Joint Corp (JYNT) 2024 Q3 法說會逐字稿

Good day, and welcome to The Joint Corp. third-quarter 2024 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. 2024 年第三季財務業績電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to David Barnard, LHA Investor Relations. Please go ahead.

我現在想將會議交給 LHA 投資者關係部的 David Barnard。請繼續。

Thank you, Wyatt, and good afternoon, everyone. This is David Barnard of Alliance Advisors Investor Relations. Joining us on the call today are President and CEO, Sanjiv Razdan; and CFO, Jake Singleton. Please note, we are using a slide presentation that can be found at https/ir.thejoint.com under Events.

謝謝懷亞特，大家下午好。我是聯盟顧問投資者關係部的戴維‧巴納德 (David Barnard)。今天加入我們電話會議的還有總裁兼執行長 Sanjiv Razdan；和首席財務官傑克·辛格頓。請注意，我們使用的是幻燈片簡報，您可以在 https/ir.thejoint.com 的「活動」下找到該簡報。

Today, after the close of the market, The Joint Corporation issued its results for the quarter ended September 30, 2024. If you do not already have a copy of this press release, it can be found in the Investor Relations section of the company's website.

今天收盤後，聯合公司發布了截至 2024 年 9 月 30 日的季度業績。如果您還沒有本新聞稿的副本，可以在公司網站的投資者關係部分找到。

As provided on slide 2, 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. All statements other than statements of historical facts may be considered forward-looking statements.

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》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。

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. Actual results may differ materially from those expressed or implied in forward-looking statements due to various risks and uncertainties.

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。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。

As a result, we caution you against placing undue reliance on these forward-looking statements. 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 Forms 10-K and 10-Q as well as other reports the company files from time to time with the SEC.

因此，我們提醒您不要過度依賴這些前瞻性陳述。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 表格和 10-Q 表格以及其他報告中詳細說明的風險因素。報告公司文件。

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 our results or publicly release any updates to these forward-looking statements in light of new information or future events. Management uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures. 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 than GAAP measures alone. Reconciliation of net income to EBITDA and adjusted EBITDA is presented in the press release.

管理層認為，與單獨的 GAAP 指標相比，它們可以更透明地了解公司的基本營運績效和營運趨勢。新聞稿中介紹了淨利潤與 EBITDA 和調整後 EBITDA 的調節。

The company defines EBITDA as net income or loss before net interest, tax expense, depreciation and amortization expenses. The company defines adjusted EBITDA as EBITDA before acquisition-related expenses, which includes contract termination costs associated with reacquired regional developer rights, stock-based compensation expense, bargain 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 out of the ordinary course of our business and other income related to the employee retention credits.

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。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、討價還價購買收益、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，包括我們正常業務過程中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 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's now my pleasure to turn the call over to Sanjiv Razdan.

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，現在我很高興將電話轉給 Sanjiv Razdan。

Thank you, David, and I welcome everyone to the call. I'm excited to meet you today for my first conference call with The Joint. I'd like to begin by reviewing why I joined the company. I was approached about The Joint because of my background. I have extensive experience leading successful multisite consumer service companies and franchise businesses.

謝謝你，大衛，我歡迎大家參加電話會議。我很高興今天能與大家見面，參加我與 The Joint 的第一次電話會議。我想先回顧一下我加入公司的原因。由於我的背景，有人向我詢問了 The Joint 的事宜。我擁有領導成功的多站點消費者服務公司和特許經營企業的豐富經驗。

I leverage my strategic business acumen and branding expertise to drive growth and sustainable profitability. I use my passion for energizing teams and building strong cultures to support franchisees and employees. Most recently, I served as President of Americas and India for The Coffee Bean & Tea Leaf, which has 1,200 cafes operating in 30 countries.

我利用我的策略商業頭腦和品牌專業知識來推動成長和永續獲利。我利用我對激發團隊活力和建立強大文化的熱情來支持特許經營商和員工。最近，我擔任 The Coffee Bean & Tea Leaf 的美洲和印度總裁，該公司在 30 個國家/地區擁有 1,200 家咖啡館。

I was responsible for my division's cafe, consumer packaged goods and e-commerce operations and led their business transformation. By developing strong franchise relationships, repairing unit level margins, and transforming the culture, my division delivered its strongest EBITDA results in over a decade.

我負責本部門的咖啡館、消費品和電子商務運營，並領導他們的業務轉型。透過發展強大的特許經營關係、修復單位層面的利潤以及轉變文化，我的部門實現了十多年來最強勁的 EBITDA 業績。

Similarly, as COO at Sweetgreen, I helped lead rapid growth while also optimizing the operating platform to ensure efficiency and improve unit level profitability. And at Applebee's, as Senior Vice President and COO, I led the turnaround of the portfolio, which was 1,800-plus restaurants, predominantly franchise-owned across all 50 states.

同樣，作為 Sweetgreen 的首席營運官，我幫助領導了快速成長，同時優化了營運平台，以確保效率並提高單位層面的獲利能力。在 Applebee's，作為高級副總裁兼首席營運官，我領導了投資組合的轉型，該投資組合擁有 1,800 多家餐廳，主要是遍布 50 個州的特許經營餐廳。

When I was approached about The Joint, I was immediately interested in learning more because of my personal connection. I am a chiropractic care enthusiast. A few years ago, while at the gym, I threw my back out. For several months, I tried traditional medicine but got little to no comfort.

當有人向我詢問 The Joint 的事宜時，由於我的個人關係，我立即產生了了解更多資訊的興趣。我是一名脊椎按摩治療愛好者。幾年前，當我在健身房時，我摔倒了。幾個月來，我嘗試了傳統醫學，但幾乎沒有得到任何安慰。

Finally, with some skepticism, I tried chiropractic care. I recovered fully with this noninvasive treatment, and now I am a believer who gets adjusted regularly for general good health.

最後，帶著一些懷疑，我嘗試了脊椎矯正療法。透過這種非侵入性治療，我完全康復了，現在我是一個定期調整以保持整體健康的信徒。

So I began to research The Joint franchise concept. I was impressed by the scale of the business, the first-mover advantage, and most importantly, the white space for market growth, both in the US and internationally. Also, I was inspired by the clinic economic model and the potential to leverage our core competencies and infrastructure as a platform over time and our ability to increase profitability and create shareholder value.

所以我開始研究聯合特許經營的概念。該公司的業務規模、先發優勢以及最重要的是美國和國際市場成長的空白空間給我留下了深刻的印象。此外，我還受到診所經濟模式的啟發，以及隨著時間的推移利用我們的核心能力和基礎設施作為平台的潛力，以及我們提高盈利能力和創造股東價值的能力。

My findings indicated that although The Joint may be experiencing some near-term market headwinds, the opportunities for growth are compelling. This enticed me to accept the CEO role to lead The Joint into our next phase of growth.

我的研究結果表明，儘管 The Joint 近期可能會遇到一些市場阻力，但成長機會卻十分引人注目。這促使我接受執行長的角色，帶領 The Joint 進入下一階段的發展。

As you can imagine, for the past 3.5 weeks, I have been asked quite a bit about my plans. While I joined with some ideas, my perspective is expanding as I meet our team. I will conduct my first 100 days business immersion prior to making significant changes. I will meet and listen to franchisees, regional developers, doctors of chiropractic, wellness coordinators, and our corporate employees.

正如你所想的，在過去的 3.5 周里，我被問了很多關於我的計劃的問題。雖然我提出了一些想法，但隨著我認識我們的團隊，我的視野正在擴大。在做出重大改變之前，我將進行第一個 100 天的業務沉浸。我將與特許經營商、區域開發商、脊椎按摩醫生、健康協調員和我們的公司員工會面並聽取他們的意見。

I will learn details of the operations and our capabilities, then I will analyze data and rank a variety of initiatives based on their potential business impact and return on investment. While the Board has granted me the latitude to redesign our strategic plan, I can clearly state we are continuing to drive ahead with refranchising.

我將了解營運和我們能力的詳細信息，然後分析數據並根據各種計劃的潛在業務影響和投資回報對其進行排名。雖然董事會授予我重新設計我們策略計畫的自由度，但我可以明確表示我們將繼續推動再特許經營。

Turning to slide 4, it is also important to know I am dedicated to elevating patient care, strengthening clinic economics, driving innovation in everything we do, and building people capability and culture. As a result, I am confident we will increase profitability and create shareholder value. Turning to slide 5, as noted, I am committed to executing our refranchising efforts with the intent of reinvesting the capital raised into The Joint.

轉向投影片 4，了解我致力於提升病患照護、加強診所經濟效益、推動我們所做的一切創新以及培養人員能力和文化也很重要。因此，我相信我們將提高獲利能力並創造股東價值。轉向投影片 5，如前所述，我致力於執行我們的再特許經營工作，旨在將籌集的資金重新投資到 The Joint。

It's a great opportunity to simplify and grow our business, focus on our franchisees, their clinic economics, and drive shareholder value. We are far along in marketing most of the corporate clinics. We have seen broad interest. We will continue to pursue transactions with existing and new franchisees.

這是一個簡化和發展我們的業務、專注於我們的特許經營商、他們的診所經濟並提高股東價值的絕佳機會。我們在大多數企業診所的營銷方面都取得了長足的進步。我們看到了廣泛的興趣。我們將繼續與現有和新的特許經營商進行交易。

Regarding the two transactions announced last quarter, these were with existing franchisees for nine clinics in Savannah and Kansas City. They entered LOIs and now are in the process of conducting due diligence.

關於上季宣布的兩筆交易，這些交易是與薩凡納和堪薩斯城九家診所的現有特許經營商進行的。他們已提交意向書，目前正在進行盡職調查。

Turning to slide 6, I'll start our marketing review. Our biggest consumer challenge is to increase new patient counts. We will do this through stronger lead generation and lead conversion. Our team has been focused on improving the patient experience to increase new patient lead conversion.

轉到投影片 6，我將開始我們的行銷回顧。我們最大的消費者挑戰是增加新患者數量。我們將透過更強大的潛在客戶產生和潛在客戶轉換來實現這一目標。我們的團隊一直致力於改善患者體驗，以提高新患者線索轉換率。

After positive feedback and testing this summer, our team rolled out the initial visit bookings platform to the first 500 clinics and the results are strong. The initial visit bookings platform has enabled the scheduling of new patients' intake sessions. Qualitatively, we are exceeding our marks. New patients have indicated they feel seen, heard and well cared for. This has translated into quantitative success.

經過今年夏天的正面回饋和測試，我們的團隊向前 500 家診所推出了初步預約平台，效果非常好。初次就診預約平台可以安排新病患的就診時間。從品質上來說，我們已經超出了我們的標準。新患者表示，他們感覺自己被看見、被聽到並且得到了很好的照顧。這已轉化為數量上的成功。

While we don't intend to provide this data on an ongoing basis, today, I'd like to note new patient digital lead conversion increased from 46% in July to 49% in September. With this data, we will continue the rollout of the initial visit bookings to all of our clinics. To create a frictionless new patient process, we are working to enable them to complete our enhanced digital intake forms using their own mobile devices.

雖然我們不打算持續提供這些數據，但今天我想指出的是，新患者數位化線索轉換率從 7 月的 46% 增加到 9 月的 49%。有了這些數據，我們將繼續向所有診所推出首次就診預訂。為了創建一個無摩擦的新患者流程，我們正在努力讓他們能夠使用自己的行動裝置完成我們增強的數位化入院表格。

After extensive testing, we began the rollout in late August. Patients are reporting greater satisfaction with the process, and wellness coordinators are pleased to focus time on positive patient interactions. Also, regarding our user experience improvement, we are continuing to diligently work on our first consumer-facing mobile app.

經過廣泛的測試，我們在八月下旬開始推出。患者對這一過程更加滿意，健康協調員很高興將時間集中在積極的患者互動上。此外，在改善用戶體驗方面，我們正在繼續努力開發我們的第一個面向消費者的行動應用程式。

This will enable in-clinic check-in. Patients will be able to see which doctors of chiropractic are present in clinic, and it will serve as a channel for patient education as well. We intend to continue to update the mobile app with new features over time.

這將啟用診所內登記。患者將能夠看到哪些脊椎按摩醫生在診所，這也將作為患者教育的管道。我們打算隨著時間的推移繼續更新行動應用程式的新功能。

Turning to slide 7, I'll review our new patient acquisition efforts. To improve brand awareness and lead generation, we are shifting marketing spend to the top of the funnel. We have been working on initiatives to improve efficacy of our paid media and co-op strategies. This includes a shift in spend within test market on Google's Performance Max platform.

轉向投影片 7，我將回顧我們新的病患獲取工作。為了提高品牌知名度和潛在客戶開發，我們正在將行銷支出轉移到漏斗的頂部。我們一直致力於提高付費媒體和合作策略的效率。這包括 Google 效果最大化平台測試市場內支出的變化。

The platform follows our key audiences across Google properties, leveraging a mix of ad types based on the specific channel. It is showing fantastic interaction metrics, and we have started to accelerate rolling out this program within the system. Additionally, we are optimizing the creative content to drive relevance with these new audiences. Now we are marketing to both switchers from other providers and the people new to chiropractic itself.

該平台追蹤我們在 Google 資產中的主要受眾，利用基於特定管道的混合廣告類型。它顯示了出色的互動指標，我們已經開始加速在系統內推出該計劃。此外，我們正在優化創意內容，以提高與這些新受眾的相關性。現在，我們正在向其他提供者的轉用者和脊椎按摩療法的新手進行行銷。

Finally, we are evaluating pricing options. In time for our Black Friday special on Black Friday in November, we plan to introduce new pricing for our walk-in rate. Additionally, we are reviewing membership levels, packages and legacy policies for potential updates.

最後，我們正在評估定價選項。為了趕上 11 月黑色星期五的黑色星期五特別活動，我們計劃為我們的預約價格引入新的定價。此外，我們正在審查會員等級、套餐和舊政策以進行潛在更新。

In 2025, we plan to further build our patient lifetime value in addition to growing our patient base. With that, I'll turn the call to Jake.

到 2025 年，除了擴大患者基礎之外，我們還計劃進一步打造患者終身價值。這樣，我就把電話轉給傑克。

Thanks, Sanjiv. And turning to slide 9, let's discuss our clinic metrics. In Q3 2024, we opened 14 franchise clinics and refranchised one clinic. We continue to experience a closure rate of less than 1% of our portfolio with 11 clinic closures in the quarter.

謝謝，桑吉夫。轉向投影片 9，讓我們討論一下我們的臨床指標。2024 年第三季度，我們開設了 14 家特許經營診所，並重新特許經營 1 家診所。我們的投資組合的關閉率繼續低於 1%，本季有 11 家診所關閉。

This included three franchise clinics that are being relocated and reopened later as well as three nontraditional corporate clinics that were part of the Army & Air Force Exchange Service development test.

這包括三個正在搬遷並稍後重新開放的特許經營診所，以及作為陸軍和空軍交換服務開發測試一部分的三個非傳統企業診所。

In Q3 2024, we had a net increase of three clinics compared to six in Q2 2024. On September 30, 2024, our total clinic count reached 963 with 838 franchise clinics and the portfolio mix shifting to 87% franchised, 1 percentage point higher than last quarter.

2024 年第三季度，我們淨增加了 3 家診所，而 2024 年第二季度為 6 家。截至 2024 年 9 月 30 日，我們的診所總數達到 963 家，其中有 838 家特許經營診所，投資組合組合轉變為 87% 為特許經營，比上季度高 1 個百分點。

Turning to slide 10, I'll review franchise license sales. As previously indicated, we expect franchise license sales to be impacted by our refranchising strategy. During Q3, we sold seven franchise licenses compared to seven in Q2 2024. This quarter, 43% of the franchise license buyers were new to The Joint.

轉向投影片 10，我將回顧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。第三季度，我們出售了 7 個特許經營許可證，而 2024 年第二季度為 7 個。本季度，43% 的特許經營許可證買家是 The Joint 的新買家。

As previously announced in July, we reacquired the Maryland, DC regional developer territory rights for approximately $500,000. It had 17 clinics open and the potential for another 31 clinics. At September 30, 2024, we had 16 regional developers, and their coverage is approximately 57% of the network. At quarter end, we had 148 franchise licenses in active development.

正如之前在 7 月宣布的那樣，我們以約 50 萬美元的價格重新獲得了馬裡蘭州特區的區域開發商領土權利。目前已開放 17 家診所，並有可能再開設 31 家診所。截至2024年9月30日，我們有16家區域開發商，他們的覆蓋率約為網路的57%。截至季末，我們擁有 148 個正在積極開發的特許經營許可證。

Turning to slide 11, I'll review our financial results for Q3 2024 compared to Q3 2023. System-wide sales for all clinics opened for any amount of time increased to $129.3 million, up 8%. System-wide comp sales for all clinics opened 13 months increased 4%. System-wide comp sales for mature clinics opened 48 months or more decreased 2%, both improved 200 basis points over Q2 2024.

轉向投影片 11，我將回顧我們 2024 年第三季與 2023 年第三季的財務表現。所有開設時間不限的診所的全系統銷售額增至 1.293 億美元，成長 8%。所有開設 13 個月的診所的全系統補償銷售額增加了 4%。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 2%，均比 2024 年第二季提高了 200 個基點。

Revenue was $30.2 million, up $725,000 or 2%. Revenue from franchise operations increased 9%, contributing $12.7 million, reflecting the increased number of clinics in operation. Company-owned or managed clinic revenue decreased 2%, contributing $17.5 million, reflecting improved same-store sales growth in newer clinics, partially offset by fewer clinics in operation.

營收為 3,020 萬美元，成長 725,000 美元，即 2%。特許經營業務收入成長 9%，貢獻 1,270 萬美元，反映出營運診所數量的增加。公司擁有或管理的診所收入下降 2%，貢獻 1,750 萬美元，反映出新診所的同店銷售成長有所改善，但部分被營運診所的減少所抵消。

Cost of revenues was $2.8 million, up 8% over the same period last year, reflecting the associated higher regional developer royalties and commissions. Selling and marketing expenses were $4.8 million, up 11% year over year, reflecting the timing of the advertising spend.

收入成本為 280 萬美元，比去年同期增長 8%，反映出相關地區開發商特許權使用費和佣金的增加。銷售和行銷費用為 480 萬美元，年增 11%，反映了廣告支出的時機。

Depreciation and amortization expenses decreased $1.1 million or 47% compared to the prior year period, reflecting the accounting for corporate clinics that are being held for sale as part of the refranchising efforts. G&A expenses were $20.8 million compared to $20.2 million in the same period last year, reflecting the lower utilities and facilities costs due to the continued refranchising efforts.

折舊和攤銷費用與去年同期相比減少了 110 萬美元，即 47%，反映了作為再特許經營努力的一部分而待售的企業診所的會計處理。一般管理費用為 2,080 萬美元，而去年同期為 2,020 萬美元，反映出持續的再特許經營努力導致公用事業和設施成本降低。

Loss on disposition or impairment was $3.8 million related to the quarterly analysis of clinics held for sale as part of the refranchising efforts compared to $905,000 in Q3 2023. Income tax expense was $63,000 compared to income tax benefit of $188,000 in Q3 2023.

作為再特許經營努力的一部分，與待售診所的季度分析相關的處置或減損損失為 380 萬美元，而 2023 年第三季為 905,000 美元。2023 年第三季所得稅支出為 63,000 美元，而所得稅優惠為 188,000 美元。

Net loss was $3.2 million, including $3.8 million in loss on disposition or impairment or a loss of $0.21 per share. This compares to net loss of $716,000, including loss on disposition or impairment of $905,000 or a loss of $0.05 per share in Q3 2023.

淨虧損為 320 萬美元，其中包括 380 萬美元的處置或減損損失或每股虧損 0.21 美元。相比之下，2023 年第三季的淨虧損為 716,000 美元，包括處置或減損損失 905,000 美元或每股虧損 0.05 美元。

Adjusted EBITDA was $2.4 million compared to $2.9 million. Franchise clinic adjusted EBITDA increased 9% to $5.8 million. Company-owned or managed clinic adjusted EBITDA increased 3% to $2.1 million. Corporate expense as a component of adjusted EBITDA was $5.5 million compared to $4.5 million in Q3 2023.

調整後 EBITDA 為 240 萬美元，去年同期為 290 萬美元。特許經營診所調整後 EBITDA 成長 9%，達到 580 萬美元。公司擁有或管理的診所調整後 EBITDA 成長 3%，達到 210 萬美元。作為調整後 EBITDA 組成部分的公司費用為 550 萬美元，而 2023 年第三季為 450 萬美元。

On to slide 12, I'll review our balance sheet and cash flow. At September 30, 2024, our unrestricted cash was $20.7 million compared to $18.2 million at December 31, 2023. Cash flow from operations for the nine-month period was $5.3 million.

在投影片 12 上，我將回顧我們的資產負債表和現金流。截至 2024 年 9 月 30 日，我們的非限制性現金為 2,070 萬美元，而 2023 年 12 月 31 日為 1,820 萬美元。這九個月期間的營運現金流為 530 萬美元。

The net proceeds of the sale of three clinics were offset by ongoing IT CapEx and the $2 million Q1 repayment on the line of credit with JPMorgan Chase. Through this facility, we've retained immediate access to $20 million through February of 2027.

出售三個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所抵消。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 13 for a review of our financial results for the nine months ended September 30, 2024, compared to the same period 2023. Revenue was $90.2 million, up 4%. Net loss was $5.8 million, including $5.6 million in loss on disposition or impairment and the Q2 $1.5 million litigation expense or a loss of $0.39 per share.

請前往投影片 13，查看我們截至 2024 年 9 月 30 日的九個月的財務表現與 2023 年同期的比較。營收為 9,020 萬美元，成長 4%。淨虧損為 580 萬美元，包括 560 萬美元的處置或減損損失以及第二季 150 萬美元的訴訟費用或每股虧損 0.39 美元。

This compares to net income for the same period in 2023 of $1.3 million, including the $3.9 million net employee retention credit and $1.1 million of loss on disposition or impairment or $0.09 per diluted share. Adjusted EBITDA was $8.1 million compared to $8.2 million in the prior year period.

相較之下，2023 年同期的淨利潤為 130 萬美元，包括 390 萬美元的淨員工保留信貸和 110 萬美元的處置或減損損失，即每股稀釋股份 0.09 美元。調整後 EBITDA 為 810 萬美元，去年同期為 820 萬美元。

On to slide 14, as a result of the ongoing consumer headwinds that are impacting our clinic economics, we're adjusting all elements of our guidance. System-wide sales are expected to be between $525 million and $535 million compared to $488 million in 2023. System-wide comp sales for all clinics opened 13 months or more are expected to increase between 3% to 4% compared to an increase of 4% in 2023.

在投影片 14 上，由於持續的消費者逆風影響了我們的診所經濟，我們正在調整指導的所有要素。全系統銷售額預計將在 5.25 億美元至 5.35 億美元之間，而 2023 年為 4.88 億美元。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增加 3% 至 4%，而 2023 年增幅為 4%。

New franchise clinic openings, excluding the impact of refranchised clinics, are expected to be between 55 and 60 compared to 104 in 2023. The difference reflects the impacts of our refranchising efforts. In 2025, we believe the consumer market will improve, yet franchise license sales and clinic openings are likely to be less than 2024 as we work through the impact of our refranchising efforts and the economic headwinds over the last two years.

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 55 至 60 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。到 2025 年，我們相信消費市場將會改善，但隨著我們努力應對過去兩年的再特許經營和經濟逆風的影響，特許經營許可證銷售和診所開業數量可能會低於 2024 年。

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

這樣，我會將電話轉回給你，Sanjiv。

Thanks, Jake. Turning to slide 15, in October, The Joint chiropractic network proudly celebrated our 25th anniversary of revolutionizing access to chiropractic care by providing affordable, concierge-style, membership-based services in convenient retail settings.

謝謝，傑克。轉向幻燈片 15，10 月份，聯合脊椎按摩療法網絡自豪地慶祝了我們通過在便利的零售環境中提供價格實惠、禮賓式、會員制服務徹底改變脊椎按摩護理獲取方式 25 週年。

In addition, we have been consistently recognized on the Annual Franchise Tank's Top 400 list for over five years. In 2024, we were recognized in the top 200 for our third year at position 150, moving up a significant 18 spots over last year. I believe that being a patient-centric company will make us a stronger franchise-focused company.

此外，我們五年多來一直被評為年度特許經營坦克 400 強名單。2024 年，我們連續第三年進入前 200 名，排名第 150 位，比去年大幅上升 18 位。我相信，成為一家以患者為中心的公司將使我們成為一家更強大、以特許經營為中心的公司。

Our patient satisfaction, our longevity, and our franchise performance awards are a testament to the value and opportunity of quality chiropractic care and our franchise concept. Our long-term opportunities far exceed our near-term market headwinds. I am very encouraged by the talented and committed team members that I am meeting.

我們的患者滿意度、我們的長壽和我們的特許經營業績獎證明了優質脊椎按摩療程的價值和機會以及我們的特許經營理念。我們的長期機會遠遠超過近期的市場阻力。我所遇到的才華洋溢、忠誠的團隊成員讓我深受鼓舞。

With the power behind The Joint franchise concept, refranchising and our strategies to improve clinic economics and drive growth, I am confident we will emerge a stronger company. We are the chiropractic care category leader. With over 960 clinics, our scale dominates the market and is several hundred units larger than the copycats and other competitors combined.

憑藉聯合特許經營理念、再特許經營以及我們改善診所經濟和推動成長的策略背後的力量，我相信我們將成為一家更強大的公司。我們是脊椎矯正治療類別的領導者。我們擁有超過 960 家診所，規模在市場上佔據主導地位，比模仿者和其他競爭對手的總和還要大數百個單位。

We have created a premier nationwide brand with a presence in 41 states, the District of Columbia and Puerto Rico, and we intend to leverage this asset base to expand into the white space in the US market and potentially internationally as well.

我們創建了一個全國領先的品牌，業務遍及 41 個州、哥倫比亞特區和波多黎各，我們打算利用這項資產基礎擴展到美國市場的空白區域，並可能擴展到國際市場。

With $8.5 billion being spent out of pocket annually on chiropractic care in the US, we have a very large opportunity, of which we have approximately a 1% market share. We expect to capture more market share, especially as we continue to improve our attractive asset-light franchise model.

美國每年在脊椎矯正治療上花費 85 億美元，我們擁有非常大的機會，我們約佔 1% 的市場份額。我們期望獲得更多的市場份額，特別是在我們繼續改進有吸引力的輕資產特許經營模式的情況下。

I look forward to elaborating on our go-forward strategy when we report fourth quarter 2024 results. In the meantime, to drive increasing profitability and create shareholder value, our decisions will be consistent with our guiding principles of elevating patient care, strengthening clinic economics, driving innovation in everything we do, and building people capability and culture.

我期待在我們報告 2024 年第四季業績時詳細闡述我們的前進策略。同時，為了提高獲利能力並創造股東價值，我們的決策將符合我們的指導原則，即提高病患照護水準、加強診所經濟效益、推動我們所做的一切創新以及培養人員能力和文化。

Before we begin questions, I'd like to invite you to meet us at the ROTH Deer Valley Conference in December. And with that, operator, I'm ready to begin Q&A.

在我們開始提問之前，我想邀請您在 12 月的羅斯鹿谷會議上與我們見面。接線員，我已經準備好開始問答了。

(Operator Instructions) George Kelly, ROTH Capital.

（操作員指令）喬治·凱利，羅斯資本。

Hi, everyone. Thanks, and Sanjiv, congrats on the new role.

大家好。謝謝，Sanjiv，祝賀你擔任新角色。

Thank you.

謝謝。

First question, I was hoping -- this is for Sanjiv. You mentioned in your prepared remarks that you're taking pricing, I think, and contemplating taking additional pricing, it sounded like. I was curious if you could go through those sort of various levers. And on a sort of all-in basis, how significant do you expect the pricing changes to be?

我希望第一個問題是問 Sanjiv 的。您在準備好的發言中提到，我認為您正在定價，並考慮採取額外定價，聽起來像是這樣。我很好奇你是否可以通過這些不同的槓桿。整體而言，您預計價格變動會有多大？

Yes. So the way that our pricing construct works, we have a new patient price that we leverage as part of our marketing efforts to make sure we demonstrate how incredible value our proposition is. We have a walk-in price after that, but the predominant volume of our patients come through a recurring revenue model, where there is an opportunity for patients to access some kind of a package price or a subscription price.

是的。因此，我們的定價結構的工作方式是，我們有一個新的患者價格，我們將其作為行銷工作的一部分，以確保我們展示我們的主張有多麼令人難以置信的價值。之後我們有一個預約價格，但我們的大部分患者來自經常性收入模式，患者有機會獲得某種套餐價格或訂閱價格。

The pricing that we are taking is on the component of walk-in prices. And what that does, in addition to giving us some incremental revenue, will make our recurring revenue packages even more attractive to our patients. So we're very excited about the impact of that.

我們採取的定價是步入式價格的一部分。除了為我們帶來一些增量收入之外，這也將使我們的經常性收入方案對我們的患者更具吸引力。因此，我們對其影響感到非常興奮。

And correct me if I'm wrong, I thought you also hinted that you're contemplating taking maybe legacy pricing or there was something else maybe I misheard.

如果我錯了，請糾正我，我想你也暗示你正在考慮採用傳統定價，或者還有其他我可能聽錯的事情。

As part of my 100-day immersion and learning the business, we will be evaluating all levers available to us, including all aspects of pricing. And I think we're evaluating what might be the most effective way of being true to our mission of providing affordable chiropractic care, but also maximizing the potential for revenue. So we're looking at all of those levers.

作為我 100 天沉浸和學習業務的一部分，我們將評估我們可用的所有槓桿，包括定價的各個方面。我認為我們正在評估什麼是最有效的方式來實現我們的使命，即提供負擔得起的脊椎按摩治療，同時最大限度地提高收入潛力。所以我們正在研究所有這些槓桿。

Okay. Understood. And then second topic I was hoping to cover is just the ongoing consumer headwinds and the guide down in comp growth. Can you be a little more specific what you've seen just maybe since -- I think July, you mentioned on the last conference call that comps accelerated. So I'm curious what you saw in August and September and maybe what you've seen so far this quarter as well.

好的。明白了。我希望討論的第二個主題是持續的消費者逆風和公司成長的下滑。您能否更具體地介紹一下您可能自 7 月以來所看到的情況，您在上次電話會議上提到了比較加速。所以我很好奇你在八月和九月看到了什麼，也許還有本季到目前為止你看到了什麼。

Yes. We did see comps cool a little bit within the quarter. Again, some economic headwinds there, obviously, the election going on. I think it's still just an interesting time for us and still -- we've been experiencing that over the last couple of years. So we did see a slight cooling of that.

是的。我們確實看到本季的業績有所降溫。顯然，選舉正在進行中，那裡再次出現了一些經濟阻力。我認為這對我們來說仍然是一個有趣的時刻，並且在過去幾年中我們一直在經歷這一點。所以我們確實看到了這種情況的輕微降溫。

We did launch a promotion in the October time frame that we're very excited about the opportunities and how that might flow through over time. Just a slight revision downward from that low side really just to be prudent and provide a better construct moving forward.

我們確實在 10 月的時間範圍內推出了一項促銷活動，我們對這些機會以及隨著時間的推移如何實現這一點感到非常興奮。只是從較低的一側稍微向下修正，只是為了謹慎起見，並提供一個更好的前進結構。

Okay. And then last one for me is just on refranchising. Could you give us an update just on -- I don't know if there's kind of new issues or challenges that you're facing in the process. Maybe it's the pricing still just sort of isn't there or not to what your expectations were or the Capstone. Just any kind of added detail on timing with respect to the process?

好的。最後一個對我來說就是關於重新特許經營。您能否向我們介紹最新情況——我不知道您在過程中是否遇到了新的問題或挑戰。也許定價仍然不存在，或者不符合您的期望或頂點。只是關於該過程的時間安排的任何附加細節嗎？

Yes. At this stage, I am just wrapping my arms around what we've done thus far, how we've approached it, and making sure that I feel confident to give you a more specific response to the timing at a later date. So I'm still playing, sort of just in the phase of just learning what's happening. But over time, we'll be able to share more with you on our refranchising efforts.

是的。在這個階段，我只是專注於我們迄今為止所做的事情，我們是如何處理它的，並確保我有信心在稍後的時間給你一個更具體的答案。所以我還在玩，只是處於了解正在發生的事情的階段。但隨著時間的推移，我們將能夠與您分享更多有關我們的再特許經營工作的資訊。

Yes, George, I think the only thing I would add is the timing in which we received our indication of interest, right? Capstone did their full marketing. We did receive a number of indication of interest. We are in the process of starting those management presentations to the bidders.

是的，喬治，我想我唯一要補充的是我們收到興趣表示的時間，對嗎？Capstone 進行了全面的行銷。我們確實收到了一些興趣的跡象。我們正在開始向投標者進行管理演示。

Obviously, with the CEO transition, we wanted to take a step back and allow those potential groups to meet Sanjiv and go through that process. So a little bit of a delay there, and we'll continue allowing Capstone to work through their process and continue that with full force.

顯然，隨著執行長的過渡，我們希望退後一步，讓那些潛在的群體與 Sanjiv 會面並完成這個過程。因此，有一點延遲，我們將繼續允許 Capstone 完成他們的流程，並全力繼續下去。

Understood. Thank you.

明白了。謝謝。

Jeff Van Sinderen, B. Riley FBR.

Jeff Van Sinderen，B. Riley FBR。

Yes. And let me say welcome, Sanjiv. I guess sort of a couple of things, and I realize you've only been there a really short time, and these are tough questions. But maybe you could just give us a little more on what you've learned so far and I guess what you're leaning into to be most focused on in your first 100 days? And then I have some follow-ups to that.

是的。讓我說歡迎，桑吉夫。我猜想有幾件事，我意識到你只在那裡待了很短的時間，這些都是棘手的問題。但也許您可以向我們多介紹一下您到目前為止所學到的知識，我猜您在前 100 天裡最關注的是什麼？然後我對此有一些後續行動。

Yes. First of all, thank you, Jeff. I appreciate it. I'm really finding my time here very enjoyable and enriching. I think, as you know, I've been in 3.5 weeks, but the distillation of that is what I had shared in the four principles, which is, right, we're in the -- our mission is to provide affordable and accessible patient care.

是的。首先，謝謝你，傑夫。我很感激。我真的發現在這裡的時光非常愉快和豐富。我想，正如你所知，我已經 3.5 週了，但這就是我在四項原則中所分享的，這就是我們的使命是提供負擔得起且易於獲得的服務病人護理。

We have to elevate patient care. I think for me, that's number one. I think strengthening clinic economics is at the core of every franchise. The stronger that will be, the better off we're going to be. Our franchisees are going to be happier. So I think that is the second area of focus.

我們必須提高患者護理水準。我認為對我來說，這是第一位的。我認為加強診所經濟是每個特許經營的核心。越強大，我們的日子就會越好。我們的加盟商將會更加高興。所以我認為這是第二個重點領域。

I think the third thing is that we live in a world where we've got to constantly innovate around all aspects of what we do, and we're certainly going to be fueling more innovation going forward. And last but certainly not the least, we have to continue to invest behind building culture and capability across our network. So those are the focus areas for me as I learn more as part of my first 100 days.

我認為第三件事是，我們生活在一個必須圍繞我們所做工作的各個方面不斷創新的世界，而且我們肯定會在未來推動更多的創新。最後但並非最不重要的一點是，我們必須繼續投資於整個網路的文化和能力建構。因此，這些是我在前 100 天學習更多內容時關注的重點領域。

Okay. That's fair. And then just since you mentioned innovation, are there other services that you might be thinking about adding to clinics? And I know you talked about becoming a platform. I'm just curious what your thinking is around that, what you might layer out of the platform. And again, I realize it's only a few weeks.

好的。這很公平。那麼，既然您提到了創新，您是否可能正在考慮在診所中添加其他服務？我知道你談到要成為一個平台。我只是好奇你對此有何想法，你可能會從平台中分層出什麼。我再次意識到這只是幾週的時間。

Yes, thank you for recognizing that. I think even before I joined The Joint, right, one took an opportunity to study the category. And I think two things popped out at me before I came here. One was that chiropractic care itself has evolved over time, right? And there are clinical treatments available today that have evolved from previous years.

是的，感謝您認識到這一點。我認為即使在我加入 The Joint 之前，人們就抓住了研究這一類別的機會。我想在我來這裡之前有兩件事突然出現在我的腦海裡。一是脊椎矯正療法本身隨著時間的推移而發展，對嗎？如今可用的臨床治療方法是在前幾年的基礎上發展起來的。

So I think that's one. Secondly, I think when I look at the landscape, clearly, there are certain opportunities for us to leverage around our core infrastructure and think of what might be adjacencies that are worth -- that would add shareholder value for us should we contemplate being a platform.

所以我認為這是一個。其次，我認為，當我審視情況時，顯然，我們有一定的機會利用我們的核心基礎設施，並思考哪些可能是有價值的鄰接——如果我們考慮成為一個平台，這將為我們增加股東價值。

That was before I came into the business, certainly evaluating all levers for growth. Now that I'm in the business, I think I'm, again, taking time to see it from the inside, learn what's happening. And we'll be able to give you a more informed opinion when we speak next as part of the quarter four conversation.

那是在我進入這個行業之前，當然評估了所有成長槓桿。現在我進入了這個行業，我想我再次花時間從內部觀察，了解正在發生的事情。當我們接下來在第四季度對話中發言時，我們將能夠為您提供更明智的意見。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to CEO, Sanjiv Razdan, for any closing remarks.

（操作員說明）我們的問答環節到此結束。我想將會議轉回執行長桑吉夫·拉茲丹 (Sanjiv Razdan) 發表閉幕詞。

Thank you for joining us. I look forward to getting to know you at conferences and non-deal roadshows. Have a good day and know that at The Joint, we always have your back.

感謝您加入我們。我期待在會議和非交易路演中認識您。祝您有美好的一天，並知道在 The Joint，我們始終為您提供支持。

The conference has 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。