Joint Corp (JYNT) 2024 Q2 法說會逐字稿

Good day, and welcome to the Joint Corporation second quarter of 2024 financial results conference call. (Operator Instructions) Please note that this event is being recorded. I'd like to turn the conference over to Mr. David Barnard, LHA and Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加聯合公司 2024 年第二季財務業績電話會議。（操作員說明）請注意，該事件正在被記錄。我想將會議交給 LHA 和投資者關係部門的 David Barnard 先生。請繼續，先生。

Thank you, Nick. Good afternoon, everyone. Again, this is David Barnard of LHA Investor Relations. Joining us on the call today are President and CEO, Peter Holt; and CFO, Jake Singleton. Please note we are using a slide presentation that can be found at https://ir.thejoint.com under the Events section.

謝謝你，尼克。大家下午好。我是 LHA 投資者關係部的 David Barnard。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。請注意，我們使用的是幻燈片演示，可以在 https://ir.thejoint.com 的「活動」部分找到該演示。

Today, after the close of market, the Joint Corporation issued its results for the quarter ended June 30, 2024. If you not already have a copy of the press release, it can be found in the Investor Relations section of the company's website. As provided on slide two, please be advised that today's discussion includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

今天收盤後，聯合公司發布了截至 2024 年 6 月 30 日的季度業績。如果您還沒有新聞稿的副本，可以在公司網站的投資者關係部分找到。如第二張投影片所示，請注意，今天的討論包括 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性陳述。

All statements other than statements of historical facts may be considered forward-looking statements. Although the company believes that 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.

除歷史事實陳述外的所有陳述均可被視為前瞻性陳述。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 various risks and uncertainties. As a result, we caution you against placing undue reliance on these forward-looking statements.

由於各種風險和不確定性，實際結果可能與前瞻性聲明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 the 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 Form 10-K and 10-Q, as well as other reports that the company files from time to time with the SEC.

有關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風險和不確定性的討論，請查看公司 10-K 和 10-Q 表格報告中詳細說明的風險因素，以及該公司不時向SEC提交的其他報告。

Finally, any forward-looking statements included in this earnings call are made only as of the date of this call, and we do not undertake any obligation to revise the 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. These are presented because they are important measures used by management to assess financial performance.

最後，本次財報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，我們不承擔根據新資訊修改結果或公開發布這些前瞻性陳述的任何更新的義務或未來的事件。管理層使用 EBITDA 和調整後 EBITDA，這是非 GAAP 財務指標。提出這些是因為它們是管理階層用來評估財務表現的重要指標。

Management believes they provide a more transparent view of the company's underlying operating performance and operating trends and 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.

管理層相信，它們可以更透明地了解公司的基本營運績效和營運趨勢以及公認會計準則衡量標準。新聞稿中介紹了淨利潤與 EBITDA 和調整後 EBITDA 的調節。該公司將 EBITDA 定義為扣除淨利息、稅金、折舊和攤銷費用之前的淨收入或虧損。

The company defines adjusted EBITDA as EBITDA before acquisition-related expenses, which includes contract termination costs associated with reacquired regional developer rights, stock-based compensation expense, barge and purchase gain, net gain or loss on disposition or impairment, costs related to restatement filings, restructuring costs, litigation expenses, consisting of legal and related fees for specific proceedings that arise outside of the company's ordinary course of business and other income related to the employee retention credits.

該公司將調整後的EBITDA 定義為扣除收購相關費用之前的EBITDA，其中包括與重新獲得區域開發商權利相關的合約終止成本、基於股票的補償費用、駁船和購買收益、處置或減值的淨收益或損失、與重述文件相關的成本、重組成本、訴訟費用，包括公司正常業務過程之外產生的特定訴訟的法律費用和相關費用以及與員工保留積分相關的其他收入。

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 franchisee 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，無論是由公司還是特許經營商經營。雖然特許經營銷售並未記錄為公司收入，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商的財務狀況。

System-wide 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 my pleasure to turn the call over to Peter Holt.

系統範圍內的補償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，這些診所在每種情況下都已開業至少 13 個完整月，並且不包括任何已關閉的診所。轉到幻燈片 3，我很高興將電話轉給 Peter Holt。

Thank you, David, and I welcome everybody to the call. The Joint continues to revolutionize access to chiropractic care. Our nationwide network of 960 clinics, 86% which are franchised, provides affordable concierge style membership-based services in convenient retail settings. During Q2 2024, we furthered our strategies to improve unique economics and to refranchise the vast majority of our corporate clinics.

謝謝你，大衛，我歡迎大家參加電話會議。此合併持續徹底改變脊椎矯正治療的可近性。我們的全國網路由 960 家診所組成，其中 86% 是特許診所，在便利的零售環境中提供價格實惠的禮賓式會員制服務。2024 年第二季度，我們進一步推進了改善獨特經濟效益並重新特許經營絕大多數企業診所的策略。

We also continued to deliver growth even during the ongoing macroeconomic pressure. Q2 2024 revenue increased 3% and same-store's comps grew 2% compared to the prior year period. Q2 adjusted EBITDA was $2.1 million and in a moment, Jake will provide greater detail to our financials. To increase clinic profitability, we're embracing new innovation in operations, IT, and marketing that leverage the size of our network on national and local levels.

即使在持續的宏觀經濟壓力下，我們也繼續實現成長。與去年同期相比，2024 年第二季營收成長 3%，同店比較成長 2%。第二季調整後 EBITDA 為 210 萬美元，稍後，傑克將提供有關我們財務狀況的更多詳細資訊。為了提高診所的獲利能力，我們正在營運、IT 和行銷方面採用新的創新，充分利用我們在國家和地方層面的網路規模。

Turning to slide 4, I'll review the recent activity. As we approach having 1,000 clinics, we increased our purchasing power, which we were leveraging to the benefit of our clinics. For example, our unique economics task force created a clinic in-the-box to optimize the time and cost of our new openings. We redesigned interiors with lower cost material and sizes that can be shipped more economically.

轉到投影片 4，我將回顧最近的活動。隨著我們的診所數量接近 1,000 家，我們的購買力也隨之增強，我們可以利用這種購買力為我們的診所謀取利益。例如，我們獨特的經濟學工作小組創建了一個現成的診所，以優化我們新開業的時間和成本。我們使用更低成本的材料和尺寸重新設計了內飾，以便更經濟地運輸。

Now our vendor can produce and ship all the elements to open a clinic. We expect to both shorten the time to opening and significantly lower the build out cost. In IT, we're supporting more financial tools that help franchisees automate and manage their businesses. And our recent patient innovations include adjusting elements of our business model to better align with current consumer preferences.

現在，我們的供應商可以生產和運輸開設診所的所有要素。我們期望縮短開業時間並大幅降低建設成本。在 IT 領域，我們支援更多的金融工具，幫助加盟商實現業務自動化和管理。我們最近的患者創新包括調整我們的商業模式要素，以更好地符合當前消費者的偏好。

An important part of growing patient loyalty is creating a frictionless experience. While our patients love the convenience of our model, we've learned a subset of patients would like to schedule their first visit to ensure that they can get in, out, and on their way.

提高患者忠誠度的一個重要部分是創造無摩擦的體驗。雖然我們的患者喜歡我們模型的便利性，但我們了解到一部分患者希望安排他們的第一次就診，以確保他們可以進、出、上路。

To answer this need, and after testing earlier this year, we launched the initial visit booking system-wide last month. Patients who had booked their first visit indicated that booking was both a positive experience and important to their choosing the Joint.

為了滿足這一需求，經過今年稍早的測試，我們上個月在全系統範圍內推出了首次訪問預訂。首次預約就診的患者表示，預約不僅是積極的體驗，對他們選擇關節很重要。

We've extensively tested our enhanced digital intake forms now that enable new patients to use their own mobile devices when completing their intake form with a plan to roll this out system-wide later this month. Our trials have proven this process is easier and less time-consuming for patients as well as our wellness coordinators.

我們現在已經廣泛測試了增強型數位登記表，使新患者能夠在填寫登記表時使用​​自己的行動設備，並計劃於本月稍後在全系統範圍內推廣。我們的試驗證明，這個過程對病人和我們的健康協調員來說更容易、更省時。

We're aggressively developing our mobile check-in, and in Q4, we'll beta the app. Additionally, we'll be evaluating different membership options and policies. We're assessing pricing and discount strategies, such as our walk-in rate, changes to hours and days of operation, as well as our legacy pricing policy.

我們正在積極開發行動簽到，並在第四季度對應用程式進行測試。此外，我們將評估不同的會員選項和政策。我們正在評估定價和折扣策略，例如我們的預約價格、營運時間和天數的變化以及我們的舊定價政策。

Turning to slide 5, I'll review our refranchised goals and efforts. As discussed previously, we're focused on driving long-term growth by selecting the most effective partners for our refranchised clinics. In May, we engaged Capstone Partners, a full-service middle market investment bank with specialization in refranchising, and recently finalized the confidential information memorandum package for marketing clusters of our clinics. In the meantime, we've considerable interest in the number of markets.

轉向投影片 5，我將回顧我們的重新特許經營目標和努力。如前所述，我們致力於透過為我們的特許經營診所選擇最有效的合作夥伴來推動長期成長。5 月份，我們聘請了專門從事再特許經營的全方位服務中間市場投資銀行 Capstone Partners，並於最近完成了我們診所行銷集群的機密資訊備忘錄包。同時，我們對市場的數量非常感興趣。

Currently, two transactions with nine clinics have been approved and moving through the letter of intent process. In Savannah and Kansas City, these transactions will address two smaller clusters that we can tie to existing franchisees.

目前，與九家診所的兩筆交易已獲得批准並正在通過意向書流程。在薩凡納和堪薩斯城，這些交易將涉及兩個較小的集群，我們可以將它們與現有的特許經營商聯繫起來。

Also, based on earlier conversations during the quarter, we sold two clinics in California and Arizona to existing franchisees for net proceeds of $224,000. We're well on our way to generating capital to be reinvested in brand marketing, RD territory acquisitions, and/or stock purchases, among other options.

此外，根據本季早些時候的對話，我們將加州和亞利桑那州的兩家診所出售給現有特許經營商，淨收益為 224,000 美元。我們正在順利籌集資金，用於品牌行銷、研發領域收購和/或股票購買等再投資。

Turning to slide 6, I'll review our marketing efforts. In the last nine months, we've conducted significant research and formulated programs to amplify patient acquisition and retention, engage lab patients, increase referrals, and improve conversion and nutrition.

轉向投影片 6，我將回顧我們的行銷工作。在過去的九個月中，我們進行了重大研究並製定了計劃，以擴大患者的獲取和保留，吸引實驗室患者，增加轉診，並改善轉化和營養。

We realized we need to optimize our marketing investment to better support the marketing funnel and shift resources from lead generation toward consideration and awareness campaigns. This is an important adjustment to our marketing strategy as 49% of adults in the United States have never been to a chiropractor, even though 80% have back pain at some point in their lives.

我們意識到我們需要優化行銷投資，以更好地支援行銷管道，並將資源從潛在客戶開發轉向考慮和認知活動。這是對我們行銷策略的重要調整，因為 49% 的美國成年人從未看過脊椎按摩師，儘管 80% 的人在一生中的某個時刻患有背痛。

Similarly, while the Joint has 1.67 million active patients, which represents less than 1% of adults in the United States, we're constantly working to educate more people about the efficacy of chiropractic care.

同樣，雖然該關節有 167 萬活躍患者（不到美國成年人的 1%），但我們仍在不斷努力讓更多人了解脊椎矯正療法的功效。

Currently, we have first mover advantage and our goal is to make the Joint synonymous with chiropractic, like clinics is to tissue, as we focus on building our brand strategy that defines and leverages our unique strengths to grow clinic profitability and patient loyalty. Additionally, we know an important part of driving patient loyalty is affordability.

目前，我們擁有先發優勢，我們的目標是使關節療法成為脊椎按摩療法的代名詞，就像診所與組織一樣，我們專注於建立品牌策略，定義並利用我們獨特的優勢來提高診所的盈利能力和患者忠誠度。此外，我們知道提高患者忠誠度的一個重要因素是負擔能力。

In June, we began, offered our five plus one summer sale, giving our patients access to a free month of care when they purchased five months in advance. This promotion exceeded our expectations.

六月，我們開始提供五加一夏季促銷，讓我們的患者在提前五個月購買時獲得一個月的免費護理。這次促銷超出了我們的預期。

What makes these results even more impressive is in that year and for this year, the sale was not valid for legacy priced memberships. This exclusion is part of our ongoing commitment to drive clinic level profitability, and even without the discounting of legacy members, we had a strong demand for the promotion.

使這些結果更加令人印象深刻的是，當年和今年，促銷不適用於傳統價格的會員資格。這種排除是我們持續致力於提高診所水平盈利能力的一部分，即使沒有老會員的折扣，我們對促銷的需求也很強烈。

We've continued to work with our co-ops to provide a more robust marketing level strategy, leveraging what we know about those patients new to chiropractic and those not new to chiropractic with our behavior, we worked with our largest co-ops and implement new channels and tactics.

我們繼續與我們的合作社合作，提供更強大的行銷水平策略，利用我們對脊椎按摩療法新手和不熟悉脊椎按摩療法的患者的了解以及我們的行為，我們與最大的合作社合作並實施新的管道和策略。

This increase includes a TikTok spend market-wide to reduce costs and increase impressions, as well as the introduction of new channels aimed at driving awareness and consideration and lowering the patient acquisition costs.

這一成長包括 TikTok 在整個市場上的支出，以降低成本和增加印象，以及引入旨在提高認知度和考慮度並降低患者獲取成本的新管道。

Turning to slide 7, let's discuss our clinic metrics. In Q2, 2024, we opened nine franchise clinics, refranchised two clinics, and closed three clinics, one franchise and two corporates for a net increase of six clinics.

轉向投影片 7，讓我們討論一下我們的臨床指標。2024 年第二季度，我們開設了 9 家特許經營診所，重新特許經營 2 家診所，並關閉了 3 家診所、1 家特許經營店和 2 家公司，淨增加 6 家診所。

In the same period a year ago, we opened 23 franchised and three greenfield clinics, acquired three previously franchised clinics for a corporate portfolio and closed six clinics, four franchised and two corporates for a net increase of 20 clinics.

去年同期，我們開設了23 家特許經營診所和3 家新建診所，收購了3 家以前的特許經營診所以進行企業投資組合，並關閉了6 家診所、4 家特許經營診所和2 家公司診所，淨增加了20 家診所。

On June 30, 2024, our total clinic count reached 960, consisting of 829 franchised and 131 corporate. The clinic portfolio mix remains at 86% franchise and 14% company-owned or managed, although it's expected to shift during the year as we execute our refranchising strategy.

截至 2024 年 6 月 30 日，我們的診所總數達到 960 家，其中特許經營診所 829 家，企業診所 131 家。診所投資組合仍維持 86% 為特許經營權，14% 由公司擁有或管理，儘管隨著我們執行再特許經營策略，預計這一比例將在年內發生變化。

Turning to slide eight, I'll review our franchise license sales. As previously indicated, we expect franchise license sales to be impacted by our refranchising strategy. During Q2, we sold seven franchise licenses compared to 21 in Q2, 2023. Of the licenses sold, 73% of the franchisees were new to the Joint.

轉向第八張投影片，我將回顧我們的特許經營許可證銷售情況。如前所述，我們預計特許經營許可證銷售將受到我們的再特許經營策略的影響。在第二季度，我們出售了 7 個特許經營許可證，而 2023 年第二季度為 21 個。在已售出的許可證中，73% 的特許經營商是該聯合公司的新成員。

At June 30, 2024, we had 158 franchise licenses in active development, as well as 17 regional developers with an aggregate 10-year minimum development schedule for 674 clinics. In July, for approximately a $0.5, we reacquired the Maryland DC RD territory, with 17 opened clinics and a potential for another 31 clinics. This reduced the number of RDs to 16, and their coverage approximately 59% of the network. And with that, I'll turn it over to Jake.

截至 2024 年 6 月 30 日，我們擁有 158 個正在積極開發的特許經營許可證，以及 17 個區域開發商，總計 10 年最低開發計劃為 674 家診所。7 月，我們以大約 0.5 美元的價格重新收購了馬裡蘭州 DC RD 地區，其中開設了 17 家診所，並有可能再開設 31 家診所。這將 RD 的數量減少到 16 個，其覆蓋率約為網路的 59%。有了這個，我會把它交給傑克。

Thank you, Peter. And let's turn to slide 9. I'll review our clinic comps for Q2, 2024, compared to Q2, 2023. System-wide sales for all clinics opened for any amount of time increased to $129.6 million, up 8%. System-wide comp sales for all clinics opened 13 months, increased 2%. System-wide comp sales for mature clinics, opened 48 months or more, decreased 4%. Revenue was $30.3 million, up $1 million, or 3%. Revenue from franchised operations increased 10%, contributing $12.6 million.

謝謝你，彼得。讓我們轉向投影片 9。我將回顧 2024 年第二季與 2023 年第二季的臨床比較。所有開設時間不限的診所的全系統銷售額增至 1.296 億美元，成長 8%。所有開業 13 個月的診所的全系統補償銷售額增加了 2%。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 4%。收入為 3,030 萬美元，增加 100 萬美元，即 3%。特許經營業務收入成長 10%，貢獻 1,260 萬美元。

Company-owned or managed clinic revenue decreased 1%, contributing $17.7 million. Cost of revenues was $2.8 million, up 9% over the same period last year, reflecting the associated higher regional developer royalties and commissions.

公司擁有或管理的診所收入下降 1%，貢獻 1,770 萬美元。收入成本為 280 萬美元，比去年同期增長 9%，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 $5.4 million, up 15% year over year, reflecting the costs associated with the in-person national conference and the timing of advertising spend. Depreciation and amortization expenses decreased $805,000, or 35%, compared to the prior year period. This reflects the accounting for corporate clinics that are being held for sale as part of the refranchising efforts.

銷售和行銷費用為 540 萬美元，年增 15%，反映了與現場全國會議和廣告支出時間相關的成本。與去年同期相比，折舊和攤提費用減少了 805,000 美元，即 35%。這反映了作為再特許經營努力的一部分而出售的企業診所的會計處理。

The G&A expenses were $22.6 million, up 13%, compared to the same period last year, primarily due to the increased expense to support more clinics, plus $1.5 million in legal expenses associated with the class action settlement related to time and wages in the state of California, which reflects the ongoing complexity of doing business in California.

G&A 費用為 2260 萬美元，比去年同期增長 13%，主要是由於支持更多診所的費用增加，加上與州時間和工資相關的集體訴訟和解相關的 150 萬美元法律費用加利福尼亞州，這反映了在加州開展業務的持續複雜性。

Loss on disposition or impairment was $1.4 million, related to two corporate clinic closures, and our quarterly analysis of clinics held for sale as part of the refranchising effort. This compares to $144,000 in Q2, 2023. Income tax expense was $178,000, compared to income tax benefit of $161,000 in Q2, 2023.

處置或減損損失為 140 萬美元，與兩家公司診所的關閉以及我們對作為再特許經營工作一部分而待售的診所的季度分析有關。相比之下，2023 年第二季的銷售額為 144,000 美元。所得稅費用為 178,000 美元，而 2023 年第二季的所得稅優惠為 161,000 美元。

Net loss was $3.6 million, including the aforementioned $1.5 million litigation expense, $1.4 million in loss on disposition or impairment, and the expense associated with the in-person national conference for a loss of $0.24 per share. This compares to net loss of $320,000, including loss on disposition or impairment of $144,000, or a loss of $0.02 per share in Q2, 2023.

淨虧損為 360 萬美元，包括上述 150 萬美元的訴訟費用、140 萬美元的處置或減損損失，以及與現場全國會議相關的每股虧損 0.24 美元的費用。相比之下，2023 年第二季的淨虧損為 32 萬美元，包括處置或減損損失 14.4 萬美元，即每股虧損 0.02 美元。

Adjusted EBITDA was $2.1 million, compared to $3.2 million. Franchise clinic adjusted EBITDA was $4.7 million, compared to $5.1 million, reflecting the increased marketing expense related to the national conference.

調整後 EBITDA 為 210 萬美元，去年同期為 320 萬美元。特許經營診所調整後的 EBITDA 為 470 萬美元，而去年同期為 510 萬美元，反映出與全國會議相關的行銷費用增加。

Company-owned or managed clinic adjusted EBITDA increased 15% to $2.5 million. Corporate expense as a component of adjusted EBITDA was $5 million, compared to $4.1 million in Q2, 2023, reflecting ongoing IT maintenance and higher legal and professional service expenses related to our refranchising efforts.

公司擁有或管理的診所調整後 EBITDA 成長 15%，達到 250 萬美元。作為調整後 EBITDA 組成部分的公司費用為 500 萬美元，而 2023 年第二季為 410 萬美元，反映了持續的 IT 維護以及與我們的再特許經營相關的更高的法律和專業服務費用。

On to slide 10, to review our balance sheet and cash flow. At June 30, 2024, our unrestricted cash was $17.5 million, compared to $18.2 million at December 31, 2023. Cash flow from operations for the six-month period was $1.8 million.

前往投影片 10，回顧我們的資產負債表和現金流。截至 2024 年 6 月 30 日，我們的非限制性現金為 1,750 萬美元，而 2023 年 12 月 31 日為 1,820 萬美元。六個月期間的營運現金流為 180 萬美元。

In addition, the net proceeds of the sale of two clinics was partially offset by ongoing IT CapEx and a $2 million Q1 repayment on the line of credit with JPMorgan Chase. Through this facility, we have retained immediate access to $20 million through February of 2027.

此外，出售兩家診所的淨收益被持續的 IT 資本支出和摩根大通第一季 200 萬美元的信貸額度償還部分抵消。透過這項機制，我們可以在 2027 年 2 月之前立即獲得 2000 萬美元的資金。

On to slide 11, a review of our financial results for the six months ended June 30, 2024, compared to the same period in 2023. Revenue was $60 million, up 4%. Net loss was $2.6 million, including $1.8 million in loss on disposition or impairment, and aforementioned $1.5 million litigation expense and the cost of the in-person National Franchise Conference for a loss of $0.18 per share.

第 11 張投影片回顧了我們截至 2024 年 6 月 30 日的六個月的財務業績，與 2023 年同期相比。營收為 6 千萬美元，成長 4%。淨虧損為 260 萬美元，包括 180 萬美元的處置或減損損失，以及前面提到的 150 萬美元的訴訟費用和現場全國特許經營會議的費用，每股虧損 0.18 美元。

This compares to net income for the first half of 2023 of $2 million, which included the $3.9 million employee retention credit and $210,000 on loss of disposition or impairment, or $0.13 per diluted share. Adjusted EBITDA was $5.6 million, compared to $5.3 million in the same period of 2023.

相較之下，2023 年上半年的淨利潤為 200 萬美元，其中包括 390 萬美元的員工保留信貸和 21 萬美元的處置或減損損失，即稀釋後每股 0.13 美元。調整後 EBITDA 為 560 萬美元，而 2023 年同期為 530 萬美元。

On to slide 12, with the strong comps in July and anticipation of our fourth quarter promotions, we are reiterating all elements of our guidance. System-wide sales are expected to be between $530 million and $545 million, compared to $488 million in 2023.

在投影片 12 上，憑藉 7 月的強勁業績以及對第四季度促銷活動的預期，我們重申了指導的所有要素。全系統銷售額預計在 5.3 億至 5.45 億美元之間，而 2023 年為 4.88 億美元。

System-wide comp sales for all clinics open 13 months or more are expected to increase in the mid-single digits, compared to an increase of 4% in 2023. New franchise clinic openings, excluding the impact of refranchised clinics, are expected to be between 60 and 75, compared to 104 in 2023. The difference reflects the impact of our refranchising efforts. And with that, I'll turn the call back over to you, Peter.

所有開業 13 個月或以上的診所的全系統補償銷售額預計將出現中個位數成長，而 2023 年增幅為 4%。排除重新特許經營診所的影響，新開的特許經營診所預計將在 60 至 75 家之間，而 2023 年將有 104 家。這種差異反映了我們的再特許經營努力的影響。這樣，我會將電話轉回給你，彼得。

Thanks, Jake. In late May at our annual Franchisee Conference, we discussed strategies to increase clinic profitability and recognize clinics with outstanding performance. Our conference theme, Inspire, Influence, and Imagine, captured the passion of our franchisees, RDs, and employees.

謝謝，傑克。五月下旬，在我們的年度特許經營商會議上，我們討論了提高診所盈利能力並表彰表現出色的診所的策略。我們的會議主題「啟發」、「影響」和「想像」激發了我們的加盟商、研發人員和員工的熱情。

As franchising is like-minded people building a brand, we're thrilled to be partnered with some of the most talented franchisees and doctors of chiropractic in the United States. During our 2024 awards ceremony, we honored over 180 inspirational clinics that generated over $750,000 in 2023. This compares to recognizing 14 high-performing clinics with sales exceeding $550,000 in 2015.

由於特許經營是志同道合的人建立品牌，我們很高興能與美國一些最有才華的特許經營商和脊椎按摩醫生合作。在 2024 年頒獎典禮上，我們表彰了 180 多家鼓舞人心的診所，這些診所在 2023 年的收入超過 75 萬美元。相比之下，2015 年有 14 家業績優異的診所銷售額超過 55 萬美元。

This year's award winners included 56 gold clinics with sales between a $1 million and $1.49 million, a marked increase from the only one clinic at this level in 2017. And this year, we honored two platinum clinics with sales over $1.5 million. Part of the success is attributed to the substantial improvement in our chiropractic community's perception of the Joint.

今年的獲獎者包括 56 家金牌診所，其銷售額在 100 萬美元至 149 萬美元之間，比 2017 年僅有一家該級別的診所顯著增加。今年，我們授予兩家銷售額超過 150 萬美元的白金診所。成功的部分原因在於我們的脊椎矯正治療界對關節的看法有了顯著改善。

Since 2018, we've taken action to influence the views of chiropractic care in general and the Joint in particular. We've endeavored to forge better relationships with the chiropractic schools and associations and have educated them about our model, our commitment to patient service, and our mission to improve quality of life through routine and affordable chiropractic care.

自 2018 年以來，我們已採取行動影響人們對脊椎矯正治療尤其是關節的看法。我們努力與脊椎按摩學校和協會建立更好的關係，並向他們介紹我們的模式、我們對患者服務的承諾以及我們透過常規且負擔得起的脊椎按摩護理來提高生活品質的使命。

Now, with a growing number of joint doctors participating in the school's preceptorship programs, which mentors undergraduate doctors of chiropractic, is increasingly sought after. We also foster these relationships by providing support for educational, athletic, and relief programs.

現在，隨著越來越多的聯合醫生參與學校的導師計劃，該計劃指導脊椎按摩學本科醫生，越來越受到追捧。我們也透過為教育、體育和救濟計畫提供支援來促進這些關係。

Between 2018 and May 2024, the Joint has donated over $1 million dollars to the chiropractic schools, including a recent student scholarship endowment. We've grown to be the largest provider of information on chiropractic on the internet, which contributes to the fact that over 36% of our new patients in 2023 had never been to a chiropractor before. This also means around 65% have chosen the Joint over other providers.

2018 年至 2024 年 5 月期間，該聯合會向脊椎按摩學校捐贈了超過 100 萬美元，其中包括最近的學生獎學金捐贈。我們已成長為網路上最大的脊椎按摩治療資訊供應商，這導致 2023 年超過 36% 的新患者以前從未見過脊椎按摩師。這也意味著大約 65% 的人選擇了聯合服務而不是其他提供者。

Now I'll look to the future. With our better relationships and enhanced marketing, we're approaching having 1,000 clinics open. The more clinics we open, the more patients we serve, the more referrals we receive, and the more people we educate about the power and efficacy of chiropractic.

現在我將展望未來。憑藉更好的關係和加強的營銷，我們即將開設 1,000 家診所。我們開設的診所越多，我們服務的患者就越多，我們收到的轉診就越多，我們對脊椎按摩療法的力量和功效進行教育的人就越多。

Currently, about 16% of the adults in the US have utilized chiropractic care in the last year, according to the Palmer Gallup study. Imagine what would happen to our business when under these numbers, we reach 18% or 20% and beyond. That's when chiropractic care becomes a mainstream choice, and we truly begin to experience that exponential growth. As more and more people discover chiropractic care, our reach is boundless.

根據帕爾默蓋洛普研究，目前，大約 16% 的美國成年人在去年接受過脊椎矯正治療。想像一下，如果在這些數字下，我們達到 18% 或 20% 甚至更高，我們的業務將會發生什麼。那時脊椎矯正成為主流選擇，我們真正開始經歷指數級增長。隨著越來越多的人發現脊椎矯正療法，我們的影響力是無限的。

In summary, in 2024, our highest priorities are refranchising the corporate clinics and improving unit economics. Through streamlined operations, resource optimization, and continuous improvement, we expect to maximize profitability at the unit level while delivering exceptional experiences to our patients. Before we begin, I'd like to invite you to visit us at the B. Riley Seventh Annual Consumer and TMT Conference in New York City in September. And with that, Nick, I'm ready to begin the Q&A.

總之，到 2024 年，我們的首要任務是重新特許經營企業診所並改善單位經濟效益。透過簡化營運、資源優化和持續改進，我們期望最大限度地提高單位層面的獲利能力，同時為患者提供卓越的體驗。在我們開始之前，我想邀請您參加 9 月在紐約市舉行的 B. Riley 第七屆年度消費者和 TMT 會議。尼克，我準備好開始問答了。

(Operator Instructions) JP Wollam, ROTH Capital Partners.

（操作員指令）JP Wollam，ROTH Capital Partners。

Great. Hi, Peter, hi, Jake, thanks for taking my questions here. If we could maybe just start on the refranchising, not sure exactly kind of what you want to share or how much you'll share on the process, but I'm just hoping, we're a bit into the process here. And I think maybe the number of refranchises is a little lower than where we might have thought at this point in time.

偉大的。嗨，彼得，嗨，傑克，謝謝你在這裡提出我的問題。如果我們可以開始重新特許經營，不確定你想分享什麼，或者你會在這個過程中分享多少，但我只是希望，我們有點參與這個過程。我認為重新特許經營的數量可能比我們目前想像的要少一些。

But I was hoping you could maybe just talk about how the conversations are going. It sounds like you've got a couple more units that are about to be under LOI. But just talk broadly about, you know, are you finding more success with existing franchisees? Are people looking to do just larger scale transactions that are taking more time? Any details and kind of information you could share about the process would be great.

但我希望你能談談談話的進展。聽起來您還有幾個單位即將處於意向書之下。但只是廣泛地談論一下，你知道，你是否在現有的特許經營商身上找到了更多的成功？人們是否只想進行需要更多時間的大規模交易？如果您能分享有關該過程的任何細節和資訊類型，那就太好了。

Sure. It's good to talk with you. The process has probably taken a little longer than we would expect it. I would have loved to be further along in this process than we are. And it's really a combination. So we have that portfolio of roughly 131 clinics that we've broken up into clusters. We're talking to our existing franchisees who want to pick up maybe a couple of clinics that are around them.

當然。很高興與你交談。這個過程可能比我們預期的要長一些。我希望在這個過程中比我們走得更遠。這確實是一個組合。因此，我們擁有大約 131 家診所的投資組合，我們已將它們分成多個集群。我們正在與我們現有的特許經營商交談，他們可能想要選擇他們周圍的幾家診所。

The reason we went into the relationship with Capstone is to really widen the market. And you do have a number of multi-unit operators out there that are looking to diversify and invest in other franchise concepts. And they are looking for that larger cluster of clinics.

我們與 Capstone 建立合作關係的原因是為了真正拓寬市場。確實有許多多單位運營商正在尋求多元化並投資其他特許經營概念。他們正在尋找更大的診所群。

And so that it's taking us some time to put together the SIM that we're using to market the program. And so, we're really now very aggressively starting to market to some of those larger players. And at the same time, we have a couple of very large players in our own system that are also interested in the acquisition of clinics. So it has taken a little longer than anticipated.

因此，我們需要一些時間來組裝用於行銷該程式的 SIM 卡。因此，我們現在確實非常積極地開始向一些較大的參與者行銷。同時，我們自己的系統中有幾個非常大的參與者也對收購診所感興趣。所以花費的時間比預期的要長一些。

I think that there is obviously a lot of interest in these clinics. These are well-performing clinics. So this isn't a fire cell where we're just trying to get them off the books. These are valuable assets that we obviously want to put in the hands of the franchisees who can most effectively run them. And so I think those are the real drivers of this process that we're going through.

我認為顯然人們對這些診所很感興趣。這些都是表現良好的診所。所以這不是一個火力小組，我們只是想把它們從帳本上抹去。這些都是寶貴的資產，我們顯然希望將它們交到能夠最有效地經營它們的特許經營商手中。所以我認為這些是我們正在經歷的這個過程的真正驅動力。

Great. That's very helpful. If we jump over to the innovation and the conversation around the changes to the box and some of the IT innovation, if maybe I could focus a little bit more on the box, and I think you made a comment about reducing costs and reducing time to open. Could you just maybe share -- is there any way to quantify, I guess, what the impact would be on -- maybe on a cash-on-cash return basis going forward or any way that you can quantify the impact?

偉大的。這非常有幫助。如果我們跳到創新以及圍繞盒子的變化和一些 IT 創新的對話，如果我可以更多地關注盒子，我想你發表了關於降低成本和減少時間的評論。您能否分享一下——我想，有沒有什麼方法可以量化影響會產生什麼——也許是在現金回報的基礎上，或者有什麼方法可以量化影響？

Well, I'm not really ready to give out specific numbers, but what we've done is that we've really streamlined the whole process of the build-out of the clinic. So we truly have -- whereas before, first of all, our build-out is relatively simple. And so this isn't, you know, a QSR where we have a lot of equipment that's required to open up the clinic. I mean, it's really a very simple operation, but we have, for example, been building the front desk, which is a big segment of the build-out, individually for each clinic.

嗯，我還沒有準備好給出具體數字，但我們所做的是，我們確實簡化了診所建設的整個過程。所以我們確實做到了——而之前，首先，我們的構建相對簡單。所以，你知道，這不是一個 QSR，我們擁有開設診所所需的大量設備。我的意思是，這確實是一個非常簡單的操作，但例如，我們一直在為每個診所單獨建造前台，這是擴建的很大一部分。

Now what we've done is we've streamlined that process so it's modular, so that it's easy to ship, and it can -- you don't have to have it built uniquely for each of the clinics that open. And we've really looked at every element of what is part of that build-out and tried, looked at ways that we can either streamline it, lower its cost, make it easier to install.

現在我們所做的是簡化了該流程，使其成為模組化的，以便於運輸，並且它可以 - 您不必為每個開設的診所專門構建它。我們確實研究了該擴建的每一個要素，並嘗試、研究了我們可以簡化它、降低成本、使其更易於安裝的方法。

And so in that case, we're being able to lower the cost. And also we had all these different elements, whether they were tables or the desks of your building, coming from different vendors. And so that when you're trying to consolidate that or you're trying to get your ship to the location of the clinic, that's increasing your cost. So we've really reduced significantly the shipping costs associated with the build-out.

因此在這種情況下，我們能夠降低成本。而且我們還擁有來自不同供應商的所有這些不同元素，無論它們是建築物的桌子還是桌子。因此，當您嘗試整合該服務或嘗試將您的船運送到診所所在地時，這會增加您的成本。因此，我們確實顯著降低了與擴建相關的運輸成本。

And then because this is all consolidated, you can really build that clinic out in a faster manner. So is that faster by a month or two months? We'll see as we go forward with this program. But we're really excited about what that does for streamlining the process of getting these clinics open and at a lower cost.

然後，因為這一切都得到了整合，所以您可以真正以更快的方式建立該診所。那麼快一個月還是兩個月呢？我們將在推進該計劃時拭目以待。但我們真的很興奮，這對於簡化這些診所以較低的成本開放的過程有何幫助。

Okay, understood. And if I could slide one last one in, just on maybe this is for Jake, but just in terms of the comp improvements in the back half of the year to kind of get us to that mid-single digit, I would think maybe it sounds like July was performing well. I think there's maybe a little bit of an easier comp in Q3, but are there any kind of meaningful levers that are needing to be pulled to kind of get to comp guidance in the back half? Or is it really the easier comp and then the seasonal promotions that you mentioned?

好的，明白了。如果我可以滑入最後一個，也許這是給傑克的，但就下半年的比賽改進而言，讓我們達到中個位數，我想也許是這樣聽起來七月表現不錯。我認為第三季的比賽可能會更容易一些，但是是否需要採取任何有意義的槓桿才能在後半段獲得比賽指導？或者它真的是更容易的補償然後是你提到的季節性促銷嗎？

Yeah, I think you've got most of the pieces there. July did start off strong with us. We posted a greater than 5% comp for the system with our franchisees closer to 6%. So happy to see how the third quarter is starting out. Really from a lever's perspective, it's really, like you mentioned, a softer Q3 in the 2023 period. So we're rolling over an easier comp there.

是的，我想你已經掌握了大部分內容。七月對我們來說確實是個強勁的開始。我們為該系統發布了超過 5% 的補償，而我們的特許經營商則接近 6%。很高興看到第三季的開始。實際上，從槓桿的角度來看，正如您所提到的，2023 年第三季確實會更加疲軟。所以我們在那裡推出一個更簡單的組合。

Theoretically, we always perform well in terms of our fourth quarter promotions that are planned. But as Peter mentioned, we're consistently looking at the pricing levers to see if that's something that we need to touch base with.

理論上，我們在計劃的第四季度促銷活動中總是表現良好。但正如彼得所提到的，我們一直在關注定價槓桿，看看這是否是我們需要接觸的東西。

So those are potentials that we're in evaluation mode right now, looking at whether the legacy policy, walk-in pricing, things of that nature. So we have those levers at our disposal. And then, always the ability to layer on an incremental promotion should we need a little bit of a boost, so, mostly, levering with the existing things that you mentioned.

因此，這些都是我們現在處於評估模式的潛力，看看是否有遺留政策、預約定價等類似性質的東西。所以我們可以使用這些槓桿。然後，如果我們需要一點點提升，那麼總是能夠進行增量促銷，因此，主要是利用您提到的現有事物。

CJ Dipollino, Craig Hallum Capital Group.

CJ Dipollino，克雷格哈勒姆資本集團。

Hey, guys, CJ Dipollino, on for Jeremy Hamblin. I want to touch again on the refranchising. Sounds like you're just starting to get going with some of these larger transactions. I want to see, is there a world where you get any of these larger transactions done in 2024, or are you looking more out towards next year?

嘿，夥計們，CJ Dipollino 替補 Jeremy Hamblin。我想再談談重新特許經營的問題。聽起來您剛開始處理其中一些較大的交易。我想看看，您是否會在 2024 年完成這些較大的交易，或者您會更期待明年？

Ideally, we'd like to see as much done in the end of 2024 as possible. And the larger the deal, typically, the more due diligence you're doing, the little more difficult the time it takes to get everybody aligned on price and legal structure, so that we are now pushing as hard as possible to make all these deals complete.

理想情況下，我們希望在 2024 年底前完成盡可能多的工作。通常，交易規模越大，您所做的盡職調查就越多，讓每個人在價格和法律結構上保持一致所需的時間就越困難，因此我們現在正在盡最大努力推動所有這些交易完全的。

It's also hard on the system to have these clinics open up for sale, but you want to minimize the time this is going to take, just because of the uncertainty that creates for your employees and outside the floor while support. So, can we get everything done by the end of the year? Can we get significant things done by the year? I think it's possible. Will this go into 2025? I think it's probable.

讓這些診所開放出售對系統來說也很困難，但您希望最大限度地減少這所需的時間，因為在支援時會給您的員工和場外人員帶來不確定性。那麼，我們能在年底前完成所有工作嗎？我們能在今年完成重要的事情嗎？我認為這是可能的。這會持續到 2025 年嗎？我認為這是有可能的。

Yeah, CJ, the only thing I would layer on there is, we have taken considerable amount of time to create an exceptionally detailed SIM, and we've had a lot of time now to kind of get the work rooms and the due diligence materials in place.

是的，CJ，我唯一要強調的是，我們花了相當多的時間來創建一個非常詳細的 SIM，而且我們現在有很多時間來獲得工作室和盡職調查材料就位。

And so, we feel confident that as we have strong interest, we've put together a lot of the materials and resources to streamline that process as best that we can. But as Peter mentioned, larger transactions by nature are going to take a little bit more time.

因此，我們有信心，由於我們有濃厚的興趣，我們已經匯集了大量的材料和資源，以盡可能簡化流程。但正如彼得所提到的，較大的交易本質上會花費更多的時間。

Got it, okay, that makes sense. And then, moving towards comps and more specifically, traffic, a lot of peers have called out sort of slowing traffic starting in May, going into June. Could you maybe just give a little color on the cadence of comps through Q2?

明白了，好吧，有道理。然後，轉向比較，更具體地說，轉向流量，許多同行都呼籲從 5 月開始到 6 月流量會有所放緩。您能否對第二季度比賽的節奏進行一些說明？

Yeah. We did see a slowing of comps throughout the quarter. A little bit nuanced for us in this particular quarter, as Peter mentioned in his prepared remarks. We have a promotion that we run in June, which is a forward buy promotion. So our patients are buying six months of care for the price of five, if you will. And so, that recurred year-over-year.

是的。我們確實看到整個季度的業績放緩。正如彼得在他準備好的演講中提到的那樣，在這個特定的季度對我們來說有點微妙。我們在 6 月舉辦了一項促銷活動，這是一項預購促銷活動。因此，如果您願意的話，我們的患者可以以 5 個月的價格購買 6 個月的護理服務。因此，這種情況逐年重複出現。

But as Peter mentioned, we did not honor any of our legacy pricing as it relates to that promotion. So what that meant for us in this particular period was that we had a slightly lower uptake in terms of people capitalizing on the promotion.

但正如彼得所提到的，我們沒有遵守任何與促銷相關的傳統定價。因此，在這個特定時期，這對我們來說意味著利用促銷活動的人們的參與度略有下降。

But what that does for us is means they stay on their current plan and then their recurring billings roll in to the proceeding months that follow. So really kind of a push out of some revenue period over period, which I think resulted in the slightly lower comp for June, and I think it's helping us here in July, which I mentioned the strong comps that we've seen so far.

但這對我們來說意味著他們堅持當前的計劃，然後他們的經常性帳單將滾入接下來的幾個月。因此，確實是一段時期內某些收入的推動，我認為這導致了6 月份的比較略有下降，而且我認為這對我們7 月份的情況有所幫助，我提到了迄今為止我們所看到的強勁的比較。

(Operator Instructions) Nick Sherwood, Maxim Group.

（操作員說明）Nick Sherwood，Maxim Group。

Good evening. My question is, can you talk about the loss in sales for the mature clinic comps? And are you seeing that rebound in July or are you seeing a lot of that expected comp sales growth to be from new clinics?

晚安.我的問題是，您能談談成熟診所比較的銷售損失嗎？您是否看到了 7 月的反彈，或者您是否看到預期的銷售成長大部分來自新診所？

Yeah, all of our comp metrics improved in July. As it relates to the results for the quarter, Q1, we posted a 3% total system comp, negative 3% for mature, and each of those metrics fell by 1% in the second quarter. So, 2% for the system, negative 4% as it relates to the mature clinics.

是的，我們所有的比較指標在 7 月都有所改善。由於與第一季的業績相關，我們發布了 3% 的總系統比較，成熟的負 3%，並且每個指標在第二季度都下降了 1%。因此，系統為 2%，與成熟診所相關的是負 4%。

And so, as we look at the KPI build, what drives the growth sales of our clinics, the softness that we continue to see is in that new patient metric. If we're getting them in the door, we're still converting at a great rate. And our attrition is as good as it's ever been.

因此，當我們審視關鍵績效指標（KPI）的建構時，推動我們診所銷售成長的因素，我們繼續看到新的患者指標出現疲軟。如果我們讓他們進來，我們的轉換率仍然很高。我們的人員流失情況一如既往地好。

So it's really just that new patient traffic that we're trying to consistently draw. And that's really where we saw the headwind and have seen the headwind in recent periods. So, a sequential down 1%, still posted a 2% comp in a tough consumer environment out there. And we have seen a nice rebound here in July.

所以我們一直在努力吸引新的患者流量。這確實是我們看到逆風的地方，最近一段時間也看到了逆風。因此，儘管環比下降了 1%，但在嚴峻的消費環境下，仍實現了 2% 的同比增長。我們在七月看到了良好的反彈。

So do you have any plans going forward to stabilize the comp sales for these mature clinics? Or do you think we're still going to look at contraction going through the rest of the year for the mature clinics?

那麼，您未來有什麼計劃來穩定這些成熟診所的補償銷售嗎？或者您認為我們仍會關注成熟診所今年剩餘時間的收縮情況嗎？

No, absolutely. That was some of the things we talked about. So, for example, we've seen some really great success with what we're calling our initial visit bookings. So, that instead of just coming in as a new patient, you can now actually book an appointment. And we find that has significantly increased the new patient counts in the clinics that have been testing with that. And we're now rolling that out across the system, that we are looking at really all of the different ways that we market this business to those new patients and to our existing patients, and one of the areas we've been focused on is those lapse patients.

不，絕對是。這是我們談論的一些事情。例如，我們在所謂的首次訪問預訂方面取得了巨大的成功。因此，您現在可以實際預約，而不僅僅是作為新患者來就診。我們發現，已經進行過測試的診所的新患者數量顯著增加。我們現在正在整個系統中推廣這一點，我們正在研究向新患者和現有患者推銷這項業務的所有不同方式，我們一直關注的領域之一是那些失效的病人。

We talked about we have 1.67 million active users. And a lot of those are lapse patients. They could be just walk-ins. They could be people that we can kind of re-contact using some automated marketing programs that we put in place to be able to bring them in earlier after they've dropped.

我們談到我們有 167 萬活躍用戶。其中很多都是失效患者。他們可能只是臨時過來的。他們可能是我們可以使用一些自動化行銷計劃重新聯繫的人，我們實施這些計劃以便能夠在他們離開後儘早將他們帶入。

Because we know that the average patient stays with us on membership for about six months. We also know that 25% of them will be back in the next six months because their pain comes back. We think through this automated marketing, we can specifically try to draw those in earlier.

因為我們知道，普通患者以會員資格在我們這裡停留大約六個月。我們也知道，其中 25% 的人會在接下來的六個月內回來，因為他們的疼痛又回來了。我們認為透過這種自動化行銷，我們可以專門嘗試更早吸引這些人。

And because of those mature clinics that have such a huge membership base and a whole number of patients who've been through those clinics, is they have a greater base of potential patients through and back in than a newer clinic. So we think that could significantly help our older clinics as we continue to go through this kind of economic uncertainty with our patient base.

由於那些成熟的診所擁有如此龐大的會員基礎和大量曾就診過這些診所的患者，因此與新診所相比，它們擁有更多的潛在患者。因此，我們認為，隨著我們的患者群體繼續經歷這種經濟不確定性，這可以極大地幫助我們的舊診所。

Understood. Thank you. And my last question is, how are you managing your sales and marketing spend going into this third quarter and beginning of the fourth quarter with the presidential election, and which generally you see advertising expenses going up. And I don't -- and so how are you making sure that you're getting these promotions out there without overspending on adding customers because of these higher advertising costs?

明白了。謝謝。我的最後一個問題是，您如何管理第三季和第四季初總統選舉期間的銷售和行銷支出，您通常會看到廣告費用上漲。我不知道——那麼你如何確保你在進行這些促銷活動時不會因為廣告成本較高而在增加客戶方面花費過多呢？

Sure, I mean, you have to really think about the full funnel in terms of how we drive new patient traffic. As a healthcare services business, we have a lot of referral traffic, and that really isn't at the whim of advertising price points. The largest channel for us probably right now is in the digital space. And so we may see that from an overall dollars perspective, whether it'd be our national marketing fund spend or those of our co-ops, right.

當然，我的意思是，你必須真正考慮我們如何推動新患者流量的整個管道。作為一家醫療保健服務企業，我們擁有大量的推薦流量，而這實際上並不是廣告價格點的突發奇想。目前我們最大的管道可能是數位空間。因此，我們可能會從整體美元的角度來看，無論是我們的國家行銷基金支出還是我們合作社的支出，對吧。

Each of our franchise units has a requirement to spend as much as $3,000 per month per clinic on their local advertising. And so, as we go through this cycle, I think could we see some slightly higher uptick, but again, a lot of that doesn't flow through our corporate P&Ls, and we have a lot of channels in the mix in terms of how we disperse that marketing spend.

我們的每個特許經營單位都要求每個診所每月在當地廣告上花費高達 3,000 美元。因此，當我們經歷這個週期時，我認為我們可能會看到一些略高的上升，但同樣，很多都不會流經我們的公司損益表，而且我們在如何組合方面有很多渠道我們分散營銷支出。

And some of these new channels like TikTok or Programmatic, we've done some work with influencers that are in some ways a little outside of that traditional spend that is being so absorbed by the national elections. So it is something that we're watching carefully, but we do have a whole series of these other venues, especially in the digital space, to be able to spend and generate those new patients.

在一些新管道中，例如 TikTok 或程序化，我們與有影響力的人做了一些工作，這些人在某種程度上有點超出了全國選舉所吸收的傳統支出。因此，我們正在仔細觀察這一點，但我們確實擁有一系列其他場所，特別是在數位空間中，以便能夠花費和產生這些新患者。

Thank you. This concludes our question-and-answer session. I'd like to turn the call back over to Mr. Peter Holt for closing remarks.

謝謝。我們的問答環節到此結束。我想將電話轉回給 Peter Holt 先生做總結發言。

Thank you very much. In April, we announced the Joint Influencer Campaign, which athletes would share their own authentic stories about how chiropractic helps them to enhance their athletic performance. And we're excited to report that one of the joint influencers, track and field athlete, Cherie Hawkins, qualified for the 2024 Olympics in Paris.

非常感謝。四月，我們宣布了共同影響者活動，運動員將分享他們自己的真實故事，了解脊椎矯正如何幫助他們提高運動表現。我們很高興地報告，共同影響者之一、田徑運動員 Cherie Hawkins 獲得了 2024 年巴黎奧運會的資格。

At the US Olympic team trials in Eugene, Oregon, Cherie finished second in Heptathlon with a career high. In addition, she achieved personal records in three of the seven events, the 800-meter run, the Javelin, and the Shot Put. Please join me in cheering on Cherie and all the athletes of the Paris Olympics. Thank you and stay well adjusted.

在俄勒岡州尤金市舉行的美國奧運代表隊選拔賽中，切麗在七項全能比賽中獲得第二名，創下生涯新高。此外，她在800公尺跑、標槍、鉛球這7個項目中的3個項目中創造了個人紀錄。請和我一起為切麗和巴黎奧運的所有運動員加油。謝謝你並保持良好的調整。

Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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。