Good afternoon, everybody. Our first presentation for the afternoon session is DocGo. DocGo provides mobile health and medical transportation services for healthcare providers in the U.S. and the U.K. The stock trades on the NASDAQ under the symbol DCGO. With us from management are Norm Rosenberg, Chief Financial Officer, and Mike Cole, VP of Investor Relations. Norm?
Hey, thanks very much for the introduction. I'm Norm Rosenberg, CFO of DocGo. I'm joined by, I'm joined with Mike Cole, who's our VP of Investor Relations. I want to start out with a quick, a little bit of a plug maybe, but I really want to thank our hosts. We really, really enjoy coming to these three-part advisors meetings, whether it's here in Dallas or the ones in Chicago. We'll probably make our way to the one on the East Coast maybe in 2026. Always a full schedule for us, and it's really a good ROI on our time. You know, happy to have the opportunity to present and also to have these solid one-on-one meetings. DocGo is a mobile health provider, and we'll explain what that means. We are a leading provider of tech-driven mobile care.
As you can see, that includes a couple of different things. It includes our base ambulance company, which is how we started. There is medical transportation, and there are the things around medical transportation, like management of medical transportation, as well as care that we deliver in the home and in other places that are outside of the typical traditional four walls of the hospital or the doctor's office. We have, as I said, a base business of our ambulance business, which continues to expand and continues to achieve new levels of scale. We have a rapidly growing care in the home business, and I'll describe what that means. We do that in partnership with health plans. Sometimes we do that directly with the individuals who are getting the care.
We have a technology platform and a backbone that we have built out at considerable expense over the past seven or eight years, which is what we think is a differentiator for us compared to others who are in the industry. We have a strong balance sheet. We will look at a couple of ratios here as we go. Obviously, without the support of the balance sheet, without the ability to do what we want to do financially, we would not be able to continue to grow. The balance sheet is very important to us. Obviously, a very large total addressable market or TAM. I do not need to sell everyone on that. Obviously, a very large market for care in the home.
Finally, we think we have a pretty good leadership team that is not only good at execution, but has a pretty good idea of where the puck is going. Our mission is essentially to deliver healthcare at any address. That is a very nice broad statement, but what it really means is, and it flows through our business lines, medical transportation and medical transportation management. The reason why we call it medical transportation management instead of just medical transportation is that in some of our programs, we will go to a hospital and we will offer them not only to take their patients from point A to point B, but we will actually manage the entire dispatch process for them. That is part of what we can do using our platform.
We're really a turnkey solution to, let's say, a hospital or a facility that no longer wants to be responsible for its own transportation, which is a trend that we're seeing. There is mobile healthcare. What we do is we use, and we call them upskilled clinicians, and that might not be a familiar term. What I mean, what we mean by that is that typically we want to be able to use people at the high end of their capability scale. If you look at the overall healthcare ecosystem here in the U.S., one of the issues that we've identified is that very often the people who are providing care are very much overqualified for providing that care.
Think of a physician who's been in business for 20 years and he's spending part of his time or she's spending part of her time doing a throat culture or drawing blood if they, you know, if they even have that kind of capability. It doesn't make sense. It just doesn't make sense. What does make sense is to take someone like an EMT or a paramedic or an LPN or an RN, someone who can do a lot more than what they are typically doing and are licensed to do that and to provide that. Frankly, economically, it makes a lot of sense.
You have someone who is getting paid $35 an hour, $40 an hour, $50 an hour, who is perfectly capable of doing the kind of job that in many cases, many of our competitors and many other people within the industry are having that done by someone who's paid twice that amount. You can see where the economics work out. We also do remote patient monitoring, most patient monitoring, primarily in our case for cardiology patients. People who have implantable devices and there are people who are taking readings on a constant basis and they're obviously monitoring their care and they're able to alert their doctors when there's something that's needed. This is a very, very rapidly growing part of the healthcare industry as well. We conduct our business in 31 states.
In the U.K., we now have, and I'll get into this in a couple of minutes, we have a 50-state virtual care network. We have doctors or medical direction that is available in every one of the states. We have over 3,000 clinical staff that are working for us. That's W-2 labor. We do use some subcontractors and some agency labor, but what we're referring to here are people who are actually on our payroll. We have close to 1,000 vehicles. That includes ambulances, it includes ambulettes, it includes everything in between. We have now served over 10 million patients, and that includes all of our transports that we've done, all of the testing that we've done, all of the vaccinations that we've done over time, and a very positive patient MPS score indicating that people like the service that we are providing.
About a month ago, October 20th, we announced the acquisition of a company called SteadyMD. I want to spend a couple of minutes, you know, it's one of the newer things. I want to spend a couple of minutes describing what that was and where that fits into what we do. SteadyMD is a company that provides medical direction or medical services to its partners. Typically, SteadyMD's partnership will be with large companies, whether it's an Amazon or a Noom or a Whoop or companies like that where, let's say, you're in the business of selling weight loss drugs or the weight loss injections to someone. In order to do that, you have to have a telehealth visit happening beforehand. SteadyMD white labels their product. They're sort of the nameless back end of that, and they're providing that service.
They can provide it anywhere in the country. They have a stable of clinicians and a very good platform so that when you're getting healthcare from Amazon, that's not an Amazon employee who is providing that healthcare. When you're getting some weight loss drugs or a shot from a company like Noom, it's not a Noom employee that's actually doing the telehealth visit. It's SteadyMD. SteadyMD, they provide virtual care to a lot of the top consumer healthcare and digital wellness brands. They're essentially a wholesale provider. They're not engaged and involved in customer acquisition, don't have to deal with that particular part of the cost. Rather, they're just there providing the service. Their customer is the marketing company that is the client-facing, the patient-facing program. Now, how does that fit into what we do? How does that help?
We believe that this will drive a lot of incremental value because it makes a lot of sense and it fits very well. DocGo gets a 50-state virtual provider network. We already have medical direction in a lot of states. This is a more complete group and is a more robust group. We have a more efficient use of telehealth-based providers. What we can do is we can take some of the services that we provide in the home and we can provide them via telehealth, which is at a lower cost. Conversely, SteadyMD has a lot of customers that they're pitching their services to where they're offering a telehealth platform. They can now pitch saying when and if there's a situation where you need someone to go to someone's home and administer a shot, take some blood, do whatever it is.
Now we have a part of the business that can handle that last mile of healthcare, as we like to say. It is more vertical integration compared to what we currently do. All right, let's talk a little bit about our numbers to get an idea of where we're coming from and where we're going. If you notice, we've kind of done this in a way where you've got these large, almost transparent pieces of that bar chart, of the stack bar chart. What it represents is the population health programs that we've run. If you go back to 2020, to July of 2020, we got into the business. We were an ambulance company at the time doing a little bit of mobile health, and then we got into the business of providing COVID-related services.
Our first such engagement on a municipal level was with New York City's Department of Homeless Services, where we went into the 130 homeless shelters that were in the city at the time on a rotating basis, and we were doing testing for the homeless population or the sheltered population in New York City. That grew to be larger and larger. It involved vaccinations that we did, COVID vaccinations and then other vaccinations, other testing that we ran in New York City and other municipalities. In late 2023, after much of the COVID revenue was gone, we then transitioned into providing migrant-related services, which is we provided healthcare and other services to the migrant population in New York.
Not that long ago, New York City was dealing with that migrant crisis, and they needed someone to do testing, to provide healthcare, to provide behavioral health services, to provide some housing in some cases for the migrant population, and we moved into that. These were always somewhat non-recurring, non-core types of business lines that we had, but what that resulted in, in 2023 and 2024, our revenues peaked at over $600 million, much of which, as you can see from here, were not in our core medical transportation and payer and provider or mobile health services. Rather, it was related to these non-recurring migrant programs. You can see that if you look at simply the headline number, our numbers, you know, in 2025, we'll do about $320 million of revenue off of over $600 million a year before.
Again, on a headline basis, you have your revenue dropping by close to 50%. When you look at our core businesses, though, and you look at the darker blue and the mid-range blue that you see over there, which is the medical transportation and the payer and provider business, you can see that that business is actually growing somewhat slowly, but that business is growing from really across the entire time period. Our core business back in 2019 was about $48 million. We were in the business of doing only medical transportation. That was about $48 million. Medical transportation business this year will be over $200 million, just to give you an idea of that kind of scale and the growth that kind of gets lost in the noise. You can see our total assets, book value per share.
You can look up our stock price for trading at quite a bit of a discount to book value, but you know, that's something that everybody will judge on their own. The other thing that's happened here, as we have sort of weaned ourselves off of this population health non-recurring revenue base, is that it's had a pretty big impact on our balance sheet to the better. Initially, when we had that spike in revenue, we saw, as you can see, a concurrent spike in our accounts receivable. AR topped out in the first quarter of 2024, which was really the peak of the migrant program revenues at about $280 million. We had an interesting scenario, which is not uncommon, but we had large revenue growth year- over- year.
We had, you know, solid EBITDA numbers, but at the same time, our cash balance continued to shrink because of this working capital issue, because these were invoices that remained uncollected for quite some time. It takes a while to get through the red tape at the city, specifically on the migrant-related revenues till the contract got registered, till they eventually paid, and we had some aged receivables there. As you can see, since the midway point or so of 2024, we've been collecting a lot of that revenue. What that's allowed us to do is now that we're showing a negative EBITDA number, we're still able to generate operating cash flow. Through the first nine months of this year, we've generated negative EBITDA of about $18 million, but our operating cash flow has been a positive $45 million or so.
That's simply because of the working capital changes. It's sort of the other side of the coin compared to what we had seen in 2022 and 2023. Our DSO continues to come down. It's a little stubborn. It's running at about 506 days at the end of the period. It should be running at about 90 days or less, typically, which is where we had been before the spike in revenues from this municipal business. How did we do in Q3? We released our results about a week ago on November 10th. Our revenue is about $70.8, $71 million. Our adjusted gross margin, adjusted gross margin simply means that we're not counting depreciation as part of cost of goods sold, which is typically the way we would always look at it.
There were a couple of one-time items as well that had an impact, so stripping that out, our adjusted gross margin was 33%, which is pretty close to where we had been the quarter before and the year before. Our adjusted EBITDA loss was about $7 million. Our mobile health segment revenue is about $21 million, medical transportation about $50 million. You can see the margins in each of those entities. Finally, the total cash number, which includes restricted cash from our captive insurance company and some investments, was about $95 million. That's a net number. We had about $30 million drawn down on our line of credit. Line of credit still exists, but we paid that down in August. So that $95 million is free and clear of any significant debt. Our volumes continue to grow. They're not very large numbers year- over- year.
They're single-digit increases, but we continue to record higher volumes. By volumes, I mean either the number of medical transports, the number of care gaps that we close, or anything, you know, mobile phlebotomy work, so the blood tests that we take, any of those, any of those volumes have been increasing, which give us some momentum as we head into next year. That is where we are at this point. Let's take a step back for a second, though, and let's talk about where the U.S. healthcare business is going, where we believe we fit in. If you look at the U.S. healthcare system today, it's the most expensive healthcare system in the world, and it's not necessarily the one that provides the best outcomes, not even close. Part of that is that chronic disease is a huge U.S.
Healthcare issue because most of the money that is spent is on treating chronic disease as opposed to preventing chronic disease. One of the things that we want to do is to be part of the solution. The idea is to not only treat chronic disease, but to keep people from going to the hospital or going back to the hospital. We have to break this cycle. We have to get people at an earlier stage where you're not treating chronic disease, but you're doing what you can to prevent that chronic disease or at least to prevent it from getting worse. In terms of the work we do at payers and providers, I mentioned a care gap closure. What care gap closure means is that you have a health plan that has a patient within their plan who, for example, is diabetic.
That person is supposed to get certain types of tests on a retinal eye exam. They're supposed to get their blood sugar tested at certain intervals. There are certain things that are supposed to happen in order to allow for that treatment to continue, but all too often, there are people who are not doing things, simply put, there are people who are not doing the things that they need to do to take care of their treatments. When that happens, it becomes very expensive for the healthcare plan down the road.
When somebody has an episode or has an issue, ends up in the emergency room, or just in general, their credit quality ratings and things that lead to their reimbursement rates, it's real bottom line impact for the healthcare providers, the health plan providers, that gets affected by the fact that people are not doing what they have to do. They will call in someone like DocGo because we have the ability to make an appointment and to actually go to somebody's home and say, "Hey, you need to have your blood drawn every so often. We'll make an appointment to come out and to do it. You need to get a retinal eye exam done. We will come out to your home and we'll take care of it." In that case, the payer, we don't bill our partners at the insurance companies directly.
These are contracted rates that we're paid, and we're helping them treat their people at an earlier point in the chain. The goal or the value proposition there is to increase access to care. We're treating bedbound and unattributed patients at a lower total cost of care. It's a lower total cost of care because you're getting those folks before they deteriorate and they end up in an emergency room or in some other situation. There are a variety of reasons why people do not take care of getting the care that they need or getting the testing done that they need. Sometimes it's someone who cannot leave the house. Sometimes it's someone who has depression or whatever it might be. Sometimes it's simply a matter of someone not having a childcare arrangement that allows them to go to the doctor. It's very, very simple.
These are the variety of reasons why people are not taking care of what they need to and where we can come in. As far as the healthcare systems are concerned, medical transport can be viewed in a very simple way as getting somebody from point A to point B, but it is really a lot more than that. We provide efficient, reliable transportation and also manage the platform so that we make sure that there is on-time arrival, people are not waiting to get discharged, and we really track the ED or the emergency department readmission program.
If someone goes from a hospital, is discharged, goes back to a skilled nursing facility, for example, a nursing home, and then they end up back in a hospital in a week or 10 days, not only is the hospital dinged and the nursing home potentially dinged for it financially, but just in general, that's not what you want to see happen. That means that something went wrong. That means that someone did not take care of the transportation piece of it the way they should have. Part of what we do is not only medical transport, but transitional care management.
Making sure that that person gets offboarded, if you will, back into their home or onboarded back into their home or back into the skilled nursing facility in a proper way so that they will be less likely to have to end up back in a hospital. The mobile health segment, we operate in three operating segments, one of which is our corporate segment, which is only SG&A. Two revenue operating segments, mobile health and medical transportation. In terms of mobile health, we expect to do over 150,000 home visits in 2025. I think the main point there is that first bullet point. Payers and providers are seeking solutions. They want to increase their access to care to their patients. That will improve their quality metrics. It'll reduce their overall cost over time.
It'll make a significant impact on the cost of treating that patient over time. We're able to close over 40 different care gaps in the home. We've come across a lot of other companies that do what we do in this space, but very few of them are able to provide the range of services that we can provide. Usually, it's a sort of a one-trick pony. Somebody's handling urgent care. Somebody's handling blood testing. Somebody's handling something else along the chain. We're able to fill many, many gaps. If someone is in need of vaccination, we can do that. If someone is in need of testing, we can do that. If someone is in need of phlebotomy, they need to just take their blood, we can do that. We can do an entire range of services, bone density scans, retinal exams, things of that nature, X-rays.
Our tech platform is what allows us to do what we do. This is a tech platform, the logistics platform that we built for the transport business that we're able to apply to the mobile health business for scheduling, for planning, so you have an idea of when somebody's showing up and actually have someone show up when we say he's going to show up. You know, we have a lot of nameplates here that we can throw out, a lot of logos, but we're dealing with a lot of the larger health plan providers. We are continually trying to add to our roster of health plan providers as well. This is what we feel is the sweet spot of the business.
Rather than go out there and try to market our services on a direct, you know, B2C basis directly to consumer, which is extremely expensive in any industry, the way that we have been able to reach this market is by partnering with these health plan providers. What will typically happen is that they will give us a list of patients that they have who have been delinquent in getting their tests done, who are the hardest ones to reach, and they will ask us to go out and try to convert them, to try to convert that into a meeting, into a customer interaction that we will then bill the insurance plan for. The main takeaway from this slide is just our approach to the model, meaning we're not sending an MD into somebody's house. What we do is a two-step process.
We have the on-site clinical staff, a relatively lower-level clinician who is going in, doing what they have to do. It can be an EMT, someone who's taking a test, and then we have via our platform, remote clinical staff. You'll have a physician's assistant, advanced practice provider, or an MD who's on the other side of it, who's remote, who can obviously dial into more of these meetings in an hour. They're providing the medical direction. That way, our unit economics are better. This is where SteadyMD, which I mentioned earlier, comes in. We already have remote clinical staff. They have a much more robust platform for it. This is going to help us there. It's a flexible and a turnkey solution to continue to manage healthcare and this care gap closure.
Again, making sure that we have the right clinician in the right place at the right time for the right service is what allows it to be for the right economics. Here you can see, as I alluded to earlier, we're able to do really almost all parts of the healthcare chain. Anything from, you know, we go left to right over here, looking at it from maybe the lowest level of complexity to the highest level of complexity, everything from mobile phlebotomy all the way over to primary care physician provision that we can do. Bear in mind, about 25%-30% of all Americans do not have a primary care provider. This is something that we can provide.
We come in, we do a care gap closure, for example, or even if we draw somebody's blood, and then we can also, I hate to say upsell, but essentially we are upgrading them to a primary care provider as well, which has better economics. Medical transportation, this is sort of the, you know, forgive the pun, this is the engine for a lot of the things that we do. This was our original business. It's one that continues to grow. It's primarily non-emergency transport. It's not the 911 business that you think of. Although we do, in a couple of select markets, we will do 911 business where we're paid a fee to do so or a stipend to do so. Otherwise, the economics don't work for us. It's not a great business economically. We're essentially providing non-emergency transport either between clinical settings, patients' residences.
Sometimes we're working with a hospital system where we're taking somebody from one part of the system to another part of the system. It can be taking a patient from the house to there where there's medical necessity for an ambulance trip. It can be moving somebody to and from a skilled nursing facility. As you can see, we have a lot of major customers, a lot of hospital system anchor tenant type of customers. This allows us to sort of guarantee our volumes. We're not out there trying to do a jump ball for every hospital transport that we have. We are adding a, I'll call it a fee for, well, we're taking the fee for service, the typical trip where you go from one point to another point and you're paid for that trip. We're adding a leased hour program we have over the last several years.
What all that means is that we'll go to a facility and we'll sort of guarantee for them on-time arrival by saying we're going to dedicate an ambulance or two ambulances or 10 ambulances, depending on the size of the system and the related personnel so they're there whenever you need it. That's something that has been very attractive to those customers. A very large addressable market, an extremely fragmented market. There are more than 10,000 ambulance providers in the U.S., most of which are, I would say, 10 vehicles or fewer, maybe five vehicles or fewer. We have this mobile health management platform, which I discussed. I don't want to get into too much detail. You never want the CFO to talk about the tech. But you know, to me, it's ROI.
There is some good impressive technology behind it, which has involved a lot of investment over the years, fully integrated into the ERP systems and to things like Epic or the EHR system, I should say. It is something that makes it very seamless. It allows someone to take care of that patient in a way that they can provide that information to someone else. It looks similar to what you would see on Uber, for example, or on Google Maps. It is very much the same type of program. Here is our metrics. Our numbers in terms of our KPI continue to go up. More and more patients assigned for care gap closure. I had mentioned earlier what the way it works is.
The first step is that the health plan will assign patients for us, and that becomes the base off of which we are able to generate the actual visits. You can see those numbers are going up as well. We added a mobile phlebotomy company in the early part of this year, and their numbers are growing pretty rapidly as well. Leadership team, do not really need to get into that too much. The one point I'll make is that about a year or so ago, we added Dr. Steven Glasgow, who is really a truly visionary healthcare person who has a lot of experience in running hospital systems, as well as someone who is involved in the works in the PE side of the world as well as an advisor.
He has really given us an idea of how to get to where things are going before the rest of the industry gets there. That is really helpful for us. One of the questions we are often asked is, why cannot someone else replicate what you do? Anybody has a business that can be replicated. We like to think that we have a little bit of a competitive moat. A big part of that is the vertical integration. Obviously, there is a technology. If anyone wanted to get into this space, do what we do, they would have to build that technology from scratch. It does not really exist off the shelf. We have a staff of those 3,000 plus clinicians. We have a fleet of about 1,000 vehicles. We have the clinical practice group, which has now been bolstered by the acquisition of SteadyMD.
Obviously, we have credentialed physicians, again, which has been bolstered by that acquisition of SteadyMD. This is one of the charts that we've had in our presentation for quite some time. There are a lot of very good providers in this space. We believe there's a lot of white space within the industry. There's room for a lot of people. We don't think that there's only going to be one company or two companies that are going to succeed in this space. There's a lot of room for a lot of these companies, many of whom here a lot of you are familiar with.
When we line up what we can do versus what they can do, we really do believe we check every box, particularly on the mobile medical transport side, where very few of them have any kind of capability in terms of the medical transportation. If you look at that, you add to it the population health experience we have doing municipal programs and everything in between. We really feel that we have built a company that checks all of those boxes in order to be able to provide whatever kind of service is needed, as we said earlier, with the goal of providing healthcare at any address. How do we grow? Why do we think we're going to grow? Number one, we have these legacy customers. We talk about our hospital system customers, the anchor tenants of our medical transportation business and our mobile health business.
These are long-term relationships. These are typically three-year relationships with automatic renewals. These are big names, and these are the types of customers that can ensure us of having the kinds of volumes we need to achieve scale. A lot of the work that we do reduces hospitalization, such an important thing within the industry. We are doing something that is really needed industry-wise. We have the payer programs that can help the health insurance partners make more money. We are not competing with them. We are a provider for them. We are a vendor for them. We do virtual care management, which is also a very rapidly growing part of the industry where we need to keep an eye on our patients, good pipeline, and an M&A channel. One thing I will say about the M&A side, we have traditionally done M&A. From where I sit, it is all the same.
A dollar of revenue is a dollar of revenue, provided that it gives you a proper return. We are not afraid of inorganic growth. We have engaged in inorganic growth, and we will continue to do so. We made an acquisition, I mentioned, about a month ago, SteadyMD. Earlier this year, we bought a mobile phlebotomy company. Over the past three years, we have bought about six or seven different companies, five of which were relatively small medical transportation ambulance companies that we added. We are not worried about doing M&A. We have the balance sheet that can allow it. We have debt capacity if we need to, to be able to put together a war chest to do more M&A. I will say, very much so, we like to say it around the office that healthcare is on sale right now.
There are a lot of assets that are out there that are very, very valuable or potentially very, very valuable that in the right hands could generate some really good returns on investment. We want to make sure that we're out there, that we're at the table, and that we are on a constant and ongoing basis. We are looking at opportunities for inorganic growth while we remain focused on the organic growth that drives us. To sort of wrap this thing up and the key takeaways from here, we have a strong balance sheet that supports continued growth. We like to mention the balance sheet slide first, partly because I'm a finance guy, but also because it's something that we have put our heart and soul into.
You do not necessarily think of a balance sheet that way, but we put a lot of effort into making that balance sheet the kind of balance sheet that can support the things that we want to do. We believe we have a competitive technology advantage. We are vertically integrated in ways that very few companies in our space are. We have a value proposition to the healthcare systems and payers and providers. We are either solving a pain point for them or we are helping them make more money, usually both. That is a very big deal. We are building a recurring revenue base with attractive customers. I do not know about the world-class management team. I did not write that myself. We do have a very, on a serious note, we have a very solid management team. We have a nice mix of healthcare experience and general management experience.
I myself am not from the healthcare space, but we do have people who are from the healthcare space. We have a management team with varied experience. We have a mix of people of different ages and different experience levels, and it really works well. It is better to get your healthcare services in the living room than the waiting room. Thank you, everybody, for listening. Happy to take any questions. Hey, Bill.
Your New York City has a new mayor, and it looks like the policies might be a bit different than they have been historically. What are the implications for your business in New York that you do today, that you've done in the past? Talk to us about the opportunities and/or risks.
Sure.
The first thing to note is that when we think of the work that we do at New York City, there is very little of that large population health stuff that we used to do other than some $25 million worth of receivables that is still out there. We have collected 96% of those invoices. The other 4% is going to be coming in pretty shortly. That is something we want to keep an eye on as well. As far as the business that we do at New York City, primarily it is for New York City Health and the Hospitals on the medical transportation side. That is a contract that is ongoing. They are happy with the work that we do, fully confident that that is going to get redone. It is also New York City Health and the Hospitals that kind of have their own budget.
It's not something that the mayor decides about. We have been reaching out to the people that we know at New York City just to find out what their expectations are in terms of their jobs as you get past January 1. One of the first things they pointed out to us last week on a call was that every one of the people that we've dealt with has already been there through at least two mayoral administrations, if not three. These are typically individuals who are not political appointees. They are certainly not elected to that particular position. They are lifers. We continue to maintain some good relationships there. The most important thing to note, I would say, is that when I look at our guidance, there is very little in the way of incremental municipal business. Not that we would turn it down.
We would consider it if it's something that made sense to us in terms of it being right down the middle of what we do, if it's healthcare services and not ancillary services. We have very little that's built into our expectation for the future that relates to that municipal business. We are really not as leveraged to that as anything else. The final point I'll make is that I think that the New York City budget is going to be bigger than ever under the new mayoral administration. If anything, it would lead to more opportunities. Okay. Thanks, everybody, for coming out to listen. I'm here for another couple of hours as my call. Any follow-up questions, feel free to chat with one of us. We can certainly set up any follow-up calls that you guys would like. Thank you. Have a good day.