PRSC - Earnings call transcript Q3 2020

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Operator

Greetings, and welcome to The Providence Service Corporation's Third Quarter 2020 Financial Results Conference Call. My name is Jessi and I'll be your conference operator today. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions].

conference recorded. this reminder, a is being As I'll Accounting Corporation. Officer it over McMahon, Chief to John of now turn The Providence Service you. Thank

You may begin.

John McMahon

joining President webcast. Financial With Thank thank today Dotts, from third morning, Chief Good are me Executive XXXX us Dan Officer; Company for Kevin Greenleaf, quarter and you, Providence Chief for Officer. call everyone, conference the The and Jessi. you and and

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

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

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

www.prscholdings.com. the Greenleaf. call results. will detailed Officer, on Officer, Then website a over this With some that, will Executive the financial available be with I remarks, our discussion our hour morning, our which today's replay call, our We opening to have call for Dotts, call which questions. of begin Chief more a Financial arranged provide approximately Dan one for Dan Kevin we Dan? will will open after turn after Chief This Greenleaf, of will

Dan Greenleaf

us for Thank everyone, thank today. and joining you, good morning, you and John,

under expense lower primarily $XX.X Our prior-year the driven MedTrans, strategy, meaningful comparable third our of utilization to $XX.X EBITDA adjusted six-pillar due figure by contribution National operating capitated quarter million our lower contracts. from million exceeded and

significant strategic our highlights. a six-pillar we quarter, and few continue like to make touch This I'd strides on of the to advancing initiatives,

optimize our Rider improve report I'm will which systems call in and real to launched centers routing As model on these time. to efficiencies The many on our the contact LogistiCare's complete a optimize This month, enhancing deploying platform implementation response, our all technology interactive of we're contact scheduling, data centers. automated and ETA app, provides our management and members, target visibility staff driving have across to to getting repeatable to intelligently shorten location of we to of self-service, providers from contact single times you efficient to handle new voice By to to service routing and rides members transportation full distribution, appointments which their and centers. modern call cloud-based and is relevant our the know, experience. critical capturing ensuring also app time. systems workforce allows this members member data that safely and calls, pleased average our we're

mobile allowed go our part As same this The messages provide launched quarter in IVR and The XXXX. time in this members us email technology functionality of or visibility success expand has to via digital the real of expand efforts Efforts to nationally. is third second of pilot Rider app for members release scheduled also initiative, our quarter the enhancement get in visibility that underway are SMS notifications. a text application.

our network us integration expedite app. new to standardizing solution process this to expand will partners. of continue to ATMS vendors common platform. digitized our In we're the our onboard Advanced and in Management Ultimately, ATMS of on of Transportation a transportation digitized ATMS providers stable We to Systems, allow our rider transportation one or own more providers parallel, rapidly onboarding

growth On migration LogistiCare's platform. MedTrans to X, National of the transformational contracts pillar. completed to successful we October Moving

we business Additionally, engaged support National center a process to MedTrans activities. call outsourcing partner

implemented National basis. delivery. our By has long-term additional food acquired we MedTrans retired Medicare position in transportation exceeded also It to with operations, to $XXX will on which a UnitedHealthcare, today partnership contracts non-emergency with the acquisition account core gross as our lines expand strengthening workers both million and decade. on for growth financially next we solidified revenue compensation, With billion all the MedTrans Advantage new our National will fully employees, provides and business, expectations, strategically. exposure $X growing the over market, has approximately our the from accounts, rapidly our believe, It medical such

Health agencies the New profile. Florida. a customers in customer and New another of transform how September three X,XXX In we and by of agreement care to-date step Health and million, enhancing Center Social example the in provide $XXX approximately Jersey, $XXX to and took program, of three Determinants of we represents We've at our connection the Simplura relationships emerging we across experience million. our with which food technology Of member named way, XX,XXX contracts Partner In food in operational with is secured most approaching managed strengthening expansion value and Year creating By to personal renewal state the opportunities. new months, renewal. major transforming relationships contract the in of $XX million by XXXX. health Early our benefit shop Kroc and Group, customer acquire and delivery deepen our of our deliveries we combined Solutions. Army in critical to that supported having network Jersey. care that suggests members Pennsylvania, voice one-stop the program Camden, contract the to will X,XXX growth time and states, states start this with were last have improvements, of our business, the Salvation the our delivery in payers concept our of home of during listened ongoing pandemic, exceeding approximately relationships definitive can annual we're Our food COVID-XX seven feedback a food-insecure customers in organization leading one With embrace growth

the of will a Health Social non-medical homecare. users With the care of medical customers payer supportive suite of become and delivery, Determinants offering end preeminent Company, solutions, and addition Simplura, we food our including transportation, non-emergency

own all non-emergency five of quality in to mission expected multiple care. The $XX by We individuals consolidation food, safety about there's which $X EBITDA. in believe platform within we our diversion, significant home experts right. highly in $XXX is is market, personal differentiated excellent five medical funded fragmented. will higher delivery, both range to vulnerable of market and Moreover, of to pipeline synergy that state its an large of overlap readmission patient of from strong growing has will independent and market pursues compared stellar states cases personal care Simplura per of making with appears between patients to significantly With institutional quality enable accelerating thrilled to Simplura services selective just estimated provider in deals costs. this seven There's us opportunity and arbitrage the LogistiCare less and when combined times and existing out billion, establish waiver the appropriate this We industry to particularly homes, shortly a injury the XXXX. continues opportunity, Hart-Scott-Rodino evaluates multiple received see strategy. public build each particularly fit earnings instances, details a built cash complex care in across players rates, networks the care life, narrow. Health nutrition, with small analysis, will Social suffice notes from today populations care Simplura we serve, than their care complementary prescriptions, know In these support as ensuring participates approximately acquisition cost public transition pandemic of given programs, and more caregiver up and the the make team anticipate adherence, Simplura's Simplura the to food. in a and among refill turnover to whereas of industry, managed its home stock say its X% a finance is nursing and given transports replenish delivering and stability candidates profile. year, in be market Simplura expertise care growth hospital concerns of about needs, schedule degree expand transportation daily Simplura light our enhanced addressable we the scale is market and is is services financing personal to risk. and as geographic tremendous providing recap cost billion Kevin This assist Determinants organization and that The improving service which have successful low lines. Simplura retention of discharged a hospital sizable brain platform rapidly the in noted personal to lowering care we billion to skilled anticipate and at We settings our such average of in continue overlap care of with half could high its it including personal participate own markets three follow-up Simplura Medicare that health many and nursing the to of deliver a employee lower XX% high a lower valuation quarter. of visits, and future, This margin through platform home care robust large transportation The providing the typically a appreciation to and in companies. outcomes the fourth long-term from in transaction foundation relationships, with requiring Social customer In Simplura increased pricing core populations peers, immediate will larger particularly one-off financial Determinants has approval, with of less LogistiCare approximately health opportunities. physician is than migrate the traumatic of access remain stood its patient setting. private and need required acquisitions behind healthier The a professional we're growing than to to facilities. Health through cost highly with organically We In accelerate and the share in material to completed company of vertical we six the the the common is for purchase. the having average home, upon. value-based offering flow, home versus but our in our we care XX% bundling as and and which our total member trend. with between a to landscape health, top X% LogistiCare. close

Given single to launch following integration of expect the In Simplura. brand moving and we're forward will and National significant strategic transformation cultural underway, culture Providence, January our LogistiCare, with organization. supersede MedTrans, the we rebranding XXXX, that operational, a aligned and Circulation,

care and the utilization in ongoing health part, commitment I population. impact of than vulnerability overall ensuring teammates pandemic, to the originally During reflecting COVID-XX the their our in been and anticipated, and members dedication our our longer during we for member. providers employees, all be of our thank received its transportation the patient access priority lasting pandemic. to has of continues and to safety

predict have certainty, quarter we the National component operational the EBITDA and continuing MedTrans near-term utilization our we're the durable Regardless strategic the and operational improvements swings, in our near-term we modeling our uptick said meaningful impact of into improvements acquisition quarter. a While business, COVID-XX drove quality adjusted flow actions with XXXX. long-term on utilization Health by of in enabling to with state plus or fourth improvement precision this can't an improve believe of That cash lead Together for will strive Social and model and and asset-light of drive an deepen the Solutions in Simplura, to the our profile, life of members. a robust creating to for substantial relationships with fortunate business that Determinants growth. We're invest outcomes industry. a payer we'll shop growth one-stop us

I I we've a to is lot accomplished the year, in the best fundamentally, While yet last December since company come. believe joined

turning around Dotts, before Officer, like the at which results. Finally, Kevin I'd strong is third to to our over turn team Chief Kevin, quarter the for business, financial I please their in commend go Financial Matrix ahead. call their evident

Kevin Dotts

our million on The a due aggregate placement in rate the on cash amount November a September annum. revolving $XXX Simplura at the X.X estimate entered below forma transaction. Dan. XXXX. at for XX.X with of through September combination interest Thanks, basis, total pro months average to sheet is XX, XX, which The remainder XXXX, of XX at publicly I'll trailing of we Health cash multiple bear XX, definitive balance senior September leverage EBITDA deal principal $XXX we finance XXXX, times be $XX.X of acquire traded price financed completed XX, agreement corresponding million recap pro purchase the Group Simplura's of $XXX million. of private in and facility. we per start into notes X.XXX% all million will of a and for credit Simplura net forma a On LTM well On times of pricing adjusted successful peers. acquisition, approximately adjusted a EBITDA approximately the To an a

intend three times. of EBITDA maintain forward, we debt net below Going ratio a to to

As fourth close approval and Dan to in anticipate transaction quarter. HSR we this received mentioned, the

expect to share We earnings to before accretive deal Providence's immediately this adjusted be per synergies.

While the for we synergies, longer-term part see analysis. not assuming as revenue synergies we're of and accretion our potential cost

served quarter our prior-year from and to the of our XX which to recorded offset by the results, have $XXX.X MedTrans our primarily period, reflecting is organically and Since million revenue we May of added third X.X revenue total Now MedTrans X.X lower trip membership million higher members we financial X in and approximately due acquired partially over million X, approximately National members moving compared on of the volume beginning we $XXX.X pandemic, million. million incremental acquisition million the through year, National to XXXX.

Moving quarter revenue less to XXXX, our of gross revenue service XXXX. in third as quarter third margin, of to the expense, XX.X% defined services of purchased XX.X% the compared was in

improvement that across contributed of due significant and utilization. XXXX pandemic, purchase result to primarily contracts, lower as increase this an also the We improvement. efficiencies in key utilization expected multiple the decline XXXX that costs COVID-XX fourth executed on of the transportation into we with lower gross will margins While reflects anticipate a to operational marginally quarter in commensurate

offset primarily of MedTrans of expense additional we $X.X In services, our per of XX.X% third Our for The million, of by XX.X% other in income contact add-backs, and awards the XXXX. to increase as after was third excluding operating and net adjusted diluted equity investment revenue all adjusted $X and million and lower adjusting other million, XXXX, of or in technology million, quarter spend driven and attributable service versus $XX.X the quarter operating center cost an employees EBITDA expenses of expenses by of $XX.X purchased XXXX the achieved in strategy. six-pillar National transition defined settled third $X.XX was share. quarter in adjusted of cash operational

experienced providing While levels third and quarters we the modeling in fourth utilization of not this the reduce at our we're quarter, and we're XXXX. margins specific the in time, into guidance which marginally would directionally XXXX, from higher second

operations provided XXXX of the cash third million. was our $XXX to flow cash flow in by Moving statement, quarter

flow strong above rebates XXXX. reconciliation an totaled and drove equivalents, cash cash profit was average and and potential adjusted contracts. EBITDA related corridor by cash core September $XXX.X which increase between million cash in Our XX, operating variances at flow The driven an to in increase

repayment be may future, can returned in upon rebates contractual our change $XX.X rebates long-term and upon payable For levels. found XX-Q. million and depending within These potential utilization our depending in these the to period that short-term contracts collected we they related quarter, the the be

our the million the in related expected we payments. collected an capital our of was in The in the cash quarter. to primarily pickup to flow losses, provider of quarter the third net driver last $XX with cash to of working during carryback million additional fourth operating XXXX $XX.X In addition, refunds related quarter transportation due

payment. less We fourth This a transportation an during have we one have first buildup mentioned we in provider we reverses in the and typically quarters cash quarters have see in which payment. provider then second which previously, benefit additional third the and

Before cover call to the over we I'll Matrix. Q&A, turn

recorded quarter million in basis, of the $XX million, adjusted XXXX million third gain $XX.X of Providence a EBITDA Matrix million third standalone XXXX, $XXX.X its up On of from $XX.X in third up the equity related For generated to $XX.X a and of quarter investment. XXXX. revenue Matrix million, quarter of of from the

and first Matrix assessments continue from and During and delivering the $XXX.X the nine accredited improve a well. first nine solution, test employers to Matrix's of comprehensive up health acquisition new offers as closed the the adjusted on to $XX its patient in-home X, $XXX.X million, contracts clinical employee meaningful diagnostic well-known of tests. million, ramp new Telehealth rapid XXXX, in $XX.X period acquisition testing. The savings million to and months achieve of million enables Biocerna, of several quarter using health and COVID-XX with On October new and Matrix success Biocerna's wellness provide XXXX, care. and during safety health the quality Biocerna months Matrix of of results lab of generated solution prior-year, impacted testing was up and the revenue wellness with by and its of announced employee to dedicated Matrix's cost certified XXXX. Matrix signing laboratory from continued in testing organizations. same EBITDA positively

in which a As Matrix's on value a may record undervalue reminder, we book investment our Matrix. basis,

our call XX, that, prepared of was our open of standalone This With Matrix remarks. the for interest questions. had concludes As debt ownership net million, and September $XXX XX.X%. please operator,

Operator

you. Thank

conducting session. a Instructions]. We be now [Operator will question-and-answer

comes proceed first Labick your CJS Bob with line the from of Our question. with question Please Securities.

Bob Labick

to things great of come. lots and results fantastic just on congratulations and morning Good

Dan Greenleaf

Thank you, Bob.

Bob Labick

Thanks. I wanted to start.

this utilization. provider and about talked the transportation obviously time we've lower given before network of So

with Could of you network enhancing of for provider eventually we that digitization going. how right the all transportation get a is cetera. up that improving the it, how And you're, do how we how us to it's about when today, network provider and out how up is shaping give kind sense haven't normalized shaping talked been now? that's times, et yet where network this and You've -- more

Dan Greenleaf

nicely. think that there, digitized have delivered round I we completed. XXX,XXX Bob. our Yes, Michigan, very In rides it's initiative Florida in trips XX,XXX We, we've we shaping up via alone,

proof-of-concept we're think a from good I sense of a So getting really standpoint.

network. provided we that well. to transportation I lot think you But the we've also know, insurance helped COVID-XX we've loans, of bridge a terms of as some measurements, put we've through Net we've providers think in healthy with years. I Promoter and a we been, pandemic, made also, we've ensure a providers on have the done action efforts And, selective with of lot more of plans. We've transportation the quality scores over corrective work done as

from been doing we've we've thousands ever plans do remove haven't when changes and I make to to the a putting our food the them problem XX,XXX. that deliveries transportation of the Jersey we're utilized really we perspective, them. been action also thousands We that on that, are well. in doing fully that But we it a or New to into them from transportation tapped certain on network. deliveries time a them providers want note have mean corrective give quality with you as the provider we've will I

of a been so place, And them from employed a perspective, them a so from ensuring we're I though better from measuring I active a as think standpoint, standpoint great efforts some from made digitization standpoint, never the we've and Bob. that been, and relationship to in some, we've quality we've feel keep

Bob Labick

us I seemingly which next want tell go? as the delivery that you, are year it more all as delivery about just this do of in about a it few there you acquisitions? where touched came about How over new that great Okay, food of you growth organic for question, you thinking pandemic And of on to where years? kind And initiative a bit add-on Can next a are how everything the you great. Can organically? is Are a food opportunities you've my little kind was result about that? can else. thinking for it with and the efforts go sounds

Dan Greenleaf

I Determinants And initiatives, this to at the got for there's, nutrition with we at underway. top to if at Bob, XXX XX Kroc this for the point, is think And and know top this is I in program we've in to Trenton, care Kitchen. the it's from with deliveries, going another We in personal it going top launched got going we've Health, we've outcomes. meal think look you we three. Trenton Soup be, got Salvation food the know three, is is relates undertaking, it become important the XX might could also to because change Social of a know example, in deliveries think perhaps bring initiative do to right look We've and there delivery company grow that Center, continues so do just three Army in can do as we're a perspective, potentially on we not as Thanksgiving, expand, our said, a transportation we an of question there's would ourselves. an good be out also very acquisition. area being venture could now, and who at of scalability. mean, think a we value-add you joint in, food types as do up And have that we even more this about a food delivery I with, you I partner. this sophisticated, companies to in we're is that maybe you the think But that opportunity there do and

members have we're really with So, relates we in pleased have our transforming done, shape and providers. relationships in and it the states, our as payers or our transportation form with also to with we're but has with transforming relationships our some exploring those, all this really, we the what

Bob Labick

talk prepared a that environment then and on RFPs this the your touched on Okay, little just remarks, great. And the about bit couple. won you expand in you've contract briefly a but

the right how's impacted it there? looking growth COVID? now. some environment What's like XXXX And by this for nice beyond? Has and been out incremental like Sounds all

Dan Greenleaf

guess, Bob, what you mean by you mean What COVID? do impacted by by I do

Bob Labick

it contracts status want out it's contracts, if if how win slowed like, if contracts know are what states the be didn't was if many or how down, or the are opportunity to evaluate for and we saying or the the shaping back, versus to there, quo, you're I new if out kind the are forward take a differently, to going I guess? the And there getting, step new up situation past? of

Dan Greenleaf

I point aren't these Yes, it's payers, we in no that negotiate XX% got transportation status managed XX% major relationships. these And we about of think we've time. not of mean, function quo. revenue I state seeing our and excuse function is a me, how providers, care our revenue at with and we're changes just this managed seeing in relationships, care is organization a organizations of of

in they're And state they're also care relationships, We’re based. evergreen. organization the managed

XXXX, in we've goes New I XXXX, State they're through think, form, XXXX, our we're stability new look Georgia the said, if XXXX, for XXXX. at none. contracts, example, XXXX, at contracts. since of Texas I And XXXX, Missouri, to had and We've XXXX. or negotiating So Florida look second got if some XXXX, Pennsylvania California Jersey, relationships Oklahoma Bob, That the always in it or really on shape life being XXXX, Maine you XXXX Carolina all South

yes, I up So we'll our and top those are as it some be bring contracts. that And renegotiating contracts. of

those contract. fact in to care we as contracts. just I able think our that's I of in will And But way the one saw retain degree were think three you big say contracts, a is that of that state the a well organization as stability life. contracts, managed the I there high

Operator

Markets. you. next comes Thank with with proceed Street your O'Neil question Brooks The from Please Capital question. Lake

Brooks O'Neil

technology hoping impact will Have both, any any questions. constituents. I so about your how the of you all evolution the it aspect and of start I pushback technology this was all players, a far? couple to have excited transformation in gotten

Dan Greenleaf

just our it's a No, transportation a of bit pace change Brooks, providers. I it's for think of

between information. a that going I providing so a know, is, we difference of education right enabled would is and level And also And believe, also actually there there's on. being process I digitally us digitized say there the that's

an So, to work I happen. just the get get network that think that education that XX think months, of we're lot level XX% I it's it's in the goal But with that in to network digitized of there's our the also providers Again, it's XX need digitized of our realize ongoing. that something, next months. more won't that don't the transportation is in of going a us front next I to that to process

Brooks O'Neil

Absolutely. How from the feedback about riders?

Dan Greenleaf

I patient think I better is there's mean, mean, an think this the is I visibility. just anyone provides I more is it significantly, Brooks, just this think experience people, like member I And, level added else, when we're one, out a certainty so for we to get of car, members of is find extremely can't we looking and and providing experience like, the airport, our that what is valuable. benefit.

Brooks O'Neil

great. That's

homecare excited business you about thinking Providence? operation very are about Let's into I'm How shift integrating the gears. Simplura.

Dan Greenleaf

bit that the so are Brooks, a reason that the separately couple businesses see in for being, there's And to the reasons. to business going time Number one, Yes, me. we places. we're little different have report is, a

the the and a medical delivering to we're lot of world -- work continue got than overlap consolidated. just this, with we've And, in our Laurel's to than states. teams, the five on and the world is the laid XXXX, we example, acquisitions of we've we of for out in would think the got we our on the it we've view, the Kathryn's on that, business. to eight to laid and focus non-emergency say to world, in a maintain I X% more Simplura do side, so get to continue position, Jody five of after And there Kenny's kind years. that organization. business we're their done the the transportation have They've deliver I can which to is and we results of Walt's it's I we've in industry want an and less the need strategy, strong seven So play, six-pillar pretty as states. out cash And and M&A want

-- here the we're is, that doing the doing we to part they to of want so businesses the need two be medium-term. things this in are make sure So,

I having our Determinants what one discussion our and do what that's go will we're does environment. what right does states it. the that what we of to look bundled thing Social So side look like unequivocally a does like, around one-stop payers, though, in Brooks, value-based as does look like, -- like look care outcomes shop into say what

a vision like conversations who a company about changer already uniformly states because nobody I ecstatic and care ours, food, can other those And this who So this on the that we going has place, of really valuable claim personal payers provides the that going think are tell and provides there's, been you be laid to there's have a extremely of see forward. on acquisition. care they to services. this are that taking supportive transportation, provides is that additions game And aspects

strategic, sales is time, the sales So that's calls the are Home I you'd on what see it, have to is Actually, sales it would at Option clearly Brooks an say that like side much on I sales Solutions, would I back think drive you And The a process look more over Care Brooks, team the referral sales. account function different, partner. mean Simplura or about referrals. integrate. LogistiCare their much to Quorum job where too very things at or a management it's we the stuff functions office is be

mind even that, sales else the very from a activities different. that's keep to in standpoint, So are something

Brooks O'Neil

excited perfect All it thinking sounds way. fantastic about me, about a it. in actually to just And I'm that

So more. ask I just one

in you by You've in for it to deleveraging. deal And to going transactions to homecare be commented how the the debt rapid opportunity potential just described as place. just put just think forward? you it I'm relates the in the opportunity that's you about and M&A likely relation about continuing curious fueled

Dan Greenleaf

paying anticipate say we a mean, excuse X.X things Number Brooks. I'll his above want be that term so one, given the in be next we for or Yes, a for down loan, to By couple of I me, million opportunity Kevin, to cash sheet. the we're remarks, I not in stated pay at be position, types do, that forward. example think we do we $XX see going that revolver, $XXX times. don't significant our opportunities and on the of We we three, our going Brooks. would looking to deleveraging currently range. And then million would months. acquisitions, off to do to able they're to to $XX to down six look the Brooks, we're balance in three continue obviously, going down million And also

that at or any at So tapping John? market anything the I at don't envision, add this just to point know I into point, don't this further you'd if Kevin, there's least debt

Kevin Dotts

I but is more. think again, publicly, really million. I about don't in anything mean, talked we've mean, single-digit I there's this a like their CapEx

Dan Greenleaf

Yes.

Kevin Dotts

right So cash. through on it everything do to EBITDA they drops isn't, really

Brooks O'Neil

Perfect.

Kevin Dotts

I an cash a all standpoint, do. free need we to self-fund if flow could make mean, the from acquisitions we that ordination Simplura to need

Brooks O'Neil

think good I a would that be thing.

to You in And here. I'm backseat guys the are in happy control. tight be

Dan Greenleaf

Thank you, buddy, thank Brooks. All right, you.

Operator

you. Thank

question. your Please Barrington Research. line Our Mike comes of next proceed Petusky question with with from

Mike Petusky

about initiative. want morning. considering Dan, rebranding talking to what you the I potentially just guess or of just Good you're to you corporate Hey, understand umbrella Simplura I sort there? LogistiCare about Providence rebranding specifically I talking and or can of the you about Are talk wanted

Dan Greenleaf

trademark Petusky. the mean, we I Yes, name

the So a we tremendous it think know, has marketplace. cachet we in

with So we'll start that.

Mike Petusky

before. never That's been said Thank you.

Dan Greenleaf

think fit LogistiCare out that we a just to Circulation now to again, the to better the Mike, internally, of part around And, and months values, one confusion brand. it's and the the company still the from the for we and does it we with where in in? brand think being the be with a Providence in single we working who easier to And -- MedTrans January. National got I going we name, Matrix is was going name, anticipate -- working comes And rebranded holding here, this it's are, frankly, understand and part has there And we've rolled when of stick attached internal six that we're our we that, of happened. that, to we've we've amount market and doing, rebranded world, does where the name when what we our on We're to important rebranded a we've even fit significant purpose, welcome. have market our Again, organization. last You're selected more Edelman's Simplura, this. rebrand we've we of already and spent rebranded first

Mike Petusky

Okay.

that brand like So would mean those will that transportation go Or that non-emergency in continue? name LogistiCare would away? would

Dan Greenleaf

go MedTrans away, would National Circulation would go Simplura LogistiCare away, go away. would No, would go away,

Now, some away. would of all the broader entities under Simplura would not names go away. go But the

Mike Petusky

right, Okay. very good. All

know, National I exceeding have earlier it. mentioned I may You and don't missed MedTrans expectations,

I you exceeding general? margin, integration means? that there, just or meat in to put mean, is terms the the bone in speak just of expectations on revenue you Can If what

Dan Greenleaf

of we're the mean, I third Yes, EBITDA $XX quarter. through at million

been If about additive it's think that's how you me, like incredible.

think I it. so there's that aspect And of

just is on they of about things we're the UnitedHealthcare, doing I is terms in and fact, believe called an what thinking organization them working United of any specifics, care them. highly us, asked I that saying, with they this something and a when we're thought, business, The is the with is relationship this other team I just really in with personal absolutely aspects And, the of what types and it you was should were without do. giving aligned

better, up we milestone and So, I awesome. way the been the picked fourth benefit integrated, through the a quarter, have from to from second, like, till every the couldn't contracts, I to going it's fully hit in take not third it full partnership, million and the it's now, gone we're EBITDA. quarter, of of the really we my of $XX integration along strategic single feel any perspective, mean, mention,

so for for know acquired it's at a numbers. So, I just I it's don't $XX this mean the what about I in to Mike for and think transformational again, what say. already levels this and organization think many showed this deal is, up million. you we I

Mike Petusky

to LogistiCare not sort that the guys were terms take of in you your look if any the want see if Election? just put but controlled any were of of to of more Democrats Federal ramifications, that there, speak way, but two can businesses? that terms like guess one all me out over and But heading that Great, I control are in to or government, there just from they this completely Simplura have all is the ramifications And of if or it's Senate would Democrats settled. the

Dan Greenleaf

to the plan, was a with our of inequity issues, thing on inequity out access, of care was inequity Emanuel, of first and a call inequity Social Biden first Zeke the out care company transportation, care those care with related And and mouth and and Determinants LogistiCare of draft know care at, the well Well, about or I of that of just a aligned to related care. Biden, we're related mouth and had Daschle's Daschle of health beneficiary degrees these to reducing central addressing plan, really a I this, because Zeke Presidency I and be I to Simplura we of plays Emanuel's thing care. was hearing role Biden his we're him future that the nutrition, Health. when on are the a believe things significant in extremely care and health needs his And, look other the based perceived will have the potential there doing role helped company go. serving with that have know just future that, their I nutrition inequity, health of belief inequity, transportation strong is that where populations experts think and that of that And play and

Operator

you. Thank

our comments. any to of the to over floor Mr. session. additional have We would closing end for question-and-answer back turn reached like the Greenleaf I

Dan Greenleaf

Yes, thank participating on all you this call so our anyway morning. for

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Operator

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ModivCare (MODV) 7 Nov 202020 Q3 Earnings call transcript