ModivCare Inc. (NASDAQ:MODV) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET
Company Participants
Kevin Ellich – Head-Investor Relations
Heath Sampson – President and Chief Executive Officer
Barbara Gutierrez – Chief Financial Officer
Conference Call Participants
Brian Tanquilut – Jefferies
Bob Labick – CJS Securities
Pito Chickering – Deutsche Bank
Scott Fidel – Stephens
Rishi Parekh – JPMorgan
Mike Petusky – Barrington Research
Operator
Good morning and welcome to ModivCare's Second Quarter 2024 Financial Results Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference call is being recorded.
I would now like to 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 second quarter 2024 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 will review financial results and guidance and then we'll open the call for questions.
With that, I'll turn the call over to Heath.
Heath Sampson
Good morning and thank you for joining our second quarter 2024 earnings call. Second quarter results were in line with our expectations with adjusted EBITDA of $45 million and revenue of $698 million. These results were primarily driven by our strong operational performance in our NEMT segment due to our improved go-to-market capabilities, resulting in new business wins and upward pricing. Additionally, our cost structure continues to improve as we automate and optimize our omni-channel engagement capabilities and multimodal network. Within personal care services, the ongoing centralization and standardization has provided a solid platform to build upon, but has temporarily increased our cost structure and moderated growth.