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Sep 30, 2023
Modivcare Q3 2023 Earnings Report
Reported a 6.0% increase in service revenue and a net loss, but adjusted EBITDA and EPS remained strong.
Key Takeaways
Modivcare reported a 6.0% increase in service revenue to $686.9 million compared to Q3 2022. The company experienced a net loss of $4.3 million, but adjusted EBITDA was $51.3 million and adjusted EPS was $1.44. Cash flow from operations was $53.5 million, and free cash flow was $44.7 million.
Service revenue increased by 6.0% to $686.9 million compared to Q3 2022.
Net loss was $4.3 million, or $0.30 per diluted common share.
Adjusted EBITDA was $51.3 million, and adjusted EPS was $1.44 per diluted common share.
Cash provided by operating activities was $53.5 million, with free cash flow of $44.7 million.
Forward Guidance
Modivcare maintained its revenue and adjusted EBITDA guidance ranges as follows: Revenue between $2,750 million and $2,800 million and Adjusted EBITDA between $200 million and $210 million. Guidance excludes the effects of any future merger or acquisition activity and is based on the current operating environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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