ModivCare Inc.

Johnson, you may now begin. Thank you, Operator. Good morning, and thank you for joining MotiveCare's fourth quarter 2021 conference call and webcast. With me today from the company are Dan Greenleaf, President and Chief Executive Officer, Jason Anderson, President of our Home Division, and Heath Sampson, Chief Financial Officer. Before we get started, I would like to remind everyone that during today's call, the company's management will make forward-looking statements under the Private Securities Litigation Reform Act. Those statements involve risks and uncertainties and other factors that may cause actual results or events to differ materially from expectations. Information regarding these factors is contained in today's press release and in the company's filings of the SEC. We will also discuss non-GAAP financial measures to provide additional information to investors. A definition of these non-GAAP financial measures and reconciliation to their most directly comparable GAAP measures It is included in our press release in Form 8-K. We've arranged for a replay of this call, which will be available approximately one hour after today's call, on our website, moduscare.com. This morning, Dan Greenleaf, our Chief Executive Officer, will begin with opening remarks and provide an update on our NEMT segment, after which Jason Anderson will provide an update on our Home Division, followed by Heath Sampson, who will provide an update on the details of our financial results. Then we will open the call for questions. With that, I will turn the call over to Dan Greenleaf. Dan.

Thank you, John. Good morning, everyone. On a consolidated basis, Motive Care reported strong financial results in the fourth quarter of 2021, delivering 44% revenue growth, driven by contributions from our recent acquisitions and 17% growth from our NEMT segment. Adjusted EBITDA was $58 million in the fourth quarter, an increase of 11%, compared to the prior year. We ended 2021 with a full year adjusted EBITDA of $205 million, which is a meaningful improvement compared to the $51 million of adjusted EBITDA that the company achieved in 2019 when I joined as CEO. I'm very pleased with the significant transformation at MotiveCare over these past two years. We embarked on this journey with a vision to address the inequities in access to care for the country's most vulnerable and underserved patient population, leveraging long-term customer relationships in our existing patient base, which today exceeds 30 million patients, or roughly 9% of the U.S. population. Today, we have built a one-of-a-kind supportive care platform with a comprehensive suite of solutions that address the social determinants of health. We have evolved and significantly invested in our technology platform, which fuels our purpose. The decisions we have made over the last two years have put us in a position to further impact health inequities by making care accessible to all. Whether on the go or in the home, we meet our patients wherever they are. Now we remain focused on executing to make our vision a reality. I'd like to spend a little bit of time talking about our NEMT segment, which continues to be a key component of our vision to connect patients to care. Recently, we were pleased to see Medical Transportation's Access Coalition's new study validating NEMT's role in assisting elderly and vulnerable populations to navigate the healthcare system more successfully. We fundamentally believe NEMT will continue to be a very necessary component in broadening access to care for patients, regardless of demographics, location, or economic well-being. As it relates to our NEMT business, we are focused on four key strategic priorities in 2022 centered around enhancing the patient experience in which I will cover with you today. Our first strategic priority is to continue to build our sales pipeline and execute on an aggressive sales growth plan as we believe we have meaningful opportunities both in new and existing markets. We expect to capture $500 million of new sales wins over the next three years. The NEMT market is currently a $5.8 billion market, including Medicaid and Medicare Advantage, and we see the potential for this market to grow at a 10% rate over the next three years, driven by continued growth in Medicaid and accelerated growth in Medicare Advantage. We are confident in our position to maintain and expand market share, due to our scale, low-cost, value-based care offering, and high-touch, high-tech approach, which meets the member where they are, coupled with consistent, best-in-class performance in customer relationships. Our second strategic priority for NEMT is to create a consistent patient experience. One of the ways we intend to do this is by evolving our relationships with our transportation providers, or TPs. creating a greater sense of partnership between us. Our national scale, coupled with our regional, state, and local presence, allows us to develop and support community-based small business transportation owners. We believe a more stable and partnership-like model will foster win-win relationships with us and our best performing TPs. Our initial focus has been to increase engagement through initiatives such as Motive Care Academy, which provides technology insights, best practice sharing, and training, as well as advocacy programs like our TP Advisory Council, focus groups, and a new customer experience management platform that enables us to capture the voice of our transportation provider partners. During the fourth quarter of 2021, we amplified our network development efforts in certain markets to address driver shortages and increased capacity by adding several thousand providers and respective vehicles to our network. We are pleased with the results of these efforts as evidenced by incremental improvement in our network health KPIs. Our third strategic priority for NEMT is to deliver a standardized experience for patients through a multimodal solution. Our goals is for patients to receive the appropriate multimodal mobility solution, either a high-touch experience through an experienced care coordinator in our contact centers or a high-tech experience through our member app or portal. The substantial enhancements we have made in our contact centers and investments in enhancing our technology platform over the past year, primarily through our execution of Project Storm, positions us well to provide a consistent and best-in-class patient experience. Of note, we have meaningfully increased our service levels, improved quality, and strategically managed our contact center workforce in the midst of unprecedented labor shortages. We have also successfully transitioned over half of our call volume to our onshore and offshore BPO partners, which has helped us drive improved contact center KPIs while enhancing the patient experience. Lastly, our fourth strategic priority for NEMT is to further modernize and automate our platform to expand access to care, given the investments we've made over the last 18 months. MotiveCare has the nation's largest credentialed and digitally connected advanced notice network of multimodal NEMT providers. We are working to transform and enable our network to be on demand. We look forward to reporting our progress in these areas in subsequent quarters. I'm very proud of the work our team has done, given the pandemic and the uncertainty around shifts in the labor market, to transform service levels at our contact centers, improve quality, establish a healthy network of transportation providers, and ultimately enhance the member experience. Moving to our personal care and remote patient monitoring segments, in January we announced a major milestone for Motive Care, reorganizing and aligning our home-based offerings under a new division, Motive Care Home. We were pleased to promote VRI's CEO, Jason Anderson, the president of Motive Care Home. We believe the alignment of our home-based services under Jason's leadership will unlock greater cross-selling opportunities, which is a key component of additional organic growth, as the referral source and the case manager are typically the same call point for personal care, remote patient monitoring, and meals. Jason will cover Motive Care Home in more detail, including his strategic priorities a bit later. Consolidating our home-based services under Motive Care Home puts us in a position to accelerate our value-based care initiatives. We are making significant advancements in our one-stop shop capabilities are in multiple conversations with payers around partnering on an integrated value-based pilot, which we expect to launch later this year. Further, we believe there's a significant opportunity to leverage our collective channel of existing customer relationships and their respective patients and members. In 2022, cross-selling and organic revenue growth will be a focal point for our management team while maintaining our current book of business. We have implemented a win, retain, and expand sales strategy involving a highly coordinated approach between our account management and growth team. This year, we will strive to meet or exceed 2021's retention rates of 98% for managed care organization contracts and 100% for state relationships. We believe a few significant new state contracts will be awarded this year and remain steadfast in our position to capture these. In summary, we have assembled a one-of-a-kind suite of supportive care offerings and transformed our platform to holistically meet the needs of our customers and their respective patients. We remain committed to executing on our foundational six-pillar strategy, which as a reminder includes the following, placing the right people in the right seats, listening to the voice of our customers, driving transformational growth, implementing a single repeatable model, enhancing our technology platform, and rebranding. The strategic priorities of our business segments align with these pillars, harmonizing focus and driving value across the entire organization. I'd like to take a moment to recognize our team members, transportation partners, and customers whose compassion and commitment to making a difference in our patients' lives have made our accomplishments to date possible. Finally, before turning it over to Jason, I'd like to touch on an important update on the company's commitment to diversity, equity, and inclusion in environmental, social, and government initiatives. As you may know, our organization is proud to have a highly diverse team member population, which represents the communities and patients we serve. To that end, we are pleased to announce the appointment of Nate Vaughn as our first Chief Diversity Officer, who will work closely with team members across the organization to ensure that Mode of Care continues to advance diversity, equity, inclusion, and create an environment where everyone belongs. In the near future, we will be issuing our inaugural ESG summary report. These milestones reflect our desire to promote a highly supportive work environment and better world, both of which are important aspects to the success of our company. With that, I'd like to turn it over to Jason Anderson, President of our Home Division, for some comments on the Home Division. Jason?

Thank you, Dan. As Dan mentioned, we recently announced the reorganization of our home-based offerings into a new division, Motive Care Home, which encompasses our personal care and remote patient monitoring segments. As healthcare accelerates into the home, we believe that Motive Care is well positioned, which is why this operational realignment is so important. Today, I will be sharing our top strategic priorities for home in 2022. Our first strategic priority is to augment our caregiver recruiting initiatives. During the pandemic, we experienced a decrease in our caregiver workforce and are focused on increasing the number of caregivers to serve the high volume of referrals and demand for personal care. We also recognize the need to modernize our caregiver recruiting strategies, particularly with the challenges of today's labor market. We have implemented a centralized talent acquisition function which augments our local community-based recruiting team. Our second strategic priority for home is to increase our sales pipeline across our suite of services. We expect to accelerate sales growth through coordination and cross-selling. Our home services are often referred to the same case managers for our patients. By aligning our offerings under home and bundling our services together, This reduces barriers and friction for our patients and case managers to access supportive care with a single provider. The integrated supportive care pilot, which Dan mentioned, will be a proof point for us to deliver a bundled and coordinated offering. We are also focused on expanding our remote monitoring sales pipeline for our patient engagement service offerings, designed to address complex and at-risk patients and further assist health plans with gap closure. Lastly, we have a strong pipeline of payers who are interested in our meal delivery service. We are currently shipping meals to members through our national food service partner, and we are focused on scaling this business to service the strong demand that exists from our Medicaid and Medicare Advantage customers. Our third strategic priority for HOME is to integrate our businesses and offerings in order to deliver the full breadth of our platform and accelerate our vision to support value-based care. Additionally, bringing our businesses onto a common tech platform will enable us to serve up data insights to our team members, customers, and patients. Our fourth strategic priority for HOME is our focus on organic growth and evaluating a robust pipeline of inorganic growth opportunities. We see significant opportunity to drive organic growth in our personal care segment with our plans to open de novo branches in several key markets within our existing seven-state footprint. We expect that de novo growth and continued M&A will become a significant part of our strategy going forward. In addition, we will continue to evaluate a robust pipeline of inorganic growth opportunities in order to further scale or enter new markets across our multiple service offerings. In summary, I am very excited about the important role our home services will play in MotiveCare's broader supportive care platform and vision to deliver value-based care for our customers and members. As we drive forward our strategic objectives, we will improve patients' lives, reduce healthcare costs, and become the service provider of choice in supportive care. With that, I'd like to turn the call over to Heath Sampson, our Chief Financial Officer, who will discuss our financial results. Heath?