ModivCare targets net leverage ratio of 3x; deleveraging a priority

By Devika Patel

Knoxville, Tenn., Jan. 12 – ModivCare Inc. plans to begin deleveraging in 2023, with the goal of reaching a target net leverage ratio of 3x.

“[Our] debt is too high and so we’re committed to de-levering,” president, chief executive officer and chief financial officer L. Heath Sampson said at the 41st Annual JPMorgan Healthcare Conference in San Francisco on Wednesday.

“For us, right now, de-levering is a priority and where we are, between $100 million to $125 million of free cash flow now that we have, we can do that, so the goal is to get back to that 3x net target and we’ll start seeing that in 2023, ability to de-lever,” he said.

ModivCare is a Denver-based technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their patients.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.