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    Miles Highsmith • Deutsche Bank

    Miles Highsmith is a High Yield Bond Analyst at Deutsche Bank, specializing in credit research and fixed income investment strategies. Based in Frankfurt, he analyzes and covers high-yield issuers in the European markets, with particular focus on corporate bonds in sectors such as industrials, consumer goods, and energy. Highsmith joined Deutsche Bank after developing a strong career in credit analysis and has demonstrated expertise in evaluating risk and generating returns for institutional clients, though specific performance metrics and external rankings are not publicly available. He is based in Germany and likely holds relevant securities licenses and professional registrations required for his analyst role, reflecting deep knowledge and regulatory compliance within the financial industry.

    Miles Highsmith's questions to ModivCare Inc (MODV) leadership

    Miles Highsmith's questions to ModivCare Inc (MODV) leadership • Q3 2024

    Question

    Miles Highsmith followed up on the fee-for-service transition, asking how much business has already shifted and if more significant price concessions are expected. He also inquired whether net contract receivables and payables would be a source or use of cash through the first half of 2025.

    Answer

    CEO L. Sampson clarified that the material shift to FFS will begin impacting financials in 2025. He stated that recent large price concessions were isolated to specific 2024 contracts and should not be extrapolated, though normal compression is expected with the FFS model. Regarding working capital, Sampson reiterated that the lumpiness from receivables and payables will resolve by mid-2025 as contracts are settled and transition to the new model.

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