MODVQ · As filed with the SEC
ModivCare cash flow statement, by fiscal year
The statement as ModivCare presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
Consolidated Statements of Cash Flows · USD thousands
| USD thousands | FY2024 Year ended Dec 31, 2024 | FY2023 Year ended Dec 31, 2023 | FY2022 Year ended Dec 31, 2022 | FY2021 Year ended Dec 31, 2021 | FY2020 Year ended Dec 31, 2020 | FY2019 Year ended Dec 31, 2019 | FY2018 Year ended Dec 31, 2018 | FY2017 Year ended Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net loss | (201,278) | (204,460) | (31,806) | (6,585) | 88,836 | 966 | (18,825) | 53,820 |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation | 30,927 | 25,038 | 20,055 | 12,747 | 9,488 | 10,582 | 18,769 | 18,542 |
| Amortization | — | — | — | — | — | — | 8,908 | 7,927 |
| Amortization | 78,538 | 79,233 | 80,360 | 44,251 | 16,694 | — | — | — |
| Provision for doubtful accounts | — | — | — | (2,296) | (3,530) | 4,078 | 6,062 | 1,372 |
| Stock-based compensation | 6,682 | 6,456 | 6,872 | 5,904 | 3,930 | 5,414 | 8,993 | 7,543 |
| Deferred income taxes | (26,027) | (17,652) | (36,663) | (17,691) | 11,919 | 71 | (545) | (22,996) |
| Impairment of goodwill | 105,302 | 183,100 | — | — | — | — | — | — |
| Loss on debt extinguishment | 11,797 | — | — | — | — | — | — | — |
| Amortization of deferred financing costs and debt discount | 6,668 | 5,246 | 5,125 | 2,730 | 921 | 293 | 512 | 682 |
| Write-off of deferred financing charges | — | — | — | — | — | — | 0 | 0 |
| Gains on remeasurement of contingent consideration | — | — | — | — | — | — | — | 0 |
| Asset impairment charge | — | — | — | — | 0 | 0 | 23,378 | 0 |
| Other assets | — | (8,719) | — | — | — | — | — | — |
| Equity in net loss (income) of investee | 9,645 | (398) | 40,916 | 53,092 | (8,860) | 29,685 | 6,072 | (12,054) |
| Gain on sale of equity investment | — | — | — | — | — | — | — | (12,377) |
| Gain on sale of equity investment | — | — | — | — | — | 0 | 0 | — |
| Reduction of right-of-use assets | 11,444 | 12,344 | 11,640 | 11,330 | 9,238 | — | — | — |
| Loss on sale of business | — | — | — | — | 0 | 0 | 53,692 | 0 |
| Gain on remeasurement of cost method investment | — | — | — | — | 0 | 0 | (6,577) | — |
| Deferred income taxes and income taxes receivable on sale of business | — | — | — | — | 0 | 0 | (51,861) | 0 |
| Other non-cash credits | — | — | — | — | 0 | 0 | (353) | 296 |
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable and other receivables | (7,436) | (5,268) | (55,781) | (11,453) | 55,885 | (29,928) | (30,997) | 5,715 |
| Contract receivables | 26,164 | (72,828) | — | — | — | — | — | — |
| Prepaid expenses and other assets | 1,828 | 6,830 | (11,571) | (7,587) | (12,609) | 631 | 14,253 | 15,457 |
| Reinsurance and related liability reserve | — | — | — | — | — | — | (2,743) | (5,731) |
| Income tax refunds on sale of business | — | — | 0 | 0 | — | — | — | — |
| Insurance programs | — | — | — | 5,426 | 2,056 | 809 | — | — |
| Accrued contract payables | (94,849) | (76,798) | (87,299) | 107,698 | — | — | — | — |
| Accounts payable and accrued expenses | 39,101 | (7,677) | 57,249 | (23,460) | 126,415 | (4,144) | (21,799) | (9,064) |
| Income taxes from sale of business | — | — | — | — | (10,273) | 30,822 | 0 | 0 |
| Accrued transportation costs | — | — | — | — | (7,389) | 2,175 | 1,301 | 11,232 |
| Deferred revenue | — | — | — | — | — | — | — | (4,691) |
| Accrued transportation costs | — | — | (6,443) | 23,620 | — | — | — | — |
| Deferred revenue | — | — | — | 1,239 | (176) | (1,298) | (1,975) | — |
| Accrued transportation costs | (500) | 394 | — | — | — | — | — | — |
| Other changes in operating assets and liabilities | — | (7,812) | (3,096) | (12,125) | 65,890 | 4,550 | 1,634 | (629) |
| Other changes in operating assets and liabilities | (4,414) | — | — | — | — | — | — | — |
| Net cash used in operating activities | (6,408) | (82,971) | (10,442) | 186,840 | 348,435 | 60,940 | 7,899 | 55,044 |
| Investing activities | ||||||||
| Purchase of property and equipment | (27,630) | (42,288) | (33,004) | (21,316) | (12,150) | (10,858) | (17,521) | (19,923) |
| Proceeds from sale of property | — | — | — | — | — | — | 0 | 0 |
| Proceeds from sale of equity investment | — | — | — | — | — | 0 | 0 | 15,593 |
| Acquisitions, net of cash acquired | 0 | 0 | (78,809) | (664,309) | (622,862) | 0 | (43,711) | 0 |
| Dispositions or sale of business, net of cash sold | — | — | — | — | 0 | 0 | 12,780 | 0 |
| Purchase of equity investment | — | — | — | — | — | — | 0 | 0 |
| Cost method investments | — | — | — | — | — | 0 | 0 | (3,000) |
| Restricted cash for reinsured claims losses | — | — | — | — | — | — | — | 7,834 |
| Proceeds from note receivable | — | — | — | — | 0 | 0 | 3,130 | — |
| Other investing activities | — | — | — | — | — | 0 | 0 | 310 |
| Net cash used in investing activities | (27,630) | (42,288) | (111,813) | (685,625) | (635,012) | (10,858) | (45,322) | 814 |
| Financing activities | ||||||||
| Proceeds from issuance of preferred stock, net of issuance costs | — | — | — | — | — | — | — | 0 |
| Net proceeds from short-term borrowings | 155,200 | 113,800 | — | — | — | — | — | — |
| Proceeds from issuance of long-term debt | 525,000 | 0 | 114,000 | 625,000 | 737,000 | 12,000 | 42,000 | 0 |
| Repurchase of common stock, for treasury | — | 0 | 0 | (39,994) | (10,186) | (6,797) | (56,088) | (29,364) |
| Repayment of long-term debt | (509,970) | — | (114,000) | (125,000) | (237,000) | (12,000) | (42,000) | 0 |
| Payment of contingent consideration | — | — | — | — | — | — | — | 0 |
| Preferred stock redemption payment | — | — | — | — | (88,771) | — | — | — |
| Payment of debt issuance costs | (25,786) | (376) | (2,415) | (13,486) | — | — | — | — |
| Restricted stock surrendered for employee tax payment | (620) | (899) | (792) | (896) | (267) | — | — | — |
| Preferred stock redemption payment | — | — | 0 | 0 | — | — | — | — |
| Preferred stock dividends | — | — | 0 | 0 | (1,987) | (4,403) | (4,413) | (4,418) |
| Proceeds from common stock issued pursuant to stock option exercise | 0 | 31 | 6,789 | 3,227 | 25,413 | 11,142 | 12,413 | 1,921 |
| Other financing activities | 548 | 510 | 226 | 0 | (15,942) | (718) | (3,467) | (1,927) |
| Net cash provided by financing activities | 144,372 | 113,066 | 3,808 | 448,851 | 408,260 | (776) | (51,555) | (33,788) |
| Effect of exchange rate changes on cash | — | — | — | — | — | — | — | 978 |
| Net change in cash | — | — | — | — | — | — | — | 23,048 |
| Cash at beginning of period | — | — | — | — | — | — | 95,310 | 72,262 |
| Cash at end of period | — | — | — | — | — | — | — | 95,310 |
| Effect of exchange rate changes on cash | — | — | — | — | 0 | 0 | (261) | — |
| Net change in cash, cash equivalents and restricted cash | 110,334 | (12,193) | (118,447) | (49,934) | 121,683 | 49,306 | (89,239) | — |
| Cash, cash equivalents and restricted cash at beginning of year | 2,782 | 14,975 | 133,422 | 183,356 | 61,673 | 12,367 | 101,606 | — |
| Cash, cash equivalents and restricted cash at end of year | 113,116 | 2,782 | 14,975 | 133,422 | 183,356 | 61,673 | 12,367 | — |
| Supplemental cash flow information | ||||||||
| Cash paid for interest | — | — | — | — | — | — | 1,162 | — |
| Cash paid for income taxes | — | — | — | — | — | — | 12,054 | — |
| Cash paid for interest | 76,767 | 64,200 | 59,392 | 32,178 | 2,192 | 1,261 | — | — |
| Cash paid for income taxes | 9,106 | 9,078 | 15,660 | 13,021 | 21,766 | (30,037) | — | — |
| Purchases of equipment in accounts payable and accrued liabilities | — | — | — | — | — | 0 | 0 | — |
| Note receivable issued for sale of property | — | — | — | — | — | — | 0 | — |
| Assets acquired under operating leases | 8,265 | 12,715 | 7,295 | 24,152 | 0 | 0 | 724 | — |
| Acquisitions: | ||||||||
| Purchase price | 0 | 0 | 79,200 | 678,655 | 644,044 | 0 | 54,700 | — |
| Less: | ||||||||
| Cash acquired | 0 | 0 | (391) | (14,346) | (21,182) | 0 | (1,302) | — |
| Restricted cash acquired | — | — | — | — | 0 | 0 | (110) | — |
| Value of existing ownership in Circulation | — | — | — | — | 0 | 0 | (9,577) | — |
| Acquisitions, net of cash acquired | 0 | 0 | 78,809 | 664,309 | 622,862 | 0 | 43,711 | — |
| Other Depreciation and Amortization | — | — | — | — | — | 6,234 | — | — |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.