ModivCare Inc. (NASDAQ:MODV) Q2 2023 Results Conference Call August 4, 2023 8:30 AM ET
Company Participants
Kevin Ellich - Head of Investor Relations
Heath Sampson - President and Chief Executive Officer
Kenneth Shepard - Vice President and Chief Accounting Officer
Conference Call Participants
Robert Labick - CJS Securities
Brian Tanquilut - Jefferies
Scott Fidel - Stephens Inc
Aaron Wukmir - Lake Street Capital Markets
Philip Chickering - Deutsche Bank AG
Michael Petusky - Barrington Research Associates
Miles Highsmith - Deutsche Bank AG
Operator
Good morning, and welcome to ModivCare’s Second Quarter 2023 Financial Results Conference Call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded.
I will now turn the call over to Kevin Ellich, Head of Investor Relations. Thank you. Please go ahead.
Kevin Ellich
Good morning, and thank you for joining ModivCare’s Second Quarter 2023 Earnings Conference Call and Webcast. Joining me today is Heath Sampson, ModivCare’s President and Chief Executive Officer; and Ken Shepard, Head of Finance.
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 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.
We will also discuss non-GAAP financial measures to provide additional information to investors. A definition of these non-GAAP financial measures and to the extent applicable, a reconciliation to their most directly comparable GAAP financial measures is included in our press release and Form 8-K filed with the SEC.
A replay of this conference call will be available approximately one hour after today’s call concludes and will be posted on our website, ModivCare.com. This morning, Health Sampson will begin with opening remarks, Ken Shepard will review our financial results, then we will open the call for questions.
With that, I will turn the call over to Heath.
Heath Sampson
Thank you, Kevin. I appreciate everyone joining us for our second quarter 2023 earnings call. After the market closed yesterday, we reported second quarter revenue of $699 million and adjusted EBITDA of $52 million.
The increase in revenue was largely driven by strong performance in our Home division, which includes our personal care and remote patient monitoring segments, as well as an increase in transportation trips and provider costs, which partially passed through in the form of higher revenue in our NEMT segment.