Modivcare Q2 2024 Earnings Report
Key Takeaways
Modivcare's second quarter adjusted EBITDA was $45 million, driven by strong performance in the NEMT segment. The company lowered its 2024 Adjusted EBITDA guidance range due to personal care services transformation. Net cash flow from operating activities was a use of $55 million, but working capital is expected to normalize in the second half of 2024. The company successfully refinanced its 2025 senior unsecured notes with a new Term Loan B.
Service revenue of $698.3 million, consistent with the second quarter of 2023
Net loss of $128.9 million or negative $9.07 per diluted common share
Adjusted EBITDA of $45.4 million, adjusted net loss of $0.4 million and adjusted EPS of negative $0.03 per diluted common share
Won $97.8 million of NEMT total contract value during second quarter 2024 ($32.6 million annual contract value), with implementation beginning in the third quarter of 2024
Modivcare
Modivcare
Forward Guidance
Modivcare maintained its revenue guidance range and lowered its adjusted EBITDA guidance range for fiscal year 2024.