, "x": 0.023, "y": 0.107 }, "kind": "table", "text": "Modivcare Inc. Unaudited Reconciliation of Non-GAAP Financial Measures Segment Information and Adjusted EBITDA (in thousands) Three months ended September 30, 2023 NEMT PCS RPM Corporate and Other Total Service revenue, net $ 485,951 $ 179,979 $ 19,779 $ 1,216 $ 686,925 Grant income 551 551 Operating expenses: Service expense 428,021 143,078 6,934 1,181 579,214 General and administrative expense 25,433 20,252 5,685 18,772 70,142 Depreciation and amortization 6,814 12,850 6,174 239 26,077 Total operating expenses 460,268 176,180 18,793 20,192 675,433 Operating income (loss) 25,683 4,350 986 (18,976) 12,043 Interest expense, net 17,844 17,844 Income (loss) before income taxes and equity method investment 25,683 4,350 986 (36,820) (5,801) Income tax (provision) benefit (6,994) (1,208) (279) 10,140 1,659 Equity in net income (loss) of investee, net of tax 142 (302) (160) Net income (loss) 18,831 3,142 707 (26,982) (4,302) Interest expense, net 17,844 17,844 Income tax provision (benefit) 6,994 1,208 279 (10,140) (1,659) Depreciation and amortization 6,814 12,850 6,174 239 26,077 EBITDA 32,639 17,200 7,160 (19,039) 37,960 Restructuring and related costs(1) 2,711 6,205 8,916 Transaction and integration costs 101 431 22 605 1,159 Settlement related costs (25) 1,474 1,449 Stock-based compensation 1,690 1,690 Equity in net (income) loss of investee, net of tax (142) 302 160 Adjusted EBITDA $ 35,284 $ 17,631 $ 7,182 $ (8,763) $ 51,334", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "23c067b1-4c93-4c13-b920-87298242d329", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.69, "w": 0.309, "x": 0.344, "y": 0.107 }, "kind": "table", "text": "Modivcare Inc. Unaudited Reconciliation of Non-GAAP Financial Measures Segment Information and Adjusted EBITDA (in thousands) Three months ended June 30, 2023 Personal NEMT Care RPM Corporate and Other Total Service revenue, net $ 496,975 $ 180,325 $ 19,211 $ 2,596 $ 699,107 Grant income 2,634 2,634 Operating expenses: Service expense 441,897 138,468 6,705 2,185 589,255 General and administrative expense 28,337 20,565 5,327 25,011 79,240 Depreciation and amortization 6,739 12,872 6,059 239 25,909 Impairment of goodwill 137,331 45,769 183,100 Total operating expenses 476,973 309,236 63,860 27,435 877,504 Operating income (loss) 20,002 (126,277) (44,649) (24,839) (175,763) Interest expense, net 16,967 16,967 Income (loss) before income taxes and equity method investment 20,002 (126,277) (44,649) (41,806) (192,730) (Provision) benefit for income taxes (5,402) (3,095) (316) 9,643 830 Equity in net income of investee, net of tax 189 767 956 Net income (loss) 14,789 (129,372) (44,965) (31,396) (190,944) Interest expense, net 16,967 16,967 Provision (benefit) for income taxes 5,402 3,095 316 (9,643) (830) Depreciation and amortization 6,739 12,872 6,059 239 25,909 EBITDA 26,930 (113,405) (38,590) (23,833) (148,898) Restructuring and related costs(1) 2,055 8,055 10,110 Transaction and integration costs(2) 173 16 665 854 Settlement related costs 7,209 7,209 Stock-based compensation 947 947 Impairment of goodwill 137,331 45,769 183,100 Equity in net income of investee, net of tax (189) (767) (956) Adjusted EBITDA $ 28,796 $ 24,099 $ 7,195 $ (7,724) $ 52,366", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e6bccd45-466a-45bc-8275-5018efc28096", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.64, "x": 0.029, "y": 0.04 }, "kind": "title", "text": "Non-GAAP Reconciliation | 3Q23, 2Q23, 3Q22", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0eb43bb0-a654-4e2e-ad4c-8fbd0763b9e0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Waterfall chart", "slug": "waterfall-chart", "agent": null, "layer": "slide", "matchId": "e571528c-3556-41ec-8f33-74ae53d79cfa", "evidence": "The slide presents a detailed reconciliation of Adjusted EBITDA, starting from Net income (loss) and adding back various adjustments, which is a classic waterfall chart structure, for multiple periods.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 13, "from": 8, "beatId": "ea961aa7-6ee7-4e67-903a-40a8e439baad", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "Financial overviews and reconciliations are detailed in slides 8-13.", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }