to our and I for I open financial Today, Then call questions. high-level Thank our and highlights our businesses: and everyone. quarter and will before provide results some you, results morning, we review good Kevin, comments on ModivCare the will second outlook home. X mobility
week. that issued we would is or financial longer Dan made ModivCare's member Board. a like press Before earlier to address results, indicating our the the of I I a CEO no Greenleaf release announcement We this review
My services me, that nearly has and appointed team CEO. members forward today. I Board opportunity it's ever conviction the is the the where the Directors And operations approximately I have last has had I've to accomplished of XX,XXX have over been Our about combined. serving tremendous care businesses leading Interim innovative as more our nobody lead and with execution, market for and appreciate entire has and unique also we care disciplined help before, is to I me supportive yet X.X because to few our continue more capabilities and years. provided look of both XX than because organization we grow will Board now the to company members. else work for future and it has here provide supportive essential tailwinds. to have years segments opportunity conviction million the the capture that the
our business fundamentals, financial growth strategy remain position long-term performance, Our strategic strong. and
XXXX, second of Turning adjusted which quarterly during and led executed our results. to for to our year the full performed quarter raise well revenue 'XX EBITDA. and guidance has us We both
in services. EBITDA our expectations financial mobility results our were home a growth business, and and medical XX% revenue ahead was contract reimbursement repricing due our to care segment year, NEMT last grew business. and our for in to the which Adjusted environment is compared quarter of personal in our largest favorable second XX% adjusted strong personal or of growth strong XX% care million. nonemergency transportation of growth Our $XX growth from by consolidated Revenue EBITDA was driven our highlighted business with which XX%
headwinds, inflation are results we the strong by environment this quarter. challenges our performance our operational presented and While labor encouraged macro with and in
meets them workers improve in-home and platform particularly are, reduce gain of their members our day Our that providing recruiting appointments where are inflationary and to a who and frontline traction, they holistic environment. retention team, initiatives members costs and doing bringing our managing continue services great services serve every to outcomes. job medical ModivCare's
yielding are positive We labor have that developed pressures. our results and workforce while cost managing for unique strategies initiatives
While increases far recruiting increases care where we reimbursement to make the have wage efforts. progress supported been and supply, we for states in by caregivers, outweighs rate the continue significant been personal have for in services our increasing we our operate. these wages The demand
and lead entire hard Our from member and center purpose our humbled ModivCare's commitment I'm to dedication. our team be organization. proud unwavering care embodies with recruiters able to caregivers to their teammates work and to this
completed business is patient Medical quarter, of a Monitoring, a the Medicaid $XX including we During clients, important With acquisition monitoring remote for Guardian leading adds tuck-in remote XX,XXX focused and existing managed ill provider in patient to business. patients. aging approximately our XXX% on million is perfect which position deal monitoring several for annual revenue, our for and fit markets monitoring accomplishments, second bolsters similar payers. as Guardian the is the new several company solutions and our several important chronically of care of This
of Following acquisition remaining. the few payer-focused Guardian, RPM very scale there healthcare businesses of are
could we Investor ModivCare the family. guidance inaugural this Guardian We where provided add our hosted So we we XXXX, for which Day, we excited to that increased are morning.
XX% XX%. We X% expect growth that XXXX, calls compounded By also to financial outlook and we revenue EBITDA. to $X million achieve adjusted adjusted and a of offered EBITDA annual revenue of for billion long-term $XXX margins of
governance foundation the as over health well continue and we and our from it several customer bundle Drawing time. continued we ESG highlights a partners. enhance our Lastly, multi-decade over services These relationships, capabilities we next disclosures inaugural This to ModivCare as cross-sell our with our ESG published years. for collaborate made, our ModivCare accomplishments and July. to progress to environmental, plans position and the growth payer report or report early has serve will social in
social individually, with A understand services alone, Medicine focusing the of for needs opening interventions. proposition this patient's to continue payers various often in the need not services intertwined transportation, that and meaningful value these and build. of coordinating initiating partnerships. discussions as social Advantage with The the published While American bundling our Medicare having also showed Journal determinants and suite to multiple services, are value We're the since one we needs on Preventive adoption require may value-based patients our bundling XXXX, clients accelerating SDoH momentum social Chronic around set for solve several of opportunity social nonclinical supplemental been they of pilots, underlying as study of for is such present Act now services. door significant already allowed SDoH the the grasping have care for today benefits. MA our of of of or Care that expect health significant recent benefits
of Day benefits. as plans overall health outlined Investor core we services in As June, benefits at is our in MA growth supplemental MA outpacing ModivCare's the growth nonclinical our of the significantly
plan SDoH significantly and and functional gaps chronic allows has social to potential capabilities contribute of for disease suite the meaningfully This care Our in burden, our close to partner health isolation. improve to help members. payer limitations, performance ModivCare loneliness
which to over As ModivCare billion will a the reminder, today, billion opportunity we our expect grow is $XX next across over few years. $XXX addressable market
As the our transform we will our home. business, opportunity from we moving of much into growth come care expect
division is existing accelerated markets, recruiting growth, growing home density. increasing client openings through new organically de and Our and caregiver novo scale initiatives in
offerings. are cross-selling care home to referral growth home efforts sales service common case and our coordination a through from expect as managers across accelerate We
offering also in benefit. in continued accelerating enrollment, expect as and market benefits strong growth our Medicaid business. transportation more from growth a Advantage coupled We mobility supplemental growth plans Medicare This from with
provide segment. or to update I would mobility an like to NEMT Now our
our million million quarter, took X.X During XX the nearly members rides.
ongoing We improve help that our have mobility member initiatives the several enhancing for performance business will experience. while
Some providers. transportation of initiatives include: partner establishing business these first, relationships with
more closely aligning with to transform in service transportation relationships will We more for and transparency their model. collaborative better a by will for costs our We provide businesses, with and this providers lower consistency and creating continue them ModivCare. resulting believe
coordination model. Second, member establishing a care
in technology levels to XX% to we have meeting and member use center our We will developed members' from than XX% our improve our and greater Since best-in-class have customer data customize nationwide to care XX% continue are improved service program, experience. leveraging more investing a of contracts. than we and
by Additionally, XX% attrition rates have we year-over-year. improved
data move to a business for toward and member we members. a can our experience the providing better us leverage holistic on experience Focusing provide our experience and enables segments across collect all that
develop Lastly, as broader strategy, on-demand continue solutions. of our we to will multimodal part mobility
We the rural major members to in mileage areas. metropolitan areas and continue modality reimbursement transit transportation mass including them, best in for understand to gauge
which an provide our care personal on and I'll Now segment, services, home includes remote update patient meals. monitoring
the Haney, of and Jessica we a Day, As of Investor our deep leadership have of you meals. care division monitoring operations during across saw with personal the and in our COO many strong services; the COO Hylander, talent bench of team and home Mia
is are platform will continues with settings, home and as the great perform and where lower its Our they well, mobility a business, health. with the shifts on supportive of ModivCare are. social only meet patients care we runway see of focused to combined and These unique cost to growth company business we care businesses scale for long determinant
narrow uniquely continue networks, for payers their to shop are the be care these services. As supportive one-stop positioned we to
We to our business. make in continue home progress
the are care retention. highlights. Here recruiting Personal and
the the growth. we team Our overtime talent and and due efforts. in outstanding decrease Year-to-date, enhanced an caregiver seeing caregivers, our to to for They are are great to services job Demand are a doing counts improving. paycheck labor driving of acquisition for to challenging the a continues initiatives market team's environment. supply continues is continues increasing signs do outpace but job that recruiting
us we see drive states and caregiver from growth the going will believe environment We meaningful also payers help strong forward. our reimbursement
New allows drive example, will rates other For more June which state the markets, compared increased to XX% entire our largest increase for care $XX July hourly industries, us to personal $XX.XX recently pay of growth X just by reimbursement one XXXX. care relative our This in over caregivers Jersey, in help long-term of market. competitively on personal to the to
has advantages approach. mom-and-pop business scale, and including care community-based providers, to personal compared Our strategic a the density several smaller
payroll, addition, programs. to care as and which time functions gain EX allows offerings, management continue more back In recruiting RPM with providing to we our and are services X our is team to centralizing the Shifting or spend remote traction members. business, with active revenue which to we and office cycle monitoring now such patient frontline new
helps is reminder, that closure a EX as engage, provides and This payers ratings. outcomes member member and outcomes their enhances improves to select engagement member empower. directly meaningful drive experience, such our to for more improve EX gap cost ability needs platform identifies star members tailored stands educate serve As our dynamically holistically. service and EX and the broadens our also education for avoidances. populations
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for our our this from offerings, have will As care we ModivCare and operational cross-selling and better which business care we integrate service with perspective, do home bundling infrastructure and coordinate to allow to started value-based efforts. an
remains standpoint. Lastly, the and both opportunity for for growth M&A encouraging home organic an
will why of home, our driven over forward. continues open additional to expect that's and to next outpace a X we There demand our leverage few majority we our business footprint We organic is and more on by to de update, businesses strengthen conclude end, account will it's this growth be of in home shift locations, opened for ModivCare To during are. years, quarter, which the more efforts where will our care business. care question offering comprehensive supportive meeting to the continue we that my home tailwinds. going the no expect our the personal our lot our is for infrastructure. second they clear and care focused home members and other novo locations eventually to organically platform growth To that has The
financial million review $XXX period, $X.XX share. service Adjusted We Now year while or net or for quarter income of $X.X to quarter second share, and million $XX $XX was of revenue. or XX% per reflected prior was results. which $X.XX reported was X.X% the I'll million, diluted second compared our of income EBITDA revenue the net million growth per net adjusted
segment. review transportation financial performance, I'll segment medical with Next, nonemergency segment or business starting mobility our our
$XXX finalized approximately a related million repricing Revenue increase members, increased benefit average $XX quarter. the a million contracts and favorable quarter. in from were XX% the several revenue to during NEMT during XX% in These monthly XX% an increase customers contract trips. increase was second by an year-over-year quarter revenue per out-of-period Second driven approximately favorably by trip impacted in approximately with X% to
an higher increased contracts and over the all primarily quarter the per increases the due trip NEMT expense gross decrease XXXX. a was increase and of million increase in made increase offset contact in provider increase EBITDA trip G&A driven was while profit the by related to income second relating transportation $XX sequential a XXXX the the contract out-of-period inflation increase second This XX% for and million. driven contract rate of Service peak dollars. in gross trip of while driven margins cost centers created the per segment first leverage. However, basis, to was expense also multimodal during headcount, by service to $XX compared was XXX to shortages. sequentially, trip expense unit in a That $X quarter $XXX second gradually partially million this was of The quarter per increased we mentioned increase profit nominal which margin segment members. in by quarter XXXX out-of-period Service approximately said, in have million a X, the improve in year-over-year negotiated mix. adjusted purchase segment, $X from to costs to last quarter, for NEMT service our the million rollout approximately points of EBITDA operating The of X% the our to of Adjusted half to and should $X million XXXX. and think XX% preferred due in in and benefit. several earlier. back XXXX the contribution associated quarters, On as primarily primarily the has trip. direct is increased net January provider basis expense of driven million a service second near-term EBITDA expense we increase quarter in EBITDA XX% driver which Adjusted NEMT retroactive compared This repricing year. investments our great XXXX, in costs, year-over-year utilization this this first an our experience to quarter a we per $XX for second was for NEMT initiatives cost a economics adjusted of XX.X% accelerate favorable by with the increased providing volume includes by
levels. $XXX of our quarter of revenue September sequential to Turning increase which acquisition, $XXX our the during expense gradually X%. and our sequentially million Hours the this last X% increased and as Revenue care retention time. quarter XXXX closed increased compared the million segment. expense was representing quarter rate CareFinders reduce increases. second driven recruiting of we X% $XX.X the approximately wage efforts decreased have helped sequentially. The incremental million to in hours in primarily PCS increased per year increased efforts was year, remain stable have of second care XXXX. by service over improved wages service basis, team's have and from in approximately personal a earlier primarily hour, second revenue due and recruiting and Personal caregiver to On
segment year net of in direction. move care basis adjusted EBITDA Adjusted XX care second Personal was the to the expenses. million XXXX expense higher care were segment to million income XX%, approximately $XX basis right period. from of the point which $X was points million. in Personal personal $XX XXXX quarter improvement increased business XXX sequentially, to the EBITDA Our compared continues to and than G&A margins attributable second slightly quarter lower and service prior about
lower partially Revenue in operations from RPM driven approximately million which working on acquisition member second by due in acquisition Guardian Guardian nationally of $X XX% first segment. driven the changes expectations payer with was the to mid-May. $X.X was of acquisition, at XX.X%. increased RPM and quarter. $XX commercial in and the EBITDA or line large income, capital. XXXX per of was sequentially included quarter, asset million second in Consolidated intangible contribution active to a flow in Adjusted quarter our the the increased million payable amortization by use second offset clients segment cash contracts due approximately by from contract. revenue were in from exclusive payments quarter, monitoring margins the $XXX,XXX patient remote the and revenue was monitoring EBITDA to on net Moving $XX adjusted RPM million, Medical
have contract in few large and approximately to $XXX repay our certain payable on relate by we over million during the reserves payables several overpayments quarters, declined million $XX payments. expect the I payables NEMT of primarily second last contracts As mentioned due to year. this to liability to of million These segment. contracts The $XXX balance quarter the
contracts customers. receivable the to million our an increase quarter from related We reconciliation in underpayments $XX NEMT contracts also and during receivables experienced
our million to our from of continues Excluding business flow $XX the impact combined be strong. for core the negative cash quarter, very
remainder of million cash million the facility. of $XX amounts be For equivalents the use $XXX cash expect had and drawn and of million payable second cash. on to to quarter XXXX of million contracts with we credit $XXX XXXX, no ended $XX We our revolving
debt and of Our at the as due earlier. payable our to our principal $X and of repayment mentioned ratio was acquisition on June our XXXX, balance with consolidated Guardian of flat XX, pro leverage the X.Xx forma was contracts hand net billion, sequentially our cash
While quarter-to-quarter, important our of and current our leverage committed impacted we are rates, debt remember so less deleveraging will leverage rate environment. target fluctuate ratio our structure It's to net rising that fixed Xx. by XXX% has the affirm to are we interest
committed and to capital a are We allocation strategy. disciplined balanced
Before our expectations. want our guidance, I to business regarding the year we open and questions, trending call update long-term full XXXX how to you is
revenue and strong EBITDA We adjusted to due the are increasing guidance results. our XXXX for quarter second
range We million. billion. to prior $XXX now of EBITDA of to expect be $XXX the we a to in range to $X.XX compared of range a $X.XXX our to $XXX $XXX to compared be million million year, expect billion billion $X.X in prior to $X.XXX revenue to range million the For billion now of adjusted
includes guidance adjusted updated NEMT revenue from benefit the favorable earlier. repricing the on I that several Our mentioned and EBITDA contracts to
the first expect the end during low while double trip. year, EBITDA NEMT expected we strength growth Given of revenue to half of to margins purchase are seen lower XX% digits in to range we've services membership in NEMT higher for the the the X% per due our towards adjusted the be growth long-term of year,
our XX% care adjusted revenue pro on expect we long-term mid-single in growth will segment, the range of for the For of our near a personal XXXX we forma and midpoint basis, be margin digits EBITDA to XX%. expect
As will high single revenue we will expect XXXX Investor to margin through the digits we adjusted the growth accelerate Day, XX%. in our personal of to be mentioned care XX% at and EBITDA range
Lastly, of we acquisition pro growth mid-XX% range. expect patient basis in monitoring remote this a low VRI EBITDA low margins forma the year with adjusted teens the the in for to on
remain Our to for growth EBITDA XX% XXXX unchanged adjusted RPM XX% margins. revenue targets to XX% at and XX%
Looking will second patient to XXXX, and half monitoring to expect revenue EBITDA and continue the personal of we grow adjusted remote care sequentially.
NEMT recognized in expect revenue due be quarter quarter we the remain our for in integrated to care more and first we line outlook pricing. business provider. of as will However, second supportive long-term be adjusted of the Overall, out-of-period results tailwinds contract the related benefits the our favorable very our and to EBITDA to leading excited about we we strategy nation's execute XXXX
platform work and our our want payer entire long our please members for call and over We foundation term the their prepared concludes for generate are remarks. setting team strong we dedication. to for This growth partners. at full questions. thank the I the to breadth open provide our services the of hard Operator, as the to ModivCare
