Full Press Release Details
Motion Acquisition Corp. and DocGo Announce
DocGo's Record Preliminary Second Quarter 2021
Second quarter revenue increased 175% year-over-year
DocGo raises full-year revenue outlook to
at least $170 million
July 20, 2021 -- (New York, NY) - Motion Acquisition Corp.
("Motion") (Nasdaq: MOTN), a special purpose acquisition company, and its merger partner Ambulnz, Inc., dba DocGo, a leading
provider of last-mile telehealth and integrated medical mobility services, announced today that DocGo has disclosed select preliminary
unaudited financial results for its second quarter ended June 30, 2021.
"We are delighted to report another strong quarter of positive
business momentum highlighted by 175% revenue growth, positive net income and positive Adjusted EBITDA performance," said Stan Vashovsky,
CEO of DocGo. "While COVID-19 testing revenue subsided in the second quarter, we have successfully redeployed our resources across
medical mobility and mobile health to generate long term growth. We are pleased to increase our full year revenue outlook to $170 million
Preliminary Second Quarter Financial Highlights and Increased 2021
Full-Year Revenue Outlook
Recent Business Highlights
"Today's preliminary second quarter results and raised
outlook for 2021 further validate the compelling opportunity DocGo represents to its shareholders," commented Michael Burdiek, Chief
Executive Officer of Motion. "We see tremendous long-term potential for DocGo as Stan and his team scale the business to meet demand
for the Company's expanded portfolio of mobility and health services in new and existing markets. We look forward to supporting
their efforts as we move through the process towards a public listing for DocGo."
The foregoing unaudited preliminary financial results represent the
most current information available to DocGo and are based on calculations or figures prepared internally that have not yet been reviewed
by DocGo's independent registered public accounting firm. DocGo will provide its full financial results for the second quarter of
2021 in an amendment to the previously filed registration statement on Form S-4, which was filed by Motion on July 2, 2021, relating to
the proposed business combination. Actual second quarter financial results may be materially different from the preliminary results described
above and are subject to the risk factors and uncertainties identified in this press release and in the filings with the Securities and
Exchange Commission (SEC) made by Motion and DocGo.
DocGo is a leading provider of last-mile telehealth and integrated
medical mobility services. DocGo is disrupting the traditional four-wall healthcare system by providing care at the scale of humanity.
DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive
business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise
and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient's home
or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual
care. DocGo and Motion Acquisition Corp. (Nasdaq: MOTN) previously announced their definitive business combination agreement and recently
filed a registration statement on Form S-4 with the SEC. Upon closing of the transaction, the combined company will operate under the
DocGo name and will be listed on Nasdaq under the new ticker symbol "DCGO". For more information, please visit www.docgo.com.
About Motion Acquisition Corp.
Motion Acquisition Corp. is a special purpose acquisition company (SPAC)
formed for the purpose of effecting a business combination with one or more target businesses or entities. Motion was founded by a management
team and board comprised of seasoned business executives recognized as pioneers in the transportation software and technology sector that
possess substantial operating and acquisition experience. Motion is listed on Nasdaq under the ticker symbol "MOTN." For more
information, please visit https://motionacquisition.com/.
Non-GAAP Financial Measure
"GAAP" refers to financial information presented in accordance
with U.S. Generally Accepted Accounting Principles. This announcement includes Adjusted EBITDA, a measure calculated other than in accordance
with GAAP. This non-GAAP financial measure is provided in addition to, and not as a substitute for, measures of financial performance prepared
in accordance with GAAP. DocGo defines Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization,
stock-based compensation, litigation provisions and merger-related expenses. Internally, this non-GAAP measure is used by management for
purposes of evaluating DocGo's core operating performance, establishing internal budgets, calculating return on investment for development
programs and growth initiatives, comparing performance with internal forecasts, strategic planning, evaluating and valuing potential acquisition
candidates, and benchmarking performance externally against competitors. DocGo believes this non-GAAP financial information provides additional
insight into our financial performance and future prospects of the company's core business and have therefore chosen to provide this information
to investors to help them evaluate our results of operations and enhance the ability to make period-to-period comparisons.
Cautionary Statement Regarding Preliminary Estimated Results
The financial results for DocGo's second quarter ended June 30,
2021 are preliminary, unaudited and subject to finalization. They reflect DocGo management's current views and may change as a result
of DocGo's further review of results and other factors, including a wide variety of significant business, economic and competitive risks
and uncertainties. Such preliminary results should not be viewed as a substitute for full quarterly financial statements and accompanying
footnotes prepared in accordance with GAAP. Motion and DocGo caution you that these preliminary results are not guarantees of future performance
or outcomes, and that actual results may differ materially from those described above. For more information regarding factors that could
cause actual results to differ from those described above, please see "Cautionary Statement Regarding Forward-Looking Statements"
The preliminary second quarter financial results have been prepared
by, and are the responsibility of, DocGo's management. DocGo's independent registered public accounting firm has not audited, reviewed,
compiled, or applied agreed-upon procedures with respect to the preliminary estimated financial information, and does not express an opinion
or any other form of assurance with respect thereto.
Cautionary Statement Regarding Forward-Looking Statements
This announcement contains forward-looking statements (including within
the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933,
as amended) concerning DocGo. These statements include, but are not limited to, statements that address our expected future business
and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and
products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as "may",
"will", "expect", "intend", "plan", "potential", "believe", "seek",
"could", "estimate", "judgment", "targeting", "should", "anticipate",
"predict" "project", "aim", "goal", "outlook", "guidance", and
similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs,
as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking
statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ
materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements.
Particular uncertainties that could materially affect current or future results include possible accounting adjustments made in the process
of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks
of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing
declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory
actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information
technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; and
the ability of the company to comply with laws and regulations regarding data privacy and protection. We undertake no intent or
obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future
events or otherwise.
Additional Information and Where to Find It
This press release relates to a proposed transaction between DocGo
and Motion. Motion has filed a registration statement on Form S-4 with the SEC, which includes a document that serves as a preliminary
prospectus and proxy statement of Motion, referred to as a preliminary proxy statement/consent solicitation/prospectus, and certain related
documents, to be used at the meeting of Motion stockholders to approve the proposed business combination and related matters. Investors
and security holders of Motion are urged to read the registration statement, the preliminary proxy statement/consent solicitation/prospectus,
and any amendments thereto, and all other relevant documents filed or that will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain important information about DocGo, Motion, and the proposed transaction. The
definitive proxy statement will be mailed to Motion stockholders as of a record date to be established for voting on the proposed business
combination. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/consent
solicitation/prospectus and all other relevant documents filed or that will be filed with the SEC by Motion, once such documents are filed,
through the website maintained by the SEC at www.sec.gov.