EX-99.2 3 ex-992xnonxgaap.htm EX-99.2

Exhibit 99.2

Non-GAAP Financial Information

The following information provides the definition of adjusted gross margin as presented by DocGo Inc. (the “Company”), which is a financial measure that is not calculated or presented in accordance with generally accepted accounting principles (“GAAP”), and reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP. The Company has provided adjusted gross margin as supplemental information and in addition to the financial measure presented by the Company that is calculated and presented in accordance with GAAP. Such non-GAAP financial measure should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measure presented by the Company.

Adjusted Gross Margin

Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under Securities and Exchange Commission rules because they exclude certain amounts included in gross profit and gross margin calculated in accordance with GAAP. Adjusted gross profit is total revenue minus cost of revenue, excluding depreciation and amortization (which are shown separately), and adjusted gross margin is adjusted gross profit as a percentage of total revenue.

The Company’s management believes that adjusted gross margin is useful in evaluating the Company’s operating performance, as the calculation of this measure excludes the impact of non-cash depreciation and amortization charges. The Company’s management believes that by using adjusted gross margin in conjunction with GAAP gross margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods. While many companies use adjusted gross margin as a performance measure, not all companies use identical calculations for determining adjusted gross margin. As such, the Company’s presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies.

Reconciliation

The table below reflects the reconciliation of GAAP gross margin and adjusted gross margin for the three and nine months ended September 30, 2024 compared to the same period in 2023 on a consolidated basis, as well as for the Company’s Mobile Health Services and Transportation Services segments:

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									Q3																								YTD (Sept)
DocGo Inc. Consolidated									2024									2023															2024															2023
Revenue									$ 138,684,814									$ 186,552,910															$ 495,722,059															$ 425,042,373
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)									(88,764,282)									(131,502,046)															(322,645,933)															(296,346,420)
Depreciation and amortization									(4,177,534)									(4,336,267)															(12,561,973)															(11,816,657)
GAAP gross profit									45,742,998									50,714,597															160,514,153															116,879,296
Depreciation and amortization									4,177,534									4,336,267															12,561,973															11,816,657
Adjusted gross profit									49,920,532									55,050,864															173,076,126															128,695,953
GAAP gross margin									33.0%									27.2%															32.4%															27.5%
Adjusted gross margin									36.0%									29.5%															34.9%															30.3%
Mobile Health Services
Revenue									$ 90,663,435									$ 139,340,467															$ 351,346,920															$ 292,351,834
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)									(55,485,992)									(99,259,861)															(223,227,886)															(204,141,302)
Depreciation and amortization									(1,172,461)									(1,193,187)															(3,556,539)															(3,111,497)
GAAP gross profit									34,004,982									38,887,419															124,562,495															85,099,035
Depreciation and amortization									1,172,461									1,193,187															3,556,539															3,111,497
Adjusted gross profit									35,177,443									40,080,606															128,119,034															88,210,532
GAAP gross margin									37.5%									27.9%															35.5%															29.1%
Adjusted gross margin									38.8%									28.8%															36.5%															30.2%
Transportation Services
Revenue									$ 48,021,380									$ 47,212,442															$ 144,375,139															$ 132,690,538
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)									(33,278,291)									(32,241,484)															(99,418,047)															(92,204,418)
Depreciation & amortization									(2,114,380)									(2,333,426)															(6,256,783)															(6,137,364)
GAAP gross profit									12,628,709									12,637,532															38,700,309															34,348,756
Depreciation and amortization									2,114,380									2,333,426															6,256,783															6,137,364
Adjusted gross profit									14,743,089									14,970,958															44,957,092															40,486,120
GAAP gross margin									26.3%									26.8%															26.8%															25.9%
Adjusted gross margin									30.7%									31.7%															31.1%															30.5%