DocGo Inc (DCGO) 2023 Q1 法說會逐字稿

Greetings, and welcome to the DocGo first quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 DocGo 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Mike Cole, Director of Investor Relations. Please go ahead.

現在我很高興向您介紹主持人，投資者關係總監 Mike Cole。請繼續。

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因素以及可能影響 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 SEC 提交的其他報告和聲明中包含的風險因素和其他資格，您需要注意被指揮。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 are provided directly as part of this call or included in our earnings, which is posted on our website, docgo.com, as well as in our filings with the Securities and Exchange Commission. 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 財務指標的對賬作為本次電話會議的一部分直接提供或包含在我們的收益中，這些收益發佈在我們的網站 docgo.com 以及我們向證券公司提交的文件中和交易佣金。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, and thank you all very much for joining us today. We had an extremely busy first quarter as we launched multiple new projects late in the quarter that came with challenging logistical timelines. I am pleased to report those launches have gone extremely well, and we are ramping on or ahead of schedule. Demand for DocGo's services has never been greater due primarily to the rapidly increasing need for population health services across the United States.

謝謝你，邁克，非常感謝大家今天加入我們。我們在第一季度非常忙碌，因為我們在本季度末啟動了多個新項目，這些項目伴隨著具有挑戰性的後勤時間表。我很高興地報告這些發布非常順利，我們正在按計劃或提前進行。對 DocGo 服務的需求從未像現在這樣大，這主要是由於全美國對人口健康服務的需求迅速增加。

During the first quarter, we generated $113 million of revenue, a decline year-over-year of 4%. However, if you include mass COVID testing to exclude mass COVID testing from that comparison, we grew revenues by 40% year-over-year. We have put in place a great foundation for the future, and we expect recent project launches to drive significant sequential gains in both revenue and adjusted EBITDA in the coming quarters. With the first quarter in hand, we are reiterating our guidance of $500 million to $510 million in revenue and $45 million to $50 million in adjusted EBITDA for 2023.

第一季度，我們創造了 1.13 億美元的收入，同比下降 4%。但是，如果您將大規模 COVID 測試包括在內以從該比較中排除大規模 COVID 測試，我們的收入將同比增長 40%。我們為未來打下了良好的基礎，我們預計最近的項目啟動將在未來幾個季度推動收入和調整後 EBITDA 的顯著連續增長。隨著第一季度的到來，我們重申我們對 2023 年收入 5 億至 5.1 億美元和調整後 EBITDA 4500 萬至 5000 萬美元的指導。

At this time, I'm going to hand it over to Lee Bienstock, our President and COO to talk about some of our operational highlights during the quarter. Lee, please go ahead.

此時，我將把它交給我們的總裁兼首席運營官 Lee Bienstock 來談談我們在本季度的一些運營亮點。李，請繼續。

Thank you, Anthony. We continue to see substantial growth in new contract RFP opportunities both in our mobile health and medical transportation segments. Since our last report on March 13, 2023, we have doubled the number of open RFPs, which collectively cover a total contract value of approximately $1.5 billion. The increase in RFPs is due to a larger number of opportunities in both existing and new geographies, as well as our improved internal review and submission capabilities. In particular, we continue to see a substantial amount of new RFP activity for mobile health services. DocGo has successfully transitioned away from a mass COVID testing centric business to a mobile health business covering a wide range of clinical services.

謝謝你，安東尼。在我們的移動醫療和醫療運輸領域，我們繼續看到新合同 RFP 機會的大幅增長。自我們於 2023 年 3 月 13 日發布上一份報告以來，我們已將公開的 RFP 數量翻了一番，這些 RFP 的合同總價值約為 15 億美元。 RFP 的增加是由於現有和新地區的更多機會，以及我們改進的內部審查和提交能力。特別是，我們繼續看到大量針對移動醫療服務的新 RFP 活動。 DocGo 已成功從以大規模 COVID 測試為中心的業務轉變為涵蓋廣泛臨床服務的移動醫療業務。

Our current backlog, which includes contracts that have been awarded but not yet fully rolled out currently totals approximately $205 million, compared to $180 million that we announced on March 13 of this year. The recent increase in backlog is largely due to a multi-year municipal mobile health contract in addition to several smaller wins.

我們目前的積壓訂單（包括已授予但尚未完全推出的合同）總計約為 2.05 億美元，而我們在今年 3 月 13 日宣布的為 1.8 億美元。最近積壓的增加主要是由於多年的市政移動醫療合同以及幾項較小的勝利。

In April, we announced a partnership with Fresenius Medical Corporation, the largest kidney dialysis company in the US to offer remote patient monitoring, chronic care management, and mobile urgent care services. Fresenius and its affiliate nephrology practices manage a vast pool of 300,000 patients. We expect the initial enrollment to begin in May with several markets rolling out aggressively in Q3. We are very excited about the significant opportunity given the recurring nature of these revenue streams and ubiquitous application of these services to patients with chronic kidney disease.

4 月，我們宣布與美國最大的腎臟透析公司 Fresenius Medical Corporation 建立合作夥伴關係，以提供遠程患者監測、慢性病護理管理和移動緊急護理服務。費森尤斯 (Fresenius) 及其附屬腎髒病學診所管理著 300,000 名患者。我們預計初始註冊將於 5 月開始，多個市場將在第三季度積極推出。鑑於這些收入流的反复性質以及這些服務對慢性腎病患者的普遍應用，我們對這一重大機遇感到非常興奮。

Based on the eight current CPT codes, we estimate the revenue potential per patient per month to be approximately $250. $100 of that amount is tied to RPM, and the remaining $150 to CCM. In addition, this will become a self referring mechanism when monitored patients have abnormal vitals or are rapidly decompensating, DocGo will respond on site with a mobile healthcare provider when prudent.

根據目前的八個 CPT 代碼，我們估計每位患者每月的收入潛力約為 250 美元。其中 100 美元與 RPM 掛鉤，其餘 150 美元與 CCM 掛鉤。此外，這將成為一種自我參考機制，當被監測的患者生命體徵異常或正在迅速失代償時，DocGo 將在謹慎的情況下與移動醫療保健提供者現場響應。

We anticipate that gross margins for this RPM, CCM offering, when fully implemented will be above 50% with relatively low levels of associated SG&A, and extremely low customer acquisition cost and a high customer lifetime value. In the coming months, we'll be working closely with Fresenius and its affiliate nephrology practices to identify and enroll qualified cohorts of patients into DocGo's RPM, CCM program.

我們預計此 RPM、CCM 產品的毛利率在完全實施後將超過 50%，相關 SG&A 水平相對較低，客戶獲取成本極低，客戶生命週期價值高。在接下來的幾個月裡，我們將與費森尤斯及其附屬腎髒病學實踐密切合作，以確定合格的患者隊列並將其納入 DocGo 的 RPM、CCM 計劃。

Revenues associated with RPM and CCM are expected to become a significant contributing factor towards 2024 revenue growth, with the early impact felt late in 2023. During the quarter, we also acquired CRMS, which stands for cardiac remote monitoring solutions. The cardiac segment is one of the fastest growing subspecialties in RPMs, and this gives us access to a pool of approximately 400,000 patients, which we can now enroll for RPM and CCM services.

與 RPM 和 CCM 相關的收入預計將成為 2024 年收入增長的重要貢獻因素，早期影響將在 2023 年末感受到。在本季度，我們還收購了 CRMS，它代表心臟遠程監測解決方案。心臟部分是 RPM 中增長最快的亞專業之一，這使我們能夠接觸到大約 400,000 名患者，我們現在可以註冊 RPM 和 CCM 服務。

Previously, CRMS was focused on just the CIED market, which is the cardiac implantable electronic device market. Now under the DocGo umbrella, we can offer CCM services to this population as well. This is a great example of how we can leverage DocGo's licensure, technology, and Mobile Health workforce to improve patient outcomes and lower cost to payers while expanding our revenue capture potential in the remote patient monitoring space.

此前，CRMS 只專注於 CIED 市場，即心臟植入式電子設備市場。現在在 DocGo 的保護傘下，我們也可以為這些人群提供 CCM 服務。這是一個很好的例子，說明我們如何利用 DocGo 的許可、技術和移動健康勞動力來改善患者結果並降低付款人的成本，同時擴大我們在遠程患者監測領域的收入獲取潛力。

DocGo's RPM, CCM strategy is intentionally focused on cardiology with CRMS and nephrology with Fresenius. And we anticipate announcing strategic partners in endocrinology and pulmonology in the near future. Through both organic and inorganic means, we expect to be providing RPM and CCM services to over 50,000 patients by the end of 2023.

DocGo 的 RPM、CCM 策略有意專注於使用 CRMS 的心髒病學和使用 Fresenius 的腎髒病學。我們預計在不久的將來宣佈在內分泌學和肺病學方面的戰略合作夥伴。通過有機和無機方式，我們預計到 2023 年底將為超過 50,000 名患者提供 RPM 和 CCM 服務。

While we are on the topic of chronic care management, it's critical to understand the strategic value between our municipal population health programs and our CCM programs. In the last 12 months, 75% of the patients we have seen across just two programs, approximately 600,000 patients, either did not have a primary care provider or did not know who their primary care provider was. A large portion of these patients need someone to manage their care, and this is where DocGo comes in, managing care for the underserved populations of America.

當我們討論慢性病護理管理的主題時，了解我們的市政人口健康計劃和我們的 CCM 計劃之間的戰略價值至關重要。在過去的 12 個月裡，我們在兩個項目中看到的患者中有 75%（大約 600,000 名患者）要么沒有初級保健提供者，要么不知道他們的初級保健提供者是誰。這些患者中有很大一部分需要有人來管理他們的護理，這就是 DocGo 的用武之地，為美國服務不足的人群管理護理。

At this time, I'll pass it back to Anthony.

這時候，我會把它傳回給安東尼。

Thanks, Lee. Before we hand it over to Norm, I wanted to cover margins and our rapid normalization initiative. In January and February, a major customer asked us to accelerate the rollout of a large project due to the incumbent winding down faster than contractually specified. We were able to successfully launch on this accelerated timeline, which caused us to beat our revenue expectations, but it came at the expense of significantly depressed margins.

謝謝，李。在我們將其移交給 Norm 之前，我想介紹一下利潤率和我們的快速標準化計劃。在 1 月和 2 月，一位主要客戶要求我們加快推出一個大型項目，因為現任公司的倒閉速度比合同規定的要快。我們能夠在這個加速的時間表上成功推出，這使我們超出了我們的收入預期，但這是以利潤率大幅下降為代價的。

However, as of March and subsequent to quarter end, we experience a significant rebound as the cost abated. We are in a great position currently, and our margin expectations for the year remain unchanged. We simply had a greater decline than we originally expected in January and February as a result of this accelerated rollout. On a positive note, the rebound was stronger than expected as well, and margins are trending in the right direction. With regard to our rapid normalization initiative, this is currently one of our most critical areas of focus.

然而，截至 3 月和季度末之後，隨著成本下降，我們經歷了顯著反彈。我們目前處於有利地位，我們對今年的利潤率預期保持不變。由於這種加速推出，我們在 1 月和 2 月的跌幅比我們最初預期的要大。從積極的方面來看，反彈也強於預期，利潤率正朝著正確的方向發展。關於我們的快速正常化計劃，這是目前我們最關鍵的關注領域之一。

While we are early on in this process, as I mentioned above, in March and subsequent to quarter end, we experience considerable company-wide cost reduction improvements, which we expect to support improve margins in Q2 and carry through the balance of the year. Minimizing the impact of staffing agency labor constitutes a significant portion of this effort. And in just the last 60 days, we have seen our agency labor utilization rate drop from 52% to 41% with continued improvement expected over the coming months. We have also seen a 40% decline in the number of rental vehicles utilized as we replaced them with owned or leased units, which are about half the cost.

正如我上面提到的，雖然我們處於這一過程的早期階段，但在 3 月和季度末之後，我們在全公司範圍內經歷了相當大的成本削減改進，我們預計這將支持第二季度利潤率的提高並延續到今年餘下的時間。最大限度地減少人事代理機構勞動力的影響是這項工作的重要組成部分。在過去的 60 天裡，我們的代理勞動力利用率從 52% 下降到 41%，預計未來幾個月將繼續改善。我們還發現使用的租賃車輛數量下降了 40%，因為我們用自有或租賃的車輛替換了它們，這大約是成本的一半。

Lastly, the extremely high mobile health overtime rates, which we experienced in the fourth and early first quarter are abating as we institute controls, which are expected to drive that number toward a long-term expectation of 5% overtime usage from the recent peak of 17%. Currently, that overtime number resides at approximately 7%. Aside from our rapid normalization initiative, we are also seeing a loosening macro labor market, which is conducive to our growth and margin objectives as well. Collectively, we expect these measures to support our projected 37% gross margin exit rate for 2023.

最後，我們在第四季度和第一季度初經歷的極高的移動醫療加班率正在下降，因為我們實施了控制措施，預計這將使該數字從最近的峰值加班率達到 5% 的長期預期17%。目前，該加班人數約為 7%。除了我們的快速正常化舉措外，我們還看到宏觀勞動力市場正在放鬆，這也有利於我們的增長和利潤目標。總的來說，我們預計這些措施將支持我們預計的 2023 年 37% 的毛利率退出率。

I will now hand it over to Norm Rosenberg, our CFO to review the financials.

我現在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. Total revenue for the first quarter of 2023 was $113 million compared to $117.9 million in the first quarter of 2022. Removing mass COVID testing revenues from both periods, recurring revenue increased by 40% year-over-year. Last year's first quarter included an estimated $38 million in mass COVID testing revenues, while testing revenues amounted to about $1 million in this year's first quarter, less than 1% of total revenues for the period.

謝謝你，安東尼，下午好。 2023 年第一季度的總收入為 1.13 億美元，而 2022 年第一季度為 1.179 億美元。扣除這兩個時期的大規模 COVID 測試收入，經常性收入同比增長 40%。去年第一季度包括估計 3800 萬美元的大規模 COVID 測試收入，而今年第一季度的測試收入約為 100 萬美元，不到同期總收入的 1%。

Mobile health revenue for the first quarter of 2023 was $72.9 million as compared to $90.1 million in the first quarter of 2022. Once again, excluding the estimated mass COVID testing revenue in both periods, mobile health revenues increased by 38%.

2023 年第一季度的移動醫療收入為 7290 萬美元，而 2022 年第一季度為 9010 萬美元。再次排除兩個時期估計的大規模 COVID 檢測收入，移動醫療收入增長了 38%。

Medical transportation revenue increased significantly to $40.1 million in the first quarter of 2023, representing an increase of 44% from $27.8 million in the first quarter of 2022. Nearly every core transportation market witness year-over-year and sequential revenue growth continuing the strong momentum from the second half of last year.

醫療運輸收入在 2023 年第一季度大幅增長至 4010 萬美元，較 2022 年第一季度的 2780 萬美元增長了 44%。幾乎每個核心運輸市場都見證了同比和環比收入增長，繼續保持強勁勢頭從去年下半年開始。

We recorded a net loss of $3.9 million in Q1 2023, compared with net income of $9.4 million in the first quarter of 2022. The net loss was partially driven by a large increase in non-cash stock compensation, which was about $7 million higher than in the prior year period and more than the total for all of 2022, as well as an increase of more than $1 million in our insurance loss reserves, and approximately $400,000 in non-recurring legal costs relating to exiting the California transportation market as we discussed in our previous earnings release.

我們在 2023 年第一季度錄得淨虧損 390 萬美元，而 2022 年第一季度的淨收入為 940 萬美元。淨虧損的部分原因是非現金股票薪酬大幅增加，比去年同期高出約 700 萬美元在上一年期間，超過了 2022 年全年的總額，我們的保險損失準備金增加了超過 100 萬美元，以及我們討論的與退出加州運輸市場相關的非經常性法律費用約 400,000 美元在我們之前的收益發布中。

Adjusted EBITDA for the first quarter of 2023 was positive $5.6 million as compared to adjusted EBITDA of $13.6 million in Q1 of 2022. As usual, a reconciliation of net income to adjusted EBITDA has been included as a table in the earnings release.

2023 年第一季度調整後 EBITDA 為正 560 萬美元，而 2022 年第一季度調整後 EBITDA 為 1360 萬美元。與往常一樣，淨收入與調整後 EBITDA 的對賬已作為收益發布中的表格包含在內。

Total gross margin percentage during the first quarter of 2023 amounted to 28.1% as compared to 33.9% for the same period of 2022, with stronger transportation segment gross margins outweighed by temporary weakness in mobile health gross margins. During the first quarter of 2023, gross margins from the mobile health segment were 27.7% compared to 37.3% for the first quarter of 2022. Margins were strained by ongoing startup costs for projects that were launched late in 2022 and early in 2023, as we discussed on our last earnings call, with the margin dampening effects continuing to provide an impact in January and February.

2023 年第一季度的總毛利率為 28.1%，而 2022 年同期為 33.9%，移動醫療毛利率的暫時疲軟抵消了交通部門毛利率的強勁增長。 2023 年第一季度，移動醫療部門的毛利率為 27.7%，而 2022 年第一季度為 37.3%。利潤率受到 2022 年底和 2023 年初啟動的項目持續啟動成本的影響，因為我們在我們上次的財報電話會議上進行了討論，利潤率抑制效應在 1 月和 2 月繼續產生影響。

While last year's first quarter mobile health gross margins were aided by the spike in COVID testing we witnessed in the first few weeks of the year. Mobile health gross margins in March improved nicely due in parts to the rapid normalization project. As Anthony just discussed, the key performance indicators that we track on a daily basis are all pointing in a positive direction over the past 60 days, serving as a leading indicator for the gross margin improvement we are expecting in the second quarter.

雖然去年第一季度的移動醫療毛利率得益於我們在今年頭幾週目睹的 COVID 測試激增。部分由於快速正常化項目，3 月份移動醫療毛利率有了很好的改善。正如 Anthony 剛才所討論的，我們每天跟踪的關鍵績效指標在過去 60 天內都指向積極的方向，作為我們預期第二季度毛利率改善的領先指標。

In the transportation segment, gross margins increased to 28.9% in Q1 2023 up from 22.7% in Q1 of 2022. This segment's margins continue to improve aided by higher price utilizations on trips, the ongoing shift towards higher margin leased [hour] business, and some easing of fuel prices. Looking ahead to our gross margin trend, we have continued to build on our progress in March with improved metrics through April and into May. This trend certainly bolsters our confidence that we are on track to achieve sequential gross margin improvement through the year. In addition, we continue to make progress on integrating the six acquisitions we have made since mid 2022. As we do so, we expect to realize the margin improvements that we have targeted for each of these [items]

在交通運輸領域，毛利率從 2022 年第一季度的 22.7% 增加到 2023 年第一季度的 28.9%。得益於更高的旅行價格利用率、持續轉向更高利潤率的租賃 [小時] 業務，以及燃料價格有所緩和。展望我們的毛利率趨勢，我們將繼續在 3 月份取得進展的基礎上繼續推進，並在 4 月份和 5 月份期間改進指標。這一趨勢無疑增強了我們的信心，即我們有望在今年實現連續的毛利率改善。此外，我們在整合自 2022 年年中以來進行的六項收購方面繼續取得進展。在我們這樣做的過程中，我們希望實現我們為這些[項目]中的每一項設定的利潤率提高。

Looking at operating costs, operating expenses as a percentage of total revenues amounted to 34% in the first quarter of 2023 compared with 25% in the first quarter of 2022. The key drivers of the increase in SG&A were depreciation and amortization and stock compensation expense, which are both non-cash items. Non-cash stock compensation expense, which we add back to the purposes of calculating adjusted EBITDA was approximately $8.5 million in the first quarter of this year compared to $1.4 million in the first quarter of 2022. Going forward, we expect that the quarterly stock compensation expense will track much more closely to the levels recorded in prior quarters. And we would expect that overall operating expenses as a percentage of revenue will be below 30% going forward.

從運營成本來看，2023 年第一季度運營費用佔總收入的比例為 34%，而 2022 年第一季度為 25%。SG&A 增長的主要驅動因素是折舊和攤銷以及股票補償費用, 均為非現金項目。我們為了計算調整後的 EBITDA 而加回的非現金股票補償費用在今年第一季度約為 850 萬美元，而 2022 年第一季度為 140 萬美元。展望未來，我們預計季度股票補償費用將更接近前幾個季度記錄的水平。我們預計未來整體運營費用佔收入的比例將低於 30%。

Backing out depreciation of $3.6 million, and the aforementioned stock compensation expense, and SG&A amounted to 24% of total revenues in the first quarter of 2023, up a bit from 22% of total revenues on the same basis in last year's first quarter. Over the remainder of 2023, we would expect SG&A expenses to decline as a percentage of revenues as we witness sequential revenue growth while holding the line on or in some cases decreasing our SG&A expenses in absolute dollar terms.

扣除 360 萬美元的折舊和上述股票補償費用，以及 SG&A 佔 2023 年第一季度總收入的 24%，略高於去年第一季度相同基礎上佔總收入的 22%。在 2023 年剩餘時間裡，我們預計 SG&A 費用佔收入的百分比將下降，因為我們看到收入連續增長，同時保持不變或在某些情況下以絕對美元計算減少我們的 SG&A 費用。

Turning now to the balance sheet, as of March 31, 2023 our total cash and cash equivalents, including restricted cash was $127.5 million as compared to $164.1 million as of the end of 2022. The reduction in cash during the first quarter was due almost entirely to working capital factors, as accounts receivable increase by $24.7 million due to several factors including the timing of payments from high [credit] quality customers. There were also approximately $11.5 million in acquisition related payments and about $2 million in capital expenditures.

現在轉向資產負債表，截至 2023 年 3 月 31 日，我們的現金和現金等價物總額（包括受限現金）為 1.275 億美元，而截至 2022 年底為 1.641 億美元。第一季度現金減少幾乎全部到期到營運資本因素，應收賬款增加了 2470 萬美元，原因包括高 [信用] 質量客戶的付款時間等幾個因素。還有大約 1150 萬美元的收購相關付款和大約 200 萬美元的資本支出。

Looking at cash flow from operations, our negative operating cash flow for the quarter of $23 million was entirely due to changes in operating assets and liabilities, also known as the working capital categories, primarily driven by a longer payment cycle from some of our larger municipal customers. This is purely timing related, and these are some of our highest quality receivables. We would gladly trade longer payment terms for greater assurance of being paid in full as we have up until now from these customers.

從運營現金流來看，我們本季度 2300 萬美元的負運營現金流完全是由於運營資產和負債（也稱為營運資金類別）的變化，主要是由於我們一些較大的市政部門的付款週期較長所致顧客。這純粹是時間相關的，這些是我們一些最高質量的應收賬款。我們很樂意用更長的付款期限來換取更大的保證，就像我們迄今為止從這些客戶那裡得到的那樣，我們得到了全額付款。

Secondly, we feel that this becomes an actual competitive advantage for us when bidding on these large municipal deals. Unlike many of the providers with whom we are competing for these contracts, we have the balance sheet and the capital to undertake large scale projects that require significant startup costs before we receive our first payments for services rendered. We have liquidity to withstand temporarily negative cash cycle situation on these projects.

其次，我們認為在競標這些大型市政交易時，這對我們來說是一個實際的競爭優勢。與我們競爭這些合同的許多供應商不同，我們擁有資產負債表和資金來承擔大型項目，這些項目在我們收到我們提供的服務的第一筆付款之前需要大量啟動成本。我們有流動性來承受這些項目的暫時負現金周期情況。

In fact, over the second half of April and into May, we have experienced significant collections and cash inflows as our largest [age] invoices are being paid. Most encouragingly these recent collections are included primarily our most [age] receivables, which will result in a better day sales outstanding or DSO for our AR portfolio as we come to the end of the second quarter. While this cycle leads to some large fluctuations in our cash balances from quarter-to-quarter, the balance sheet remains strong throughout the cash cycle.

事實上，從 4 月下半月到 5 月，我們經歷了可觀的收款和現金流入，因為我們正在支付最大的 [age] 發票。最令人鼓舞的是，這些最近的收款主要包括我們最 [age] 的應收賬款，這將導致我們的 AR 投資組合在第二季度末有更好的當日未償銷售或 DSO。雖然這個週期導致我們的現金餘額在每個季度之間出現一些大幅波動，但資產負債表在整個現金周期中仍然保持強勁。

Given the collections we have seen over the past 20 days or so, we expect that we will return to generating positive operating cash flow in the second quarter, as we have in each quarter since we went public up until this first quarter of 2023. Combined with our $90 million line of credit, which could potentially be expanded by an additional $50 million, we have a financial wherewithal to execute stock buybacks, acquisitions, and to invest in new business lines and projects without the need to raise any new capital.

鑑於我們在過去 20 天左右看到的收款情況，我們預計我們將在第二季度恢復產生正的運營現金流，就像我們在 2023 年第一季度上市以來的每個季度一樣。合併憑藉我們 9000 萬美元的信貸額度（可能會再增加 5000 萬美元），我們有足夠的資金來執行股票回購、收購以及投資新的業務線和項目，而無需籌集任何新資金。

Turning to guidance. We are reiterating our revenue guidance for the year in the range of $500 million to $510 million. We are encouraged by the first quarter's revenue performance, which was slightly higher than our internal forecast, and by the increase in our backlog to $205 million from $180 million in just the last seven weeks. The guidance revenue range would represent year-over-year top-line growth of about 14% to 16% on a gross reported basis. But excluding the impact of mass COVID testing, the revenue growth rate is really in the 36% to 40% annual range. We continue to expect that adjusted EBITDA will be in the range of $45 million to $50 million, with EBITDA margin acceleration expected as we go through the year.

轉向指導。我們重申我們今年的收入指引在 5 億至 5.1 億美元之間。我們對第一季度的收入表現感到鼓舞，這略高於我們的內部預測，並且我們的積壓訂單在過去七週內從 1.8 億美元增加到 2.05 億美元。指導收入範圍將代表報告總額同比增長約 14% 至 16%。但排除大規模 COVID 測試的影響，收入增長率確實在 36% 到 40% 的年度範圍內。我們繼續預計調整後的 EBITDA 將在 4500 萬美元至 5000 萬美元之間，預計 EBITDA 利潤率將在今年內加速增長。

This concludes my remarks. At this time, I'd like to hand it back to Anthony.

我的發言到此結束。這個時候，我想把它還給安東尼。

Thanks, Norm. Before we jump into Q&A, I just wanted to briefly remind everybody that we'll be having our Investor Day on June 20 at the Nasdaq market site in New York. For interested parties, please reference our recent press release on this event and follow the registration link.

謝謝，規範。在我們進入問答環節之前，我只想簡短地提醒大家，我們將於 6 月 20 日在紐約納斯達克市場網站舉辦投資者日活動。有興趣的人士，請參考我們最近關於此活動的新聞稿，並點擊註冊鏈接。

Now operator, please go ahead and open it up for Q&A.

現在運營商，請繼續打開它進行問答。

(Operator Instructions) Mike Latimore, Northland Capital Markets.

（操作員說明）Northland Capital Markets 的 Mike Latimore。

Great, thanks. Yes, good afternoon. Interesting that the RFP value doubled since March 13, fairly significantly. Can you talk a little bit more about that? Are there a couple of federal deals in there? Or is that mostly municipalities? Maybe, a little more color on that would be great.

十分感謝。是的，下午好。有趣的是，RFP 值自 3 月 13 日以來翻了一番，相當顯著。你能多談談嗎？那裡有幾項聯邦交易嗎？還是主要是直轄市？也許，在上面多一點顏色會很棒。

Sure. Hi, Mike, it's Lee. So the number of RFP submissions outstanding has actually doubled since we last reported that number. The total contract value has increased from $1.1 billion to $1.5 billion. So just to clarify that. We're seeing really an increase across the board from federal deals to local municipal deals. We continue to evaluate RFP opportunities across the spectrum on the government side. So, really, it has included representation from the federal opportunities as well as the local and state -- municipal opportunities.

當然。嗨，邁克，我是李。因此，自我們上次報告該數字以來，未完成的 RFP 提交數量實際上翻了一番。合同總價值從 11 億美元增加到 15 億美元。所以只是為了澄清這一點。我們確實看到從聯邦交易到地方市政交易的全面增長。我們將繼續評估政府方面各個領域的 RFP 機會。所以，實際上，它包括來自聯邦機會以及地方和州 - 市政機會的代表。

And I can add on with what we just said. There is certainly a macro trend across the country, and more and more mobile health contracts existing, RFPs being posted, RFIs, RFQs, they're more or less the same thing. But there is a much larger growing need for population health, especially for the underserved communities, not just underserved communities in more like classical sense of like a local homeless population, but also the Indian health service, maybe in [niche] communities that once aren't as apparent, there's a growing need for those.

我可以補充一下我們剛才所說的。全國肯定有一個宏觀趨勢，越來越多的移動醫療合同存在，發布的 RFP、RFI、RFQ，它們或多或少是一回事。但是，人們對人口健康的需求越來越大，特別是對於服務不足的社區，不僅是傳統意義上的服務不足的社區，比如當地無家可歸的人口，還有印度的醫療服務，也許在曾經是 [niche] 社區很明顯，對這些的需求越來越大。

Got it. And then the mobile transport did very well again this quarter. Is the current revenue level in mobile transport a good baseline you can build off of or was there some sort of added -- [using] in there or something?

知道了。然後移動傳輸在本季度再次表現出色。移動傳輸的當前收入水平是否是您可以建立的良好基準，或者是否有某種添加 - [使用] 在那里或其他什麼？

Yes. So a couple things. Something that we noted at the beginning of the quarter is that we still had a percentage of our -- I think at the beginning of the year, it was closer to 40% of our ambulance contracts that were on a fee-for-service basis, where we took risk on demand. And we've been very successful in converting an increasing percentage of our revenue on the transport side to that least hour model by which we have downside margin protection. So, that's a significant part of it, as well as trying to keep the SG&A on the transport segment mostly flat. So, it's amortized over a greater revenue base. Norm, do you have anything to add on that?

是的。所以有幾件事。我們在本季度初注意到的一點是，我們仍然有一定比例的——我認為在今年年初，我們接近 40% 的救護車合同是按服務收費的，我們按需承擔風險。而且我們已經非常成功地將我們在運輸方面的收入中越來越多的百分比轉換為我們有下行利潤保護的最少小時模型。因此，這是其中很重要的一部分，並試圖使運輸部門的 SG&A 基本持平。因此，它在更大的收入基礎上進行了攤銷。諾姆，你有什麼要補充的嗎？

No, I would say the same thing. It's always been, as we've said it. It's a little bit of a mix of organic and inorganic growth, but really it's a continuation of a trend that we've seen really since early 2022. A lot of it is a matter of a little bit more focus, some other customers coming online. I think it is a pretty good base to build off. Not much non-reoccurring in this quarter --

不，我會說同樣的話。正如我們所說，它一直都是。它有點有機增長和無機增長的混合，但實際上這是我們自 2022 年初以來真正看到的趨勢的延續。這在很大程度上是一個問題，即更加關註一些其他客戶上線.我認為這是一個很好的基礎。本季度沒有多少非重複發生——

And then I guess -- okay, perfect. And just last the comment about a goal of getting the 50,000 patients in RPM, just sort of a back of the envelope calculation would suggest that's probably well over a $100 million business then if you hit that number. I guess, one is, is that right? And second, if you get to that 50,000, how are you thinking about organic versus inorganic?

然後我猜——好吧，完美。最後是關於讓 50,000 名患者達到 RPM 的目標的評論，只是粗略的計算表明，如果你達到這個數字，這可能遠遠超過 1 億美元的業務。我想，一個是，是這樣嗎？其次，如果你達到 50,000，你如何看待有機與無機？

Yeah, it's really all of the remote patient and remote device monitoring which then leads to chronic care management, comes from where we're planning on it from two main areas. The bulk of it is going to come from patients that are part of the cardiology practices, that are already customers of CRMS, a company that we mentioned that we acquired very late at the end of Q1.

是的，這實際上是所有遠程患者和遠程設備監控，然後導致長期護理管理，來自我們計劃從兩個主要領域進行的地方。其中大部分將來自心髒病學實踐的患者，他們已經是 CRMS 的客戶，我們提到過我們在第一季度末很晚才收購的公司。

And so, they basically already provide what's called CIED, which is implantable devices, and we are going to be able to offer to those cardiology practices RPM, which is kind of a non implantable device. And then for the existing ones, both on CIED and RPM, we able to give them chronic care management solutions, which is actually a larger reimbursement than both of those. So that's it. And then a smaller, but still significant portion is going to come from the deal with Fresenius that we announced. So those [kind of] our main focus is on cardiology and then secondary focus is on nephrology.

因此，他們基本上已經提供了所謂的 CIED，即植入式設備，我們將能夠為那些心髒病學實踐提供 RPM，這是一種非植入式設備。然後對於現有的 CIED 和 RPM，我們能夠為他們提供慢性護理管理解決方案，這實際上是比這兩者更大的報銷。就是這樣了。然後一小部分，但仍然很大一部分將來自我們宣布的與費森尤斯的交易。因此，我們的主要關注點是心髒病學，然後是腎髒病學。

Ryan MacDonald, Needham.

萊恩麥克唐納，李約瑟。

Hey, this is Matt Shea on for Ryan. Thanks for taking the question. I wanted to follow-up on the RPM commentary. So when we think about the 50,000 patient goal and the two partners that you guys have announced, or I suppose the one you acquired in that, the one you've announced with Fresenius, what kind of percentage of the population does 50,000 patients represent? And assuming this is a small part of the population today, how do you kind of see that opportunity today versus how can you scale to reach a bigger part of that population? Like, what is that total population with those partners look like in your mind?

嘿，我是 Ryan 的 Matt Shea。感謝您提出問題。我想跟進 RPM 評論。因此，當我們考慮 50,000 名患者的目標和你們宣布的兩個合作夥伴時，或者我想你們在其中獲得的合作夥伴，你們與 Fresenius 宣布的合作夥伴，50,000 名患者代表人口的百分比是多少？假設這只是今天人口的一小部分，您如何看待今天的機會，以及如何擴大規模以覆蓋該人口的更大一部分？比如，在你的腦海中，那些合作夥伴的總人口是什麼樣的？

Well, we look at it very much as a -- when you look at the provider like the cardiologist and the nephrologist, what percentage of their patients that they see meet medical need for these services. So for a cardiology practice, on average, it's between 30% and 50% of the patients that are at cardiology practice will receive value and meet the medical necessity for an RPM solution. And then, of those -- you have a chronic care management or PCM, both of those, you're going to have about half of that are meet medical necessity for the management services. It kind of goes up in levels of complexity.

好吧，我們將其視為——當您查看像心髒病專家和腎病專家這樣的提供者時，他們看到的患者中有多少百分比滿足這些服務的醫療需求。因此，對於心髒病學實踐，平均而言，從事心髒病學實踐的患者中有 30% 到 50% 將獲得價值並滿足 RPM 解決方案的醫療必要性。然後，在這些中——你有慢性病護理管理或 PCM，這兩者，你將有大約一半是滿足管理服務的醫療需要。它的複雜程度有點上升。

On the nephrology side, nearly all of the patients, it's very close to a 100% of the patients have medical need to meet medical necessity for RPM and the vast majority for CCM, because a patient that's in a nephrology practice or patient that's being dialyzed usually doesn't just have kidney disease, they also have diabetes, oftentimes hypertension, and so they're polychronic, and thus, management is really critical.

在腎髒病學方面，幾乎所有患者，非常接近 100% 的患者有醫療需要來滿足 RPM 的醫療需要，而絕大多數患者需要 CCM，因為正在接受腎髒病學實踐的患者或正在接受透析的患者通常不僅有腎臟疾病，他們還患有糖尿病，通常還有高血壓，所以他們是多慢性的，因此，管理非常關鍵。

So that's why the nephrology practices have such a high percentage of the patients there. So when we look at it and you want to look at what's the addressable market, you could look at the stats on patients with cardiovascular issues as well as patients with kidney issues. And kind of the conversion percentages I gave you is what we see for each one of the clinics and providers.

這就是為什麼腎髒病學診所的患者比例如此之高的原因。因此，當我們查看它並且您想查看可尋址市場時，您可以查看心血管問題患者和腎臟問題患者的統計數據。我給你的轉換百分比是我們看到的每個診所和提供者的百分比。

Got it. That's helpful. And then when we think about scaling that RPM solution into other specialty area that you're not in, you mentioned endocrinology and pulmonology, do you look at that as an organic expansion? Or would that be something that you would need to partner with or acquire within that space? Or how do you look at adding other specialties to your RPM offering?

知道了。這很有幫助。然後，當我們考慮將該 RPM 解決方案擴展到您不在的其他專業領域時，您提到了內分泌學和肺病學，您是否將其視為有機擴展？或者那是你需要在那個空間內合作或獲得的東西嗎？或者您如何看待將其他專業添加到您的 RPM 產品中？

Yeah, I think those two are going to come on the partnership side. We have some exciting partnerships that will be announced. But in general, DocGo's strategy of growth is one that we don't -- we try to find synergies with other companies so that we can eliminate the customer acquisition cost. So, we'll find a partner, in this case we already have the two partners. And those partners already have access to patients that have these diseases or multiple diseases, and they don't currently offer RPM, PCM, or CCM or mobile urgent care services to this population. So they [said] okay, you're already have a relationship with the patient, usually a very close intimate relationship with the patient, can we now offer these increased value-add services to them? So both of those will be launched in partnership with two existing large players.

是的，我認為這兩個將在夥伴關係方面出現。我們將宣布一些激動人心的合作夥伴關係。但總的來說，DocGo 的增長戰略是我們所沒有的——我們試圖找到與其他公司的協同效應，以便我們可以消除客戶獲取成本。所以，我們會找到一個合作夥伴，在這種情況下我們已經有了兩個合作夥伴。這些合作夥伴已經可以接觸到患有這些疾病或多種疾病的患者，但他們目前不向這些人群提供 RPM、PCM 或 CCM 或移動緊急護理服務。所以他們 [said] 好吧，你已經和病人建立了關係，通常是與病人非常親密的關係，我們現在可以為他們提供這些增加的增值服務嗎？因此，這兩者都將與兩個現有的大型參與者合作推出。

Richard Close, Canaccord Genuity.

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

Hi, this is John Pinney on for Richard. Thanks for the question. So, you're adding -- the backlog added $25 million since last quarter. And is any of that like factored into guidance as of now or is that more of a 2024 start story?

嗨，我是理查德的 John Pinney。謝謝你的問題。所以，你在添加 - 自上個季度以來積壓增加了 2500 萬美元。截至目前，是否已將其中任何類似因素納入指導，或者更多的是 2024 年的開始故事？

Yeah, it's a good question. Lee, why don't you take that one?

是的，這是個好問題。李，你為什麼不拿那個？

Yeah, absolutely. Hi, John. So the vast majority of those projects will launch towards the back half of this year, and we'll ramp those significantly heading into 2024. So some of that revenue will come online, but the vast majority of it will be starting and ramping in 2023 as we head into 2024.

是的，絕對。你好，約翰。因此，這些項目中的絕大多數將在今年下半年啟動，我們將在 2024 年之前顯著增加這些項目。因此，其中一些收入將上線，但絕大多數將在 2023 年開始和增加當我們進入 2024 年時。

Worth noting that also those revenue streams also have kind of a similar timeline on them. So most of the revenue we have is kind of -- it's a three -- you're looking at that that $200 million plus over a three year period.

值得注意的是，這些收入流也有類似的時間表。因此，我們擁有的大部分收入都是——它是三個——你正在看的是三年內超過 2 億美元的收入。

So, short answer is that it's not [baked into] guidance.

所以，簡短的回答是它沒有 [融入] 指南。

Right.

正確的。

Okay, great. Thanks. Also like, do you have any insights as far as that backlog or anything you can provide us as far as what the breakdown would be, for like, mobile health or transportation revenue?

好的，太好了。謝謝。另外，對於積壓的工作，您是否有任何見解，或者您可以向我們提供任何關於細分的信息，例如移動醫療或運輸收入？

Yeah. So, the vast majority of the increase in the backlog are mobile health, new mobile health contracts. Almost all of the increase that you noted are mobile health contracts.

是的。因此，積壓增加的絕大部分是移動醫療、新的移動醫療合同。您注意到的幾乎所有增長都是移動醫療合同。

Okay, great. Thanks. And then just one more question. For the rapid normalization you say here that they Phase 1 is coming to completion at the end of July, that's what you're saying in the press release? That sort of implies like a Phase 2, is there any like detail you can provide there? Is there something that's going to be like additional in that initiative coming in after July?

好的，太好了。謝謝。然後還有一個問題。對於快速正常化，你在這裡說他們的第一階段將在 7 月底完成，這就是你在新聞稿中所說的？這有點像第 2 階段，您可以在那裡提供任何類似的細節嗎？在 7 月之後推出的該計劃中是否有一些額外的東西？

There will. The Phase 2 will get the additional 300 basis points. I'll give more detail, as to the very details of how that's achieved. We already have it quite planned out, but yes, there will be a Phase 2 to get the entirety of that 600 basis point margin that we -- with some degree we give up. And we're actually ahead of track on Phase 1 right now.

這裡將。第二階段將獲得額外的 300 個基點。我將提供更多細節，關於如何實現這一點的細節。我們已經計劃好了，但是，是的，將有一個第二階段來獲得我們在某種程度上放棄的 600 個基點利潤率的全部。我們現在實際上已經領先於第一階段。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Craig Jones, Stifel.

克雷格·瓊斯，Stifel。

Hey, thank you. I wanted to ask you on the margin side, so one, as you think about the [ramp] through the year for the margin expansion, will that be fairly linear?

嘿，謝謝你。我想問你關於保證金方面的問題，所以，當你考慮一年中的 [ramp] 保證金擴張時，這會是相當線性的嗎？

Hey, Craig, how are you doing? I think that when we first planned it out, we first started talking about it, obviously, we modelled it out in a pretty linear fashion. But that's sort of not the way it's playing out, right? I think that you're going to get the steeper piece of the curve in the earlier phases from here on out. Like we had talked about how we saw some good rebound in March. We saw some pretty dramatic change in some of those KPI that are leading indicators for us on the margin as we head into Q2.

嘿，克雷格，你好嗎？我認為當我們第一次計劃它時，我們首先開始談論它，顯然，我們以非常線性的方式對其進行建模。但這有點不是它的播放方式，對吧？我認為從現在開始，您將在早期階段獲得更陡峭的曲線。就像我們談到我們如何在三月份看到一些良好的反彈一樣。當我們進入第二季度時，我們看到一些 KPI 發生了相當大的變化，這些 KPI 是我們的邊際領先指標。

So, I would say that as far as the -- as far as the margin expansion that relates to the rapid normalization, I think that that's become a little bit more, I guess now from this point front end loaded the next couple of quarters than backend loaded, the curve is a little bit steeper, which is a good thing when you're talking about the improving margin.

所以，我想說，就與快速正常化相關的利潤率擴張而言，我認為這已經變得多了一點，我想現在從這一點來看，前端在接下來的幾個季度加載了後端加載後，曲線有點陡峭，當您談論利潤率提高時，這是一件好事。

Yes, (multiple speakers) absolutely. That's good to hear --

是的，（多個揚聲器）絕對。聽起來還不錯 -

Yeah. It's also not purely linear in the sense that, if we were to look at daily margin from here on to end of the year, it's not going to be up in one direction, right? It's going to fluctuate a little bit based on different things that are going on, based on many, many different factors. That's why even though we look at this stuff on a daily basis, we do sometimes need to take a wider angle, look at it and go out to a week, a month or a quarter. But the direction on a quarterly basis should be linearly increasing.

是的。從某種意義上說，它也不是純線性的，如果我們從現在到年底查看每日保證金，它不會朝一個方向上升，對嗎？基於許多不同的因素，它會根據正在發生的不同事情而略有波動。這就是為什麼即使我們每天都在看這些東西，但有時我們確實需要從更廣的角度來審視它，然後再觀察一周、一個月或一個季度。但是按季度的方向應該是線性增加的。

Okay, got it. And then, so it looks like, as the mass COVID testing revenue has fallen off that the margins have come down at the same time, is there any way to size what the headwind of margins was as that revenues rolled off?

好，知道了。然後，看起來，隨著​​大規模 COVID 測試收入下降，利潤率同時下降，有沒有什麼方法可以衡量收入下降時利潤率的逆風？

So, we've talked about this a little bit in the past. It's a little bit tricky, because when we look at the projects on a project-by-project basis or a project category by project category basis, in the mobile health projects that we're undertaking now have really the same margin profile, albeit, broken into different pieces, but they have the same kind of margin profile as would those projects that we were doing a year ago or more.

所以，我們過去已經談過這個了。這有點棘手，因為當我們逐個項目或逐個項目類別地查看項目時，我們現在正在進行的移動醫療項目具有相同的利潤率概況，儘管，分成不同的部分，但它們的利潤率與我們一年前或更長時間前所做的那些項目相同。

I think where you get the impact is when we had those spikes in the mass COVID testing. So we saw that in Q4 of 2021. We saw it at the beginning of Q1 of 2022, where you had a project where you're primarily getting paid on the basis of hourly wage. You're getting paid by the hour for the employees that you're dedicating to the project or for the vehicles or whatever it might be. And when you have a site that used to do 100 COVID tests in a day, and then all of a sudden that same site is doing 300 COVID or 400 COVID tests in a day, that incremental piece comes at a very, very high margin.

我認為當我們在大規模 COVID 測試中出現峰值時，你就會受到影響。所以我們在 2021 年第四季度看到了這一點。我們在 2022 年第一季度初看到了這一點，在那裡你有一個項目，你主要根據小時工資獲得報酬。您將按小時為您致力於該項目的員工或車輛或其他任何東西支付報酬。當你有一個過去一天進行 100 次 COVID 測試的站點，突然之間同一站點每天進行 300 次 COVID 或 400 次 COVID 測試時，增量部分的利潤非常非常高。

So, it was sort of a difficult comp for us both in Q4, and again here in Q1. But overall, that's not necessarily the case. Meaning, we have not -- as we replaced margin -- I'm sorry, as we replaced that COVID revenue, over the long run, that that revenue really should be coming in at about the same kind of margin that we had seen in the past.

所以，這對我們來說在第四季度和第一季度都是一個困難的組合。但總的來說，情況不一定如此。意思是，我們沒有——當我們取代保證金時——我很抱歉，當我們取代 COVID 收入時，從長遠來看，該收入確實應該以與我們在過去。

Right. When we bid on those new RFPs, which is that same backlog, we really have not changed the margin profile that we put into those new contracts.

正確的。當我們投標那些新的 RFP 時，也就是同樣的積壓，我們真的沒有改變我們投入這些新合同的保證金概況。

Okay, yeah. Thanks. That's all for me.

好的，是的。謝謝。這就是我的全部。

(Operator Instructions) Sarah James, Cantor Fitzgerald.

（操作員說明）Sarah James，Cantor Fitzgerald。

Hi, thank you. I wanted to unpack a little bit the comments about the startup costs, which impacted gross margins. So can you tell us, was that the large New York contract or should we think about that as being like a second wave of startup costs that we should model in for later on this year?

嗨，謝謝你。我想稍微解釋一下有關影響毛利率的啟動成本的評論。那麼你能告訴我們，那是紐約的大合同嗎？還是我們應該將其視為我們應該在今年晚些時候模擬的第二波啟動成本？

Yes, due to kind of the nature of the contentious relationship with the incumbent, we can't disclose the actual contracting question. But to your general question, yes, it was to some degree unexpected, because it was an accelerated launch timeline. So more than just the normal startup costs, which we tend to plan for, and we've talked about that 600 basis points.

是的，由於與現任者存在爭議的性質，我們無法透露實際的合同問題。但對於你的一般問題，是的，這在某種程度上是出乎意料的，因為它是一個加速的發佈時間表。因此，不僅僅是我們傾向於計劃的正常啟動成本，而且我們已經討論了 600 個基點。

In this case, we had to accelerate many months faster than we had anticipated, purely because the incumbent of that contract decided to basically pull out, and kind of avoid some of their contractual obligations. And of course, as being customer first company, we stepped in and we over-delivered for the customer, which is why you see that our revenue actually kind of beat some of our expectations. But it did come at -- with margin contraction.

在這種情況下，我們不得不比預期快幾個月，這純粹是因為該合同的負責人決定基本上退出，並在某種程度上避免了他們的一些合同義務。當然，作為客戶至上的公司，我們介入並為客戶超額交付，這就是為什麼你看到我們的收入實際上超出了我們的一些預期。但它確實出現了 - 利潤率收縮。

Okay. And then as you guys explore into the RPM, can you talk to us about how that might affect efficiency or patients per day that you might be able to handle, given that there's going to be some more interaction or maybe longer visits at the home?

好的。然後，當你們探索 RPM 時，您能否與我們談談這可能會如何影響效率或您每天可能處理的患者，因為在家中會有更多的互動或更長時間的訪問？

I don't think we have seen that the visits will necessarily be longer. But we plan to in our Investor Day in June to give some really specifics around the average amount of at-home visits per patient, per kind of period of time.

我認為我們沒有看到訪問時間必然會更長。但我們計劃在 6 月的投資者日提供一些關於每個患者、每種時間段的平均家庭訪問量的真正細節。

So, in that we'll try and help to build the model to say, if I have a patient who's a cardiology patient, what is the frequency by which they're going to need a primary care intervention per year or a urgent care intervention per year, or maybe an ambulance transport per year. What percentage of them are going to get managed versus just monitored? So, we're well in into the thick of it. We have a fair number of patients on right now. So in that June meeting, we plan to kind of package it together and disclose as much data as we have to help you build a model.

因此，我們將嘗試幫助建立模型來說明，如果我有一位心髒病患者，他們每年需要初級保健干預或緊急護理干預的頻率是多少每年，或者可能是每年運送一輛救護車。他們中有多少百分比將得到管理而不是僅僅被監控？所以，我們已經深入其中了。我們現在有相當多的病人。因此，在 6 月的那次會議上，我們計劃將其打包在一起並披露盡可能多的數據，以幫助您建立模型。

We're also going to look at it, Sarah, from a unit economic standpoint. So not only has Anthony talked about what our estimated lifetime value or annual value of a patient would be, but also on an interaction-by-interaction basis. Like what are the unit economics of that kind of thing. And also comparing it to the unit economics that we've seen out there that are not comparable to ours.

莎拉，我們還將從單位經濟的角度來看待它。因此，安東尼不僅談到了我們估計的患者終生價值或年度價值，而且還談到了逐個互動的基礎。像那種東西的單位經濟學是什麼。並將其與我們在那裡看到的與我們的不可比的單位經濟學進行比較。

Great. And last question, if I could, on the Dollar General JV. Is there any updates you can give us on how those locations are ramping up to be the volume that you expected or that Dollar General was hoping to see?

偉大的。最後一個問題，如果可以的話，關於 Dollar General JV。您是否可以向我們提供有關這些地點如何增加到您預期或 Dollar General 希望看到的數量的任何更新？

Sure. Hi, Sarah. It's Lee. So the volume continues to increase, which we're excited about. I definitely think we are working on getting our marketing mix correct and our promotional mix correct. And in addition, as Anthony mentioned, I believe, on the last call, we are looking at other public-private partnership opportunities as well.

當然。嗨，莎拉。是李所以數量繼續增加，我們對此感到興奮。我絕對認為我們正在努力使我們的營銷組合正確，我們的促銷組合正確。此外，正如安東尼提到的，我相信，在最後一次電話會議上，我們也在尋找其他公私合作機會。

So, you'll notice in our release, we talked a bit about how some of the Dollar General locations will be serving as public health, population health locations where underserved populations can receive services as well. So we believe that those opportunities together will bring more access to people. Dollar General locations serve as a great location for that access. And we'll continue to look for opportunities to expand there as well.

因此，您會在我們的新聞稿中註意到，我們談到了一些 Dollar General 地點將如何作為公共衛生、人口健康地點，服務不足的人群也可以在這些地點獲得服務。因此，我們相信這些機會的結合將為人們帶來更多機會。 Dollar General 位置是進行該訪問的絕佳位置。我們也將繼續尋找機會在那裡擴張。

And it's worth noting the current -- the pilot that we have with Dollar General is a pilot with Dollar General, but it's also supported with funding from the State of Tennessee. And so, we were already proving out what I said on the last earnings call, which was trying to bring together the municipal with the private, so the public and the private partnership to solve this real healthcare need which allows for DocGo to have more downside margin protection. That was the barrier that I mentioned where I said, obviously, everybody wants us to scale rapidly with this. It's been a -- I think a quite a success.

值得注意的是目前——我們與 Dollar General 合作的試點是 Dollar General 的試點，但它也得到了田納西州的資助。因此，我們已經證明了我在上次財報電話會議上所說的話，即試圖將市政部門與私營部門、公眾和私營部門聯合起來解決這一真正的醫療保健需求，這使得 DocGo 有更多的缺點保證金保護。這就是我提到的障礙，很明顯，每個人都希望我們能藉此迅速擴大規模。這是一個 - 我認為非常成功。

But DocGo doesn't do fee-for-service. We don't take risk on fee-for-service medicine. So, we needed a model by which it allowed us to protect our downside margin. And so now that we have that with the Dollar General pilot, the main purpose right now, or the current phase of Dollar General is to prove out the relationship, determine can we scale this model by which we have a public-private partnership that has high demand and gives DocGo downside margin protection. That's where we're at right now.

但 DocGo 不提供按服務收費的服務。我們不會在按服務收費的藥物上冒險。因此，我們需要一個模型來保護我們的下行利潤。所以現在我們有了 Dollar General 試點，現在的主要目的，或者說 Dollar General 的當前階段是證明這種關係，確定我們能否擴展這個模型，通過它我們有一個公私合作夥伴關係高需求並為 DocGo 提供下行保證金保護。這就是我們現在所處的位置。

Very helpful. Thank you.

很有幫助。謝謝。

Jeb Terry, Aberdeen Investment Management.

Jeb Terry，安本投資管理公司。

Good afternoon, men.

下午好，伙計們。

Hello, Jeb.

你好，傑布。

Very, very, very exciting growth. I was very excited to see the activation with the State of Tennessee. Can you give us a little clarity on the -- your bullet regarding the 911 telemedicine program with the FDNY?

非常非常非常令人興奮的增長。我很高興看到田納西州的激活。你能給我們一些關於紐約消防局 911 遠程醫療計劃的要點嗎？

Yeah. The 911 program they have with FDNY telemedicine program to -- basically, it goes into the realm we call pre-hospital work. So pre-hospital work to try and lessen the amount of unnecessary visits that need to get transported to a hospital. So it was an RFP that was put out through all of New York City with a lot of people bidding on it.

是的。他們與 FDNY 遠程醫療計劃一起使用的 911 計劃——基本上，它進入了我們稱之為院前工作的領域。因此，院前工作要盡量減少需要送往醫院的不必要就診次數。因此，這是一份在整個紐約市發布的徵求建議書，有很多人競標。

And it's been -- it's something that will really help the community. So imagine that DocGo has the ability to respond partnership with FDNY with our mobile health providers under some of the supervision of a hospitals based telehealth system. And that kind of pairs together the municipality, the health system, and then DocGo as the private provider in order to try and reduce the amount of ER admissions.

它一直是——這將真正幫助社區。因此，想像一下 DocGo 有能力在基於醫院的遠程醫療系統的某些監督下與 FDNY 與我們的移動醫療提供商建立合作夥伴關係。這種方式將市政當局、衛生系統和 DocGo 作為私人提供者配對在一起，以嘗試減少急診室的入院量。

And what kind of --

什麼樣的——

And just to give you an idea, sorry (multiple speakers)

只是給你一個想法，抱歉（多人發言）

It is, yeah, it's across the entire city. Give you an idea of size -- and don't quote me because I'm not an expert on these stats, but FDNY does millions of transports a year.

是的，它遍布整個城市。給你一個大小的概念——不要引用我的話，因為我不是這些統計數據的專家，但 FDNY 每年進行數百萬次運輸。

Okay. Well, that's the --

好的。嗯，那就是——

Yes. The goal is really, can we help triage and address these calls that are coming in to make sure that it is indeed an emergency, and someone does indeed need to go to the ED. And if they don't, then helping provide services for them outside of the ED.

是的。真正的目標是，我們能否幫助對這些打進來的電話進行分類和處理，以確保確實是緊急情況，並且確實有人需要去急診室。如果他們不這樣做，則在 ED 之外幫助為他們提供服務。

Got it. So, this could be a material bump to the transportation business at least, in addition to the telemedicine services that you have actual people on the calls?

知道了。那麼，除了您有實際人員接聽電話的遠程醫療服務之外，這至少對運輸業務可能是一個重大衝擊？

I don't know on the transportation side because if they do need to get transported, FDNY will be the one who will likely transport them. This is really a mobile health opportunity, but a considerable one.

我不知道運輸方面，因為如果他們確實需要運輸，紐約消防局很可能會運送他們。這確實是一個移動醫療機會，而且是一個相當大的機會。

Okay. I understand. And so perhaps question for Lee, given all the RFPs and the growth in those RSPs, and you had a considerable number going into that. I guess there would be quite a few that are reaching some degree of culmination. Is it -- should it be expected that there may be kind of a bulge if you will, and awards or at least some outcome here in the next number of weeks, I guess as we go through the end of this quarter?

好的。我明白。考慮到所有 RFP 和這些 RSP 的增長，Lee 可能會提出問題，而且您有相當多的人參與其中。我想會有不少達到某種程度的高潮。是嗎 - 如果你願意的話，是否應該預期在接下來的幾週內會出現某種膨脹，並且獎勵或至少有一些結果，我想當我們經曆本季度末時？

Yes. The team is certainly looking forward to hearing back. I can tell you that on a lot of these opportunities absolutely. And we have heard back on a number of them. The way the process works is usually we will get provided with what's called an intent to award. This is when the process culminates in them reaching out to us and notifying us, whether or not we are intended to award and then we will enter into the contracting phase.

是的。該團隊當然期待收到回音。我可以絕對地告訴你很多這樣的機會。我們已經收到了其中一些的回复。這個過程的運作方式通常是我們會得到所謂的授予意向。這是他們與我們聯繫並通知我們的過程達到高潮的時候，無論我們是否打算授予合同，然後我們將進入合同階段。

So in cases we have heard back on intents to award, for strategic purposes, we don't announce every single contract we win. For competitive reasons, we don't announce every contract we win. That being said, we have been notified on some of them and we look forward to hearing back on others. And once they culminate in that contract being finalized, not just an intent award, but a contract in place, you'll probably be hearing more and more about those.

因此，如果我們收到有關授予意向的反饋，出於戰略目的，我們不會宣布我們贏得的每一份合同。出於競爭原因，我們不會公佈我們贏得的每一份合同。話雖這麼說，我們已經收到了其中一些的通知，我們期待聽到其他人的回复。一旦他們最終敲定了合同，不僅是意向性授予，而且是合同到位，您可能會聽到越來越多關於這些的信息。

And just so that you have some (inaudible) Jeb, we did win a large population health contract, the telehealth contract you mentioned, large employee health contract on the West Coast, as well as numerous significant federal government contracts among many others. So, we have heard back, we just -- there's cases when we feel we can announce it without hurting either the contract itself or kind of strategic IP.

只是為了讓你有一些（聽不清）Jeb，我們確實贏得了一份大型人口健康合同，你提到的遠程醫療合同，西海岸的大型員工健康合同，以及許多重要的聯邦政府合同等等。所以，我們收到了回复，我們只是 - 在某些情況下，我們覺得我們可以在不損害合同本身或某種戰略知識產權的情況下宣布它。

Sure.

當然。

But there have been a fair number we've heard back on. And our win rate has remained fairly consistent.

但我們已經聽到了相當多的反饋。我們的勝率一直保持相當穩定。

So, and therefore in addition to the 50,000 RPM, CCM patients that you feel like you'd be serving by the end of this year relative to Fresenius and the cardiac side, you could -- these rewards would be additive to all that. So, sounds like 2024 could be significant step function kind of growth from where we are today.

因此，因此，除了 50,000 RPM，CCM 患者，你覺得你會在今年年底之前為 Fresenius 和心臟方面服務，你可以 - 這些獎勵將增加所有這些。因此，聽起來像 2024 年可能是我們今天所處位置的重要階梯式增長。

Yes, the ones that I just mentioned and the ones that we've been awarded are not in any guidance.

是的，我剛才提到的那些和我們已經獲得的那些不在任何指導中。

I understand. Perfect. Thank you very much, men.

我明白。完美的。非常感謝你們，伙計們。

Thanks, Jeb.

謝謝，傑布。

Thanks, Jeb.

謝謝，傑布。

Thanks, Jeb.

謝謝，傑布。

Thank you. We've come to the end of the Q&A session. This does conclude today's teleconference. You may disconnect your lines at this time. And thank you for your participation.

謝謝。問答環節已經結束。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。