ModivCare Inc.

We have arranged for replay of this call, which will be available approximately one hour after today's call on our website, motivecare.com. This morning, Dan Greenleaf will begin with opening remarks and provide an update on our mobility division, 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, Kevin. Good morning, everyone. On a consolidated basis, MotiveCare reported strong financial results in the first quarter of 2022, delivering 27% revenue growth, driven by contributions from our recent acquisitions and 17% growth from our NEMT segment, which generated 9% adjusted EBITDA margin this quarter. Consolidated adjusted EBITDA was $50 million in the first quarter, which was in line with our expectation. We continued to advance Our strategy, delivering quality access to care, reduced costs, and improved outcomes for the 32 million members or approximately 10% of the U.S. population that we serve. In terms of operational highlights, We are optimistic about what we are seeing on the labor front. We saw strength in personal care during the quarter as strong operating execution drove a significant positive impact in caregiver recruiting and growth in billable hours. Our recruitment and retention initiatives are driving significant levels of new applicants while reducing turnover and trending towards pre-pandemic levels. Our initiatives and process improvements are yielding successful trends in personal care labor are in line with the workforce improvements that we are driving in our contact centers for NEMT over the past year, which has seen historically low absenteeism and turnover levels. Care is moving into the home and mode of care, which includes personal care, remote monitoring, and meal delivery, now represents over 40% of our adjusted EBITDA in the first quarter. We are seeing strong support for in-home care from our states as demonstrated by the fact that we received reimbursement rate increases in each of our major personal care states for 2022. Overall, we are encouraged by the trends we saw during the first quarter as we strategically transform our business to enhance our members' experience. We recently announced the formal operating and management structure of our two primary business divisions. Motive Care Home, led by Jason Anderson as president, consists of our personal care, remote patient monitoring, and meal services. while Motive Care Mobility includes our non-emergency medical transportation or NEMT services. We were pleased to recently appoint Elias Simpson as president of our mobility division, which furthers our commitment to our foundational NEMT services. Elias brings a significant background in advanced technology, logistics, and transportation, most recently serving as president and CEO at Radial. as well as leadership positions at Rider System, Pentair, and Syntos. Our transformation has touched every facet of our business, as we also recently announced the alignment of our sales and account management teams under our new Chief Commercial Officer, Brett Hickman. One aspect that attracted us to Brett is his payer background, including executive leadership roles at Optum and ProVenture, a subsidiary of Aetna. Brett's leadership is and experience will be integral for our commercial strategy to cross-sell our integrated platform of supportive care solutions while driving organic revenue growth from our existing customer and payer basis. Drawing from our multi-decade customer relationships, we continue to collaborate with health plans to provide enhanced experience for the members we serve. We are making progress on our value-based care and social determinants of health initiatives to deliver the full breadth of our platform and accelerate our vision to drive positive health outcomes by transforming the way we connect members to care. To this point, we are in the final stages of a value-based care pilot agreement with a national payer where we intend to demonstrate our ability to seamlessly deliver care across all our solutions while enhancing the member experience, reducing costs, and improving outcomes. As a reminder, our total addressable market opportunity across ModaPair is over $90 billion today and growing. As we transform our business, we expect much of our growth opportunities will come from care moving into the home, while NEMT will also continue to generate strong growth as payers see the value of this benefit. Our home business is growing organically through accelerated caregiver recruiting initiatives in existing markets, as well as de novo openings, increasing scale and density. We expect sales growth for home to accelerate through care coordination and our cross-selling efforts as case managers are a common referral source across our home service offerings. We also expect strong growth from our NEMT business, as this market benefits from continued growth in Medicaid, accelerating growth in Medicare Advantage enrollment, coupled with more plans offering transportation as a supplemental benefit. We are executing on our aggressive sales plan and expect to generate $500 million of new sales over the next three years. I'd like to now provide an update on our mobility division and some of its strategic initiatives. NEMT is a vital lifeline for the members we serve and a necessary component to navigating the healthcare system and connecting them to care, resulting in better member experience, reduced costs, and improved outcomes. As I shared last quarter, we are focused on driving several key NEMT priorities in 2022. centered around an enhanced and more consistent member-centric experience while expanding access to care. These priorities include, first, delivering a standardized experience through a coordinated care model. We are dedicated to the transformation of our mobility solutions by the most appropriate, accessible, and most cost-effective solutions based on the individual member needs. We are aligning our service offerings to make technology solutions available when our members want it, while ensuring access to knowledgeable care coordinators who will find the most appropriate mobility solution for the member. Our transformation to a more member-centric model not only improves the experience through easy-to-use technology or improved telephonic resolution, it significantly reduces costs by one to five times. Two salient examples include mass transit and mileage reimbursement, both of which enable the member to easily schedule or modify appointments. In the case of mass transit, members can even use the transit pass for personal reasons. Our second priority is transforming our relationships with transportation providers, or TPs, to create a greater sense of partnership. We are deeply committed developing and supporting community-based owners of transportation provider companies, and have made progress in establishing programs that will foster a greater connection between us and our best-performing TPs. In order to improve network performance, drive down costs, and enhance our members' experience, Our initial focus has been on initiatives such as Motive Care Academy, which empowers community-based providers, specifically minority and women-owned businesses with education training resources, and our Transportation Provider Advisory Council, which is composed of TPs representative of the communities we serve and addresses feedback on issues impacting the broader network. Additionally, we have formalized a dedicated champion program that uses technology and analytics to identify our high performing TPs and matches them to specific member needs. Since a quarter of our TPs generate 80% of our rides, the Champion program is expected to drive greater volume, predictability, and consistency for TPs, leading to enhanced quality and experience for members, especially for the high trip utilizers, such as those members who use our NEMT services multiple times each week to access dialysis appointments, for example. Our third priority is modernizing and automating our NEMT platform. We are committed to delivering a best-in-class experience that meets our members where they are. We have made significant investments in optimizing operations and automating processes, including a nearly $100 million investment into modernizing our technology platform. We are reducing tech debt while driving business process improvements in the areas of our contact centers, business process outsourcing, and digitization of our network to efficiently scale our business, enable our transportation providers, and make accessing the care easier and more efficient for our members. We expect these process improvements in technology investments will enable us to further scale and consistently produce margins in the 9% to 10% range. With that, I'd like to have Jason Anderson, President of our Home Division, provide some comments. Jason?

Thank you, Dan. I'd like to provide an update on our Home Division, specifically around our strategic initiatives for remote patient monitoring, personal care, and meals businesses. We believe that mode of care is well positioned as the future of healthcare accelerates into the home. As I shared last quarter, we are focused on driving several key priorities in 2022. First, we are augmenting our caregiver recruiting initiatives to increase supply. Demand for personal care services continues to accelerate, and we are seeing improvement in our ability to meet this demand through increased caregiver recruiting. We centralized talent acquisition activities during the quarter, which provides our local community-based recruiting teams with necessary support and tools. Our caregiver retention efforts are also making an impact, as we have several innovative strategies that are taking hold, including comprehensive caregiver total rewards and engagement initiatives. We are encouraged by these initiatives and expect to see continued improvements in caregiver recruiting and retention as well as growth in billable hours over the next several quarters. Second, we are focused on integrating our businesses and offerings across the home division. During the first quarter, we continued to drive integration efforts of the home division into mode of care shared services. We aligned the home organizational structure and leadership team, enabling us to better support growth and operational improvements. We continue to execute on our plan to integrate the functional elements of the business, including finance, accounting, human resources, benefits, insurance, tech platforms, and communications. These integration efforts also allow us to better align our organization to serve case managers, as well as provide coordinated care across our service offerings. Third, we are focused on organic growth while also evaluating a robust pipeline of inorganic growth opportunities. We see a significant opportunity to support homes' continued expansion and augment growth through continued organic and inorganic growth initiatives. During the quarter, we continued to execute on our plan to open de novo locations, leveraging our market experience and infrastructure. From an M&A perspective, we continue to evaluate opportunities to further our scale in existing markets and enter new markets. Turning to meals, we are excited about long-term growth prospects for this business, as well as the benefits it provides to our members and payers. Like remote patient monitoring, meals have similar dynamics with regards to contracting lead times, compliance, and operational requirements. We feel well-equipped to organically build out a meaningful meals business over time. For 2022, we expect an immaterial contribution to revenue and EBITDA as we focus on providing a best-in-class offering that we can rapidly scale in the future. Turning to RPM, we continue to grow our E3 or Engage, Educate, and Empower solution to enhance the member experience, improve outcomes for select populations, and broaden our ability to serve members more holistically. E3 is our proprietary solution which dynamically identifies member needs and provides tailored education to ultimately drive meaningful outcomes such as gap closure and medical cost avoidance. Across our sales pipeline, we have seen more than a 50% shift in our pipeline of opportunities that have E3 in them since the beginning of the year. In summary, MotiveCare's home offerings will play an integral role in the company's broader supportive care platform and vision to deliver value-based care for our customers and members, improving outcomes and better serving the health needs of our members, whatever they are. With that, I would like to turn the call over to Heath Sampson, our Chief Financial Officer, who will discuss our financial results. Heath?