DocGo Inc (DCGO) 2023 Q2 法說會逐字稿

Good afternoon and welcome to the DocGo second quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Cole, Head of Investor Relations. Thank you. Please go ahead, sir.

下午好，歡迎參加 DocGo 2023 年第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係主管邁克·科爾 (Mike Cole)。謝謝。請繼續，先生。

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements.

謝謝你，接線員。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。

All statements made in this conference call other than statements of historical fact are forward-looking statements. The words anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions may be used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, results, or outcomes 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.

除歷史事實陳述外，本次電話會議中所做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可用於識別此類前瞻性陳述。這些前瞻性陳述不是對未來業績、業績或成果的保證，可能涉及並受到某些風險和不確定性以及可能影響 DocGo 業務、財務狀況和其他經營業績的其他因素的影響。

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.

其中包括但不限於 DocGo 表格 10-K 年度報告、表格 10-Q 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，您應注意。實際結果和結果可能與這些前瞻性陳述所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 release, which is posted on our website, docgo.com, as well as filed with the Securities and Exchange Commission.

此外，今天的電話會議還提到了非公認會計準則財務指標。這些非GAAP 財務指標與最直接可比的GAAP 財務指標的調節表直接作為本次電話會議的一部分提供，或包含在我們的收益發布中，該發布發佈在我們的網站docgo.com 上，並向證券和證券交易委員會備案。外匯委員會。

The information contained on 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 whether as a result of new information, future events, or otherwise, unless required by law. At this time, it is now my pleasure to turn the call over to Mr. Anthony Capone, CEO of DocGo. Anthony, please go ahead.

本次電話會議中包含的信息僅截至討論日期準確。投資者不應假設這些聲明在以後仍然具有相關性和可操作性。除非法律要求，否則我們沒有義務更新本次電話會議中討論的任何信息，無論是由於新信息、未來事件還是其他原因。此時此刻，我很高興將電話轉給 DocGo 首席執行官安東尼·卡彭先生。安東尼，請繼續。

Thank you, Mike. And thank you all for joining us today. We had an excellent second quarter, and momentum has accelerated substantially, setting us up for strong growth ahead. Not only did we set a record high for quarterly revenues, but even more importantly, we delivered increasingly positive patient outcomes to individuals with the greatest need.

謝謝你，邁克。感謝大家今天加入我們。我們的第二季度表現出色，勢頭大幅加速，為我們未來的強勁增長奠定了基礎。我們不僅創下了季度收入的新高，更重要的是，我們為最有需要的個人提供了越來越積極的患者治療結果。

As a result of strong demand across the Board, we are raising our full year 2023 revenue guidance from $500 million-$510 million to $540 million-$550 million and increasing our adjusted EBITDA guidance from $45 million-$50 million to $48 million-$53 million.

由於董事會的強勁需求，我們將2023 年全年收入指導從5 億至5.1 億美元上調至5.4 億至5.5 億美元，並將調整後EBITDA 指導從4500 萬至5000 萬美元上調至4800 萬至5300 萬美元。

The rapid acceleration of revenue growth is driven by multiple factors, including the continued rollout of our Medical Transportation contract with Health and Hospitals and the new Mobile Health contracts with the Housing and Preservation departments to provide primary care, urgent care, behavioral health, social work, and other supporting services to migrant populations in New York.

收入快速增長是由多種因素推動的，包括我們與衛生和醫院簽訂的醫療運輸合同的持續推出，以及與住房和保護部門簽訂的新移動醫療合同，以提供初級護理、緊急護理、行為健康、社會工作，以及為紐約移民人口提供的其他支持服務。

In addition, we were just recently awarded Mobile Health contracts for flu vaccination programs in South Carolina, and a municipal Employer Health deal in Orange County. And while the associated revenues are minimal over the immediate term, they have the ability to grow substantially.

此外，我們最近剛剛獲得了南卡羅來納州流感疫苗接種計劃的移動醫療合同，以及奧蘭治縣的市政雇主健康協議。雖然短期內相關收入微乎其微，但它們有能力大幅增長。

These are the types of programs that we expect to help us establish a greater Mobile Health presence in relatively new geographies, which we aim to build upon over time. The increase in guidance is prudent and reflects a combination of new contract wins and current run rate of existing contracts, not necessarily the full potential as they scale.

我們希望這些類型的計劃能夠幫助我們在相對較新的地區建立更大的移動醫療業務，我們的目標是隨著時間的推移不斷發展。指導意見的增加是謹慎的，反映了新合同的贏得和現有合同當前的運行率的結合，不一定是它們規模擴大時的全部潛力。

All indications point to a substantial acceleration over the immediate term. And as we gain additional visibility, we will update guidance, if applicable, over the balance of the year. At its current growth rate, we anticipate that it is possible for us to achieve the maximum value of the contract, less than estimated $120 million that is associated with subcontracting services, which will not flow through our financials.

所有跡像都表明短期內將大幅加速。隨著我們獲得更多的知名度，我們將在今年餘下時間更新指導（如果適用）。按照目前的增長率，我們預計我們有可能實現合同的最大價值，低於與分包服務相關的估計 1.2 億美元，這不會流經我們的財務。

It's important to highlight that no other company we've ever encountered has the workforce, technology, and experience to rapidly deploy Mobile Health programs at this scale in response to an unprecedented emergent crisis. Not to mention, the balance sheet to support the accelerated launch of such programs.

需要強調的是，我們遇到過的任何其他公司都沒有足夠的勞動力、技術和經驗來快速部署如此規模的移動醫療計劃，以應對前所未有的緊急危機。更不用說，資產負債表支持此類計劃的加速啟動。

Both our customer and employee satisfaction are at all-time highs. On a scale from negative-100 to 100, our on-demand customer NPS for Q2 was an 89. Additionally, over the trailing 12 months, our employee retention has improved by over 100%. This doubling of retention is further reinforced by more than 240 promotions we have made just this year helping to support clinicians who operate today as individual providers to grow into meaningful management careers. With an industry-leading Glassdoor score of 4.2 and indeed score of 4.3, it's clear that our employees love working at DocGo.

我們的客戶和員工滿意度都處於歷史最高水平。從負 100 到 100 的範圍內，我們第二季度的按需客戶 NPS 為 89。此外，在過去 12 個月中，我們的員工保留率提高了 100% 以上。今年我們剛剛進行了 240 多次晉升，幫助支持目前作為個人提供者運營的臨床醫生成長為有意義的管理職業，這進一步強化了保留率的翻倍。 Glassdoor 得分為業界領先的 4.2，實際得分為 4.3，很明顯，我們的員工喜歡在 DocGo 工作。

At this time, I'm going to hand the call over to Lee Bienstock, our President and COO, to provide some operational details. Lee, please go ahead.

這次，我將把電話轉交給我們的總裁兼首席運營官 Lee Bienstock，以提供一些運營細節。李，請繼續。

Thank you, Anthony.

謝謝你，安東尼。

Before I jump into those operational details, I am very pleased to report that we reached a significant milestone during the second quarter. We have surpassed the 300,000 patient interaction through our Street Health Outreach and Wellness program in partnership with New York Health and Hospitals. This is one of our flagship programs that brings healthcare and mental health services to the unsheltered homeless population, and we are extremely proud of this accomplishment.

在開始討論這些運營細節之前，我很高興地向大家報告，我們在第二季度實現了一個重要的里程碑。通過與紐約健康和​​醫院合作的街頭健康外展和健康計劃，我們的患者互動次數已超過 300,000 次。這是我們的旗艦計劃之一，為無家可歸的無家可歸者提供醫療保健和心理健康服務，我們對此成就感到非常自豪。

The $432 million Mobile Health contract with HPD that Anthony referred to earlier, had a relatively small impact in the second quarter. But we believe it has tremendous potential over the remainder of the year and well beyond. This is a contract that was issued to DocGo under an emergency authorization after DocGo had already successfully worked with the city across numerous contracts spanning multiple years, building our track record and the city's trust.

安東尼之前提到的與 HPD 簽訂的價值 4.32 億美元的移動健康合同對第二季度的影響相對較小。但我們相信它在今年剩餘時間甚至更遠的時間裡具有巨大的潛力。這是在 DocGo 與該市成功合作多年的眾多合同之後，在緊急授權下向 DocGo 簽發的合同，建立了我們的業績記錄和該市的信任。

Due to DocGo's innovative clinical delivery model, our technology and highly sophisticated operational models, we are able to provide these services both cost efficiently and with high quality.

由於 DocGo 的創新臨床交付模式、我們的技術和高度複雜的運營模式，我們能夠提供成本效益高且高質量的服務。

During the quarter, we made substantial progress in further evolving our business model and launching care gap closure programs with four new major payers. Before I dive into those details, I think it's important to understand the evolution of our approach in the payer space. Initially, these relationships often started quite simply as an in-network provider of basic health care services, which were vulnerable to swings in demand. We viewed this as a way to help prove DocGo's clinical ability to our payer partners, and these relationships are now evolving into specific care gap closure programs that aim to provide preventative care and treat at risk and chronically ill patients.

本季度，我們在進一步發展業務模式以及與四個新的主要付款人啟動護理差距彌合計劃方面取得了實質性進展。在深入研究這些細節之前，我認為了解我們在付款人領域的方法的演變非常重要。最初，這些關係往往非常簡單地作為基本醫療保健服務的網絡內提供者開始，而這些服務很容易受到需求波動的影響。我們認為這是幫助向我們的付款合作夥伴證明 DocGo 臨床能力的一種方式，這些關係現在正在演變成特定的護理差距彌合計劃，旨在提供預防性護理並治療高危患者和慢性病患者。

These new agreements come with a predetermined pay rate per visit and guaranteed minimums, where DocGo is assigned a list of at-risk and chronically ill patients for our national operations center in Tuscaloosa, Alabama to contact and schedule specific medical services. Simply put, patients are now assigned to us rather than DocGo waiting for the patients to contact us.

這些新協議規定了每次就診的預定付費率和最低保證，其中DocGo 被分配了一份高危患者和慢性病患者名單，供我們位於阿拉巴馬州塔斯卡盧薩的國家運營中心聯繫和安排特定的醫療服務。簡而言之，患者現在被分配給我們，而不是 DocGo 等待患者聯繫我們。

These services include bone density tests, diabetic retinal exams and mobile EKGs, just to name a few. And collectively, we expect these four payers to assign us 73,000 patients needing care gap closure and primary care services. We believe preventative care save lives, improves program quality measures, and helps keep patients out of the hospital. This is an area that we are extremely excited about, and we expect to report further traction with these high-profile partners in the near future.

這些服務包括骨密度測試、糖尿病視網膜檢查和移動心電圖等。總的來說，我們預計這四個付款人將為我們分配 73,000 名需要彌合護理差距和初級護理服務的患者。我們相信預防性護理可以挽救生命，提高項目質量措施，並幫助患者遠離醫院。這是一個我們非常興奮的領域，我們希望在不久的將來報告這些備受矚目的合作夥伴的進一步關注。

One reason we are seeing such strong demand in our Mobile Health segment is the highly compelling results coming out of our early partnerships. On our post discharge program with LA Care, we saw that over 50% of patients had incorrect or missing discharge medications and orders, which is similar to the national average. The average wait time for these patients to get follow-up visits with their PCPs and specialists takes three weeks, whereas we deploy to address these issues much quicker and proactively.

我們看到移動醫療領域需求如此強勁的原因之一是我們早期合作夥伴關係取得了非常引人注目的成果。在我們與 LA Care 合作的出院後計劃中，我們發現超過 50% 的患者出院藥物和醫囑不正確或缺失，這與全國平均水平相似。這些患者獲得 PCP 和專家隨訪的平均等待時間需要三週，而我們部署更快、更主動地解決這些問題。

In another example, in the last 60 days, we've completed over 200 diabetic screenings, which include diabetic eye exams, blood glucose, and blood pressure control screenings with a large Medicaid plan through a program we just launched. Over 20% of these patients had A1C levels over nine when we saw them, indicating poor control of diabetes and a risk factor for complications, including potential renal failure, blindness, and neurologic damage. We were able to help these patients in collaboration with their PCPs or provide additional treatment or medication changes. This data, an impact we are seeing is reinforcing our belief that DocGo is uniquely positioned to drive improved patient outcomes while reducing cost to payers.

另一個例子是，在過去 60 天裡，我們通過我們剛剛啟動的一項計劃，完成了 200 多次糖尿病篩查，其中包括糖尿病眼科檢查、血糖和血壓控制篩查以及大型醫療補助計劃。當我們看到這些患者時，超過 20% 的 A1C 水平超過 9，這表明糖尿病控制不佳，並且是並發症的危險因素，包括潛在的腎衰竭、失明和神經損傷。我們能夠與這些患者的 PCP 合作幫助他們或提供額外的治療或藥物改變。我們看到的這些數據的影響增強了我們的信念，即 DocGo 具有獨特的優勢，可以推動改善患者治療結果，同時降低付款人的成本。

We have also experienced exciting growth in our virtual care management program and currently partner with eight customer clinics to provide care for all phases of virtual care management, including remote physiologic monitoring, and principal care management. And within the last six weeks, we have experienced a 300% increase in the number of patients monitored.

我們的虛擬護理管理計劃也取得了令人興奮的增長，目前與八家客戶診所合作，為虛擬護理管理的所有階段提供護理，包括遠程生理監測和主要護理管理。在過去六週內，我們監測的患者數量增加了 300%。

We've now entered the contracting phase with six large nephrology practices which were introduced through our strategic partnership with Fresenius Medical Care. These practices represent hundreds of nephrologists that monitor tens of thousands of patients. And over the second quarter, we boasted a greater than 90% patient compliance with our established clinics, far above the industry average.

我們現在已經進入了六家大型腎髒病診所的簽約階段，這些診所是通過我們與 Fresenius Medical Care 的戰略合作夥伴關係引入的。這些實踐代表了數百名腎臟科醫生，他們監測著數万名患者。第二季度，我們現有診所的患者依從性超過 90%，遠高於行業平均水平。

On the Medical Transportation side, I'm also pleased to report that in June, each of our geographic regions were both profitable and growing. We have taken great strides to eliminate unprofitable Medical Transportation business lines, and we intend to continue our efforts to transition the majority of this business to our innovative leased hour model by the end of the year. Not only were we able to significantly enhance profitability in this segment, we were able to do so while increasing revenues 105% compared to the prior year period.

在醫療運輸方面，我還很高興地報告，六月份，我們的每個地理區域都實現了盈利且不斷增長。我們已經在消除不盈利的醫療運輸業務方面取得了長足的進步，我們打算繼續努力，在今年年底前將大部分業務轉變為我們創新的租賃小時模式。我們不僅能夠顯著提高該細分市場的盈利能力，而且收入比上年同期增長 105%。

Medical transportation remains in strong demand, and we believe that presents us with an excellent opportunity to prove ourselves with health care system and then potentially expand these relationships with our Mobile Health offerings.

醫療運輸的需求仍然強勁，我們相信這為我們提供了一個絕佳的機會，可以通過醫療保健系統證明自己，然後有可能通過我們的移動醫療產品擴大這些關係。

Our backlog currently stands at $325 million over approximately three years, up from $205 million on May 8 of this year when we gave our last report. Both the increase in backlog and guidance are being driven entirely by growth in our Mobile Health segment.

目前，我們的積壓訂單在大約三年內達到了 3.25 億美元，高於今年 5 月 8 日我們發布上一份報告時的 2.05 億美元。積壓訂單和指導的增加完全是由我們的移動醫療部門的增長推動的。

Before I hand it over to Norm, I want to take a minute and reiterate the fact that we have a large volume of new contracts and partnerships that are just recently signed or about to launch, and we are investing for tremendous opportunity ahead. We believe we have strategically positioned DocGo to leverage cash flows from our core municipal contract to fund this growth internally, and we are seeing that strategic plan come together beautifully.

在將其交給 Norm 之前，我想花一點時間重申一下這樣一個事實：我們最近剛剛簽署或即將啟動大量新合同和合作夥伴關係，並且我們正在為未來的巨大機遇進行投資。我們相信，我們已經對 DocGo 進行了戰略定位，以利用我們核心市政合同的現金流為內部增長提供資金，並且我們看到該戰略計劃完美地結合在一起。

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

我現在將把它交給我們的首席財務官諾姆·羅森伯格 (Norm Rosenberg) 來審查財務狀況。規範？

Thank you, Lee, and good afternoon, everyone. Total revenue for the second quarter of 2023 amounted to $125.5 million, the highest quarterly revenue total in DocGo's history, representing an 11% increase from the first quarter and a 15% increase from the second quarter of 2022. Last year's second quarter included an estimated $28 million in mass COVID testing revenues. By contrast, mass COVID testing revenues represented a relatively insignificant portion of total revenues in 2023's second quarter, removing these testing revenues from both periods and recurring revenues increase by more than 50% compared to the prior year period.

謝謝李老師，大家下午好。 2023 年第二季度總收入達 1.255 億美元，是 DocGo 歷史上最高的季度收入總額，較第一季度增長 11%，較 2022 年第二季度增長 15%。大規模新冠病毒檢測收入達2800 萬美元。相比之下，大規模新冠病毒檢測收入在2023 年第二季度的總收入中所佔比例相對較小，從這兩個時期剔除這些檢測收入，經常性收入與上年同期相比增長了50 % 以上。

Mobile health revenue for the second quarter of 2023 amounted to $80.1 million, up nearly 10% from the first quarter and 8% lower than last year's second quarter. However, once again, looking at recurring Mobile Health revenues by removing mass COVID testing revenues of less than $1 million for the second quarter of 2023 and $28 million for the second quarter of 2022, and Mobile Health revenues increased by 33% compared to the prior year period.

2023年第二季度移動健康收入達8010萬美元，較第一季度增長近10%，較去年第二季度下降8%。然而，再次審視經常性移動醫療收入，剔除2023 年第二季度不到100 萬美元的大規模新冠檢測收入和2022 年第二季度不到2800 萬美元的大規模新冠檢測收入，移動醫療收入較上一季度增長了33%年期間。

Medical Transportation revenue increased significantly to $45.4 million in Q2 of 2023, up 13% from the first quarter and more than double the transport revenues we recorded in the second quarter of 2022. Nearly every core transportation market witnessed both year-over-year and sequential revenue growth, continuing the momentum from the second half of last year.

2023 年第二季度，醫療運輸收入大幅增長至 4540 萬美元，比第一季度增長 13%，是 2022 年第二季度運輸收入的兩倍多。幾乎每個核心運輸市場都出現了同比和環比增長收入增長，延續了去年下半年的勢頭。

In the second quarter, Mobile Health revenues accounted for about 64% of total revenues and transport for the remaining 36%. Based upon the first five weeks of the third quarter, it appears that Mobile Health could account for over 70% of revenues in the third and fourth quarters of this year. We reported net income of about $1.3 million in Q2 2023 compared with a net loss of $3.9 million in the first quarter and net income of $11.8 million in the second quarter of 2022. Last year's second quarter included approximately $4.4 million in nonrecurring income relating to the remeasurement of warrant liabilities and finance lease obligations.

第二季度，移動醫療收入約佔總收入的 64%，運輸收入佔剩餘的 36%。根據第三季度前五週的數據，移動健康似乎可能佔今年第三和第四季度收入的 70% 以上。我們報告 2023 年第二季度的淨利潤約為 130 萬美元，而第一季度的淨虧損為 390 萬美元，2022 年第二季度的淨利潤為 1180 萬美元。去年第二季度包括與重新計量認股權證負債和融資租賃義務。

Adjusted EBITDA for the second quarter of 2023 amounted to $9.1 million as compared to adjusted EBITDA of $5.6 million in the first quarter and $12.3 million in last year's second quarter. Total gross margin during the second quarter of 2023 was 33.4%, up more than 500 basis points from the 28.1% gross margin we recorded in Q1 of this year and as compared to 35.9% in the second quarter of 2022.

2023 年第二季度調整後 EBITDA 為 910 萬美元，而第一季度調整後 EBITDA 為 560 萬美元，去年第二季度調整後 EBITDA 為 1230 萬美元。 2023 年第二季度的總毛利率為 33.4%，比今年第一季度的 28.1% 毛利率和 2022 年第二季度的 35.9% 增長了 500 個基點以上。

During the second quarter of 2023, gross margins from the Mobile Health segment were 34.9%, significantly better than the 27.7% gross margin that Mobile Health recorded in the first quarter of this year, and compared to 39.9% for the second quarter of 2022.

2023年第二季度，移動健康部門的毛利率為34.9%，顯著高於今年第一季度移動健康毛利率27.7%，而2022年第二季度毛利率為39.9%。

In the Transportation segment, gross margins continued to expand increasing to 30.7% in Q2 2023, up from 28.9% in the first quarter and from 20.2% in Q2 of 2022. As expected, gross margins were sequentially higher in the second quarter than in the first quarter, as we witnessed an easing of some of the margin headwinds we encountered in the early part of this year, particularly in relation to the startup costs on some Mobile Health projects.

在交通運輸領域，毛利率繼續擴大，從第一季度的28.9% 和2022 年第二季度的20.2% 增至2023 年第二季度的30.7%。正如預期的那樣，第二季度的毛利率連續高於去年同期第一季度，我們看到今年年初遇到的一些利潤阻力有所緩解，特別是與一些移動醫療項目的啟動成本有關。

However, we did experience some project startup costs during Q2 as well in both the Mobile Health and the transportation segments. While we anticipate that gross margins will continue to improve sequentially as we moved into the third and fourth quarter of this year, overall margins could be impacted by the timing and size of newly launched and ramped up projects.

然而，我們在第二季度確實在移動醫療和交通領域經歷了一些項目啟動成本。雖然我們預計，隨著今年第三和第四季度的到來，毛利率將繼續改善，但總體利潤率可能會受到新啟動和擴建項目的時間和規模的影響。

Now looking at operating costs. Operating expenses as a percentage of total revenues amounted to 32.1% in the second quarter of 2023 compared with 34.2% in the first quarter and 29.1% in the second quarter of 2022. One of the drivers of our operating expenses was an increase in stock-based compensation expense, the large majority of which was options, as opposed to restricted stock units as we seek to refine our compensation structure in ways that create greater alignment between the interests of shareholders and employees at all levels of the company.

現在看看運營成本。 2023 年第二季度運營費用佔總收入的百分比為 32.1%，而第一季度為 34.2%，2022 年第二季度為 29.1%。我們運營費用的驅動因素之一是庫存增加 -基於薪酬的支出，其中大部分是期權，而不是限制性股票單位，因為我們尋求以在公司各級股東和員工的利益之間建立更好的一致性的方式完善我們的薪酬結構。

Looking at the year-over-year comparison without depreciation and stock comp expenses and operating expenses as a percentage of total revenues amounted to 26.3% in the second quarter of 2023, up slightly from 25.4% in the second quarter of 2022. As we expect to see revenues increase in the second half of 2023 when compared to the first half of 2023, we expect to see operating expenses decline as a percentage of total revenues, leading to operating margin expansion in the second half of the year.

從同比比較來看，不考慮折舊和股票補償費用以及運營費用佔總收入的百分比，2023 年第二季度為 26.3%，略高於 2022 年第二季度的 25.4%。正如我們預期的那樣與2023年上半年相比，2023 年下半年的收入將有所增加，我們預計運營費用佔總收入的百分比將下降，從而導致下半年的運營利潤率擴大。

In addition to these scale related benefits, we are making progress across many of our business lines with our margin enhancement projects as we have detailed over the past couple of quarters.

除了這些與規模相關的效益之外，正如我們在過去幾個季度詳細介紹的那樣，我們還在許多業務領域通過利潤提高項目取得了進展。

Now turning to the balance sheet. As of June 30, 2023, our total cash and cash equivalents, including restricted cash, was $123.8 million as compared to $127.5 million as of the end of Q1. While our margins are improving, as I described earlier, we continue to experience working capital requirements as we build out our business with larger, more creditworthy municipal customers such as New York City, which has received a credit rating upgrade in 2023. These customers have longer payment terms and a longer payment cycle in the initial stages of a project.

現在轉向資產負債表。截至 2023 年 6 月 30 日，我們的現金和現金等價物總額（包括限制性現金）為 1.238 億美元，而截至第一季度末為 1.275 億美元。正如我之前所述，雖然我們的利潤率正在提高，但隨著我們與規模更大、信譽更好的市政客戶（例如紐約市）拓展業務，我們將繼續遇到營運資金需求，紐約市已於2023 年獲得了信用評級升級。項目初始階段的付款期限和付款週期較長。

We expect to use our balance sheet to invest in the growth of our business. When investing in these growth initiatives, we aim to balance our desire to generate financial returns with our need to provide societal returns by positively impacting the lives of as many people as possible. Despite these working capital demands, which are likely to persist as we stay in rapid growth mode, we had the biggest collections month in our history in June, which allowed us to keep our overall cash balance at quarter end very close to the levels at the end of Q1.

我們希望利用我們的資產負債表來投資於我們的業務增長。在投資這些增長計劃時，我們的目標是在產生財務回報的願望與通過積極影響盡可能多的人的生活來提供社會回報的需求之間取得平衡。儘管隨著我們保持快速增長模式，這些營運資金需求可能會持續存在，但我們在6 月份經歷了歷史上最大的收款月，這使我們能夠將季度末的整體現金餘額保持在非常接近上年水平的水平。第一季度末。

This also resulted in a 10% decline in accounts receivable when compared to the levels at the end of Q1, coupled with sequentially higher revenues in Q2, we saw a nearly 20-day drop in our days sales outstanding or DSO back to the levels to which we had grown accustomed.

與第一季度末的水平相比，這還導致應收賬款下降了 10%，再加上第二季度的收入連續增加，我們的應收賬款天數或 DSO 下降了近 20 天，回到了我們已經習慣了。

Looking a bit deeper at our accounts receivable portfolio at June 30, more than 50% of our total accounts receivable portfolio were current, defined as being less than 30 days old. That compares to only about 30% that was below 30 days as of the end of the first quarter. Our accounts receivable portfolio is growing more healthy every quarter.

更深入地審視我們截至 6 月 30 日的應收賬款投資組合，我們應收賬款投資組合總額的 50% 以上是流動的，定義為期限不超過 30 天。相比之下，截至第一季度末，只有約 30% 的時間低於 30 天。我們的應收賬款組合每個季度都在更加健康地增長。

Now, turning to our outlook for the second half of 2023, we anticipate continued strong demand from our customers for both Mobile Health and Transportation Services segments. We are very encouraged by our performance so far in Q3 as we have carried over the revenue momentum from the latter stages of Q2 into July, which was by a wide margin, our highest revenue month to date, as Anthony mentioned, given the current strong revenue momentum, coupled with enhanced visibility to the end of the year, we are raising our revenue guidance for the full year to a range of $540 million to $550 million compared with our most recent revenue guidance in the $500 million to $510 million range.

現在，展望 2023 年下半年，我們預計客戶對移動醫療和運輸服務領域的需求將持續強勁。我們對第三季度迄今為止的表現感到非常鼓舞，因為我們已經將第二季度後期的收入勢頭延續到了7 月，正如安東尼提到的，考慮到當前的強勁表現，這是我們迄今為止最高的收入月。收入勢頭，加上年底可見性的增強，我們將全年收入指導提高至 5.4 億美元至 5.5 億美元，而最近的收入指導為 5 億至 5.1 億美元。

The raised revenue guidance range would represent year-over-year top line growth of about 23% to 25% compared to 2022 full year numbers on an as-reported basis. However, when removing the $75 million of mass COVID testing from our 2022 revenue baseline and considering that we're not expecting any material mass COVID testing revenues in 2023, we expect to be looking at topline growth year over year of approximately 50%.

上調的收入指導範圍將意味著與報告的 2022 年全年數字相比，收入同比增長約 23% 至 25%。然而，當從我們2022 年的收入基準中剔除7500 萬美元的大規模新冠病毒檢測後，並考慮到我們預計2023 年不會有任何實質性的大規模新冠病毒檢測收入，我們預計營收將同比增長約50%。

We're also raising our guidance for adjusted EBITDA into a range of $48 million to $53 million, up from our original guidance range of $45 million to $50 million. And we still expect to exit 2023 at a gross margin of approximately 37% as our margins are expected to improve sequentially over the end of the year.

我們還將調整後 EBITDA 的指導範圍從最初的 4500 萬美元到 5000 萬美元提高到 4800 萬美元到 5300 萬美元。我們仍預計 2023 年毛利率約為 37%，因為我們的利潤率預計將在年底連續改善。

The revenue and EBITDA guidance implies expanding EBITDA margins in the second half of the year compared to the first half. There are two elements to this forecast. Firstly, as we've been saying for a couple of quarters now and as we witnessed in Q2, we expect sequentially higher gross margins as we continue to work on the factors that temporarily depressed gross margins in the first quarter of this year.

收入和 EBITDA 指引意味著下半年 EBITDA 利潤率將較上半年擴大。這一預測有兩個要素。首先，正如我們幾個季度以來所說的以及我們在第二季度所見證的那樣，隨著我們繼續努力解決今年第一季度暫時壓低毛利率的因素，我們預計毛利率將連續上升。

Secondly, we anticipate that the pace of growth in operating expenses will be well below the sequential revenue growth rate, particularly in the areas of compensation, both on a cash and stock-based compensation basis, leading to the expected margin expansion as greater top line scale is achieved.

其次，我們預計運營費用的增長速度將遠低於環比收入增長率，特別是在薪酬領域，無論是現金還是股票薪酬，隨著收入的增加，預計利潤率將擴大規模得以實現。

Now, I'd like to turn the call back over to Anthony.

現在，我想把電話轉回給安東尼。

Thank you, Norm.

謝謝你，諾姆。

Before we turn it over to Q&A, I very briefly wanted to mention the recent New York Times article that was critical of our partnership with New York City to provide health care and basic services to migrant populations in upstate New York.

在我們進行問答之前，我想簡單地提一下《紐約時報》最近發表的一篇文章，該文章批評了我們與紐約市的合作夥伴關係，為紐約州北部的移民人口提供醫療保健和基本服務。

Understand the core ethos of DocGo was to provide high-quality health care for those that needed the most. Oftentimes performing seemingly impossible tasks for our customers through rapid deployments in response to unprecedented events. In the early days of this migrant work, we were launching projects on extremely short timelines. All of this was to avoid families and children from sleeping on the streets without access to health care and basic necessities.

了解 DocGo 的核心精神是為最需要的人提供高質量的醫療保健。通常，通過快速部署來應對前所未有的事件，為我們的客戶執行看似不可能的任務。在這項移民工作的早期，我們在極短的時間內啟動了項目。所有這一切都是為了避免家庭和兒童露宿街頭，無法獲得醫療保健和基本必需品。

Every day, DocGo saves lives, treating and transporting thousands and thousands of patients. One of the many key facts left out of the New York Times article was the latest weekly polling of over 500 migrants in our care, which shows that more than 85% of them believe they're being supported, and their needs are being met.

DocGo 每天都在拯救生命，治療和運送成千上萬的患者。 《紐約時報》文章中遺漏的眾多關鍵事實之一是對我們照顧的500 多名移民進行的最新每周民意調查，結果顯示，超過85% 的人相信他們得到了支持，他們的需求得到了滿足。

And city officials are well aware of this program's success as exemplified last week when Mayor Adams reiterated his confidence in our partnership during a press conference where he praised our work, describing it as a Herculean effort to help the city with this humanitarian crisis. I am tremendously proud of the work we are doing with the city and our partners upstate, especially all the amazing hard work being performed by local CBOs whom we work with daily.

市政府官員非常清楚該計劃的成功，上周亞當斯市長在新聞發布會上重申了他對我們合作夥伴關係的信心，他讚揚了我們的工作，並將其描述為幫助該市應對這場人道主義危機的巨大努力。我對我們與這座城市和北部合作夥伴所做的工作感到非常自豪，特別是與我們每天合作的當地社區組織所做的所有令人驚嘆的艱苦工作。

We are all working hard to preserve these migrants' basic human dignity and help change their lives for the better. To the thousands of DocGo employees listening, over 2,000 of which are shareholders, the work you do matters. Every day, your efforts are helping some of the world's most vulnerable and helpless citizens find safety, support, and a better life. You should be proud of the work you do. I certainly am.

我們都在努力維護這些移民的基本人格尊嚴，幫助他們改善生活。對於數千名聆聽的 DocGo 員工（其中 2,000 多名股東）來說，您所做的工作很重要。每一天，您的努力都在幫助世界上一些最脆弱和最無助的公民找到安全、支持和更好的生活。你應該為你所做的工作感到自豪。我當然是。

I will hand it back over to the operator for questions.

我會將其交還給接線員以供提問。

Thank you, sir. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions)

謝謝你，先生。女士們、先生們，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，Canaccord Genuity。

Yes. Thanks for the questions. On the $325 million backlog, just to be clear, does that include any of the New York City asylum contract? Or is it just a partial part of that contract? Just to clarify that would be helpful.

是的。感謝您的提問。關於 3.25 億美元的積壓訂單，需要明確的是，這是否包括紐約市的庇護合同？或者它只是合同的一部分？只是澄清這一點會有幫助。

Yeah. Hey, Richard, this is Norm. Let me take a moment really to walk you through how we look at our backlog, the way the backlog typically works. So what we will do is we'll start with -- when we talk about starting with about $205 million from the last time, understand that a good amount of that $205 million came out of backlog and into actual revenue during the quarter. So the incremental increase is really more than from $205 million to $325 million. It does include a lot of that particular contract, but it includes probably a dozen different items that became backlog during the period.

是的。嘿，理查德，這是諾姆。讓我花點時間向您介紹一下我們如何看待積壓工作以及積壓工作通常的工作方式。因此，我們要做的是，當我們談論從上次的大約 2.05 億美元開始時，要了解這 2.05 億美元中的很大一部分來自積壓訂單，並在本季度轉化為實際收入。因此增量增量實際上不止從 2.05 億美元增至 3.25 億美元。它確實包括很多特定的合同，但它可能包括在此期間積壓的十幾個不同的項目。

Okay. That's helpful. And I was wondering on the care GAAP programs. Pleased to see that you're being, I guess, assigned lives there rather than having to go out and generate lead flow and whatnot. Can you talk a little bit about expected revenue contribution from those care GAAP programs either for 2023 or once you fully ramp?

好的。這很有幫助。我想知道護理 GAAP 計劃。我想，很高興看到你被分配在那裡生活，而不是必須出去產生潛在客戶流之類的東西。您能否談談這些護理 GAAP 計劃在 2023 年或全面啟動後的預期收入貢獻？

Richard, it's Anthony. So the reimbursement for those average is around $250 per care gap closure. What -- it's still to be seen, and we'll disclose significantly more details in our subsequent earnings call is, how many of the patients were -- become compliant with our program in closing these care gaps. That's really going to be the determining factor.

理查德，是安東尼。因此，每次填補護理缺口，這些人的平均報銷金額約為 250 美元。有多少患者遵守我們的計劃來縮小這些護理差距，還有待觀察，我們將在隨後的財報電話會議中披露更多細節。這確實將成為決定因素。

But we announced it's about 73,000 lives that are being assigned to us, about $250 as the average per individual care gap close. Some of them have multiple gaps that need to be closed, some multiple visits. The piece that we'll be proving out throughout this quarter is how many of them were able to actually close.

但我們宣布，隨著人均護理差距的縮小，大約有 73,000 條生命被分配給我們，大約 250 美元。其中一些有多個差距需要彌補，一些需要多次訪問。我們將在本季度證明的一點是，其中有多少能夠真正關閉。

And there's nothing material really in our guidance.

我們的指導中沒有任何實質性內容。

That's an important factor, that there's really no material amount in our increased guidance attributed to these care gap closure programs.

這是一個重要因素，我們增加的指導實際上並沒有歸因於這些護理差距彌合計劃。

Sarah James, Cantor Fitzgerald.

莎拉·詹姆斯，康托·菲茨杰拉德。

Thank you. I was hoping to get a little bit more color on the revenue guidance boost. I know you guys mentioned in the release here that it was a prudent look at run rate and new. But for your contracts that you recently signed, like the New York HPD or some of the others that are more fee-for-service, how should we think about what's assumed in your 2023 guidance as far as the ramp in this?

謝謝。我希望對收入指引的提升有更多的了解。我知道你們在此處的發布中提到，這是對運行率和新內容的謹慎審視。但對於您最近簽署的合同，例如紐約 HPD 或其他一些更多按服務付費的合同，我們應該如何考慮您的 2023 年指導中關於此增長的假設？

It's really what we're doing today, extrapolated out -- unless, of course, we have something which is guaranteed. And so we have a specific launch date in the future. So we do have contracts that have a scaling timeline where it says, okay, on this date, you will increase by this number of ambulances or increase by this number of mobile health units, in which case, that will then go into an increased revenue guidance.

這確實是我們今天所做的，推斷出來的——當然，除非我們有一些有保證的東西。所以我們未來有一個具體的發布日期。因此，我們確實有一些合同，其中規定了擴展時間表，其中規定，好吧，在這一天，您將增加救護車的數量或移動醫療單位的數量，在這種情況下，這將帶來收入的增加指導。

But it's either, a, for sure a launch date; or b, simply taking what we are doing today as of a couple of days ago and drawing that out to the end of the year. When we have a higher confidence but not certainty in future revenue, that's when we'll add that to the backlog versus increasing the guidance.

但要么是，a，肯定是發布日期；要么是，a，肯定是一個發布日期；或者b，簡單地把我們今天所做的事情和幾天前的事情拖到今年年底。當我們對未來收入有更高的信心但不確定時，我們會將其添加到待辦事項中，而不是增加指導。

Great. And then can you talk a little bit more about what the future could look like for the care gap closure program. So for these attributed lives, is there the potential to turn these into ones where you might have chronic care management on an ongoing basis or maybe one day look to underwrite the risk of any attributed primary care life. What does the future of that program look like?

偉大的。然後您能多談談護理差距彌合計劃的未來嗎？因此，對於這些歸因生命，是否有可能將其轉變為持續進行慢性護理管理的生命，或者也許有一天會尋求承保任何歸因初級保健生命的風險。該計劃的未來是什麼樣的？

Yeah. That's exactly right. So the contracts are written in such a way that majority of these individuals not only do they have -- or let me take a step back -- the reason why they're being assigned to us, DocGo specific niche is for individuals that have care gaps because they haven't seen their primary care provider in over a year. And so that means they're in need of care.

是的。完全正確。因此，合同的編寫方式是，大多數人不僅擁有——或者讓我退後一步——他們被分配給我們的原因，DocGo 的特定利基是針對有護理的個人差距是因為他們已經一年多沒有見過初級保健提供者了。這意味著他們需要照顧。

So when we go into the home, we provide that care, whether it's a diabetic retinal exam or diabetic foot exam or the annual A1C. We also then say, well, you're usually polychronic, and then we will offer if they're -- the medical necessity to have them monitored, RPM and then manage through CCM as well as potentially become their attributed PCP.

因此，當我們進入家中時，我們會提供護理，無論是糖尿病視網膜檢查、糖尿病足檢查還是年度糖化血紅蛋白檢查。然後我們還說，嗯，您通常是多病性的，然後我們會提供如果他們有醫療必要性，對他們進行監測、RPM，然後通過 CCM 進行管理，並有可能成為他們的指定 PCP。

And one should become their attributed to PCP, there is the possibility of potentially taking on increasing opportunities with that payer, as you normally would as a PCP. That's obviously something that we'll evaluate in the future. It's not something that we're doing right now. Our goal right now is to just simply close as many gaps as possible. And then to enlist patients that will have the greatest need into our monitoring and management services.

一個人應該成為 PCP 的一員，有可能與該付款人一起獲得更多的機會，就像您通常作為一名 PCP 所做的那樣。這顯然是我們將來會評估的事情。這不是我們現在正在做的事情。我們現在的目標是盡可能縮小差距。然後讓最需要的患者參與我們的監測和管理服務。

Ryan MacDonald, Needham & Co.

瑞安·麥克唐納，李約瑟公司

Hey, this is Matt Shea on for Ryan. Thanks for taking the question and congrats on a nice quarter here. Wanted to follow up on some of the commentary throughout the call, Anthony. It almost sounds like with some of these newer deals, they're different than deals of the past where you might start smaller and scale over time in a more regimented way with these dates that you would scale up.

嘿，這是瑞安的馬特·謝伊。感謝您提出問題，並祝賀您度過了一個愉快的季度。安東尼，我想跟進整個電話會議中的一些評論。聽起來，其中一些較新的交易與過去的交易不同，在過去的交易中，您可能會從小規模開始，並隨著時間的推移以更嚴格的方式擴大規模，並在這些日期上擴大規模。

And curious if that's a conscious decision that you guys have been making in your new contracts, meaning that you don't have to have such high upfront starting costs. In the event that it is, how is that changing some of your expectations on what kind of hits to the margin line, these new and larger deals could have? Could we see in the future where some of these deals are more gross margin neutral to start rather than negative from day one?

很好奇，這是否是你們在新合同中做出的有意識的決定，這意味著你們不必有如此高的前期啟動成本。如果是這樣，這會如何改變您對這些新的和規模更大的交易可能對利潤線造成何種影響的預期？我們能否在未來看到其中一些交易從一開始就毛利率更加中性，而不是從第一天開始就為負？

I don't think the actual contracts and their ramp schedule have changed substantially from the past to now. I think what has changed is, we're seeing the benefits of our rapid normalization initiative, which we put into place in Q1 and worked out through Q2, and now we're really getting to the end of Phase 1 of our rapid normalization initiative. We're really seeing the benefits of those, because those are long-standing contractual changes in the way that we work with subcontractors as well as things with our fleet, and I've iterated through all of those points before.

我認為實際的合同及其進度計劃從過去到現在沒有發生重大變化。我認為發生的變化是，我們看到了快速正常化計劃的好處，我們在第一季度實施了該計劃，並在第二季度完成了工作，現在我們真正進入了快速正常化計劃第一階段的結束。我們確實看到了這些好處，因為這些是我們與分包商以及我們機隊合作方式的長期合同變化，我之前已經反复討論過所有這些要點。

But when we look at some of the new projects that we launched in Q2, they already started to reap the benefits of that rapid normalization project, because those improvements, they span the entirety of the company. They weren't just onetime fixes. We didn't put some band-aids on some marginal issues. We fundamentally changed the way that we operate. So now we can launch at the same speed but without the same margin pressures.

但是，當我們查看第二季度推出的一些新項目時，他們已經開始從快速標準化項目中獲益，因為這些改進涵蓋了整個公司。它們不僅僅是一次性修復。我們沒有在一些邊緣問題上貼上創可貼。我們從根本上改變了我們的運營方式。因此，現在我們可以以相同的速度啟動，但沒有相同的利潤壓力。

That doesn't mean there's no start-up cost. We still have a Phase 2 of the rapid normalization initiative, which will begin on -- probably in later Q3, but we've mitigated them fairly significantly. When you look at the marginal improvement from Q1 to Q2, almost 500 basis points, the majority of that is attributed to the success of the rapid normalization project.

這並不意味著沒有啟動成本。我們仍然有快速正常化計劃的第二階段，該計劃可能會在第三季度晚些時候開始，但我們已經相當大地緩解了這些問題。當你看到從第一季度到第二季度的邊際改善時，幾乎有 500 個基點，其中大部分歸功於快速正常化項目的成功。

Got it. Makes sense. Just wanted to check on that. And then touching on another win that maybe didn't get covered as much, the Dara transport network. I would love to hear a little bit more about that, what it would take for you guys to see the supply and demand sides of that network. And then as it grows, what kind of either revenue or margin expectations you might have for that?

知道了。說得通。只是想檢查一下。然後談到另一個可能沒有被廣泛報導的勝利，即達拉運輸網絡。我很想听聽更多關於這個問題的信息，你們需要做什麼才能看到該網絡的供需雙方。然後隨著它的增長，您可能對此有什麼樣的收入或利潤預期？

Yeah, good question. So the Dara transport network, it's really something we launched with our existing customers. So we don't have plans right now to just turn that into a whole new separate product line, which is offered. What it does is it truly differentiates us when we go into health systems, because we have the ability to not only be a provider but we can work with their existing providers, which makes the cell significantly easier, and also gives them more reliance because they don't have to go DocGo all or nothing.

是的，好問題。因此，達拉運輸網絡實際上是我們與現有客戶一起推出的。因此，我們現在沒有計劃將其轉變為一個全新的獨立產品線。它的作用是，當我們進入衛生系統時，它真正使我們與眾不同，因為我們不僅有能力成為提供者，而且我們可以與他們現有的提供者合作，這使細胞變得更加容易，也給了他們更多的依賴，因為他們不必要么全都去DocGo，要么什麼都不去。

They say, okay, we're going to give DocGo 70% of the work, but we want to keep these other two vendors or three vendors. And we said, that's fine. We're not greedy. We'll work with them. They can come on, you'll have the same level of transparency, ease of ordering, long-term reporting, we can all hold each other accountable.

他們說，好吧，我們將把 70% 的工作交給 DocGo，但我們希望保留另外兩個或三個供應商。我們說，沒關係。我們並不貪心。我們將與他們合作。他們可以加油，您將擁有相同水平的透明度、易於訂購、長期報告，我們都可以互相問責。

And so when we go into a new customer, that's one of the flagships that we launched with. And then we go out as well if they say we'd like (technical difficulty) and we'll bring other providers on the platform. And we do so in a way that really tries to make it fully integrated with these other providers, systems so that we can -- there is -- the reality is that in the transportation section, there are significantly more demand than there is supply.

因此，當我們進入新客戶時，這就是我們推出的旗艦產品之一。然後，如果他們說我們願意（技術難度），我們也會出去，我們會將其他提供商引入該平台。我們這樣做的方式是真正嘗試使其與其他供應商、系統完全集成，這樣我們就可以——事實上——現實是，在運輸領域，需求明顯多於供應。

So there's no reason that we cannot all work together, still in a competitive environment to service patients and hospitals. And to do so, we need to all be in one system under one roof, really what the Dara transport network is.

因此，我們沒有理由不能共同努力，在競爭激烈的環境中為患者和醫院提供服務。為此，我們需要在同一個屋簷下使用同一個系統，這就是達拉傳輸網絡。

(Operator Instructions) Michael Latimore, Northland Capital Markets.

（操作員說明）Michael Latimore，Northland Capital Markets。

Yeah, great. Thanks. Great results and outlook here. Can you provide a little more clarity on the [sidely] care deal? what percent of the maximum amount of that deal has gone into backlog? Maybe you can share that.

很好。謝謝。這裡有很好的結果和前景。您能否更清楚地說明[側面]護理協議？該交易的最大金額中有多少百分比已積壓？也許你可以分享一下。

Mike, I think the first thing that you've got to do is, the number that everybody is looking at, which is out there is about $430 million. I think the first thing that you need to do is to modify that number by -- or put it into categories of the amounts that are going to be spent. That represent actual recorded revenue.

邁克，我認為你要做的第一件事是每個人都在關注的數字，大約是 4.3 億美元。我認為您需要做的第一件事就是修改該數字，或者將其放入將要花費的金額的類別中。這代表實際記錄的收入。

So there's revenue recognition, some of that is flow through. We estimate that the revenue to be captured is somewhere in the area of about $300 million. And I would say that maybe two-thirds of that is baked into our backlog. And the rest of that becomes -- a little bit of a modifier on that $300 million and then there's a little bit that obviously has already been realized and we would expect to realize in Q3 and Q4.

所以有收入確認，其中一些是流量。我們估計要獲得的收入約為 3 億美元。我想說，也許其中三分之二都被納入了我們的積壓工作中。剩下的部分就變成了——對這 3 億美元進行一點修改，然後還有一點顯然已經實現了，我們預計會在第三季度和第四季度實現。

It's a little bit tricky -- and Anthony started to explain this earlier, but it's a little bit tricky to figure out how to put something in backlog versus putting something in the revenue guidance. Essentially, revenue guidance is a forecast. It's our best educated guess as to what we think revenues will be from different projects. And then in the aggregate from now to the end of the year or over the full year, whereas backlog represents everything that is considered to be achievable that might not yet have been launched.

這有點棘手 - 安東尼早些時候開始解釋這一點，但弄清楚如何將某些內容放入積壓訂單中與將某些內容放入收入指導中有點棘手。從本質上講，收入指導是一種預測。這是我們對不同項目的收入的最佳猜測。然後從現在到年底或全年的總和，而積壓工作代表了所有被認為可以實現但可能尚未啟動的事情。

So with this, as with many other projects, you're going to have different phases of the project. So there are phases that are going on now. And different sites that are being serviced, so we can start to extrapolate that out and make that part of the revenue guidance. And then we have other sites that haven't launched yet. Those would typically fit into the backlog. It's not exactly 100% that way, but conceptually, that's what it is.

因此，與許多其他項目一樣，您將擁有項目的不同階段。所以現在正在經歷幾個階段。以及正在提供服務的不同站點，因此我們可以開始推斷並將其作為收入指導的一部分。然後我們還有其他尚未啟動的網站。這些通常適合積壓工作。雖然不完全是 100%，但從概念上來說，就是這樣。

It's looking at how the existing work is going to expand on one hand, that becomes part of revenue guidance and then looking at other things that we expect to be launched at some point, which would go into backlog. So the bulk of that number is backlog.

一方面，它著眼於現有工作將如何擴展，成為收入指導的一部分，然後著眼於我們預計在某個時候推出的其他事情，這些事情將進入積壓工作。所以這個數字大部分是積壓的。

All right. Perfect. And then this is a large deal or a large potential deal. If you win another deal of a similar size, order control or whatever, how do you think about just handling that incremental demand and growth? So you feel like you can find enough supply, labor, the unique challenges here -- how would you prepare for something if you win another deal about this size?

好的。完美的。這是一筆大交易或一筆大潛在交易。如果您贏得另一筆類似規模的交易、訂單控製或其他什麼，您如何考慮處理增量需求和增長？所以你覺得你可以在這裡找到足夠的供應、勞動力和獨特的挑戰——如果你贏得另一筆如此規模的交易，你會如何準備？

Yeah. It would be a myriad of different factors. Hi, Mike, it's Lee. I think it will be a myriad of different factors. Obviously, geography plays a big factor in that, obviously, if we're going and scaling in a new geography with a new pool of clinicians and staff. Obviously, that affords us an opportunity to tap into additional staff and additional resources in new geographies. So that would be the first piece as an example.

是的。這將有無數不同的因素。嗨，邁克，我是李。我認為這將是多種不同因素的影響。顯然，如果我們要在一個新的地理環境中擴大規模，並擁有一批新的臨床醫生和工作人員，那麼地理因素在其中起著重要的作用。顯然，這為我們提供了在新地區利用更多員工和更多資源的機會。這就是第一個例子。

The example you gave is the Border Patrol, that's obviously outside of New York, so that would be scaling in a new area for us with a new set of staff. So that's the first piece. The second piece is, I think we've really built out our management team to this point, and Norm touched on it with our SG&A investments. We really feel like we have a very strong management team that can scale the projects we have and the new projects that we can bring on.

你給出的例子是邊境巡邏隊，它顯然在紐約之外，所以這將為我們在一個新的區域擴展，並配備一組新的工作人員。這就是第一部分。第二點是，我認為到目前為止我們已經真正建立了我們的管理團隊，Norm 在我們的 SG&A 投資中談到了這一點。我們真的覺得我們擁有一個非常強大的管理團隊，可以擴展我們現有的項目以及我們可以開展的新項目。

So we've really bolstered our management team. We've really bolstered our directors across the country in all of our geographies. And those directors are very strong. Our management team is very strong, and we feel like there's additional leverage there. There's additional scale there that, that investment in that management ranks can really go and take and scale from here?

所以我們確實加強了我們的管理團隊。我們確實為全國所有地區的董事提供了支持。而且那些導演的實力都很強。我們的管理團隊非常強大，我們覺得那裡有額外的影響力。那裡還有額外的規模，對管理隊伍的投資真的可以從這裡開始並擴大規模嗎？

I'll just add on what Lee said. On the staffing side, specifically, the model that we came up with for staffing and growth is quite scalable, because the agencies that we have on, they represent many hundreds of thousands of total clinicians and providers around the United States. And so being able to tap into that network, but doing so through our new contractual relationships that allows us to take only an increased start-up cost for a short period of time is why we're highly confident that if awarded a large contract like that, we can handle it.

我就補充一下李老師說的。具體來說，在人員配置方面，我們提出的人員配置和增長模型具有相當大的可擴展性，因為我們擁有的機構代表了美國各地數十萬的臨床醫生和提供者。因此，能夠利用該網絡，但通過我們新的合同關係來做到這一點，使我們能夠在短時間內僅承擔增加的啟動成本，這就是為什麼我們非常有信心，如果獲得像這樣的大型合同我們可以處理它。

All right. Okay. Thanks a lot. That's all.

好的。好的。多謝。就這樣。

Thanks.

謝謝。

David Grossman, Stifel.

大衛·格羅斯曼，斯蒂菲爾。

Thank you. Good afternoon. I know you've had a lot of questions on the backlog everything, so I don't want to beat this into depth. But just to be clear, when you look at the $325 million, do you want us to think about the revenue conversion to be fairly linear? Or how do you want us to think about how that converts to revenue?

謝謝。下午好。我知道您對待辦事項有很多疑問，所以我不想深入討論這個問題。但需要澄清的是，當您看到 3.25 億美元時，您是否希望我們認為收入轉換是相當線性的？或者您希望我們如何考慮如何將其轉化為收入？

David, this is Anthony. Just for clarification, you mean convert as far as like a timeline? Like what do you think the chronology is of the $325 million?

大衛，這是安東尼。只是為了澄清一下，您的意思是按照時間線進行轉換？您認為 3.25 億美元的年表是怎樣的？

Yeah. Right, exactly.

是的。對，完全正確。

So a large portion of the increase that you have there is going to be related to the HPD contract and that HPD contract is through May of next year. So that's where it comes from. Now the previously -- amount of backlog that we did have, that was close to a three-year ramp, and that was, to your point, mostly linear. But the increase in backlog, not all of it, but the majority of it is related to the HPD contract, and that contract is from May of 2023 to May of 2024.

因此，大部分增長將與 HPD 合同相關，而 HPD 合同將持續到明年 5 月。這就是它的來源。現在，我們之前確實有積壓的數量，接近三年的增長，而且，就你的觀點而言，大部分是線性的。但積壓的增加，並不是全部，而是大部分與HPD合同有關，而該合同是從2023年5月到2024年5月。

Yeah. But even with -- Hey David, it's Norm. So even within that, there are going to be things that are going to get in the way of the linear function. For an example, one of the big elements of our backlog going back a couple of quarters was the New York City Health and Hospital transport contract, which we knew was a certain amount of money over a three-year period. We did realize some revenue from that particular contract in the quarter, but it was mostly towards the back half of the quarter.

是的。但即使有——嘿大衛，這就是規範。因此，即使在這種情況下，也會有一些事情會妨礙線性函數。例如，幾個季度以來我們積壓的主要內容之一是紐約市衛生和醫院運輸合同，我們知道該合同在三年內需要一定數額的資金。我們確實在本季度從該特定合同中實現了一些收入，但主要是在本季度後半段。

So when we look at Q3, we're going to get more revenue out of that project in Q3 because we have a full quarter's worth than we did in Q2. Then it starts to become linear. So the thing that's going to get in the way of that being completely smooth and going to make it a little bit lumpy is that, as these projects ramp in a mid-quarter point of time, then you're going to get some lumpiness in there where you have that first quarter or second quarter out as it converts from backlog into revenue, where you are going to have a relatively small number, but then it's really going to accelerate.

因此，當我們看第三季度時，我們將從第三季度的該項目中獲得更多收入，因為我們的收入比第二季度的足足有一個季度。然後它開始變得線性。因此，阻礙完全順利並使其變得有點不穩定的事情是，隨著這些項目在季度中期的時間點上增加，那麼你將會遇到一些不穩定的情況當第一季度或第二季度從積壓訂單轉化為收入時，數量相對較少，但隨後確實會加速。

Sure. I'm not really asking to provide guidance for next year, but I think we all think about what the comparisons look like, particularly with this sidely contract that's going to be so large over the first 12 months. And I know there's a renewal term, but how do you want us to think about what happens after May 2024 with that contract?

當然。我並不是真的要求為明年提供指導，但我認為我們都在考慮比較是什麼樣的，尤其是這份在前 12 個月內規模如此之大的附帶合同。我知道有續約條款，但您​​希望我們如何考慮 2024 年 5 月之後該合同會發生什麼？

I would think about it from a human perspective. Without going into a contractual relationship, the vast majority, I think, 85%, 86% of the individuals in our care are families with children. And so the thought that these families with children will be just be down on the street without care, the services for social work and for case management are no longer going to be needed, seems extremely unlikely.

我會從人的角度來思考這個問題。在沒有建立合同關係的情況下，我認為我們照顧的絕大多數人，85％、86％都是有孩子的家庭。因此，認為這些有孩子的家庭將流落街頭，無人照顧，不再需要社會工作和案件管理服務，似乎是極不可能的。

Now I do think there may be a shift and you may see that single adults maybe no longer have the same services provided to them, but I think it is extremely unlikely that the families with children, which again, is over 85% of the individuals coming into New York are going to be left without these services at any point. (multiple speakers)

現在我確實認為可能會發生轉變，你可能會看到單身成年人可能不再獲得相同的服務，但我認為有孩子的家庭不太可能，這再次超過了個人的 85%進入紐約的人在任何時候都將無法獲得這些服務。 （多個發言者）

Go ahead, I'm sorry.

繼續吧，對不起。

Go ahead, David.

繼續吧，大衛。

No, I was saying that the current run rate through May, that's already going to get as part of 2024. Go ahead.

不，我是說截至 5 月份的當前運行速度已經成為 2024 年的一部分。繼續吧。

Right. And when do they actually qualify? Is Medicaid qualifications, is that a political dynamic? Or is there some kind of path for them to being treated under Medicaid?

正確的。他們什麼時候真正有資格？醫療補助資格是一種政治動力嗎？或者是否有某種途徑可以讓他們接受醫療補助治療？

There is. Yeah. So once they've submitted their asylum application in New York through various circumstances, they can become eligible for New York State Medicaid as just normal Medicaid recipients, and it covers all the Medicaid benefits primary care, urgent care and the like. If before they submit their asylum application, they enter into a hospital, then they're enrolled in what's called emergency Medicaid. And that's really just covering emergency situations.

有。是的。因此，一旦他們通過各種情況在紐約提交了庇護申請，他們就可以像普通醫療補助受益人一樣有資格享受紐約州醫療補助，並且涵蓋所有醫療補助福利初級護理、緊急護理等。如果他們在提交庇護申請之前進入醫院，那麼他們就會參加所謂的緊急醫療補助。這實際上只涵蓋了緊急情況。

But what we are working on with these groups is to continue to be their care provider long past this program. So when they come in, we're working to make sure that they get access to health plans relative to what their eligibility is. And then once that happens, we can become their attributed PCP, continuing to care for these people, so long as they need that care.

但我們正在與這些群體合作的是，在該計劃結束很久之後，繼續為他們提供護理服務。因此，當他們進來時，我們正在努力確保他們能夠獲得與其資格相關的健康計劃。一旦發生這種情況，我們就可以成為他們指定的 PCP，繼續照顧這些人，只要他們需要這種護理。

Got it. And then just one other question was, you talked about margin improvement in the back half of the year. And I think I understand those dynamics. But is it reasonable to think that the exit rate in 2023 is a reasonable predictor of what the margin starting point should be for 2024? Or are there seasonal and contractual dynamics that -- maybe that's not the right way to think about it?

知道了。還有一個問題是，您談到了下半年的利潤率改善。我想我理解這些動態。但認為 2023 年的退出率可以合理預測 2024 年的利潤率起點是否合理？或者是否存在季節性和合同動態——也許這不是正確的思考方式？

No, David, I think your assumption is a good assumption, if only because when we think about that exit rate, we're not thinking of it in terms of certain nonrecurring or seasonal items that are going to happen in the fourth quarter in December. It's really simply a matter of looking out over the horizon, trying to figure out when we get to use that term again, a more normalized margin. So if we were there as an exit rate for 2023, that does become -- at least from a model standpoint, that does become the starting point for 2024 in our minds.

不，大衛，我認為你的假設是一個很好的假設，只是因為當我們考慮退出率時，我們沒有考慮將在 12 月第四季度發生的某些非經常性或季節性項目。這實際上只是一個放眼未來的問題，試圖弄清楚我們什麼時候可以再次使用這個術語，即更標準化的邊際。因此，如果我們將 2023 年的退出率設定為 2023 年，那麼至少從模型的角度來看，這確實會成為我們心目中 2024 年的起點。

All right. And this Phase 2 of the changes that you're making in your model for the normalization project, do those benefits get realized in 4Q? Or should we think of that as being a tailwind in 2024?

好的。您在標準化項目模型中進行的第二階段更改，這些好處是否會在第四季度實現？或者我們是否應該將其視為 2024 年的順風車？

No, I think you'll see the benefits of those in the first half of 2024.

不，我認為您會在 2024 年上半年看到這些好處。

Got it. Great. All right, guys. Thanks very much.

知道了。偉大的。好吧，伙計們。非常感謝。

Thanks, David.

謝謝，大衛。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Hey, guys. You've got Kieran Ryan here for Pito. Thanks for taking the question. Just wanted to hit on the transportation side first. Is there any reason that the step-up in segment margins there shouldn't be viewed as like a new run rate going forward with potential to move even higher just as the leased hour mix continue to rise?

大家好。皮託的基蘭·瑞安 (Kieran Ryan) 在這裡。感謝您提出問題。只是想先解決交通方面的問題。是否有任何理由認為，部門利潤率的提高不應該被視為新的運行率，隨著租賃時間組合的繼續上升，有可能進一步走高？

Yeah. That's certainly the driver of the margin on the medical transportation side. We're converting -- for every new contract signed is a leased hour, and even the old contracts we're going back and converting those to leased hour, which is obviously improving margin. So we expect it to stay where it is and increase as we better the mix on the transportation side. Then it's really improving.

是的。這無疑是醫療運輸方面利潤的驅動因素。我們正在轉換——每簽訂一份新合同都是租賃時間，甚至我們也會收回舊合同並將其轉換為租賃時間，這顯然提高了利潤率。因此，我們預計它會保持不變，並隨著我們改善運輸方面的組合而增加。然後就真的進步了。

Yeah. I mean there's a lot of good things that are taking place behind the scenes that are driving that number. A lot of which you can see in our 10-Qs and other reporting. So our average price per trip is going up, and it's not just the general inflation, it's because we're taking we're taking more ALS trips or CCT trips, there is BLS trips. We're taking higher acuity trips. We're really -- I call it portfolio management, right, both in terms of what the portfolio trips looks like and what the portfolio of different markets look like.

是的。我的意思是，幕後發生的很多好事推動了這個數字。其中很多內容您可以在我們的 10-Q 和其他報告中看到。因此，我們每次旅行的平均價格正在上漲，這不僅僅是普遍的通貨膨脹，而是因為我們正在進行更多的 ALS 旅行或 CCT 旅行，還有 BLS 旅行。我們正在進行更高敏銳度的旅行。我們真的——我稱之為投資組合管理，對吧，無論是投資組合旅行的樣子還是不同市場的投資組合的樣子。

So as we've talked about, we shut down the California transport market. That alone gets our margin higher. Lee alluded to this in his prepared comments a few minutes ago, that we're looking at all of our transport markets and determining which ones have the scale that we need to continue with it. And then have the margin profile that continue with it. So when you go through that kind of pruning process, it's almost a self-fulfilling thing where the margins go higher.

正如我們所說，我們關閉了加州的運輸市場。僅此一點就使我們的利潤率更高。李在幾分鐘前準備好的評論中提到了這一點，我們正在研究所有的運輸市場，並確定哪些市場具有我們繼續發展所需的規模。然後還有隨之而來的保證金概況。因此，當你經歷這種修剪過程時，這幾乎是一種自我實現的事情，利潤率會更高。

But in summary -- to answer your question, yeah, we look at the number that we're seeing today as something that's a launching pad for a better number going forward. And it's really the result of a lot of different margin enhancement projects that have taken place over the last 12 to 18 months.

但總而言之，為了回答你的問題，是的，我們將今天看到的數字視為未來更好數字的發射台。這實際上是過去 12 到 18 個月內實施的許多不同利潤提升項目的結果。

Great. Thank you. And then just on the RPM side, I was just wondering if you had any thoughts on just your early efforts there? What kind of traction you're seeing with customers and how big a part of the discussions that service line is in some of these new deals that you're negotiating? Thanks.

偉大的。謝謝。然後就 RPM 而言，我只是想知道您對您早期的努力有什麼想法嗎？您在客戶中看到了什麼樣的吸引力？在您正在談判的一些新交易中，該服務線在討論中佔了多大比例？謝謝。

Yeah. Absolutely, Kieran. Yeah. RPM continues to be a part of all of the new deals on the mobile health side, particularly with the care gap closure programs and our payer partnerships. Because ultimately, what it's there for is to lower the cost of care, provide proactive care, keep patients out of the hospital. So as we go and do care gap closure that we talked about, all the care gap closure services that we provide, if we do see candidates, we do visit with patients that are good candidates for RPM platform. That's the time that we would enroll them. We're already in their home. We would enroll them in the program. And then obviously, we'd begin monitoring them from there.

是的。絕對是，基蘭。是的。 RPM 繼續成為移動醫療方面所有新交易的一部分，特別是在護理差距彌合計劃和我們的付款人合作夥伴關係方面。因為歸根結底，它的目的是降低護理成本，提供主動護理，讓患者遠離醫院。因此，當我們去做我們談到的護理差距縮小時，我們提供的所有護理差距縮小服務，如果我們確實看到候選人，我們會拜訪那些適合 RPM 平台的患者。那是我們為他們註冊的時間。我們已經到了他們家。我們會讓他們參加該計劃。顯然，我們會從那裡開始監視他們。

So it's absolutely symbiotic with our care gap closure programs with a lot of our mobile health deployments, and it continues to be a big driver for us for the future. We're excited about it.

因此，它絕對與我們的護理差距縮小計劃和我們的許多移動醫療部署共生，並且它仍然是我們未來的重要推動力。我們對此感到興奮。

Thanks, guys.

多謝你們。

Richard Close, Canaccord Genuity.

理查德·克洛斯，Canaccord Genuity。

Yeah, thanks for the follow up. Norm, is there any way you could give us for the transport volumes and the pricing that will be in the queue?

是的，感謝您的跟進。 Norm，您有什麼辦法可以給我們提供隊列中的運輸量和定價嗎？

I don't know it off the top of my head, but we'll put the queue in there. It will be in the queue within 24 hours. Just to give you an idea, the volumes were up double digits, if I looked at Q2 versus Q2. I think maybe even over 20%, but definitely double digits. And the year-over-year average price also went up. I just don't want to quote the wrong number to you, but I can tell you directionally where it is. And then it will be out there tomorrow.

我根本不知道，但我們會把隊列放在那裡。它將在 24 小時內進入隊列。只是為了給您一個想法，如果我對比第二季度和第二季度，銷量增長了兩位數。我認為甚至可能超過 20%，但絕對是兩位數。而且平均價格同比也有所上漲。我只是不想給你引用錯誤的號碼，但我可以直接告訴你它在哪裡。然後明天就會出現。

Okay. And then with respect to free cash flow, I appreciate the comments on the collections in the second quarter and DSOs and whatnot. So how are you thinking about free cash flow, maybe conversion of adjusted EBITDA to free cash flow for the year?

好的。然後就自由現金流而言，我很欣賞對第二季度的收款和 DSO 等的評論。那麼，您如何看待自由現金流，或者將調整後的 EBITDA 轉換為當年的自由現金流？

So first, let's look at where we are at the halfway point, and we did include the cash flow statement as we typically do in the earnings release. So what I like to do, given the way working capital has had such an impact on our results, on our operating cash flow, I'd like to take the operating cash flow piece and split it into two pieces. So you have the net income or net loss as it were and adding back the noncash items, that's one piece, and then you have the changes in the working capital categories. And that gives you a little bit of an idea.

首先，讓我們看看我們處於中間點的位置，我們確實像通常在收益發布中那樣包含了現金流量表。因此，考慮到營運資本對我們的業績和運營現金流產生如此大的影響，我想做的就是將運營現金流部分分成兩部分。因此，您可以得到淨收入或淨虧損，然後將非現金項目加回，這就是其中的一部分，然後您就可以得到營運資本類別的變化。這給了你一點想法。

The working capital stuff is going to continue to be a drain. If you look at the first half of the year, all of the negative on the operating cash flow side and then some came from the working capital category. So we had a $14 million, $15 million increase in AR versus the end of the year, we had a $14 million, $15 million decrease in accounts payable, so we really had a big negative cash cycle there.

營運資金將繼續消耗。如果你看看今年上半年，所有的負面影響都來自於運營現金流方面，還有一些來自於營運資本類別。因此，與年底相比，我們的應收賬款增加了 1400 萬美元、1500 萬美元，應付賬款減少了 1400 萬美元、1500 萬美元，所以我們確實經歷了一個很大的負現金周期。

On the other hand, when you look at the cash flow that was generated from operations, what I'd like to call the P&L cash flow, I think it worked out to roughly $16 million in the first half of the year, which is kind of what we had been running at when we think of being able to generate $30 million to $40 million of operating cash flow. So if we were at a point where we could get the working capital to be a net zero effect, that's kind of the cash flow generation that you're looking at.

另一方面，當你看看運營產生的現金流時，我想稱之為損益現金流，我認為今年上半年的現金流量約為 1600 萬美元，這很好。當我們想到能夠產生3000 萬至4000 萬美元的運營現金流時，我們一直在努力。因此，如果我們能夠使營運資金達到淨零效應，那麼這就是您所關注的現金流生成。

So I would compare the $14.7 million, I think it was, of adjusted EBITDA that we generated in the first six months of the year with about $16 million of P&L cash flow, absent the impact of the working capital categories over that same period of time. So it lines up pretty well.

因此，我會將今年前六個月產生的 1,470 萬美元調整後 EBITDA 與約 1,600 萬美元的損益現金流進行比較，不考慮同期營運資本類別的影響。所以它排列得很好。

Okay, Thank you.

好的謝謝。

Thank you. There are no further questions at this time. I would like to turn the floor back over to Anthony Capone for closing comments. Please go ahead, sir.

謝謝。目前沒有其他問題。我想把發言權交還給安東尼·卡彭，讓他發表結束語。請繼續，先生。

Thank you all for attending our earnings call. We appreciate you. For those investors that are on, and have follow-up questions, please reach out to Mike Cole, and schedule one-on-one meetings. Thank you.

感謝大家參加我們的財報電話會議。我們很感激你。對於那些正在參與會議並有後續問題的投資者，請聯繫邁克·科爾並安排一對一的會議。謝謝。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝你，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。