Joint Corp (JYNT) 2023 Q3 法說會逐字稿

Good day, and welcome to The Joint Corp. Third Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 The Joint Corp. 2023 年第三季財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Kirsten Chapman of LHA, Investor Relations. Please go ahead.

我現在想將會議轉交給 LHA 投資者關係部門的 Kirsten Chapman。請繼續。

Thank you, Harmony, and thank you, everyone, for joining us this afternoon. This is Kirsten Chapman of LHA Investor Relations.

謝謝 Harmony，也謝謝大家今天下午加入我們。我是 LHA 投資者關係部的克斯汀查普曼 (Kirsten Chapman)。

Joining us on the call today are President and CEO, Peter Holt; and CFO, Jake Singleton.

今天加入我們電話會議的還有總裁兼執行長 Peter Holt；和首席財務官傑克·辛格頓。

Please note that we are using a slide presentation that can be found at ir.thejoint.com/events.

請注意，我們使用的是幻燈片演示，可以在 ir.thejoint.com/events 上找到。

Today, after the close of the market, The Joint issued its operating metrics and financial results for the quarter ended September 30, 2023. If you do not have a copy of this press release, it can be found in the Investor Relations section of the company's website.

今天收盤後，The Joint 發布了截至 2023 年 9 月 30 日的季度營運指標和財務業績。如果您沒有本新聞稿的副本，可以在投資者關係部分找到。公司網站。

As provided on Slide 2, please be advised that today's discussion includes forward-looking statements within the meaning of the safe harbor provisions in the Private Securities Litigation Reform Act of 1995. All statements other than the statements of historical facts may be considered forward-looking statements. Although the company believes the expectations and assumptions reflected in these forward-looking statements are reasonable, it can make no assurances that such expectations or assumptions will prove to have been correct.

如投影片 2 所示，請注意，今天的討論包括 1995 年《私人證券訴訟改革法案》中安全港條款含義內的前瞻性陳述。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述聲明。儘管該公司認為這些前瞻性聲明中反映的預期和假設是合理的，但不能保證此類預期或假設將被證明是正確的。

Actual results may differ materially from those expressed or implied in forward-looking statements due to risks, various risks and uncertainties. As a result, we caution you against placing any undue reliance on these forward-looking statements.

由於風險、各種風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。因此，我們提醒您不要過度依賴這些前瞻性陳述。

For a discussion of these risks and uncertainties that could cause actual results to differ from those expressed or implied in the forward-looking statements, please review the risk factors detailed in the company's reports on the Forms 10-K and 10-Q as well as other reports that the company files from time to time with the SEC.

對於可能導致實際結果與前瞻性陳述中明示或暗示的結果不同的這些風險和不確定性的討論，請查看公司報告中 10-K 和 10-Q 表格以及該公司不時向 SEC 提交的其他報告。

Finally, any forward-looking statements included in this conference call are made only as of the date of this call, and we do not undertake any obligation to revise our results or publicly release any updates to these forward-looking statements in light of new information or future results.

最後，本次電話會議中包含的任何前瞻性陳述僅在本次電話會議之日作出，我們不承擔任何義務根據新資訊修改我們的結果或公開發布這些前瞻性陳述的任何更新或未來的結果。

Management also includes commonly discussed performance metrics. System-wide sales includes revenue 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.

管理也包括常見討論的績效指標。全系統銷售額包括所有診所的收入，無論是由公司或特許經營商經營，而特許經營銷售額不記錄為公司收入。管理層認為，這些資訊對於了解公司的財務表現非常重要，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地的財務狀況。

System-wide comp sales used in -- from both the company and company-owned, managed and franchise clinics are those, in each case, have been open for at least 13 months and exclude any clinics that have been closed.

公司以及公司自有、管理和特許經營的診所使用的系統範圍補償銷售是指那些已開業至少 13 個月的診所，不包括任何已關閉的診所。

The company also uses adjusted EBITDA and provides a reconciliation to GAAP in its press release and presentation.

該公司還使用調整後的 EBITDA，並在其新聞稿和演示中提供與 GAAP 的調整。

Turning to Slide 3. It's my pleasure to turn the call over to Peter Holt. Please go ahead, sir.

轉向幻燈片 3。我很高興將電話轉給 Peter Holt。請繼續，先生。

Thank you, Kirsten, and I welcome everybody to the call.

謝謝你，克斯汀，我歡迎大家參加電話會議。

During Q3 2023, we continued to execute our mission to improve quality of life through routine and affordable chiropractic care. The strength of our franchise concept remains strong as we continue to revolutionize access to chiropractic care by providing affordable, concierge-style, membership-based services in convenient retail settings.

2023 年第三季度，我們繼續履行我們的使命，透過常規且負擔得起的脊椎按摩治療來改善生活品質。我們的特許經營理念依然強勁，我們透過在便利的零售環境中提供價格實惠、禮賓式、會員制的服務，繼續徹底改變脊椎按摩療程的獲取方式。

However, ongoing economic uncertainty and continued cost pressures have impacted our corporate clinic portfolio performance. After evaluating options for improvement, the Board has authorized management to initiate a plan to refranchise or sell the majority of our company-owned or managed clinics.

然而，持續的經濟不確定性和持續的成本壓力影響了我們公司診所投資組合的表現。在評估改進方案後，董事會授權管理層啟動一項計劃，重新特許經營或出售我們公司擁有或管理的大部分診所。

Management intends to retain a portion of highly performing corporate clinics. This refined strategy will leverage our greatest strength, our capacity to build the franchise to drive long-term growth, both for our franchisees and The Joint as a public company.

管理階層打算保留一部分錶現出色的企業診所。這項完善的策略將利用我們最大的優勢和我們建立特許經營權的能力來推動我們的特許經營商和 The Joint 作為一家上市公司的長期成長。

We intend to use the clinic sales proceeds to support marketing and patient acquisition and to reinvest in our company through a possible acquisition of regional developer territories and potential stock repurchases. The reduction of corporate clinic portfolio will also facilitate our unallocated cost reduction efforts. Jake and I will elaborate more on these initiatives and our progress in a moment.

我們打算利用診所銷售收益來支持行銷和患者收購，並透過可能收購區域開發商領土和潛在的股票回購來對我們公司進行再投資。公司診所組合的減少也將有助於我們降低未分配成本的努力。傑克和我稍後將詳細闡述這些舉措和我們的進展。

Turning to Slide 4. I'll review our operating financial highlights for the third quarter of 2023. System-wide sales grew to $119.3 million, increasing 8% compared to Q3 2022.

轉向投影片 4。我將回顧我們 2023 年第三季的營運財務亮點。全系統銷售額成長至 1.193 億美元，與 2022 年第三季相比成長 8%。

Comp sales for clinics that have been opened for at least 13 full months were flat at 0%. Revenue increased 11%, compared to Q3 2022. Adjusted EBITDA was $2.9 million for Q3 2023.

開業至少 13 個月的診所的贈品銷售額持平於 0%。與 2022 年第三季相比，營收成長了 11%。2023 年第三季調整後 EBITDA 為 290 萬美元。

At September 30, 2023, our unrestricted cash grew to $16 million, compared to $9.7 million on December 31, 2022.

截至 2023 年 9 月 30 日，我們的無限制現金增至 1,600 萬美元，而 2022 年 12 月 31 日為 970 萬美元。

Turning to Slide 5, I'll discuss our clinic metrics. During Q3 2023, we opened 26 clinics, 24 franchised and 2 greenfields. This compares to 38 clinics opened in Q3 2022, 33 franchised and 5 greenfield. During both Q3 '23 and Q3 '22, we closed 2 franchise clinics. With today's foundation of over 900 clinics, our closure rate is less than 1%, and remains one of the lowest in the franchise community.

轉向投影片 5，我將討論我們的臨床指標。 2023 年第三季度，我們開設了 26 家診所，其中 24 家是特許診所，2 家是新建診所。相比之下，2022 年第三季開設了 38 家診所，其中 33 家是特許經營診所，5 家是新建診所。在 23 年第三季和 22 年第三季度，我們關閉了 2 家特許診所。如今，我們已擁有超過 900 家診所，我們的關閉率不到 1%，仍然是特許經營社區中最低的診所之一。

At September 30, 2023, we had 914 clinics in operation, consisting of 778 franchise clinics, and 136 corporate-owned or managed clinics. The portfolio mix remains 85% franchise clinics, and 15% company-owned or managed clinics.

截至2023年9月30日，我們有914家正在營運的診所，其中包括778家特許經營診所和136家企業擁有或管理的診所。投資組合中 85% 是特許經營診所，15% 是公司擁有或管理的診所。

Regarding our corporate portfolio strategy. In September, we announced that we had earmarked about 10% of our underperforming clinics for sell, relocation or closure. Our team is executing well. Already 8 clinics are in various stages of sales negotiations, 2 are sold in October, and in addition, 2 corporate clinics are about to be sold.

關於我們的公司投資組合策略。 9 月，我們宣布已指定約 10% 表現不佳的診所出售、搬遷或關閉。我們的團隊執行得很好。目前已有 8 家診所處於不同銷售談判階段，其中 2 家診所已於 10 月出售，此外還有 2 家企業診所即將出售。

As I mentioned at the beginning of the call, we've increased our goal to refranchise the majority of our corporate clinics. We expect to sell the lion shares of them to existing franchisees, but we'll also consider qualified franchisees new to The Joint.

正如我在電話會議開始時提到的，我們提高了對大多數公司診所進行重新特許經營的目標。我們希望將其中的大部分股份出售給現有的特許經營商，但我們也會考慮新加入 The Joint 的合格特許經營商。

It's important to note that we'll be selling valuable assets and we'll not be in rush negotiations to accelerate the process. We'll retain some corporate clinics due to their maturity and their strong performance, which we believe will yield benefits. For example, they'll continue to be strong financial contributors, we can use them to test price adjustments, new membership plans and various ancillary products and services that we're assessing for wider rollout of our network.

值得注意的是，我們將出售有價值的資產，我們不會急於進行談判以加快這一進程。我們將保留一些企業診所，因為它們成熟且業績強勁，我們相信這會帶來好處。例如，他們將繼續成為強大的財務貢獻者，我們可以利用它們來測試價格調整、新的會員計劃以及我們正在評估的各種輔助產品和服務，以更廣泛地推廣我們的網路。

Regarding our remaining greenfield pipeline, we have 4 greenfields in the process of being opened and will uphold our various obligations related to the leases and buildup. In some cases, we may complete the clinics grand opening and sell the clinic after a patient base is established. In others, we'll transfer permits and contracts to a franchisee prior to the opening.

關於我們剩餘的綠地管道，我們有 4 個綠地正在開放，並將履行與租賃和建設相關的各種義務。在某些情況下，我們可能會在建立患者基礎後完成診所的開業並出售診所。在其他情況下，我們會在開業前將許可證和合約轉讓給特許經營商。

Our regional developer strategy remains consistent. We have demonstrated over the past several years that the natural progression of our territory development can lead to the reacquisition of certain RD regions. And we'll continue to execute as the criteria is met. We do not plan to establish any additional RD territories. And as such, over time, we expect the RD share franchise royalty fees to decrease as we reacquire RD rights. We ended Q3 with an RD count of 17, and an aggregate 10-year minimum development schedule for RD territories established since 2017 is 590 clinics.

我們的區域開發商策略保持一致。過去幾年我們已經證明，我們領土開發的自然進展可以導致重新獲得某些研發區域。當滿足標準時，我們將繼續執行。我們不打算建立任何額外的研發地區。因此，隨著時間的推移，隨著我們重新獲得 RD 權利，我們預計 RD 股份特許權使用費將會減少。截至第三季度，我們的 RD 數量為 17 家，自 2017 年以來制定的 RD 地區 10 年最低發展計畫總計為 590 家診所。

Looking ahead, and most importantly, we maintain unwavering dedication to our franchise community. We're focused on improving franchise clinic performance and unit economics. We continue to invest in tools to drive franchise growth and support our nationwide expansion.

展望未來，最重要的是，我們對特許經營社區保持堅定不移的奉獻精神。我們專注於提高特許經營診所的績效和單位經濟效益。我們繼續投資工具來推動特許經營成長並支持我們在全國範圍內的擴張。

At the quarter end, we had a solid pipeline for future franchise clinic openings, with 202 franchise licenses in active development.

截至本季末，我們已經為未來開設特許經營診所做好了準備，目前正在積極開發 202 個特許經營許可證。

Turning to Slide 6. In Q3 2023, we sold 12 franchise licenses, the same numbers we sold in Q3 2022. This reflects the continued impact of higher interest rates, inflation and strong employment rates, negatively influencing franchise sales.

轉向幻燈片6。2023 年第三季度，我們出售了12 個特許經營許可證，與2022 年第三季度出售的數量相同。這反映了利率上升、通貨膨脹和強勁就業率的持續影響，對特許經營銷售產生了負面影響。

That said, existing franchisees who have enjoyed the advantages of The Joint clinics continue to reinvest, year-to-date comprising 58% of franchise license sales this year.

也就是說，享受聯合診所優勢的現有特許經營商繼續進行再投資，今年迄今為止，佔今年特許經營許可證銷售額的 58%。

Turning to Slide 7, we'll review our marketing efforts. This quarter, we welcomed our new Chief Marketing Officer, Lori Abou Habib. She is an expert in digital marketing and building customer loyalty with extensive franchise experience. Lori's initial focus area has been to leverage the power of our data to understand our existing and prospective patients. We're using our patient journey research and the wealth of patient data to craft distinct journeys for patients who have never seen a chiropractic before, patients who are familiar with the chiropractic care, and patients we have not seen recently. This research and strategy will inform message optimization and the customer experience from that initial search for a chiropractor through becoming and remaining a patient.

轉向幻燈片 7，我們將回顧我們的行銷工作。本季度，我們迎來了新任首席行銷長 Lori Abou Habib。她是數位行銷和建立客戶忠誠度的專家，擁有豐富的特許經營經驗。 Lori 最初的重點領域是利用我們數據的力量來了解我們現有和潛在的患者。我們正在利用我們的患者旅程研究和豐富的患者數據，為以前從未見過脊椎按摩治療的患者、熟悉脊椎按摩治療的患者以及我們最近沒有見過的患者設計獨特的旅程。這項研究和策略將為資訊優化和客戶體驗提供訊息，從最初尋找脊椎按摩師到成為並繼續成為患者。

In Q4, we will begin to apply these insights on our media buys and content on Meta, highlighting key themes that are most important to each of these patient segments.

在第四季度，我們將開始將這些見解應用於我們的媒體購買和 Meta 上的內容，突出對每個患者細分市場最重要的關鍵主題。

Additionally, Lori is focused on 3 main areas. Number one, grow new leads and patients. We're working diligently to increase the flow of new patients to our clinics by introducing new functionality, improving current processes and mining our local trade areas for new patient growth. We're working on projects to decrease friction for our new patients by improving the intake process, creating a sense of urgency by introducing first visit bookings and optimizing our local clinic marketing.

此外，Lori 還專注於 3 個主要領域。第一，培養新的潛在客戶和患者。我們正在努力透過引入新功能、改進當前流程以及挖掘當地貿易領域來增加新患者的成長，從而增加診所的新患者流量。我們正在進行一些項目，透過改進就診流程、引入首次就診預約來營造緊迫感以及優化我們當地的診所行銷，以減少新患者的摩擦。

Number two, increasing lifetime patient value. In addition to getting new patients, we're also taking a more nuanced approach to generating more revenue from our existing patient base. To enable this, we are working on projects like creating, a year ago, promotional calendar to drive same-store sales, increase content and leverage marketing automation to deliver the right message to the right audience at the right time.

第二，增加患者的終身價值。除了吸引新患者外，我們還採取更細緻的方法從現有患者群中創造更多收入。為了實現這一目標，我們正在進行諸如一年前創建促銷日曆之類的項目，以推動同店銷售、增加內容並利用行銷自動化在正確的時間向正確的受眾傳遞正確的訊息。

And number three, growing brand equity. We have a strong brand with a rich story. By deepening the brand's unique essence and meaning of leveraging our footprint, we can become synonymous with chiropractic care in a way that our competitors cannot. We're working on our brand architecture to evolve our brand positioning and define brand essence to deepen our competitive advantage.

第三，不斷成長的品牌資產。我們擁有強大的品牌和豐富的故事。透過深化品牌的獨特本質和利用我們的足跡的意義，我們可以以競爭對手無法做到的方式成為脊椎按摩治療的代名詞。我們正在研究我們的品牌架構，以發展我們的品牌定位並定義品牌本質，以深化我們的競爭優勢。

And before I turn the call over to Jake, I'm delighted to welcome Jeff Gramm, who will join the Board in January of 2024. He's a long-term supporter. We've enjoyed productive conversations with Jeff and look forward to his contribution on how to make this company more effective.

在將電話轉給 Jake 之前，我很高興歡迎 Jeff Gramm，他將於 2024 年 1 月加入董事會。他是董事會的長期支持者。我們很高興與傑夫進行富有成效的對話，並期待他為如何提高公司效率做出貢獻。

And with that, I'll turn it over to you, Jake.

這樣，我就把它交給你了，傑克。

Thanks, Peter. Turning to Slide 8. I'll review our clinic comps for Q3 2023 compared to Q3 2022. System-wide sales for all clinics opened for any amount of time increased to $119.3 million, up 8%.

謝謝，彼得。轉向投影片 8。我將回顧 2023 年第三季與 2022 年第三季相比的診所比較。所有開設的診所（無論時間長短）的全系統銷售額增加至 1.193 億美元，成長 8%。

The System-wide comp sales for all clinics opened 13 months were flat at 0%. System-wide comp sales for mature clinics opened 48 months or more decreased 5%. This comp reflects fewer than anticipated new patients at some of our more mature clinics.

所有開設 13 個月的診所的全系統補償銷售額持平於 0%。開業 48 個月或以上的成熟診所的全系統補償銷售額下降了 5%。該比較反映了我們一些較成熟的診所的新患者數量少於預期。

Revenue was $29.5 million, up $3 million or 11%. Revenue from franchise operations increased 9%, contributing $11.6 million. Company-owned or managed clinic revenue increased 13%, contributing $17.9 million. The increases represent continued year-over-year growth in both the franchise base and the corporate portfolio.

營收為 2,950 萬美元，成長 300 萬美元，即 11%。特許經營業務收入成長 9%，貢獻 1,160 萬美元。公司擁有或管理的診所收入成長 13%，貢獻 1,790 萬美元。這些成長代表了特許經營基礎和公司投資組合的持續同比增長。

Cost of revenues was $2.6 million, up 11% over the same period last year, reflecting the associated higher regional developer royalties and commissions.

收入成本為 260 萬美元，比去年同期增長 11%，反映出相關地區開發商特許權使用費和佣金的增加。

Selling and marketing expenses were $4.3 million, up 22% over the same period last year, driven by an increase in advertising fund expenditures from a larger franchise and corporate base, an increase in local marketing expenditures by the company-owned or managed clinics and the timing of our national marketing fund spend.

銷售和行銷費用為 430 萬美元，比去年同期增長 22%，這是由於較大的特許經營和公司基礎的廣告基金支出增加、公司擁有或管理的診所和公司的本地營銷支出增加所致。我們國家行銷基金支出的時間安排。

Depreciation and amortization expenses increased $569,000, up 32% compared to the prior year period, primarily due to the increase in the number of greenfield developments and acquired clinics.

折舊和攤提費用增加 569,000 美元，較上年同期增加 32%，主要是由於綠地開發和收購診所數量的增加。

G&A expenses were $20.2 million, compared to $17.8 million. The change reflects the cost to support the increased clinic count. However, the year-over-year rate of increase slowed, it was 14% for Q3 '23 over Q3 '22, down from 39% from Q3 '22, compared to Q3 '21. Also, we have continued certain cost control initiatives such as hiring freezes, travel reductions and the elimination of non-core projects.

一般管理費用為 2,020 萬美元，去年同期為 1,780 萬美元。這項變更反映了支持診所數量增加的成本。然而，年成長率放緩，與22 年第3 季相比，23 年第3 季的成長率為14%，低於22 年第3 季的39%，而21 年第3 季則為39% 。此外，我們繼續實施某些成本控制舉措，例如凍結招聘、減少差旅和取消非核心專案。

Loss on disposition or impairment was $905,000 compared to $264,000 in the third quarter of '22. The increase includes those corporate clinics that were announced to be held for sale in September of 2023.

處置或減損損失為 905,000 美元，而 2022 年第三季為 264,000 美元。這一增量包括那些宣布將於 2023 年 9 月出售的企業診所。

Operating loss was $898,000 compared to operating income of $732,000 in the third quarter of '22, reflecting the previously mentioned impairment charges.

營業虧損為 898,000 美元，而 2022 年第三季營業收入為 732,000 美元，反映了前面提到的減損費用。

Income tax benefit was $188,000, compared to the benefit of $24,000 in the third quarter of '22. Net loss was $716,000 or $0.05 per share, compared to net income of $731,000 or $0.05 per diluted share in the third quarter of '22.

所得稅優惠為 188,000 美元，而 2022 年第三季的所得稅優惠為 24,000 美元。淨虧損為 716,000 美元，即每股 0.05 美元，而 2022 年第三季的淨利潤為 731,000 美元，即每股攤薄收益 0.05 美元。

Adjusted EBITDA was $2.9 million compared to $3.1 million for the same period last year. Franchise clinic adjusted EBITDA was almost flat at $5.3 million. Company-owned or managed clinic adjusted EBITDA increased 20% to $2 million. Corporate expense as a component of adjusted EBITDA was $4.5 million, approximately $0.5 million higher than Q3 2022, reflecting accounting and professional service costs related to the restatement.

調整後 EBITDA 為 290 萬美元，去年同期為 310 萬美元。特許經營診所調整後的 EBITDA 幾乎持平，為 530 萬美元。公司擁有或管理的診所調整後 EBITDA 成長 20%，達到 200 萬美元。作為調整後 EBITDA 組成部分的公司費用為 450 萬美元，比 2022 年第三季高出約 50 萬美元，反映了與重述相關的會計和專業服務成本。

On to Slide 9. For the 9 months ended September 30, 2023, compared to the same period in 2022, revenue was $87.1 million, up $13.5 million or 18%.

前往投影片 9。截至 2023 年 9 月 30 日的 9 個月，與 2022 年同期相比，收入為 8,710 萬美元，增加 1,350 萬美元，即 18%。

Net income, including net employee retention credits and loss on disposition of impairment was $1.3 million or $0.09 per diluted share, compared to a net loss of $137,000 or a loss of $0.01 per share in the first 9 months of 2022.

淨利潤（包括淨員工保留積分和減損處置損失）為 130 萬美元，即稀釋後每股虧損 0.09 美元，而 2022 年前 9 個月的淨虧損為 137,000 美元，即每股虧損 0.01 美元。

Adjusted EBITDA was $8.2 million, up $618,000 or 8%.

調整後 EBITDA 為 820 萬美元，增加 618,000 美元，即 8%。

On to a review of our balance sheet and cash flow. At September 30, 2023, our unrestricted cash was $16.1 million, compared to $9.7 million at December 31, 2022. This reflects $11.3 million in cash flow from operations, including the receipt of the employee retention credits of $4.8 million, and the net of $4.9 million of investment in clinic acquisitions, development of greenfield clinics and improvements of existing clinics and corporate assets.

回顧我們的資產負債表和現金流。截至2023 年9 月30 日，我們的非限制性現金為1,610 萬美元，而2022 年12 月31 日為970 萬美元。這反映了營運現金流1,130 萬美元，包括收到的480 萬美元的員工保留積分和4.9 美元的淨額。百萬投資用於診所收購、新建診所的開發以及現有診所和企業資產的改進。

Also, we continue to have access to additional cash through our line of credit with JPMorgan Chase. Today, we've drawn $2 million. To date, we've drawn $2 million and have an additional $18 million available.

此外，我們繼續透過摩根大通的信貸額度獲得額外現金。今天，我們已經抽到了 200 萬美元。迄今為止，我們已提取 200 萬美元，並還有 1800 萬美元可用。

On to Slide 10 for a review of our guidance. We are reaffirming all elements of our 2023 guidance. Revenue is expected to be between $115 million and $118 million, compared to $101.9 million in 2022.

請參閱投影片 10 以回顧我們的指南。我們重申 2023 年指導方針的所有要素。收入預計在 1.15 億美元至 1.18 億美元之間，而 2022 年收入為 1.019 億美元。

Adjusted EBITDA is expected to be between $11 million and $12.5 million, compared to $11.5 million in 2022.

調整後 EBITDA 預計在 1,100 萬美元至 1,250 萬美元之間，而 2022 年為 1,150 萬美元。

We continue to expect to open between 100 and 120 franchise clinics, compared to 121 in 2022, and between 8 to 12 greenfield clinics compared to 16 in 2022.

我們預計將繼續開設 100 至 120 家特許經營診所（2022 年為 121 家），以及 8 至 12 家新建診所（2022 年為 16 家）。

Looking ahead, as discussed, we will initiate our plan to refranchise the majority of our corporate portfolio clinics and retain a portion of high-performing clinics. We will implement this plan with a sense of priority and importance to improve the overall financial performance of the company with an emphasis of profitability.

展望未來，正如所討論的，我們將啟動我們的計劃，對我們大部分企業投資組合診所進行重新特許經營，並保留一部分錶現出色的診所。我們將以優先感和重要性來實施該計劃，以提高公司的整體財務業績，並專注於盈利能力。

Notably, this is a quality group of clinics that represents assets of value. We will negotiate determinedly and maintain the autonomy to sell at a suitable price. As such, predicting the timing of events will be difficult.

值得注意的是，這是一組代表有價值資產的優質診所。我們將堅定地進行談判，並保持以合適價格出售的自主權。因此，預測事件發生的時間將會很困難。

As we think about the financial impacts of the refranchising efforts, please note the following. We continue to expect the gross sales for our entire system to grow. However, GAAP revenue will decrease as the corporate portfolio shifts from being recognized as 100% owned or managed to being recorded a 7% franchise royalty fees.

當我們考慮再特許經營的財務影響時，請注意以下事項。我們繼續預計整個系統的總銷售額將會成長。然而，隨著公司投資組合從被視為 100% 擁有或管理，轉為記錄 7% 的特許權使用費，GAAP 收入將會減少。

As our cost of sales is primarily related to regional developer fees, we expect it to remain fairly static.

由於我們的銷售成本主要與區域開發商費用相關，因此我們預計將保持相當穩定。

We expect our sales and marketing expenses to decrease as we reduce the scale of our corporate portfolio. Currently, our corporate clinics spend approximately $3,000 per month per clinic in local advertising.

我們預計，隨著公司投資組合規模的縮小，我們的銷售和行銷費用將會減少。目前，我們的企業診所每月每個診所在本地廣告上花費約 3,000 美元。

Regarding general and administrative expenses, we expect to see significant reductions in our clinic level, 4-wall operating expenses, our outside the 4-wall expenses and our unallocated corporate overhead. These expenses will be reduced proportionately as we reduce the scale of our corporate portfolio.

關於一般和行政費用，我們預計我們的診所水準、四牆營運費用、四牆之外費用和未分配的公司管理費用將大幅減少。隨著我們公司投資組合規模的縮小，這些費用也會隨之減少。

As such, the timing of these G&A reductions will be gradual and incremental. Overall, while we reduced our top line revenue, we expect our reduction in G&A to expand our operating margins and increase profitability in the long run.

因此，這些一般費用削減的時間將是漸進的和漸進的。總體而言，雖然我們減少了頂線收入，但我們預計一般管理費用的減少將擴大我們的營業利潤率並提高長期獲利能力。

Finally, it's important to note that some of our underperforming clinic valuations may result in noncash impairment charges. Conversely, the better clinic performs, it will create higher sales proceeds and the opportunity for gain on sale.

最後，值得注意的是，我們的一些表現不佳的診所估值可能會導致非現金減損費用。相反，診所表現越好，將創造更高的銷售收益和銷售收益的機會。

And with that, I'll turn the call back over to you, Peter.

這樣，我會將電話轉回給你，彼得。

Thanks, Jake. We're excited to execute our new strategic focus. By converting the majority of our corporate portfolio to franchise clinics, we're taking clear action to strengthen the health of our franchise network to increase our cash flow to reinvest in the business and to innovate additional products and services on the clinical level and to improve clinic level performance across the company.

謝謝，傑克。我們很高興能夠執行新的戰略重點。透過將我們的大部分公司投資組合轉變為特許經營診所，我們正在採取明確的行動來加強我們特許經營網絡的健康狀況，增加我們的現金流，以對業務進行再投資，並在臨床層面上創新其他產品和服務，並改善整個公司的臨床水準績效。

We believe these changes will enhance the value and performance of the company, whether from the perspective of a franchisee or a stockholder for the following reasons.

我們相信，無論從特許經營者或股東的角度來看，這些變化都將提高公司的價值和業績，原因如下。

Number one, the market opportunity continues to be large. According to IBIS, people in the U.S. spent $19.5 billion a year on chiropractic care, and our franchisees have barely scratched the surface, capturing only 2% market to date.

第一，市場機會仍然很大。根據 IBIS 的數據，美國人每年在脊椎按摩治療上花費 195 億美元，而我們的特許經營商僅觸及表面，迄今為止僅佔 2% 的市場。

Two, the market is expanding. The drivers for chiropractic care, pain, opioid and obesity epidemic continue to persist. According to Kenley Insight, the industry 5-year compounded annual growth rate is greater than 5%, and the joint gross sales have consistently outperformed that, delivering 12-year CAGR of 62%.

二是市場不斷擴大。脊椎矯正治療、疼痛、鴉片類藥物和肥胖流行的驅動因素仍然存在。根據 Kenley Insight 的數據，該產業 5 年複合年增長率超過 5%，且聯合銷售總額始終表現優異，12 年複合年增長率高達 62%。

Three, The Joint continues to expand the market. For example, in 2022, of the 845,000 people who opened the door to The Joint for the very first time that year, 35% had never seen a chiropractor before.

三、聯合不斷拓展市場。例如，2022 年，首次打開 The Joint 大門的 845,000 人中，35% 的人以前從未見過脊椎按摩師。

Four, we have a clear first-to-market advantage. With over 900 clinics, we have greater presence in all other franchise chiropractic systems combined. Our national brand presence creates economies of scale, which sets the flywheel in motion that drives even greater brand recognition.

四是先發優勢明顯。我們擁有 900 多家診所，在所有其他特許經營脊椎按摩治療系統中擁有更大的影響力。我們的全國品牌影響力創造了規模經濟，從而推動了飛輪的運轉，從而推動了更高的品牌認知度。

Five, our digital footprint leads the Internet. Today, The Joint is the largest online publisher for information about chiropractic care in the industry, and we intend to leverage it even more to drive increased patient acquisition.

五、我們的數位足跡引領網路。如今，The Joint 是業內最大的脊椎按摩治療資訊線上發布商，我們打算進一步利用它來推動更多患者的獲取。

Finally, our concept leads franchises and chiropractic care businesses, making The Joint a top choice for entrepreneurs. Our success is frequently recognized with accolades from Franchise Times, Franchise Business Review, Entrepreneur Magazine, FRANdata and more.

最後，我們的理念引領特許經營和脊椎按摩護理業務，使 The Joint 成為企業家的首選。我們的成功經常獲得《特許經營時報》、《特許經營商業評論》、《企業家雜誌》、《FRANdata》等機構的讚譽。

And with that, I'd like to thank our community of doctors, of chiropractic wellness coordinators, franchisees, regional developers and employees for their passion and dedication to The Joint. We could not be achieving the success that we are without their dedicated efforts.

在此，我要感謝我們的醫生社區、脊椎按摩健康協調員、特許經營商、區域開發商和員工對 The Joint 的熱情和奉獻。沒有他們的不懈努力，我們不可能有今天的成功。

And with that, Harmony, I'm ready to open up for Q&A.

Harmony，我已經準備好開始問答了。

(Operator Instructions)

（操作員說明）

Your first question comes from Jeff Van Sinderen from B. Riley, FBR.

您的第一個問題來自 FBR B. Riley 的 Jeff Van Sinderen。

This is Richard Magnusen in for Jeff Van Sinderen. To start off, you gave us some detail regarding sort of about different cohorts and the comps. But what further detail can you give us about the trends among the different cohorts? And specifically, what are you seeing with the latest cohorts that might stand out?

我是理查德·馬格努森，替補傑夫·範·辛德倫。首先，您向我們提供了一些有關不同群體和比較的詳細資訊。但是您能提供我們哪些關於不同群體之間趨勢的進一步細節呢？具體來說，您對最新的可能脫穎而出的群體有何看法？

Yes. Richard, I don't think we'll give any further disaggregated information. I think what we can say is, obviously, flat comps for the quarter is not where we want to be. We've seen some positive momentum as we start -- as we start Q4. But the issues, especially that's relating to our mature clinic portfolio continue to be centered around our new patient headwinds. And that's why we've dedicated a lot of our efforts in support of Lori and the initiatives that Peter spoke about on the call.

是的。理查德，我認為我們不會提供任何進一步的分類資訊。我認為我們可以說的是，顯然，本季的業績表現平平並不是我們想要的。當我們開始第四季時，我們看到了一些積極的勢頭。但問題，尤其是與我們成熟的診所組合相關的問題，仍然集中在我們新的患者逆風上。這就是為什麼我們投入大量精力來支持 Lori 以及 Peter 在電話中談到的舉措。

Okay. And then what metrics are you seeing in retention and new member adds?

好的。那麼您在保留率和新會員添加方面看到了哪些指標？

Sure. What we're seeing is, of course, you know the key 3 metrics that we focus on is new patient counts, attrition -- or excuse me, conversion, so they join as a member, and then attrition. And that we historically have been doing great with our conversion numbers. And so as we talked about before, a pre-COVID number, our total conversion was running 44% to 45%. So far this year, it's running over 50% system-wide.

當然。當然，我們所看到的是，你知道我們關注的關鍵 3 個指標是新患者數量、流失——或者對不起，轉換，所以他們作為會員加入，然後是流失。從歷史上看，我們的轉換率一直表現出色。正如我們之前談到的，在新冠疫情之前的數字中，我們的總轉換率為 44% 到 45%。今年到目前為止，它的運行率已超過 50%。

When we look at our attrition rate, again, pre-COVID, that was probably running around 11% -- around 13%. And today, that's system-wide running around 11%, with the corporate portfolio, even less than that.

當我們再次觀察新冠疫情之前的員工流動率時，可能約為 11% 至 13% 左右。如今，整個系統的比例約為 11%，而企業投資組合的比例甚至更低。

So the 1 metric that's really been hit is that new patient count. And so if you look at that new patient count from our highs in 2021 to 2022, it's down by 14%. And then if we look in '23 year-to-date, we're probably another 4% down quarter-to-quarter, if we just compare quarter '23 to quarter '22. So we are seeing it kind of bottom out, anticipating that we're moving to the other side of that new patient count. But that's the key metric that we really want to focus on.

因此，真正受到影響的第一個指標是新患者數量。因此，如果你看看 2021 年到 2022 年的新患者數量，你會發現，它下降了 14%。然後，如果我們看看 23 年至今，如果我們只是比較 23 季和 22 季度，我們可能會比季度再下降 4%。因此，我們看到它已經觸底，預計我們將轉向新患者數量的另一邊。但這是我們真正想要關注的關鍵指標。

The other thing that I mentioned is that we definitely recognize that we can take a much more nuanced approach to our existing patient base to make sure they stay with us longer. And when they do drop, to being sure that we're getting them back in earlier because we know that on average, those patients who leave us, 25% of them will come back within the next 6 months. So that's an important element that we're really going to focus on.

我提到的另一件事是，我們肯定認識到我們可以對現有患者群採取更細緻的方法，以確保他們在我們身邊停留更長時間。當他們確實下降時，要確保我們能讓他們早點回來，因為我們知道，平均而言，那些離開我們的患者中有 25% 會在未來 6 個月內回來。所以這是我們真正要關注的重要因素。

Okay. And then my last question is that, as the new CMO focuses on leveraging patient data, are you layering on new capabilities with your software system at the clinics? And then aside from the new marketing demands on the software, have you achieved most of what we believe you can or what the software can provide in its current form?

好的。我的最後一個問題是，由於新的 CMO 專注於利用患者數據，您是否在診所的軟體系統中添加了新功能？然後，除了對軟體的新行銷需求之外，您是否已經實現了我們認為您可以實現的大部分功能或軟體當前形式可以提供的功能？

Well, I'm going to answer that last question. And no, I don't think that we're anywhere near touched on the real capacity of our new IT platform to help drive clinic performance.

好吧，我要回答最後一個問題。不，我認為我們還沒有真正發揮新 IT 平台來幫助提升診所績效的真正能力。

As we've talked about on some of the earlier calls that it's been slower than we anticipated, getting some of these bugs cleaned out and the challenges that's created. But I think that we've made enormous inroads this year. And we really are now starting to focus on what -- how do we leverage that resource or that asset. And so that we're focusing on the creation of a patient portal, a mobile check-in, all the elements of being able to do that automated marketing to your patient base so that you can make sure they're receiving the right message at the right time and where they are in their patient journey.

正如我們在之前的一些電話會議中談到的那樣，它比我們預期的要慢，清除其中一些錯誤以及由此產生的挑戰。但我認為今年我們取得了巨大進展。我們現在確實開始關注我們如何利用該資源或資產。因此，我們專注於建立患者入口網站、行動登記以及能夠對您的患者群進行自動行銷的所有要素，以便您可以確保他們在正確的時間以及他們在耐心旅程中的位置。

So I think we really have a lot of room to grow to continue to really leverage that asset of the -- of our IT platform.

因此，我認為我們確實有很大的發展空間，可以繼續真正利用我們 IT 平台的資產。

And the first follow up question again?

又是第一個後續問題嗎？

Yes, as the CMO focuses on levering to patient data, are you having to layer on new capabilities to that software to accommodate that demand?

是的，由於 CMO 專注於利用患者數據，您是否必須為該軟體添加新功能才能滿足該需求？

Yes. The short answer is yes. There is a program that we're using, an [inner bullet] that does our automated marketing, and we've done that now with -- on an e-mail basis. We're moving it to text. And that she -- we have actually done quite a bit of research on the patient journey as -- earlier in this year, that Lori is able to really leverage and use that as a model or guide as she refines our new patient marketing strategy going forward.

是的。簡短的回答是肯定的。我們正在使用一個程序，一個[內部項目符號]來進行我們的自動化行銷，我們現在已經透過電子郵件完成了這項任務。我們正在將其轉移到文本中。她——我們實際上對患者旅程做了相當多的研究——今年早些時候，洛里在完善我們新的患者行銷策略時能夠真正利用和使用它作為模型或指南向前。

Your next question comes from JP Wollam from ROTH MKM.

您的下一個問題來自 ROTH MKM 的 JP Wollam。

If we could maybe just start, in terms of maybe really dialing in on some of the problems we've had with the new member growth. One, is there anything you can point to that, maybe said this is a problem for the industry rather than maybe a problem related to new member acquisition at The Joint? Just something to make sure that we know it's not losing customers to other chiro brands, but rather maybe something going on with consumer health.

如果我們可以開始的話，也許可以真正解決我們在新會員成長方面遇到的一些問題。第一，您有什麼可以指出的嗎？也許可以說這是行業的問題，而不是與 The Joint 獲取新會員相關的問題？只是為了確保我們知道它不會因為其他 Chiro 品牌而失去客戶，而可能會影響消費者的健康。

And then as part of that, just anything to point out in terms of consumer spending? And maybe trade down to more 2x a month visit and less membership or less [4-wall] plus kind of visiting customers? Anything to point out on your spending in health?

那麼作為其中的一部分，在消費者支出方面有什麼需要指出的嗎？也許可以降低每月 2 次訪問次數並減少會員資格或減少 [4 牆] 加上某種來訪客戶？您在健康方面的支出有什麼需要指出的嗎？

Sure. That's a great question. And the way I would answer that is, if you look at our ideal patient, is that the ideal family income is running between $50,000 and $105,000.

當然。這是一個很好的問題。我的回答是，如果你看看我們的理想患者，理想的家庭收入在 50,000 美元到 105,000 美元之間。

And so when we look at -- if you think about last year, what were we talking about, oh my gosh, the pending recession, the recession. Of course, we know that we're not in a recession, but you still have 49% of the American people who are saying that they are in a recession.

因此，當我們回想去年，我們在談論什麼，天哪，即將到來的經濟衰退，經濟衰退。當然，我們知道我們並未陷入衰退，但仍有 49% 的美國人表示他們正處於衰退之中。

And so I think if you look at our patient base, and you look at what's going on for them as it relates to inflation, as it relates to higher interest rates, as it relates to higher mortgages or rents, is that they have, in fact, been impacted by some of these economic issues. And I think that, that is very much the core of our patient base.

因此，我認為，如果你看看我們的病人基礎，看看他們發生了什麼，因為這與通貨膨脹有關，與更高的利率有關，與更高的抵押貸款或租金有關，他們有，事實上，它受到了其中一些經濟問題的影響。我認為，這在很大程度上是我們患者基礎的核心。

One of the key attributes of The Joint is absolutely affordability. And so I think that while we are not in a recession, let's be very clear about that, but I think that our patient base is more impacted because that growth that we've been experiencing in the economy has not been evenly spread across the economy. So I think that's a part of it.

The Joint 的關鍵屬性之一是絕對實惠。因此，我認為，雖然我們沒有陷入衰退，但讓我們非常清楚這一點，但我認為我們的患者基礎受到的影響更大，因為我們在經濟中經歷的增長並沒有均勻地分佈在整個經濟中。所以我認為這是其中的一部分。

We're not really seeing any kind of indication that our new patient count is being drawn away by competitors. Quite frankly, where I sit here, with the 919 clinics open, I'm surprised by how little competition that we really have.

我們並沒有真正看到任何跡象表明我們的新患者數量正在被競爭對手吸引。坦白說，當我坐在這裡，當 919 診所開放時，我對我們真正面臨的競爭如此之少感到驚訝。

Yes, there are some very small direct competitors that are absolutely mimicking our modeling -- our model. But they're kind of localized in certain markets. And so I don't think it's been a competitive issue that's impacted our new patient counts.

是的，有一些非常小的直接競爭對手完全模仿我們的模型——我們的模型。但它們在某些市場是本地化的。因此，我認為這不是影響我們新患者數量的競爭問題。

Understood. Very helpful. And then maybe if we could just talk about the corporate-owned portfolio for a minute. I understand the not wanting to kind of put a timeline or cadence on it, but is there anything -- just as we really start the process, any kind of number you have circled back in terms of size of the corporate portfolio you'd hold on to?

明白了。很有幫助。然後也許我們可以談談公司擁有的投資組合。我理解不想給它設定一個時間表或節奏，但是有什麼嗎——就像我們真正開始這個過程一樣，你所持有的公司投資組合規模方面的任何數字到？

And then just the other part of that is, can you expand on how the sale negotiations are going? Is it existing franchisees that are looking to take on an additional unit or what kind of buyers are out there?

接下來的另一部分是，您能否詳細介紹一下銷售談判的進展？是現有的特許經營者想要購買額外的單位還是有什麼樣的買家？

Sure. To answer the first part of that question is that, we made it very clear that we will be selling off the majority of our corporate portfolio. At the end of the quarter, we had 136 clinics. In September, we started -- we made an announcement that we were going to look at kind of our bottom 10%, and that we would address either by closing those clinics, franchising those clinics or relocating, and that we're well in that process.

當然。要回答這個問題的第一部分，我們非常明確地表示，我們將出售大部分公司投資組合。截至本季末，我們擁有 136 家診所。 9 月份，我們宣布，我們將關注底部 10% 的人群，我們將通過關閉這些診所、特許經營這些診所或搬遷來解決這一問題，我們在這方面做得很好。過程。

And so as I said, we've sold 2, we have 2 that are about to sell that we've closed 2 units. And so what I would say is that, so far, in terms of who the buyers have been of that segment that we talked about in September has been existing franchisees.

正如我所說，我們已經售出了 2 套，我們還有 2 套即將出售，我們已經關閉了 2 套。所以我想說的是，到目前為止，我們在 9 月討論的那個細分市場的買家都是現有的特許經營商。

And when we go forward and think about who would be the typical buyer of this majority of clinics that we are going to be selling, again, we would absolutely expect it to be existing franchisees. They've already expressed interest to us that they're interested in expanding their market area or into other markets just because they believe so much in the business.

當我們繼續思考誰將是我們將要出售的大多數診所的典型買家時，我們絕對希望它是現有的特許經營商。他們已經向我們表示有興趣擴大市場範圍或進入其他市場，因為他們對這項業務非常有信心。

That doesn't mean that we wouldn't also be open to selling to qualified new franchisees new to The Joint. But again, the key is you want to make sure that you are selling your franchise to quality businessmen and women who really know and effectively can run clinics.

這並不意味著我們不會向新加入 The Joint 的合格新加盟商開放銷售。但同樣，關鍵是您要確保將您的特許經營權出售給真正了解並能夠有效經營診所的優質商人和女性。

So that's going to be the criteria for us. As we said, this is not a fire sale. This isn't okay. We have to have these off our books by x date. These are valuable assets that we believe that given the market conditions that we're in, some of the challenges on the margins with increased patient -- increased labor is that this is an effective strategy for this organization.

這將成為我們的標準。正如我們所說，這不是甩賣。這不行。我們必須在某日期之前將這些內容從我們的帳簿中刪除。這些都是寶貴的資產，我們相信，考慮到我們所處的市場條件，隨著患者數量的增加，勞動力的增加，邊際上的一些挑戰是，這對該組織來說是一個有效的策略。

Your next question comes from Jeremy Hamblin from Craig-Hallum Capital Group.

您的下一個問題來自 Craig-Hallum Capital Group 的 Jeremy Hamblin。

So first, just in terms of the multiples. Just -- sorry, if you've covered this already. But in terms of the kind of value that you are looking to achieve, is it a multiple of the 4-wall cash flow that's being generated? Or is it a multiple of the revenue of the clinic? How are you determining what the appropriate valuations are, especially given that financing is tougher to come by and more expensive for potential franchisees that might be looking to acquire?

首先，就倍數而言。只是 - 抱歉，如果您已經介紹過這一點。但就您希望實現的價值而言，它是正在產生的四面牆現金流的倍數嗎？還是診所收入的倍數？您如何確定合適的估值，特別是考慮到融資對於可能尋求收購的潛在特許經營商來說更難獲得且成本更高？

Sure, Jeremy, great question. We've really gone on a clinic-by-clinic basis across a range of valuation methodologies. So looking at the performance on a clinic-by-clinic basis, running individual DCF models, looking at a range of different valuation, multiple techniques, whether it's sales, earnings, cash flow, et cetera, and it's certainly given us an idea and some negotiating ranges on a per clinic basis.

當然，傑里米，好問題。我們確實在逐一診所的基礎上採用了一系列評估方法。因此，查看各個診所的績效，運行單獨的 DCF 模型，查看一系列不同的估值、多種技術，無論是銷售額、收益、現金流等，這肯定給了我們一個想法和每個診所的一些談判範圍。

There is a range of performance across the portfolio. So we do have high-performing clinics that will command higher sales proceeds in demand areas that might tick up from a multiples perspective. And then that ranges all the way to a small subset of underperformers. And then we've got young clinics that are still ramping.

該產品組合具有一系列的性能。因此，我們確實擁有高績效的診所，這些診所將在需求領域獲得更高的銷售收入，從倍數的角度來看，這些收入可能會增加。然後，這個範圍一直延伸到一小部分錶現不佳的人。然後我們還有一些仍在蓬勃發展的年輕診所。

So each of those has a unique way to view valuation. And for competitive reasons, we probably won't put out metrics on what those multiple targets are or anything of that nature. But we have done a very detailed analysis to give us a basis for what they think they're worth. And then we'll continue those negotiations with the related prospective buyers.

因此，每個人都有獨特的方式來看待估值。出於競爭原因，我們可能不會提供有關這些多個目標是什麼或任何類似性質的指標。但我們已經做了非常詳細的分析，為我們提供了他們認為自己的價值的基礎。然後我們將繼續與相關潛在買家進行談判。

And so in terms of the prospective buyer, can you give us a sense for -- are you looking for, like mid-tier franchisee types? Are you looking for clinicians maybe that already have maybe competing chiropractic clinics? What type of -- kind of -- what's your type that you're looking for?

那麼，就潛在買家而言，您能否告訴我們您是否正在尋找中型特許經營商類型？您是否正在尋找可能已經有競爭對手的脊椎按摩診所的臨床醫生？您正在尋找什麼類型的類型？

Jeremy, it's a great question. And I would say that it's probably all of the above. If you look at the network today, is roughly 35% of our franchise communities, the doctor chiropractic is, in fact, the franchisee. And then the majority of them, obviously, are business men and women who are hiring the doctor.

傑里米，這是一個很好的問題。我想說，這可能就是以上的全部情況。如果你看看今天的網絡，大約有 35% 的特許經營社區，脊椎按摩醫生實際上就是特許經營商。顯然，他們中的大多數都是僱用醫生的商人。

And so I think that absolutely, there's opportunities for doctors to be able to buy a clinic or clinics. And again, they -- especially if they're in the business, they understand the business and can be effective in running it, that's very -- those are all positive attributes that would help us in that process to continue to make sure those clinics perform.

因此，我認為醫生絕對有機會購買一家或多間診所。再說一次，他們——特別是如果他們在這個行業，他們了解業務並且可以有效地運營它，這非常——這些都是積極的品質，將幫助我們在這個過程中繼續確保這些診所履行。

I think that what I've learned over the years in franchising is you know better than your operators. And so that you're looking for quality business people who know how to run a business. Yes, this is The Joint and it's always better, if they come directly from The Joint experience because then you don't have that same learning curve. But you've got some very successful franchisees in other concepts that have also shown that they can run The Joint very effectively.

我認為多年來我在特許經營中學到的是你比你的經營者更了解。因此，您正在尋找知道如何經營企業的優質商務人士。是的，這就是聯合公司，如果他們直接來自聯合公司的經驗，那總是更好，因為這樣你就沒有相同的學習曲線。但在其他概念上也有一些非常成功的特許經營商，他們也表明他們可以非常有效地經營聯合店。

So we're going to be looking very much at the quality to be able to run a business as a criteria for the sale.

因此，我們將非常關注能夠經營業務的品質作為出售的標準。

Got it. And then just coming back to this process, and it can be challenging to go through a refranchising effort. And really, to be matching the lost revenue versus the embedded corporate costs, in particular.

知道了。然後回到這個過程，進行再特許經營可能會很有挑戰性。事實上，尤其是要匹配損失的收入與嵌入的企業成本。

Can you give us a sense for what's a reasonable time frame if the majority -- in terms of the number of company operated clinics, like 136 at the end of the quarter. Is it feasible to do 25% of those in 1 year? Or is that just too aggressive in terms of the timing? Is there a range you might be able to provide us with in terms of what you think can happen in year 1, year 2?

您能否讓我們了解一下，對於大多數人來說，合理的時間範圍是多少——就公司經營的診所數量而言，例如本季度末有 136 個診所。 1年內完成其中25%是否可行？或者說這在時間上太激進了？您是否可以向我們提供您認為第一年、第二年可能發生的情況的範圍？

Yes. I can appreciate the desire to want to hone that in. I think it's important to reiterate that these are clinics of value, right? This is not a fire sale. We're not going to be rushed through this process. So it's really hard to put a defined timeline on that, Jeremy. So we probably won't state anything publicly as it relates to that. We've got...

是的。我可以理解想要磨練這一點的願望。我認為重申這些是有價值的診所很重要，對嗎？這不是甩賣。我們不會匆忙完成這個過程。所以傑里米，很難為此制定一個明確的時間表。因此，我們可能不會公開聲明任何與此相關的內容。我們有...

Until we get further into the process.

直到我們進一步了解這個過程。

Absolutely.

絕對地。

Jeremy, as we get further into this, we'll be much more able to talk about kind of timelines and time frames. But at this stage is that it's a little harder to give you, okay, it's going to take x amount of time, or x percentage will be sold by a certain time frame.

傑里米，當我們進一步討論這個問題時，我們將更能夠討論時間表和時間框架。但在這個階段，給你有點困難，好吧，這將需要x量的時間，或者x百分比將在一定的時間範圍內出售。

It's a priority. It's important to us that this is absolutely an adjustment in our strategic focus, where we're focusing on the franchisees and selling off as the majority of our corporate portfolio. But it's -- but again, these are important assets that we are -- we will be putting in the hands of great franchisees who can continue to run them effectively.

這是一個優先事項。對我們來說重要的是，這絕對是我們策略重點的調整，我們將重點放在特許經營商上，並將其作為我們公司投資組合的大部分進行出售。但同樣，這些都是我們的重要資產，我們將把它們交給能夠繼續有效經營它們的優秀特許經營商。

Your next question comes from Aaron Wukmir from Lake Street Capital Markets.

您的下一個問題來自 Lake Street Capital Markets 的 Aaron Wukmir。

This is Aaron on the line for Brooks. Are you able to hear me okay?

我是亞倫，正在接聽布魯克斯的電話。你聽得到我說話嗎？

Yes, no problem at all, Aaron.

是的，完全沒問題，亞倫。

So just recognizing that the majority of your revenue and earnings come from the corporate side. How do you think moving to a primarily franchise concept will affect your public investors? Just in a general sense, trying to -- trying to get a bit more color on your thoughts there.

因此，只需認識到您的大部分收入和收益都來自公司方面。您認為轉向主要特許經營概念將如何影響您的公共投資者？就一般意義上來說，嘗試——試著讓你的想法變得更豐富一些。

Sure. I think that -- what I would say is that when we went down this path of -- first we went public to create a portfolio of corporate units, okay, we obviously accelerated that growth as we went into '21 and '22. And I think, as I reflect on kind of where we are and some of the challenges we face, both externally in terms of some of these market economic trends that have impacted our business. And at the same time, we've seen some increase in the cost, particularly labor. And so I think that environment has changed enough that it makes sense for us to rethink that strategy of that corporate portfolio.

當然。我認為——我想說的是，當我們走這條路時——首先我們上市創建了一個企業部門投資組合，好吧，隨著我們進入“21”和“22”，我們顯然加速了這種增長。我認為，當我反思我們所處的位置以及我們面臨的一些挑戰時，無論是在外部，還是在影響我們業務的一些市場經濟趨勢方面。同時，我們看到成本增加，特別是勞動力。因此，我認為環境已經發生了足夠的變化，我們有必要重新考慮該公司投資組合的策略。

You certainly see franchise systems from time to time, go back and forth on whether they want to have a lot of corporate units or they want to pull back on the corporate units. And I think that we too are looking at that environment. If I reflect on where we are in terms of the price of our stock, is that I don't think that we're getting credit for the management of our corporate portfolio. And so this is another reason to consider as we're going down this path.

你當然會不時看到特許經營系統，在他們是否想要擁有大量公司單位還是想要撤回公司單位方面來來回回。我認為我們也在關注這種環境。如果我反思我們的股票價格，我認為我們並沒有因為公司投資組合的管理而獲得讚譽。因此，這是我們走這條路時需要考慮的另一個原因。

And I think it's important to remember that we're selling the majority, but we are going to maintain a portion of corporate portfolios. And we'll be targeting those high-performing clinics that are in tight kind of concentric geographic areas that will allow us to really scale back that corporate overhead.

我認為重要的是要記住，我們正在出售大部分，但我們將保留一部分公司投資組合。我們將瞄準那些位於緊密同心地理區域的高性能診所，這將使我們能夠真正縮減公司管理費用。

So with the strategy, we should be able to maintain a significant chunk of the earnings potential from a smaller number of units and then allow us to continue that hybrid strategy.

因此，透過該策略，我們應該能夠從較少數量的單位中維持很大一部分獲利潛力，然後允許我們繼續這種混合策略。

Got you. Very helpful. And then just a quick follow-up. You mentioned a little bit in your prepared remarks, but have you identified tangible, and I guess, practical ways to improve the new patient starts in this clean environment? Just trying to get a better sense of what that would look like and your thoughts there.

明白你了。很有幫助。然後進行快速跟進。您在準備好的發言中提到了一些內容，但是您是否已經找到了切實可行的、我想是切實可行的方法來改善這個清潔環境中的新患者的開始？只是想更了解那會是什麼樣子以及你的想法。

Yes. No, we have. We've been doing a lot of work. We've been using different forums. So for example, we're doing a lot with Meta these days. We are also with TikTok, is what I meant to say. We are increasing our spend on Meta. We're doing a whole audit of our marketing spend to understand the efficacy of that and where those resources are best spent. That's one of the projects that Lori is first taking on. .

是的。不，我們有。我們已經做了很多工作。我們一直在使用不同的論壇。舉例來說，這些天我們在 Meta 上做了很多事情。我想說的是，我們也支持 TikTok。我們正在增加在 Meta 上的支出。我們正在對行銷支出進行全面審核，以了解行銷支出的有效性以及這些資源的最佳用途。這是洛里首先承擔的項目之一。 。

From that, we'll also do an RFP as we are looking at that whole local store or that whole digital marketing spend. If you look at our new patient count right now, roughly 35% or 30% comes from referral. So that's just a patient having a great experience with a doctor and telling their friends. We have been able to track, for example, last year that 52% of our new patients touched us at some point digitally.

由此，當我們考慮整個本地商店或整個數位行銷支出時，我們也將進行 RFP。如果你看看我們現在的新患者數量，大約 35% 或 30% 來自轉診。所以這只是一個病人在醫生那裡獲得了很好的體驗並告訴他們的朋友。例如，去年我們已經能夠追蹤到，52% 的新患者曾在某個時刻以數位方式接觸過我們。

And it's always hard to answer true patient attribution or new patient attribution. But we know that's only increasingly important. And so we know, we need to be more and more effective on that spend and making sure that we're able to close that gap of generating those leads, whether it's through paid or organic search, and then making sure that we are closing them and bring them into the clinic.

而且總是很難回答真正的患者歸因或新的患者歸因。但我們知道這只會變得越來越重要。所以我們知道，我們需要在支出上變得越來越有效，並確保我們能夠縮小產生這些潛在客戶的差距，無論是透過付費搜索還是自然搜索，然後確保我們正在縮小它們並將他們帶入診所。

And so there's some new programs we're putting in place, a call center, for example, that we're experimenting with a program where a new patient is being offered an appointment to be able to create a sense of urgency or willingness to cross over into the clinic.

因此，我們正在實施一些新計劃，例如呼叫中心，我們正在試驗一個計劃，為新患者提供預約，以便能夠營造一種緊迫感或願意穿越的感覺進入診所。

So there's a number of activities. More to come on that, but we feel that we are definitely moving in the right direction to address the new patient count.

所以有很多活動。還有更多的事情要做，但我們認為我們肯定正在朝著正確的方向前進，以解決新的患者數量問題。

Your next question comes from Anthony Vendetti from Maxim Group.

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

Sure. Just looking at some of the trends, can you point to either some regions or general KPIs that you're seeing? Any positive trends that you're seeing?

當然。僅查看一些趨勢，您能否指出您所看到的某些地區或一般 KPI？您看到任何正面的趨勢嗎？

And then specifically on the comps, what would you attribute the relative flatness there? Is that more macro? Or -- I'm just trying to figure out what you're seeing and what you're attributing some of the trends to.

然後，特別是在比較方面，您認為那裡的相對平坦度歸因於什麼？是不是更宏觀了？或者——我只是想弄清楚你所看到的以及你將某些趨勢歸因於什麼。

Sure. I think some of the positive trends we absolutely continue to see, and as I've mentioned on those 3 key metrics, our conversion rate absolutely stay strong. It's always like I said, it was pre-COVID is running around a total conversion of between 44%, 45%. Today, it's over 50%. During the COVID, it was up to 60%, but I think that was reflective of kind of the time we're in.

當然。我認為我們絕對會繼續看到一些積極的趨勢，正如我在這 3 個關鍵指標中提到的，我們的轉換率絕對保持強勁。就像我說的，在新冠疫情之前，總轉換率在 44% 到 45% 之間。今天，這一比例已超過 50%。在新冠疫情期間，這一比例高達 60%，但我認為這反映了我們所處的時代。

And if you were leaving your house to get an adjustment, you're in pretty serious pain. And so I think that's reflective of that higher conversion rate.

如果你要離開家去適應，你會感到非常痛苦。所以我認為這反映了更高的轉換率。

So even post-COVID, if we can talk about that, we are seeing a really continuing strong conversion rate. And that's very positive for the business, 84% of our sales comes from our subscription from our wellness plan. So that's an important element of this business.

因此，即使在新冠疫情之後，如果我們可以談論這一點，我們也看到了真正持續強勁的轉換率。這對我們的業務非常有利，我們 84% 的銷售額來自訂閱我們的健康計劃。所以這是這項業務的重要元素。

We're also seeing that attrition improve. Again, I talked about attrition was 13% pre-COVID. Today, it's probably running closer to 11%. Corporate portfolio is less than that. And so obviously, our patients are staying longer.

我們也看到人員流失率有所改善。我再次談到，在新冠疫情之前，員工流動率為 13%。如今，這一比例可能接近 11%。公司投資組合少於此。很明顯，我們的患者住院時間更長。

The real KPI that's been impacted is that new patient count. And I think there's a number of things that are impacting that, that we've talked a little bit about. There's no question it ties to our comps. The new patient count -- the new patient comp is down, that does impact our comps for the quarter or for the year.

受到影響的真正 KPI 是新患者數量。我認為有很多因素會影響這一點，我們已經對此進行了一些討論。毫無疑問，它與我們的比賽有關。新患者數量—新患者薪資下降，這確實影響了我們本季或全年的薪資。

And I think some of that, the reasons that's down is as we've talked about, is these macroeconomic issues based on who is our patient profile. We know that there's an element there. And if you look at some of the younger generations, and we have a very young patient base, they have been more impacted by some of the economic uncertainty than, let's say, baby boomers, for example.

我認為，正如我們所討論的，下降的原因之一是這些宏觀經濟問題取決於我們的患者概況。我們知道那裡有一個元素。如果你看看一些年輕一代，我們有一個非常年輕的患者群體，他們受到一些經濟不確定性的影響比嬰兒潮世代更大。

And I think that there is -- perhaps, in a couple of our markets, where we're more mature, is that the new patient count, we have a lot of clicks around it, that new patient count is being absorbed by that greater number of clinics. So it's getting spread between a greater number of clinics, which is also impacting the individual clinic new patient count.

我認為，也許在我們更成熟的幾個市場中，新患者數量，我們有很多點擊，新患者數量正在被更大的患者吸收。診所數量。因此，它在更多的診所之間傳播，這也影響了各個診所的新患者數量。

Okay. And then on the franchise side, and then I'll hop back in the queue.

好的。然後在特許經營方面，然後我會跳回隊列中。

With just the higher interest rates, are some of the current franchise owners that are looking to expand or new ones, are they a little bit more hesitant? Are they waiting for rate to come down? Or it's not really having much of an impact?

由於利率較高，一些目前正在尋求擴張或新加盟的特許經營店主是否會更加猶豫？他們在等待利率下降嗎？還是說其實影響不大？

No, it has had an impact. And it's not -- and I talk with other franchisors, they all agree, that there's no question, there's a lot of research out there as well is that it is impacting new franchise sales. And part of that is absolutely increasing interest rates, part of that is uncertainty about the economy, part of that is inflation. And so I do think that there is impact, and it's reflected in our franchise sales. If you go back to '21, for example, we had 156 sales that year. Last year, we had -- last year, we had 75. Year-to-date, we're here at 50.

不，它已經產生了影響。但事實並非如此——我與其他特許經營商交談，他們都同意，毫無疑問，還有很多研究表明它正在影響新的特許經營銷售。其中一部分是絕對增加的利率，一部分是經濟的不確定性，一部分是通貨膨脹。所以我確實認為這是有影響的，這反映在我們的特許經營銷售中。例如，如果你回到 21 年，那一年我們的銷量為 156 輛。去年，我們有 75 個。今年迄今為止，我們有 50 個。

And so we're a little below where we were last year, but I think that's a direct relationship or a direct impact on some of these macroeconomic issues that are influencing whether somebody is going to make that leap to buy a franchise, whether it's The Joint or anybody else.

因此，我們的水平略低於去年的水平，但我認為這是對一些宏觀經濟問題的直接關係或直接影響，這些問題正在影響人們是否會邁出購買特許經營權的步伐，無論是聯合或任何其他人。

As we talked about, if you look at the franchisees sold in 2023, is that 58% of them were existing franchisees. And as a franchise system, there's no better validation than somebody who's already in the business, who understands it and says, "You know what, even its conditions, I want more."

正如我們所說，如果你看看 2023 年出售的特許經營商，你會發現其中 58% 是現有的特許經營商。作為特許經營系統，沒有比已經進入該行業的人更好的驗證了，他們了解它並說：“你知道嗎，即使是它的條件，我想要更多。”

If you are new to The Joint, maybe not new to franchising, and you don't have that same certainty of how this operates, it makes sense for me to see -- because historically, we had been running around a 50-50 split, 50% of our new patients --our new franchisees were new to The Joint, and the other 50% were existing franchisees.

如果你是The Joint 的新手，也許對特許經營並不陌生，並且你對它的運作方式沒有同樣的確定性，那麼我的看法是有道理的- 因為從歷史上看，我們一直在50-50的比例上運行，我們的新患者中有 50%——我們的新加盟商是 The Joint 的新加盟商，另外 50% 是現有的加盟商。

And so it makes sense to me in this environment to see that percentage of sales being driven by our existing franchisees given that uncertainty that's out there.

因此，在這種環境下，考慮到存在的不確定性，看到我們現有的特許經營商推動的銷售百分比對我來說是有意義的。

Thank you, that concludes our question-and-answer session. I would now like to turn the conference back to Mr. Peter Holt.

謝謝大家，我們的問答環節到此結束。現在我想把會議轉回由彼得·霍爾特先生主持。

Thank you, Harmony.

謝謝你，和諧。

Before I close, I'd like to note that we'll be at the ROTH Deer Valley Conference in December.

在結束之前，我想指出我們將參加 12 月的羅斯鹿谷會議。

And today, about 30% of our franchisees are doctors of chiropractic. And I'd like to tell you a story about one of our doctors in our systems.

如今，我們大約 30% 的特許經營商是脊椎按摩醫生。我想告訴你們一個關於我們系統中一位醫生的故事。

When Dr. P. moved to Las Vegas, he was looking for a chiropractic practice that afford him the ability to maintain a few business ventures in its prior location. The Joint provided that flexibility, no pun intended. And Dr. P. said, and I quote, "I quickly fell in love with the brand and everything The Joint represents."

當 P. 博士搬到拉斯維加斯時，他正在尋找脊椎按摩療法，以便能夠在原來的地點維持一些商業活動。聯合提供了這種靈活性，沒有雙關語的意思。 P. 博士說，我引用一下，“我很快就愛上了這個品牌和 The Joint 所代表的一切。”

Two years later, he realized his hometown and yet another state didn't have any The Joint clinics. Dr. P. reported, I saw this as an ideal opportunity to embrace the challenge of marrying my passion for the brand, my experience as a chiropractor and my entrepreneurial spirit.

兩年後，他意識到他的家鄉還有另一個州沒有任何联合診所。 P. 博士報告說，我認為這是一個接受挑戰的理想機會，將我對品牌的熱情、我作為脊椎按摩師的經驗和我的創業精神結合起來。

It almost felt like it was an opportunity that was meant to be, so we took the leap, and he hasn't looked back since.

幾乎感覺這是一個命中註定的機會，所以我們邁出了這一步，從那時起他就沒有回頭。

Thank you and stay well adjusted.

謝謝你並保持良好的調整。

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。