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ModivCare (MODV) investor relations material
ModivCare Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary8 May, 2025
Executive summary
Q1 2025 service revenue was $650.7 million, down 4.9% year-over-year, with declines across all segments due to contract attrition and lower membership, partially offset by higher per-member rates in NEMT.
Net loss widened to $50.4 million from $22.3 million a year ago, driven by higher interest expense and lower revenue.
Adjusted EBITDA was $32.6 million, nearly flat year-over-year, but down sequentially.
Strategic initiatives included $52 million in new NEMT contracts, a $25 million G&A savings program, and ongoing digital transformation and automation.
Management concluded substantial doubt exists about the company's ability to continue as a going concern due to liquidity challenges, covenant risks, and upcoming debt maturities.
Financial highlights
Q1 2025 revenue was $650.7 million (down 4.9% year-over-year and 2% sequentially); adjusted EBITDA was $32.6 million (up 1.4% year-over-year, down 19.2% sequentially); net loss was $50.4 million.
Free cash flow was negative $86.2 million, impacted by working capital build and higher interest expense; operating cash flow was negative $82.1 million.
Cash and equivalents at quarter-end were $116 million, with a fully drawn $269 million revolver and $105 million in new financing secured.
Interest expense more than doubled to $38.8 million, reflecting new and higher-cost debt facilities.
Net loss per share was $3.52, compared to $1.57 in Q1 2024.
Outlook and guidance
Not issuing formal 2025 guidance; focusing on execution of measurable initiatives and reporting progress via KPIs.
Management expects ongoing transformation, automation, and cost discipline to drive improved long-term performance.
Additional liquidity will likely be required to support operations and meet debt obligations over the next year.
Strategic alternatives, including asset divestitures and further financing, are being pursued, but outcomes are uncertain.
Working capital needs expected to decline each quarter as contract structures are improved, with positive cash flow generation targeted as the year progresses.
Explain the impact of new financing.
What drove the increase in net contract receivables?
Assess progress on divestiture readiness.
Timeline for working capital normalization
Strategic Alternatives Committee output timing
NEMT automation impact on labor intensity
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Frequently asked questions
ModivCare Inc provides supportive care solutions, including non-emergency medical transportation, personal care, and remote patient monitoring services. The company serves Medicaid, Medicare, and commercially insured populations, helping patients access healthcare services and maintain independent living. ModivCare partners with healthcare organizations, managed care organizations, and government agencies. The company is headquartered in Denver, Colorado, and its shares are listed on the NASDAQ.
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