DocGo Inc (DCGO) 2023 Q3 法說會逐字稿

Greetings, and welcome to the DocGo third-quarter 2023 earnings conference call. At this time, all participants are in listen only mode. A brief question and answer session will follow the formal presentation. (Operator Instructions) And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Cole, Director of Investor Relations. Thank you, sir. Please go ahead.

您好，歡迎參加 DocGo 2023 年第三季財報電話會議。此時，所有參與者都處於僅聽模式。正式演講後將舉行簡短的問答環節。 （操作員說明）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，投資者關係總監 Mike Cole。謝謝你，先生。請繼續。

Thank you, operator.

謝謝你，接線生。

Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call other than statements of historical fact are forward-looking statements. Words may, will, plan potential, could, (technical difficulty - audio cutout) outlook, design, anticipate, and 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, and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results, or expectations.

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。除歷史事實陳述外，本次電話會議所做的所有陳述均為前瞻性陳述。詞語可能、將、計劃潛力、能夠、（技術難度 - 音頻剪切）展望、設計、預期、相信、估計、期望、打算、指導、信心、目標、項目和其他類似的表達方式可用於識別此類前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，我們無法向您保證我們將實現或實現我們的計劃、意圖、成果、結果或期望。

Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions. Many of which are beyond our control and may cause our actual results or outcomes or the timing of results or outcomes to differ materially from those contained in our forward-looking statements. These risks, uncertainties, and assumptions include, but are not limited to those discussed in our in our risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports 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 or the timing of results or outcomes may differ materially from what is expressed or implied by these forward-looking statements.

前瞻性陳述本質上受到重大風險、不確定性和假設的影響。其中許多因素超出了我們的控制範圍，可能導致我們的實際結果或結果或結果或結果的時間與我們的前瞻性陳述中包含的內容有重大差異。這些風險、不確定性和假設包括但不限於我們的風險因素以及 DocGo 表格 10-K 年度報告、表格 10-Q 季度報告以及 DocGo 提交的其他報告和聲明中討論的風險、不確定性和假設。您關注的SEC。實際結果或結果或結果的時間可能與這些前瞻性陳述所明示或暗示的內容有重大差異。

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 are included in our earnings release, which is posted on our website, docgo.com, as well as filed 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 to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events except as to the extent required by law. But this time it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

此外，今天的電話會議也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較的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，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。本次電話會議所包含的資訊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。我們沒有義務更新本次電話會議中討論的任何資訊以反映本次電話會議之後發生的事件或情況，或反映新資訊或意外事件的發生，除非法律要求。但這次我很高興將電話轉給 DocGo 執行長 Lee Bienstock 先生。李，請繼續。

Thank you, Mike, and thank you all for joining us today. The third quarter marked our strongest growth since inception, and I'm extremely proud of the focus our team has brought to expanding our suite of services, our operational execution and our financial performance. Both during the quarter and subsequent to quarter end, we continued to expand with our current customers while also signing new customers and winning RFPs. Most importantly, our team continues to strive to increase access to care for those who needed most. During the third quarter, we surpassed 7.5 million total patient interactions since inception, while leveraging a workforce that has now grown to over 6,000, more than double since I joined the company. Our services are in strong demand across the board. And as a result, we are increasing our full year 2023 revenue guidance to $615 million to $625 million, up from $540 million to $550 million. And we are increasing our full year 2023 adjusted EBITDA guidance to $50 million to $55 million, up from $48 million to $53 million.

謝謝你，麥克，也謝謝大家今天加入我們。第三季是我們自成立以來最強勁的成長，我對我們的團隊專注於擴展我們的服務套件、營運執行和財務表現感到非常自豪。在本季和季度末之後，我們繼續擴大現有客戶的規模，同時簽署新客戶並贏得 RFP。最重要的是，我們的團隊繼續努力增加最需要的人獲得照護的機會。自成立以來，第三季度，我們的患者互動總數超過了 750 萬次，同時員工人數現已增長到 6,000 多人，是我加入公司以來的兩倍多。我們的服務受到各方面的強烈需求。因此，我們將 2023 年全年營收指引從 5.4 億美元至 5.5 億美元提高至 6.15 億美元至 6.25 億美元。我們將 2023 年全年調整後 EBITDA 指引從 4,800 萬美元增至 5,300 萬美元，增至 5,000 萬美元至 5,500 萬美元。

While our migrant work has received much of the media attention in Q3, it barely scratches the surface of what DocGo accomplished last quarter. To give a sense of the full picture, in Q3 alone, DocGo transported over 158,000 patients. Our patient engagement team conducted outreach to over 50,000 patients. We provided RPM, VCM, and CIED monitoring for over 46,000 patients and increased our staffing headcount by over 26% during the quarter due to increased demand for our services. We also increased our clinical capabilities to close over 30 different care gaps in patients' homes, including bone density measurements, colon cancer screenings, diabetic retinol screenings, and annual wellness visits. DocGo is bringing care to patients where and when they need it. And we are gratified to see that many of our customers recognize the value of our services and routinely expand our assignments. I'm excited by all our efforts to serve patients with our insurance partners, government and municipal population health programs, and hospital system customers.

雖然我們的移民工作在第三季度受到了媒體的廣泛關注，但這僅僅觸及了 DocGo 上季度所取得的成就的表面。從整體情況來看，僅在第三季度，DocGo 就運送了超過 158,000 名患者。我們的患者參與團隊對 50,000 多名患者進行了外展活動。我們為超過 46,000 名患者提供了 RPM、VCM 和 CIED 監測，由於對我們服務的需求增加，本季度我們的員工人數增加了 26% 以上。我們還提高了臨床能力，以彌補患者家中 30 多個不同的護理差距，包括骨密度測量、結腸癌篩檢、糖尿病視黃醇篩檢和年度健康訪問。 DocGo 隨時隨地為患者提供護理。我們很高興看到許多客戶認識到我們服務的價值並定期擴展我們的任務。我對我們與保險合作夥伴、政府和市人口健康計劃以及醫院系統客戶一起為患者提供服務所做的一切努力感到興奮。

I'd like to share our impact, progress, and future opportunities across all three of these key areas. First, with our insurance partners and at-risk provider groups, the market opportunity with major insurance companies and value-based care partners like the deals we've signed with health care partners, EmblemHealth and others, is one area where we have made great progress.

我想分享我們在這三個關鍵領域的影響、進展和未來機會。首先，與我們的保險合作夥伴和高風險提供者群體合作，與主要保險公司和基於價值的醫療合作夥伴（例如我們與醫療保健合作夥伴、安保健康保險等公司簽署的交易）的市場機會，是我們取得巨大成功的領域進步。

We entered this space with pilot programs late last year and the majority of those partnerships we've launched have expanded over the past six months driving, more expansive commercial rollouts. Last quarter, we announced that we expected to be assigned 73,000 patients to close care gaps and provide primary care services under these agreements with four payers. We have already been assigned 59,000 of these patients and have expanded our clinical offerings to encompass a wide range of primary care services, including annual wellness visits for Medicare members and pediatric checkups, including childhood vaccinations and nutritional counseling for Medicaid members. We expect strong growth in the number of patients assigned and view this as a significant opportunity for DocGo with years have growth potential ahead.

去年年底，我們透過試點計畫進入了這一領域，我們推出的大多數合作夥伴關係在過去六個月中得到了擴展，推動了更廣泛的商業推廣。上季度，我們宣布預計將分配 73,000 名患者，以縮小護理差距，並根據與四個付款人的這些協議提供初級護理服務。我們已經分配了其中 59,000 名患者，並擴大了我們的臨床服務範圍，涵蓋廣泛的初級保健服務，包括為 Medicare 會員提供年度健康就診和兒科檢查，包括為 Medicaid 會員提供兒童疫苗接種和營養諮詢。我們預計分配的患者數量將強勁增長，並認為這對 DocGo 來說是一個重大機遇，未來幾年仍具有成長潛力。

In our population health programs, our work with migrant related services has continued to grow substantially during the quarter, and we've launched four new sites in the last six weeks alone. We expect to continue to work closely with our partners at the city to provide asylum seekers with the medical care, behavioral health care, basic necessities and support services, help transition them out of the program and into a position of self-sustainability as quickly as possible.

在我們的人口健康計劃中，我們與移民相關的服務工作在本季度繼續大幅增長，僅在過去六週內我們就推出了四個新站點。我們希望繼續與該市的合作夥伴密切合作，為尋求庇護者提供醫療保健、行為健康護理、基本必需品和支持服務，幫助他們盡快擺脫計劃並進入自我維持的狀態。可能的。

Contrary to early negative media, we recently shared that the contract has been registered and payments have commenced. In addition, a recent independent report by the New York State Office of Temporary and Disability Assistance found that our programs were working as planned and asylee needs are being met. We believe this report accurately reflects DocGo's efforts and program quality as well as our commitment, diligence and dedication to helping to improve the health, safety, and overall well-being of all those in our care. Submissions for municipal and corporate RFPs remains a core focus and a material opportunity for the company. We recently learned that we were not awarded a large federal border patrol RFP, but we have many other opportunities we are excited about.

與早期的負面媒體相反，我們最近透露合約已經註冊並且付款已經開始。此外，紐約州臨時和殘疾援助辦公室最近的一份獨立報告發現，我們的計劃正在按計劃進行，庇護者的需求正在滿足。我們相信這份報告準確地反映了 DocGo 的努力和計劃質量，以及我們對幫助改善我們所護理的所有患者的健康、安全和整體福祉的承諾、勤勉和奉獻精神。提交市政和企業 RFP 仍然是公司的核心重點和重要機會。我們最近了解到，我們沒有獲得大型聯邦邊境巡邏 RFP，但我們還有許多其他令我們興奮的機會。

Going forward, we intend to speak about this channel as a portfolio of opportunities without as much granular detail on any one specific RFP. We intend to pursue Mobile Health, both medical and behavioral health, medical transportation and municipal opportunities, both within our current footprint and with an eye towards expanding into new states, all aligned with our growing skill set. For our partners with hospital systems and medical transportation, we are also seeing substantial new contract wins. To share a few, we recently announced our contract with Main Line Health systems in the Northeast, which we expect to represent approximately $23.5 million in revenue potential over three years, and we have plans to further grow this relationship in early 2024.

展望未來，我們打算將此管道視為機會組合，而無需對任何特定 RFP 提供太多詳細資訊。我們打算在我們目前的足跡範圍內尋求行動醫療，包括醫療和行為健康、醫療運輸和市政機會，並著眼於擴展到新的州，所有這些都與我們不斷增長的技能相一致。對於我們的醫院系統和醫療運輸合作夥伴來說，我們還贏得了大量新合約。舉個例子，我們最近宣布與東北部的 Main Line Health Systems 簽訂合同，預計三年內將帶來約 2350 萬美元的收入潛力，並且我們計劃在 2024 年初進一步發展這種關係。

Additionally, we won a large medical transportation contract valued at $34 million over the next five years in the UK. And our large New York Health and Hospitals contract we announced early this year is now fully rolled out as planned. We are very pleased with how this segment is performing and expect to see continued strong organic growth in the coming quarters.

此外，我們還贏得了未來五年在英國價值 3,400 萬美元的大型醫療運輸合約。我們今年稍早宣布的紐約健康和醫院大型合約現已按計劃全面推出。我們對該部門的表現非常滿意，並預計在未來幾季將繼續強勁的有機成長。

At this time, I'll hand it over to Norm to cover the financials. Norm, please go ahead.

這時候，我會把財務交給Norm來處理。諾姆，請繼續。

Thank you, Lee, and good afternoon. Total revenue for the third quarter of 2023 amounted to a company record of $186.6 million, which was 49% higher than our last record, such as a quarter ago in Q2, and it represented a 79% increase from the third quarter of 2022. Mobile Health revenue for the third quarter of 2023 was $139.3 million, up 74% in the second quarter and 82% higher than last year's third quarter. While most of the revenue gains were related to the expansion of our migrant services contracts, we experienced growth across several projects. Some of our migrant services programs include the provision of what we call Total Care Services, which includes shelter and related items, in addition to core medical services. These non-medical services are expected to account for a smaller proportion of DocGo's overall revenue base in future quarters as our newly awarded or launched contracts tend to be more focused on medical related services.

謝謝你，李，下午好。 2023 年第三季的總收入達到公司創紀錄的 1.866 億美元，比上一個季度（例如第二季度）的記錄高出 49%，比 2022 年第三季度增長了 79%。2023年第三季度醫療保健收入為1.393億美元，比第二季成長74%，比去年第三季成長82%。雖然大部分收入成長與移民服務合約的擴大有關，但我們在多個項目中都實現了成長。我們的一些移民服務計劃包括提供所謂的全面護理服務，其中除了核心醫療服務外，還包括住房和相關項目。由於我們新授予或啟動的合約往往更側重於醫療相關服務，因此預計這些非醫療服務在未來幾季將佔 DocGo 整體收入的比例較小。

Transportation services revenue increased to $47.2 million in Q3 of 2023, up 4% from the second quarter of this year and more than 70% higher than transportation revenues in the third quarter of 2022. Nearly every core transportation market with this year over year revenue growth, continuing the momentum that began in the second half of last year. In the third quarter, Mobile Health revenues accounted for approximately 75% of total revenues and transportation was approximately 25%. This breakdown is closer to our expected mix of revenues than what we have seen in the prior three quarters. Based upon early indications in Q4, it appears that Mobile Health will likely continue to account for over 75% of total revenues in the fourth quarter of this year.

2023 年第三季度，運輸服務收入增至 4,720 萬美元，比今年第二季度增長 4%，比 2022 年第三季度的運輸收入高出 70% 以上。幾乎每個核心運輸市場的收入都同比增長，延續了去年下半年開始的勢頭。第三季度，行動健康收入約佔總收入的75%，交通運輸約佔25%。與我們在前三個季度看到的情況相比，這一細分更接近我們預期的收入組合。根據第四季的早期跡象，行動醫療可能會繼續佔今年第四季總收入的 75% 以上。

As of the end of the third quarter, our revenue backlog, defined as remaining revenue from projects that have been awarded but have not yet been fully rolled out, stood $430 million up from $325 million at the end of Q2. We recorded net income of approximately $4.6 million in Q3 of 2023 compared with net income of $1.3 million in the second quarter and net income of $2.5 million in the third quarter of 2022. Adjusted EBITDA for the third quarter of 2023 amounted to $16.7 million, up 84% from adjusted EBITDA of $9.1 million in the second quarter and nearly double the $8.4 million in last year's third quarter. The adjusted EBITDA margin in Q3 was 9% compared to 7.3% in the second quarter and 8.1% in the third quarter of 2022.

截至第三季末，我們的積壓收入（定義為已授予但尚未全面推出的項目的剩餘收入）從第二季末的 3.25 億美元增加到 4.3 億美元。我們2023 年第三季的淨利潤約為460 萬美元，而第二季的淨利為130 萬美元，2022 年第三季的淨利為250 萬美元。2023 年第三季調整後EBITDA 達1,670萬美元，年成長較第二季調整後 EBITDA 910 萬美元成長 84%，幾乎是去年第三季 840 萬美元的兩倍。 2022 年第三季調整後 EBITDA 利潤率為 9%，而第二季為 7.3%，第三季為 8.1%。

Total gross margin percentage during the third quarter of 2023 was 29.5%, down from 33.4% in the second quarter and 31.7% in the third quarter of 2022. Gross margins in the third quarter were negatively impacted by the increase in revenues and the associated project ramp-up costs that resulted from the recent launch and ramp-up of new projects. As previously discussed, our revenue increased approximately $60 million just since the end of the second quarter. We took the opportunities that were presented to accelerate our growth with the anticipated trade-off of temporarily low gross margins. While we had previously anticipated that gross margins would continue to improve sequentially throughout 2023, we had indicated that overall margins could be impacted by the timing and size of newly launched and ramp-up projects. This is exactly what occurred in third quarter of 2023.

2023年第三季的總毛利率為29.5%，低於第二季的33.4%和2022年第三季的31.7%。第三季的毛利率受到收入成長和相關項目的負面影響由於最近新項目的啟動和擴大而產生的增加成本。如前所述，自第二季末以來，我們的收入增加了約 6,000 萬美元。我們抓住了所提供的機會來加速我們的成長，同時考慮到暫時較低的毛利率。雖然我們先前預期毛利率將在 2023 年持續持續改善，但我們表示整體利潤率可能會受到新啟動和擴建計畫的時間和規模的影響。這正是 2023 年第三季發生的情況。

However, it is worth noting that gross margins were still more than 100 basis points higher than the recent low point on the first quarter of this year. Specifically, when we witnessed accelerated revenue growth, we tend to see higher than normal labor costs due to higher than planned overtime rates and a greater dependence on relatively more expensive subcontracted labor. During Q3, our company-wide overtime rate was 17%, well above our targeted rate of 5% to 10%. Subcontracted employees accounted for close to 50% of total field labor costs. We typically aim for this number to be closer to the 25% area. During the third quarter, gross margins from the Mobile Health segment were 28.8% compared to 34.9% in the second quarter and 34.8% in the third quarter of 2022.

但值得注意的是，毛利率仍較今年第一季的近期低點高出100多個基點。具體來說，當我們看到收入加速成長時，由於加班率高於計劃以及對相對更昂貴的分包勞動力的更大依賴，我們往往會看到高於正常的勞動力成本。第三季度，我們全公司的加班率為 17%，遠高於我們 5% 至 10% 的目標。分包員工佔現場勞動總成本的近50%。我們通常的目標是讓這個數字更接近 25% 的區域。第三季度，行動健康領域的毛利率為 28.8%，而第二季為 34.9%，2022 年第三季為 34.8%。

In the Transportation segment, gross margins expanded for the fifth consecutive quarter, increasing to 31.7% in Q3 of 2023, up from 30.7% in the second quarter and 23.2% in Q3 of 2022. Looking at operating costs. Operating expenses as a percentage of total revenues amounted to 24.8% in the third quarter of 2023, down significantly from 32.1% in the second quarter and compared to 27.7% in the third quarter of 2022. Looking at the same comparison without depreciation and stock comp expenses, operating expenses as a percentage of total revenues amounted to 20.7% in the third quarter of 2023, down from 26.4% in the second quarter and 23.7% in the third quarter of 2022. As revenues have increased, we have seen operating expenses decline as a percentage of total revenues leading to operating margin expansion. Therefore, despite lower gross margins, adjusted EBITDA margins were higher in Q3 than in either Q2 or Q3 of last year, as I mentioned earlier.

在交通運輸領域，毛利率連續第五個季度成長，從第二季的 30.7% 和 2022 年第三季的 23.2% 增至 2023 年第三季的 31.7%。 從營運成本來看。 2023 年第三季營運費用佔總收入的比例為 24.8%，較第二季的 32.1% 大幅下降，而 2022 年第三季則為 27.7%。費用方面，2023年第三季營運費用佔總收入的比例為20.7%，低於第二季的26.4%和2022年第三季的23.7%。隨著收入的增加，我們看到營運費用下降佔總收入的百分比，導致營業利潤率擴大。因此，正如我之前提到的，儘管毛利率較低，但第三季調整後的 EBITDA 利潤率高於去年第二季或第三季。

Now turning to the balance sheet. As of September 30, 2023, our total cash and cash equivalents, including restricted cash, was $67.3 million as compared to $123.8 million as of the end of Q2. The decline in the cash balances primarily related to the increase in our accounts receivable, reflecting the increase in revenues in Q3, which was on top of the sequential growth in revenues in Q2. This revenue increase was primarily driven by our government business, including our migrant related work, which features a lengthy initial payment cycle. However, since the end of the third quarter, we have now begun to receive payments for this work performed. And as we reduce these accounts receivable, we expect near term collections to be enough to drive our total cash balance higher in subsequent periods despite our ongoing working capital needs.

現在轉向資產負債表。截至 2023 年 9 月 30 日，我們的現金及現金等價物總額（包括限制性現金）為 6,730 萬美元，而截至第二季末為 1.238 億美元。現金餘額的下降主要與應收帳款的增加有關，這反映了第三季收入的成長，高於第二季收入的環比成長。這項收入成長主要是由我們的政府業務推動的，包括我們的移民相關工作，其特點是初始付款週期較長。然而，自第三季末以來，我們現已開始收到所完成的這項工作的付款。隨著我們減少這些應收帳款，儘管我們持續存在營運資金需求，但我們預計近期收款將足以推動我們後續時期的現金餘額總額更高。

In order to bolster our working capital, subsequent to quarter end, we drew down on our revolving credit facility in the amount of $25 million. This leaves us with another $65 million in available credit. We view this credit as being short-term in nature. As our largest outstanding invoices are paid back, we plan to pay down the amounts outstanding. However, we do expect the recent working capital demands to persist as we stay in growth mode with an increase in payroll and as we are paying sizable invoices to our vendors, all well in advance of receiving payments from these customers.

為了增強我們的營運資金，季度末後，我們動用了 2500 萬美元的循環信貸額度。這給我們留下了另外 6500 萬美元的可用信貸。我們認為這種信貸本質上是短期的。由於我們最大的未清發票已被償還，我們計劃償還未清金額。然而，我們確實預計近期的營運資金需求將持續存在，因為我們保持成長模式，薪資增加，並且我們向供應商支付大量發票，所有這些都在收到這些客戶的付款之前。

Turning to our outlook for the remainder of 2023. We anticipate continued strong demand from our customers for both Mobile Health and Transportation Services. We're very encouraged by our performance so far in Q4. As so far, early indications reflect that we have carried over the revenue momentum from Q3, wherein we witness higher monthly revenues and expanded margins throughout each month of the third quarter. While revenues in Q3 were much higher than initially anticipated, we view this outperformance as an acceleration, not as an aberration. During Q3, we got to a point on our growth curve that we had originally assumed was at least another quarter or two out, but we do not believe that this is a one-time revenue. As such, as Lee mentioned earlier, we are raising our revenue guidance for the full year 2023, and we now expect that revenues will be in the range of $615 million to $625 million compared with our most recent increase in revenue guidance into the $540 million to $550 million range.

談到我們對 2023 年剩餘時間的展望。我們預計客戶對行動醫療和運輸服務的需求將持續強勁。我們對第四季迄今的表現感到非常鼓舞。到目前為止，早期跡象表明我們已經延續了第三季度的收入勢頭，我們見證了第三季度每個月的月度收入增加和利潤率擴大。雖然第三季的營收遠高於最初預期，但我們認為這種優異表現是一種加速，而不是一種異常。在第三季度，我們的成長曲線達到了一個點，我們最初假設至少還要再過一兩個季度，但我們不認為這是一次性收入。因此，正如 Lee 之前提到的，我們正在提高 2023 年全年的收入指導，我們現在預計收入將在 6.15 億美元至 6.25 億美元之間，而我們最近將收入指導提高到 5.4 億美元至5.5 億美元範圍內。

The original revenue guidance for 2023, I'll remind everyone, was $500 million to $510 million. The increased revenue guidance range would represent year over year top line growth of about 40% on an as-reported basis. However, when removing the $75 million of mask COVID testing from our 2022 revenue baseline and considering that we have not received any material mass COVID testing revenues thus far in 2023, then we would expect to be looking at top line growth of nearly 70% when comparing full year 2023 with full year 2022. We are also increasing our guidance for adjusted EBITDA in the range of $50 million to $55 million, up from our recent guidance of $48 million, $53 million, which has already been raised last quarter from our initial 2023 guidance range of $45 million to $50 million.

我要提醒大家的是，2023 年最初的收入指引為 5 億至 5.1 億美元。增加的收入指導範圍將意味著按報告所述，收入年增約 40%。然而，當從我們2022 年的收入基準中剔除7500 萬美元的口罩新冠病毒檢測，並考慮到2023 年迄今為止我們尚未收到任何實質性的大規模新冠病毒檢測收入時，我們預計營收將增長近70%。將2023 年全年與2022 年全年進行比較。我們還將調整後EBITDA 的指導值提高到5000 萬美元至5500 萬美元，高於我們最近的指導值4800 萬美元至5300 萬美元，該指導值已在上個季度從我們最初的指導值上調。2023 年指導範圍為 4500 萬美元至 5000 萬美元。

With respect to 2024, it's too early for me to provide any specific details at this time. However, we expect a strong finish to 2023, which is implied by our guidance, and we believe that our backlog numbers give us solid visibility into continued growth in 2024.

至於 2024 年，我現在提供任何具體細節還為時過早。然而，我們預計 2023 年將實現強勁增長，這在我們的指引中已得到體現，我們相信，我們的積壓訂單數量使我們對 2024 年的持續增長有堅實的了解。

At this point, I'd like to turn the call back over to Lee.

此時，我想將電話轉回給李。

Thank you, Norm. My goal, as CEO is to usher in a new era of operational excellence, maturity, and vision as DocGo becomes laser focused and what I consider to be our three greatest growth opportunities. My vision for the future of our company is clear. We help our three customer verticals, health systems, municipalities, and insurers keep patients out of the hospital. First, as I mentioned at the top, care gap closure and additional opportunities with major insurance companies and value-based care provider groups, the early data points are exciting, and we are working on numerous opportunities that we expect to expand our number of assigned patients, our geographical presence, and scope of services.

謝謝你，諾姆。作為首席執行官，我的目標是開創一個卓越營運、成熟和願景的新時代，因為 DocGo 變得更加聚焦，我認為這是我們三個最大的成長機會。我對公司未來的願景很明確。我們幫助我們的三個客戶垂直領域、衛生系統、市政當局和保險公司讓病患遠離醫院。首先，正如我在頂部提到的，護理差距的縮小以及與主要保險公司和基於價值的護理提供者團體的額外機會，早期數據點令人興奮，我們正在尋找大量機會，希望擴大我們指定的護理人員數量患者、我們的地理分佈和服務範圍。

Our remote patient monitoring and chronic care management solutions fall under this effort as well. We believe our in-home and virtual medical visits combined with remote monitoring and care management allows us to successfully care for some of the most complex patients which drive the highest costs. We intend to bring this capability to our health plan partners with innovative programs where we can potentially share in the savings we deliver. Second, readmission avoidance programs with major hospital systems. These programs have historically yielded strong results for our customers, and we intend to aggressively pursue growth opportunities in this vertical. And lastly, continued emphasis on our RFP channel and what we believe to be large market opportunities. We have made great strides in the last year, enhancing our overall ability to identify and compete for these large for these types of projects, and we expect to continue winning larger and larger contracts over time.

我們的遠端患者監控和長期照護管理解決方案也屬於這項工作。我們相信，我們的家庭和虛擬就診與遠端監控和護理管理相結合，使我們能夠成功地照顧一些最複雜的患者，從而導致最高的成本。我們打算透過創新計劃將這種能力帶給我們的健康計劃合作夥伴，我們可以在這些計劃中分享我們提供的節省。其次，與主要醫院系統合作避免再入院計劃。這些計劃歷來為我們的客戶帶來了豐厚的成果，我們打算積極尋求這一垂直領域的成長機會。最後，繼續強調我們的 RFP 管道以及我們認為存在的巨大市場機會。去年我們取得了長足的進步，增強了我們識別和競爭此類大型專案的整體能力，並且隨著時間的推移，我們預計將繼續贏得越來越大的合約。

The common thread in those three markets is that we have the customer data to support the value proposition that DocGo offers. Now we just have to go out and grow it and we are going to focus on doing exactly that. We believe we have multiple greenfield opportunities in front of us within the three verticals I've mentioned throughout this call and my goal as CEO is to lay the foundation for significant growth at DocGo for many years to come.

這三個市場的共同點是我們擁有客戶資料來支持 DocGo 提供的價值主張。現在我們只需要出去發展它，我們將專注於做到這一點。我們相信，在我在這次電話會議中提到的三個垂直領域中，我們面前有多個綠地機會，而我作為執行長的目標是為 DocGo 未來多年的顯著成長奠定基礎。

At this time, I'll hand it over to the operator to open up Q&A. Operator, please go ahead.

這時候我就交給接線生來開Q&A。接線員，請繼續。

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

謝謝你，先生。我們現在將進行問答環節。 （操作員說明）

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，康托費茲傑拉。

Sarah, please go ahead.

莎拉，請繼續。

Sorry about that. I wanted to circle back to Norman's comments on operating expense ratio. I appreciate the comments on scale, but I wanted to understand if this implies this is the new run rate or is there other moving pieces like timing of investment spend that benefited the quarter?

對於那個很抱歉。我想回到諾曼關於營運費用比率的評論。我很欣賞有關規模的評論，但我想了解這是否意味著這是新的運行率，或者是否有其他移動因素，例如使本季受益的投資支出時機？

Sure Sarah. I would say that predominantly what you saw during the quarter reflects the new run rate, meaning given that we would expect that revenues would stay at this level or grow from this level, this becomes a new revenue baseline. We don't see anything that really is going to drive SG&A substantially higher other than, obviously, the typical normal increases that you would see from quarter to quarter as we continue to build out our infrastructure because remember, we're catching up. Now we're a $186 million revenue company in a quarter. So you're dealing with now almost a $725 million, $750 million annual run rate of revenue. And we've always been in a position where we have to allow our infrastructure to sort of catch up. But other than that, there's nothing specific that we can look at. There's no big marketing program that's on the horizon or anything like that beside the ordinary. So we would anticipate that we'd probably be able to stay at these kinds of ratios.

當然是莎拉。我想說的是，您在本季度看到的主要反映了新的運行率，這意味著考慮到我們預計收入將保持在這個水平或從這個水平增長，這將成為新的收入基準。我們沒有看到任何真正能夠大幅提高銷售管理費用的因素，顯然，除了隨著我們繼續建設基礎設施而逐季度出現的典型正常增長之外，因為請記住，我們正在迎頭趕上。現在，我們是一家季度營收 1.86 億美元的公司。因此，您現在面臨著近 7.25 億美元、7.5 億美元的年收入運行率。我們一直處於這樣的境地：我們必須讓我們的基礎設施跟上。但除此之外，我們沒有什麼可以看的具體內容。除了普通的行銷計劃之外，沒有即將推出的大型行銷計劃或類似的計劃。因此，我們預計我們可能能夠保持這樣的比率。

I would just caution that it's not something that continues to go. We know we're not going to get to a point where SG&A is going to be 10% of revenue. There's likely a point at which there's a step function of SG&A. But otherwise, you should be able to see the same kind of leverage in coming quarters as what you saw in Q3.

我只是想提醒一下，這不會繼續下去。我們知道，SG&A 不會達到營收的 10%。 SG&A 可能存在階躍函數。但除此之外，您應該能夠在未來幾季看到與第三季相同的槓桿率。

Great. And then one more. You guys mentioned that payments are being made on New York HPD. Can you give us a sense of where cash or receivables sit on that now that we're through October, is it still lagged versus the normal contract? Or are you guys all caught up?

偉大的。然後還有一張。你們提到付款是透過紐約 HPD 進行的。您能否讓我們了解一下，現在已經過了 10 月份，現金或應收帳款的情況是否仍然滯後於正常合約？還是你們都被追上了？

Yes. Hi, Sarah, it's Lee -- go ahead, Norm.

是的。嗨，莎拉，我是李－繼續吧，諾姆。

Yes.

是的。

Sure, you go ahead.

當然，你繼續吧。

I think we're still catching up a little bit. I think there are a couple of things to look at when we talk about a lag though. There's looking at the -- looking at the invoices from the date of service to where we are today, in which case I would say that's a little bit more of a lag than what we typically see. But the real factor there is when the contract gets registered for all of these municipal contracts, and this is why we made such a big deal that the contract being registered. That's why we mentioned it in an 8-K.

我認為我們仍然在追趕。我認為，當我們談論滯後時，有幾件事需要注意。我們會查看從服務日期到今天的發票，在這種情況下，我會說這比我們通常看到的滯後一點。但真正的因素是所有這些市政合約的合約何時註冊，這就是為什麼我們做瞭如此大的一筆交易，以至於合約被註冊。這就是我們在 8-K 中提到它的原因。

No contract, even if it's fully signed, no contract is paid for until -- or the services are not paid for until the contract is registered. Thankfully, this contract has been registered. When I look at where we are in the payment cycle vis-a-vis the registering of the contract, then we're fully within the typical range of what we've seen across different municipal agencies and a bunch of different municipalities. We've been in the municipal business for 3.5 years now. So none of that is out of the ordinary. It's just that it's a very big number.

沒有合同，即使完全簽署，也不會支付任何合約費用，或在合約註冊之前不會支付服務費用。值得慶幸的是，這份合約已經登記。當我查看付款週期相對於合約登記的位置時，我們完全處於我們在不同市政機構和許多不同城市所看到的典型範圍內。我們從事市政業務已有 3.5 年了。所以這一切都沒有什麼不尋常的事。只是這是一個非常大的數字。

Thank you.

謝謝。

Yes. And Sarah, only thing to add there, as Norm was saying, I think with this -- our experience has been this where we go back and forth with the invoice and get the invoice in the right cadence of way the municipalities like to see it, and then payments happened in a fairly regular fashion from there on. So pretty indicative of where we've been. In previous contracts, same here, but as Norm says, it's a larger number this time around.

是的。莎拉，唯一要補充的是，正如諾姆所說，我認為，我們的經驗是，我們來回處理發票，並以市政當局希望看到的正確節奏獲取發票。 ，然後從那時起付款就以相當規律的方式發生。非常能說明我們去過的地方。在之前的合約中，這裡也是如此，但正如諾姆所說，這次的數字更大。

Richard Close, Canaccord Genuity.

理查德·克洛斯，Canaccord Genuity。

Yes. Thanks for the question. Maybe just a follow up on that, Norm. Can you just sort of walk us through your thoughts on accounts receivable and how we should think about that number in the fourth quarter? And I know you're not giving 2024 guidance, but just sort of the trajectory of that number.

是的。謝謝你的提問。也許只是後續行動，諾姆。您能否向我們介紹一下您對應收帳款的看法以及我們應該如何看待第四季度的這一數字？我知道您並沒有給出 2024 年的指導，而只是給出了該數字的軌跡。

Yes, sure, Richard. And let me take it up to you and give you insight into how we look at managing our AR portfolio from the top down. So if you look at the number itself, it's a very, very large number, right? We're over $200 million in AR. If you look at it from -- there's three different ways of looking at it, obviously. So you can look at it in terms of day sales outstanding, now it' over $200 million of AR. But now we're at a point where we're doing close to $200 million, $186 million, almost $190 million in quarterly revenue. So in terms of just the raw calculation of days sales outstanding, while it's higher than it was at, let's say, the last quarter end at $630 million, it's actually lower than it was at March of 2023. So that's a little something to take into account.

是的，當然，理查德。讓我向您介紹一下我們如何自上而下管理我們的 AR 產品組合。所以如果你看看這個數字本身，它是一個非常非常大的數字，對嗎？我們在 AR 領域的投入超過 2 億美元。如果你從——顯然可以用三種不同的方式來看待它。因此，您可以從未完成的每日銷售額來看，現在 AR 的銷售額已超過 2 億美元。但現在我們的季度營收接近 2 億美元、1.86 億美元、近 1.9 億美元。因此，僅就應收帳款天數的原始計算而言，雖然它高於上一季末的 6.3 億美元，但實際上低於 2023 年 3 月的水平。所以這是一個值得考慮的事情考慮到。

It's still a number that's big, that's very large. And the thing that we look at is across the different buckets, the different aging buckets of our accounts receivable is whether or not we've seen any deterioration in our portfolio. And thankfully, we have not. We actually spent sort of behind the headlines or underneath the headlines, we actually did very well in collecting some of our relatively aged receivables during this quarter, both on the Transportation side and Mobile Health. The next thing that we like to look at is the makeup of the portfolio in those different buckets. So when I look at what is current, right, which is typically defined as 0 to 30 days. So at March, just to give you a little bit of a baseline or a comparison, at the end of the first quarter, only about 25%, 26% of our AR portfolio was under 30 days. As of June 30, that number was about 56%. And now because of the fact, obviously that it's sort of the way the math works because of the fact that so much of this revenue is stuff that happened during this quarter. As of September 30, nearly two thirds of that 63%, 64% of our AR is current.

這仍然是一個很大的數字，非常大。我們關注的是不同的類別，我們的應收帳款的不同帳齡類別是我們是否看到我們的投資組合出現任何惡化。值得慶幸的是，我們沒有。實際上，我們在頭條新聞後面或頭條新聞下面花了一些錢，實際上，我們在本季度收集了一些相對陳舊的應收賬款方面做得很好，無論是在運輸方面還是在移動健康方面。我們接下來要關注的是這些不同類別中的投資組合的組成。因此，當我查看當​​前情況時，通常將其定義為 0 到 30 天。因此，在 3 月份，只是為了給您一些基準或比較，在第一季末，我們的 AR 投資組合中只有大約 25%、26% 的期限在 30 天以下。截至 6 月 30 日，這一數字約為 56%。現在因為這樣的事實，顯然這就是數學的運作方式，因為大部分收入都是本季發生的事情。截至 9 月 30 日，我們的 AR 63%、64% 中近三分之二是目前的。

Also when I look at the other side of the equation, when I look at the over $90 million, it's a lower number than what we've seen. When I look at over $180 million, maybe 10%. And I will say in this business, especially on the ambulance side, we still collect quite a bit of what's over 180 days old. We often will collect things even out to $360 million and plus. So I guess my summary of the answer there is that the AR is very, very large. We would expect it to start to come down because we would expect to get on a better payment schedule, let's say, with some of our larger customers like HPD or other municipal. But at the same time, we're growing revenues by quite a bit. So that's going to continue to put pressure on the overall number. But the thing that we look at most closely is how the buckets break down, and that's been pretty well-managed.

另外，當我看到等式的另一邊時，當我看到超過 9000 萬美元時，這個數字比我們看到的要低。當我看到超過 1.8 億美元時，可能是 10%。我想說的是，在這個行業，特別是在救護車方面，我們仍然收集了相當多超過 180 天的東西。我們經常收集高達 3.6 億美元甚至更多的東西。所以我想我對答案的總結是 AR 非常非常大。我們預計它會開始下降，因為我們預計會與一些較大的客戶（例如 HPD 或其他市政機構）達成更好的付款計劃。但同時，我們的收入也大幅成長。因此，這將繼續給總體數字帶來壓力。但我們最密切關注的是水桶如何損壞，而且管理得相當好。

Okay. Thank you. And I guess on a follow up, if we can just sort of look at the gross profit margin and just go into maybe a little bit more detail on your comments there and thought process of that number going forward.

好的。謝謝。我想在後續行動中，我們是否可以看看毛利率，並進一步詳細了解您的評論以及未來對該數字的思考過程。

So yes, sure. I mean, as I mentioned in my prepared remarks, over the last couple of quarters, we've talked quite a bit about how it was our expectation that margins would grow sequentially as we went through the quarters. We had 28.1% gross margin. In Q1 I think it went to %33.4, something along those lines in the last quarter, now we're taking a step back. But what we have always maintained was that that was assuming that the growth was happening at a pretty steady state. And what you saw this past quarter was a good bit more revenue than I think what we had anticipated a few months ago when we talked about growing that revenue-- growing that gross margin on a sequential basis.

所以是的，當然。我的意思是，正如我在準備好的發言中提到的那樣，在過去的幾個季度中，我們已經談論了很多關於我們的預期，隨著我們經歷這些季度，利潤率將如何連續增長。我們的毛利率為 28.1%。在第一季度，我認為它達到了 33.4%，與上個季度的情況類似，現在我們要退後一步。但我們始終認為，這是假設成長處於相當穩定的狀態。你在上個季度看到的收入比我認為幾個月前我們談論增加收入時的預期要高得多——按順序增加毛利率。

And when we look at it, there's no one particular project that this company we don't -- we haven't replaced high-margin revenue with low margin revenue. There's none of that going on. It's really all in the areas of labor, which is both subcontracted labor percentage being higher than it would typically be, overtime being higher than it would typically be. The good news there is that -- those metrics, those KPI, which lead to the margins improved sequentially as we went through the quarter. So it was at a certain level in July, it improved in August, and improved again in September. So that's -- those are the things that are driving in. And any time you're going to add a new product -- new project launches and therefore, a lot of revenue in a one particular quarter, that's going to be the pressure that you have. Having said that, without pinning down what I think Q4 gross margins will be, I will say that directionally, margins are higher than what you see this quarter.

當我們審視它時，我們發現這家公司沒有一個特定的項目是我們不參與的——我們沒有用低利潤收入取代高利潤收入。一切都沒有發生。這實際上都是在勞動力領域，分包勞動力的比例高於通常情況，加班費也高於通常情況。好消息是，這些指標、那些關鍵績效指標 (KPI) 導致我們在整個季度中的利潤率連續提高。所以7月有一定水平，8月有改善，9月又有改善。所以，這些都是正在推動的事情。任何時候你要添加新產品，新項目啟動，因此，某個特定季度的大量收入，這將是壓力你有。話雖如此，在沒有確定我認為第四季度毛利率會是多少的情況下，我會說，從方向上看，利潤率高於本季的水平。

What you see this quarter on the one hand, when it comes to revenue that becomes under -- our new revenue baseline off of which we think we can build. This is not a really nonrecurring revenue in the quarter. This is real recurring revenue. On the other hand, when you look at the gross margin number, I would say that that was something that was temporarily lower than it really ought to be. It's not our run rate of gross margin. It's not the run rate of gross margin that we saw leading out of the quarter. So if I would typically take -- I mean, if I would simply take the September month margin and apply that to Q4 that in and of itself would account for a higher gross margin. So that sort of plays into our expectation for the fourth quarter.

一方面，您在本季看到的情況是，當談到收入時，我們認為我們可以在此基礎上建立新的收入基準。這並不是本季真正的非經常性收入。這是真實的經常性收入。另一方面，當你看毛利率數字時，我會說這暫時低於實際應有的水平。這不是我們的毛利率運作率。這並不是我們看到的本季領先的毛利率運行率。因此，如果我通常採用 - 我的意思是，如果我簡單地採用 9 月份的利潤率並將其應用於第四季度，那麼它本身就會帶來更高的毛利率。因此，這符合我們對第四季的預期。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hi, congratulations on a good quarter. Lee, can you maybe talk a little bit about your relationship with the city and the state of New York and that contract itself? Can you just sort of refresh us on what exactly it is you're doing for the migrants? How many of these migrants are families with children that you're serving? And then it's my understanding that the way the contract stands right now, it's about a one-year contract through mid-2024. What are the odds in your view of potentially extending? And then just lastly and I'm sorry for the long question. Have you been able to meet with the comptroller of New York? And I think you'd some concerns on the detail of the invoices. Have you been able to address these concerns? I'm in an airport, sorry for the background noise. Thank you.

您好，恭喜您取得了良好的季度業績。李，您能談談您與紐約市和紐約州的關係以及合約本身嗎？您能否讓我們了解一下您到底為移民做了什麼？這些移民中有多少是您所服務的有孩子的家庭？據我了解，目前的合約是一份為期一年、到 2024 年中期的合約。您認為延期的可能性有多大？最後，我很抱歉問了這麼長的問題。您能與紐約審計長會面嗎？我認為您對發票的細節有些擔憂。您能夠解決這些問題嗎？我在機場，抱歉背景噪音。謝謝。

No problem. Thanks, David. So I'll start with the first part of your question, our relationship with the city. So we've been working with the city as was mentioned, for over three years. We've been working on various different population health programs. We actually also provide, as I mentioned, the medical transportation for all 11 public New York City Health and Hospitals locations. So we've been working with the city for a number of different years. You've heard us talk about the SHOW program, which is the Street Health Outreach and Wellness program. You've heard us talk about our work with the Department of Home Services. You've heard us now talk about our work with Housing Preservation and Development. You've heard us talk about our work with New York City Health and Hospitals. So we've been helping New York City across a wide range of population health and medical transportation needs since we started working with the city in over three years ago, and we provided care to millions of New Yorkers together. We're very, very proud of that.

沒問題。謝謝，大衛。我將從你問題的第一部分開始，也就是我們與城市的關係。因此，正如前面提到的，我們已經與該市合作了三年多。我們一直致力於各種不同的人口健康計劃。正如我所提到的，我們實際上也為紐約市所有 11 個公共健康和醫院地點提供醫療交通。因此，我們多年來一直與這座城市合作。您已經聽過我們談論 SHOW 計劃，即街頭健康外展和健康計劃。您已經聽過我們談論我們與家庭服務部的工作。您現在已經聽到我們談論我們在住房保護和開發方面的工作。您已經聽過我們談論我們與紐約市衛生和醫院的合作。因此，自從三年多前開始與紐約市合作以來，我們一直在幫助紐約市滿足廣泛的人口健康和醫療運輸需求，並共同為數百萬紐約人提供護理。我們對此感到非常非常自豪。

In terms of the asylum seeker and migrant care work, it actually all started with the first buses arriving at Port Authority, and we actually provided the initial paramedic units at the Port Authority on the first bus has started arriving from our southern border. That's really how our work together started. We provided the paramedic teams and we're doing health screenings, infectious disease screenings and so forth for the asylum seekers as they're arriving, and it's essentially grown from there to all of the services that we've been talking about. And really, it's grown to what we call our Total Care Services, and it ranges from medical care that could be infectious disease screenings, urgent care, and other medical care vaccinations as well. It encompasses behavioral health, which includes depression, screening and other case management work and intensive social work as well and then encompass obviously, the other assets of the program in order to provide the total care that asylum seekers need when they're arriving.

就尋求庇護者和移民護理工作而言，這一切實際上都是從第一輛巴士抵達港務局開始的，我們實際上在第一輛巴士開始從我們的南部邊境抵達時在港務局提供了最初的護理單位。我們的合作就是這樣開始的。我們提供了護理團隊，並在尋求庇護者抵達時為他們進行健康檢查、傳染病檢查等，基本上從那裡開始發展到我們一直在談論的所有服務。事實上，它已經發展成為我們所謂的全面護理服務，範圍包括傳染病篩檢、緊急護理和其他醫療護理疫苗接種等醫療護理。它涵蓋行為健康，其中包括憂鬱症、篩檢和其他案件管理工作以及密集的社會工作，然後顯然還包括該計劃的其他資產，以便為尋求庇護者抵達時提供所需的全面護理。

All with the goal to help them land safely and then ultimately acclimate and what we say graduate out of the program. So those are the services we've been providing. The different sites have a different composition of services, but those are the comprehensive suite of services that we've been providing. You asked about the -- what percentage are families arriving with children. It's actually a large majority of the asylum seekers in our care are a family with children composition. Most of the sites are families with children. And so we are providing services from ages of two and pediatric care and up all the way to as old as 80 years old, we've been providing services. So the large majority are families with children.

所有這些都是為了幫助他們安全著陸，然後最終適應環境，以及我們所說的從該計劃中畢業。這些就是我們一直在提供的服務。不同的站點有不同的服務組合，但這些是我們一直提供的綜合服務套件。您詢問了帶孩子抵達的家庭所佔的百分比。實際上我們照顧的尋求庇護者絕大多數都是有孩子的家庭組成。大多數網站都是有小孩的家庭。因此，我們提供從兩歲和兒科護理一直到 80 歲的服務，我們一直在提供服務。所以絕大多數是有孩子的家庭。

Yes. Also, David, about the length of the contract, as you alluded, the contract, the HPD contract is of the asylum seeker work we're doing is a year long, which is actually fairly customary for our contracts with the city. Many of them have been extended. Many of them have been re-awarded. We do fully anticipate the portions will be put up for RFP and so forth, which is very, very customary to how we've been working with the city now for over three years, as I mentioned. That contract with HPD was signed and initiated in May. And so if you follow that year-long chronology, you would have it till May of next year. But again, really, our goal is to provide the services that the city needs, the medical care and the behavioral health care the city needs for as long as the city may need it. And our goal is to help the city and aiding the asylum seekers that they can essentially live their lives, acclimate out of the program and receive the services that they need for however long as the city asked us to provide, for however long the asylum seekers need it.

是的。另外，大衛，關於合約的長度，正如您所提到的，我們正在做的尋求庇護者工作的 HPD 合約為期一年，這實際上是我們與市政府簽訂的合約的慣例。其中許多已被延長。其中許多人已被重新授予獎項。我們確實完全預計這些部分將用於徵求建議書等，正如我所提到的，這對於我們三年多以來與該市合作的方式非常非常習慣。與 HPD 的合約於 5 月簽署並啟動。因此，如果您遵循全年的年表，您將持續到明年五月。但實際上，我們的目標是，只要城市需要，就提供城市所需的服務、醫療保健和行為健康照護。我們的目標是幫助這座城市和尋求庇護者，讓他們基本上能夠過上自己的生活，適應計劃之外的環境，並獲得他們需要的服務，無論城市要求我們提供多久，無論尋求庇護者提供多久需要它。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Great. Thanks, yes, congrats on a phenomenal revenue EBITDA growth here. I guess just back on the cash position for a second, maybe just trying to see if we could bracket that a little more. I mean, do you think that cash flow from operations might be above or below EBITDA in the fourth quarter? And then kind of -- by year end, what months do you think you'll get paid up to by year end, let's say?

偉大的。謝謝，是的，恭喜您的 EBITDA 收入實現了驚人的成長。我想暫時回到現金狀況，也許只是想看看我們是否可以再多一點。我的意思是，您認為第四季度的營運現金流可能高於還是低於 EBITDA？然後，到年底，你認為你能在年底前拿到幾個月的薪水？

Yes. So hey, Mike, this is Norm and I'll take that one. So and just, this allows me to make a point that unlike previous quarters, we filed our 10-Q for the quarter already. We did that pretty much concurrently with the earnings release. So a lot of information is in the release anyway, but that -- more detailed information is currently available. So as far as the cash flow from operations as a comparison EBITDA, so one thing that you'll notice is that the impacts that you saw in operating cash flow were entirely from the working capital side. Otherwise in terms of what we like to call the P&L, operating cash flow, that number was already pretty close to resembling the EBITDA number. I guess the question is, when we're going to get to a point where working capital is no longer a drag on the operating cash flow.

是的。嘿，麥克，這是諾姆，我會選擇那個。因此，這讓我可以指出，與前幾季不同，我們已經提交了本季的 10-Q 報表。我們幾乎是在發布財報的同時做到了這一點。因此，無論如何，發布中都會包含很多信息，但目前可以獲得更詳細的信息。因此，就營運現金流作為 EBITDA 的比較而言，您會注意到的一件事是，您在營運現金流中看到的影響力完全來自營運資本方面。否則，就我們所說的損益表、經營現金流量而言，這個數字已經非常接近 EBITDA 數字。我想問題是，我們什麼時候才能達到營運資本不再拖累營運現金流的程度。

So it might happen in Q4. Frankly, it's really going to depend on the timing of when we get specific payments in here compared to how quickly we grow and how our expense base grows, because we're laying out the money effect, for labor, for a lot of other things to our vendors in advance of when we get paid by the city. So we have that ongoing negative cash cycle as far as those programs go, whether it's city or whether some of our larger municipal or other customers. So I would expect that we're sitting here early November. We've got about -- is it six, seven weeks at the end of the year. It's our expectation that we will be pretty well caught up by the end of the year, at least that's our hope. It's just something that is somewhat unpredictable given that we're not the ones who actually pay ourselves and we are in discussion with the different finance departments, the different relevant finance departments on a daily -- on a more than daily basis, had a bunch of different levels, whether it's me, whether it's Lee, whether it's people within our finance or operating teams. So there's a lot of dialoguing going on.

所以這可能會發生在第四季。坦白說，這實際上取決於我們在這裡獲得具體付款的時間，與我們的增長速度和支出基礎的增長方式相比，因為我們正在為勞動力和許多其他事物製定貨幣效應當我們收到市政府付款時，提前向我們的供應商提供。因此，就這些計劃而言，無論是城市還是我們的一些較大的市政或其他客戶，我們都面臨著持續的負現金週期。所以我預計我們會在十一月初坐在這裡。到年底，我們還有大約六、七週的時間。我們預計到今年年底我們會很好地趕上，至少這是我們的希望。這只是一些不可預測的事情，因為我們不是真正為自己支付工資的人，而且我們每天都在與不同的財務部門、不同的相關財務部門進行討論——不僅僅是每天，還有很多不同級別的人，無論是我，無論是李，無論是我們財務或營運團隊的人員。所以有很多對話正在進行。

I should point out and this sort of ties a little bit to something that I think David mentioned in the question of four years, which is, any of the slowdown in the payment is not what -- none of the slowdown in payment is related in any way, shape or form to disputes. Nothing is being disputed in terms of the amounts that we're charging, in terms of the categories for which we're charge. It's simply a matter from time to time of asking for more backup, which we have, and which we just have to send over their way. I think once we get on a pretty good cadence with them, and a good payment rhythm with them, we will catch up pretty quickly. The schedule that we -- I'm not going to share the strategic details, but we have shared a schedule with the city that lays out when we would expect to get paid. And if they do keep it to that schedule on a month-by-month basis on a monthly invoice by monthly invoice basis, we would be largely caught up by the end of the year, which are typical, I'll say, 60 to 90-day lag from when the services are provided, which is normal for all of our contracts.

我應該指出，這種聯繫與我認為大衛在四年問題中提到的事情有一點聯繫，那就是，付款的任何放緩都不是——付款的任何放緩都與任何方式、形式或形式的爭議。就我們收費的金額、收費的類別而言，沒有任何爭議。這只是時不時地要求更多備份的問題，我們有這些備份，我們只需要透過他們的方式發送。我認為，一旦我們與他們建立了良好的節奏，並與他們建立了良好的付款節奏，我們很快就會趕上。我們的時間表——我不會分享戰略細節，但我們已經與市政府分享了一份時間表，其中列出了我們預計何時獲得報酬。如果他們確實按照每月發票按月發票的方式遵守該時間表，我們將在年底前基本上趕上，我會說，典型的情況是 60 到從提供服務之日起有90 天的滯後，這對我們所有的合約來說都是正常現象。

So that would obviously have a big impact on what we see in Q4. I'm just a little bit low to make an estimate as to where the balance sheet is going to be come year end because there's just a lot of things that could move in that direction. And what I would look for is just sort of an improvement, a reduction in the day sales outstanding, and other metrics that would indicate on the operating cash flow side that we're starting to catch up.

因此，這顯然會對我們在第四季度看到的情況產生重大影響。我對年底資產負債表的預測有點低，因為有很多事情可能會朝這個方向發展。我所尋求的只是某種改進，應收帳款日銷售額的減少，以及其他表明我們在營運現金流方面開始迎頭趕上的指標。

Okay. Great, thanks. And then in the second quarter, I know you signed up a select group of staffing agencies to contracts that were meant to -- maybe give them some more volume, but also under favorable terms. Can you tell -- I know you know this quarter you've ramped up really quickly on this new deal, but can you tell us those contracts and the staffing agency relationships, and the terms? Are they all being kind of met as expected, I guess, factoring in this kind of rapid [of what we're seeing]

好的。萬分感謝。然後在第二季度，我知道你們與一組精選的人才中介機構簽訂了合同，這些合同的目的是——也許會給他們更多的數量，但也是在優惠的條件下。你能告訴我們嗎——我知道你知道這個季度你在這項新協議上的進展非常快，但你能告訴我們那些合約和人事代理關係以及條款嗎？我想，考慮到[我們所看到的]這種快速變化，它們是否都按預期得到了滿足？

Yes. So Mike, absolutely. So we're actually utilizing all of those contracts in full effect in Q2, Q3 and beyond. All of those partners, we call them partners because they're helping us scale tremendously, all of those partners, all those contracts are performing as expected. All of the negotiations and structuring of those contracts are actually well done. And so yes, we're absolutely benefiting greatly from those and Q2 and Q3 and going through the rest of the year here.

是的。所以麥克，絕對是。因此，我們實際上在第二季、第三季及以後充分利用了所有這些合約。所有這些合作夥伴，我們稱他們為合作夥伴，因為他們正在幫助我們極大地擴展規模，所有這些合作夥伴，所有這些合約都按預期履行。這些合約的所有談判和構建實際上都做得很好。所以，是的，我們絕對從這些以及第二季和第三季以及今年剩下的時間中受益匪淺。

David Grossman, Stifel.

大衛·格羅斯曼，斯蒂菲爾。

Thank you. Good afternoon. I'm wondering, Lee, you spoke a little bit about your commercial business in your prepared remarks, and it sounds like you're still at 73,000 lives with four payers with roughly 68,000 lives assigned as of, I guess now. Can you give us any better insight into how these pilots should ramp from a revenue perspective over the next 12 months? And any new business that may be in the pipeline to give us a sense of just how this business should scale over the next year or so?

謝謝。午安.我想知道，李，你在準備好的發言中談到了你的商業業務，聽起來你仍然有 73,000 條生命，有四個付款人，大約有 68,000 條生命被分配，我猜現在。您能否讓我們更了解這些試點計畫在未來 12 個月內應如何從收入角度成長？是否有任何新業務可能正在醞釀中，讓我們了解該業務在未來一年左右該如何擴展？

Yes. Absolutely, David. Happy to do so. So I think we look at that business -- we look at a multitude of different metrics. The first is, as you mentioned, the number of patients that are being assigned to us, that number, I'd like to see that number growing. It is growing. It's growing very much so. And so we'd like to see continued growth there. From there, I track and our team tracks sort of conversions. How many of those patients do we engage, do we go and provide the care gap, go into the home. And I'd like to see that number is going to also increase over time as our teams get more and more specialized, more and more trained, as we get more and more experience. And as we bring on more and more talent for our team, that number has also been going up. In fact, last week I was looking at a metric rise of the highest conversion since we started. So that metric I'd like to see going up and it is going up and I'm pleased with our progress there in terms of how many of the patients that are assigned to us engage with us.

是的。當然，大衛。很高興這樣做。所以我認為我們會關注這個業務——我們會關注大量不同的指標。第一個是，正如您所提到的，分配給我們的患者數量，這個數字，我希望看到這個數字不斷增長。它正在增長。它的增長非常如此。因此，我們希望看到那裡的持續成長。從那裡，我和我們的團隊追蹤某種轉換。我們接觸了多少患者，我們是否去提供照護缺口，進入家庭。我希望看到隨著時間的推移，隨著我們的團隊變得越來越專業、訓練越來越多、經驗越來越豐富，這個數字也會增加。隨著我們為團隊引進越來越多的人才，這個數字也不斷上升。事實上，上週我正在研究自我們開始以來最高轉換率的公製成長。因此，我希望看到該指標不斷上升，而且它正在上升，我對我們在分配給我們的患者中有多少與我們互動方面取得的進展感到滿意。

And obviously, we have a unique model where we don't call the patients who come into our office, but rather we go to their home. And obviously, we are able to decrease the barriers of access and bring care to the patient that need it. Almost all of these patients have not seen their primary care provider in over a year. And many of them are chronically ill, almost all of them are chronically ill, and so are in need of care gaps or need of intervention or need of our services. So I look at the assigned patients, I look at conversions.

顯然，我們有一個獨特的模式，我們不會打電話給來到我們辦公室的患者，而是去他們的家。顯然，我們能夠減少准入障礙，為需要的患者提供護理。幾乎所有這些患者都已經一年多沒有見過初級保健提供者了。他們中的許多人都患有慢性病，幾乎所有人都患有慢性病，因此需要護理缺口或需要介入或需要我們的服務。所以我會查看分配的患者，查看轉換情況。

The other thing I look at, which I'm very pleased with that, I mentioned on the call is the number of care gaps, the breadth of services that we're offering. And we feel like this is a very big competitor -- an additional competitive advantage for us. Obviously, the mobile deliveries of competitive advantage and our broad set of care gaps is also a competitive advantage. We get a lot of market feedback that what we're offering, the breadth of our services is actually pretty unique as well. And so I'd like to see us offer more and more and more care gaps, more and more clinical services to more and more chronically ill patients who need it. And as we see that, we see our health plan partners relying on us and partnering with us more and more and more, assigning us more patients and as we scale that.

我在電話中提到的另一件事是護理缺口的數量以及我們提供的服務的廣度，對此我感到非常滿意。我們覺得這是一個非常大的競爭對手——對我們來說是一個額外的競爭優勢。顯然，行動交付的競爭優勢和我們廣泛的護理差距也是一種競爭優勢。我們收到了大量的市場回饋，顯示我們提供的服務和服務的廣度實際上也非常獨特。因此，我希望看到我們為越來越多需要的慢性病患者提供越來越多的護理缺口和越來越多的臨床服務。正如我們所看到的，我們看到我們的健康計劃合作夥伴越來越依賴我們並與我們合作，為我們分配更多的患者，並且隨著我們的規模擴大。

So those are the metrics at a high level that we look at. We look at a lot more in-depth. But I'm looking forward to sharing on these calls our progress on how many patients have continued, growth of the number of patients that were being assigned, but also how many we're engaging, how many we're enrolling in our remote patient monitoring and virtual care platform, how many we're doing cardiac monitoring for, how many care gaps we're closing. And ultimately, the contracts we have can evolve into us becoming the primary care provider of record to us potentially sharing in the cost savings in the value-based arrangements in value-based care. So a lot of runway for us in this segment. We're very excited about it, and we're also doing a lot of tremendous good for the patients that we go and see that we're closing significant care gaps and likely catching sort of catastrophic -- potentially catastrophic episodes before they become so -- like our diabetic retinol exams are catching blindness -- potential blindness or potential vision impairment before it happens as an example.

這些都是我們關注的高層次指標。我們看得更深入。但我期待在這些電話會議上分享我們的進展，包括有多少患者繼續治療、分配的患者數量的增長，以及我們正在參與的患者數量、我們正在招募多少遠端患者監測和虛擬護理平台，我們正在為多少人進行心臟監測，我們正在縮小多少護理差距。最終，我們所擁有的合約可以使我們成為記錄在案的初級保健提供者，我們有可能分享基於價值的護理中基於價值的安排所節省的成本。因此，我們在這一領域有很多跑道。我們對此感到非常興奮，我們也為我們去的患者做了很多巨大的好事，我們看到我們正在縮小重大的護理差距，並可能在災難性事件變得如此之前發現它們。 - 就像我們的糖尿病視黃醇檢查可以發現失明一樣- 舉例來說，在發生之前就可以發現潛在的失明或潛在的視力障礙。

So -- and that obviously becomes costly and is a horrible outcome for a patient. So we're very, very pleased with the momentum, with the metrics. We're pleased with the great care we're providing with the good we're doing for the patients. And so we think there's a lot of runway and a lot of growth and a lot of good to be done in the coming quarters, and I'm looking forward to sharing that progress as we expand.

因此，這顯然會帶來高昂的成本，並且對患者來說是一個可怕的結果。因此，我們對這種勢頭和指標非常非常滿意。我們對我們為患者提供的優質護理和所做的好事感到滿意。因此，我們認為未來幾季還有很多跑道、很多成長和很多好事要做，我期待在我們擴張的過程中分享這些進展。

Right. So perhaps it's too early but is there anything you can do to dimension kind of what's going on, whether it be pipeline in terms of lives or any other quantitative metrics that may give us a better sense of how this business is scaling?

正確的。所以也許現在還為時過早，但是您可以做些什麼來衡量正在發生的事情，無論是生命方面的管道還是任何其他可以讓我們更好地了解這項業務如何擴展的定量指標？

Yes. We'll share out how many -- as the number of lives and number of assigned patients get assigned to us, we'll share out. The partners we have collectively have millions of lives to be assigned to close care gaps. And we're, in my opinion, only scratching the surface of what could be done. We need to scale the effort. We need to scale our patient engagement team. We have to continue to scale our team in the field. We continue already to invest significantly in our technology platform and our clinicians. So we can continue to invest there. And I can tell you that the partners we have, have many hundreds of thousands of patients each, 1 million-plus patients as we consider the larger partners we have. So we are sort of scratching the surface of the good we can be doing there. And I think it's too early to say exactly the various metrics throughout that funnel I just described, but we definitely will be sharing that in the coming quarters.

是的。我們將分享多少——隨著生命的數量和分配給我們的患者數量，我們將分享。我們的伴侶總共有數百萬人的生命需要被分配來彌補照護缺口。在我看來，我們只是觸及了可以做的事情的表面。我們需要加大力度。我們需要擴大我們的患者參與團隊。我們必須繼續擴大我們在該領域的團隊規模。我們已經繼續對我們的技術平台和臨床醫生進行大量投資。所以我們可以繼續在那裡投資。我可以告訴你，我們擁有的合作夥伴每個都有數十萬患者，考慮到我們擁有的更大的合作夥伴，超過 100 萬患者。因此，我們只是觸及了我們可以在那裡做的善事的表面。我認為現在確切地說出我剛才描述的整個漏斗中的各種指標還為時過早，但我們肯定會在未來幾季分享這些指標。

Ryan MacDonald, Needham & Co.

瑞安麥克唐納，李約瑟公司

Hi, thanks for taking my questions and congrats on a nice quarter. Lee, I appreciate the commentary and sort of the outline of the strategic vision here and sort of the three key areas you're focused within in terms of insurance partners, municipalities, and health systems. And as you look at sort of time allocation and where you see the biggest opportunity, how would you rank those three opportunities in terms of potential pipeline or backlog generation moving forward?

您好，感謝您回答我的問題，並祝賀您度過了一個愉快的季度。李，我很欣賞這裡的評論和戰略願景的概述，以及您在保險合作夥伴、市政當局和衛生系統方面關注的三個關鍵領域。當您考慮時間分配以及在哪裡看到最大的機會時，您如何根據潛在的管道或積壓的生成來對這三個機會進行排名？

Yes. So thanks, Ryan, for the question. Not sure I'll rank the customer segments because we love them all the same, so to speak, and we love all of our partners. And I would say, when I look at it, obviously, we shared the vast majority of the revenues coming from health systems and municipalities today. But we see tremendous -- our growth percentages are very, very large with the third pillar, which is the value-based care insurer group. So we see -- I'm not sure I'd stack rank one over the other because again, our goal is to provide an absolute exceptional customer experience. It's part of our culture for every single customer. We have, no matter how large, no matter how small we've given absolute exceptional customer experience, which is the reason why they tend to grow with us. And a small customer today could be a very large customer in the future. So that's the way the way we view it.

是的。謝謝瑞安提出的問題。不確定我是否會對客戶群進行排名，因為我們同樣喜歡他們，可以這麼說，我們喜歡我們所有的合作夥伴。我想說，當我審視它時，顯然，我們分享了今天來自衛生系統和市政當局的絕大多數收入。但我們看到了巨大的成長——第三個支柱，即基於價值的護理保險公司集團，我們的成長百分比非常非常大。所以我們看到 - 我不確定我是否會排名第一，因為我們的目標是提供絕對卓越的客戶體驗。對每一位客戶來說，這是我們文化的一部分。無論規模有多大，無論規模有多大，我們都提供了絕對卓越的客戶體驗，這就是他們傾向於與我們一起成長的原因。今天的小客戶將來可能會成為非常大的客戶。這就是我們看待它的方式。

I will say that we continue to submit proposals for all three. We have growth plans in place for all three. We are investing in growth in all three. And so I think you're seeing a lot of the large contract wins -- to more address your question, we are seeing the large contract wins, the dollar value contract wins coming in the health systems, our hospital partners, and municipalities. The contracts that we are winning and negotiating and have in the pipeline with the insurers have the potential to be very large as we scale them. And as we can take on more and more patients, then we'll be able to -- they'll come with more associated revenue numbers and growth for them.

我想說的是，我們將繼續為這三個項目提交提案。我們對這三個方面都制定了成長計劃。我們正在投資這三個領域的成長。因此，我認為您看到了許多大型合約的贏得——為了更多地解決您的問題，我們看到衛生系統、我們的醫院合作夥伴和市政當局贏得了大型合約、美元價值的合約。隨著我們規模的擴大，我們正在贏得、正在談判以及正在與保險公司簽訂的合約有可能變得非常大。隨著我們能夠接收越來越多的患者，我們將能夠——他們將帶來更多相關收入的數字和成長。

So we're going to be investing in that. But the wins right now are coming in -- the dollar wins are coming in the first two. I would say the expansion opportunities and the market potential is also coming in that third pillar with the insurance providers as well.

所以我們將對此進行投資。但現在的勝利正在到來——美元的勝利將出現在前兩項。我想說，保險提供者的第三個支柱也帶來了擴張機會和市場潛力。

Super helpful. I appreciate the color on that. And then maybe as a follow-up, earlier this year, at the Investor Day, you had kind of outlined a path to a 20% adjusted EBITDA margins, exiting 25%, that was underpinned really by a 40% gross margin profile. Given the success you continue to have on the top line and some of the temporary margin pressure that creates. Do you still view those 40% gross margins, 20% EBITDA margin targets as structurally achievable in the business today?

超有幫助。我很欣賞它的顏色。然後，也許作為後續行動，今年早些時候，在投資者日，您概述了一條將調整後的EBITDA 利潤率調整為20% 的路徑，退出25%，而這實際上是由40% 的毛利率狀況支撐的。考慮到您在營收方面繼續取得的成功以及由此產生的一些暫時的利潤壓力。您仍然認為 40% 的毛利率和 20% 的 EBITDA 利潤率目標在當今的業務中在結構上是可以實現的嗎？

They are structurally achievable -- go ahead. Let me just say, Norm, that they are structurally achievable, and they continue to be our goals as we stated at the Investor Day. But Norm, go ahead.

它們在結構上是可以實現的——繼續吧。 Norm，我只想說，這些目標在結構上是可以實現的，正如我們在投資者日所聲明的那樣，它們仍然是我們的目標。但是諾姆，繼續吧。

Yes, it's pretty much as I was going to say it. The way we sort of model that out is we have roughly 40% gross margins on a blended basis, consolidated basis, and SG&A would be about another 20 points. We're kind of there on the SG&A with the understanding that we're going to take us -- we might take a step backward before we step forward, but we're pretty close. Where obviously we have more room to get to is on the gross margin side. But yes, we think structurally it is achievable. And I'll just echo what Lee said, it's definitely our goal. It's really going to be a matter of digesting some of these recent revenue gains and then taking that number higher. Like we kind of know where we do it and how we do it. It's just going to be a matter of the timing of that growth curve on the top line that's going to have an impact in the near term on how close we get to that number.

是的，這幾乎就是我要說的。我們的建模方式是，在混合基礎上、合併基礎上，我們的毛利率約為 40%，而 SG&A 大約還有 20 點。我們在SG＆A方面的理解是，我們將採取我們 - 我們可能會在前進之前後退一步，但我們已經非常接近了。顯然，我們在毛利率方面還有更大的空間。但是，是的，我們認為從結構上講這是可以實現的。我只是重複李所說的，這絕對是我們的目標。這實際上是一個消化一些最近的收入成長，然後使這個數字更高的問題。就像我們知道我們在哪裡做以及如何做一樣。這只是營收成長曲線的時間問題，這將在短期內影響我們距離這個數字有多近。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Yes, good afternoon, guys. So this model has evolved a few times the last few years, starting off with COVID then morphing into homelessness and then into migrants. I guess, how should we think about both homeless and migrants as a growth engine for the next few years? And can you talk about who we're seeing as competition in those markets now, for example, for the Board opportunity? What did the company won that contract?

是的，下午好，夥計們。因此，這種模式在過去幾年中已經演變了幾次，從新冠病毒開始，然後演變成無家可歸者，然後變成移民。我想，我們應該如何看待無家可歸者和移民作為未來幾年的成長引擎？您能否談談我們現在在這些市場中將誰視為競爭者，例如，董事會機會？公司靠什麼贏得了這份合約？

Yes. Hi, Peter, I'll jump in. So it's still too early in terms of the border patrol contract. We'll find out in the coming weeks and months who ended up winning that. But I just want to really mention -- start off by saying in terms of that evolution that you described. We -- our whole business, all of our segments, all of our customer base, our market, we're growing at the target rate we put out even without the HPD asylum seeker contract. So that obviously has accelerated our growth, but we would still be growing at our target rate without that HPD content. So I want to make sure that I share that.

是的。嗨，彼得，我來插話。所以就邊境巡邏合約而言，現在還為時過早。我們將在接下來的幾週和幾個月內知道誰最終贏得了勝利。但我只想提一下——首先就你所描述的演變來說。我們——我們的整個業務、我們所有的細分市場、我們所有的客戶群、我們的市場，即使沒有 HPD 尋求庇護者合同，我們也在以我們設定的目標速度增長。因此，這顯然加速了我們的成長，但如果沒有 HPD 內容，我們仍然會以目標速度成長。所以我想確保我分享這一點。

And so I think in terms of the asylum seeker care, there's a lot of transferable expertise that we've been bringing to that contract. So first off, there's a transportation component to that. And obviously, one of the largest medical transportation providers in the country. We utilize that, as I mentioned, those first paramedic DLS unit at the Port Authority where our transport teams. And we continue to use our platform to help the city scale the care for this particular population. We use the same logistics platform. We use the same tech platform. We use to see the same vaccine management platform. And we're growing every single day our capabilities that we're helping to provide the care for the asylum seekers, but also using that same exact -- those same exact competencies for other contracts.

因此，我認為就尋求庇護者護理而言，我們為該合約帶來了很多可轉讓的專業知識。首先，有一個交通組件。顯然，這是該國最大的醫療運輸提供者之一。正如我所提到的，我們利用港務局的第一個護理 DLS 單位，我們的運輸團隊就在那裡。我們繼續利用我們的平台來幫助城市擴大對這一特定人群的照顧。我們使用相同的物流平台。我們使用相同的技術平台。我們使用看到的疫苗管理平台是一樣的。我們每天都在增強我們的能力，我們幫助為尋求庇護者提供護理，但也使用相同的能力來簽署其他合約。

As an example, you can imagine casework and behavioral health care that we're providing at scale for asylum seekers is also applicable to patients of insurance providers and some of our other key customers. So we continue to leverage the capabilities we have across all of our segments. There's a common thread for all of the customers we partner with, for all of the patients we're providing care, we leverage all the same platforms, all the same technology and so on. That has allowed us to scale very, very rapidly. Those investments in our people and our technology that have allowed us to do that, and we applied that to a myriad of different patient populations. And so I just want to make sure that I share that. And I think that's a very key aspect of our growth and how we've been able to provide care for such a wide swath of patient needs.

例如，您可以想像我們為尋求庇護者提供的大規模案例工作和行為醫療保健也適用於保險公司的患者和我們的一些其他主要客戶。因此，我們繼續利用我們在所有細分市場中擁有的能力。對於我們合作的所有客戶，對於我們提供護理的所有患者，我們都有一個共同點，我們利用所有相同的平台、所有相同的技術等等。這使我們能夠非常非常迅速地擴展規模。對我們的人員和技術的投資使我們能夠做到這一點，並將其應用於無數不同的患者群體。所以我只是想確保我分享這一點。我認為這是我們發展的一個非常關鍵的方面，也是我們如何能夠為如此廣泛的患者需求提供護理的一個方面。

Okay. And then one more on the cash collections. I understand the amount guiding to or for recovery by the fourth quarter. But if you do sort of recover that cash or you do sort of collect the cash in the fourth quarter, is it fair to think that you'll pay -- they'll pay down the revolver that you drew on? And then looking actually at those delays, how much that is due to the sort of real-time audit that's being conducted? You were very clear saying there weren't any disputes here, but when you're getting real time audited, are you seeing any pushback from the state during that audit? I'm just thinking about the hotel rates pretty in food or accessing health care via telehealth or in-person. Thanks so much.

好的。然後再談一談現金收款。我了解第四季指引或復甦的金額。但如果你確實收回了這筆現金，或者你確實在第四季度收到了現金，那麼認為你會支付——他們會償還你提取的左輪手槍是否公平？然後實際查看這些延遲，其中有多少是由於正在進行的即時審核造成的？您說得很清楚，這裡沒有任何爭議，但是當您接受即時審計時，您是否在審計期間看到了來自州政府的任何阻力？我只是在考慮酒店在食品方面的價格，或透過遠距醫療或親自獲得醫療保健的價格。非常感謝。

So as far as your -- the first quarter, your point, I don't want to paint us into a corner. I mean, it would make a lot of sense for us as we generate more work capital, more free cash flow for us to use that to pay down the credit line. I mean, the credit line is not being seen as something that we want to have on a permanent basis. It's something that we have there to give us some flexibility. So yes, clearly, we would pay that down as we could.

因此，就你第一節的觀點而言，我不想讓我們陷入困境。我的意思是，這對我們來說很有意義，因為我們可以產生更多的營運資金，更多的自由現金流，讓我們可以用它來償還信貸額度。我的意思是，信貸額度並沒有被視為我們想要永久擁有的東西。這是我們擁有的東西，可以給我們一些彈性。所以，是的，顯然，我們會盡我們所能地償還這筆費用。

As far as the other thing in terms of the impact of the real-time audit, so here's why I think the impact comes in, I think it's a matter of the type of backup that is asked for on these invoices and it's something that is being done in anticipation of the real-time audit. There hasn't been any other indirect impact of it. And that's kind of an impact that tends to wane after time because once we get to a good rhythm with them in terms of the types of backup that we're going to provide together with our invoices, then we just do it again and again, as we go through the next month's invoice and the next month's invoice. So it hasn't really had a big impact in terms of anything like that.

至於即時審計的影響方面的另一件事，這就是我認為影響產生的原因，我認為這是這些發票上要求的備份類型的問題，而且這是在預計實時審核的情況下完成的。沒有任何其他間接影響。這種影響往往會隨著時間的推移而減弱，因為一旦我們在與發票一起提供的備份類型方面與他們達成良好的節奏，那麼我們就會一次又一次地這樣做，當我們查看下個月的發票和下個月的發票時。因此，就類似的事情而言，它並沒有真正產生很大的影響。

It doesn't mean that they sit on every invoice for longer. It really just means that they will have some more requests for backup sort of upfront than what we otherwise would have expected to provide. But that in and of itself is not really an issue for us.

這並不意味著他們在每張發票上停留的時間更長。這實際上只是意味著他們會預先提出比我們預期提供的更多的備份請求。但這本身對我們來說並不是真正的問題。

Richard Close, Canaccord Genuity.

理查德·克洛斯，Canaccord Genuity。

Yes. Thanks for the follow-up. Just with the respect to the backlog increase, and Lee, I appreciate your comments on the three channels, but is most of that increase in the backlog number that you provided, I guess, the $105 million increase. Is that pretty much evenly split between municipalities and the government channel and then the health systems? Or how should we think about that split?

是的。感謝您的跟進。就積壓的增加而言，Lee，我感謝您對三個管道的評論，但您提供的積壓數量的增加大部分是增加的，我猜增加了 1.05 億美元。市政當局和政府管道以及衛生系統之間的分配比例是否相當平均？或者我們應該如何看待這種分裂？

So Richard, I'll take that one. So I've got the backlog file open in front of me here. So the back -- and again, just to refresh everybody's memory in terms of the way it works. So had all things being equal, the backlog number would go down as more of the backlog turns into actual revenue and quite a bit of it turned into actual revenue during this quarter. However, we're able to add quite a bit to the backlog based on different contracts that we've won, really across our geographies and across our business lines.

理查德，我會接受那個。所以我已經在我面前打開了積壓文件。所以回到後面——再一次，只是為了刷新每個人對其工作方式的記憶。因此，如果所有條件相同，隨著更多積壓訂單轉化為實際收入，並且其中相當一部分在本季度轉化為實際收入，積壓訂單數量將會下降。然而，根據我們贏得的不同合同，我們能夠在跨地區和跨業務線的基礎上增加相當多的積壓訂單。

So I would say, especially this quarter, it's a really big mix. So you've got some of the government work that obviously is now on the table in terms of expansion or additional sites. That's clearly a big part of this. But at the same time, there are a couple of contracts we won in the UK that I think as we mentioned, where those are very large contracts that are the kinds that will help us out. We have a couple with Native American populations, other types of projects that we do through one of our other entities.

所以我想說，尤其是這個季度，這是一個非常大的組合。因此，政府的一些工作顯然已經擺在了桌面上，包括擴建或增加站點。這顯然是其中一個重要的部分。但同時，我認為正如我們所提到的，我們在英國贏得了幾份合同，這些合同都是非常大的合同，可以幫助我們擺脫困境。我們有一些針對美洲原住民的項目，我們透過其他實體之一開展其他類型的項目。

So I mean, this is stuff that applies to both the US. It applies to the UK market. It applies to Mobile Health. It applies to Transport. It's actually really very, very nicely spread out. But without question, the big part of it is the fact that we do expect to realize more revenue on some of the asylum projects, given that we've seen it come in the way we saw it come in. But that's not by a wide -- by any measure. That's an overwhelming drive of the backlog, rather the backlog is very diverse.

所以我的意思是，這對美國都適用。它適用於英國市場。它適用於移動健康。它適用於運輸。實際上它分佈得非常非常好。但毫無疑問，其中很大一部分是這樣一個事實：我們確實希望在一些庇護項目上實現更多收入，因為我們已經看到它以我們看到的方式出現。但這並不是一個廣泛的結果。 ——無論以何種標準衡量。這是積壓的壓倒性推動力，而且積壓是非常多樣化的。

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

謝謝你，先生。目前沒有其他問題。我現在想把發言權交還給李·賓斯托克 (Lee Bienstock) 以供結束評論。請繼續。

Thank you. Thank you all for joining us today. Thank you all very much. Much appreciated. See you soon.

謝謝。感謝大家今天加入我們。非常感謝大家。非常感激。再見。

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

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