DocGo Inc (DCGO) 2024 Q2 法說會逐字稿

Good day everyone, and welcome to the DocGo second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

大家好，歡迎參加 DocGo 2024 年第二季財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the conference over to your host, Mike Cole, Vice President of Investor Relations.

現在我想將會議交給東道主投資者關係副總裁 Mike Cole。

Thank you, operator. 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.

謝謝你，接線生。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。

The words may, will, plan, potential, could, goal, outlook, design, 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, and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results or expectations.

可能、將、計劃、潛力、可能、目標、展望、設計、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內容聲明。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 which 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.

前瞻性陳述本質上受到重大風險、不確定性和假設的影響，其中許多風險、不確定性和假設超出了我們的控制範圍，這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所包含的內容有重大差異聲明。

These risks, uncertainties and assumptions include, but are not limited to, those discussed 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.

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 向SEC 提交的其他報告和聲明中討論的風險、不確定性和假設您的注意力將被引導到其中。

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.

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 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，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。

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.

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。

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

此時此刻，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 today. We had an excellent performance in the second quarter recording $164.9 million in revenue and $17.2 million in adjusted EBITDA, driven by strong operational execution, while also making substantial progress with new business development and cash collections.

謝謝麥克，也謝謝大家今天加入。在強大的營運執行力的推動下，我們在第二季度取得了出色的業績，收入為1.649 億美元，調整後EBITDA 為1720 萬美元，同時在新業務開發和現金回籠方面也取得了實質性進展。

We are seeing a lot of momentum working through the sales pipeline. Early this year, we launched an initiative to specifically pursue dialogue with prospective partners across our three customer verticals as well as partnership opportunities with virtual only providers who want to utilize our in-person capability to complement their offerings. There is no doubt that the health care industry is increasingly looking for mobile delivery solutions to create greater access to care while lowering costs.

我們在銷售管道中看到了巨大的動力。今年早些時候，我們發起了一項舉措，專門尋求與我們三個垂直客戶領域的潛在合作夥伴進行對話，並與希望利用我們的面對面能力來補充其產品的虛擬提供者建立合作夥伴關係。毫無疑問，醫療保健產業越來越多地尋求行動交付解決方案，以創造更多的醫療服務，同時降低成本。

Telemedicine has a number of advantages, but on a standalone basis, it also has significant limitations. The dialogue that we're having with these potential strategic partners revolves around DocGo's unique ability to deliver last mile physical care. We are seeing strong results from this effort with several new relationships in the contracting phase and others working their way through the sales pipeline. I'm really excited to share those opportunities with you as they mature.

遠距醫療有很多優點，但單獨來看，它也有很大的限制。我們與這些潛在策略合作夥伴的對話圍繞著 DocGo 提供最後一哩身體護理的獨特能力。我們看到這項努力取得了顯著成果，在合約階段建立了一些新的關係，而其他關係則在銷售管道中不斷發展。我很高興能在這些機會成熟時與您分享。

I'm also very proud of our operational execution in Q2. It was a significant undertaking to wind down the downstate migrant related locations under our contract with HPD, but we did so seamlessly and we concurrently began the process of rightsizing our cost structure accordingly. I think we did an exceptional job managing this process and we expect to see margin improvement going forward as those rightsizing initiatives take hold.

我也對我們第二季的營運執行感到非常自豪。根據我們與 HPD 的合同，減少州內與移民相關的地點是一項重大任務，但我們做得很順利，同時我們開始相應地調整我們的成本結構。我認為我們在管理這項流程方面做得非常出色，隨著這些規模調整措施的實施，我們預計未來利潤率會有所改善。

We also made significant progress during the quarter with our cash collections. Our cash flow from operations exceeded $35 million in Q2 of 2024, driving up our cash balance by more than $25 million relative to the end of Q1. I think it's important to note that the cash balance also reflects the fact that we repurchased approximately $5 million worth of DocGo shares during the period and nearly $10 million since the start of 2024.

本季我們在現金回收方面也取得了重大進展。2024 年第二季度，我們的營運現金流超過 3,500 萬美元，使我們的現金餘額較第一季末增加超過 2,500 萬美元。我認為值得注意的是，現金餘額也反映出我們在此期間回購了價值約 500 萬美元的 DocGo 股票，自 2024 年初以來回購了近 1,000 萬美元。

We continue to work with our large municipal customers to try and normalize the payment process and expect continued strong cash flow from operations over the coming quarters. We expect this to give us the resources to further strengthen our balance sheet, support potential additional stock repurchases and of course, continue to support the strong growth we project ahead.

我們將繼續與大型市政客戶合作，嘗試使支付流程正常化，並預計未來幾季的營運現金流將持續強勁。我們預計這將為我們提供資源，以進一步加強我們的資產負債表，支持潛在的額外股票回購，當然，繼續支持我們未來預計的強勁成長。

As a result, we are increasing our cash flow from operations guidance from $70 million to $80 million to an updated range of $80 million to $90 million for 2024.

因此，我們將 2024 年營運指引現金流量從 7,000 萬美元增加到 8,000 萬美元，更新範圍為 8,000 萬美元到 9,000 萬美元。

We also announced the establishment of a world class Medical Advisory Board, which includes a prominent group of physicians and specialists from leading national institutions. The advisory board will offer counsel and expertise on our clinical offerings and publish medical research on the impact of the company's programs on patient outcomes. We are excited to leverage their expertise to continue developing innovative health care solutions for those that need it most.

我們也宣布成立世界一流的醫療諮詢委員會，其中包括來自領先國家機構的傑出醫生和專家團隊。顧問委員會將為我們的臨床產品提供建議和專業知識，並發布有關公司計畫對患者結果影響的醫學研究。我們很高興能夠利用他們的專業知識，繼續為最需要的人開發創新的醫療保健解決方案。

As I usually do, I would now like to spend some time covering our three key customer verticals: payers and providers, hospital systems and municipal population health. In our payer and provider customer vertical, we have had a flurry of recent contract wins with several of those opportunities having considerable room for expansion over time.

像往常一樣，我現在想花一些時間來介紹我們的三個關鍵客戶垂直領域：付款人和提供者、醫院系統和市政人口健康。在我們的付款人和提供者客戶垂直領域，我們最近贏得了一系列合同，其中一些機會隨著時間的推移具有相當大的擴展空間。

One key leading indicator for this vertical is the number of patients been assigned for care gap closure services and we have more than doubled that number on a sequential basis in Q2 over Q1. We are seeing strong results from these programs and the customer ROI is becoming increasingly apparent.

這個垂直領域的關鍵領先指標是被分配接受護理差距彌合服務的患者數量，我們第二季度的數字比第一季連續增加了一倍多。我們看到這些計畫取得了強勁的成果，客戶的投資報酬率也變得越來越明顯。

For example, one of our customers has observed a 50% reduction in all cause readmissions for complex patients that receive our care post discharge. In addition, our quality measure and care gap closure programs enable payers to maintain or improve quality ratings, which can further impact payer financials in a material way.

例如，我們的一位客戶觀察到，出院後接受我們照護的複雜患者的全因再入院率減少了 50%。此外，我們的品質衡量和護理差距縮小計劃使付款人能夠維持或提高品質評級，這可以進一步對付款人的財務狀況產生重大影響。

During the second quarter, we added a top 10 payer in Southern California and plans are in place to expand with that same customer in New York. Our work with hospital systems continues to perform well. We had a new medical transport wins in New York and Delaware with key extensions in New Jersey and the U.K.

在第二季度，我們在南加州增加了前 10 名付款人，並計劃在紐約擴大該客戶的規模。我們與醫院系統的合作持續表現良好。我們在紐約和特拉華州取得了新的醫療運輸勝利，並在新澤西州和英國進行了重要擴展。

Overall, we saw 13% revenue growth to date in 2024 compared to the first half of 2023, and we still expect medical transportation to grow in the neighborhood of 15% or more annually over the near term.

總體而言，與 2023 年上半年相比，我們 2024 年迄今的收入成長了 13%，我們仍然預計醫療運輸在短期內每年將成長 15% 或更高。

We're in the final stages of contracting with one of the largest hospital networks in New Jersey for a mobile health program to provide physicals and wellness checks to their enterprise customers located across the state and we're seeing increased interest from major health systems for our transitional care management mobile health offerings, remote patient monitoring, virtual care management and readmission reductions and more, all of which are designed to help keep patients out of the hospital and healthy in their homes.

我們正處於與新澤西州最大的醫院網路之一簽訂行動健康計畫合約的最後階段，該計畫將為全州的企業客戶提供體檢和健康檢查，我們看到主要衛生系統對行動健康計畫的興趣日益濃厚我們的過渡護理管理行動醫療產品、遠端患者監控、虛擬護理管理和減少再入院等，所有這些都旨在幫助患者遠離醫院並在家中保持健康。

In our municipal population health vertical, we recently launched our first mobile X-ray program for the City of New York and are planning seasonal vaccination programs for clients in Texas, New York and Washington D.C. In addition, we won a project from the state of New Mexico to provide nursing care and mobile vaccination clinics, nursing call centers across the state and behavioral health services for the New Mexico Behavioral Health Institute.

在我們的市政人口健康垂直領域，我們最近為紐約市推出了第一個移動X 射線計劃，並正在為德克薩斯州、紐約州和華盛頓特區的客戶規劃季節性疫苗接種計劃。也贏得了紐約州的一個計畫新墨西哥州將提供護理服務和流動疫苗接種診所、全州護理呼叫中心以及新墨西哥州行為健康研究所的行為健康服務。

Separately, we won a contract to provide X-ray technicians at multiple sites for a new customer in Arizona, and lastly, we're proud of the deep clinical expertise in mobile health care services we've provided as part of the humanitarian response in New York.

另外，我們贏得了一份合同，為亞利桑那州的新客戶在多個地點提供X 射線技術人員，最後，我們為我們在移動醫療服務方面深厚的臨床專業知識感到自豪，作為人道主義響應的一部分，我們提供了行動醫療服務。

In Q2 alone, our clinicians have facilitated over nearly 200,000 patient interactions on these programs, including a 150,000 behavioral health encounters and nearly 50,000 medical encounters, including over 42,000 for intake and triage, 8,000 vaccinations, and 2,600 QuantiFERON blood tests.

僅在第二季度，我們的臨床醫生就在這些計劃中促成了近200,000 次患者互動，包括150,000 次行為健康諮詢和近50,000 次醫療諮詢，其中包括超過42,000 次攝入和分診、8,000 次疫苗接種和2,600 次QuantiFERON 血液檢測。

This is all in keeping with our historical municipal work, bringing care to vulnerable patients across various public health initiatives for many populations, including uninsured individuals, the LGBTQ plus community, both sheltered and unsheltered homeless populations and newly arrived asylum seekers outside of traditional medical settings.

這一切都符合我們歷史上的市政工作，透過針對許多人群的各種公共衛生舉措為弱勢患者提供護理，包括沒有保險的個人、LGBTQ+社區、受庇護和無庇護的無家可歸者以及傳統醫療環境以外新抵達的尋求庇護者。

Collectively, we are performing in line with the guidance announced as part of last quarter's earnings release and reaffirming our 2024 guidance of $600 million to $650 million in revenue and $65 million to $75 million in adjusted EBITDA, while raising our cash flow from operations expectation to $80 million to $90 million up from $70 million to $80 million.

總體而言，我們的表現符合上季度收益發布中宣布的指導方針，並重申2024 年收入指導方針為6 億至6.5 億美元，調整後EBITDA 為6500 萬至7500 萬美元，同時將我們的現金流從營運預期提高到從 7,000 萬美元增至 8,000 萬美元，從 8,000 萬美元增至 9,000 萬美元。

Additionally, we continue to expect revenues from our base business to show strong sequential growth in the second half of 2024 and be approximately $400 million in 2025.

此外，我們繼續預期基礎業務的營收將在 2024 年下半年呈現強勁的環比成長，並在 2025 年達到約 4 億美元。

I want to reiterate that the 2025 revenue expectation in our base business is not overall revenue guidance for 2025 given we expect some migrant related revenues next year. I think one of the most important takeaways from the quarter would be the quality and quantity of new opportunities entering pipeline.

我想重申，鑑於我們預計明年會有一些與移民相關的收入，我們基礎業務的 2025 年收入預期並不是 2025 年的整體收入指引。我認為本季最重要的收穫之一是進入管道的新機會的品質和數量。

As we work with New York City to coordinate a tapered down of migrant related work, it has freed up considerable bandwidth to pursue other opportunities. As I mentioned, some of these opportunities are maturing to the contracting phase and I expect multiple new programs to roll out in the second half of 2024. This will directly complement our traditional RFP channel and provide another conduit for growth.

當我們與紐約市合作協調減少與移民相關的工作時，它釋放了相當大的頻寬來尋求其他機會。正如我所提到的，其中一些機會正在成熟到合約階段，我預計多個新計劃將在 2024 年下半年推出。這將直接補充我們傳統的 RFP 管道，並提供另一個成長管道。

At the end of the day, we have the technology, logistical infrastructure and balance sheet to offer large scale last-mile deployments with national health care providers, payers, hospitals and municipalities. Combine that with a very broad scope of clinical services that DocGo offers, and we feel we are in an excellent strategic position going forward.

最終，我們擁有技術、物流基礎設施和資產負債表，可以為國家醫療保健提供者、付款人、醫院和市政當局提供大規模的最後一哩部署。將其與 DocGo 提供的非常廣泛的臨床服務相結合，我們認為我們在未來的發展中處於良好的戰略地位。

I will now hand over the call to Norman to cover the financials. Norman, please go ahead.

我現在將電話轉交給諾曼，負責處理財務事宜。諾曼，請繼續。

Thank you, Lee, and good afternoon. Total revenue for the second quarter of 2024 was $164.9 million a 31% increase from the second quarter of 2023. Mobile Health revenue for the second quarter of 2024 was $116.7 million up 46% from the second quarter of 2023.

謝謝你，李，下午好。2024 年第二季的總營收為 1.649 億美元，較 2023 年第二季成長 31%。2024 年第二季行動醫療收入為 1.167 億美元，較 2023 年第二季成長 46%。

We experienced growth across several projects, business lines and geographies. However, the bulk of the year-over-year revenue gains related to the migrant related projects we operated in New York for both HPD and H&H. As we projected on our last earnings call, these migrant related revenues declined sequentially in second quarter, reflecting the wind down of some sites in New York City, which began in mid-May. These migrant related revenues are expected to continue to decline sequentially as we go through the rest of 2024.

我們在多個專案、業務線和地區實現了成長。然而，大部分同比收入成長與我們在紐約為 HPD 和 H&H 運營的移民相關項目有關。正如我們在上次財報電話會議上所預測的那樣，這些與移民相關的收入在第二季度連續下降，反映出紐約市的一些站點從 5 月中旬開始關閉。隨著 2024 年剩餘時間的推移，這些與移民相關的收入預計將繼續下降。

Transportation services revenue increased to $48.2 million in Q2 of 2024, which was 6% higher than the transport revenues we recorded in the Q2 of 2023.

2024 年第二季度，運輸服務收入增至 4,820 萬美元，比 2023 年第二季的運輸收入高出 6%。

The largest gains occurred in our three biggest markets: New York, Pennsylvania and the U.K. In the second quarter, Mobile Health revenues accounted for about 71% of total revenues and Transport for the remaining 29%. Net income was $5.9 million in second quarter of 2024 compared with net income of $1.3 million in the second quarter of 2023. The higher net income reflects higher revenues and wider margins.

最大的成長出現在我們的三個最大市場：紐約、賓州和英國。2024 年第二季的淨利為 590 萬美元，而 2023 年第二季的淨利為 130 萬美元。較高的淨利潤反映了較高的收入和較高的利潤率。

Adjusted EBITDA for the second quarter of 2024 was $17.2 million up from $9.1 million in last year's Q2. The adjusted EBITDA margin was 10.4% in Q2, up from 7.3% in the second quarter of 2023. This was the third consecutive quarter of double digit adjusted EBITDA margins.

2024 年第二季調整後 EBITDA 為 1,720 萬美元，高於去年第二季的 910 萬美元。第二季調整後 EBITDA 利潤率為 10.4%，高於 2023 年第二季的 7.3%。這是連續第三個季度調整後 EBITDA 利潤率達到兩位數。

As you've seen in our earnings release, beginning with the second quarter, we are now presenting both GAAP gross margin and adjusted gross margin. GAAP gross margin includes depreciation charges and the cost of goods sold, while adjusted gross margin does not factor in depreciation charges.

正如您在我們的財報中看到的那樣，從第二季開始，我們現在同時提供 GAAP 毛利率和調整後毛利率。公認會計準則毛利率包括折舊費用和銷售商品成本，而調整後毛利率不考慮折舊費用。

For the purpose of comparing our historically reported numbers, please note that what we have historically referred to as gross margin is now and will henceforth be referred to as adjusted gross margin. We have included a reconciliation table in our earnings release to clarify this and to allow for clean year-over-year comparisons.

為了比較我們歷史報告的數字，請注意，我們歷史上所說的毛利率現在和今後都將被稱為調整後毛利率。我們在收益報告中包含了一個調節表，以澄清這一點並進行清晰的同比比較。

Total GAAP gross margin percentage during the second quarter of 2024 was 31.3%, up from 30.3% in the second quarter of 2023. The adjusted gross margin was 33.9% compared to 33.4% in the second quarter of 2023. During 2024 to date, we've seen solid improvements in both overtime rates and subcontractor costs in the Mobile Health area.

2024 年第二季 GAAP 總毛利率為 31.3%，高於 2023 年第二季的 30.3%。調整後毛利率為 33.9%，而 2023 年第二季為 33.4%。2024 年至今，我們看到行動醫療領域的加班率和分包商成本都有了顯著改善。

During the second quarter of 2024, subcontracted labor accounted for 24% of total labor costs as compared to 21% in the second quarter of 2023. The year-over-year increase was driven primarily by the migrant related projects, which tend to feature more subcontracted labor than to our core mobile health projects. However, subcontracted labor has declined sequentially since peaking in the Q4 of last year at over 30% of total labor costs, and we expect this decline to continue over the remainder of 2024.

2024年第二季度，分包勞動力佔勞動總成本的24%，而2023年第二季為21%。年比成長主要是由移民相關項目推動的，與我們的核心行動醫療項目相比，這些項目往往具有更多的分包勞動力。然而，自去年第四季達到高峰（佔總勞動成本的 30% 以上）以來，分包勞動力已連續下降，我們預計這種下降趨勢將在 2024 年剩餘時間內持續下去。

Overtime accounted for 6.7% of total hours worked in the second quarter of 2024 compared to 9% in the second quarter of 2023. Overtime hours have declined as a percentage of total hours in each of the last four quarters. While there is still some room for further improvement, we're getting very close to our target of 5% of total hours worked.

2024 年第二季加班佔總工作時間的 6.7%，而 2023 年第二季為 9%。過去四個季度，加班時間佔總時間的百分比均有所下降。雖然仍有進一步改進的空間，但我們已經非常接近佔總工作時間 5% 的目標。

During the second quarter of 2024, adjusted gross margin from the Mobile Health segment was 35.9% compared to 34.9% in the second quarter of 2023. Adjusted gross margins for the Mobile Health segment have now improved for three consecutive quarters since the third quarter of 2023, which had been impacted by significant project launch and ramp up related costs relating to the migrant programs.

2024 年第二季度，行動醫療部門調整後毛利率為 35.9%，而 2023 年第二季為 34.9%。自 2023 年第三季以來，行動醫療部門的調整後毛利率現已連續三個季度有所改善，這是受到重大項目啟動和移民計劃相關成本上升的影響。

In the Transportation segment, adjusted gross margins were 29.1% in Q2, down from 30.7% in Q2 of 2023. Transportation margins in Q2 were impacted by increased subcontractor costs in one of our markets as we were not able to hire quickly enough to align with the timing of an increase in volumes from certain customers.

在交通運輸領域，第二季調整後毛利率為 29.1%，低於 2023 年第二季的 30.7%。第二季的運輸利潤受到我們一個市場的分包商成本增加的影響，因為我們無法足夠快地招募以適應某些客戶數量增加的時間。

Looking ahead, however, we expect that transportation gross margins will improve in the current level in Q3 and beyond despite some anticipated wage pressures in certain geographies as the market for EMTs remains tight and they should be back above 30% as they have been for the past four quarters prior to Q2.

然而，展望未來，我們預計第三季及以後的運輸毛利率將在當前水準上有所改善，儘管由於緊急救護人員市場仍然緊張，某些地區預計會出現一些工資壓力，並且毛利率應該會恢復到30% 以上，與去年同期相同。

Looking at operating costs. SG&A as a percentage of total revenues was 27.7% in the second quarter of 2024, much lower than the 32.1% seen in the second quarter of 2023. We executed a targeted in force during Q1, which resulted in some cost savings that were realized in Q2.

看看營運成本。2024 年第二季度，SG&A 佔總營收的百分比為 27.7%，遠低於 2023 年第二季的 32.1%。我們在第一季執行了有效的目標，這導致在第二季度實現了一些成本節省。

We took a big step forward in the second quarter toward our goal of fortifying our balance sheet. As of June 30, 2024, our total cash and cash equivalents, including restricted cash was $85.8 million as compared to $58.9 million as of the end of the first quarter of 2024 and also higher than the $72.2 million we had on our balance sheet as of the end of 2023. The increase in cash was driven by strong collections during the second quarter, which also resulted in a decline in our accounts receivable compared to both those at the end of the first quarter and the levels at the end of 2023.

我們在第二季度朝著強化資產負債表的目標邁出了一大步。截至2024 年6 月30 日，我們的現金及現金等價物總額（包括限制性現金）為8,580 萬美元，而截至2024 年第一季末為5,890 萬美元，也高於截至2024 年第一季末資產負債表上的7,220 萬美元。現金的增加是由第二季度的強勁收款推動的，這也導致我們的應收帳款較第一季末和 2023 年末的水平有所下降。

Specifically, looking at our project with New York City's Department of Housing Preservation and Development, HPD, as of today, we have collected more than 99% of the year-end 2023 accounts receivable for this project, and we've received assurances from our partners at the City that we will be paid for the services provided under the terms of the contract.

具體來說，看看我們與紐約市住房保護和發展部 (HPD) 的項目，截至今天，我們已經收回了該項目 2023 年底應收帳款的 99% 以上，並且我們得到了我們的保證。的合作夥伴表示，我們將根據合約條款獲得所提供服務的報酬。

At quarter end, we had approximately $185 million in our accounts receivable from the various migrant programs, which represented about 72% of our total company AR. That compares to $210 million in accounts receivable from these various migrant programs as of the end of Q1, which represented about 75% of total AR.

截至季末，我們來自各種移民計畫的應收帳款約為 1.85 億美元，約占公司 AR 總額的 72%。相較之下，截至第一季末，這些不同移民項目的應收帳款為 2.1 億美元，約佔應收帳款總額的 75%。

Our Days Sales Outstanding or DSO, which we calculate based on trailing 12-month revenues, came out to 127 days at the end of Q2, which was down from 147 days at the end of Q1, but still higher than the 96 day sales outstanding at this point last year, which was of course before the migrant related programs ramped up. As these migrant related programs continue to wind down over the second half of 2024, our balance sheet is expected to benefit substantially as we collect this AR and bring our DSO more closely in line with their historical levels leading to an improvement in cash flow from operations.

我們根據過去 12 個月的收入計算的應收帳款天數 (DSO) 在第二季末為 127 天，低於第一季末的 147 天，但仍高於 96 天的應收帳款天數去年的這個時候，當然是在移民相關計畫啟動之前。隨著這些移民相關計劃在 2024 年下半年繼續逐步結束，我們的資產負債表預計將大幅受益，因為我們收集此 AR 並使我們的 DSO 更接近其歷史水平，從而改善營運現金流。

In addition to working capital uses, during Q2, we used our cash balances to execute our stock buyback program. During the quarter, we repurchased about 1.4 million shares for an aggregate amount of approximately $4.9 million. We spent approximately $10 million so far on our repurchases this year, and we recently authorized a new repurchase program through the end of the year of up to $26 million which was the approximate amount remaining under the prior authorization that had expired on July 30, 2024.

除了營運資金用途外，在第二季度，我們還使用現金餘額來執行股票回購計畫。本季度，我們回購了約 140 萬股股票，總金額約 490 萬美元。今年到目前為止，我們在回購上花費了約1000 萬美元，最近我們授權了一項新的回購計劃，到年底為止金額高達2600 萬美元，這大約是2024 年7 月30 日到期的先前授權剩餘的金額。

As we mentioned on last quarter's earnings call, we expect sequentially lower migrant related revenue over the remainder of the year due to the ongoing wind down of certain migrant projects. However, we expect the collection of receivables mentioned above to lead to a continued improvement in our working capital.

正如我們在上個季度的財報電話會議上提到的那樣，由於某些移民項目的持續結束，我們預計今年剩餘時間移民相關收入將持續下降。然而，我們預期上述應收帳款的收回將導致我們的營運資金持續改善。

As we collect older larger invoices and as our cash outflows decrease in line with the lower migrant project expenditures, we expect to see a continued increase in our cash balance over time, although specific timing of these large cash inflows remains unpredictable.

隨著我們收集較舊的較大發票，並且我們的現金流出隨著移民項目支出的減少而減少，我們預計隨著時間的推移，我們的現金餘額將持續增加，儘管這些大量現金流入的具體時間仍然無法預測。

While it's difficult to predict our cash inflows and cash balances on a month-to-month or even on a quarter-to-quarter basis, we do now expect to generate cash flow from operations of $80 million to $90 million in 2024, which represents a $10 million increase in the range that we gave last quarter.

雖然很難按月甚至按季度預測我們的現金流入和現金餘額，但我們現在預計 2024 年的營運現金流將達到 8,000 萬至 9,000 萬美元，這意味著比我們上個季度給出的範圍增加了1000萬美元。

Given that we have generated $26 million in cash flow from operations in the first half of 2024, we're looking at an additional $54 million to $64 million of cash flow from operations in the back half of the year, which will be driven in large part by collections of our large municipal invoices.

鑑於我們在 2024 年上半年已從營運中產生了 2,600 萬美元的現金流，我們預計今年下半年的營運現金流將增加 5,400 萬至 6,400 萬美元，這將在很大程度上推動部分是透過收集我們的大型市政發票來實現的。

At this point, I'd like to turn the call back to the operator for our Q&A session. Operator, please go ahead.

此時，我想將電話轉回給接線生進行問答環節。接線員，請繼續。

Certainly at this time, if you would like to ask a question, please press star one now on your telephone keypad. To withdraw yourself from the queue, you may press star two. Once again, that is star one to ask a question.

當然，此時，如果您想提問，請按電話鍵盤上的星號一。若要退出佇列，您可以按星二號。再說一次，這是提問的明星。

We'll take our first question from Sarah James of Cantor Fitzgerald.

我們將回答康托·菲茨杰拉德的莎拉·詹姆斯提出的第一個問題。

Hi, this is Gabby Ingoglia on for Sarah. I had a quick question, if you could expand on what's driving, I think the term you used was a flurry of recent contract wins and if what you've seen behind that has to do with end market or more so internal company strategies?

大家好，我是莎拉的加比·英戈利亞 (Gabby Ingoglia)。我有一個簡單的問題，如果您可以擴展一下驅動因素，我認為您使用的術語是最近贏得的一系列合同，您所看到的背後是否與終端市場或更多的公司內部戰略有關？

Sure. Hi, Gabby. It's actually both. So first off, we are seeing more and more adoption from the marketplace for in home care, for driving care to where patients needed, for addressing patients who don't have access to good care or drifters and so we've seen strong interest from hospital systems, from insurance partners of ours to bring care to those members, to those patients. So we're absolutely seeing that.

當然。嗨，加比。實際上兩者都是。因此，首先，我們看到市場越來越多地採用家庭護理，將護理送到患者需要的地方，解決無法獲得良好護理或流浪者的患者的問題，因此我們看到了來自以下方面的強烈興趣：醫院系統，我們的保險合作夥伴為這些成員和患者提供護理。所以我們絕對看到了這一點。

At the same time, we're also seeing the ROI of our programs, of our pilots that we run with our insurance partners, where we have been successful in reducing hospital readmissions, ER readmissions and as we shared with one of our longest standing partners, we were able to reduce those hospital readmissions by 50%, which is very significant.

同時，我們也看到了我們的計劃以及我們與保險合作夥伴一起開展的試點項目的投資回報率，我們成功地減少了醫院再入院率、急診室再入院率，正如我們與我們最長期的合作夥伴之一分享的那樣，我們能夠將再入院率減少 50%，這是非常重要的。

So if we're able to keep patients out of the hospital, that saves the health plans money, that saves the hospital systems money because they get penalized for quality and for other metrics when patients are bouncing back to the hospitals after they've discharged them and of course, most importantly, patients don't want to be in the hospitals.

因此，如果我們能夠讓患者遠離醫院，那就可以節省健康計劃的資金，也可以節省醫院系統的資金，因為當患者出院後返回醫院時，他們會因質量和其他指標而受到懲罰當然，最重要的是，病人不想待在醫院。

They want to be happy at home, and so we've really seen the strong market adoption, but also our programs are working. We're expanding our programs. We're adding more and more clinical offerings to those programs. We're adding more geographies and that's helping us sign additional contracts.

他們希望在家過得開心，因此我們確實看到了強勁的市場採用率，而且我們的計劃也正在發揮作用。我們正在擴大我們的計劃。我們正在為這些計劃添加越來越多的臨床服務。我們正在增加更多的地理位置，這有助於我們簽署更多合約。

Okay. Awesome. Thank you, guys.

好的。驚人的。謝謝你們，夥計們。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Great. Thanks very much. I guess, does your core business grow 30%-plus in the quarter year-over-year?

偉大的。非常感謝。我猜，您的核心業務本季年增是否超過 30%？

So the core business didn't grow 30% quarter-over-quarter. The core business was relatively flat quarter-over-quarter. We do anticipate very strongly the core business to grow as the year progresses in the back half of the year as all those new contracts and new programs start to come into full bloom and start to expand and so the core business maintained relatively stable quarter-over-quarter and we have programs ramping in the core business now and in the back half of the year.

所以核心業務季增並沒有達到30%。核心業務環比相對持平。我們確實非常強烈地預計，隨著下半年所有新合約和新項目開始全面開花並開始擴張，核心業務將在下半年保持相對穩定的成長-季度，我們現在和下半年的核心業務計劃都在增加。

When you say quarter-over-quarter, you're meaning sequentially or year-over-year?

當您說季度環比時，您是指連續還是同比？

Sequentially from Q1 to Q2.

依序從 Q1 到 Q2。

Right. Okay. So, I think the goal is to grow the business 30% year-over-year next year and I think you talked about mobile transport growing 15% year-over-year. So you're expecting mobile transport to accelerate to 30% plus next year?

正確的。好的。所以，我認為我們的目標是明年業務同比增長 30%，我認為您談到行動傳輸同比增長 15%。那麼您預計明年行動運輸量將加速至 30% 以上嗎？

The mobile transport, we expect to grow in that 15% to 20% range, specifically on transport. Right now, as we shared, so far transport for the year, year-to-date for 2024 has grown 13%. So in line and we have a number of expansions happening in the back half of the year on the transport side, and then, of course, those will continue, to expand into next year as we win more and more business on the transport side, which we recently announced actually we won multiple new transport wins in in Dover, Delaware, in New Jersey and other, geographies for us. So we expect that medical transportation to continue to grow in that 15%, perhaps even up to 20% range into next year.

我們預計移動交通將增加 15% 至 20%，特別是在交通方面。正如我們所分享的，到目前為止，2024 年年初至今的交通運輸量已增加 13%。因此，今年下半年我們將在運輸方面進行一些擴張，當然，隨著我們在運輸方面贏得越來越多的業務，這些擴張將繼續到明年，我們最近宣布，實際上我們在多佛、特拉華州、新澤西州和其他地區贏得了許多新的運輸勝利。因此，我們預計明年醫療運輸將持續成長 15%，甚至可能高達 20%。

On the mobile health business, that's where we're seeing even larger growth, particularly as we're focusing our efforts and expanding our initial customers in the insurance and provider space as well as in the hospital system space for the transitional care, social determinants of health and other in home care gap closure metrics.

在行動醫療業務方面，我們看到了更大的成長，特別是當我們集中精力並在保險和提供者領域以及過渡護理、社會決定因素的醫院系統領域擴大我們的初始客戶時健康和其他家庭護理差距縮小指標。

Next year as well, we do anticipate significant growth in our primary care offering and our remote patient monitoring offering as well. So all of those contracts that we're signing, we have signed, we're expanding right now and into the back half of this year, we'll obviously catalyze the growth into 2025 as well.

同樣，我們預計明年我們的初級保健服務和遠距病患監護服務也會顯著成長。因此，我們正在簽署、已經簽署的所有合同，我們現在和今年下半年都在擴張，顯然我們也將促進 2025 年的成長。

And it does seem like obviously your business will diversify quite a bit. Any sense of how customers maybe sort of 10% plus customers next year though?

很明顯，您的業務將會更加多元化。明年的客戶數量可能會增加 10%，你知道嗎？

Right now, I think that would be if we had to project out probably less than five customers, it would be more than 10% of total revenue, probably in that range, and as you're saying, that is a big focus of ours. We want to diversify our customer base. We want to bring on more and more customers that have the opportunity to grow into very significant customers, and as they're growing to significant customers, no one or two customers represent significant customer concentration for us. That is absolutely part of our strategy.

現在，我認為如果我們必須預測可能少於五個客戶，那麼它將超過總收入的 10%，可能在這個範圍內，正如你所說，這是我們的一個重點。我們希望使我們的客戶群多樣化。我們希望吸引越來越多的客戶有機會成長為非常重要的客戶，並且隨著他們成長為重要客戶，沒有一兩個客戶代表我們的重要客戶集中度。這絕對是我們策略的一部分。

Very good. Thanks very much.

非常好。非常感謝。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Can you please talk a little bit more about fiscal 2025 revenue expectations, I guess, the $400 million It sounds to me like what you said was it could actually come in higher than $400 million if there's some New York City migrant revenue in there, and then I guess within the mobile health portion of that $400 million I think we talked about that being maybe $175 million with $50 million of that coming from payers.

您能否再多談談2025 財年的收入預期，我猜是4 億美元。而且那麼我想在這 4 億美元中的行動醫療部分，我想我們討論過的可能是 1.75 億美元，其中 5000 萬美元來自付款人。

Can you maybe just talk a little bit more about that payer component like What will that $50 million, how does that compare to like what you would expect for fiscal 2024? And what are the different pieces of it? So thanks very much. Appreciate it.

您能否多談談付款人部分，例如這 5000 萬美元是多少？它有哪些不同的部分？非常感謝。欣賞它。

Absolutely, Dave. Great to hear from you. So as you mentioned, for 2025, we expect the base business to be $400 million, and we don't expect some of the wraparound migrant revenues to continue into next year, things like the security and some of the wraparound services that we are providing as an emergency basis.

當然，戴夫。很高興收到你的來信。正如您所提到的，到 2025 年，我們預計基礎業務將達到 4 億美元，並且我們預計一些全面移民收入不會持續到明年，例如我們提供的安全和一些全面服務作為應急依據。

What we do think will extend possibly into next year on the migraines side, which would be additionally additional revenue is particularly the clinical services and the population health services and the infectious disease control and the screening and the behavioral healthcare and the depression screening and all those medical expertise that could potentially continue on into next year and that's really what we're planning for, but the $400 million in the base business is really comprised of the revenues we expect in the hospital systems, in the both hospital systems, both transitions of care and medical transportation for the hospital systems, municipal programs, population health programs, with municipalities, and with our payer vertical.

我們確實認為偏頭痛方面可能會延續到明年，這將是額外的額外收入，特別是臨床服務和人口健康服務、傳染病控制和篩檢、行為保健和憂鬱症篩檢以及所有這些醫療專業知識可能會持續到明年，這確實是我們的計劃，但基礎業務中的4 億美元實際上是由我們預期在醫院系統、兩個醫院系統、兩個轉型中的收入組成的。人口健康計劃、市政當局以及我們的付款人垂直領域的護理和醫療運輸。

As you mentioned, the payer vertical, we're projecting to be $50 million of that revenue in next year. That's going to come from three revenue streams. The first revenue stream is going to be the care gap closures that we're conducting in the home.

正如您所提到的，我們預計明年的付款人垂直收入將達到 5000 萬美元。這將來自三個收入來源。第一個收入來源將是我們在家庭中進行的照護差距縮小。

For every care gap closed, we collect a rate that's negotiated with the payers and so we're ramping that up considerably. We doubled the number of patients at the top of the funnel quarter over quarter. So from Q1 to Q2 of this year, we've doubled the number of patients that our health plan partners have assigned to us.

對於每一個彌合的照護缺口，我們都會收取與付款人協商的費率，因此我們正在大幅提高該費率。我們將漏斗頂部的患者數量逐季度增加了一倍。因此，從今年第一季到第二季度，我們的健康計劃合作夥伴分配給我們的患者數量增加了一倍。

So that is a really good harbinger for the opportunity that we have in front of us as we go throughout this year and into next, and we have a number of opportunities also in the pipeline that are going to come to fruition in the back half of this year and into next year. So one of those revenue streams with the payers is going to be the care gap closures.

因此，這對今年和明年我們面臨的機會來說是一個非常好的預兆，而且我們還有許多機會正在醞釀中，這些機會將在今年下半年實現。因此，付款人的收入來源之一將是縮小照護差距。

We also have the opportunity with those patients that are being assigned to us to become their primary care provider and create a capitated rate for us as part of their primary care provider for the patients, and so that will be the second revenue stream and then the third with the payer vertical will be, the patients that we monitor.

我們還有機會與那些被分配給我們的患者成為他們的初級保健提供者，並為我們作為患者初級保健提供者的一部分創造按人頭收費的費率，因此這將是第二個收入來源，然後是第三個與付款人垂直的將是我們監控的患者。

And we shared last quarter that we have 50,000 patients that we're currently monitoring, and we expect that to grow to 70,000 patients next year and all of those three revenue streams will be comprised in that $50 million that we're projecting for next year.

我們在上個季度表示，目前正在監測 5 萬名患者，預計明年將增加到 7 萬名患者，所有這三個收入來源都將包含在我們明年預計的 5,000 萬美元中。

That's very helpful. It sounds to me like you're delivering to America kind of exactly what this country needs. All of the health plans this quarter seem to be talking a lot about higher medical cost ratios, higher Medicare advantage utilization, higher Medicaid utilization, pressure on their Medicare cost ratios. How does that impact DocGo, if at all? Is that a good thing or a bad thing and why?

這非常有幫助。在我看來，你們正在向美國提供這個國家所需要的東西。本季度的所有健康計劃似乎都在談論更高的醫療成本比率、更高的醫療保險優勢利用率、更高的醫療補助利用率以及醫療保險成本比率的壓力。如果有的話，這對 DocGo 有何影響？這是好事還是壞事，為什麼？

So, we think it's we think we fit nicely into that environment because ultimately what our goal is we are trying to provide more proactive care. So we're going into the home and doing a colon cancer screening or a bone density scan or a depression screen. We're doing social determinants of health work and so we're going into the home, we're going to serve those members all with the goal of catching chronic conditions or helping manage chronic conditions before they become more acute, catastrophic and more costly.

所以，我們認為我們認為我們很好地適應了這種環境，因為最終我們的目標是我們正在努力提供更積極主動的照護。所以我們要走進家中進行大腸癌篩檢或骨密度掃描或憂鬱症篩檢。我們正在進行衛生問題的社會決定因素工作，因此我們將走進家庭，為所有成員提供服務，目標是在慢性病變得更加嚴重、災難性和成本更高之前發現慢性病或幫助管理慢性病。

So that really is our value prop and that fits in nicely in the environment that you're describing, which is rising costs and all that being driven perhaps from patients that were not getting the care they needed perhaps during the pandemic, perhaps they didn't have good access to care, and obviously the plans are seeing that. So we fit very nicely into that. That's what our value prop is.

因此，這確實是我們的價值支撐，非常適合您所描述的環境，即成本上升，而所有這些可能是由於患者在大流行期間沒有得到他們需要的護理，也許他們沒有得到」沒有良好的護理機會，顯然這些計劃正在考慮這一點。所以我們非常適合這一點。這就是我們的價值支柱。

We think the investment they're making with us actually saves them money and obviously improves patient outcomes, which again is what the whole system wants. So we feel like we're really, of the moment, of the time. We feel like we have the right solution for the right need in the marketplace today, and we feel like we're able to save the health plans money.

我們認為他們與我們一起進行的投資實際上為他們節省了資金，並且明顯改善了患者的治療效果，這也是整個系統想要的。所以我們覺得我們真的是活在當下、活在時代。我們覺得我們擁有滿足當今市場正確需求的正確解決方案，並且我們覺得我們能夠為健康計劃節省資金。

We're able to save patients' heartache and help manage their care, and then as you go through the continuum that really we're looking to participate in, right? We go from care gap which again is meant to be proactive care to us becoming the primary care provider for those patients.

我們能夠減輕患者的痛苦並幫助管理他們的護理，然後當您經歷我們真正希望參與的連續過程時，對吧？我們從護理差距（再次意味著主動護理）轉變為成為這些患者的初級護理提供者。

Now we're increasing the care that's available to those drifter patients, those unattached patients, those patients that don't have good primary care. Primary care is a very good indicator of whether or not a patient is getting the care they need, the proactive care they need and the longitudinal care they need and so we play again very well into that model, and then eventually, the contracts we're signing do have the ability for us to participate in the value arrangements that you're describing, those Medicare Advantage arrangements that you're describing.

現在，我們正在增加對那些漂泊患者、單身患者、沒有良好初級護理的患者的護理。初級保健是一個很好的指標，可以衡量患者是否得到他們需要的護理、他們需要的主動護理以及他們需要的縱向護理，因此我們再次很好地利用了該模型，然後最終，我們的合約重新簽署確實使我們有能力參與您所描述的價值安排，以及您所描述的Medicare Advantage 安排。

Once we feel comfortable with that and once we feel like we truly are able to impact that patient's total cost of care and health outcomes, which again is where our Medical Advisory Board comes. We're going to be publishing research to that effect.

一旦我們對此感到滿意，一旦我們覺得我們真正能夠影響患者的總護理成本和健康結果，這又是我們的醫療諮詢委員會的職責。我們將發表這方面的研究成果。

So we have long term plans in this space. We have very good early indicators of the value proposition, the impact we're having on patients and we really feel like in a world where perhaps the pendulum swung to virtual only, digital, we think that has a role to play, but we feel very strongly that we add the in person component, and so as more and more AI tools come to market, as more and more digital offerings come to market, we can be the partner that helps bring those directly to patients in their home and so we can be that last mile that helps mobilize and commercialize technology that we're building and then also technology, that we can partner on with other partners in the space.

所以我們在這個領域有長期計劃。我們對價值主張、我們對患者的影響有很好的早期指標，我們真的感覺在一個可能鐘擺轉向虛擬、數字的世界裡，我們認為這可以發揮作用，但我們覺得非常強烈的是，我們添加了面對面的組件，因此隨著越來越多的人工智慧工具進入市場，隨著越來越多的數位產品進入市場，我們可以成為幫助將這些工具直接帶到患者家中的合作夥伴，因此我們可以是幫助我們正在建立的技術以及我們可以與該領域其他合作夥伴合作的技術的動員和商業化的最後一英里。

So all to say, we're really excited about our plans. We really like where we fit in the healthcare ecosystem and we really feel like we have a lot to bring to the space both for our payer partners, our hospital systems and municipalities, but actually even more importantly for the patients because as patients are healthier and healthier and getting the product of care they need ultimately they cost the system less money, which again is what everything is aligned to do today.

總而言之，我們對我們的計劃感到非常興奮。我們真的很喜歡我們在醫療保健生態系統中所處的位置，我們真的覺得我們可以為我們的付款合作夥伴、我們的醫院系統和市政當局帶來很多東西，但實際上更重要的是對患者來說，因為患者變得更健康和更​​健康。

Great. Thanks very much. I'll hop back in queue.

偉大的。非常感謝。我會跳回隊列。

Thanks, Dave.

謝謝，戴夫。

(Operator Instructions)

（操作員說明）

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Good afternoon, guys. One more bridge question for you on 2025 margins. I think previously I think you talked about transport in the 33% range and base mobile health in the high 30s, SG&A in the 23% range. So these are abundant altogether. So you still be thinking about 10% margins for next year on the $40 million of revenue?

下午好，夥計們。又一個關於 2025 年利潤的橋樑問題。我想之前您談到了 33% 範圍內的交通和 30% 左右的基礎移動健康狀況，以及 23% 範圍內的 SG&A。所以這些總共都很豐富。那麼您還在考慮明年 4,000 萬美元營收的 10% 利潤率嗎？

Hey, it's Norman. Yes, that's exactly how we're laying it out. Nothing has changed for us in the last three months or so in terms of how that common size analysis works. We would think about 10% would be our target for the EBITDA margin. Obviously, we would go up from there. So we ideally like to model it out at 12%, 12.5% or higher, but we sort of put the floor in there at about 10%.

嘿，這是諾曼。是的，這正是我們的佈局方式。在過去三個月左右的時間裡，我們的通用規模分析的工作原理沒有任何變化。我們認為 10% 是我們的 EBITDA 利潤率目標。顯然，我們會從那裡上升。因此，理想情況下，我們希望將其建模為 12%、12.5% 或更高，但我們將下限設為 10% 左右。

Okay. So versus a commentary from last quarter, we sort of talked about 12.5%. Did anything change from last quarter to this quarter? Or is this the base of 10% and target of 12.5%.

好的。因此，與上個季度的評論相比，我們談論的是 12.5%。與上季相比，本季有什麼變化嗎？或者這是10%的基數和12.5%的目標。

Exactly. It's exactly the same.

確切地。完全一樣。

Okay. Got it. Second question, would you expect the cash flow conversions to be on that $40 million EBITDA next year ignoring the catch up of the DSOs and migrant programs?

好的。知道了。第二個問題，您是否預計明年的現金流轉換將基於 4000 萬美元的 EBITDA，忽略 DSO 和移民計劃的追趕？

Sure, and it's kind of hard to ignore the catch up on DSOs. It's such a big factor in 2024, but the thinking is that most of that will be done by the end of this year. Although I will say I do think there's going to be some catch up in the first quarter of next year as we get our DSOs more in line, but let's put that aside.

當然，而且很難忽視 DSO 的追趕。這是 2024 年的一個重要因素，但我們的想法是，大部分工作將在今年年底前完成。雖然我會說我確實認為明年第一季會有一些趕上，因為我們讓 DSO 更加一致，但讓我們把它放在一邊。

So on that $40 million of EBITDA, I would say we typically would be able to pull out maybe $30 million in cash flow, right? You've got you're paying some tax. You have some other maybe some interest expense in there as well. So I would say that it should convert pretty well.

因此，對於這 4000 萬美元的 EBITDA，我想說我們通常能夠提取 3000 萬美元的現金流，對吧？你已經繳了一些稅。你還有一些其他的可能還有一些利息費用。所以我想說它應該轉換得很好。

Okay. And then last question. Have you launch any mobile health customers this year? And as you look at the customer base from 2021 and 2022, what percent of those have increased in scope with you? Thanks so much.

好的。然後是最後一個問題。您今年推出了行動醫療客戶嗎？當您查看 2021 年和 2022 年的客戶群時，您發現其中有多少百分比的範圍擴大了？非常感謝。

Absolutely. So we actually announced we did launch some we launched multiple new payers this year. We also shared that we won multiple new contracts. We just won a contract with the State of New Mexico. We're providing mobile vaccination clinics, nursing at virtual call centers, and other behavioral healthcare work for the New Mexico Behavioral Health Institute. So we're launching that. We also announced that we won a partnership with one of the largest outpatient physician radiology groups in Arizona that has the opportunity also to expand to Texas and other states in the coming weeks.

絕對地。所以我們實際上宣布我們確實推出了一些我們今年推出了多個新的支付程序。我們還透露，我們贏得了多份新合約。我們剛剛贏得了與新墨西哥州的合約。我們為新墨西哥州行為健康研究所提供行動疫苗接種診所、虛擬呼叫中心護理以及其他行為保健工作。所以我們正在啟動它。我們還宣布，我們贏得了與亞利桑那州最大的門診醫師放射學團體之一的合作夥伴關係，該團體還有機會在未來幾週內擴展到德克薩斯州和其他州。

So we won those new contracts. Those are mobilizing and launching as we speak. In addition to those municipal contracts, we've also won multiple payer contracts that are expanding. Almost every single one of our payer contracts that we're mobilized right now has expanded over the course of this year and a huge portion, a large portion of our hospital system contracts are also expanding with us as well through the year.

所以我們贏得了這些新合約。正如我們所說，這些正在動員和啟動。除了這些市政合約之外，我們還贏得了多個正在擴大的付款人合約。我們現在動員的幾乎每一份付款人合約都在今年擴大了，而且我們醫院系統合約的很大一部分也在今年與我們一起擴大。

So we continue to expand the customers we have. I think you see us also signing new customers and placing a lot of focus there as we are freeing up resources from the migrant related projects that obviously consumed a lot of resources over the course of the last year. Now those resources are freeing up to launch with newly signed contracts, and that's exactly what we're doing.

所以我們不斷擴大我們擁有的客戶。我認為您會看到我們也簽署了新客戶，並在這方面投入了大量精力，因為我們正在從與移民相關的專案中釋放資源，這些專案在去年顯然消耗了大量資源。現在，這些資源正在釋放，可以透過新簽署的合約來啟動，而這正是我們正在做的事情。

Great. Thanks so much.

偉大的。非常感謝。

David Grossman, Stifel.

大衛·格羅斯曼，斯蒂菲爾。

Good afternoon. Thank you. So just two quick questions to start off for you, Norman. Sorry, I'm traveling in the airport. Sorry, if this is disclosed in the filing, but it looks like the Transport margins were relatively low at EBITDA line, maybe even breakeven. Am I seeing that correctly? And if so, other than the subcontractor costs, you mentioned anything else going on in the margins?

午安.謝謝。諾曼，我先問你兩個簡單的問題。抱歉，我正在機場旅行。抱歉，如果在文件中揭露這一點，但看起來運輸利潤率在 EBITDA 線相對較低，甚至可能達到盈虧平衡。我的看法正確嗎？如果是這樣，除了分包商成本之外，您還提到了利潤中發生的其他事情嗎？

Sure. Yes, let's talk about that. And it really was all contained within the margin piece, but that was a pretty big delta. The margins, as we mentioned, for the quarter were 29.1% for Transport, which is about four or five points lower than what we've seen lately.

當然。是的，我們來談談這個吧。它確實全部包含在保證金部分內，但這是一個相當大的增量。正如我們所提到的，本季運輸業的利潤率為 29.1%，比我們最近看到的低約四、五個百分點。

So there are a couple of factors. With the subcontractors in that one particular market that we mentioned, that will remain a factor, but a much, much smaller factor in Q3 and then towards the back end of Q3 that will disappear as a factor.

所以有幾個因素。對於我們提到的某個特定市場的分包商來說，這仍然是一個因素，但在第三季這個因素要小得多，然後到第三季末，這個因素就會消失。

The other thing was we had an adjustment of workers' comp premiums going back to 2021, which dates back to when we were on the New York State Insurance Fund here in New York. We're now self-insured and for one reason or the other, they didn't complete their work on our 2021 planned year until in the last few weeks here.

另一件事是，我們對工人補償保費的調整可以追溯到 2021 年，這可以追溯到我們在紐約加入紐約州保險基金時。我們現在已經有了自我保險，但由於某種原因，他們直到最後幾週才完成我們 2021 年計劃的工作。

The overall adjustment in premium from that period three years ago was about $2 million. If I look at how it breaks down and some of it is Mobile Health and some of it is Transport, but that cost transport probably two points of margin.

與三年前同期相比，保費整體調整約為 200 萬美元。如果我看看它是如何分解的，其中一些是移動健康，一些是運輸，但這可能會導致運輸成本增加兩個百分點。

So if I take those two factors, the nonrecurring old insurance adjustment and then I add to that the subcontractors, I would say that cost us somewhere between 4 points and 4.5 points of gross margin. So between the two, you're talking about 4 points -- you're talking about well over $1 million impact on the business because of that.

因此，如果我考慮這兩個因素，即非經常性舊保險調整，然後再加上分包商，我會說這使我們的毛利率損失了 4 到 4.5 個百分點。因此，在兩者之間，您談論的是 4 點 - 您談論的是因此對業務產生的遠遠超過 100 萬美元的影響。

Got it. And then just quickly on the free cash flow. So I was just going through the mental math on kind of the disclosures with the share repurchase and you probably had some other things in there, but did the core business generate cash flow excluding working capital in the quarter?

知道了。然後很快就自由現金流。所以我只是對股票回購的揭露進行了心算，你可能還有其他一些東西，但是核心業務是否產生了本季不包括營運資金的現金流？

Yeah, it did. Yes. And we published the cash flow statement here. So you'll yes, you would have seen a positive number from what we call the P&L cash flow as well, but obviously we were aided in the period from the other stuff that comes in from the business itself.

是的，確實如此。是的。我們在這裡發布了現金流量表。所以你會是的，你也會從我們所說的損益現金流中看到一個正數，但顯然我們在此期間得到了來自業務本身的其他東西的幫助。

Right. And then just lastly for you Lee, you talked about doubling the assigned lives sequentially. Can you just give us a sense of how we can think about how that converts to revenue over the next several months and how to interpret that statistics from a P&L standpoint?

正確的。最後，李，您談到了按順序將分配的生命加倍。您能否讓我們了解我們如何考慮如何將其轉化為未來幾個月的收入以及如何從損益表的角度解釋該統計數據？

Sure. So that doubling of the lives being assigned to us, that's the top of the funnel. That's the metric that we're very focused on to start, and what will happen is those assigned lives to us will move towards move through the funnel. We'll go and visit those patients in their home. We'll close their care gaps. In some cases, we'll close multiple care gaps and that will start generating revenue there for those care gaps closed and all the while, we also are going to continue to add to the top of the funnel, but as those patients move through the funnel, we'll close those care gaps.

當然。因此，分配給我們的生命加倍，這就是漏斗的頂部。這是我們一開始非常關注的指標，將會發生的是那些分配給我們的生命將透過漏斗移動。我們會去那些病人的家中探望他們。我們將縮小他們的照護差距。在某些情況下，我們將縮小多個護理差距，這將開始為那些縮小的護理差距創造收入，同時，我們也將繼續增加漏斗的頂部，但隨著這些患者通過漏斗，我們將縮小這些護理差距。

A portion of those lists will result in visits from us. A portion of those patients will remain unengaged no matter how much or how convenient our services are, but we've been very successful so far engaging unengaged, unattached patients and so percentage of the list, it's too early right now for us to publish and post what the conversion rate is on the top of the funnel into care gap closure, but right now our partners are very happy with what we've been able to achieve on the conversion rate, but the revenue will be generated and is being generated off of the care gaps that are closed and that will happen it's happening now.

這些清單的一部分將導致我們的訪問。無論我們的服務有多少或多麼方便，其中一部分患者仍然沒有參與，但到目前為止，我們非常成功地吸引了未參與、未依附的患者以及列表中的百分比，現在我們發布和發布還為時過早。發生。

It'll happen more in Q3. It'll happen more in Q4 is our plan and then once we are able to close those care gaps, then we're able to convert some of those patients, again another percentage of those patients into primary care patients for our PCP practice, and then we'll be able to bill fee for service and then eventually a capitated rate for those patients.

第三季這種情況會發生更多。我們的計劃將在第四季度發生更多，然後一旦我們能夠縮小這些護理差距，我們就能夠將其中一些患者，再次將這些患者中的另一部分轉化為初級保健患者，以進行我們的PCP 實踐，並且然後我們將能夠收取服務費用，然後最終對這些患者按人頭收費。

That will happen later on in the year and more so into 2025, but the initial metric after the top of the funnel is the number of patients we're able to close care gaps for, and then again, later on in the year and into next year, they'll convert over into PCP patients for again another revenue stream.

這將在今年稍後發生，尤其是到 2025 年，但漏斗頂部之後的初始指標是我們能夠縮小護理差距的患者數量，然後再一次，在今年晚些時候和到 2025 年。轉為PCP 患者，再次獲得另一個收入來源。

We won't risk share or value based arrangements with these partners. Even though they are included, the ability to do so is included in the contract. That won't happen until next year and that's sort of the further down the funnel.

我們不會冒險與這些合作夥伴進行基於份額或價值的安排。即使它們被包含在內，這樣做的能力也包含在合約中。這要到明年才會發生，而且那是漏斗的更深處。

Yes. And Dave, just circling back to your prior question just to put a real number on it and we provided the cash flow statement obviously for the six months, but we also broke out the three months of the Q2 number. We generated about $37 million in operating cash flow in Q2. I'd say about a third of that came from the business itself. In other words, the net income and adding back all the noncash expenses and then the changes in the working capital categories were about 2/3 of that. So that $24 million of that versus $12 million which combined to $36 million, $37million for the quarter.

是的。戴夫，回到你之前的問題只是為了給出一個真實的數字，我們顯然提供了六個月的現金流量表，但我們也列出了第二季數字的三個月。第二季我們產生了約 3,700 萬美元的營運現金流。我想說其中大約三分之一來自業務本身。換句話說，淨利潤加上所有非現金支出以及營運資本類別的變化約為其中的 2/3。因此，本季的 2,400 萬美元與 1,200 萬美元合計為 3,600 萬美元和 3,700 萬美元。

Okay. Got it. Alright guys. Thanks very much.

好的。知道了。好吧，夥計們。非常感謝。

Thanks, Dave.

謝謝，戴夫。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Yeah. Hey, this is Matt Shea on for Ryan. Thanks for taking the questions. Wanted to double click on care gap closure. So nice to see that doubling, but curious how much of that was driven by new payer relationships versus expansions with existing? And as you look to the back half of the year, as payers are stressed about star ratings and medical costs, is there an opportunity that your existing payers give you incremental list of patients to target beyond those initial lists? And if so, is that contemplated in the current guidance?

是的。嘿，這是瑞安的馬特謝伊。感謝您提出問題。想要雙擊護理差距閉合。很高興看到這個數字翻倍，但很好奇其中有多少是由新的付款人關係與現有付款人關係的擴張所推動的？展望今年下半年，由於付款人對星級評級和醫療費用感到壓力，您現有的付款人是否有機會為您提供初始名單之外的增量患者名單？如果是這樣，目前的指導意見是否考慮到了這一點？

Yes and yes. So to answer your first question, Matt, great to hear from you. On the care gap closure side, the doubling from Q1 to Q2, it came from both. It came from expansion with the partners we already had, but we did sign a new partner and the list they provided alone, represented a doubling, with that new very large partner that we've been working on and we signed and now are mobilizing with right now as we speak.

是的，是的。馬特，回答你的第一個問題，很高興收到你的來信。在護理差距縮小方面，從第一季到第二季的翻倍，來自兩者。它來自我們已經擁有的合作夥伴的擴張，但我們確實簽署了一個新的合作夥伴，他們單獨提供的名單代表了翻倍，與我們一直在努力的新的非常大的合作夥伴一起，我們簽署了，現在正在動員與就在我們說話的時候。

So we did get additional expansion from our current customers, and we did get essentially a doubling from a new very large payer that we brought on, and then on the back half of the year, we do see momentum in the back half of the year as plans are trying to close out care gaps, as they're looking for their partners to increase velocity, as they're trying to get to as many patients as they can before the year end, we do see that momentum.

因此，我們確實從現有客戶那裡獲得了額外的擴張，並且我們確實從我們帶來的新的非常大的付款人那裡獲得了實質上的翻倍，然後在今年下半年，我們確實看到了今年下半年的勢頭由於計劃試圖彌合護理差距，因為他們正在尋找合作夥伴來提高速度，因為他們試圖在年底前為盡可能多的患者提供服務，我們確實看到了這種勢頭。

We do see that catalyze the business, in the back half of the year, and so we are planning for that. We're increasing capacity for that right now in all the markets we serve, and we do think that will be a tailwind in the back half of the year, absolutely.

我們確實看到這會在今年下半年促進業務發展，因此我們正在為此做好計劃。我們現在正在我們服務的所有市場中增加這方面的能力，我們確實認為這絕對會成為今年下半年的順風車。

Awesome. Good to hear. And then I think last quarter and now this quarter too, it sounds like health system partners are adding mobile health on the transport contracts or at least adding more mobile health programs. Curious how much white space there is for you to go after with mobile health for health systems, any way to think about penetration rate or opportunity there? And are you replacing existing vendors? Or are these more greenfield opportunities?

驚人的。很高興聽到。然後我認為上個季度和現在這個季度，聽起來衛生系統合作夥伴正在運輸合約中添加行動醫療，或至少添加更多行動醫療計劃。好奇衛生系統的行動醫療還有多少空白可供您追求，有什麼方法可以考慮那裡的滲透率或機會嗎？您是否正在更換現有供應商？或者這些是更多的綠地機會嗎？

So we're just scratching the surface right now in our mobile health with our hospital systems. We're in a great place because we already have been working deeply with hospital systems for years on medical transportation. We have become a trusted partner. We have close relationships and so we are leveraging those relationships for other parts of the hospital to do patient monitoring for the hospital systems on the cardiac side and then also to do transitions of care.

因此，我們目前在醫院系統的移動醫療領域剛剛觸及皮毛。我們處於一個很好的位置，因為我們多年來一直在醫療運輸方面與醫院系統進行深入合作。我們已成為值得信賴的合作夥伴。我們擁有密切的關係，因此我們正在利用這些關係為醫院的其他部門對心臟方面的醫院系統進行患者監測，然後進行護理的過渡。

On the cardiac monitoring side, it's typically displacing current service providers. They're already use cardiac monitoring has been in place. We have a very unique value proposition that our adherence is usually in the 90% range. We've shown that we can have adherence rates in 90% when the competitive set is typically in the 60% range. So we've been able to sell through that and we've been leveraging the hospital system customers and relationships that we have to introduce our cardiac monitoring offering and we're going to invest a lot more there throughout the year and into next year and we've been doing that.

在心臟監測方面，它通常會取代目前的服務提供者。他們已經使用了心臟監測裝置。我們有一個非常獨特的價值主張，即我們的遵守率通常在 90% 範圍內。我們已經證明，當競爭對手的遵守率通常在 60% 範圍內時，我們的遵守率可以達到 90%。因此，我們已經能夠透過這一點進行銷售，並且我們一直在利用醫院系統客戶和關係，我們必須推出我們的心臟監測產品，我們將在全年和明年進行更多投資，我們一直在這樣做。

Then on the transition to care space, I think there are existing providers that serve that space today and so we are competing with some of those providers, but at the same time, it's still pretty white space. I think hospital systems are starting to realize that there are mobile health programs they can utilize for lower acuity care in the home post discharge to try and ameliorate patient readmission and there are a lot of services and prevention that can be done in the home post discharge where you don't have to have the patient come back to the hospital system or perhaps go unvisited and they do end up bouncing back and so that's the value prop.

然後在向護理空間的過渡方面，我認為今天有現有的提供者為該空間提供服務，因此我們正在與其中一些提供者競爭，但同時，它仍然是相當空白的。我認為醫院系統開始意識到，他們可以利用行動醫療計劃在出院後在家中進行低危重護理，以嘗試改善患者的再入院情況，並且出院後可以在家中進行許多服務和預防你不必讓病人回到醫院系統，或者可能無人問診，他們最終會康復，所以這就是價值支柱。

I think there is white space there. There is competition that's in the space and I think we're placing more and more resources to that to be able to try and fill as much of that white space here as it's becoming more and more of momentum with the hospital systems.

我認為那裡有空白。這個領域存在競爭，我認為我們正在投入越來越多的資源，以便能夠嘗試填補盡可能多的空白空間，因為它在醫院系統中變得越來越有動力。

Thanks. Appreciate the color.

謝謝。欣賞顏色。

Richard Close, Canaccord Genuity.

理查德·克洛斯，Canaccord Genuity。

Hi, John Pinney on for Richard Close. Thanks for the question. So just a quick question here. Are you still expecting for the base business $280 million to $300 million? Is that still on the high end, roughly $105 million mobile health and $195 million transportation?

大家好，約翰·平尼 (John Pinney) 替理查德·克洛斯 (Richard Close) 發言。謝謝你的提問。所以這裡只是一個簡單的問題。您是否仍期望基礎業務達到 2.8 億至 3 億美元？大約 1.05 億美元的行動醫療和 1.95 億美元的交通運輸仍然處於高端嗎？

Yes, that's still the projection for this year, $280 million to $300 million in the base business for this year.

是的，這仍然是今年的預測，今年的基礎業務收入為 2.8 億至 3 億美元。

And your breakout is pretty close.

而且你的突破已經非常接近了。

Okay, great. And then I guess last quarter you discussed like targets of like 2025 targets of 10,000 PCP patients, 65,000 care gap closures, 70,000 remote patient monitoring. Can you like give any commentary of like where you expect to be tracking to in 2024 with those metrics?

好的，太好了。然後我想上個季度您討論了 2025 年 10,000 名 PCP 患者、縮小 65,000 名護理缺口、70,000 名遠端患者監控等目標。您能否對這些指標在 2024 年的預期追蹤發表評論？

So absolutely, John. So those metrics as you're sharing, we shared last quarter that we are projecting to do 65,000 care gaps closed, 10,000 PCP patients as I mentioned working through the funnel from care gaps to PCP and then 70,000 patients monitored. We shared last quarter, we have 50,000 patients monitored to date. We shared that last quarter and we'll continue to share that number periodically as we're making more and more progress to that probably as we end 2024 into 2025, but we're tracking to those metrics for next year.

絕對如此，約翰。因此，正如您所分享的這些指標，我們在上個季度分享了我們預計將消除65,000 個護理缺口、10,000 名PCP 患者，正如我提到的，透過從護理缺口到PCP 的漏斗，然後監測70,000 名患者。我們上個季度分享過，迄今為止我們已經監測了 50,000 名患者。我們在上個季度分享了這個數字，我們將繼續定期分享該數字，因為我們可能會在 2024 年底到 2025 年期間取得越來越多的進展，但我們將追蹤明年的這些指標。

We are putting the partnerships in place. Either we've signed them and are launching them now or we have many of those partnerships in the pipeline, to be signed and launched at the end of this year into next, and so when we look at the bottoms up projection of those numbers, we have either the customers today to scale with and we are going to be adding new customers to help us reach those numbers next year.

我們正在建立夥伴關係。要么我們已經簽署並正在啟動它們，要么我們有許多合作夥伴關係正在醞釀之中，將在今年年底到明年簽署並啟動，所以當我們查看這些數字的自下而上的預測時，我們要么現有客戶可以擴大規模，要么我們將增加新客戶以幫助我們明年達到這些數字。

Great. Thanks. And I guess one last question here. You mentioned like the Medical Advisory Board is helping with part of the value add there is getting clinical studies up and going. Is that been something that has potentially been a hindrance for additional payer partnerships? And do you have any like studies that you can comment on the call and what would potentially help going forward? Thanks.

偉大的。謝謝。我想還有最後一個問題。您提到醫療諮詢委員會正在協助進行臨床研究並進行部分增值工作。這是否可能成為其他付款人合作關係的障礙？您是否有任何類似的研究可以在電話會議中發表評論，以及哪些可能有助於未來的發展？謝謝。

Absolutely. So we're very excited about the Medical Advisory Board. You can check out who's on that Medical Advisory Board on our website. We're very, very proud of the physicians we're adding, and really the guiding light on the Medical Advisory Board is as we're getting more and more into primary care and specialty care, right, we have programs, cardiology, nephrology, endocrinology.

絕對地。因此，我們對醫療諮詢委員會感到非常興奮。您可以在我們的網站上查看醫療諮詢委員會的成員。我們對我們增加的醫生感到非常非常自豪，醫療諮詢委員會的真正指導方針是我們越來越多地進入初級保健和專科護理，對吧，我們有心臟病學、腎病學等項目、內分泌學。

We want to make sure that we have world class leading physicians that are developing the clinical programs in those specialties to go along with the primary care that we're providing because many of the patients that we're going to have in our primary care practice, primary care that we're providing because many of the patients that we're going to have in our primary care practice have one or more chronic conditions relating to heart health, end-stage renal disease, diabetes and so on, and so we have those physicians now as part of our company really guiding the clinical programs that we're going to be providing and delivering for our primary care patients.

我們希望確保我們擁有世界一流的領先醫生，他們正在開發這些專業的臨床計劃，以配合我們提供的初級保健，因為我們將在初級保健實踐中擁有許多患者，我們提供的初級保健是因為我們的初級保健實踐中的許多患者患有一種或多種與心臟健康、終末期腎病、糖尿病等相關的慢性疾病，所以我們現在讓這些醫生成為我們公司的一部分，真正指導我們將為初級保健患者提供和實施的臨床計劃。

So we're very excited about the Medical Advisory Board. One of the main goals in addition to helping us develop those clinical offerings is going to be to publish medical research in leading medical journals on the efficacy and the outcomes, the clinical outcomes of those mobile health programs that we're delivering to really show the impact that we're having.

因此，我們對醫療諮詢委員會感到非常興奮。除了幫助我們開發這些臨床產品之外，主要目標之一是在領先的醫學期刊上發表有關功效和結果的醫學研究，我們正在提供的這些行動健康計畫的臨床結果真正展示了我們正在產生的影響。

But in general, what increasing access via mobile healthcare can do in general for the broader industry and we are leading the charge there and so we are going to be targeting publishing research and leading medical journals, as well as publishing white papers as well, and it hasn't been a hindrance, but I strongly believe that with that clinical research with those medical outcomes, we can really utilize that to supercharge our pipeline and our sales efforts because that will really show the efficacy mobile health programs.

但總的來說，透過行動醫療保健增加訪問可以為更廣泛的行業帶來什麼，我們在這方面處於領先地位，因此我們的目標是出版研究和領先的醫學期刊，以及出版白皮書，以及這並不是一個障礙，但我堅信，透過這些醫療結果的臨床研究，我們真的可以利用它來增強我們的產品線和銷售工作，因為這將真正顯示出行動健康計畫的功效。

We do use it today. We do share, as I did, the programs that we're running today is having a material impact on ED readmission avoidance and closing care gaps and increasing HEDIS star measures for the health plans and so we do utilize those metrics in data driven sales and data driven business development today.

我們今天確實使用它。正如我所做的那樣，我們確實分享了我們今天運行的計劃對避免急診室再入院、縮小護理差距以及增加健康計劃的 HEDIS 星級措施產生了重大影響，因此我們確實在數據驅動的銷售和今天的數據驅動業務發展。

We just think it's going to take it to the next level when it is published in clinical research and is a very structured clinical study, and so it's not a hindrance today. We use data to sell today and to show the efficacy of our programs. I think there's an opportunity for us to take that to the next level in a very structured clinical format and I'm really excited for the Medical Advisory Board to undertake that.

我們只是認為，當它在臨床研究中發表時，它將把它提升到一個新的水平，並且是一項非常結構化的臨床研究，所以今天這不是一個障礙。我們今天使用數據進行銷售並展示我們計劃的功效。我認為我們有機會以非常結構化的臨床形式將其提升到一個新的水平，我真的很高興醫學諮詢委員會能夠承擔這項任務。

We actually had our first meeting with the Medical Advisory Board in person just last week, and, it's very exciting to see the people that we have now as part of our company. It's probably the leading Medical Advisory Board that that you'll find for a company like ours in the space.

實際上，我們上週剛與醫療諮詢委員會進行了第一次面對面的會議，看到現在成為我們公司一部分的人員，我感到非常興奮。對於像我們這樣的公司，您可能會在該領域找到領先的醫療諮詢委員會。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

And this concludes our question-and-answer session for today. I'd be happy to return the call to Lee for closing comments.

我們今天的問答環節到此結束。我很樂意給 Lee 回電以徵求結束意見。

Thank you so much. I want to thank everybody for joining us, and I hope to speak to you soon. Be well.

太感謝了。我要感謝大家加入我們，並希望很快能與你們交談。祝你一切順利。

This does conclude the DocGo second-quarter 2024 earnings conference call. You may now disconnect your lines. And everyone, have a great day.

DocGo 2024 年第二季財報電話會議到此結束。現在您可以斷開線路。祝大家有美好的一天。