DocGo Inc (DCGO) 2024 Q3 法說會逐字稿

Good afternoon, Ladies and gentlemen and welcome to the DocGo Third Quarter Earnings Call at this time, all lines are in listen-only mode. (Operator Instructions) Following the presentation, we will conduct a question and answer session. If at any time during this call, you require immediate assistance. Please press star followed by zero for the operator. This call is being recorded on Thursday, November 7, 2024. I would now like to turn the conference over to Michael Vice President, Investor Relations. Please go ahead.

女士們、先生們，下午好，歡迎參加 DocGo 第三季財報電話會議，目前所有線路均處於只聽模式。（操作員指示）示範結束後，我們將進行問答環節。如果您在通話過程中的任何時間需要立即協助。請按星號，然後按零聯繫接線員。該通話於 2024 年 11 月 7 日星期四錄製。現在，我想將會議交給投資者關係副總裁麥可。請繼續。

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call other than statements of historical fact are forward-looking statements. 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. 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. 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 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. 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 or the current report on Form 8-K that includes our earnings release which is posted on our website dot go docgo.com, as well as filed with the SEC. The information contained in this call is accurate as of only the date discussed. Investors should not assume that statements will remain relevant at an operative 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. At this time. It is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee. Please go ahead.

謝謝您，接線生。在將電話轉給管理層之前，我想就前瞻性陳述發表以下評論。本次電話會議中除歷史事實陳述以外的所有陳述均為前瞻性陳述。可以使用「可能、計劃、潛在、可能、目標、展望、設計、預期、目的、相信、估計、期望、打算、指導、信心、目標項目」和其他類似的表述來識別此類前瞻性陳述。這些前瞻性陳述並不能保證未來的表現，我們也無法向您保證我們將實現我們的計劃、意圖、成果、結果或期望。前瞻性陳述本質上受重大風險、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，並可能導致我們的實際結果或成果或結果的時間與我們的前瞻性陳述中所述的存在重大差異。這些風險、不確定性和假設包括但不限於我們在風險因素和其他地方討論的風險、不確定性和假設。在 DocGo 的 10-K 表年度報告、10-Q 表季度報告以及 DocGo 向美國證券交易委員會提交的其他報告和聲明中，實際成果和結果或結果或時間可能與這些前瞻性陳述所表達或暗示的內容存在重大差異。此外，今天的電話會議中包含對非公認會計準則財務指標的引用，這些非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對帳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報告或包含我們收益報告的 8-K 表當前報告中，該報告發佈在我們的網站 dot go docgo.com 證券委員會上，並提交給美國證券交易委員會。本次通話中所包含的資訊僅在討論日期有效。投資者不應假設聲明在任何時候都將繼續具有相關性。除法律要求外，我們不承擔更新本次電話會議中討論的任何資訊的義務，以反映本次電話會議日期之後的事件或情況，或反映新資訊或意外事件的發生。此時。現在我很高興將電話轉給 DocGo 執行長 Lee Bienstock 先生。李。請繼續。

Thank you, Michael and thank you all for joining us today.

謝謝你，邁克爾，也謝謝大家今天的到來。

We had a strong performance across all customer verticals in the third quarter, recording $138.7 million in revenue and $17.9 million in adjusted EBIDA.

第三季度，我們在所有客戶垂直領域表現強勁，實現營收 1.387 億美元，調整後 EBIDA 1,790 萬美元。

One of the major highlights from the quarter is the tremendous progress we have made building our CareGap closure programs with multiple payers. We are seeing very strong leading indicators with these programs once again, more than doubling the number of assigned lives on a sequential basis from Q2 to Q3. And that figure now exceeds 500,000 patients.

本季度的一大亮點是我們與多家付款人合作建立 CareGap 彌補計劃取得了巨大進展。我們再次看到這些計劃的領先指標非常強勁，從第二季度到第三季度，分配的生命數量連續增加了一倍以上。如今，這一數字已超過 50 萬名患者。

As of today, we have doubled the average weekly number of CareGap visits completed when compared to our last earnings report.

截至今天，與上一份收益報告相比，我們每週完成的 CareGap 訪問次數平均增加了一倍。

By year end, we project that we will exit the year at a run rate of 1,000 visits per week.

到年底，我們預計每週的訪問量將達到 1,000 人次。

In just the last two months, we have built new hubs up and down the west coast to service this demand from San Diego to Los Angeles to Sacramento. And we are also preparing for further expansion in the northeast.

僅在過去兩個月內，我們就在西海岸建立了新的樞紐，以滿足從聖地亞哥到洛杉磯再到薩克拉門託的需求。而且我們也在為東北地區的進一步擴張做準備。

Today, we fine tuned our 2024 guidance to $620 million to $630 million in revenue and $70 million to $75 million in adjusted EBIDA while increasing our expectation for cash flow from operations to $90 million to $100 million. Up from $80 million to $90 million.

今天，我們將 2024 年的預期微調為營收 6.2 億美元至 6.3 億美元，調整後 EBIDA 7,000 萬美元至 7,500 萬美元，同時將營運現金流預期提高至 9,000 萬美元至 1 億美元。從 8,000 萬美元增加到 9,000 萬美元。

Several of our migrant related programs have extended beyond our original expectation and we now expect migrant related revenues of $360 million to $390 million in 2024. Up from our previous forecast of $ 320 million to $350 million.

我們的幾個與移民相關的項目已經超出了我們最初的預期，我們現在預計 2024 年移民相關收入將達到 3.6 億至 3.9 億美元。高於我們先前預測的 3.2 億美元至 3.5 億美元。

Offsetting that amount is an expected decrease in our non migrant municipal population health programs by an equal amount which effectively lowers our base business forecast for 2024 consisting of transportation and non migrant mobile health to $ 240 million to $260 million. Down from our previous forecast of $280 million to $300 million.

與該金額相抵消的是，我們的非移民市政人口健康計劃預計會減少同等數額，這實際上降低了我們對 2024 年基本業務預測（包括交通和非移民移動健康）至 2.4 億美元至 2.6 億美元。低於我們先前預測的 2.8 億至 3 億美元。

I want to be clear, this adjustment has no impact on our consolidated revenue expectations for 2024. Just the underlying breakdown between migrant and non migrant related revenues. To provide a specific example, our contract with HPD which wound down by approximately 50% in May was expected to largely conclude in late Q3. Now we expect it to end in late December as the migrant related programs wind down. We plan to apply those resources to new non migrant related programs. It is simply a matter of timing.

我想明確一點，這次調整對我們 2024 年的綜合收入預期沒有影響。這只是移民和非移民相關收入之間的根本細目。舉一個具體的例子，我們與 HPD 的合約在 5 月減少了約 50%，預計將在第三季末基本結束。現在我們預計，隨著與移民相關的計劃逐漸結束，該計劃將於 12 月底結束。我們計劃將這些資源應用於新的非移民相關項目。這只不過是一個時間問題。

Regarding 2025 today, we issued consolidated revenue guidance of $410 million to $ 450 million, which includes an expected migrant related revenue contribution of $50 million. I would like to emphasize that our migrant related work in 2025 is health care focused and completely aligned with our population health vertical service offerings like infectious disease screening, behavioral health assessments, vaccinations, and urgent care.

關於2025年，我們今天發布了4.1億美元至4.5億美元的綜合收入指引，其中包括預計5,000萬美元的移民相關收入貢獻。我想強調的是，我們 2025 年的移民相關工作將以醫療保健為重點，並與我們的人口健康垂直服務產品（如傳染病篩檢、行為健康評估、疫苗接種和緊急護理）完全一致。

In sum, we are meeting or exceeding our consolidated financial objectives across all three customer verticals and cannot be more excited about both our operational execution during the quarter and the strength of our pipeline.

總而言之，我們在所有三個客戶垂直領域的綜合財務目標都達到或超過了，並且我們對本季度的營運執行情況和產品線實力感到非常興奮。

Once again, we continue to make substantial progress with our cash collections, generating approximately $31 million in cash flow from operations during the period.

我們在現金回收方面再次取得實質進展，本期間營運產生的現金流約為 3,100 萬美元。

Our total cash and cash equivalent balance is now over $108 million. Up from $86 million last quarter and $59 million in Q1 of this year throughout 2023. And in early 2024 we had a very substantial working capital outlay to support the migrant related programs. Now that trend has reversed and we are very strong cash flow as a result and that trend should continue into 20 into early 2025.

我們的現金和現金等價物總餘額現已超過 1.08 億美元。在整個 2023 年，這一數字均高於上一季的 8,600 萬美元和今年第一季的 5,900 萬美元。2024 年初，我們投入了大量營運資金來支持與移民相關的計畫。現在這種趨勢已經逆轉，我們的現金流非常強勁，這種趨勢應該會持續到 2025 年初。

With our strong balance sheet, we have the resources to support our growth initiatives execute on opportunities in our robust pipeline, make additional share repurchases fund new strategic relationships and repay our line of credit.

憑藉強勁的資產負債表，我們擁有資源來支持我們的成長計劃，抓住我們強大管道中的機會，進行額外的股票回購，為新的策略關係提供資金，並償還我們的信用額度。

As I usually do, I would now like to spend some time covering our three key customer verticals, payers and providers, municipal population health and hospital systems in our payer and provider customer vertical. As I mentioned above, we are aggressively ramping up our infrastructure to meet the strong reception that we are experiencing for these services in the news. Just last month, one of the largest payers in the country announced a significant drop in its Medicare advantage star ratings which according to analysts could reduce its 2026 EBIDA by as much as 50%.

像往常一樣，我現在想花一些時間介紹我們的三個關鍵客戶垂直領域，即付款人和提供者、市政人口健康和付款人和提供者客戶垂直領域的醫院系統。正如我上面提到的，我們正在積極加強我們的基礎設施，以滿足新聞中對這些服務的強烈反響。就在上個月，美國最大的保險公司之一宣布其醫療保險優勢星級評定大幅下降，據分析師稱，這可能會導致其 2026 年的 EBIDA 減少高達 50%。

This is a crucial topic on the mind of every payer in the country. And we believe our Caregap closure programs are an ideal solution to help improve plan ratings and potentially have a material positive financial impact for our customers. We know the demand is there now we are laser focused on the build out to support it. As previously mentioned, we anticipate exiting 2024 at 1,000 visit per week run rate and our Care Gap Closure program which will set us up to meet or exceed our goal of 65,000 visits in 2025.

這是全國每個付款人都關心的重要議題。我們相信，我們的 Caregap 關閉計劃是幫助提高計劃評級的理想解決方案，並可能為我們的客戶帶來重大積極的財務影響。我們知道現在有需求，我們正集中精力建設以支持它。如前所述，我們預計到 2024 年每週的就診量將達到 1,000 次，而我們​​的護理差距縮小計劃將使我們在 2025 年達到或超過 65,000 次就診的目標。

Additionally, we started enrolling PCP patients in Q3 and have agreements in flight with our payer partners that will position us to grow PCP patients to our target of 10,000 in 2025. By the end of 2025 we also continue to expect reaching our goal of monitoring 70,000 patients in our virtual care management programs. Our mobile health plan partnerships program create a virtuous cycle where everyone who participates benefits patients benefit from convenient delivery of high quality care in the home insurers benefit from healthier patients and the opportunity to increase their heated scores and star ratings. And DocGo continues to fulfill our mission of bringing high quality care to all. Importantly, these programs also position to expand to value based care arrangements with our insurance partners over time, which is a key initiative to support our long-term growth and vision to give an example of how our plans are coming to fruition. We've been providing a transitional care management readmission reduction program at a single hospital in southern California for L.A. care a payer that manages $2.5 million lives. Based on our successful delivery of a greater than 50% emergency department reduction for this hospital's patients. We just signed an expansion deal with a care to provide our transitional care management program at additional hospitals to offer care gap closure services for L.A. care members and launch a mobile health program to help improve the management of some of their most complex high risk member populations.

此外，我們在第三季度開始招募 PCP 患者，並與我們的付款合作夥伴達成協議，這將使我們能夠在 2025 年將 PCP 患者數量增加到 10,000 名的目標。到 2025 年底，我們也將繼續期望實現在虛擬護理管理計畫中監控 70,000 名患者的目標。我們的行動健康計劃合作夥伴計畫形成了一個良性循環，每個參與者都受益，患者受益於便捷的家庭高品質護理，保險公司受益於患者更健康，並有機會提高他們的熱度分數和星級評定。DocGo 將繼續履行我們的使命，為所有人提供高品質的護理。重要的是，這些計劃還可以隨著時間的推移與我們的保險合作夥伴擴展到基於價值的護理安排，這是支持我們長期增長和願景的一項重要舉措，可以作為我們的計劃如何實現的一個例子。我們一直在南加州的一家醫院為洛杉磯醫療中心提供過渡性護理管理再入院減少計劃，該中心負責管理 250 萬美元的生命。基於我們成功為該醫院的患者減少了50%以上的急診就診量。我們剛剛與一家護理機構簽署了一項擴展協議，將在更多醫院提供過渡性護理管理計劃，為洛杉磯護理成員提供彌補護理差距的服務，並啟動一項移動醫療計劃，幫助改善對一些最複雜的高危成員群體的管理。

In our municipal population health vertical. We saw a number of positive indicators in Q3, we are preparing to expand our mobile x-ray program for the city of New York this fall, and we extended the street health outreach and wellness contract for 1/4 year which will enable us to continue operating this award winning mobile health care program for unhoused and underserved populations in New York City Additionally, just this week, we received an expansion with the New Mexico Department of Health, which broaden the scope of our initial contract for clinical services at their public health offices.

在我們市政人口健康垂直領域。我們在第三季度看到了許多積極的指標，我們正準備在今年秋天為紐約市擴大我們的移動X光項目，並且我們將街頭健康宣傳和健康合同​​延長了四分之一年，這將使我們能夠繼續為紐約市無家可歸和服務不足的人群運營這一屢獲殊榮的移動醫療項目。

Collectively, we continue to leverage our clinical expertise and mobile health care approach to bring care to people outside of traditional health care settings.

總的來說，我們將繼續利用我們的臨床專業知識和行動醫療方法，為傳統醫療保健環境之外的人們提供醫療服務。

In Q3 alone, we provide a treatment across over 215,000 medical and behavioral health encounters including x-rays, vaccinations, urgent care, depression screenings, and more within this customer vertical. Within this customer vertical. We have also made considerable progress with our project prime initiative whose goal is to identify large government contractors with existing projects who may benefit from subcontracting municipal population health components of their work to dot go.

僅在第三季度，我們就為該客戶垂直領域提供了超過 215,000 次醫療和行為健康治療，包括 x 光檢查、疫苗接種、緊急護理、憂鬱症篩檢等。在這個客戶垂直範圍內。我們的專案主要措施也取得了長足進展，該專案的目標是確定擁有現有專案的大型政府承包商，這些承包商可以從將其市政人口健康工作分包給 dot go 中獲益。

We believe this is a very substantial opportunity and we expect to begin generating revenue from this initiative in early 2025.

我們相信這是一個非常重要的機會，我們預計將在 2025 年初從這項舉措中開始創造收入。

In our hospital vertical, we have a number of small to medium sized contracts that have been signed or are very close to being signed which give us good line of sight to reach our 2025 growth estimates.

在我們的醫院垂直領域，我們有許多已經簽署或即將簽署的小型到中型合同，這為我們實現 2025 年的增長預期提供了良好的前景。

In addition to new contracts, we have also recently expanded in the northeast with a major customer and continue our build out in the Dallas market. We received exceptional customer feedback from our newly launched contracts in Dover, Delaware, which is great to see and encouraging as we grow our presence in that market.

除了新合約外，我們最近還與一位主要客戶合作擴大了我們在東北地區的業務，並繼續在達拉斯市場擴張。我們在特拉華州多佛新簽訂的合約收到了非常好的客戶回饋，這對於我們擴大在該市場的影響力來說是件好事，也令人鼓舞。

We have also made significant enhancements to our technology so that customers can now track a network of providers within our proprietary technology platform. In addition to having the ability to dispatch both medical transportation and mobile health resources, a combination we believe is unique within our industry.

我們還對我們的技術進行了重大改進，以便客戶現在可以在我們的專有技術平台內追蹤提供者網路。除了擁有調度醫療運輸和行動醫療資源的能力之外，我們認為這種組合在我們的行業中是獨一無二的。

We have long believed that our proprietary technology has potential as a standalone sass product that can generate revenues for us in markets where we do not have a physical presence. And we expect that to begin in the fourth quarter before I hand it over to norm, I also wanted to take a moment to discuss the addition of Dr. Steven Klasko as our new chair of the board. As the former CEO of Jefferson Health and a special adviser at venture capital firm, General catalyst. Dr. Klasko brings extensive health care experience and a vast network that can help do go in a variety of ways. He is also a vocal advocate for health care at any address and a pioneering A I and pioneering A I technologies that could potentially optimize patient care and increase operational efficiency. And we look forward to benefiting from his guidance and vast industry knowledge.

我們一直相信，我們的專有技術具有作為獨立 SASS 產品的潛力，可以在我們沒有實體業務的市場為我們創造收入。我們預計這項工作將在第四季度開始，在我將其移交給諾姆之前，我還想花點時間討論任命史蒂文·克拉斯科博士為我們的新董事會主席。作為 Jefferson Health 的前執行長和風險投資公司 General catalyst 的特別顧問。Klasko 博士擁有豐富的醫療保健經驗和龐大的人脈網絡，可以透過多種方式提供協助。他還積極倡導任何地點的醫療保健以及開創性的人工智慧和開創性的人工智慧技術，這些技術可以優化患者護理並提高營運效率。我們期待從他的指導和豐富的行業知識中受益。

We could not be more excited to have Dr. Klasko on board and we're off to a great, great start.

我們非常高興 Klasko 博士能加入我們，這是一個非常好的開始。

I will now hand it over to Norman to cover the financial resorts results Norman. Please go ahead.

現在我將把話題交給諾曼，由他來負責金融度假村的表現。請繼續。

Thank you, Lee and good afternoon total revenue for the third quarter of 2024 was $138.7 million. A 26% decrease from the third quarter of 2023. But in line with our expectations driven by the anticipated wind down of migrant related projects. Mobile health revenue for the third quarter of 2024 was $90.7 million, down 35% from the third quarter of 2023. And also driven by the planned wind down in migrant related work. As we've discussed on previous earnings calls. These migrant related revenues began to decline sequentially in Q2, 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 and into 2025. On a-to-date basis through September, mobile health revenues have increased 20% in 2024.

謝謝，李，下午好，2024 年第三季的總收入為 1.387 億美元。比 2023 年第三季下降 26%。但這與我們的預期相符，因為移民相關項目預計將會逐漸減少。2024 年第三季的行動醫療收入為 9,070 萬美元，較 2023 年第三季下降 35%。並且也受到計劃逐步減少移民相關工作的推動。正如我們在之前的財報電話會議上討論過的。這些與移民相關的收入在第二季開始逐季下降，反映了紐約市一些站點自五月中旬開始的關閉。預計從 2024 年剩餘時間到 2025 年，這些與移民相關的收入將繼續連續下降。截至 9 月為止，2024 年行動醫療收入已成長 20%。

Transportation services revenue increased to $48 million in Q3 of 2024 about 2% higher than the transport revenues we recorded in the third quarter of 2023. We saw our largest gains in both large markets such as the UK and in some smaller markets like Tennessee and Delaware for the first nine months of 2024 transportation revenues were up 9% from the prior year period.

2024 年第三季度，運輸服務收入增加至 4,800 萬美元，比 2023 年第三季的運輸收入高出約 2%。2024 年之前 9 個月，我們在英國等大型市場以及田納西州和特拉華州等一些小型市場都取得了最大增幅，運輸收入較去年同期增長了 9%。

Historically, we've had periods of growth that were greater than our 15% annual target while more recently, we've been digesting this strong growth. We have several recent contract wins that give us confidence in maintaining our 15% annual revenue growth expectation going into 2025. Net income was $4.5 million in Q3 of 2024 compared with Net income of $4.6 million in the third quarter of 2023. As we were able to successfully offset the impact of the decline in revenue which significantly improved gross margins adjusted EBITDA for the third quarter of 2024 was $17.9 million. Up from $16.7 million in last year's third quarter, the adjusted EBITDA margin was 12.9% in Q3, up from 8.9% in the third quarter of 2023.

從歷史上看，我們的成長幅度曾超過 15% 的年度目標，而最近我們一直在消化這種強勁的成長。我們最近贏得了幾份合同，這使我們有信心在 2025 年保持 15% 的年收入增長預期。2024 年第三季的淨收入為 450 萬美元，而 2023 年第三季的淨收入為 460 萬美元。由於我們能夠成功抵銷營收下降的影響，從而顯著提高毛利率，2024 年第三季的調整後 EBITDA 為 1,790 萬美元。調整後的 EBITDA 利潤率較去年第三季的 1,670 萬美元上升 12.9%，高於 2023 年第三季的 8.9%。

This was the fourth consecutive quarter of double digit adjusted EBIDA margins total. GAAP gross margin percentage during the third quarter of 2024 was 33% up strongly from 27.2% in the third quarter of 2023. The adjusted gross margin was 36% compared to 29.5% in the third quarter of 2023. As many of our mobile health projects have matured throughout 2024. We've seen solid improvements in subcontract costs during the third quarter of 2024. Subcontracted labor accounted for 33% of total labor costs as compared to 41%. In the third quarter of 2023 subcontracted labor has declined sequentially since peaking in the fourth quarter of last year. At approximately 44% of total labor costs.

這是調整後 EBIDA 利潤率連續第四個季度實現兩位數成長。2024 年第三季的 GAAP 毛利率百分比較 2023 年第三季的 27.2% 大幅增加 33%。調整後的毛利率為 36%，而 2023 年第三季為 29.5%。因為我們的許多行動醫療計畫在 2024 年已經成熟。我們看到 2024 年第三季分包成本有了顯著改善。分包勞動成本佔總勞動成本的 33%，而原料則為 41%。2023 年第三季度，分包勞動力自去年第四季達到高峰以來連續下降。約佔總勞動成本的44%。

During the third quarter of 2024 adjusted gross margin for the mobile health segment was 38.8% compared to 28.8% in the third quarter of 2023 adjusted gross margins for the mobile health segment have now improved for four consecutive quarters. In the transportation segment adjusted gross margins were 30.7% in Q3, 2024 down from 31.7% in Q3 of 2023. But transportation margins approved by 160 basis points from their Q2 2024 levels. However, they were still impacted by residual subcontractor costs in one of our markets still as the third quarter came to a close. The subcontractor costs had been nearly eliminated as we were able to fill staffing gaps via newly hired field personnel looking at operating costs. SG&A as a percentage of total revenues came to 28.7% in the third quarter of 2024 higher than the 24.8% seen in the third quarter of 2023. However, in absolute dollar terms, operating expenses declined 14% year-over-year due in part to target reductions in force during the first half of 2024 with operating expenses falling to their lowest quarterly levels. Since the first quarter of 2023 we continue to actively manage our operating expenses as the migrant programs wind down. However, given the expectation for sequentially lower revenues, we expect that SD&A could increase as a percentage of revenues over the next few quarters, which is reflected in our adjusted margin expectation of 8% to 10% in 2025.

2024 年第三季度，行動健康部門的調整後毛利率為 38.8%，而 2023 年第三季度為 28.8%，行動健康部門的調整後毛利率現已連續四個季度提高。運輸部門的調整後毛利率在 2024 年第三季為 30.7%，低於 2023 年第三季的 31.7%。但運輸利潤率較 2024 年第二季的水準上漲了 160 個基點。然而，第三季結束時，他們仍然受到我們其中一個市場中剩餘分包商成本的影響。由於我們能夠透過新聘用的現場人員來填補營運成本的人員缺口，因此分包商成本幾乎被消除。2024 年第三季度，銷售、一般及行政費用佔總收入的百分比為 28.7%，高於 2023 年第三季的 24.8%。然而，以絕對美元計算，營運費用年減 14%，部分原因是 2024 年上半年目標裁員，營運費用降至季度最低水準。自 2023 年第一季起，隨著移民計畫的逐步結束，我們繼續積極管理營運費用。然而，鑑於預計收入將連續下降，我們預計未來幾季 SD&A 在收入中的百分比可能會增加，這反映在我們對 2025 年 8% 至 10% 的調整後利潤率預期中。

The biggest financial highlight for us in the third quarter relates to our balance sheet where we took another big step forward as of September 30, 2024 our total cash and cash equivalents which include restricted cash was $108.6 million as compared to $85.8 million as of the end of the second quarter of 2024. As of the end of Q3, our total cash balance was more than $40 million higher than it was a year earlier. The increase in cash was driven by solid collections during the third quarter, which also resulted in a decline in our accounts receivable when compared to both those of the end of the second quarter and the levels that we saw at the end of 2023 at quarter end, we had approximately $170 million in accounts receivable from the various migrant programs compared to $185 million in accounts receivable from the various migrant programs, as of the end of Q2. As these migrant related programs continue to wind down over the remainder of 2024 our balance sheet is expected to continue to benefit, as we collect this AR and bring our day sales outstanding or DocGo more closely in line with historical levels as we collect older larger invoices and as our cash outflows decrease in line with lower migrant project expenditures, we expect to see a continued increase in our cash balance. We now expect to generate cash flow from operations of $90 million to $100 million in 2024. Given that we've generated $57 million in cash flow from operations through the first nine months of the year. We are looking at an additional $33 million to $43 million in cash flow from operations in the fourth quarter.

我們第三季最大的財務亮點與我們的資產負債表有關，截至 2024 年 9 月 30 日，我們又向前邁出了一大步，包括受限現金在內的總現金和現金等價物為 1.086 億美元，而截至 2024 年第二季末為 8,580 萬美元。截至第三季末，我們的總現金餘額比去年同期高出 4,000 多萬美元。現金的成長得益於第三季穩健的收款，這也導致我們的應收帳款下降，與第二季末和 2023 年底的水準相比，截至季末，我們從各種移民計畫中獲得的應收帳款約為 1.7 億美元，而截至第二季末，從各種移民計畫中獲得的應收帳款為 1.85 億美元。隨著這些與移民相關的項目在 2024 年剩餘時間內繼續逐步減少，我們的資產負債表預計將繼續受益，因為我們收取這筆應收帳款，並使我們的應收日銷售額或 DocGo 更接近歷史水平，因為我們收取舊的較大發票，並且隨著我們的現金流出隨著移民項目支出的減少而減少，我們預計我們的現金將繼續增加。我們現在預計 2024 年的營運現金流將達到 9,000 萬至 1 億美元。鑑於我們今年前九個月的經營活動已產生了 5700 萬美元的現金流。我們預計第四季經營活動產生的現金流將額外增加 3,300 萬至 4,300 萬美元。

For comparison purposes, we generated $37 million in operating cash flow in the second quarter and another $31 million in the third quarter. Our increased cash balances will allow us to invest in some of the opportunities we're currently evaluating to grow our business.

為了進行比較，我們在第二季產生了 3,700 萬美元的營運現金流，在第三季又產生了 3,100 萬美元的營運現金流。我們增加的現金餘額將使我們能夠投資於一些我們正在評估的業務成長機會。

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

在此刻。我想簡單地將電話轉回給李。

Thank you Norman, before I turn the call back to the operator for Q&A, I wanted to close by sharing that Q3 marked my one year anniversary as CEO of DocGo.

謝謝你，諾曼，在我將電話轉回給接線員進行問答之前，我想最後分享一下，第三季度是我擔任 DocGo 首席執行官一周年紀念日。

Our company has accomplished incredible things over the last 12 months including transporting over $1.1 million patients and facilitating care through more than 820,000 mobile health interactions, bringing care to this many people is a clear manifestation of our mission to bring high quality, highly accessible care to all DocGo's vertically integrated mobile health care offering powered by a best in class proprietary technology platform and compassionate clinical providers has an incredible product market fit. We enjoy strong relationships with an enviable roster of customers and have a patient net promoter score of 85 that speaks volumes about the quality of our service delivery and have a positive employee centric company culture, as evidenced by our awards for workplace excellence.

在過去 12 個月中，我們公司取得了令人難以置信的成就，包括運送價值超過 110 萬美元的患者、通過超過 820,000 次移動醫療互動提供醫療服務。 為如此眾多的人提供醫療服務清楚地體現了我們的使命，即為所有人提供高質量、高度可及的醫療服務。我們與眾多令人羨慕的客戶保持著良好的關係，患者淨推薦值達到 85，這充分說明了我們服務品質的優良，並且公司擁有積極的以員工為中心的文化，我們獲得的卓越工作場所獎項就證明了這一點。

I know we will continue building on this strong foundation to expand our impact in the months and years ahead.

我知道，在未來的歲月裡，我們將繼續在這個堅實的基礎上擴大我們的影響力。

And now I'd like to turn the call back to the operator for Q&A operator. Please go ahead.

現在我想將電話轉回給接線生進行問答。請繼續。

Thank you. Ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions) Should you have a question? Please? Press star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process? Please press star followed by the number two. If you are using a speaker phone, please leave the handset before pressing any cases. Your first question comes from Sarah James of Cantor Fitzgerald. Please go ahead.

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）您有問題嗎？請？在按鍵電話上按下星號，然後按數字 1。您將聽到一個提示，提示您已舉手。您是否希望拒絕參與投票程序？請按星號，然後按數字 2。如果您正在使用揚聲器電話，請在按任何按鈕之前放下聽筒。您的第一個問題來自 Cantor Fitzgerald 的 Sarah James。請繼續。

Hi guys. This is Gabon for Sarah Congrats on the quarter I just wanted to start off with. You had a really strong I beat and can you give a little bit more color on what drove that? And it sounds like you have a lot of plans for expansion and that the CareGap closure progress is going, going super well. So is there anything we should worry about on the expense line while you grow that business?

嗨，大家好。這是加彭的莎拉，我只是想祝賀這個季度的開始。您確實以強勁的勢頭擊敗了對手，能否稍微解釋一下是什麼原因導致的呢？聽起來您有很多擴張計劃，而且 CareGap 的關閉進展非常順利。那麼，在發展業務的同時，我們在費用方面是否需要擔心呢？

Sure. Hey, it's, it's Norman, I'll take the first part of the question. So as far as the, as far as the EBITDA, yeah, I would point to the gross margin line. We generated a blended gross margin of 36% in, in the quarter. Now, while that's not out of the ordinary, if you look at, if you look at things historically, we've done that before. It was the highest margin that we've had since the fourth quarter of 2022 when we had some COVID revenue and other things like that, that, that spiked that number up. We've always said that that our expectation for blended for a blended gross margin to somewhere in the 33%, 35% range. There are a couple of ins and outs, there were things that helped us this quarter, some of which were non-recurring, some of which were just a matter of in the case of I'll talk about mobile health margins, mobile health margins were 38.8%.

當然。嘿，我是諾曼，我來回答問題的第一部分。所以就 EBITDA 而言，是的，我會指出毛利率線。本季度，我們的混合毛利率為 36%。現在，雖然這並不罕見，但如果你從歷史角度來看，我們以前也做過這樣的事情。這是自 2022 年第四季以來我們的最高利潤率，當時我們有了一些 COVID 收入和其他類似因素，這導致該數字飆升。我們一直說，我們預期混合毛利率將在 33% 到 35% 之間。有幾個細節，有些事情對我們本季有幫助，有些是非經常性的，有些只是個問題，就我談論的行動健康利潤率而言，行動健康利潤率為 38.8%。

And those were, those were helped along by the fact that the first, the first programs, the first sites that were wound down as part of the migrant programs were the ones that were, that tended to be the lower margin, the lower margin sites. Now, that wasn't necessarily by design, but that's sort of the way that that played out. So we had a more favorable mix within the migrant program. And then in general, we had a, we had a pretty good mix within, within mobile health in general. So I would say where we, where we benefit it was from gross margins that were maybe a little bit higher than, than we would expect that that was a big part of it. Otherwise the SG&A was, was reasonably well controlled and, and as we mentioned, down 14% year-over-year, we've been doing a lot of cost cutting, a lot of rationalization and, and some of that came to, came to fruition as well.

而這些都得益於這樣一個事實：作為移民計劃的一部分，第一批、第一批被取消的項目和地點往往是利潤較低的地點。現在，這不一定是設計好的，但事情就是這樣發生的。因此，我們在移民計劃中擁有更有利的組合。整體而言，我們在行動醫療領域擁有非常好的組合。因此我想說，我們受益的是毛利率可能比我們預期的要高一點，這是其中很大一部分。否則，銷售、一般及行政費用就得到合理的控制，正如我們所提到的，比去年同期下降了 14％，我們一直在進行大量的成本削減和合理化調整，其中一些也取得了成果。

Gabby, I'll it's Lee. I'll, I'll touch on, on next year as part of your question. So I think we're going to continue to invest in our, in our rapid growth and rapid expansion that we shared particularly in the payer programs or expanding, as I mentioned across the west coast. And we're always going to be investing and very focused and investing next year on putting out a great quality product and a great patient experience and absolutely ensuring that our customers, our incredible customers and our payer partners and our municipal partners and our hospital systems are incredibly delighted and happy with our services. And we're always going to index towards that and we're going to be investing in that and that was reflected in our ebida percentage range guidance for next year as well. Those investments are reflected there.

加比，我猜是李。我將談談明年的問題，作為您問題的一部分。因此，我認為我們將繼續投資於我們的快速成長和快速擴張，特別是在付款人計劃或擴張方面，正如我所提到的西海岸。我們將始終進行投資，並高度集中精力，在明年投資推出高品質的產品和出色的患者體驗，並絕對確保我們的客戶、我們不可思議的客戶、我們的付款人合作夥伴、我們的市政合作夥伴和我們的醫院系統對我們的服務感到無比高興和滿意。我們將始終以此為目標，並對此進行投資，這也反映在我們明年的息稅折舊攤提前利潤百分比範圍指引中。這些投資就反映在那裡。

Okay, awesome. Thank you guys.

好的，太棒了。謝謝你們。

Your next question comes from Peter Chikaring of Tite-Zib

您的下一個問題來自 Tite-Zib 的 Peter Chikaring

Please go ahead.

請繼續。

Hey, good afternoon. Guys and thanks for taking my questions. Looking at the 2025 guidance last quarter, you got to do, I think $40 million of base business revenues at 10% base margin. Now I think you added $50 million of migrant revenues in the guidance, which I think implies that the base business is growing lower and then the margin guidance I believe was a floor of 10% and now it's 8% to 10% range. So I guess the question is, what if any change from the guidance commentary from the last quarter call?

嘿，下午好。夥計們，謝謝你們回答我的問題。查看上個季度的 2025 年指引，我認為你必須實現 4,000 萬美元的基本業務收入，基本利潤率為 10%。現在，我認為您在指引中增加了 5000 萬美元的移民收入，我認為這意味著基礎業務的成長速度較低，而我認為利潤率指引的底線是 10%，現在是 8% 到 10% 的範圍。所以我想問題是，如果與上個季度電話會議中的指導評論相比有任何變化會怎樣？

Absolutely. It's it's Lee. I'll take that question. Thank you for it. So for next year, we wanted to put out guidance so that we can give direction on on where next year is going to go and also include what we expect. The migrant contribution will be, I wanted to also really emphasize that that work is really encompassed in our population health work. It's all medical related. We are winding down the HPD sites that included some of the ancillary services that will all be wound down by the end of this year. So, going into next year, it's going to really focus on services related to infectious disease control and screening vaccinations, urgent care, depression, screenings, other behavioral health resources that we're, that we're providing and that's really what the work is going to be focused on for next year. And then we also wanted to share that essentially as that work continues into next year. It continues to utilize resources that eventually we will transition over to the base business growth. And so that's what you see there. As the resources are transitioning away from the migrant related work that's going to continue on to transition over to the base business and all the payer programs and all the growth opportunities that we're expanding on right now.

絕對地。是李啊。我來回答這個問題。謝謝你。因此，對於明年，我們希望發布指導，以便我們可以指明明年的發展方向，同時也包括我們的預期。移民的貢獻將是，我也想強調的是，這項工作確實包含在我們的人口健康工作中。這一切都與醫療有關。我們正在逐步關閉包含一些輔助服務的 HPD 站點，這些輔助服務將在今年年底前全部關閉。因此，進入明年，我們將真正專注於與傳染病控制和篩檢疫苗接種、緊急護理、憂鬱症、篩檢以及我們提供的其他行為健康資源相關的服務，而這正是明年工作的重點。然後我們也想分享這一點，因為這項工作將持續到明年。它將繼續利用資源，最終我們將轉向基礎業務成長。這就是您所看到的。隨著資源從與移民相關的工作轉向基礎業務、所有付款人計劃和我們目前正在擴展的所有成長機會。

So that's what next year essentially will look like. And that also the EBITDA range that I mentioned to Gabby as well on her question, that reflects a lot of the investments we're going to be making in the, in that expansion, particularly on the payer programs on our PCP program, as well as some of the investments we're going to be making on the municipal and hospital system side. And again, that encompasses rapid expansion and also great quality of service. And so we incorporated that into our adjusted EBITDA percentage range.

明年的情況基本上就是這樣。我在回答 Gabby 的問題時也提到了 EBITDA 範圍，這反映了我們將在擴張中進行的大量投資，特別是對 PCP 計劃的付款人計劃的投資，以及我們將在市政和醫院系統方面進行的一些投資。再次強調，這包括快速擴張和卓越的服務品質。因此我們將其納入了調整後的 EBITDA 百分比範圍。

Okay. So just so that just so I make sure that I understand this sort of last quarter is 10% on the $400 million. Now, it's a higher revenue below margin. That's because a migrant is basically sort of at a lower margin is taking these resources away. And therefore, until we divert that away, that's a drag on next year's EBITDA.

好的。所以，只是為了確保我理解這個上個季度的這個數字是 4 億美元的 10%。現在，收入低於利潤率的情況更高。這是因為移民基本上是在較低的利潤率下奪走了這些資源。因此，除非我們解決這個問題，否則這將對明年的 EBITDA 造成拖累。

That's correct. And then also keep in mind that again, we're investing into the expansion into new markets for some of our payer program partners. And we have a multiple number of opportunities, national scaling opportunities that are going to see us scale into additional markets next year as well.

沒錯。然後還要記住，我們正在為一些付款人計劃合作夥伴投資拓展新市場。我們擁有多個機會，包括全國性的擴展機會，這些機會明年也將幫助我們擴大到更多市場。

Yeah, and it is the one I think it's a little bit, It's a little bit more nuanced. You know, we talked about our, our cost cutting programs, we're trying to right size the business to make sure that we keep SG&A at a certain percentage of revenues as we go through this on a very granular bottom up way. You know, we're finding there are some costs that we might want to keep in place so that, you know, when we, when we talk about investment, it doesn't just mean going out and spending additional money in some cases, it means leaving part of our cost structure in place so that we can, that we can continue to grow. So for example, you know, taking people who are working on the migrant programs who are, you know, very, very talented and very good people and then moving them over to other parts of the organization to help build out the the payer programs or some of the other stuff that we're doing. So that technically represents, you know, a cost that's already here, that it's sticking around, but it's being redeployed. So as we look at that, as we do our, our bottom up granular project projecting, it looks like, you know, we, we should, we should build in a little bit of conservatism around where we think that even done marginally.

是的，我認為它有點，有點更微妙。你知道，我們討論了我們的成本削減計劃，我們正試圖正確調整業務規模，以確保我們將銷售、一般和行政費用保持在收入的一定百分比，因為我們以非常細緻的自下而上的方式進行這一過程。你知道，我們發現有些成本我們可能想要保留，這樣，當我們談論投資時，它不僅僅意味著在某些情況下出去花額外的錢，它還意味著保留部分成本結構，這樣我們就可以繼續成長。舉個例子，你知道，把那些從事移民計劃的非常有才華、非常優秀的人調到組織的其他部門，幫助建立付款人計劃或我們正在做的其他一些事情。因此，從技術上講，這代表著已經存在的成本，它仍然存在，但正在重新部署。因此，當我們審視這一點，當我們進行自下而上的細粒度項目預測時，看起來，你知道，我們應該在我們認為即使只是略微完成的地方建立一點保守主義。

Okay. Great. And then a quick follow up looking at the CareGap, the CareGap Closure contracts being signed and that's growing rapidly. How are those margins versus the corporate averages? And as you invest in the business, is that can be a drag in the margins as, as that keeps growing. Thank you.

好的。偉大的。然後快速跟進一下 CareGap，CareGap Closure 合約正在簽署，並且正在快速發展。這些利潤率與企業平均相比如何？當你對企業進行投資時，這可能會對利潤率造成拖累，因為利潤率會不斷增長。謝謝。

Absolutely. So we, we do price the contracts in line with our historical margins on all the CareGap Closure programs. We're negotiating custom rates and so we are preserving the margins at, at a gross margin level and endeavoring to do that on the but it will cost us money on the expansion like we've seen with previous projects in previous years when we are doing rapid expansion. It does cost us investment as we're ramping up, we're training people. We're opening up new bases. We're making sure that essentially we're overstaffed in some cases to make, ensure the absolute exceptional quality that we want to deliver for the these very large national payers. So we're making sure that it has all the resources it needs to be successful to deliver a spectacular patient experience and then also very meaningful results for the payers. And then over time, we optimize and we take out some of those costs. So all of that is baked in into the guidance and that's kind of the the granularity that we wanted to share on the call.

絕對地。因此，我們確實根據所有 CareGap Closure 計劃的歷史利潤來為合約定價。我們正在協商定制價格，因此我們將利潤率保持在毛利率水平，並努力做到這一點，但這會在擴張上花費我們的錢，就像我們在前幾年快速擴張時看到的項目一樣。我們在擴大規模、培訓人員的過程中確實需要投入資金。我們正在開闢新的基地。我們確保在某些情況下我們實際上會配備過多的人員，以確保我們想要為這些非常大的國家付款人提供的絕對卓越的品質。因此，我們要確保它擁有成功所需的所有資源，為患者提供卓越的體驗，並為付款人帶來非常有意義的結果。然後隨著時間的推移，我們進行優化並消除一些成本。所以所有這些都被納入了指導中，這也是我們想要在電話會議上分享的細節。

Great, thanks so much.

太好了，非常感謝。

Your next question comes from Ryan Macdonald of Needham. Please go ahead.

您的下一個問題來自尼德姆的瑞安·麥克唐納 (Ryan Macdonald)。請繼續。

Hi, thanks for taking my questions. Lee, maybe just first on the a clarification on FY 25. I think you in your prepared remarks, you talked about sort of a non migrant municipal population health business, sort of a lower expectation of that of in the 240 to 260 range versus previous forecast of 280 to 300. Can you just clarify what you were talking about there?

你好，謝謝你回答我的問題。李先生，也許首先要澄清一下 25 財年。我想您在準備好的發言中談到了非移民市政人口健康業務，對 240 到 260 之間的預期比之前預測的 280 到 300 要低。你能澄清一下你剛才談論的是什麼嗎？

Right. So we, it's great to speak with you. So the the base business we shared is going to be in the 240 to 260 range, which was revised from what we had shared in previous calls again, reflecting some of the migrant related revenue sticking in until the end of this year. Whereas we thought we, it was going to sunset more in the Q3 range. In terms of the additional programs, a lot of the programs that we're rolling out now in the municipal health care space are related to population health, bringing services again in, in line with what we've been doing all along at the company, bring services to underserved populations, uninsured populations, to our veterans. Partnering with the Indian health system, with state and municipal population systems to bring services like mobile x-ray vaccinations, behavioral health care, infectious disease screening, annual wellness visits to our municipal partners, particularly those that are really looking for a solution to bring care into underserved communities. And those are the same programs that we're scaling right now into next year.

正確的。所以，我們很高興與您交談。因此，我們分享的基礎業務將在 240 到 260 的範圍內，這與我們在先前的電話會議中分享的內容再次進行了修訂，反映了一些與移民相關的收入將持續到今年年底。然而，我們認為，它將在第三季逐漸消退。就附加項目而言，我們目前在市政醫療保健領域推出的許多項目都與人口健康有關，再次提供服務，與我們在公司一直在做的事情一致，為服務不足的人群、沒有保險的人群以及我們的退伍軍人提供服務。與印度衛生系統以及州和市政人口系統合作，為我們的市政合作夥伴提供行動X光疫苗接種、行為健康護理、傳染病篩檢、年度健康訪問等服務，特別是那些真正尋求解決方案為服務不足的社區提供醫療服務的合作夥伴。這些都是我們現在正在擴展到明年的相同項目。

Got it. Thanks. So, okay, so it's, it's just because of the, the maybe more accelerated wind down, you're going to collect more of that in 24 and in less than what you initially expected in 25.

知道了。謝謝。所以，好的，這只是因為，可能加速了減速，你會在 24 小時內收集到更多的錢，而在 25 小時內收集到的錢會比你最初預期的要少。

Correct, Oh, are you talking about? No, in 25, 24. That was the 240 to 260. Our range for, for, for next year we shared our, our revenue expectation is four, is 410 to 450.

對的哦，你在說什麼？不，在 25、24。那是 240 到 260。我們對明年的收入預期範圍是 410 到 450。

Yes. Yes, encompassing all of the programs encompassing all the programs that the company is working on.

是的。是的，涵蓋了公司正在進行的所有項目。

Okay. That, that's.

好的。那，那是。

Helpful. In terms then I wanted to ask about the, you made a comment about in the payer business with the issues with the star ratings, and, and sort of that creating an opportunity for you to more rapidly scale up in the northeast. As, as can you talk about sort of how the pipeline has grown or expanded since we've sort of got the star rating news and it seems obviously Caregap closures, I think could be some low hanging fruit, for these payers to help improve their ratings in the future. But what, what sort of direct, kind of response have you gotten from, from, you know, perspective, health plans and payers sort of following that, that, that update? Thanks.

很有幫助。那麼我想問的是，您對付款人業務中星級評定的問題發表了評論，這為您在東北地區更快地擴大規模創造了機會。您能否談談自從我們獲得星級評定消息以來，頻道是如何增長或擴展的？但是，從健康計劃和付款人的角度來看，您對該更新有何直接的回應？謝謝。

That's exactly right. So, so really since that update, which came as a flurry through the Q3 earnings calls of a lot of the payers that we learned essentially that payers need to close these care gaps. They're weighing on their, on their financials and they're weighing on the access to their patient that their patients have and their patients have gaps in care that need to be addressed. Otherwise the patients can get sicker, chronic conditions can get more acute. And obviously, as that happens, it's horrible for the patients. Their health outcomes get worse, but also obviously becomes more expensive for the as, as their, as their members essentially are increasing the utilization of the health plan getting sicker. And so our modality, our whole program is to be proactive is to go into those patients' homes and close those care gaps. Or in many cases, we go into a patient's home. As an example, we'll do a diabetic retinal exam or a bone density scan or colon cancer screening. And indeed, we find that the patient is at risk for a break again, for a fall and break or at risk for vision impairment or blindness. And obviously, we're, we're working on making sure that the follow-up care as well, working with the plan to make sure the follow up care is there. So again, the patient condition does not precipitate. All of that is perfectly aligned with what really the payers need right now, which is to close those care gaps, decrease utilization, improve health outcomes, which ultimately will be better financially for them. We'll we'll increase their profitability. So we've seen since that happened, we've seen two things. We've seen our traction with different payers increase. So we're signing new, newer or adding newer payer partners that we don't have today into the pipeline. And we're seeing the payers we already work with, send us more patients to address. So we're seeing both. That's why we're seeing the acceleration, we're investing very heavily into that right now.

完全正確。因此，自從那次更新以來，許多付款人透過第三季財報電話會議得知，我們基本上了解到付款人需要縮小這些照護差距。他們正在權衡自己的財務狀況，他們正在權衡他們的患者是否能獲得治療，以及他們的患者是否有需要解決的護理差距。否則，患者的病情會變得更嚴重，慢性病會變得更加嚴重。顯然，這種情況發生時，對患者來說是可怕的。他們的健康狀況變得更糟，但顯然也變得更加昂貴，因為他們的成員實際上增加了健康計劃的利用率，從而變得更加病態。因此，我們的方式、我們的整個計劃是積極主動地走進患者家中，彌補護理方面的差距。或者在很多情況下，我們會進入病人的家。例如，我們會進行糖尿病視網膜檢查、骨質密度掃描或大腸癌篩檢。事實上，我們發現患者有再次骨折的風險，跌倒、骨折或有視力受損或失明的風險。顯然，我們正在努力確保後續護理，並按照計劃確保後續護理到位。如此反复，患者病情並未惡化。所有這些都與付款人現在的真正需求完全一致，即縮小護理差距，減少利用率，改善健康結果，這最終將為他們帶來更好的財務狀況。我們將提高他們的獲利能力。自從那件事發生以來，我們看到了兩件事。我們看到我們與不同付款人的聯繫日益密切。因此，我們正在簽署新的、更新的或增加目前還沒有的付款合作夥伴。我們看到已經與我們合作的付款人向我們發送了更多的患者來治療。因此我們看到了兩者。這就是我們看到加速的原因，我們現在正在對此投入大量資金。

Excellent, great to hear. Thanks for taking my questions.

非常好，很高興聽到這個消息。感謝您回答我的問題。

Thank you. Ladies and gentlemen. That concludes our question and answer session. I will now turn the conference back over to Lee Bienstock, CEO for closing remarks. Please go ahead.

謝謝。女士們，先生們。我們的問答環節到此結束。現在，我將會議交還給執行長 Lee Bienstock 並請他致閉幕詞。請繼續。

Thank you. Thank you so much. Thank you to everyone for joining us on the call and we look forward to the next one.

謝謝。太感謝了。感謝大家參加此次電話會議，我們期待下次電話會議。

Be Well.

保重。

This concludes today's conference. (Operator Inductions) Thank you for attending. You may now disconnect your lines.

今天的會議到此結束。（接線生引導）感謝您的參加。現在您可以斷開線路了。