$MODV
ModivCare Inc

2022 Q4 Form 10-Q Financial Statement

#000122075422000029 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $653.9M $647.8M
YoY Change 13.57% 31.38%
Cost Of Revenue $534.0M $534.6M
YoY Change 19.96% 33.88%
Gross Profit $120.0M $113.2M
YoY Change -8.18% 20.72%
Gross Profit Margin 18.34% 17.48%
Selling, General & Admin $90.06M $75.89M
YoY Change -2.1% 11.51%
% of Gross Profit 75.08% 67.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.04M $25.67M
YoY Change 28.07% 103.63%
% of Gross Profit 21.71% 22.67%
Operating Expenses $116.1M $636.1M
YoY Change 3.36% 32.54%
Operating Profit $3.853M $12.45M
YoY Change -78.97% -5.17%
Interest Expense -$15.53M -$15.56M
YoY Change -69.51% -36.37%
% of Operating Profit -403.11% -124.99%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.915M -$3.110M
YoY Change -70.94% -72.54%
Income Tax -$3.912M -$1.053M
% Of Pretax Income
Net Earnings -$6.947M -$28.51M
YoY Change -77.97% 276.55%
Net Earnings / Revenue -1.06% -4.4%
Basic Earnings Per Share -$2.03
Diluted Earnings Per Share -$0.49 -$2.03
COMMON SHARES
Basic Shares Outstanding 14.14M shares 14.05M shares
Diluted Shares Outstanding 14.05M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.45M $72.70M
YoY Change -89.15% -42.53%
Cash & Equivalents $14.45M $72.70M
Short-Term Investments
Other Short-Term Assets $32.81M $34.85M
YoY Change 173.16% -13.43%
Inventory $2.041M $1.864M
Prepaid Expenses
Receivables $294.3M $266.2M
Other Receivables $2.506M $6.117M
Total Short-Term Assets $346.2M $381.7M
YoY Change -15.54% -18.9%
LONG-TERM ASSETS
Property, Plant & Equipment $108.5M $67.41M
YoY Change 102.7% 28.31%
Goodwill $968.7M $968.4M
YoY Change 4.74% 4.13%
Intangibles $47.43M $51.64M
YoY Change -26.69% -89.5%
Long-Term Investments $41.30M $43.48M
YoY Change -50.28% -67.64%
Other Assets $40.21M $30.67M
YoY Change 80.93% 165.55%
Total Long-Term Assets $1.598B $1.608B
YoY Change -1.2% -3.39%
TOTAL ASSETS
Total Short-Term Assets $346.2M $381.7M
Total Long-Term Assets $1.598B $1.608B
Total Assets $1.944B $1.990B
YoY Change -4.1% -6.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.96M $44.24M
YoY Change 532.44% 32.23%
Accrued Expenses $135.9M $145.2M
YoY Change 9.75% 32.53%
Deferred Revenue $2.202M $2.213M
YoY Change -18.87% -11.05%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $491.6M $533.5M
YoY Change -6.76% -7.37%
LONG-TERM LIABILITIES
Long-Term Debt $979.4M $978.3M
YoY Change 0.42% 0.37%
Other Long-Term Liabilities $29.43M $30.63M
YoY Change 30.45% 13.91%
Total Long-Term Liabilities $1.009B $30.63M
YoY Change 4370.82% 13.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $491.6M $533.5M
Total Long-Term Liabilities $1.009B $30.63M
Total Liabilities $1.590B $1.636B
YoY Change -3.9% -5.51%
SHAREHOLDERS EQUITY
Retained Earnings $180.0M $187.0M
YoY Change -15.01% -23.17%
Common Stock $444.3M $436.9M
YoY Change 3.21% 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $354.6M $354.1M
YoY Change
Total Liabilities & Shareholders Equity $1.944B $1.990B
YoY Change -4.1% -6.81%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$6.947M -$28.51M
YoY Change -77.97% 276.55%
Depreciation, Depletion And Amortization $26.04M $25.67M
YoY Change 28.07% 103.63%
Cash From Operating Activities -$55.97M -$5.680M
YoY Change -560.79% -201.77%
INVESTING ACTIVITIES
Capital Expenditures $7.486M -$9.619M
YoY Change -200.29% 68.16%
Acquisitions
YoY Change
Other Investing Activities $63.00K -$11.00K
YoY Change -97.84% -100.0%
Cash From Investing Activities -$7.423M -$9.630M
YoY Change 63.32% -98.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.635M 57.00K
YoY Change -746.96% -99.99%
NET CHANGE
Cash From Operating Activities -55.97M -5.680M
Cash From Investing Activities -7.423M -9.630M
Cash From Financing Activities 5.635M 57.00K
Net Change In Cash -57.76M -15.25M
YoY Change -958.19% -90.71%
FREE CASH FLOW
Cash From Operating Activities -$55.97M -$5.680M
Capital Expenditures $7.486M -$9.619M
Free Cash Flow -$63.45M $3.939M
YoY Change -423.58% -65.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001220754
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
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dei Amendment Flag
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false
dei Document Type
DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
ModivCare Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-0845127
dei Entity Address Address Line1
EntityAddressAddressLine1
6900 E Layton Avenue
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dei Security12b Title
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dei Trading Symbol
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingencies, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Changes in Accounting Estimate</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets and intangible assets on an ongoing basis. As a result of this review, the Company adjusted the estimated useful life of the Simplura trademarks and trade names intangible asset from 10 years to 3 years and adjusted the estimated useful life of the payor network from 15 years to 10 years effective as of January 1, 2022. This change was driven by strategic shifts in the Company's personal care segment operations, partially contributed to by the acquisition of Care Finders Total Care, LLC ("Care Finders"). Based on the intangible asset values as of December 31, 2021, the effect of the change in estimate during the three and nine months ended September 30, 2022 was an increase in amortization expense of $3.6 million, a decrease in net income of $2.4 million, and a decrease in earnings per share of $0.17 per diluted common share outstanding, and an increase in amortization expense of $10.7 million, a decrease in net income of $8.4 million, and a decrease in earnings per share of $0.60 per diluted common share outstanding, respectively.</span></div>
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CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14102371 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14051794 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13993438 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14041224 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14278331 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.03
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.77
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.03
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.77
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.75
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
269407 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
39000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.339
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.423
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.217
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242

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modv-20220930_def.xml Edgar Link unprocessable
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modv-20220930_htm.xml Edgar Link completed
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FilingSummary.xml Edgar Link unprocessable