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ModivCare Inc. (MODV-1.78%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports service revenue of $2,787,586,000 for the year, a slight increase from $2,751,170,000 in 2023. The increase is attributed to higher revenue in the Personal Care Services (PCS) segment.
Operating expenses totaled $2,880,373,000, resulting in an operating loss of $92,787,000. The loss is primarily due to increased service expenses and a goodwill impairment charge of $105,302,000.
Interest expense for the year was $94,053,000, an increase from $69,120,000 the previous year, due to higher borrowing costs.
The company recorded a net loss of $201,278,000, compared to a net loss of $204,460,000 in 2023. The loss includes a goodwill impairment charge in the Monitoring segment.
ModivCare's NEMT segment reported revenue of $1,957,275,000, with service expenses of $1,727,984,000. The segment's operating income was $74,646,000, down from $98,893,000 in 2023.
The PCS segment reported revenue of $745,299,000, with service expenses of $599,258,000. The segment's operating income was $2,051,000, compared to an operating loss of $116,767,000 in 2023.
The Monitoring segment reported revenue of $77,739,000, with service expenses of $32,284,000. The segment recorded an operating loss of $107,074,000, primarily due to a goodwill impairment charge.
The Corporate and Other segment, which includes executive and administrative functions, reported an operating loss of $62,410,000.
The company's liquidity position is supported by cash and cash equivalents of $112,581,000 and accounts receivable of $222,317,000 as of December 31, 2024.
ModivCare's management has expressed concerns about the company's ability to meet its financial obligations due to increased costs and lengthened collection periods, raising substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ModivCare Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.