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EX - 99.1 2 modvq32021 pressrelease991.htm EX - 99.1 modivcare ModivCare Reports Third Quarter 2021 Financial Results Denver , CO - November 5 , 2021 - · ModivCare Inc. ( the " Company " or " ModivCare " ) ( Nasdaq : MODV ) , a technology- enabled healthcare services company that provides a suite of integrated supportive care solutions focused on improving patient outcomes , today reported financial results for the three and nine months ended September 30 , 2021 . Third Quarter 2021 Highlights : • • • Revenue of $ 493.1 million , a 53.8 % increase as compared to $ 320.6 million in the third quarter of 2020 Loss from continuing operations , net of tax , of $ 7.5 million or a loss of $ 0.53 per diluted common share Adjusted EBITDA of $ 44.3 million , Adjusted Net Income of $ 23.0 million and Adjusted EPS of $ 1.63 • Net cash provided by operating activities during the quarter of $ 174.7 million • Cash and cash equivalents of $ 126.5 million at September 30 , 2021 , with $ 500.0 million debt outstanding related to the Senior Unsecured Notes due November 15 , 2025 and an additional $ 500.0 million debt outstanding related to the Senior Unsecured Notes due October 1 , 2029 Matrix , on a standalone basis , had a net loss of $ 15.6 million and Adjusted EBITDA of $ 2.6 million " We continue to make progress executing on our strategy to transform ModivCare into a one - of - a - kind , integrated supportive care company , with solutions focused on addressing the social determinants of health and enhancing the patient experience , " said Daniel E. Greenleaf , President and Chief Executive Officer of ModivCare . " In September , we closed on the acquisitions of VRI and CareFinders , adding two highly complementary businesses to our growing footprint . We are excited about our expanded ability to address patient needs holistically , fueled by our technology , while also driving meaningful shareholder value . We are encouraged by the favorable responses from our customers to our transformation . Lastly , I am extremely grateful for our ModivCare team members , transportation providers and caregivers , who continue to play an integral role in driving access to care and improved outcomes for the 30 million patients we serve . " Heath Sampson , Chief Financial Officer added , " ModivCare reported a strong third quarter , and we deployed meaningful capital for the strategic and value - enhancing acquisitions of VRI and CareFinders . We were pleased with the successful issuance of $ 500 million of 5.00 % Senior Notes due 2029 , of which we used the net proceeds to finance the acquisition of VRI and for general corporate purposes . We ended the third quarter in a strong financial position with $ 126.5 million of cash and cash equivalents and an undrawn $ 225.0 million revolving credit facility . " Third Quarter 2021 Results For the third quarter of 2021 , the Company reported revenue of $ 493.1 million , an increase of 53.8 % from $ 320.6 million in the third quarter of 2020 . Operating income was $ 13.1 million , or 2.7 % of revenue , in the third quarter of 2021 , compared to operating income of $ 43.3 million , or 13.5 % of revenue , in the third quarter of 2020. Loss from continuing operations , net of tax , in the third quarter of 2021 was $ 7.5 million , or a loss of $ 0.53 per diluted common share , compared to income from continuing operations , net of tax , of $ 38.9 million , or $ 2.51 per diluted common share , in the third quarter of 2020 . Adjusted EBITDA was $ 44.3 million , or 9.0 % of revenue , in the third quarter of 2021 , compared to $ 59.3 million , or 18.5 % of revenue , in the third quarter of 2020 . Adjusted Net Income in the third quarter of 2021 was $ 23.0 million , or $ 1.63 per diluted common share , compared to $ 42.0 million , or $ 2.97 per diluted common share , in the third quarter of 2020 . Comparable Adjusted EBITDA and Adjusted Net Income for Q3 2020 were recast to show the impact of stock - based compensation and cash settled equity , which the Company is now including for the purpose of these calculations .