PRSC - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen, and welcome to the Q1 2019 Providence Service Corporation Conference Call [Operator Instructions].

As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Suzanne Smith, Chief Accounting Officer.

You may begin.

Suzanne Smith

Thank you, Operator. morning. Good Smith, of Suzanne Corporation. Providence Accounting Chief is the Officer Service This you Quarter First joining Conference Thank Providence's Webcast. XXXX for Call and today Carter are Officer; Chief from interim Officer. me Financial Executive Dotts, and Pate, Chief Kevin With our Providence Jeff Also Officer Chief of call Executive Dr. Felton, joining and today's us on is LogistiCare; LogistiCare Operating Circulation. co-founders Heffernan, Chief and Robin Officer of of

calendar current this members of investor referencing X-K, can that presentation on furnished call, Securities the our be to the During and yesterday. be under website and which was event Exchange the the Form management team in found the will Commission

may Before like the Litigation Those the uncertainties during results with company's these that factors started, under risks, characterized we call, and actual make Reform to the materially. Act. will press statements which yesterday's get company's in Securities in statements factors other certain release Information cause I differ to remind Private involve and filings is regarding management events or today's as would course SEC. statements of forward-looking the contained everyone the

included most release, to GAAP discuss our and also effort in a an non-GAAP investors. additional to X-K. of information financial investor to reconciliation presentation the measures and will certain A is measures press non-GAAP measures definition We in Form provide our these comparable in

Carter? or call hour Pate. CEO, arranged And will turn phone a the release. X on our now, have over today's I after which our is via to interim approximately replay in for available call www.prscholdings.com, we website, will that, Finally, of this the numbers Carter be call, with press our listed which

Carter Pate

medical of you of to nation's join state introduce and like transportation Organizations. Jeff to Felton, is and for how company. us is planning XXXX First Providence thank asked Earnings Robin of COO of on you and and Call. Managed I've couple idea us know, you, into LogistiCare call. Care Providence manager many LogistiCare transforming everyone, largest to thank give governments for today. Heffernan, and an as nonemergency you joining the Suzanne, new Robin programs today's today are we're Well, technology-enabled a operating good subsidiary, CEO; LogistiCare and Jeff for Quarter of I'd a people morning,

the In will driving process and provide technological they addition, insight at on we operational are that LogistiCare.

call an Now company's update provide hand first before and XXXX I will the performance. them, to on over the I quarter Kevin

I'd Now to organizational hit like consolidation on the first.

much complete remember, middle a we you As of the of on when that a this the are located we year. over year day would Arizona many And it has we for substantially of and pleasure for made offices. been our I individuals the transition would so year. been a in their your this this of not Thank endeavors. service It the them so commitment future over truly been wish people, have you, with executed while in comes little best years. very And be that last each the tomorrow to had past promise Connecticut ago, is Providence it working with seamless legacy employees these with and over our investors last transition originally the by you mixed for announcement, indicated great feelings to the group not the that that of I have

Now financials. moving to on the

margins core fee-for-service this milder certain was ineligibility our contracts, outside some as reconciliation driven risk utilization. EBITDA within higher contracts higher the as winter was as well markets growth well of contracts growth of The strong $X.XX as EPS our drove A that strong utilization revenue quarter quarter. first of combination Total of was $XX.X adjusted million delivered for non-full and Medicaid in impacted member X.X%. new which The growth year include adjustments and Providence some the in business. of adjusted by contracts, revenue

Additionally, we rollout to as to technology and acquisition we incurred the in platform technology Circulation incremental related prepared the our invested to market. expenses operating

we Now when capitated see as for a means risk reminder transportation responsible to investors, approximately are we XX% are higher contracts utilization. of costs which contracts, our full

adjustments On certain many within membership and year. reset each beginning at typically list the benefits ineligibility the contracts, payers of covered

rates add As with as in keep services, some profitability. short overall members see plans the remove up we or can term the sometimes or profitability contract impacted not contractual may

document occurring previously able to on a to with many contract, line investors in we to we're many a as bring our to contractual re-approach of mentioned trend once of calls, in payers rates However, cost. and able are negative our

these reminder year which to rate expected one to period. company is LogistiCare investors short the several quarters why should said, negotiations priorities focused believe the term. customer we fruition, take impactful to still the several may over costs is a That down adjustments investors, including in are a As transportation management other come initiatives, on which to and measure bring

is still for target the company year. the believe we reason, on that For

by we of from to long-term end value of of Circulation In year. expect outlook, run the still $XX confident our next savings and rate million the remain acquisition the terms generated in achieve

to that how last I wanted Matrix, responded before to minute. about I'm see to we Board Matrix Kevin, the team a that Now year. talked pleased challenges recently I turn hit the and on for business at the firsthand in the I to joined call over has

quarter. which in-home indicated of investors base of expectations. call fortifying Matrix' the the platform. second will and despite Mobile's in management that assessment of used integration process had a one quarter growth of focus was during slower team the we business, continued last some their in-sourcing was this, X% were complete internal client larger of allow deliver volume. able our a Matrix muted the business. in-home to XXXX, further Integration earnings that track in potentially the volume expected revenue the of to on churn, to call, exceeded unified But though was may technology to be our core mobile is in year-over-year which mobile many HealthFair, As management on as with assessments, cost the potential some into visit customers realizing we assessment recall, result customer a core results primarily business lower

mobile Lastly, expected subsequent well new the as from is continued for existing service quarters integrated proposition benefiting unique in as and capabilities clients. platform business and of to traction value gain the an

with I'll turn to Now Providence Chief Financial that, the call over Kevin? Kevin Officer. Dotts,

Kevin Dotts

Thanks, Carter.

the get I I started Before segment reporting. on the wanted highlight to results, in change our

consolidation, Corporate also have structure. operating expense the With of removal Other and the the the the NET holding and G&A while completion company Services organization recasting substantial of we to into and segments X, reflect expense the combined service

a project. combined continue to in the track we Services, company we costs, target these as now achieve indicated prior order early public contracts, company, non-full to risk with growth NET costs $X.X in to from the year make Although revenue West the new the as costs public savings holding company million of in organization for announced as MCO This discussed an track announcement last costs, the rate the new sure Virginia $X.X increased year. formally $XX were the we well and was of at million or the to period, run first million. contracts. the state in in and Care holding as to on Illinois to company, our on $XXX.X when compared financial achieve transformation contracts, The formally benefits indication remains are company savings XXXX first the are quarter The Revenues Managed contract part by investors of we least of higher quarter X.X% million in consolidation. at Minnesota to driven of revenue

by Circulation, in the quarter, from we the These additional revenue as including public EBITDA million $XX.X Island state up for Lastly, longer contract company as of we contracts impact in Rhode was picked Adjusted contracts million revenue. of generated partially $X.X MCO Louisiana. of million were includes no certain mentioned $X.X offset serve, previously, the which, company and a increases cost.

revenue adjusted periods, basis both down transportation as XXX in result EBITDA to a was related of cost expenses company operations. public costs higher a as of and points Circulation percentage Excluding

mentioned, periods term. impact time and/or leading the to experienced we margins negative in short transportation of from costs higher utilization on to Carter a time As

in costs we utilization, work in the reflect an also we to the margins. able in past, improvement as typically to payers are and in experienced order resulting the transportation However, in realign rates with to shifts

we determine customers leaning expected we heavily rates to -- set the our on expectation historical when data partner context, with utilization As and cost.

a margins However, in public decisions result cost. change an policy be X-year behavior, increased the a over of That factors the utilization and/or of should that measured can other and we period. reiterate business said,

are our in we and year-over-year a per This LogistiCare's reduction expense. of well transportation prior XXX of go Jeff key on company cost, revenue platform. points expense is in real seeing these Robin implementing of moving our to as largest of reductions This initiatives have call reduction Circulation the as but seen and a basis centers. year-over-year. technology some initiatives, basis points Matrix. excluding are second onto markets of a percentage further behind within cost cost detail transportation total to the we Circulation's expense the of attributable we is XXX into Excluding some will call

Regarding first in-home a the of standalone integration versus quarter to a and not of million XXXX, million decrease for by basis its reduction remind investors revenue the standalone our an to of The investment an partially of prior the higher XXXX. we $X.X offset QX quarter Matrix cost primarily $XX consolidate mobile XXXX, due HealthFair include of Consolidated an Matrix assessments. period. that cost adjusted prior acquisition. compared reduction a lower year $X.X the first XXXX was visits. mobile HealthFair first million, equity in results was in of EBITDA Matrix, transaction period related income the in visits, revenue its statements. a and ongoing On in million X.X% QX perspective, revenue, in let included loss XX.X% From of cost X.X% to assessments compared $X.X of of and to of had quarter $X.X an Matrix XXXX is in-home me to partially statement compared of for adjusted $XX and recorded financial Matrix and of by primarily in or equity with basis, lower EBITDA margin associated adjusted the in of decrease on first XX.X% do growth our million equity year EBITDA due direct loss therefore, of offset the we mobile the cost investment to million integration million treated as $X.X quarter XXXX

year, slower volume we growth Carter with As any of strong QX the from we see not resulting performance membership assessment XXXX noting pullback however, Matrix did earlier results would see in XX% in the anticipated mentioned, that growth approximately by pullback; driven on artery growth from of Adjusted benefited visit was year-over-year XX% cost a higher operational direct and sales growth approximately higher basis. which lower EBITDA from and adjusted from price peripheral counts, offering its improvements. EBITDA disease average volume XX%,

conversion year. membership plan the has to compared QX is quarter as above Additionally, on management rates focused higher same in last been

On focus or assessment HealthFair business, of the on management mobile to team generating volumes. continued side the the

like the sheet. business I not lease out to XXXX, Although elected the a work during the second the was for The the in team earnings liabilities the million we new of to $XX.X balance that periods lease to and dilutive standard. of sheet standards of I'll continues adopted flow. first $XX.X have profitability prior assets has new million of to the to point mobile the turn of half cash the would adding company quarter to goal restate balance first year. to and towards

a provider typically continue QX cash payments on to to despite in maintain for resulting its Please generation, quarter LogistiCare asset-light We on working said, cash year. we made. note capital be XXXX solid the basis a flow incur timing. to That of transportation we continues typically the ones biweekly generation These model this ended the investments will million. from in balance $XX.X to a Moving and the QX. as strong quarter Circulation in benefited technology X where providers months, operating some expect strong for pay with cash, year see three we platform

from QX Services. in benefits sale tax of WD meaningful expect the still we Additionally,

million far back that refunds expect $XX.X of expect With we turn year, the So fourth to will to of the receive to in that, million year. received and million $XX.X of this quarter Carter. call we the the of receive over I Carter? $X.X remaining this this we year, balance

Carter Pate

now turn I'd over Jeff to Thanks, Kevin. to like the Robin. And and call

speak the the to our of at Some a Robin end Providence and already probably Circulation. last joined have investors chance gotten with acquisition when year of of we LogistiCare Jeff. completed

go Jeff, So ahead.

Jeff Felton

the feedback from an I update lot of Carter. transformation LogistiCare. Thank you, have on investors Carter, Both, that we're received thirsty Robin at for a and undergoing

space. you Medicaid nonemergency a transportation I leader of As the are in medical many think, know, we clear

have XX our members capable X,XXX relationships leadership serve a accomplish annually, position this we this presence of transportation It accomplishing million to faster-growing We have to in XX and To states, things. markets. expand needed serve is with vision a providers. adjacent platform X

and our to serve leverage capabilities First, technology and would enormous excellence of we today. levels achieve the new scale us that to and members people, process needed we deliver to to payers enable effectiveness efficiency

achieved emergency lowering we are medically our serve ensuring technology consumer to behaviorally dialysis Second, Those serve access subset passengers our core uses of population are of optimization ROI detailed frail serve complex. adults XX% the to we disabilities and substance of population are are to it of a And scalable, Medicaid composed XX% The the and members cost needed keeping and and needs intricate of and and the population. population and between developmental of serving demand we abuse. has mobility care to by of by coordination and vulnerable centric. regimes much enabled population ultimately a benefit we is care. the out we continuum relationship is A doing be a most ours success of that The XX% fragile be preventative. XXx. so proven intellectual adjacent this of with ongoing in Historically, to platform an services over is flexible, rooms. we more if care we've treatment adherence non-acute the market, understanding needed of and are job, already the on the population. that our children The behavioral, competence

our leveraging customer Advantage. nearest to existing this our and We expand adjacency are relationships knowledge into Medicare

market. to past approach on have represents XX% put play two around and of Medicare applauded some the MCO Our business, work To in our serving multiple market we with currently the this, by have the approximately grow them seen we've and XX% years. initiatives Advantage customers Advantage revenue metrics our Medicare our over Medicare

addressable platform be adherence, the approximately estimate This includes to around $X.X billion name to this contracts previously, plan our as transportation care of ultimately total base on-demand on while conversion Moving LogistiCare and flexible an nonemergency to care will beyond Medicaid us market clinics, how drug us put few. Medicare brings To earlier, user capabilities into customers as to VA the accountable architecture allows plan and from Circulation a our markets. to launched our the we and $XX each to touched motion, migrate a help ambulatory medical which Circulation from the space interface, credentialing, to technology Circulation a the beyond a grow benefits Medicare we've that Circulation health and transportation it our compliance we fulfilling on expansion and management contemporary, traditional Medicaid billion. still The organizations, have expand discussed platform demand. multiyear ridership market current locations and Kevin markets, to of platform. addresses the and

focus restructured on elements layers have clients model, performance and functions which in they our base the Excellence Center and cost serve. patients members most to We business of form for the drive a that of and the significant core our the reduces

and we to centers the I'm the a pre-work transformation migration as the are before our headcount, lot to it that expand the our the and addition, markets. needs to will and available Circulation believe doing coming dive foot. deeper Robin embraced of more charted course I serve that years that, into simultaneously in call this is transformation a have efficiently existing of the of reducing effectively technology customers excited to already and the over us is for we turn about we In With we platform. allows the

Robin Heffernan

business call It's the platform benefit undergoing. on Thank you, enable transformation operations our our we're new the with pleasure provide great Jeff. how investors. will speaking some platform, on color this and I to be will today technology our to larger and

little first. Let a me give context

and couple continued clients hence, our care our initiatives. a of away These and health to consumer Over home. always value-based total from new traditional for trends de-institutionalization make These more to down incentive three, to are a care moving are driving economic One, see focused and more and community around always drive their data impacting into technology expectations push and for macro on we've cost. accessible; trends two, business. care, from on ecosystem convenience of the past several facilities the care delivery years, focused new our and simplicity; the

believe for for we their substance who clients rides solution We navigation services. operate future have frictionless and and our and benefit health members. for to and We're new the more We power on use and a trusted more ride abuse in more behavioral are expanding care clients will the more supporting who have user. home rely access, this easy care of ecosystem health experience management,

successful secure be our better today. term. include. times, true succeed technology in up that developed and One, was payers members the to said, new also enterprise clients on two, service from technology efficiency; and about leverage clients wait benefit platform Real-time platform a to scale three, shorter unintentional and calls ground a of ride caregivers sense driver ways from our as, a also manage member our sophisticated and while shorter potential and is wait logic better us exception leverage; monitoring a our usage network utilization. need Circulation way a that digital for in of service. operating allows comes eligibility fewer to authorization, environment claims We fewer by shorter minimize providers, optimize complaints, rides. we and world, misappropriate to of us all four. and times benefits use to structured is such the The enterprise no-shows programmatic of The result, positioning times, a schedule and call the and network and and fraud on-time the greater fewer little empowerment, immediate on-demand please assessment, Operating stronger four, members or systematically. abuse. The company of platform performance, sophisticated without result satisfaction. handling a Specific address needs for programmatic a to ride Network partnership. experience; a longer assignments of higher-ride to efficiency worry in and from a payers, member the give feedback That also to is and For platform. Programmatic preferences same need communication billing. I'll common we this controls bit hear levels members our platform all result talk

We better delivering as also time rides. and with and relations they less see high-quality spend time partners, more ride our billing on can on acceptance transportation focused

to have line when schedule rate they more. unique We and members intentional. this directly, driver, a they're to can their watch our They ride a anonymous members have every rides We focus go, caregivers and ready on understand driver ETAs initiate maps. quickly and to is and enable direct rides real-time

with very in message, based via Although their on app, technology savvy, members multiple we calls we're e-mails and interact text preference, languages. our for phone landline example,

call, the have now mentioned, we are full experiencing As converting geographic clients we've markets. on excited and platform Circulation and the all they're to several benefits. of our get onto clients last these Carter We're platform the digital using earnings already

improvements on wins and our for we quick on markets number planned, schedule. we're May and implementing parallel enablement. plan the to to as to conversion our to substantially markets our some technology technology in and X, conversion full process end are activities prior prepare remains conversion to XXXX. Our a efforts, conversion across convert market first In of organization also all our achieve Massachusetts launched by of And full

us best targeted Our both new across positive, practices and new the has pilot centralized helped are operating initiatives a share and model full-scale Early and playbooks few. results organization identify I'll implement then processes.

complaints team operations. all from X.X% Our X.X% to new across our reduced member already member experience has

centers growth. continue workforce look year-over-year. consolidated also our solution contact drive basis new helping and calls are to positive Our expense XXX daily results operating forward standup management We for down continued to and points

platform technology marketplace. and the well resonate in tech-enabled Our services

to as back as With commercial MCO supporting targeted Advantage supplemental life. initiatives that, and new turn continue I'll Carter? win the work We contracts Medicaid over call state for for to and well new Carter. benefits Medicare

Carter Pate

you if is I right. there operator, All much, any. Thank so And with think that, ready Q&A, Robin. we're for

Operator

Bob Securities. [Operator from Our comes from Labick question Instructions] first CJS

Bob Labick

I just great today reporting of we for sure the information so make -- reporting to it. understand want wanted the new appreciate LogistiCare. start to consolidation I apples-to-apples segment fully obviously kind I Lots of with reporting. former consolidated

It like the So change then was utilization ago. adjusted higher to to X.X% well. in EBITDA and a check. wanted constituents as the discussed, mix I year for weather just LogistiCare due obviously, you versus seems double the And XX.X% of the

expand understanding I probably wanted where apples-to-apples to bit on margin that for also an Are maybe if year. change we margin that first a could bit, the more leaves discussion So just little you basis. for that? QX change, said, talk you little mid-Xs and still change And a confirm EBITDA where track us the the on to the just we're about

Carter Pate

right. Kevin, you to one? All Bob. take that want Thanks,

Kevin Dotts

NET retro for, we our year, XXX onetime about had roughly we lot adjustments had favorable I I a within would well quarter And quarter. -- kind year, XXXX to And have probably the had that margin. we're or million $XX.X year-over-year million quarter line that then some was rate see say million X.X% on or it's this 'XX the down Absolutely. $X.X prior Services the we points. deck, in our you'll onetime, first about quarter with it, had as the Sure. when versus few about note last at yes, when that believe the first -- highlights we basis is we NET $XX.X page a contracts, in for in of X.X%. we quarter Page on one look X, we page, maybe the the of that, thing that normalize first Services of, I the Bob, call talked adjustments versus probably quarter investor The

weather. we talked is perspective as by to I of driven think inclement on effects the our we costs did have the transportation due utilization about, obviously higher that, higher

be We also utilization. increase we customers, fact And the prayers. there we that our successful of the make some last may still also believe some margin in larger of confidence note were as We discussed And revenue rates did membership our repricing events. us range believe working still our on make with we are that target on the will we to that that well -- probably changes our markets for drove some year mid-X are that as that our in gives targets some that we had call.

Bob Labick

back yes, sometimes I go swings adjustments. seen years And a we've mean, in little you utilization and give over the bit back guys back sometimes retroactive get obviously the and price

makes speaks states great. so your that's partnership to in with certainly sense your and that So MCO,

of kind thank Medicare then ahead. out mentioned of to few for and initial that. expanding switch How about So well? phasing Advantage well on as switchover bit the positives the appreciate a integration. is Medicare Advantage you bandwidth you also more negatives current the as just of kind to core was into comments And a years? and opportunity then that we could Advantage rollout or the little Medicare are Is you there enough speak And hoping Circulation. then the And you

Carter Pate

we and the responded that's on replaced were Overcame business, a those The they that, pretty really business calls cautious your of business it that know me bit of then our missing X-pronged still talked optimistic to hoping the we let with a or Medicare question. having off issue. think of perhaps, last a up call On business number what and had with and Matrix, we still. a one and HealthFair when you the the I'll that expectations weakness large Matrix are pause last Matrix, Matrix is in business. work going let that challenge quite pulling I churn Advantage, of investor the they a lot core would the reduced Jeff, as the is second that, individual the and on impressed as return many to Kevin saw quarter. was The continued this Matrix very lastly, business about part take customers. our QX, On Matrix, the small terrific core still has all business side We're saw challenging Matrix for then customers in people kickoff nicely. fact, and customer a that the is We turnaround hard of of pleasant was the internal gave of of the One, when And very among headwinds, due in by in weakness the purchased nice surprise and in-house they'll grew we exceeded was to first be I a additive, be your as time clearly due that customers in in but the back and Kevin originally core It's from profitability about half. ended strong of other pace business this as we envisioned mobile been their HealthFair it some us last to assessments, year second which piece story year. 'XX. how year the HealthFair a

new some talent a been challenge cost QX our can side, superior responded expectations. of on got is the performance clearly they've it's versus which focused then and very So you but in operational early that intensive customer-focused and on bit the program delivered the the that numbers much a very they've have a on very they nicely, see HealthFair, got first by quarter

Kevin, tackle question Advantage Bob Matrix. that, any the make let with additional So that is Medicare on And asking. I'll comments Jeff can you then and you

Kevin Dotts

that they the think, a X% of customers. same overall. markets rate at the as business because -- so had too -- we Matrix one which successful Yes, with was positive quarter. outcome, in work that the the customer could market, anticipating first as the effectively of add about at And a they very thing up up we little and business, about, Matrix that we growth a the itself, I in-sourcing with was pretty the they concerns of larger health they core were picked was I additional of that were only some And we've the is, I think churn higher home that the on talked actually big as bit it not picked success would care day end team outcome were additional entity there so the for them needed, in-sourcing cover a all some -- a that talked time really

Medicare So about I'll turn Advantage. it over to Jeff the talk to more

Jeff Felton

question asking on thanks Yes, for that. Bob, the

are Medicare So Advantage. in over a nutshell, all we

So today, the Advantage that of our exciting think years earlier, past grown it is about for twofold. represents mentioned I the really thing XX%. as most us about business, XX% I Medicare has But two over

many a one, existing in number Medicare and to customers the out of our use Advantage branching that want growth also as are Medicaid So vehicle.

So customer existing of advantage this relationships. allows us to take

want to for for them us. because They platform capabilities, to The configuration second differentiate need work thing especially us. need a about partnership a they for to to they to is to like Medicare organization Medicare they Advantage to their And and Circulation customization, key allows it their the They us want with need exciting Advantage technology customize. allows partnership that differentiated And business. that, for an an subset it plans a it with of organization allows the like is them offering do benefit benefit. with this develop

that color These already do the Robin, some add having to Robin So MCOs. her and in with there. team conversations a are you want key weekly nutshell, are we're that?

Robin Heffernan

everything reiterate said. Jeff. Thanks, would I you've

both a think the I a new more market. retain point is market key and transportation offering they as of much in what's Medicare to supplemental members competitive add becoming members Advantage a attract benefits for

so not way value more give engage that. lives, to and of and see look to our transportation. come have in to transportation directly members, around other these they a they but their to on caregivers, yet at engage members a give placed of huge medical has And solution And to unique that power convenience to parts members their level a

actively we're Medicare it's very pushing members, So several growing Jeff space and into market quickly. that our market, already Advantage have said, well in serving and resonates as a and quite solution that Carter both we're

Bob Labick

Obviously $XX I bunch to guess and in, which in just returned a flow in probably you is to very last from strong, one QX mentioned general strong. of really cash, cash coming balance addition for million sheet's operations, another me.

don't talk -- end I been active close million allocation million million bit. of pretty a net So you've repurchasing to $XX in $XXX going $XXX done cash? little Can to that capital you year, in you haven't the In past are shares, you to again? the the know, to

you capital and think allocation some still repurchase, your I to authorization. on Speak in please? So have general share capacity

Carter Pate

least not I'm going a that in the have in lot a eyes other acquisitions, are that, of actually moving it characterize of discussions the this system that is is system, that possibly are kickoff that I take opened growth opportunities common and at Board, date, of and marketplace. lot advantage our the seen talked have we of as interesting just of pieces our There bunch depth we code to due well marketplace would for my on we to the we've some job technological of did I how for a rest With would became team, that theme aware would there about with breadth the as of to platform. of that about that and new tell we And -- been could management acquisition, out talking one with of has hold speaking capabilities been, and really the in Board I change fine but about when Robin the as on us. the areas powder new are developments talking to the dry. you the the of opportunities Bob, a the that Circulation did

changed for those of is of looking ahead months about and advantage of the we the to migrated our this hold be we we a nearly keep It's have want capital So a our having take what decided a always have day would rule -- we without are opportunities the to we shareholders. in the thoughtful jump giving the have that now guess capital quarters just for that to and And highest some and into discussion is coming some that about monthly that of that. have and best conversation the use had I to don't allocation our the capital of something powder, shareholders. highest use But these, approach be right at ready changed.

dry Circulation you my So that's review our right Operator, that the for now powder opportunities holding to probably best is given us. further answer continue is and platform had calls? there any

Operator

further showing no questions. I'm Sir,

Carter Pate

interest Providence. thank everyone, for in operator. Thank support Okay. much, your you you, so And and continued

Obviously, Jeff, operator. opportunities Robin, new it's Thank of of calls well these to pretty you business to and quarter, we the of in presented sales first indicator the you are coming some the as an talking have that ahead. forward health welcome to days proud on Goodbye. you, the look growth. the as of market onboard We and themselves.

Operator

Thank you, That today's gentlemen, and thank today's for you concludes program. sir. conference. participating Ladies in

Everyone, a You may all disconnect. have day. great

ModivCare (MODV) 13 May 192019 Q1 Earnings call transcript