ModivCare Inc. (NASDAQ:MODV) Q3 2023 Earnings Conference Call November 3, 2023 8:30 AM ET
Company Participants
Kevin Ellich - Head of IR
Heath Sampson - President and CEO
Barbara Gutierrez - CFO
Conference Call Participants
Pito Chickering - Deutsche Bank
Bob Labick - CJS Securities
Scott Fidel - Stephens
Brooks O'Neil - Lake Street Capital
Mike Petusky - Barrington Research
Operator
Good morning, and welcome to ModivCare's Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note this conference is being recorded.
I would now turn the call over to Kevin Ellich, Head of Investor Relations. Mr. Ellich, you may begin.
Kevin Ellich
Good morning, and thank you for joining ModivCare's Third Quarter 2023 Earnings Conference Call and Webcast.
Joining me today is Heath Sampson, ModivCare's President and Chief Executive Officer; and Barbara Gutierrez, ModivCare's Chief Financial Officer.
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 their 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, Barbara Gutierrez will review our financial results, then we'll open the call for questions.
With that, I'll turn the call over to Heath.
Heath Sampson
Good morning, everyone, and thank you, Kevin.
I'm proud of our commitment to deliver high-quality supportive care to our 34 million members. This quarter, we were able to show significant improvement in many areas, which resulted in strong third quarter results. We generated robust free cash flow of approximately $45 million. Our NEMT or mobility adjusted EBITDA margins sequentially improved by 150 basis to 7.3%.
Additionally, we delivered on our commitment and paid down $43.5 million on our revolving credit facility. Lowering our bank-defined net leverage ratio to 4.6x. It's been a year since I took the permanent reign and the journey has been enlightening.