[NT 10-Q] ModivCare Inc. SEC Filing
ModivCare Inc. notified the SEC that it cannot timely file its Quarterly Report for the quarter ended June 30, 2025 because it needs more time to complete a goodwill impairment assessment and to finish an outside-counsel investigation, directed by the Audit Committee, into compliance hotline allegations including matters related to the company鈥檚 culture. The company says these matters are material to its consolidated interim financial statements.
ModivCare also warns that consolidated revenue, EBITDA and Adjusted EBITDA for the quarter are expected to be significantly lower versus the prior-year period, driven in part by an expected goodwill impairment of not less than $250 million, which could be larger as the assessment continues.
ModivCare Inc. ha informato la SEC di non poter depositare tempestivamente il proprio rapporto trimestrale relativo al trimestre chiuso il 30 giugno 2025, perch茅 necessita di tempo aggiuntivo per completare una valutazione di svalutazione dell'avviamento (goodwill) e per concludere un'indagine svolta da consulenti esterni, disposta dal Comitato di Revisione, sulle segnalazioni per la compliance hotline, incluse questioni legate alla cultura aziendale. L'azienda dichiara che tali questioni sono rilevanti per i suoi bilanci consolidati interinali.
ModivCare avverte inoltre che i ricavi consolidati, l'EBITDA e l'Adjusted EBITDA del trimestre dovrebbero essere significativamente inferiori rispetto allo stesso periodo dell'anno precedente, in parte per via di una prevista svalutazione dell'avviamento di almeno $250 milioni, che potrebbe aumentare man mano che prosegue la valutazione.
ModivCare Inc. notific贸 a la SEC que no puede presentar a tiempo su informe trimestral correspondiente al trimestre cerrado el 30 de junio de 2025, porque necesita m谩s tiempo para completar una evaluaci贸n por deterioro del goodwill y para finalizar una investigaci贸n realizada por asesores externos, ordenada por el Comit茅 de Auditor铆a, sobre denuncias de la l铆nea de cumplimiento, incluidas cuestiones relacionadas con la cultura de la empresa. La compa帽铆a indica que estos asuntos son materiales para sus estados financieros consolidados interinos.
ModivCare tambi茅n advierte que los ingresos consolidados, el EBITDA y el EBITDA ajustado del trimestre se esperan significativamente inferiores respecto al mismo periodo del a帽o anterior, impulsados en parte por un deterioro del goodwill previsto de no menos de $250 millones, que podr铆a ser mayor a medida que avance la evaluaci贸n.
ModivCare Inc.電� 攵勱赴毵愳澊 2025雲� 6鞗� 30鞚�鞚� 攵勱赴鞚� 攵勱赴氤搓碃靹滊ゼ 旮绊暅 雮� 鞝滌稖頃� 靾� 鞐嗠嫟瓿� SEC鞐� 韱奠頄堨姷雼堧嫟. 鞚措姅 鞓侅梾甓�(甑快湆) 靻愳儊韽夑皜毳� 鞕勲頃橁碃 臧愳偓鞙勳洂須岇潣 歆�鞁滌棎 霐半澕 鞕鸽秬 氩曤鞛愲鞚� 靾橅枆頃� 旎错攲霛检澊鞏胳姢 頃澕鞚� 甏�霠� 鞝滉赴靷暛(須岇偓 氍疙檾 甏�霠� 靷晥 韽暔)鞐� 雽�頃� 臁办偓毳� 毵堧毽晿電� 雿� 鞁滉皠鞚� 雿� 頃勳殧頃橁赴 霑岆鞛呺媹雼�. 須岇偓電� 鞚措煬頃� 靷晥霌れ澊 鞐瓣舶 欷戧皠鞛鞝滍憸鞐� 欷戩殧頃橂嫟瓿� 氚濏様鞀惦媹雼�.
霕愴暅 ModivCare電� 頃措嫻 攵勱赴鞚� 鞐瓣舶 毵れ稖, EBITDA 氚� 臁办爼 EBITDA臧� 鞝勲厔 霃欔赴 雽�牍� 靸侂嫻頌� 雮潉 瓴冹溂搿� 鞓堨儊霅橂┌, 鞚措姅 攵�攵勳爜鞙茧 斓滌唽 $250 million鞚� 鞓侅梾甓� 靻愳儊鞚� 鞓堨儊霅橁赴 霑岆鞚措┌ 韽夑皜臧� 歆勴枆霅棎 霐半澕 雿� 旎れ 靾� 鞛堧嫟瓿� 瓴疥碃頄堨姷雼堧嫟.
ModivCare Inc. a inform茅 la SEC qu'elle ne peut pas d茅poser dans les d茅lais son rapport trimestriel pour le trimestre clos le 30 juin 2025, car elle a besoin de temps suppl茅mentaire pour achever une 茅valuation de la d茅pr茅ciation du goodwill et pour finaliser une enqu锚te men茅e par des conseillers externes, ordonn茅e par le comit茅 d'audit, portant sur des all茅gations re莽ues via la hotline de conformit茅, y compris des questions li茅es 脿 la culture d'entreprise. La soci茅t茅 indique que ces 茅l茅ments sont significatifs pour ses 茅tats financiers consolid茅s interm茅diaires.
ModivCare avertit 茅galement que le chiffre d'affaires consolid茅, l'EBITDA et l'EBITDA ajust茅 du trimestre devraient 锚tre sensiblement inf茅rieurs 脿 ceux de la p茅riode correspondante de l'ann茅e pr茅c茅dente, en partie en raison d'une d茅pr茅ciation attendue du goodwill d'au moins 250 millions de dollars, qui pourrait augmenter au fur et 脿 mesure de l'avancement de l'茅valuation.
ModivCare Inc. teilte der SEC mit, dass es seinen Quartalsbericht f眉r das zum 30. Juni 2025 endende Quartal nicht fristgerecht einreichen kann, da mehr Zeit ben枚tigt wird, um eine Wertminderung des Gesch盲fts- oder Firmenwerts (Goodwill) abzuschlie脽en und eine vom Pr眉fungsausschuss veranlasste Untersuchung durch externe Rechtsberater zu Vorw眉rfen aus der Compliance-Hotline, einschlie脽lich Angelegenheiten zur Unternehmenskultur, zu beenden. Das Unternehmen erkl盲rt, dass diese Angelegenheiten f眉r seine konsolidierten Zwischenabschl眉sse wesentlich sind.
ModivCare warnt au脽erdem, dass der konsolidierte Umsatz, das EBITDA und das bereinigte EBITDA f眉r das Quartal voraussichtlich deutlich unter dem Vorjahreszeitraum liegen werden, teilweise bedingt durch eine erwartete Goodwill-Abschreibung von mindestens $250 Millionen, die im weiteren Verlauf der Bewertung noch gr枚脽er ausfallen k枚nnte.
- Timely disclosure: Company filed a Form 12b-25 to notify the market of the delay rather than withholding information.
- Audit Committee oversight: The company has engaged outside counsel at the Audit Committee's direction, indicating governance action on compliance allegations.
- Transparency on expected impact: Management disclosed an anticipated goodwill impairment amount (not less than $250 million) and that results will be significantly lower, providing advance notice to investors.
- Significant expected impairment: Anticipated goodwill impairment of not less than $250 million, which could be larger, is a material negative to equity and book value.
- Operating results set to decline: Company expects consolidated revenue, EBITDA and Adjusted EBITDA for the quarter to be significantly lower than the prior-year period.
- Investigation into compliance and culture: An Audit Committee鈥揹irected outside-counsel probe of hotline allegations raises governance and reputational risk.
- Delay in filing: Failure to file the quarter on time signals reporting and control challenges that increase investor uncertainty.
Insights
TL;DR: Material earnings hit likely from a sizeable goodwill write-down, reducing near-term operating metrics and complicating quarter reporting.
ModivCare's disclosure that it expects a goodwill impairment of at least $250 million and materially lower revenue and EBITDA is a clear negative for near-term financial performance and may pressure leverage and covenant metrics depending on balance sheet composition and existing debt. The delayed 10-Q increases short-term uncertainty about precise results and any related non-cash charges or tax effects. Investors should expect volatility around the eventual filing as impairment size and any restatements or adjustments are detailed.
TL;DR: Governance response shows oversight but raises concerns about internal controls and culture that prompted an Audit Committee鈥搇ed probe.
The engagement of outside counsel at the Audit Committee's direction and public disclosure of an investigation into hotline allegations indicate the board is taking the matters seriously, which is positive for oversight. However, the need for an investigation into compliance and culture issues, combined with a material anticipated impairment, suggests potential weaknesses in risk management and internal controls. The delay in filing itself highlights process strain in financial reporting controls.
ModivCare Inc. ha informato la SEC di non poter depositare tempestivamente il proprio rapporto trimestrale relativo al trimestre chiuso il 30 giugno 2025, perch茅 necessita di tempo aggiuntivo per completare una valutazione di svalutazione dell'avviamento (goodwill) e per concludere un'indagine svolta da consulenti esterni, disposta dal Comitato di Revisione, sulle segnalazioni per la compliance hotline, incluse questioni legate alla cultura aziendale. L'azienda dichiara che tali questioni sono rilevanti per i suoi bilanci consolidati interinali.
ModivCare avverte inoltre che i ricavi consolidati, l'EBITDA e l'Adjusted EBITDA del trimestre dovrebbero essere significativamente inferiori rispetto allo stesso periodo dell'anno precedente, in parte per via di una prevista svalutazione dell'avviamento di almeno $250 milioni, che potrebbe aumentare man mano che prosegue la valutazione.
ModivCare Inc. notific贸 a la SEC que no puede presentar a tiempo su informe trimestral correspondiente al trimestre cerrado el 30 de junio de 2025, porque necesita m谩s tiempo para completar una evaluaci贸n por deterioro del goodwill y para finalizar una investigaci贸n realizada por asesores externos, ordenada por el Comit茅 de Auditor铆a, sobre denuncias de la l铆nea de cumplimiento, incluidas cuestiones relacionadas con la cultura de la empresa. La compa帽铆a indica que estos asuntos son materiales para sus estados financieros consolidados interinos.
ModivCare tambi茅n advierte que los ingresos consolidados, el EBITDA y el EBITDA ajustado del trimestre se esperan significativamente inferiores respecto al mismo periodo del a帽o anterior, impulsados en parte por un deterioro del goodwill previsto de no menos de $250 millones, que podr铆a ser mayor a medida que avance la evaluaci贸n.
ModivCare Inc.電� 攵勱赴毵愳澊 2025雲� 6鞗� 30鞚�鞚� 攵勱赴鞚� 攵勱赴氤搓碃靹滊ゼ 旮绊暅 雮� 鞝滌稖頃� 靾� 鞐嗠嫟瓿� SEC鞐� 韱奠頄堨姷雼堧嫟. 鞚措姅 鞓侅梾甓�(甑快湆) 靻愳儊韽夑皜毳� 鞕勲頃橁碃 臧愳偓鞙勳洂須岇潣 歆�鞁滌棎 霐半澕 鞕鸽秬 氩曤鞛愲鞚� 靾橅枆頃� 旎错攲霛检澊鞏胳姢 頃澕鞚� 甏�霠� 鞝滉赴靷暛(須岇偓 氍疙檾 甏�霠� 靷晥 韽暔)鞐� 雽�頃� 臁办偓毳� 毵堧毽晿電� 雿� 鞁滉皠鞚� 雿� 頃勳殧頃橁赴 霑岆鞛呺媹雼�. 須岇偓電� 鞚措煬頃� 靷晥霌れ澊 鞐瓣舶 欷戧皠鞛鞝滍憸鞐� 欷戩殧頃橂嫟瓿� 氚濏様鞀惦媹雼�.
霕愴暅 ModivCare電� 頃措嫻 攵勱赴鞚� 鞐瓣舶 毵れ稖, EBITDA 氚� 臁办爼 EBITDA臧� 鞝勲厔 霃欔赴 雽�牍� 靸侂嫻頌� 雮潉 瓴冹溂搿� 鞓堨儊霅橂┌, 鞚措姅 攵�攵勳爜鞙茧 斓滌唽 $250 million鞚� 鞓侅梾甓� 靻愳儊鞚� 鞓堨儊霅橁赴 霑岆鞚措┌ 韽夑皜臧� 歆勴枆霅棎 霐半澕 雿� 旎れ 靾� 鞛堧嫟瓿� 瓴疥碃頄堨姷雼堧嫟.
ModivCare Inc. a inform茅 la SEC qu'elle ne peut pas d茅poser dans les d茅lais son rapport trimestriel pour le trimestre clos le 30 juin 2025, car elle a besoin de temps suppl茅mentaire pour achever une 茅valuation de la d茅pr茅ciation du goodwill et pour finaliser une enqu锚te men茅e par des conseillers externes, ordonn茅e par le comit茅 d'audit, portant sur des all茅gations re莽ues via la hotline de conformit茅, y compris des questions li茅es 脿 la culture d'entreprise. La soci茅t茅 indique que ces 茅l茅ments sont significatifs pour ses 茅tats financiers consolid茅s interm茅diaires.
ModivCare avertit 茅galement que le chiffre d'affaires consolid茅, l'EBITDA et l'EBITDA ajust茅 du trimestre devraient 锚tre sensiblement inf茅rieurs 脿 ceux de la p茅riode correspondante de l'ann茅e pr茅c茅dente, en partie en raison d'une d茅pr茅ciation attendue du goodwill d'au moins 250 millions de dollars, qui pourrait augmenter au fur et 脿 mesure de l'avancement de l'茅valuation.
ModivCare Inc. teilte der SEC mit, dass es seinen Quartalsbericht f眉r das zum 30. Juni 2025 endende Quartal nicht fristgerecht einreichen kann, da mehr Zeit ben枚tigt wird, um eine Wertminderung des Gesch盲fts- oder Firmenwerts (Goodwill) abzuschlie脽en und eine vom Pr眉fungsausschuss veranlasste Untersuchung durch externe Rechtsberater zu Vorw眉rfen aus der Compliance-Hotline, einschlie脽lich Angelegenheiten zur Unternehmenskultur, zu beenden. Das Unternehmen erkl盲rt, dass diese Angelegenheiten f眉r seine konsolidierten Zwischenabschl眉sse wesentlich sind.
ModivCare warnt au脽erdem, dass der konsolidierte Umsatz, das EBITDA und das bereinigte EBITDA f眉r das Quartal voraussichtlich deutlich unter dem Vorjahreszeitraum liegen werden, teilweise bedingt durch eine erwartete Goodwill-Abschreibung von mindestens $250 Millionen, die im weiteren Verlauf der Bewertung noch gr枚脽er ausfallen k枚nnte.
FAQ
Why did ModivCare (MODV) file a Form 12b-25 notifying a late 10-Q?
Which report is affected by ModivCare's notification?
Does ModivCare expect material changes to its quarterly results?
How large is the expected goodwill impairment at ModivCare?
Have ModivCare's other SEC reports been filed on time?
Who can be contacted about this notification?
