ModivCare Inc. (NASDAQ:MODV) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET

Company Participants

Kevin Ellich - Head, Investor Relations

Heath Sampson - President, Chief Executive Officer and Chief Financial Officer

Ken Shepard - Head of Finance

Conference Call Participants

Brian Tanquilut - Jefferies

Bob Labick - CJS Securities

Scott Fidel - Stephens

Pito Chickering - Deutsche Bank

Miles Highsmith - Deutsche Bank

Mike Petusky - Barrington Research

Operator

Good morning and welcome to ModivCare's First Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the call over to Kevin Ellich, Head of Investor Relations. Mr. Ellich, you may now begin.

Kevin Ellich

Good morning and thank you for joining ModivCare's first quarter 2023 earnings conference call and webcast. Joining me today is Heath Sampson, ModivCare's President, Chief Executive Officer, and Chief Financial 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 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.

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 the most directly comparable GAAP financial measures is included in our press release and Form 8-K.

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, Heath Sampson will begin with opening remarks, Ken Shepard will review our financial results; and then we’ll open the call for questions.

With that, I'll turn the call over to Heath.

Heath Sampson

Thanks Kevin, and a warm welcome to our first quarter earnings call. Today, we've reported solid first quarter 2023 results as revenue grew 15% year-over-year to $662 million. Strong top line results were driven by a 17% growth in our mobility business, and 11% growth from our home division, which includes personal care services and remote patient monitoring. Adjusted EBITDA for the first quarter was in-line with our expectations at $50 million.