DocGo Inc (DCGO) 2022 Q4 法說會逐字稿

Greetings, and welcome to the DocGo fourth quarter and full year 2022 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Cole, Vice President of Investor Relations. Thank you, Mike. You may begin.

您好，歡迎來到 DocGo 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，投資者關係副總裁 Mike Cole。謝謝你，邁克。你可以開始了。

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements in this conference call other than historical facts are forward-looking statements. The words anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions are used to typically identify such forward-looking statements.

謝謝你，運營商。在將電話轉交給管理層之前，我想就前瞻性陳述發表以下評論。本次電話會議中除歷史事實外的所有陳述均為前瞻性陳述。預期、目標、相信、估計、期望、打算、指導、信心、目標、項目和其他類似表達方式通常用於識別此類前瞻性陳述。

These forward-looking statements are not guarantees of future performance and may involve and are subject to certain risks and uncertainties and other factors that may affect DocGo's business, financial condition and other operating results. These include, but are not limited to, the risk factors and other qualifications contained in DocGo's annual report on Form 10-K, quarterly reports filed on Form 10-Q and other reports and statements filed by DocGo with the SEC to which your attention is directed. Actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements.

這些前瞻性陳述不是對未來業績的保證，可能涉及並受某些風險和不確定性以及可能影響 DocGo 的業務、財務狀況和其他經營業績的其他因素的影響。這些包括但不限於 DocGo 在 10-K 表上的年度報告、在 10-Q 表上提交的季度報告以及 DocGo 向美國證券交易委員會提交的其他報告和聲明中包含的風險因素和其他資格，您需要注意指導。實際結果和結果可能與這些前瞻性陳述中明示或暗示的內容存在重大差異。

In addition, today's call contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures or provided directly as part of this call are included in the earnings release, which is posted on our website, docgo.com, as well as in our filings with the Securities and Exchange Commission.

此外，今天的電話會議還提到了非 GAAP 財務措施。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標或作為本次電話會議的一部分直接提供的調節表包含在收益發布中，該發布發佈在我們的網站 docgo.com 以及我們提交給證券交易委員會。

The information contained in this call is accurate as of only the date discussed. Investors should not assume that statements will remain relevant and operative at a later time. We undertake no obligation to update any information discussed in this call in the future.

此電話中包含的信息僅在討論之日是準確的。投資者不應假設聲明在以後仍將保持相關性和可操作性。我們沒有義務在未來更新本次電話會議中討論的任何信息。

At this time, it is now my pleasure to turn the call over to Mr. Anthony Capone, CEO of DocGo. Anthony, please go ahead.

此時，我很高興將電話轉給 DocGo 首席執行官 Anthony Capone 先生。安東尼，請繼續。

Thank you, Mike. Looking back on 2022, we did an exceptional job at meticulously replacing substantial mass COVID testing revenue streams with a variety of new programs while laying the foundation for continued profitable growth in 2023 and beyond.

謝謝你，邁克。回顧 2022 年，我們在用各種新項目精心取代大量 COVID 測試收入流方面做得非常出色，同時為 2023 年及以後的持續盈利增長奠定了基礎。

In 2022, we generated revenues of $440.5 million, up from $318.7 million in 2021. Our growth rate, 38%. Excluding mass COVID testing revenues, we grew 75% year over year. Our initial revenue guidance at the start of last year was for $400 million to $420 million with $35 million to $40 million in adjusted EBITDA, and we are proud to have exceeded both of these measures.

2022 年，我們的收入為 4.405 億美元，高於 2021 年的 3.187 億美元。我們的增長率為 38%。不包括大規模 COVID 測試收入，我們同比增長 75%。去年年初，我們的初步收入指引是 4 億至 4.2 億美元，調整後的 EBITDA 為 3500 萬至 4000 萬美元，我們很自豪能夠超過這兩項指標。

Along with our 2022 results today, we are introducing 2023 guidance of $500 million to $510 million in revenue, and $45 million to $50 million in adjusted EBITDA. Our gross margin expectations for the year are 35%. Gross margin is expected to be slightly below that rate in Q1 and Q2 and improving approximately 50 to 75 basis points per quarter over the course of the year.

除了我們今天的 2022 年業績，我們還推出了 2023 年 5 億至 5.1 億美元的收入指引和 4500 萬至 5000 萬美元的調整後 EBITDA。我們今年的毛利率預期為 35%。預計第一季度和第二季度的毛利率將略低於該水平，並在一年中每季度提高約 50 至 75 個基點。

We expect to finish 2023 at an annual rate for gross margin of approximately 37%, and an adjusted EBITDA margin of approximately 13%. Our target consolidated gross margin over the longer term remains at 40%. We are sharing our backlog today for the first time, which we define as projects that have been awarded, but not yet started or fully implemented.

我們預計到 2023 年毛利率約為 37%，調整後的 EBITDA 利潤率約為 13%。我們的長期目標綜合毛利率保持在 40%。我們今天首次分享積壓工作，我們將其定義為已授予但尚未開始或完全實施的項目。

Our current backlog stands at $180 million over three years. We anticipate this backlog to be fully rolled out by the end of the third quarter this year. This backlog gives us excellent visibility into 2023 revenue and allows us to provide 2023 revenue guidance with a high degree of confidence.

我們目前的積壓訂單在三年內達到 1.8 億美元。我們預計這一積壓工作將在今年第三季度末全面展開。這一積壓使我們能夠很好地了解 2023 年的收入，並使我們能夠高度自信地提供 2023 年的收入指導。

At this time, I'm going to hand it over to Lee Bienstock, our President and Chief Operating Officer, to provide an update on some of our key growth initiatives.

此時，我將把它交給我們的總裁兼首席運營官 Lee Bienstock，以提供我們一些關鍵增長計劃的最新情況。

Thanks, Anthony. We were very pleased to recently announce a number of successful contract wins, and we continue to pursue larger opportunities that are working their way through the RFP process. As part of that recent announcement, we secured a $94 million medical transportation contract with a major hospital system, our largest RFP win to date. This is a 100% leased hour contract providing DocGo downside margin protection with significant upside.

謝謝，安東尼。我們很高興最近宣布了一些成功的合同中標，我們將繼續尋求更大的機會，這些機會正在通過 RFP 流程發揮作用。作為最近公告的一部分，我們與一家大型醫院系統簽訂了價值 9400 萬美元的醫療運輸合同，這是我們迄今為止贏得的最大 RFP。這是一份 100% 的租賃小時合同，為 DocGo 提供下行保證金保護和顯著的上行空間。

As we move through 2023, we also expect to see further traction with our population health offering in new geographies such as Connecticut and Chicago. We recently won an RFP to provide occupational health services for public health workers in Southern California, and we are in the final stages of a public health RFP for remote patient monitoring and chronic care management in Illinois.

隨著 2023 年的到來，我們還希望在康涅狄格州和芝加哥等新地區看到我們的人口健康服務進一步受到關注。我們最近贏得了一份 RFP，為南加州的公共衛生工作者提供職業健康服務，我們正處於伊利諾伊州遠程患者監測和慢性病護理管理的公共衛生 RFP 的最後階段。

Currently, DocGo has 34 active RFP submissions pending award, totaling over $1 billion in aggregate contract value. None of these RFPs are included in our current guidance as an award to DocGo is not guaranteed. We have built one of the nation's largest mobile health workforces on top of the unique clinical delivery model that leverages lower cost medical professionals. Due to the large pool of these clinicians, we are able to scale quickly while realizing highly profitable unit economics.

目前，DocGo 有 34 個有效的 RFP 提交待決，總合同價值超過 10 億美元。這些 RFP 均未包含在我們當前的指南中，因為不能保證授予 DocGo。我們在利用低成本醫療專業人員的獨特臨床交付模式之上建立了美國最大的移動醫療隊伍之一。由於這些臨床醫生人數眾多，我們能夠在實現高利潤單位經濟的同時快速擴大規模。

In addition, our leased hour reimbursement model provides downside margin protection, mitigating our exposure to demand risk. Our recent success in the RFP channel and growing interest in DocGo's services across the country highlights the attractiveness of our value proposition to customers. Notably, our pilot program with Dollar General continues to proceed as well. We have seen week-over-week growth in patient volume with this past week being our highest demand week ever. This program's appeal is further validated by an exceptionally strong customer net promoter score.

此外，我們的租賃小時報銷模式提供下行利潤保護，減輕我們面臨的需求風險。我們最近在 RFP 渠道取得的成功以及全國各地對 DocGo 服務的興趣日益濃厚，凸顯了我們的價值主張對客戶的吸引力。值得注意的是，我們與 Dollar General 的試點項目也在繼續進行。我們已經看到患者數量逐週增長，過去一周是我們有史以來需求最高的一周。異常強大的客戶淨推薦值進一步驗證了該計劃的吸引力。

In a recent survey, nearly all patients who have used the service report that they would recommend the service to a friend and plan to use the service again. DocGo does and will continue to have pilots, which are reimbursed on a fee-for-service basis. However, we do not plan to scale any pilot on a fee-for-service basis where we assume demand risk. For any pilot project to expand, including our existing payer pilot, there must be a reimbursement model, which ensures downside margin protection for our company.

在最近的一項調查中，幾乎所有使用過該服務的患者都表示他們會向朋友推薦該服務併計劃再次使用該服務。 DocGo 確實並將繼續擁有飛行員，這些飛行員是按服務收費的。但是，在我們承擔需求風險的情況下，我們不打算在按服務收費的基礎上擴大任何試點。對於任何要擴展的試點項目，包括我們現有的付款人試點項目，都必須有一個報銷模型，以確保為我們公司提供下行利潤保護。

I will now hand it back to Anthony.

我現在將它交還給安東尼。

Thanks, Lee. While we are extremely excited about our growth prospects for 2023, we are also laser focused on maximizing profitability and reducing costs where prudent. A good example of these efforts is our rapid normalization initiative, which began in early February. As we have mentioned frequently in the past, the first 90 to 120 days of a new program launch have higher associated costs then our mature programs that have been running longer than six months.

謝謝，李。雖然我們對 2023 年的增長前景感到非常興奮，但我們也非常專注於最大限度地提高盈利能力並在審慎的情況下降低成本。這些努力的一個很好的例子是我們於 2 月初開始的快速正常化計劃。正如我們過去經常提到的那樣，新項目啟動前 90 到 120 天的相關成本高於運行時間超過六個月的成熟項目。

Typically, the greatest driver of this increased cost is our usage of staffing agency labor to help ramp programs quickly. This ability is a distinct competitive advantage for DocGo. But it becomes an immediate term cost. Typically, when utilizing staffing agency clinicians, we are paying a rate that is about 40% higher as compared to a traditional W-2 employee. After 90 days, we can hire that clinician with no additional fee to the staffing agency. Our goal is to reduce that to 60 days over the course of 2023, which is not only expected to increase profitability, but also allows us to potentially grow faster as we can better absorb the upfront costs associated with the rapid growth that we are experiencing.

通常，成本增加的最大驅動因素是我們使用人事代理機構的勞動力來幫助快速提升計劃。這種能力是 DocGo 的獨特競爭優勢。但它變成了短期成本。通常，在使用人事代理臨床醫生時，我們支付的費用比傳統的 W-2 員工高出約 40%。 90 天后，我們可以聘請該臨床醫生，無需向人事代理機構支付額外費用。我們的目標是在 2023 年期間將這一時間減少到 60 天，這不僅有望提高盈利能力，而且還使我們有可能實現更快的增長，因為我們可以更好地吸收與我們正在經歷的快速增長相關的前期成本。

This as well as other initiatives such as reducing our usage of rental vehicles while procuring long term vehicle leases and our efforts to reduce overtime during project launches are also expected to positively impact margins over the course of the year.

這以及其他舉措，例如減少我們租賃車輛的使用，同時獲得長期車輛租賃，以及我們在項目啟動期間減少加班的努力，預計也將對全年的利潤率產生積極影響。

Collectively, in 2022, we estimated the combination of all these factors depressed margins by approximately 600 basis points. Fortunately, all of these costs are a direct byproduct of our substantial growth, and we will continue to mitigate these costs over time. We also expect to drive greater profitability in our medical transportation business in 2023.

總的來說，我們估計到 2022 年，所有這些因素的結合使利潤率下降了大約 600 個基點。幸運的是，所有這些成本都是我們大幅增長的直接副產品，我們將隨著時間的推移繼續降低這些成本。我們還希望在 2023 年提高我們的醫療運輸業務的盈利能力。

Specifically, we continue to work on -- work to transition existing medical transportation business to a leased hour model by the end of the year. Half of our current medical transportation business is fee-for-service, a legacy model that is vulnerable to swings in demand. Our increasingly popular, leased hour model provides much greater visibility to revenues and margins.

具體來說，我們將繼續致力於在年底前將現有的醫療運輸業務轉變為租賃小時模式。我們目前的醫療運輸業務有一半是按服務收費，這是一種容易受到需求波動影響的傳統模式。我們日益流行的租賃小時模式提供了更大的收入和利潤可見性。

Given the incredibly strong demand for this service by health care institutions, it offers an exceptional opportunity to get our foot in the door and expand that relationship into mobile health care services, such as our RPM and our ER readmission avoidance programs. During 2023, we will be repositioning medical transportation assets to service these more lucrative leased hour contracts while discontinuing service in select markets with lower profitability. We have already begun discontinuing service in markets which are not achieving our target margins.

鑑於醫療保健機構對這項服務的強烈需求，它提供了一個難得的機會讓我們涉足並將這種關係擴展到移動醫療保健服務中，例如我們的 RPM 和我們的 ER 再入院避免計劃。 2023 年，我們將重新定位醫療運輸資產，以服務於這些利潤更高的租賃小時合同，同時停止在盈利能力較低的特定市場提供服務。我們已經開始在未達到目標利潤率的市場中停止服務。

We expect these collective changes to have a material positive impact on medical transportation margins over the course of the year with minimal impact on revenue. Additionally, it's worth noting that on May 11 of this year, the federal public health emergency is set to expire. We have been preparing for this, and it is fully considered in our 2023 revenue and EBITDA guidance. At this time, I will hand it over to our CFO, Norm Rosenberg, to review the financials.

我們預計這些集體變化將在一年中對醫療運輸利潤率產生重大積極影響，而對收入的影響微乎其微。此外，值得注意的是，今年 5 月 11 日，聯邦公共衛生緊急狀態即將到期。我們一直在為此做準備，並在我們的 2023 年收入和 EBITDA 指南中充分考慮了這一點。此時，我將把它交給我們的首席財務官 Norm Rosenberg 來審查財務狀況。

Thank you, Anthony, and good afternoon. I'll begin my comments by looking at full-year results and then turn to discuss the fourth quarter. Total revenue for the 12 months ended December 31, 2022, amounted to $440.5 million, representing growth of 38% over total revenue of $318.7 billion (sic - see Press Release "million') for the year ended December 31, 2021.

謝謝你，安東尼，下午好。我將從查看全年業績開始發表評論，然後再討論第四季度。截至 2022 年 12 月 31 日止 12 個月的總收入為 4.405 億美元，比截至 2021 年 12 月 31 日止年度的總收入 3187 億美元（原文——見新聞稿“百萬”）增長 38%。

Mass COVID testing revenues in 2022 were estimated about $75 million compared to $110 million in 2021. We're moving these revenues from both periods and revenues increased by 75%. This year-over-year revenue growth was driven by a combination of expanded relationships with existing customers, new customer additions, and inorganic growth through the acquisition of licenses and capabilities in various markets.

2022 年的大規模 COVID 測試收入估計約為 7500 萬美元，而 2021 年為 1.1 億美元。我們正在轉移這兩個時期的收入，收入增長了 75%。這一同比收入增長是由與現有客戶的關係擴大、新客戶增加以及通過在各個市場獲得許可和能力的無機增長共同推動的。

Mobile health revenue amounted to $325.8 million in 2022, up 39% from $234.4 million in 2021. Once again by removing mass COVID testing revenues in both periods, mobile health revenues doubled in 2022. While our mass COVID testing contracts concluded in September of last year, we do still have standby surge contracts, which will occasionally generate relatively minor amounts of revenue like we saw in Q4.

到 2022 年，移動醫療收入達到 3.258 億美元，比 2021 年的 2.344 億美元增長 39%。再次通過取消這兩個時期的大規模 COVID 測試收入，移動醫療收入在 2022 年翻了一番。雖然我們的大規模 COVID 測試合同於去年 9 月結束，我們仍然有備用激增合同，偶爾會像我們在第四季度看到的那樣產生相對較小的收入。

Medical transportation revenue was $114.7 million in 2022, up 36% from 2021. This growth was fueled by both organic and inorganic sources. We witnessed higher trip counts, average price per trip or what we call APC and continued adoption of our leased hour model where we supply an ambulance and related personnel and equipment for a fixed daily or hourly fee.

2022 年醫療運輸收入為 1.147 億美元，比 2021 年增長 36%。這種增長是由有機和無機資源推動的。我們目睹了更高的出行次數、每次出行的平均價格或我們所說的 APC，並繼續採用我們的租賃小時模式，我們以固定的每日或每小時費用提供救護車和相關人員和設備。

Gross margins improved to 35.1% in 2022 compared to 34.4% in 2021. Mobile health gross margins were 38.9% compared to 38.1%, while transportation gross margins were 24.5%, virtually unchanged from the 24.7% in 2021. Adjusted EBITDA for 2022 amounted to $41.3 million, up more than 60% from the adjusted EBITDA of $25.1 million for 2021. Net income for 2022 amounted to $30.7 million, up nearly 60% from $19.2 million in 2021. EPS was $0.34 on both a basic and fully diluted basis in 2022, up from $0.30 on a basic basis and $0.25 on a fully diluted basis in 2021.

毛利率從 2021 年的 34.4% 提高到 2022 年的 35.1%。移動醫療毛利率從 38.1% 提高到 38.9%，而運輸毛利率為 24.5%，與 2021 年的 24.7% 基本持平。2022 年調整後的 EBITDA 為4,130 萬美元，比 2021 年調整後的 2,510 萬美元的 EBITDA 增長超過 60%。2022 年的淨收入為 3,070 萬美元，比 2021 年的 1,920 萬美元增長近 60%。2022 年每股收益在基本和完全攤薄基礎上均為 0.34 美元，高於 2021 年基本基礎上的 0.30 美元和完全稀釋後的 0.25 美元。

Now turning to the fourth quarter. Total revenue for the fourth quarter of 2022 amounted to $108.8 million compared to $121.3 million in the fourth quarter of 2021, which included an estimated $49 million in mass COVID testing revenues. By contrast, mass COVID testing revenues represented a relatively insignificant portion of total revenues in 2022's fourth quarter. Removing these testing revenues from both periods and recurring underlying revenues increased by approximately 49% year over year in the fourth quarter.

現在轉向第四季度。 2022 年第四季度的總收入為 1.088 億美元，而 2021 年第四季度為 1.213 億美元，其中包括估計 4900 萬美元的大規模 COVID 測試收入。相比之下，大規模 COVID 測試收入在 2022 年第四季度的總收入中所佔比例相對較小。從兩個時期中去除這些測試收入和經常性基礎收入在第四季度同比增長約 49%。

Mobile health revenue for the fourth quarter of 2022 amounted to $71.8 million as compared to $102.6 million in the fourth quarter of 2021. Once again, looking at recurring mobile health revenues by removing mass COVID testing revenues from both periods and mobile health revenues increased by 32%. Medical transportation revenue increased significantly to $37 million in Q4 of 2022, nearly doubling from the levels that we saw in the fourth quarter of 2021. Nearly every core transportation market witnessed year-over-year growth in the fourth quarter, and we finished the year with significant momentum.

2022 年第四季度的移動醫療收入為 7180 萬美元，而 2021 年第四季度為 1.026 億美元。再一次通過去除這兩個時期的大規模 COVID 測試收入來查看經常性移動醫療收入，移動醫療收入增加了 32 %。醫療運輸收入在 2022 年第四季度大幅增長至 3700 萬美元，幾乎是我們在 2021 年第四季度看到的水平的兩倍。幾乎每個核心運輸市場在第四季度都實現了同比增長，我們完成了這一年勢頭強勁。

We recorded net income of about $7.1 million in Q4 compared with net income of $20.3 million in the fourth quarter of 2021. There were several significant nonrecurring items in the other income and expense categories that had an impact on the net income in the fourth quarter of 2022. Please refer to the financial statements attached to the earnings release for more detail on these items.

我們在第四季度的淨收入約為 710 萬美元，而 2021 年第四季度的淨收入為 2030 萬美元。其他收入和支出類別中有幾個重要的非經常性項目對第四季度的淨收入產生了影響2022 年。有關這些項目的更多詳細信息，請參閱收益發布所附的財務報表。

Net income in last year's fourth quarter, of course, included a $5.2 million gain on the remeasurement of warrant liabilities. As you'll recall, those warrants were redeemed in Q3 of last year.

當然，去年第四季度的淨收入包括重新衡量權證負債的 520 萬美元收益。你會記得，這些認股權證是在去年第三季度贖回的。

Adjusted EBITDA for the fourth quarter of 2022 amounted to $6.8 million as compared to adjusted EBITDA of $17.3 million in last year's fourth quarter. The total gross margin percentage during the fourth quarter of 2022 amounted to 39% as compared to 40.7% for the same period in 2021. Our gross margins in both periods benefited from items beyond their regular run rate levels.

2022 年第四季度調整後的 EBITDA 為 680 萬美元，而去年第四季度調整後的 EBITDA 為 1730 萬美元。 2022 年第四季度的總毛利率為 39%，而 2021 年同期為 40.7%。我們在這兩個時期的毛利率都受益於超出正常運行率水平的項目。

The fourth quarter of 2021 benefited from a surge in COVID testing revenue. In the fourth quarter of 2022, we recognized significant savings across multiple insurance expense categories and a reduction of certain revenue reserves due to cash collections, which drove margins higher. During the fourth quarter of 2022, gross margins for the mobile health segment were 43.9% compared to 44.7% for the fourth quarter 2021. And in the transportation segment, gross margins increased to 29.4% in Q4 of 2022, up from 20.7% in Q4 of 2021.

2021 年第四季度受益於 COVID 測試收入的激增。在 2022 年第四季度，我們確認多個保險費用類別的顯著節省以及由於現金回收導致的某些收入儲備減少，這推動了利潤率的提高。 2022 年第四季度，移動醫療部門的毛利率為 43.9%，而 2021 年第四季度為 44.7%。而在交通運輸部門，毛利率從第四季度的 20.7% 增至 2022 年第四季度的 29.4% 2021 年。

We recently made the decision to exit the transportation business in California, which we estimate was costing us about $1 million in EBITDA per year. We will continue to operate the mobile health business throughout California. We are at a stage of the company where we have a significant set of opportunities to pursue, and we intend to focus on those markets and business lines that offer us the highest expected returns on investment.

我們最近決定退出加利福尼亞州的運輸業務，我們估計每年的 EBITDA 成本約為 100 萬美元。我們將繼續在整個加州經營移動醫療業務。我們所處的公司階段有很多機會可以追求，我們打算專注於那些能為我們提供最高預期投資回報的市場和業務線。

Turning to the balance sheet. As of December 31, 2022, our total cash and cash equivalents, including restricted cash, was $164.1 million as compared to $179.1 million as of the end of fiscal 2021 and $179.4 million as of the end of Q3. The reduction in cash during the fourth quarter was due to several factors, including the timing of payments from high-quality credit customers, which resulted in an increase of approximately $8 million in accounts receivable, $3 million in acquisition payments and capital expenditures, and approximately $3.2 million spent on stock buybacks.

轉向資產負債表。截至 2022 年 12 月 31 日，我們的現金和現金等價物總額（包括受限現金）為 1.641 億美元，而截至 2021 財年末為 1.791 億美元，截至第三季度末為 1.794 億美元。第四季度現金減少的原因有幾個，包括優質信貸客戶付款的時間安排，導致應收賬款增加約 800 萬美元，收購付款和資本支出增加 300 萬美元，以及約320 萬美元用於股票回購。

These factors outweighed the cash that we generated from our regular operations. For the full year, operating cash flow was about $29 million. We used $41 million for acquisitions and capital expenditures, and we also used for the year, a total of $3.7 million on share repurchases during the year. During the fourth quarter, we bought back approximately 465,000 shares at an average price of $7.

這些因素超過了我們從常規運營中產生的現金。全年，經營現金流約為 2900 萬美元。我們用了 4100 萬美元用於收購和資本支出，我們也用了 370 萬美元用於當年的股票回購。第四季度，我們以平均 7 美元的價格回購了大約 465,000 股股票。

We plan to continue to use our balance sheet to support our ongoing stock buyback program, where we have approximately $36 million left in our approved program. Combined with our $90 million line of credit, which could potentially be expanded by an additional $50 million, we have the financial wherewithal to execute buybacks, acquisitions, and to invest in new business lines and projects without the need to raise any new capital.

我們計劃繼續使用我們的資產負債表來支持我們正在進行的股票回購計劃，我們在批准的計劃中還剩下大約 3600 萬美元。結合我們 9,000 萬美元的信貸額度（可能會再增加 5,000 萬美元），我們擁有執行回購、收購和投資新業務線和項目的資金，而無需籌集任何新資金。

We continue to focus on our capital-light model, while pursuing selective acquisitions funded by cash flow from operations. With the price of capital increasing in the market, this provides us with a distinct competitive advantage.

我們繼續專注於我們的輕資本模式，同時尋求由運營現金流資助的選擇性收購。隨著市場上資本價格的上漲，這為我們提供了明顯的競爭優勢。

Now turning to our 2023 outlook. We anticipate continued strong demand from our customers for both mobile health and transportation services. As Anthony mentioned, our revenue guidance for the year is in the $500 million to $510 million range. While this range would represent year-over-year top-line growth of about 14% to 16% when removing the $75 million of mass COVID testing from our 2022 revenue baseline and considering that we're not expecting any mass COVID testing revenues in 2023, then we're looking at top line growth of approximately 36% to 40%.

現在轉向我們的 2023 年展望。我們預計客戶對移動醫療和交通服務的需求將持續強勁。正如安東尼所提到的，我們今年的收入指引在 5 億至 5.1 億美元之間。當從我們的 2022 年收入基準中去除 7500 萬美元的大規模 COVID 測試並考慮到我們預計 2023 年不會有任何大規模 COVID 測試收入時，這一範圍將代表同比收入增長約 14% 至 16% ，然後我們正在尋找大約 36% 到 40% 的收入增長。

Growth in 2023 is expected to be driven primarily by organic means and same store sales. We expect that adjusted EBITDA will be in a range of $45 million to $50 million. We expect to finish 2023 at an annual rate for gross margin of approximately 37%, which would be our high-water quarter for the year and an adjusted EBITDA margin of approximately 13%.

預計 2023 年的增長將主要由有機方式和同店銷售推動。我們預計調整後的 EBITDA 將在 4500 萬至 5000 萬美元之間。我們預計到 2023 年毛利率約為 37%，這將是我們今年的高水位季度，調整後的 EBITDA 利潤率約為 13%。

That concludes my financial comments. And at this time, I'd like to hand it back to the operator to open the call up for Q&A.

我的財務評論到此結束。而在這個時候，我想把它交還給接線員打開電話進行問答。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

Richard Close, Canaccord Genuity.

理查德·克洛斯 (Richard Close)，Canaccord Genuity。

Yes. Thank you. Can you hear me okay?

是的。謝謝。你能聽到我說話嗎？

We can hear you, Richard. Great to hear you again.

我們能聽到你的聲音，理查德。很高興再次聽到你的聲音。

Great. Congratulations on the year and the outlook. [Anthony, actually] if we could talk about the start-up ramp-up expenses and maybe the buckets -- the composition of those expenses -- like how much of that labor related and -- versus other cost in terms of winning business and starting those contracts. And then with respect to the $180 million in revenue that was won, I guess since January, beginning of January -- how much in start-up expenses do you think is associated with those contracts?

偉大的。祝賀這一年和展望。 [安東尼，實際上] 如果我們可以談談啟動費用和桶 - 這些費用的構成 - 比如與勞動力相關的多少 - 與贏得業務和其他成本相比開始那些合同。然後關於贏得的 1.8 億美元收入，我想自 1 月以來，1 月初——您認為有多少啟動費用與這些合同相關？

Good questions. So the composition certainly weighted much heavier towards labor. Both labor regarding staffing agencies as well as labor regarding overtime. When we looked at 2022, just in that time frame, we had subcontractor costs that were around $12 million. And over time, it was around $14 million. Whereas the other large category or significant category was vehicle rentals, which was around $3 million. Those are the three main categories there are and those are all in excess.

好問題。因此，該組合肯定更偏向於勞動力。既有關於勞務中介的勞動，也有關於加班的勞動。當我們查看 2022 年時，就在那個時間範圍內，我們的分包商成本約為 1200 萬美元。隨著時間的推移，它大約是 1400 萬美元。而另一個大類或重要類別是汽車租賃，約為 300 萬美元。這些是三個主要類別，而且都過剩了。

So it's important understand that's not how much we spent in subcontractors or in overtime. It is relative to what we deem as being in excess. So actually, the amount we spent is quite a bit more than that, but compared to what we say is a standard mature run rate basis. From there going forward, there was excess costs. So those are the three biggest ones over time, subcontractor and then new vehicle rental.

所以重要的是要明白這不是我們在分包商或加班上花了多少錢。它與我們認為過剩的東西有關。所以實際上，我們花費的金額遠不止於此，但與我們所說的標準成熟運行率基礎相比。從那以後，就會出現超額成本。因此，隨著時間的推移，這些是最大的三個，分包商，然後是新車租賃。

Okay. And then --

好的。進而 -

And going forward on the 100 -- oh I'm sorry, go ahead. And the $180 million on the going forward basis, at the time being, you'll still continue to see similar percentages on those or they have similar ramps. And just as a reminder, we had disclosed that we plan to have the $180 million fully ramped by the end of Q3. The only significant difference is that we've already begun our rapid normalization project. And so that will also be coming through to fruition in Q3. So I would expect that the upfront cost on that $180 million will be less than what it has been historically.

繼續前進 100——哦，對不起，繼續。而在未來的基礎上，1.8 億美元，目前，你仍然會繼續看到類似的百分比，或者他們有類似的斜坡。提醒一下，我們曾透露，我們計劃在第三季度末全面增加 1.8 億美元。唯一的顯著區別是我們已經開始了快速規範化項目。因此，這也將在第三季度取得成果。因此，我預計這 1.8 億美元的前期成本將低於歷史水平。

Okay. And just as a follow up on the rapid normalization, will that be fully in place and seeing all the benefits on that with these contracts or is it -- is that a gradual improvement as you move forward?

好的。就像快速正常化的後續行動一樣，它是否會完全到位並看到這些合同帶來的所有好處，或者它是 - 隨著你的前進逐漸改善嗎？

I'd say it's gradual from when we started last month through Q3. So you can think about maybe about half of the projects getting the maximum benefit. Some of them have already begun rolling out the $180 million right now. But I would say it's fairly linear and it's improvement from February through Q3, as far as the reduction in those 600 basis points, which we currently are getting hit with for the excess costs.

我會說從我們上個月開始到第三季度，這是漸進的。所以你可以考慮大約一半的項目獲得最大收益。他們中的一些人現在已經開始推出 1.8 億美元。但我會說它是相當線性的，從 2 月到第三季度，它有所改善，就這 600 個基點的減少而言，我們目前正因超額成本而受到打擊。

Okay, great. Congratulations. I'll jump back in the queue. I'm sure others have -- I do see a number here as well so.

好的，太好了。恭喜。我會跳回到隊列中。我相信其他人也有——我在這裡也確實看到了一個數字。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Hai. Thanks for taking my question and congrats on a nice quarter. The first question for Lee. As we think about the pipeline you talked about of RFPs, I think 34 up for a decision here. How should we think about the expected timelines for those decisions to be rolled out? And when you think about the average size of those RFPs, where's that range come into play? Is it more in the $1 million to $10 million range or that -- I think you had bucketed like $10 million to $200 million range?

嗨。感謝您提出我的問題並祝賀一個不錯的季度。李的第一個問題。當我們考慮您談到的 RFP 管道時，我認為 34 在這裡做出決定。我們應該如何考慮推出這些決定的預期時間表？當您考慮這些 RFP 的平均大小時，這個範圍在哪裡發揮作用？它是在 100 萬到 1000 萬美元的範圍內，還是——我認為你已經投入了 1000 萬到 2 億美元的範圍？

Yeah, absolutely. So first of all, on the timeline, those really do vary. We could hear back in a matter of weeks on some. And that could be in a matter of, I'd say, a couple of months on others, really. The timeline is part of the RFP process from the issuing body of the RFP. So it really does vary there from weeks to just a couple of months.

是的，絕對。所以首先，在時間表上，這些確實有所不同。我們可以在幾週內收到一些回复。這可能是，我想說，其他人需要幾個月的時間，真的。時間表是 RFP 發布機構的 RFP 流程的一部分。所以它確實從幾周到幾個月不等。

The average size, we've increased significantly. We had originally started with the size that you just mentioned, around the $10 million mark, but we've increased that substantially to $30 million to $50 million, is our average submission at this point. So we're going after larger opportunities, and we're going after more opportunities.

平均尺寸，我們已經顯著增加。我們最初以您剛才提到的規模開始，大約 1000 萬美元，但我們已經大幅增加到 3000 萬到 5000 萬美元，這是我們目前提交的平均金額。所以我們正在追求更大的機會，我們正在追求更多的機會。

Super helpful. Thank you. And then, Anthony, maybe for you, you talked about obviously the $180 million now that that will be rolled out by third quarter. How should we start to think about that -- I guess revenue coming into the model? Is this something that you said over three years? Is that recognize ratably where you're about $60 million annualized per year starting in third quarter? How should we think about that?

超級有幫助。謝謝。然後，安東尼，也許對你來說，你顯然談到了 1.8 億美元，因為它將在第三季度推出。我們應該如何開始考慮這個問題——我想收入會進入模型嗎？這是你三年多說的話嗎？從第三季度開始，您每年的年化收入約為 6000 萬美元，這是否能準確地識別出來？我們應該如何考慮？

Yes, that's the right way to look at it. We have to build up to that. It's obviously not $60 million immediately, but that $180 million is in the current guidance for this year. And what that allows us to do when you look at -- when we look at last year's number versus the guidance that we just gave, that $60 million really allows us to explain our entire guidance for this year as opposed to having to use a plug.

是的，這是看待它的正確方式。我們必須為此努力。這顯然不是立即的 6000 萬美元，而是 1.8 億美元在今年的當前指導中。當您查看時，我們可以做些什麼 - 當我們查看去年的數字與我們剛剛給出的指導時，6000 萬美元確實讓我們能夠解釋我們今年的全部指導，而不是必須使用插頭.

That's helpful. And maybe just last one for me. On the lease hour model, starting that transition, taking 50%, try to getting all the customers on that model. What sort of a -- I guess, are your expectations for customer retention as you make that transition? And what pushback are you getting on the switch, if any?

這很有幫助。也許對我來說只是最後一個。在租賃時間模型上，開始過渡，佔 50%，嘗試讓所有客戶都使用該模型。什麼樣的——我想，在你進行這種轉變時，你對保留客戶的期望是什麼？如果有的話，你在開關上遇到什麼阻力？

Medical transportation is in extraordinary demand right now. So for a customer to switch is very, very painful. It's very rare that we find a customer that is not willing to switch. There are extenuating circumstances where one may not, but it is certainly rare. I don't -- from a percentage perspective, I don't know which ones will and which ones will not.

醫療運輸現在的需求量很大。因此，對於客戶來說，轉換是非常非常痛苦的。我們很少能找到不願意轉換的客戶。在某些情有可原的情況下可能不會，但這種情況肯定很少見。我不知道——從百分比的角度來看，我不知道哪些會，哪些不會。

But what I can say is that we've been speaking about this with our customers for over a year. So they're well informed that when the contract comes up for renewal, the only option is to renew as the leased hour program. So there will be no surprises to either sides if they decide not to go through it. But to switch an ambulance provider right now, would be very, very painful for any hospital system to do.

但我能說的是，一年多來我們一直在與客戶討論這個問題。所以他們很清楚，當合同需要續籤時，唯一的選擇是續簽為租賃時間計劃。因此，如果他們決定不通過它，任何一方都不會感到意外。但是現在要更換救護車供應商，對任何醫院系統來說都是非常非常痛苦的事情。

Excellent. Thanks for the color.

出色的。謝謝你的顏色。

(Operator Instructions) David Grossman, Stifel.

（操作員說明）David Grossman，Stifel。

Good afternoon and thank you. Anthony, I wanted to just to first follow-up the question you just answered about the $180 million of backlog coming into revenue. So should we assume that once fully implemented is a $60 million ARR kind of revenue contribution then that, you get a quarter of that in 2022 or 2023 and you get a full year of it in 2023. Is that the way to think of it? In other words, does it all come into revenue pretty much in the fourth quarter and then [rat-up], it stays at that level throughout next year?

下午好，謝謝。安東尼，我想首先跟進你剛剛回答的關於 1.8 億美元積壓收入的問題。因此，我們是否應該假設一旦完全實施是 6000 萬美元的 ARR 收入貢獻，那麼您將在 2022 年或 2023 年獲得其中的四分之一，並在 2023 年獲得一整年。是這樣想的嗎？換句話說，它是否在第四季度幾乎全部進入收入，然後 [rat-up]，整個明年都保持在那個水平？

No. I think that for sure, you're at a full run-rate basis for all of the fourth quarter. But many of those contracts have already begun rolling out now. As of today, they have already begun rolling out. So I would say the scale between now to the end of the fourth quarter is fairly linear from now until then. But then through the full fourth quarter, you're at that full revenue run rate that on an annualized basis is -- it is not exactly 60 but close enough.

不，我認為可以肯定的是，你在整個第四季度都處於全速運轉的基礎上。但其中許多合同現在已經開始推出。截至今天，它們已經開始推出。所以我想說從現在到第四季度末之間的比例從現在到那時是相當線性的。但是在整個第四季度，你的總收入運行率是按年計算的——它不完全是 60，但已經足夠接近了。

Okay. So linear ramp around $60 million per quarter, right? And then you would take the $15 million a quarter into 2024, I guess, right?

好的。所以每季度線性增長大約 6000 萬美元，對嗎？然後你會把每季度 1500 萬美元帶到 2024 年，我猜對吧？

Correct. Yes. And it continues on through for the next three years into 2024 and 2025.

正確的。是的。並且在接下來的三年中一直持續到 2024 年和 2025 年。

Right. Got it. And then just on the margins. So should we assume that -- I thought in your prepared remarks, you said you had about $1 million headwind to EBITDA from exiting the transport business in California and then an immaterial impact to revenue? Did I catch that right? So that when we look at the 2023 guide, that includes $1 million headwind for EBITDA?

正確的。知道了。然後就在邊緣。那麼我們是否應該假設——我在你準備好的發言中認為，你說過退出加利福尼亞州的運輸業務對 EBITDA 造成了大約 100 萬美元的阻力，然後對收入產生了微不足道的影響？我沒聽錯嗎？因此，當我們查看 2023 年指南時，其中包括 100 萬美元的 EBITDA 逆風？

It does. It already includes that. We've already factored that into our guidance.

確實如此。它已經包括了。我們已經將其納入我們的指南。

Right. Got it. And then just one last thing I wanted to ask was on the -- just how to think about start-up expenses. So you've already done a great job of articulating here. You're at these elevated levels and you're trying to bring them down. How much -- by the time you exit this year, it sounds like you feel that you'll have taken a lot of costs out of the ramp as a result of some of the staffing actions that you're taking as well as on the vehicles. How do you think about when you go into 2024, of then when you ramp, do you think you'll have the vast majority of that 600 basis points out of the system by the time we exit this year?

正確的。知道了。然後我想問的最後一件事是——如何考慮啟動費用。所以你已經在這裡做了很好的表達。你處於這些較高的水平，你正試圖將它們降低。多少——當你今年退出時，聽起來你覺得由於你正在採取的一些人員配置行動以及在汽車。你如何看待你進入 2024 年的時候，然後當你增加時，你認為到我們今年退出時你會從系統中獲得這 600 個基點中的絕大部分嗎？

No, I think you have about half of that. When you think about it, we're at about 120 days today, and we're trying to go down to 60 days. You're basically cutting your -- the time period for your startup in half. But then there's certainly that 60 days' worth of room to grow and there's additional plants we have to eliminate that 60 -- the 60 day period of start-up costs on the labor side. I won't go into too much detail here because I don't want to spoil all that good stuff for next earnings call, but we have a lot of plans for 2024 to get the additional the 60 days so that there's actually virtually no start-up costs on.

不，我認為你有大約一半。想想看，我們今天大約有 120 天，我們正在努力減少到 60 天。您基本上是在將您的啟動時間縮短一半。但是肯定有 60 天的生長空間，我們必須消除這 60 天的額外植物——勞動力方面的 60 天啟動成本。我不會在這裡詳細介紹，因為我不想破壞下一次財報電話會議的所有好東西，但我們有很多計劃在 2024 年獲得額外的 60 天，所以實際上幾乎沒有開始- 上的成本。

And we'll begin those initiatives after we get through this rapid normalization initiative. But the current rapid normalization initiative is to go from 120 days to 60 days. So you can think about it as gaining those kind of 300 basis points of the 600.

在我們完成快速正常化計劃後，我們將開始這些計劃。但目前的快速正常化舉措是從 120 天縮短到 60 天。因此，您可以將其視為獲得 600 的 300 個基點。

Got it. And just one last thing, just for Norm. What should we use for CapEx for 2023?

知道了。最後一件事，只為 Norm。我們應該為 2023 年的資本支出使用什麼？

So we're typically in a -- when we refer to our own capital-light model of course, where we typically try to lease instead of buy, but that equation has changed, as you know that, right? We're looking at our cost of capital versus what the cost of leasing is, and interest rates are going up. I would say in this year, I think we -- in 2022, I think we spent about $3 million in change on CapEx. I would expect a somewhat similar number.

所以我們通常處於 - 當然，當我們提到我們自己的輕資本模型時，我們通常會嘗試租賃而不是購買，但這個等式已經改變，正如你所知，對吧？我們正在研究我們的資本成本與租賃成本的對比，利率正在上升。我想說，在今年，我認為我們——在 2022 年，我認為我們在資本支出上花費了大約 300 萬美元。我希望有一個類似的數字。

And that includes capitalized software?

這包括資本化的軟件？

That would include a little bit of capitalized software, yeah.

是的，這將包括一些資本化的軟件。

Great. All right, guys. Thanks.

偉大的。好吧，伙計們。謝謝。

Richard Close, Canaccord Genuity.

理查德·克洛斯 (Richard Close)，Canaccord Genuity。

Great. Thanks for the follow up question. Anthony, when you were talking about Dollar General, you had mentioned something with respect to fee-for-service and going forward in the future, you want to be fully in the leased hour model. Can you talk a little bit about that in terms of how you expect that or -- a relationship maybe like Dollar General to move to the leased hour model as well?

偉大的。感謝您提出後續問題。安東尼，當你談論 Dollar General 時，你提到了一些關於按服務收費和未來發展的事情，你希望完全採用租賃時間模式。您能否談談您的期望，或者 - 像 Dollar General 這樣的關係也可以轉向租賃小時模式？

Yeah. Great question. So there's two approaches. The primary one is to take a similar kind of way that the ambulance 911 system works, which DocGo is not really involved in the ambulance 911 system in a significant degree. But that works by -- the counties subsidizes the ambulances, because the county needs ambulance services. Without ambulance services, people will get far worse health care.

是的。很好的問題。所以有兩種方法。第一個是採用與救護車 911 系統類似的工作方式，DocGo 在很大程度上並沒有真正參與救護車 911 系統。但這行得通——各縣補貼救護車，因為該縣需要救護車服務。如果沒有救護車服務，人們將獲得更糟糕的醫療保健。

If you go to a county as well and you say, well, in your county you have no health care institutions, they are very, very minimal and primary but not urgent or vice versa. Are you willing to lease this for us for a very, very, very small amount. Just keep in mind, they're only paying the difference between what we collect on insurance versus the daily minimum, which sometimes can be nothing. Are you willing to lease this model so you do have health care in your county?

如果你也去一個縣，你說，好吧，在你的縣你沒有醫療保健機構，它們非常非常小而且初級但不緊急，反之亦然。你願意以非常、非常、非常小的價格為我們租用這個嗎？請記住，他們只支付我們收取的保險費用與每日最低費用之間的差額，有時可能什麼都沒有。您是否願意租用此模型，以便在您所在的縣享受醫療保健服務？

And when you pair that together with the prominence and the respect that the Dollar General has in the community, bring the two together, and you basically provide a service to the county where the county is willing for relatively low cost to guarantee that their citizens, they have access to high-quality health care, both in the primary and urgent [sign].

當你將其與 Dollar General 在社區中的知名度和尊重結合起來時，將兩者結合在一起，你基本上會向該縣提供服務，該縣願意以相對較低的成本來保證他們的公民，他們可以獲得優質的醫療保健服務，包括初級和緊急醫療服務[標誌]。

The second approach is you're going to payers, and you go to payers and they are the ones that are going to pay for that leased hour model, which we have examples of that today as well. Not with Dollar General, but we have examples elsewhere in our organization where the payers pay on a leased hour basis. So those are the two approaches as we continue to expand these pilots.

第二種方法是你去找付款人，然後你去找付款人，他們就是要為租賃小時模式付款的人，我們今天也有這樣的例子。不是 Dollar General，但我們在我們組織的其他地方有付款人按租用時間付款的例子。因此，這就是我們繼續擴大這些試點的兩種方法。

And with the counties -- have you had those conversations already and they're being well received?

與各縣——你是否已經進行了這些對話並且它們受到了好評？

Yeah, I've had a couple of them in the local areas, and I think they're very well understood. It's also important to understand how small the dollar figure is. Part of the reason why they're well understood or well received is because an ambulance contract is oftentimes many, many millions of dollars to a local municipality. And that's because the collection rates on these ambulance services are very, very low, because why DocGo stays out of 911.

是的，我在當地有幾個，我認為他們很好理解。了解美元數字有多小也很重要。他們之所以廣為人知或受到歡迎，部分原因是因為一份救護車合同通常對當地市政當局來說是數百萬美元。那是因為這些救護車服務的收集率非常非常低，這就是 DocGo 置身於 911 之外的原因。

But in this case, the collection rates are actually very high. We already see it right now in our ability to fee-for-service. We just don't want to take risk on demand. So the actual amount the county has to face is very, very low. So the cell is much, much easier for them to have very high quality service.

但是在這種情況下，收集率實際上非常高。我們現在已經在按服務收費的能力中看到了這一點。我們只是不想按需冒險。因此，該縣必鬚麵對的實際金額非常非常低。因此，對於他們來說，小區更容易獲得非常高質量的服務。

Got it. Thank you.

知道了。謝謝。

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

Hello guys. You've got Kieran Ryan on for Pito. Thanks for taking the question. First off, I just wanted to confirm this upfront. I believe the last time I checked, you weren't including the leased hour contracts in the KPIs for your transportation business. I was just wondering, now that you're taking -- you're putting a bigger focus on the leased hour contracts, with the one, very large one coming through this year, are you going to alter that -- how you report those KPIs or anything else to allow us to better track the progress there?

大家好。你讓 Kieran Ryan 代替 Pito。感謝您提出問題。首先，我只是想提前確認一下。我相信我上次檢查時，您沒有在運輸業務的 KPI 中包括租賃時間合同。我只是想知道，既然你正在採取 - 你將更加關注租賃小時合同，今年將有一份非常大的合同，你是否打算改變它 - 你如何報告這些KPI 或其他任何可以讓我們更好地跟踪那裡的進度的東西？

An interesting suggestion. I think there's a lot of logic to it. You have to take it back in and see what that means. Are we doing leased hour on revenue, or number of trips, or number of shifts, or number of hours, and there's a bunch of different ways you can look at that. But it's certainly an interesting measurement that we focus on internally. So we'll discuss it and look back, but I think it makes a lot of sense.

一個有趣的建議。我認為它有很多邏輯。你必須把它拿回去看看這意味著什麼。我們是按收入、行程次數、輪班次數還是小時數來計算租賃小時數，你可以通過多種不同的方式來看待它。但這肯定是我們內部關注的一個有趣的衡量標準。所以我們會討論它並回顧過去，但我認為它很有意義。

Yeah. Hey Kieran, this is Norm. I'll just add to that. I think that as long as the fee-for-service remains somewhat significant piece of the business, we'll probably continue to track our trip count and our EPC, and it becomes very important for us, also as a way to explain why the transport margins have gone up very, very nicely, both sequentially and year over year, because our EPC is higher, right? It's not by accident. We're running higher acuity trips, more the -- advanced life-saving trips or critical care trips. It's made a very, very big difference.

是的。嘿基蘭，這是規範。我會補充一點。我認為只要按服務收費仍然是業務的重要組成部分，我們可能會繼續跟踪我們的行程次數和 EPC，這對我們來說變得非常重要，同時也是解釋為什麼運輸利潤率已經非常非常好地上升，無論是環比還是同比，因為我們的 EPC 更高，對吧？這不是偶然的。我們正在進行更高敏銳度的旅行，更多——高級救生旅行或重症監護旅行。它帶來了非常非常大的不同。

And that's definitely one of the things that's driving margin and something that was part of the plan. What you will notice is when you do the math, if you look at it over time, if you look at the trip count multiplied by the average price per trip, and then you look at that and compare it to the total amount of transport revenue, you'll see that that explains the -- fee-for-service piece explains a smaller or proportion of the overall revenue from transport with the rest being from the leased hour model.

這絕對是推動利潤率的因素之一，也是計劃的一部分。你會注意到，當你做數學時，如果你隨著時間的推移看它，如果你看旅行次數乘以每次旅行的平均價格，然後你看它並將其與交通收入總額進行比較，你會看到這解釋了——按服務收費部分解釋了運輸總收入的一小部分或一部分，其餘部分來自租賃小時模型。

And it's Lee. I'll just add one more point, which is, we've shared, every new contract on the transportation side that we sign is a leased hour contract. So we're not adding any fee-for-service contracts going forward. They're all leased hour contracts moving forward.

而且是李。我再補充一點，就是我們已經分享過，我們在運輸方面簽訂的每一份新合同都是租賃時間合同。因此，我們不會在未來增加任何按服務收費的合同。他們都是向前發展的租賃小時合同。

That's super helpful. Thank you. And just one quick follow-up. You mentioned that you've incorporated the roll off of the PHE in your guidance. Can you just give us a little bit more color on that mechanics? On how exactly that impacts the business? Thank you.

這非常有幫助。謝謝。並且只是一個快速跟進。您提到您已將 PHE 的推出納入您的指南中。你能給我們更多關於那個機制的顏色嗎？這究竟對業務有何影響？謝謝。

I'm going to show my ignorance here. PHE is -- ?

我要在這裡表明我的無知。 PHE 是——？

Sorry, the public health emergency.

抱歉，突發公共衛生事件。

Oh. Thank you. We are all trying to get there. So that, the public health emergency, we've been planning on for a long time. And so there's many -- it's a very -- when that was implemented, it impacted many, many things. And so it's not just one silver bullet to mitigate it, but the biggest part of mitigating this is just making sure that we don't work on a fee-for-service basis. So most companies that are fee-for-service right now, the way that the reimbursement from insurance works or from Medicare works, really dramatically impacts the level of reimbursement. With that fee-for-service code is, there is going to -- day after that's over, potentially get less from Medicare, get less from managed care organizations.

哦。謝謝。我們都在努力實現目標。因此，公共衛生緊急事件，我們已經計劃了很長時間。所以有很多 - 這是一個非常 - 當它實施時，它影響了很多很多事情。因此，這不僅僅是緩解它的靈丹妙藥，但緩解這種情況的最大部分只是確保我們不在按服務收費的基礎上工作。因此，現在大多數按服務收費的公司，保險或醫療保險的報銷方式，確實極大地影響了報銷水平。有了按服務收費的代碼，在結束後的第二天，可能會從醫療保險獲得更少，從管理式醫療組織獲得更少。

Whereas because of the fact that we do not take fee-for-service business, we're not subjected to that as reductions from Medicare changes in the Medicare fee schedule versus telehealth or in-person. So we've been planning on this for a long time and structuring contracts in such a way that doesn't impact us. And again, it's fully baked into the guidance that we gave.

由於我們不接受按服務收費的業務，因此我們不受此影響，因為與遠程醫療或面對面醫療相比，醫療保險費用表中的醫療保險費用有所減少。所以我們已經計劃了很長時間，並以不影響我們的方式構建合同。再一次，它完全融入了我們提供的指導中。

Thanks.

謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Anthony Capone for the closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Anthony Capone，讓他發表閉幕評論。

Thank you, operator. Before we conclude our call for today, I wanted to add that on June 30 of this year, we will be hosting an in-person Investor Day at NASDAQ market site at Times Square from 1:30 PM to 3:00 PM. During this session, we will be presenting in detail, DocGo's vision for the future of health care. The session will include tech demos, Q&A, and an opportunity to meet the entire DocGo executive team. We hope to see many of you there.

謝謝你，運營商。在我們結束今天的電話會議之前，我想補充一點，今年 6 月 30 日，我們將在下午 1:30 至 3:00 在時代廣場的納斯達克市場網站舉辦現場投資者日活動。在本次會議中，我們將詳細介紹 DocGo 對未來醫療保健的願景。該會議將包括技術演示、問答以及與整個 DocGo 執行團隊會面的機會。我們希望在那裡見到你們中的許多人。

And lastly, I want to thank our team. DocGo's value equation is a combination of our proprietary technology and the hard work of our dedicated 5,000-plus workforce. Our employees are not only the bedrock of our company, but thousands of them are also partners holding DocGo's shares and options. I am sincerely grateful to each and every DocGo employee for their tireless efforts to help make high-quality, highly accessible health care a reality. And look forward to working together to take DocGo to greater heights in 2023 and beyond.

最後，我要感謝我們的團隊。 DocGo 的價值方程式是我們專有技術與我們 5,000 多名敬業員工辛勤工作的結合。我們的員工不僅是我們公司的基石，而且數以千計的員工也是持有 DocGo 股份和期權的合夥人。我衷心感謝每一位 DocGo 員工，感謝他們為幫助實現高質量、易於獲得的醫療保健所做的不懈努力。並期待共同努力，在 2023 年及以後將 DocGo 推向更高的高度。

That concludes our call this evening. Thank you again for joining us, and we look forward to our next quarterly update in May.

我們今晚的電話會議到此結束。再次感謝您加入我們，我們期待 5 月份的下一個季度更新。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。