Q1 2024 ModivCare Inc Earnings Call Transcript
Key Points
- Revenue increased by 3% year-over-year, demonstrating continued growth.
- Adjusted EBITDA of $32 million was in line with guidance, reflecting stable financial performance.
- Secured $36 million in NEMT annualized contract value from new and renewed contracts, indicating strong market competitiveness.
- Cost savings initiatives are on track, with expected savings of $34 million in-year and $60 million annualized beyond 2024.
- Matrix Medical's refinancing and operational improvements suggest potential for successful monetization in the near future.
- First quarter net loss of $22 million and adjusted net loss of $1.2 million, indicating challenges in profitability.
- Volume reduction from a large payer due to diversification of transportation providers, impacting revenue.
- Medicaid redetermination impacting membership and revenue, with a projected adverse impact of $60 million on revenue and $26 to $30 million on adjusted EBITDA in 2024.
- Personal care segment faced challenges with higher than expected wage increases and higher centralized costs.
- Free cash flow was only $2 million, with expectations of negative cash flow in the first half of 2024.
Good morning and welcome to motive Care's First Quarter 2024 financial results conference call. (Operator Instructions) Please note that this conference call is being recorded.
I will now turn the call over to Kevin Ellich, Head of Investor Relations. Mr. Ellich, you may now begin.
Good morning, and thank you for joining motive Care's First Quarter 2024 Earnings Conference Call and Webcast. Joining me today as he Samson motive, Harris President and Chief Executive Officer, and Barbara good hears Medicare's Chief Financial Officer.
Before we get started, I want to remind everyone that during today's call, management will make forward-looking statements under the Private Securities Litigation Reform Act. These statements involve risks, uncertainties and other factors that may cause actual results or events to differ materially from expectations. Information regarding these factors is contained in today's press release and in the Company's filings with the SEC.
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