Joint Corp (JYNT) 2022 Q2 法說會逐字稿

Welcome to The Joint Corp.'s Second Quarter 2022 Financial Results Conference Call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to David Barnard with LHA Investor Relations. Please go ahead.

歡迎參加聯合公司 2022 年第二季財務業績電話會議。 （操作員指令）。請注意，該事件正在被記錄。現在，我想將會議交給 LHA 投資者關係部的 David Barnard。請繼續。

Thank you, Victoria. Good afternoon, everyone. This is David Barnard of LHA Investor Relations. On the call today, President and CEO, Peter Holt, will review our second quarter 2022 performance metrics and provide an update on the business; CFO, Jake Singleton, will detail our financial results and guidance. Then Peter will close with a summary and open the call for questions. Please note, we are using a slide presentation that can be found at https:\\ir.thejoint.com under Events.

謝謝你，維多利亞。大家下午好。我是 LHA 投資者關係部的 David Barnard。在今天的電話會議上，總裁兼執行長 Peter Holt 將回顧我們 2022 年第二季的績效指標並提供業務最新情況；財務長傑克辛格頓 (Jake Singleton) 將詳細介紹我們的財務表現和指導。然後，彼得將做總結並開始提問。請注意，我們正在使用幻燈片演示，可以在 https:\\ir.thejoint.com 的「活動」下找到。

Today, after the close of the market, The Joint Corporation issued its financial results for the quarter ended June 30, 2022. If you do not already have a copy of this press release, it can be found in the Investor Relations section of the company's website. As provided on Slide 2, please be advised today's discussion includes forward-looking statements, including statements concerning our strategy, future operations, future financial position and plans and objectives of management. Throughout today's discussion, we will present some important factors relating to our business that could affect these forward-looking statements.

今天，收盤後，聯合公司發布了截至 2022 年 6 月 30 日的季度財務業績。如投影片 2 所示，請注意，今天的討論包括前瞻性陳述，包括有關我們的策略、未來營運、未來財務狀況以及管理計畫和目標的陳述。在今天的討論中，我們將提出一些與我們的業務有關的可能影響這些前瞻性陳述的重要因素。

The forward-looking statements are made based on our current predictions, expectations, estimates and assumptions and are also subject to risks and uncertainties that may cause actual results to differ materially from the statements we make today.

前瞻性陳述是基於我們目前的預測、預期、估計和假設做出的，同時也受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天所做的陳述有重大差異。

Factors that could contribute to these differences include, but are not limited to, the continuing impact of the COVID-19 outbreak on the economy and our operations, including temporary clinic closures, shortened business hours and reduced patient demand; inflation exacerbated by COVID-19 and the current war in Ukraine, our failure to develop or acquire company-owned or managed clinics as rapidly as we intend; our failure to profitably operate company-owned or managed clinics.

可能造成這些差異的因素包括但不限於 COVID-19 疫情對經濟和我們的營運的持續影響，包括診所暫時關閉、營業時間縮短和病患需求減少；由於 COVID-19 和當前烏克蘭戰爭加劇了通貨膨脹，我們未能按預期迅速開發或收購公司擁有或管理的診所；我們未能獲利地經營公司擁有或管理的診所。

Our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics due in part to the nationwide labor shortage, short-selling strategies and negative opinions posted on the Internet, which could drive down the market price of our common stock and result in class action lawsuits, our failure to remediate the current or future material weaknesses in our internal controls over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud or maintain investor conference and other factors described in our filings with the SEC, including in the section entitled Risk Factors in our annual report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 14, 2022, and subsequently filed current and quarterly reports.

我們無法識別和招募足夠的合格脊椎按摩師和其他人員來充實我們的診所，部分原因是全國範圍內的勞動力短缺、賣空策略和互聯網上發布的負面意見，這可能會壓低我們普通股的市場價格並導致集體訴訟，我們未能糾正當前或未來財務報告內部控制中的重大缺陷，這可能會對我們準確維持財務結果、欺詐或投資14 日向美國證券交易委員會提交的截至 2021 年 12 月 31 日的 10-K 表年度報告中標題為「風險因素」的部分，以及隨後提交的當前和季度報告。

As a result, we caution you against placing undue reliance on these forward-looking statements and encourage you to review our filings with the SEC for a discussion of these factors and other risks that may affect our future results or the market price of our stock. Finally, we are not obligating ourselves to revise our results or publicly release any updates to these forward-looking statements in light of new information or future events. Management uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures.

因此，我們提醒您不要過度依賴這些前瞻性陳述，並鼓勵您查看我們向美國證券交易委員會提交的文件，以討論這些因素以及可能影響我們未來業績或股票市場價格的其他風險。最後，我們沒有義務根據新資訊或未來事件修改我們的結果或公開發布這些前瞻性陳述的任何更新。管理層使用 EBITDA 和調整後的 EBITDA，它們是非 GAAP 財務指標。

These are presented because they are important measures used by management to assess financial performance. Management believes they provide a more transparent view of the company's underlying operating performance and operating trends than GAAP measures alone. Reconciliation of net income to EBITDA and adjusted EBITDA is presented in the press release. The company defines EBITDA as net income or loss before net interest, tax expense, depreciation and amortization expenses. The company defines adjusted EBITDA as EBITDA before acquisition-related expenses, bargain purchase, gain or a net gain or loss on disposition or impairment and stock-based compensation expenses.

之所以呈現這些指標，是因為它們是管理階層用來評估財務表現的重要指標。管理層認為，與單獨的 GAAP 指標相比，它們可以更透明地反映公司的基本經營業績和經營趨勢。新聞稿中介紹了淨收入與 EBITDA 以及調整後 EBITDA 的對帳情況。該公司將EBITDA定義為扣除淨利息、稅金費用、折舊及攤銷費用前的淨收入或虧損。該公司將調整後的 EBITDA 定義為扣除收購相關費用、廉價收購、處置或減損收益或淨損益以及股票薪酬費用前的 EBITDA。

Management also includes commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchise sales are not recorded as revenues by the company, management believes the information is important in understanding the company's financial performance because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchise base. Comp sales include the revenues from both company-owned or managed clinics and franchise clinics that in each case have been open at least 13 full months and exclude any clinics that have closed. Turning to Slide 3. It is now my pleasure to turn the call over to Peter Holt.

管理也包括常見的績效指標。全系統銷售額包括所有診所的收入，無論是由公司經營還是由特許經營商經營。雖然特許經營銷售額不被公司記錄為收入，但管理層認為這些資訊對於了解公司的財務業績非常重要，因為這些銷售額是公司計算和記錄特許權使用費的基礎，並且表明了特許經營基礎的財務狀況。可比銷售額包括公司自有或管理的診所以及特許經營診所的收入，這些診所均已開業至少 13 個月，並且不包括已關閉的診所。翻到幻燈片 3。

Thank you, David, and I welcome everybody to the call. During the second quarter of 2022, our growth momentum continued. Before I go into greater detail, I'd like to welcome our new and returning investors in addition to our existing shareholders. As you know, The Joint is revolutionizing access to chiropractic care by providing affordable concierge-style, membership-based service in convenient retail setting. We've had a huge addressable market in both size and opportunity.

謝謝你，大衛，我歡迎大家參加電話會議。 2022年第二季度，我們的成長動能持續。在詳細介紹之前，除了現有股東之外，我還想歡迎我們的新投資者和回歸投資者。如您所知，The Joint 透過在便利的零售環境中提供價格實惠的禮賓式會員制服務，徹底改變了人們獲得脊椎按摩治療的方式。我們擁有一個巨大的潛在市場，無論從規模或機會上來說。

First, The Joint accounts for only 2% of nearly $18 billion spent annually in the United States on chiropractic care. Next, our system provides the most robust environment for chiropractic clinics to excel financially, demonstrated by our research comparing average collections of independent practices to average sales of our clinics in our network. In addition to our strong unit economics, our hybrid business model continues to position us for long-term growth. Our corporate clinics will drive long-term bottom line improvement. Our franchisees will continue to fuel our expansion in a capital-light fashion.

首先，美國每年在脊椎矯正治療方面的花費接近 180 億美元，而關節病僅佔其中的 2%。其次，我們的系統為脊椎按摩診所提供了最強勁的環境，使其在財務上取得成功，這一點透過我們對獨立診所的平均收入與我們網絡中診所的平均銷售額的比較研究得到了證明。除了強大的單位經濟效益外，我們的混合業務模式還為我們繼續實現長期成長奠定基礎。我們的企業診所將推動長期獲利的改善。我們的特許經營商將繼續以輕資本的方式推動我們的擴張。

As we increase our scale and presence, bringing us closer to our interim goal of 1,000 clinics, our national brand awareness also increases, adding further momentum to our expansion. That said, it's important to reiterate our commitment to responsible growth, which means our highest priority remains maintaining our high standards in providing quality patient care. To that end, we closely monitor clinic performance. As discussed during our Q1 2022 earnings call with a large influx of greenfield openings in late '21, coupled now with our managing a portfolio of over 100 units, we experienced a temporary negative impact on our corporate clinic portfolio, and we took swift action.

隨著我們規模和影響力的擴大，我們距離 1,000 家診所的中期目標越來越近，我們的全國品牌知名度也不斷提高，為我們的擴張增添了進一步的動力。儘管如此，我們必須重申對負責任成長的承諾，這意味著我們的最高優先事項仍然是維持提供優質病患照護的高標準。為此，我們密切監控診所的表現。正如我們在 2022 年第一季財報電話會議上所討論的那樣，由於 21 年末大量綠地開業，再加上我們現在管理著超過 100 個單位的投資組合，我們的企業診所投資組合受到了暫時的負面影響，我們迅速採取了行動。

We've sharpened our focus on supporting our doctors of chiropractic and our wellness coordinators. And we've strengthened our oversight of our corporate units. As a result, we delivered improved Q2 2022 clinic performance compared to Q1 2022.

我們更加專注於為我們的脊椎按摩治療師和健康協調員提供支援。我們也加強了對公司部門的監督。因此，與 2022 年第一季相比，我們 2022 年第二季的診所業績有所提高。

Turning to Slide 4. I'd like to review our financial highlights for Q2 2022 metrics compared to Q2 2021. Jake will discuss our results in greater detail in a moment. System-wide sales grew to $106 million, increasing 21%.

轉到幻燈片 4。全系統銷售額成長至 1.06 億美元，成長 21%。

Our comp sales for clinics that have been opened for at least 13 full months grew to 8%. Revenue increased 24%, adjusted EBITDA was $2.6 million. And at the end of June 30, 2022, our unrestricted cash was $9.4 million compared to $19.5 million on December 31, 2021, reflecting our strategy of investing in our corporate clinic portfolio as well as our acquisition of regional developer territory rights. Turning to Slide 5. Again, Q2 performance improved compared to Q1 2022. It also compared well to Q2 2021, especially when taking into consideration that, that quarter delivered record-breaking performance due to an exceptional rebound from COVID and capture pent-up demand in both clinic openings and franchise license sales.

我們開業至少 13 個月的診所的同店銷售額成長了 8%。營收成長 24%，調整後的 EBITDA 為 260 萬美元。截至 2022 年 6 月 30 日，我們的無限制現金為 940 萬美元，而 2021 年 12 月 31 日為 1,950 萬美元，這反映了我們投資於企業診所組合以及收購區域開發商地域權利的戰略。轉到幻燈片 5。

Regarding clinic expansion, during Q2 2022, we opened 34 clinics, up from 31 clinics in Q1 2022. Of the 34 opened in Q2, 3 were greenfield clinics and 31 were franchise clinics. Also, during Q2, 1 franchise clinic closed compared to none in Q2 2021. The Joint continues to have very low clinic closure rates as less than 1% annually. In Q2, consistent with our growth strategy, we opened 3 greenfield clinics in Arizona, Virginia and New Mexico, which have increased our presence in existing corporate clusters.

關於診所擴張，2022 年第二季度，我們開設了 34 家診所，高於 2022 年第一季的 31 家。此外，第二季有 1 家特許經營診所關閉，而 2021 年第二季沒有關閉。第二季度，根據我們的成長策略，我們在亞利桑那州、維吉尼亞州和新墨西哥州開設了 3 家綠地診所，增加了我們在現有企業群中的影響力。

Year-to-date in 2022, we opened 65 clinics, 58 franchises and 7 greenfields. This compares to 54 openings in the first 6 months of 2021 that consisted of 48 franchises and 6 greenfields. Also in May, we acquired 4 previously franchised clinics. Our multiunit franchisee with clinics in both Arizona and California wanted to consolidate their clinic ownership to California thus creating the opportunity for us to buy their high-performing, mature clinics in Arizona. This expanded our headquartered region cluster to 24, easily incorporated into the portfolio.

截至 2022 年迄今，我們開設了 65 家診所、58 家特許經營店和 7 家綠地店。相比之下，2021 年 6 個月共新開店 54 家，其中包括 48 家特許經營店和 6 家新建店。此外，在五月，我們收購了 4 家之前特許經營的診所。我們的多單位特許經營商在亞利桑那州和加利福尼亞州都有診所，他們希望將其診所所有權合併到加利福尼亞州，為我們創造了機會購買他們在亞利桑那州的高性能、成熟的診所。這使得我們總部區域集群擴大到 24 個，輕鬆納入投資組合。

These clinics improved our corporate clinic operating margin and were immediately accretive to our bottom line. The purchase price of $5.8 million reflected the strength of these clinics and was in line with previous acquisition valuations. In summary, at June 30, 2022, we had 769 clinics in operation, consisting of 662 franchise clinics and 107 company-owned or managed clinics, maintaining a portfolio mix of 14% corporate clinics to 86% franchise clinics. At the end of the quarter, we also had 270 franchise licenses in active development compared to 283 on December 31, 2021.

這些診所提高了我們公司診所的營業利潤率，並立即增加了我們的利潤。 580萬美元的收購價格反映了這些診所的實力，並與先前的收購估值一致。總而言之，截至 2022 年 6 月 30 日，我們擁有 769 家診所投入運營，其中包括 662 家特許經營診所和 107 家公司自有或管理的診所，投資組合比例為 14%（公司診所佔 14%）至 86%（特許經營診所）。截至本季末，我們還擁有 270 個特許經營許可證正在積極開發中，而 2021 年 12 月 31 日為 283 個。

This metric continues to demonstrate the strong pipeline for franchise clinic openings and reflects both the accelerated number of franchise openings as well as ongoing increased interest in our franchise system. Subsequent to quarter end, we completed several more transactions that built upon our clustered location strategy. We acquired 3 previously franchised clinics in North Carolina and 1 clinic in Scottsdale, Arizona. We also opened up 1 greenfield clinic in California and our first 2 greenfield clinics in Kansas City, which is a new market for us where we expect to expand to at least 5 clinics in a relatively short period. This increased our corporate portfolio to 114 clinics as of August 4, 2022.

這項指標持續顯示特許經營診所開業管道強勁，既反映了特許經營診所開業數量的加速，也反映了人們對我們的特許經營體系的興趣持續增加。季度末之後，我們完成了更多基於叢集位置策略的交易。我們收購了北卡羅來納州的 3 家特許經營診所和亞利桑那州斯科茨代爾的 1 家診所。我們還在加州開設了 1 家綠地診所，在堪薩斯城開設了首批 2 家綠地診所，這對我們來說是一個新市場，我們預計在相對較短的時間內擴展到至少 5 家診所。 截至 2022 年 8 月 4 日，我們的公司投資組合增加至 114 家診所。

Turning to Slide 6. In Q2 2022, we sold 24 franchise licenses, up from 22 licenses in Q1 2022 compared to 63 in Q2 2021. Year-to-date, 2022, 46 licenses were sold, 67% by regional developers. This compares to 89 licenses sold in the first 6 months of 2021. As of June 30, we had 19 RDs supporting 67% of our franchise clinics. Their territories covered 55% to the metropolitan statistical areas, or MSAs. The aggregate 10-year minimum development schedule for our new RD territories established since 2017 was 640 clinics as of June 30. Keep in mind that a portion of this clinic count is already opened, but the remaining unopened clinics still provide a large foundation to fuel our continued clinic expansion and sales growth.

轉到投影片 6。2022 年第二季度，我們出售了 24 個特許經營許可證，高於 2022 年第一季度的 22 個許可證，而 2021 年第二季度為 63 個。相比之下，2021 年前 6 個月共售出 89 個許可證。他們的領土覆蓋了大都會統計區（MSA）的55％。自 2017 年以來，我們新建立的 RD 區域的累計 10 年最低開發計劃為截至 6 月 30 日的 640 家診所。

Our RD program continues to deliver accelerated expansion. However, under certain circumstances and when territories mature, we'll acquire RD territories. In April, we purchased the rights for the Northern California for $2.4 million. Our model indicates that the region has a potential for 75 clinics. Already, 20 franchise clinics are in operation and 36 sold licenses are in active development. This leaves room for another 19 sites for future corporate or franchise clinic development. In May, we hosted our National Franchise Conference with the theme [Align '22].

我們的研發計畫持續加速擴張。然而，在某些情況下，當地區成熟時，我們會收購 RD 地區。今年4月，我們以240萬美元的價格購買了北加州的版權。我們的模型顯示該地區有潛力開設 75 家診所。目前，已有 20 家特許經營診所投入運營，36 個已售許可證正在積極開發中。這為未來企業或特許經營診所的另外 19 個站點的發展留下了空間。五月，我們舉辦了以「Align '22」為主題的全國特許經營大會。

During this well-attended event, we aligned our strategies and our tactic, celebrated our successes and culture, shared our latest research, listened to inspiring industry and business visionaries and continued developing the future leaders of our growing chiropractic movement. There were multiple noteworthy takeaways, and I'll share some of the compelling research that we reviewed during that event.

在這次參與人數眾多的活動中，我們調整了我們的策略和策略，慶祝了我們的成功和文化，分享了我們的最新研究成果，聽取了鼓舞人心的行業和商業遠見者的意見，並繼續培養日益壯大的脊椎按摩運動的未來領導者。有多個值得注意的要點，我將分享我們在該活動中審查的一些引人注目的研究。

Turning to Slide 7, according to FRANdata, which analyzes the franchise landscape of approximately 3,500 franchise businesses in the United States, today, only 4.9% have more than 500 units.

翻到第 7 張投影片，根據 FRANdata 對美國約 3,500 家特許經營企業的特許經營狀況的分析，目前只有 4.9％ 的特許經營企業擁有超過 500 個分店。

Even more notably, only 94 brands, approximately 2.7%, have grown to over 1,000 units and benefit from the significant brand awareness that, that creates. According to the 2022 essential guide of pricing business and franchisees, The Joint is an elite franchise system. And based on the analysis of the franchise unit sales price, our clinics garner higher valuations in the majority of franchise concepts, further enhancing the attractiveness of our franchise offering.

更值得注意的是，只有 94 個品牌（約 2.7%）發展到 1,000 家以上單位，並受益於由此產生的顯著品牌知名度。根據 2022 年定價業務和特許經營商基本指南，The Joint 是一個精英特許經營體系。並且根據特許經營單位銷售價格的分析，我們的診所於大多數特許經營概念中獲得更高的估值，進一步增強了我們特許經營產品的吸引力。

Turning to Slide 8. We also evaluated data from the Annual Chiropractic Economic Compensation Survey comparing 2 alternatives available to chiropractors, becoming an independent practice or joining the franchise -- joining our franchise concept.

轉到幻燈片 8。

According to the survey, the average independent practitioner collected about $264,000 in -- per clinic in 2021. By comparison, in 2021, the average gross sales per clinic of The Joint was 2.3x greater at almost $600,000. Further, the -- studying the data from 2017 to 2022, independent clinics billings decreased 14% and collections decreased 11%, while the average gross sales per Joint clinic grew 76%.

調查顯示，2021 年，平均每位獨立執業者每家診所的收入約為 264,000 美元。此外，根據 2017 年至 2022 年的數據，獨立診所的帳單金額下降了 14%，收款金額下降了 11%，而每個聯合診所的平均銷售額增加了 76%。

Turning to Slide 9. During our national conference, we were also presenting awards to our high-performing clinics.

翻到投影片 9。

The number of 2021 Bronze, Silver, Gold, Platinum and Diamond Honorees grew markedly over 2020. In 2021, 308 clinics achieved sales greater than $550,000 or up 82% from the 169 clinics of 2020. That included 41 Platinum clinics with over $1 million in sales, more than 4x higher than the 9 platinum clinics in 2020.

2021 年銅牌、銀牌、金牌、白金和鑽石榮譽獲得者的數量比 2020 年顯著增加。

Finally, in 2021, we doubled our diamond category as a second clinic achieved remarkable milestone of over $1.5 million in sales for the year. This volume -- this unit volume increase and success continues to attract more sophisticated franchisees and the positive cycle repeats itself. It also illustrates that our clinics have more room to expand their patient base, creating additional clinic value as well as overall enterprise value.

最後，在 2021 年，我們的鑽石類別翻了一番，第二家診所實現了全年銷售額超過 150 萬美元的顯著里程碑。這個數量——這個單位數量的增長和成功繼續吸引更多成熟的特許經營者，並且良性循環不斷重複。 這也顯示我們的診所擁有更大的空間來擴大患者群，從而創造額外的診所價值以及整體企業價值。

Turning to Slide 10. Let's review our marketing efforts. In Q2, we continued to leverage our growing scale and resources by investing in brand building and lead generation at the national, regional and local levels. This tiered approach provides clinics with a degree of marketing support and sophistication that is unprecedented in chiropractic.

翻到第 10 張投影片。在第二季度，我們繼續利用不斷增長的規模和資源，在國家、地區和地方層級投資品牌建立和潛在客戶開發。這種分層方法為診所提供了脊椎矯正治療領域前所未有的行銷支援和先進程度。

It also enables us to test tactics before they're added to the toolkit for individual clinics. Nationally, we're consistent advertisers in multiple digital marketing platforms. Regionally, we made many of our co-ops invest in broadcast media and sports sponsorships such as our June announcements with the Norfolk Tides, a Minor League Baseball team.

它還使我們能夠在將策略添加到各個診所的工具包之前對其進行測試。在全國範圍內，我們是多個數位行銷平台的穩定廣告客戶。在區域層面，我們讓許多合作社投資於廣播媒體和體育贊助，例如我們六月宣布與小聯盟棒球隊諾福克潮汐隊 (Norfolk Tides) 合作。

And locally, our clinics nurture prospects within their own trade areas by utilizing our proven local marketing tactics. This support, combined with the power of our data from millions of patient transactions, provides clinics with a significant competitive advantage in attracting new patients. Another facet in the development and management of our online marketing strategy, which is essential for reaching millennial and Gen Z consumers seeking solution for pain relief.

在當地，我們的診所利用我們行之有效的本地行銷策略，在自己的貿易區域內培養潛在客戶。這種支持，加上我們來自數百萬患者交易的數據的強大功能，為診所提供了吸引新患者的顯著競爭優勢。我們的線上行銷策略的開發和管理的另一個方面對於接觸尋求緩解疼痛解決方案的千禧世代和 Z 世代消費者至關重要。

One challenge we navigate is adapting to Google's frequent changes in their search algorithms, which can impact our online visibility. Such a change occurred in late '21 and continued to negatively impact our organic search traffic into Q2. While our new patient acquisition remains exceptionally high when compared to historic levels, we've been implementing changes to our search engine optimization activities across the network. As a result, our July online traffic improved, which indicates our new patient acquisition pipeline is increasing.

我們面臨的一個挑戰是適應谷歌搜尋演算法的頻繁變化，這可能會影響我們的線上可見性。這種變化發生在21年末，並繼續對我們第二季度的自然搜尋流量產生負面影響。儘管與歷史水準相比，我們的新患者獲取量仍然非常高，但我們一直在對整個網路的搜尋引擎優化活動進行變革。因此，我們七月的線上流量有所改善，這表明我們的新患者獲取管道正在增加。

In June, we executed our annual summer sell direct marketing promotion, where we targeted lapsed patients with a limited time offer to restart their membership with The Joint. We achieved the highest number of conversions per clinic and our highest-ever conversion rate in the promotion with a 5-year history. The success of the summer sale once again demonstrates the potential growth in marketing through our own database as well as the progression of our digital marketing tactics, which we expect to further leverage with the harness of the power of our data enterprise initiative. And with that, Jake, I'll turn it over to you.

六月份，我們進行了年度夏季直銷促銷活動，針對已失效的患者，提供限時優惠，幫助他們重啟 The Joint 會員資格。我們在五年來的推廣活動中實現了單診所轉換次數最高和轉換率最高。夏季促銷的成功再次證明了透過我們自己的資料庫實現行銷的潛在成長以及我們數位行銷策略的進步，我們希望透過利用數據企業計畫的力量進一步發揮這些優勢。說完這些，傑克，我就把麥克風交給你了。

Thank you, Peter. And turning to Slide 11. I'll review the financial results for Q2 2022 compared to Q2 2021, which, as Peter mentioned, was a record-breaking quarter, benefiting from demand built up during the early part of the pandemic. System-wide sales for all clinics opened for any amount of time increased to $106 million, up 21%. System-wide comp sales for all clinics opened 13 months or more were 8%. System-wide comp sales for mature clinics opened 48 months or more were 3%.

謝謝你，彼得。現在轉到投影片 11。所有開業診所的系統範圍內銷售額（不論開業時間長短）增至 1.06 億美元，成長 21%。所有開業 13 個月或以上的診所的全系統同店銷售額成長了 8%。開業 48 個月或以上的成熟診所的系統範圍內同店銷售額為 3%。

It's worth noting that both the franchise and corporate clinic cohorts comped positively, and we look forward to growth as the impact of our price increase continues to come into effect. Revenue was $25.1 million, up $4.8 million or 24%. Company-owned or managed clinic revenue increased 27%, contributing $14.5 million. Franchise operations increased 20%, contributing $10.6 million. The increases represent growth in both the corporate portfolio and the franchise base. On March 1, we implemented a price increase in the majority of our clinics.

值得注意的是，特許經營和企業診所群體均取得了積極的回報，隨著價格上漲的影響繼續顯現，我們期待成長。營收為 2,510 萬美元，成長 480 萬美元，增幅 24%。該公司自有或管理的診所收入成長了 27%，貢獻了 1,450 萬美元。特許經營業務成長20%，貢獻1060萬美元。這些成長體現了公司投資組合和特許經營基礎的成長。 3月1日起，我們在大多數診所實施了價格上漲。

However, existing patient memberships are currently grandfathered at their original price. Therefore, the revenue impact from the price adjustment will be gradual and incremental. Cost of revenues was $2.4 million, up 19% over the same period last year, reflecting the increase in franchise clinics, the associated higher regional developer royalties and commissions and higher website hosting costs related to the new IT platform. Selling and marketing expenses were $3.8 million, up 23% over the same period last year, driven by an increase in advertising fund expenditures from a larger franchise base and an increase in local marketing expenditures by the company-owned or managed clinics.

不過，現有病患的會員資格目前仍以原價保留。因此，價格調整對收入的影響將是漸進的、增量的。收入成本為 240 萬美元，比去年同期增長 19%，反映了特許經營診所的增加、相關區域開發商特許權使用費和佣金的增加以及與新 IT 平台相關的網站託管成本的增加。銷售和行銷費用為 380 萬美元，比去年同期成長 23%，這主要是由於特許經營基礎擴大導致的廣告基金支出增加，以及公司自有或管理的診所的本地行銷支出增加。

Depreciation and amortization expenses increased compared to the prior year period, primarily due to the depreciation expenses associated with our new IT platform and continued greenfield development. G&A expenses were $16.5 million compared to $11.6 million, up 42%, reflecting the cost to support total clinic and revenue growth, greater IT expenses; higher payroll, including the increase in salaries for DCs, which began in the latter half of 2021; and for wellness coordinators, which continued through the second quarter of 2022. All these to remain competitive in the tight labor market.

折舊和攤銷費用與去年同期相比有所增加，主要原因是與我們的新 IT 平台和持續的綠地開發相關的折舊費用。一般及行政費用為 1,650 萬美元，而去年同期為 1,160 萬美元，成長 42%，反映了支持整個診所和收入成長的成本以及更多的 IT 費用；薪資上漲，包括從 2021 年下半年開始增加 DC 的薪資；以及健康協調員的招聘，該招聘將持續到 2022 年第二季。

As noted previously, our pace of greenfield openings will increase G&A as a percentage of revenue over the next several quarters and will also compress earnings. As a result, we reported an operating income of $473,000, which reflects the compressed margins from accelerated greenfield development, the aforementioned higher depreciation and higher G&A expenses. This compares to $2 million in Q2 2021. Income tax expense was $109,000 compared to a benefit of $666,000 in Q2 2021. Net income was $345,000 or $0.02 per diluted share compared to net income of $2.7 million or $0.18 per diluted share in Q2 of 2021.

如前所述，我們的綠地開業步伐將在未來幾季提高一般及行政開支佔收入的百分比，同時也會壓縮收益。因此，我們報告的營業收入為 473,000 美元，這反映了加速綠地開發導致的利潤率壓縮、前面提到的更高的折舊和更高的 G&A 費用。相比之下，2021 年第二季為 200 萬美元。

Adjusted EBITDA was $2.6 million compared to $3.8 million for the same period last year. Franchise clinic adjusted EBITDA increased 13% to $4.4 million. Company-owned or managed clinic adjusted EBITDA was $1.8 million. While the Q2 2022 margin for corporate clinics has improved over Q1 2022 compared to Q2 of last year, it decreased $1.2 million, reflecting the margin compression related to the greenfield development and higher payroll expenses. Corporate expense as a component of adjusted EBITDA loss was $3.6 million, increasing $433,000 compared to Q2 2021.

調整後 EBITDA 為 260 萬美元，去年同期為 380 萬美元。特許經營診所調整後的 EBITDA 成長 13%，達到 440 萬美元。公司自有或管理的診所調整後的 EBITDA 為 180 萬美元。雖然 2022 年第二季企業診所的利潤率較 2022 年第一季與去年第二季相比有所提高，但減少了 120 萬美元，反映了與綠地開發和更高的薪資支出相關的利潤率壓縮。調整後 EBITDA 虧損的部分企業費用為 360 萬美元，與 2021 年第二季相比增加了 43.3 萬美元。

On to our balance sheet and cash flow review. At June 30, 2022, our unrestricted cash was $9.4 million compared to $19.5 million at December 31, 2021. During the first half of the year, our investing activities of $11.4 million consisted of the acquisition of RD territory rights, franchise clinic acquisitions and continued greenfield developments, which were partially offset by $1.5 million provided by operating activities.

繼續審查我們的資產負債表和現金流量。截至 2022 年 6 月 30 日，我們的無限制現金為 940 萬美元，而 2021 年 12 月 31 日為 1,950 萬美元。 在上半年，我們的投資活動為 1,140 萬美元，包括收購 RD 地域權、收購特許經營診所和經營綠地診所提供了 150 萬美元。

On to Slide 12. I'll review our results for the first 6 months of 2022 compared to the same period in 2021. Revenue increased 26% to $47.5 million and adjusted EBITDA was $4.4 million compared to $7.2 million in the prior year period, reflecting the compression of earnings by the influx of new corporate greenfield clinics and higher payroll expenses associated with the tight labor market.

轉到投影片 12。

On to Slide 13. We are reaffirming all elements of our guidance for 2022. We continue to expect revenue to be between $98 million and $102 million. The midpoint is up 24% compared to the $80.9 million in 2021. We continue to expect adjusted EBITDA to be between $12 million and $14 million compared to $12.6 million in 2021. We continue to expect franchised clinic openings to be between 110 and 130, compared to 110 in 2021. We continue to expect to increase our company-owned or managed clinics by between 30 and 40 through a combination of greenfield openings and franchise clinic purchases. This compares to 32 in 2021. And with that, I'll turn the call back over to you, Peter.

轉到投影片 13。與 2021 年的 8,090 萬美元相比，中點成長了 24%。我們繼續預計調整後的 EBITDA 在 1,200 萬美元至 1,400 萬美元之間，而 2021 年為 1,260 萬美元。相結合的方式，將我們公司擁有或管理的診所數量增加 30 至 40 家。相較之下，2021 年這一數字為 32。

Thanks, Jake. Turning to Slide 14. As noted, our hybrid business model has supported our long-term growth through various market cycles and our momentum continues as demonstrated by our performance. Even though we're all experiencing macroeconomic issues outside of our control, we continue to focus on what we can manage. And for 2022, our 3 enterprise initiatives are to forge a chiropractic dream, harness the power of our data and accelerate the pace of our clinic growth. With an eye for long-term benefits, we are implementing these independent programs simultaneously.

謝謝，傑克。轉到第 14 張投影片。儘管我們都經歷了無法控制的宏觀經濟問題，但我們仍會繼續關注我們能夠控制的事情。面向 2022 年，我們的三大企業計畫是：實現脊椎矯正夢想、發揮數據的力量以及加快診所發展步伐。為了長遠利益，我們同時實施這些獨立的計劃。

First, we want to become the career path of choice for DCs while we're improving our team members' experience by enhancing their culture and providing training and benefits and increased compensation. Forging a chiropractic dream will help us differentiate ourselves as an employer in a very tight labor market. We're distributing new recruitment materials and evangelizing our system. Our team is also deepening our relationships with chiropractic universities and associations to educate current and future DCs. To date, we are excited about the reception and inroads we're making in this crucial area.

首先，我們希望成為 DC 的首選職業道路，同時透過增強團隊成員的文化、提供培訓、福利和增加薪資來改善團隊成員的體驗。打造脊椎按摩治療師的夢想將幫助我們在非常緊張的勞動力市場中脫穎而出，成為雇主。我們正在分發新的招募材料並宣傳我們的系統。我們的團隊也正在深化與脊骨醫學院和協會的關係，以教育現有和未來的脊骨醫學院學生。到目前為止，我們對這一關鍵領域所受到的歡迎和取得的進展感到非常興奮。

Next, we want to make sure our information is more accessible and actionable by decision-makers by harnessing the power of our data. This includes development of a data warehouse to enable more real-time, self-serve reporting that capabilities at the corporate office and in the field. This also includes advancements in marketing automation and development of our mobile app for direct patient engagement. And finally, we want to increase our long-term return on investment for franchisees, employees and shareholders by accelerating the pace of our clinic growth.

接下來，我們希望利用數據的力量，確保決策者能夠更輕鬆地獲取和操作我們的資訊。這包括開發資料倉儲，以實現在公司辦公室和現場進行的更即時、自助的報告功能。這也包括行銷自動化方面的進步和用於直接吸引患者參與的行動應用程式的開發。最後，我們希望透過加快診所的成長速度來提高特許經營商、員工和股東的長期投資回報。

As emphasized in my earlier comments, we are committed to responsible growth and closely monitoring the system to ensure we uphold our clinic performance standards. Yet our clinic development time line -- yet we can implement tactics to support this expansion by shortening our clinical development time line; enhancing regional support; evaluating nontraditional site options, including rural, urban, micro, military and even international locations; and increasing national brand awareness. Turning to Slide 15. I'm confident in our ability to drive long-term growth and stakeholder value. Victoria, I'm ready to turn it over for Q&A.

正如我之前的評論中所強調的那樣，我們致力於負責任的成長並密切監控系統，以確保我們堅持診所的績效標準。然而我們的臨床開發時間表——我們可以透過縮短臨床開發時間表來實施策略來支持這種擴張；加強區域支援；評估非傳統場地選擇，包括農村、城市、微型、軍事甚至國際地點；並提高國家品牌知名度。翻到第 15 張投影片。維多利亞，我準備好將其交給問答環節了。

(Operator Instructions). The first question comes from Jeremy Hamblin with Brain (sic) [Craig-Hallum] Capital.

（操作員指令）。第一個問題來自 Brain (sic) [Craig-Hallum] Capital 的 Jeremy Hamblin。

So I wanted to start with a comment you made about kind of Google search traffic data and improvement on your algorithms and your working with the changes in their service. I think you noted that you saw an improvement in July inbound traffic into your website over the last several months. How would you characterize that? Would you say kind of maybe March was kind of a low point in that? You've seen continuous improvement? Or are you seeing something more specific to, let's say, the last 30 to 45 days?

因此，我想先談談您關於 Google 搜尋流量資料、演算法改進以及您對其服務變更的處理的評論。我想您已經注意到，與過去幾個月相比，七月份您網站的入站流量有所改善。您如何描述這一點？您是否認為三月可能是其中的低谷？您看到了持續的進步嗎？或者您看到了更具體的內容，例如過去 30 到 45 天的內容？

Well, when we look -- Jeremy, thank you for the question. And we all know how important our digital marketing campaign is to our new patient count. And as we talked about in the last quarter is that we can identify that at least 63% of our new patients at some point touch our digital marketing campaign. So it's obviously really critical for us as we go forward. And we did -- as we talked about in Q1, is with the algorithmic change, we saw a drop, particularly in our organic search of new patients. And so that we have made adjustments to how we are managing that process, literally on the line level so that we're upgrading our micro sites.

好吧，當我們看——傑里米，謝謝你的提問。我們都知道數位行銷活動對於新患者數量有多重要。正如我們在上個季度所討論的那樣，我們可以發現至少 63% 的新患者在某個時候接觸過我們的數位行銷活動。因此，這對我們未來的發展來說顯然至關重要。正如我們在第一季討論的那樣，隨著演算法的變化，我們看到了下降，特別是在對新患者的自然搜尋方面。因此，我們對管理該流程的方式進行了調整，實際上是在線級別調整，以便升級我們的微型站點。

We're enhancing the bios of our doctors. We're putting back clickings on those sites, all these different strategies that you utilize to increase your standing when that -- the one that patient or potential patient is doing their search. And so what we saw was that particularly in the month of July that we were probably down compared to last year, around 20% with this impact.

我們正在增強醫生的個人履歷。我們正在增加這些網站的點擊量，您可以使用所有這些不同的策略來提高您在患者或潛在患者進行搜尋時的排名。因此，我們看到，特別是在 7 月份，受此影響，我們的銷售額可能與去年相比下降了 20％ 左右。

And when we look at July, it was where we really saw that significantly increasing. We haven't hit where we were last year, but we're believing that the changes that we're making, working through our franchise system that we are, in fact, seeing an increase now in that digital lead of patients.

當我們回顧七月時，我們確實看到了這一數字的顯著增長。我們還沒有達到去年的水平，但我們相信，透過我們的特許經營體系所做的改變，我們實際上已經看到患者的數位化領先優勢有所增加。

Okay. Great. That's helpful. And understanding the kind of margins here, right? In (technical difficulty) G&A costs that are higher, sales and marketing costs that are higher, (technical difficulty) some of the acquisitions that you've made over the last 4, 5 months. One -- I think you noted or how you characterized it on the call was that it would be several quarters in which you would see margin headwind and G&A deleverage.

好的。偉大的。這很有幫助。了解這裡的利潤類型，對嗎？在（技術難度）G&A 成本較高，銷售和行銷成本較高，（技術難度）您在過去 4、5 個月內進行的一些收購。首先 — — 我認為您曾提到過，或者您在電話會議上是如何描述的，那就是在接下來的幾個季度裡，您都會看到利潤率下滑和一般及行政費用去槓桿化。

With the benefit now of being more than halfway through 2022, do you have a better sense of when you think that inflection or that headwind might kind of bottom out and you start to see margins or in particular, G&A start to inflect positively and gain some leverage?

現在已經過了 2022 年的一半以上，您是否對何時會出現拐點或逆風觸底以及利潤率或特別是 G&A 開始出現積極拐點並獲得一些影響力有了更好的了解？

Yes. Another good question, Jeremy. I think it's really dependent on the cadence of our greenfield development. When you put in 13, 14 clinics in the last 100 days of 2021, you're going to have a very significant suppression in the quarters where they're still in their working capital loss period. So I think it's somewhat dependent on the pace of our greenfield development. I think you've seen in the first couple of quarters that, that pace has softened from what we saw at the back half of 2021.

是的。又一個好問題，傑瑞米。我認為這實際上取決於我們的綠地發展的節奏。當你在 2021 年的最後 100 天開設 13 到 14 家診所時，在那些仍處於營運資金損失期的季度裡，你將受到非常顯著的抑制。所以我認為這在某種程度上取決於我們的綠地開發的速度。我想你已經在前幾個季度看到，與 2021 年下半年相比，這一速度已經有所放緩。

And in turn, you're seeing the clinics continue to mature, and you're seeing those margins expand, which is exactly kind of what we would expect as they go on to mature and reach those breakeven points. As we mentioned in previous calls and continue to see the clinics are still starting strong, and they're performing to what we would expect from a pro forma ramp perspective.

反過來，你會看到診所不斷成熟，你會看到利潤率不斷擴大，這正是我們所期望的，隨著它們不斷成熟並達到盈虧平衡點。 正如我們在之前的電話會議中提到的那樣，我們繼續看到診所起步仍然強勁，而且它們的表現達到了我們從形式上的預期。

So I think part of that in terms of when the potential nadir would be is really dependent on the pace of development. We're going to continue to invest in greenfields. But to do that many in a short period of time, I don't know if we'll get back to that pace. But again, that's really what drives the compression. And clarifying the comment, the more we do greenfield development, you'll continue to see those early period losses compress margins. So it's really dependent on the cadence, I think, in terms of where you might see that bottom out. But I think Q2 is a good example of when the pace moderates, you can see that margin expansion start to come back.

因此，我認為，潛在最低點何時出現，部分取決於發展速度。我們將繼續對綠地進行投資。但要在短時間內完成這麼多任務，我不知道我們是否能恢復到那個速度。但同樣，這才是推動壓縮的真正原因。澄清一下，我們進行的綠地開發越多，你就會繼續看到早期的損失壓縮利潤率。所以，我認為這實際上取決於節奏，取決於你可能在何處看到底部。但我認為第二季是一個很好的例子，當步伐放緩時，你可以看到利潤率擴張開始回升。

So -- but getting to your $12 million to $14 million of adjusted EBITDA guidance for the year would imply that you're going to generate at least $7.5 million and up to nearly $10 million in adjusted EBITDA in the back half of the year, which would require kind of a margin improvement in the back half of the year. So in terms of just giving us a little bit of confidence around that, presumably, you would see some sort of inflection here in the back half of the year. Is that a fair assumption?

所以——但要達到您今年 1200 萬至 1400 萬美元的調整後 EBITDA 預期，就意味著您將在下半年產生至少 750 萬美元、最多近 1000 萬美元的調整後 EBITDA，這就需要在下半年提高利潤率。因此，就讓我們對此有一點信心而言，想必您會在今年下半年看到某種轉折點。這是一個合理的假設嗎？

Yes, some tailwinds that you'll see in the second half of the year are the continued benefits of our price increase, the more new patients that roll on to that higher price point will certainly have an advantage for us. And then also the fourth quarter are 2 of our heaviest promotions, which really help boost from a franchise margin perspective, which is just a natural kind of reoccurring phenomenon for us just in our promotional calendar. So I think those 2 things with our continued dual strategy -- we're going to continue to invest in greenfields, and we're going to continue to target accretive acquisitions, the same that we always have. So I think all those we're taking into account when reaffirming that guidance for the year.

是的，您將在下半年看到的一些順風是我們價格上漲的持續好處，越多的新患者轉向更高的價格點肯定會給我們帶來優勢。而且第四季是我們推出的兩個最大規模的促銷活動，從特許經營利潤的角度來看，這確實有助於提升利潤率，這在我們的促銷日曆中只是一種自然而然的重複現象。因此，我認為這兩件事與我們持續的雙重策略有關——我們將繼續投資綠地，我們將繼續瞄準增值收購，就像我們一直以來所做的那樣。因此，我認為在重申今年的指導方針時，我們會考慮所有這些因素。

Okay. Last one for me then. You're just looking ahead even a little bit further than, if you're on -- you did 32 company-operated last year, you're looking for 30 to 40 this year. Is that probably a fair number to think about as you look towards 2023? Or is there something where there's going to be a meaningful change, either up or down to that range that you've been in now for the last couple of years?

好的。對我來說這是最後一個了。你只是把眼光放得更長遠一些，例如去年你經營了 32 家公司，那麼今年你的目標是經營 30 到 40 家。當您展望 2023 年時，這可能是一個值得考慮的合理數字嗎？或者是否存在一些有意義的變化，要么上升要么下降到過去幾年一直處於的水平？

Yes. As of right now, we see nothing that changes our strategy. We'll continue to invest in the unit growth. And we're still seeing the clinics ramp strong and contribute strong as they go on to mature. So while we don't give any forward guidance for 2023 to this point, we're not seeing anything that would cause us to deviate from our strategy.

是的。截至目前，我們沒有發現任何改變我們策略的跡象。我們將繼續對單位成長進行投資。而且我們仍然看到診所隨著其不斷成熟而不斷壯大並做出巨大貢獻。因此，雖然到目前為止我們還沒有對 2023 年做出任何前瞻性指引，但我們並沒有看到任何會導致我們偏離策略的因素。

Next question comes from Jeff Van Sinderen with B. Riley.

下一個問題來自 B. Riley 的 Jeff Van Sinderen。

I guess one thing I wanted to start with, is there any more color you can give us on sort of the underlying KPIs around new customers, retention, average size of packages purchased? And then I guess, plans to further improve those metrics in second half? Obviously, Q4, you do run a big promo. And then I guess overall impact around your thinking or overall impact from a slower consumer discretionary environment in general?

我想先問一件事，您能否為我們提供有關新客戶、保留率、購買包裹平均大小等基本 KPI 的更多資訊？那麼我猜，計劃在下半年進一步改善這些指標？顯然，Q4，你們確實進行了大型促銷。然後我猜想這對您的想法會產生整體影響，或者整體上較慢的消費品環境會產生整體影響？

I'll start, Jeff, and Peter, you can layer on. As I think about 3 of our core metrics, new patients, conversion and attrition, as we look at the kind of phenomenon through the second quarter, again, we mentioned it in the script, new patients continue to be strong, although they're lower than we saw during Q2 2021. So I think we've got a little bit of a headwind as it relates to the new patients. And while they're still healthy, it's down year-over-year. As I look at the other 2 metrics, we're seeing favorable conversion, and we're seeing favorable attrition.

我先開始，傑夫，還有彼得，你們可以繼續。當我思考我們的三個核心指標，即新患者、轉換率和流失率時，當我們觀察第二季度的現象時，我們再次在腳本中提到，新患者繼續保持強勁，儘管他們的數量低於 2021 年第二季度的數量。儘管他們的健康狀況依然良好，但同比來看還是有所下降。當我查看其他兩個指標時，我們看到了有利的轉換率，也看到了有利的流失率。

And so those 2 are trending well for us in the second quarter. And those really are core items that we monitor in terms of the unit health and how we're continuing to grow our active member bases. So those are looking strong. We had the price increase that came into effect March 1. We've now got a number of months under our belt to see what that is looking like.

因此，對我們來說，第二季的這兩個趨勢都很好。就單位健康狀況以及我們如何繼續擴大活躍會員基礎而言，這些確實是我們監控的核心項目。因此這些看起來很強勁。我們的價格上漲是從 3 月 1 日起生效的。

And again, similar to our previous increases, those KPIs are holding up for us. And so we mentioned the Google changes that we continue to work on. We're seeing those SEO and organic search numbers continue to rebound, which I think will help our new patient traffic into the third quarter and beyond. And we're looking for our clinic teams to continue to execute and keep those conversion and attrition metrics strong.

與我們之前的成長類似，這些 KPI 對我們起到了支撐作用。因此我們提到了我們將繼續致力於的 Google 變革。我們看到 SEO 和自然搜尋數量持續反彈，我認為這將有助於我們的新患者流量進入第三季及以後。我們希望我們的診所團隊能夠繼續執行並維持強勁的轉換率和流失率指標。

No, I think that's absolutely right. And I think to answer your question about the impact of slowing consumer confidence or recession or whatever we're talking about is that obviously, I don't know if we're there or not, but as you can see in our continued performance of the quarter is that you would say that certainly doesn't feel like it's impacting us in any measurable degree. As I think about going forward and if we truly go into recession and you have that consumer who's tightening their belt and really making choices about what they're going to do with that discretionary income, I would believe and I think it's true, is that the management of pain has a higher priority than buying their frozen yogurt or getting a cup of coffee.

不，我認為這是完全正確的。我認為，要回答您關於消費者信心放緩或經濟衰退的影響的問題，或者無論我們談論什麼，顯然我不知道我們是否存在這種影響，但正如您在我們本季度的持續表現中所看到的，您會說這肯定不會對我們產生任​​何可衡量的影響。當我思考未來，如果我們真的陷入衰退，消費者開始勒緊褲腰帶，並真正決定如何使用這些可自由支配的收入時，我會相信，而且我認為這是真的，那就是控制疼痛比購買凍酸奶或喝杯咖啡更重要。

I think we saw that as well in the pandemic, which is if we think about consumer confidence is one of the biggest challenges I certainly faced in my life is the pandemic. And what we saw is that the remarkable resilience of this concept in that period. And that was truly driven by the fact that our patients saw their health care as essential through health care -- through getting your chiropractic care was essential to their health. And so when I think about some pending recession or what that's going to impact, we know that affordability is essential to this brand.

我想我們在這場疫情中也看到了這一點，如果我們想想消費者信心，我一生中面臨的最大挑戰之一就是這場疫情。我們看到的是這個概念在那個時期表現出驚人的韌性。而這確實是因為我們的患者認為他們的健康護理對他們至關重要——透過脊椎按摩治療對他們的健康至關重要。因此，當我想到即將到來的經濟衰退或將會產生什麼影響時，我們知道可負擔性對這個品牌來說至關重要。

And we talk about our ideal family income somewhere between $50,000 and $105,000. And I think if we look at the bottom of that funnel, as people are tying up their belt, would we expect to see some fallout there? I think so. But I think this also opens us up on the higher end of that funnel because historically, the higher income family, what that is paying at $75 or $150 for an adjustment. And as they're tightening their belt, I could imagine them asking themselves, well, how bad could be that $29 adjustment at The Joint.

我們理想的家庭收入是在50,000美元到105,000美元之間。我認為，如果我們看看這個漏斗的底部，當人們正在勒緊褲帶時，我們是否預計會看到一些後果？我認為是這樣。但我認為這也為我們打開了通路的高端，因為從歷史上看，高收入家庭需要支付 75 美元或 150 美元來調整。而當他們勒緊褲腰帶的時候，我可以想像他們會問自己，The Joint 的 29 美元調整能有多糟糕。

And so I think there's an opportunity that on the upper end of that funnel that it will increase that could offset any kind of potential losses for those families who are truly tightening their belt. But we also have to remember, this is not a very discretionary service. This is something that is core to our patients, their health.

因此，我認為有機會，在這個漏斗的上端，收入會增加，從而可以抵消那些真正勒緊褲腰帶的家庭的任何潛在損失。但我們也必須記住，這不是一種非常自由裁量的服務。這對我們的患者來說，是至關重要的，也是他們的健康。

All good points. And then I wanted to circle back if you could, just to the level of improvement that you're seeing in the corporate-owned clinics, the performance metrics there versus maybe franchise performance. I'm just wondering if we've gotten back to where the corporate clinics are performing above the franchise clinics? And I guess along those lines, what other initiatives you have planned to improve corporate-owned performance to get that metric, I guess, at the highest level you possibly can?

都是很好的觀點。然後，如果可以的話，我想回到剛才的話題，談談您在公司自營診所中看到的改進水平，以及那裡的績效指標與特許經營績效之間的比較。我只是想知道我們是否已經回到了企業診所的表現優於特許經營診所的境況？我想，沿著這個思路，您還規劃了哪些其他舉措來提高公司績效，以使該指標達到盡可能高的標準？

Sure. And what I would say, Jeff, is that absolutely -- is that we want the whole system to perform well, but we compare ourselves to each other. And when I look at those 3 metrics that Jake mentioned, our new patient counts, our conversion and our attrition, and I compare the improvements made by the franchise clinics before -- compared to the corporate units. In all 3 instances, we were higher in our performance in the corporate portfolio than the franchise. Now where we are still seeing a difference is our corporate portfolio is underperforming compared to the franchise when we look at comps.

當然。傑夫，我想說的是，我們當然希望整個系統運作良好，但我們會相互比較。當我查看傑克提到的三個指標，即我們的新患者數量、轉換率和流失率時，我會比較特許經營診所與公司診所之前的進展。在這三種情況下，我們的企業投資組合表現都高於特許經營投資組合表現。現在我們仍然看到的差異是，當我們看比較時，我們的公司投資組合與特許經營權相比表現不佳。

Part of that is just the age of our overall portfolio compared to the age of the overall franchise system. There's also kind of a trailing component to comps as it relates to our membership. So we expect that to improve going forward. What gives me confidence is, I think the changes that we made in these last 6 months in improving our onboarding, our training, our compensation, creating more of a connection to our employees and what we're doing on the field is that we are seeing improved performance on the clinic level. And I would expect that to continue to perform as we go through the rest of the year.

部分原因在於我們的整體投資組合與整個特許經營體系的年限相比有所差異。由於它與我們的會員資格相關，因此還有一個與 comps 相關的尾隨部分。因此我們預計未來情況會有所改善。讓我有信心的是，我認為我們在過去 6 個月中在改善入職培訓、薪酬、與員工建立更多聯繫以及我們在現場所做的事情方面所做的改變，是我們看到診所層面的表現有所提高。我希望這一勢頭能在今年餘下時間繼續保持下去。

Okay. If I can just squeeze in one more and you may not want to answer this question, but as you're looking forward and kind of looking at your model and the number of corporate clinics, you'll have new greenfield openings. Any thoughts on when you anticipate year-over-year inflection in EBITDA for the whole company?

好的。如果我可以再擠進一個問題，你可能不想回答這個問題，但當你展望未來並看看你的模型和企業診所的數量時，你就會有新的綠地開業。您預計整個公司的 EBITDA 年比變動幅度何時會很大？

I'm not sure I understand. The inflection in EBITDA for the consolidated company?

我不確定我是否理解了。合併後公司的 EBITDA 有何變化？

Yes, correct. Yes. I'm just trying to get a sense of when you think we'll see -- obviously, there's pressure on expenses with more corporate. You have -- you're opening more greenfield. Don't you think we sort of get back to a trend of running a -- let's call it, adjusted EBITDA sort of positive year-over-year on an ongoing basis, I would say.

是的，正確。是的。我只是想知道您認為我們何時會看到——顯然，隨著企業數量的增加，支出面臨壓力。你已經—你正在開闢更多的綠地。你不覺得我們有點回到了運行的趨勢嗎？

Sure. Yes. And again, a lot of that is dependent on the continued greenfield development. That's going to be a consistent phenomenon in this model, and I just can't stress it enough. The clinics take time to ramp. So we're continuing to invest in those and certainly investing in new markets, there's amount of infrastructure that goes with that. We just announced that we opened up the Kansas City market, and we'll continue to invest in our infill markets and new markets. And with that, it takes time to scale.

當然。是的。而且，這很大程度上依賴於持續的綠地開發。這將成為該模型中的一致現象，我再怎麼強調也不為過。診所需要時間來發展。因此，我們會繼續投資這些領域，當然也會投資新市場，以及與之相關的大量基礎設施。我們剛剛宣布開拓堪薩斯城市場，我們將繼續投資我們的填充市場和新市場。而同時，擴大規模卻需要時間。

And so as we've developed the model and as we look at the pace, there will be a near-term suppression as we continue to work through those greenfield development and those early working capital losses. Where you get the inflection point is that any time we have the ability to slow the pace of that development and just let those clinics continue to mature.

因此，當我們開發模型並觀察速度時，隨著我們繼續努力解決綠地開發和早期營運資金損失的問題，短期內將會出現抑制。轉捩點在於，我們隨時都有能力減緩發展速度，讓這些診所繼續成熟。

And looking at the pro forma ramps and how they're starting, we still expect those same 4-wall margin potentials that we've seen. And as you build out and develop out your clusters, you get the leverage from your field overhead and all the infrastructure investments that you've made and that's always a lever that we have at our disposal.

並且，透過查看預測坡道及其起步情況，我們仍然預期會出現與我們已經看到的相同的 4 牆利潤潛力。 當您建立和開發叢集時，您可以從現場開銷和所有基礎設施投資中獲得槓桿作用，而這始終是我們可以使用的槓桿。

But really, when is that inflection point until we signal that we're slowing the pace of that development, you're going to continue to see the phenomenon. It's really just dependent on how quickly we go and how much of that is dedicated to greenfield pace.

但實際上，當我們發出信號表明我們正在減緩這種發展的速度時，那個轉折點何時會出現，你將繼續看到這種現象。這實際上只取決於我們的前進速度以及其中有多少致力於綠地步伐。

Next question comes from Brooks O'Neil with Lake Street Capital.

下一個問題來自 Lake Street Capital 的布魯克斯·奧尼爾 (Brooks O’Neil)。

You guys always provide such comprehensive information. We really appreciate it out here. But I guess one piece that I'm not sure I heard or I probably missed in your conversation is kind of the -- kind of breakeven that you're seeing with these new corporate stores. I personally think that's one of the most notable and positive things about your performance. How is it going out there now?

你們總是提供如此全面的資訊。我們對此非常感激。但我想我不確定我是否聽到或我可能錯過了您在談話中提到的一點，那就是您在這些新的公司商店中看到的盈虧平衡。我個人認為這是你的表現中最值得注意、最正面的事情之一。現在那裡怎麼樣了？

Yes, great question, Brooks. We continue to see similar performance that we talked about in the first quarter. The top line is performing to expectation. We have a great grand opening marketing plan in place. Our operational execution in the early months is really strong. We continue to learn things from our great franchise operators. So our top line performance is there, and we're attracting a lot of interest in the early months of these clinics, same thing that we said in the first quarter as we continue to see the wage pressure.

是的，布魯克斯，這個問題問得很好。我們繼續看到與我們在第一季談到的類似的表現。營收表現符合預期。我們已製定了出色的開業行銷計劃。我們前幾個月的營運執行力非常強。我們不斷從我們優秀的特許經營商那裡學習。因此，我們的營收表現就在那裡，而且我們在這些診所開業後的頭幾個月就吸引了很多客戶的興趣，我們在第一季也說過同樣的事情，因為我們繼續看到工資壓力。

The DCs and the WC wages have increased from our historical levels. But really, that's pushed our time to breakeven by maybe 1 or 2 months. So if your top line is still performing strongly, again, we've got additional favorability that's coming from the price increase, the clinics that are opening now are all on the higher price points, which will continue to help that. So my pro forma model still looked very similar in the long run in terms of margin potential. And then certainly, we're encouraged by all the starts and performing to top line ramp to date.

地區協調員和工薪階層的工資已經比歷史水準提高。但實際上，這可能使我們實現收支平衡的時間推遲了 1 到 2 個月。因此，如果您的營業收入仍然表現強勁，那麼我們又會因價格上漲而獲得額外的有利因素，現在開業的診所都採用較高的價格，這將繼續為您提供幫助。因此，從長期來看，我的預測模型在利潤潛力方面仍然看起來非常相似。當然，我們對迄今為止的所有開局和業績表現感到鼓舞。

Yes. That's great. I'm glad to hear that. I'm sure you're really pleased to see it as well. But let me ask one more. Obviously, for a number of years that I followed you guys performance, you've delivered just unbelievable comp store sales growth. Obviously, in the last couple of quarters, the numbers are still tremendous relative to the rest of the world, but they're lower than they have been historically. Why don't you just talk a little bit about what's going on there? And maybe if you would, what do you think we should expect to see over the next few quarters of the next year or whatever time frame you'd like to talk about?

是的。那太棒了。我很高興聽到這個消息。我肯定你看到它也會很高興。但請容許我再問一個問題。顯然，多年來我關注你們的表現，發現你們實現了令人難以置信的同店銷售成長。顯然，在過去幾個季度中，相對於世界其他地區，這些數字仍然是巨大的，但低於歷史水平。為什麼不稍微談論一下那裡發生的事情呢？也許如果您願意的話，您認為我們應該期待在明年接下來幾季或任何您想談論的時間範圍內看到什麼？

Sure. And as you know, we don't guide on our comps. And you're absolutely right. If we look at Q2 with 8%, if I was -- any other company but us, they'd be wildly happy about it. And for us, it's like, wow, it's 8%. But I also think you have to put it into a context is that we had a record break in Q2 2021. And if you do like a 2-year stack comp, it's almost -- it's 60th percent. So what we're doing in all of these numbers is we're measuring performance of Q2 2022 compared to Q2 2021, is that we are overcoming one of the strongest quarters in the history of this company.

當然。正如您所知，我們不為公司提供指導。你完全正確。如果我們看到第二季度的成長率為 8%，如果我是——除了我們以外的任何其他公司，他們都會對此感到非常高興。對我們來說，哇，這個數字高達 8%。但我還認為你必須把它放在一個背景中，那就是我們在 2021 年第二季度創下了紀錄。因此，我們在所有這些數字中所做的就是衡量 2022 年第二季與 2021 年第二季相比的表現，我們正在度過該公司歷史上最強勁的季度之一。

And even in that case, you're seeing growth virtually in every one of those numbers, which gives us confidence of our momentum continuing to build. As we look at the performance of our portfolio, we believe, again, with the price increase coming in, we'll continue to see positive comps for the rest of the year. And that's -- we're seeing that as we continue to build this business.

即使在這種情況下，幾乎每個數字都在增長，這使我們相信我們的勢頭將繼續增強。當我們審視我們投資組合的表現時，我們相信，隨著價格上漲，我們在今年剩餘時間內將繼續看到積極的成長勢頭。這就是——我們在繼續發展這項業務的過程中看到了這一點。

So as we measure every cohort that we've got out there, they're all positive comps to date. And so we've got the price increase. It's going to be continuing to support those comps as we go forward. We see continued interest in the business, attracting those new patients, which continues to help build the business of all of our clinics so that we are strong and our belief in the momentum that will continue to fuel the growth of this business.

因此，當我們衡量我們所擁有的每一批客戶時，迄今為止他們都是正面的比較對象。因此我們提高了價格。隨著我們不斷前進，它將繼續支持這些公司。我們看到人們對該業務的持續興趣，吸引了那些新患者，這繼續幫助我們所有診所建立業務，從而讓我們變得強大，我們相信這種勢頭將繼續推動該業務的成長。

Next question comes from George Kelly with ROTH Capital Partners.

下一個問題來自 ROTH Capital Partners 的喬治凱利 (George Kelly)。

So first, I wanted to just revisit one of the last questions that you just answered about the ramp. Could you quantify just how many months is it at this point as you're looking at these recent openings going back over the last few quarters, when is the breakeven? Is it still around 6 months? And what is the amount, if you could quantify that -- just that's invested in that until breakeven?

因此首先，我想重新回顧一下您剛剛回答的有關坡道的最後一個問題。您能否量化一下目前是幾個月前的事了，透過回顧過去幾季的開幕情況，收支平衡點是什麼時候？還是還有 6 個月左右？如果您可以量化的話，那麼到收支平衡為止所投資的金額是多少？

Sure. Yes. And it really depends on how quickly they ramp in terms of quantified total impact in terms of time to breakeven on a gross dollars basis. You're right, historically, we were seeing around that 6-month time frame. I think with the additional costs, you're probably looking at 7- to 8-month time frame.

當然。是的。這實際上取決於他們在量化整體影響方面提升的速度，即在總美元基礎上實現收支平衡的時間。您說得對，從歷史上看，我們看到的時間範圍大約是 6 個月。我認為加上額外的成本，您可能需要 7 到 8 個月的時間。

So that's that 1- to 2-month slide that I was talking about. We used to see breakevens on a monthly basis around $25,000 a month, maybe. That's probably $27,000, $30,000 a month now. So again, you're not talking about half a year later, it's taking -- it's really just a couple of months to get to that breakeven point. So I'd say it's probably around 7, 8 months at this point.

這就是我所說的 1 到 2 個月的下滑。我們以前每個月的損益平衡點大概在 25​​,000 美元左右。現在大概是每月 27,000 美元到 30,000 美元。所以再說一次，你說的不是半年後，而是──其實只需要幾個月就能達到收支平衡點。因此我認為目前大概需要 7、8 個月左右。

Okay. And so maybe all in, it's somewhere in the neighborhood of $110,000, $120,000 that -- it takes to get to that breakeven?

好的。所以，也許總的來說，需要花費大約 11 萬或 12 萬美元才能達到收支平衡？

Yes. It really just depends. On a 12-month basis, you're probably looking at $75,000. So that's then incurring kind of the swaths of losses in the earliest months. And that dwindles as you reach that breakeven point and then you get some offset in the second portion of that year as you've turned the corner from a breakeven perspective. But again, it really just depends on how quickly clinics are ramping in terms of how much accumulated losses they're seeing. But on an annualized basis, it's probably somewhere around that $75,000, $80,000.

是的。這確實要視情況而定。以 12 個月計算，您可能需要支付 75,000 美元。因此，這在最初幾個月就會造成大量損失。當你達到收支平衡點時，這個數字就會逐漸減少，然後當你從收支平衡的角度扭轉局面時，你會在當年的第二部分得到一些補償。但同樣，這實際上僅取決於診所擴大業務的速度以及它們所累積的損失。但以年率計算，大概在 75,000 美元到 80,000 美元左右。

Okay. Great. And then I wanted to follow up on pricing. It seems like it -- but just sort of to make sure that I confirm that I heard you right on it. You're really not seeing much of a negative impact from the pricing increase as far as on transactions or volume. I mean, why should I not read into the commentary about new patients being a little weaker than expected and think that there's been pressure from pricing? Is there a way for you to kind of isolate pricing when you were testing?

好的。偉大的。然後我想跟進定價。看起來是這樣——但我只是想確認我聽對了你的話。就交易量或交易量而言，你確實沒有看到價格上漲帶來太大的負面影響。我的意思是，為什麼我不應該閱讀有關新患者人數比預期弱一些的評論並認為這是來自定價的壓力？在測試時，有沒有辦法隔離定價？

Yes, there is. And we've looked at it and we've looked at it in the past when we've done. The last time we did a full national price increase was 2016, and then we did those market adjustments in 2019. And when we're looking at the metrics the new patient count, the conversion, attrition, overall, we saw that the price increases were either neutral or positive to the business. And that an analysis we've done so far since the price increase since March 1, we're finding the same thing. Our attrition is actually improving.

是的。我們已經研究過這個問題，過去做這件事的時候也研究過這個問題。我們上一次在全國範圍內全面上調價格是在 2016 年，然後我們在 2019 年進行了市場調整。自 3 月 1 日價格上漲以來，我們所做的分析發現了同樣的情況。我們的人員減員實際上正在改善。

Our conversion is actually improving. And when we talk about the new patient count being down a little bit, I think we associate far more with the organic search of algorithm -- or the algorithmic change what Google made impacting our organic search than a patient not taking a membership because of the higher price increase. So that's what our data would show us.

我們的轉換率確實在提高。當我們談到新患者數量略有下降時，我認為我們更多地將其與演算法的有機搜尋聯繫起來——或者谷歌對我們的有機搜尋產生的演算法變化的影響，而不是因為價格上漲而導致患者不成為會員。這就是我們的數據所顯示的。

Yes. And another layer to that, George, is not every clinic in our system moved. We had some that had benefited from a market adjustment fairly recently. So not all of our clinics moved. So we actually had a static control group where we could look at their KPIs as well and kind of give us a basis to how clinics that changed are performing versus clinics that did not have a price change, and we're seeing very similar results. So to me, that indicates that there's some more macro issues or search issues versus true representation from price increases.

是的。喬治，另一方面，並不是我們系統中的每個診所都搬遷了。我們有一些最近從市場調整中受益。因此，我們的診所並非全部都搬遷了。因此，我們實際上有一個靜態對照組，我們可以在其中查看他們的 KPI，並為我們提供基礎，以了解發生變化的診所與沒有價格變化的診所的表現如何，我們看到的結果非常相似。所以對我來說，這表明存在一些宏觀問題或搜尋問題，而不是價格上漲的真實表現。

Okay. And then last question for me is on your -- the wellness coordinators and other employees, the chiropractors and regional managers. Do you -- I know that there's been a lot of discussion for the last few quarters, just about turnover and retaining employees and challenges there and changing pay. Is it feeling more stable? Or is it still kind of something you're having to adjust to all the time? It's still tough?

好的。我的最後一個問題是關於您的問題——健康協調員和其他員工、脊椎按摩師和區域經理。你知道嗎——我知道過去幾季有很多討論，都是關於人員流動、留住員工及其面臨的挑戰和薪酬變化。是不是感覺穩定多了？或者這仍然是你必須一直適應的事情？還是很難？

Listen, it's a tough market. We have to start with that. I've never been in a market that is so employee positive if you're looking for a job, but there's no question that we have seen improvement. We talked about that with the DCs in terms of making the pricing -- or their compensation changes in August of last year. We have seen a drop in that turnover rate, and we're continuing to see a stabilization in that area. So we feel -- we're not done, but we're feeling positive about that.

聽著，這是一個艱難的市場。我們必須從此開始。如果你正在找工作，我從未見過一個市場對員工如此積極，但毫無疑問我們已經看到了改善。去年 8 月，我們就與 DC 討論了定價問題，或者說薪酬變化問題。我們看到營業額率下降，並且該領域繼續呈現穩定狀態。所以我們覺得——我們還沒有完成，但我們對此感到樂觀。

We are a little slower to work with the WCs. We've made those changes earlier this year. And again, while we want to continue to see that turnover rate come down is that we have significantly improved compared to where we were, let's say, in Q4 '21. So we are laser-like focused on this issue. It's very essential for us as we continue to make them improve the performance of our clinics, but we are definitely seeing improvement compared to where we were.

我們在使用 WC 方面有點慢。我們在今年早些時候做出了這些改變。雖然我們希望繼續看到離職率下降，但與 21 年第四季相比，我們已經有了顯著改善。因此我們全神貫注於這個問題。這對我們來說非常重要，因為我們會繼續促使他們提高我們診所的表現，但與以前相比，我們確實看到了進步。

Next question comes from Anthony Vendetti with Maxim Group.

下一個問題來自 Maxim Group 的 Anthony Vendetti。

So just in this current environment, whether we're in a recession or we might enter one, through COVID, you didn't have any issues at all. It seems like certainly throughput through your clinics didn't decline at all. If we were to go into a recession, have you done any studies or do you have any data to show what you -- what the impact would be to your centers? Or what do you anticipate the impact to be if you go into a recession?

因此，就在當前環境下，無論我們是否處於經濟衰退，或可能透過 COVID 進入經濟衰退，你都不會遇到任何問題。看起來你們診所的診療量根本沒有下降。如果我們陷入經濟衰退，您是否做過任何研究或有任何數據來顯示這會對您的中心產生什麼影響？或者您預期如果陷入經濟衰退會產生什麼影響？

Sure. It's always a pleasure. The answer is that this company has never actually gone through a recession, so I don't have any data or experience to say, okay, this is what we would -- what we experienced when we saw this level of recession and so that we could extrapolate to expect that in this one. This -- I think you're absolutely right. I don't know if we're in a recession. We've had 2 quarters of negative growth, with very minor -- most recessions in my career are also associated with a high unemployment in those same 2 quarters, that was 3.6% unemployment for both quarters. This is different.

當然。我非常高興。答案是這家公司實際上從未經歷過經濟衰退，所以我沒有任何數據或經驗來說明，好吧，這就是我們在看到這種程度的經濟衰退時會經歷的情況，因此我們可以推斷這次的經濟衰退也會出現同樣的情況。這個——我認為你完全正確。我不知道我們是否正處於經濟衰退。我們已經經歷了兩個季度的負增長，而且增幅很小——我職業生涯中遇到的大多數經濟衰退也都與這兩個季度的高失業率有關，兩個季度的失業率均為 3.6%。 這是不一樣的。

And so I don't -- it's hard to imagine what to expect. And like I said earlier in the previous question, is that if we're trying to understand the impact of the recession, it feels like the pandemic is a good indicator of what to expect. The resiliency of this concept in that -- through the pandemic gives me comfort that if and whatever we come -- that we face with the recession and how deep it is and how long it is, I feel that the nature of our service being so essential to helping people get -- to relieve their pain feels like it will take a precedent over all other discretionary choices that they're going to be making. And so I think that we would expect to see, like in the pandemic, we would be less impacted by a recession and certainly other kind of retail concepts that we track.

所以我不知道——很難想會發生什麼事。正如我之前在回答上一個問題時所說的那樣，如果我們試圖了解經濟衰退的影響，那麼這場疫情似乎可以很好地預示未來會發生什麼。這個理念在疫情期間所具有的彈性讓我感到欣慰，無論我們面臨什麼樣的經濟衰退，不管它有多嚴重、持續多久，我覺得我們的服務本質就是幫助人們減輕痛苦，這種服務將優先於他們將要做出的所有其他自主選擇。因此，我認為我們預計會看到，就像在疫情中一樣，我們受經濟衰退的影響較小，當然我們追蹤的其他類型的零售概念的影響也較小。

That's kind of what I thought, Peter, but just if it were to happen and you did see some pullback as you're going through your planning because there's obviously a planning stage and there's a build-out of some of these corporate-owned centers, how much flexibility do you have to pull back on the greenfield? Would it...

彼得，這正是我的想法，但是如果它真的發生了，而且你在規劃過程中確實看到了一些回調，因為顯然目前還處於規劃階段，而且一些公司所有的中心正在建設中，那麼你在綠地上回調的靈活性有多大？會不會...

(inaudible)

（聽不清楚）

No, I think it's fairly representative. Most of our clinic level costs are down in G&A. And so really, the components of cost of revenue for us on a consolidated basis are relatively predictable. We are seeing continued web hosting costs, which we put into that line, just as our platform scales and the amount of data that we have. But I think as a percentage of sales, I think it's pretty representative.

不，我認為它相當具有代表性。我們大部分診所層級的成本在一般行政管理方面都有所下降。因此實際上，從合併基礎來看，我們的收入成本組成部分是相對可預測的。我們看到網頁寄存成本持續增加，我們將這些成本投入到這條線路上，就像我們的平台規模和我們擁有的資料量一樣。但我認為，作為銷售額的百分比，它是相當有代表性的。

This concludes our question-and-answer session. I would like to turn the conference over back to Peter Holt for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Peter Holt 做結束語。

I want to thank everybody for their time today. Before I close, I'll share a few comments from an expanding franchisee who is named our Joint Rookie of the Year award in 2021. And he owns multiple businesses, including several franchise concepts in the real estate brokerage. And after he and his wife visited the first Joint, he decided immediately to buy a franchise. He stated that Joint is in line with my vision of health and wellness. It's a straightforward business model and the management was easily available to address all of my questions making the process very quick.

我要感謝大家今天抽出時間。在結束之前，我想分享一位正在擴張的加盟商的一些評論，他獲得了 2021 年年度最佳新秀獎。在他和妻子參觀了第一家連鎖店後，他立即決定購買特許經營權。他表示 Joint 符合我對健康和保健的看法。這是一個簡單的商業模式，管理階層可以輕鬆解答我的所有問題，讓整個過程非常快。

He's set to open its first clinic in March of '21 in the middle of the pandemic. He encountered external setbacks. And however, the franchisee cited that the proactive support from The Joint team led him to push ahead. He also noted that The Joint concept is highly scalable and easy to set up due to the support system. Now he's preparing to open up his second clinic in the fall of '22 and his third in 2023. Thank you, and stay well adjusted.

他計劃於21年3月在疫情期間開設第一家診所。他遭遇了外界的挫折。然而，加盟商表示，The Joint 團隊的積極支持促使他繼續前進。他還指出，由於有支持系統，聯合概念具有高度的可擴展性並且易於建立。現在，他正準備在 2022 年秋天開設第二家診所，並在 2023 年開設第三家診所。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。