Joint Corp (JYNT) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to The Joint Corporation fourth quarter and year-end 2024 financial results conference call. All participants will be in a listen-only mode (Operator Instructions) Please note that this event is being recorded.

下午好，歡迎參加聯合公司 2024 年第四季和年終財務業績電話會議。所有參與者將處於只聽模式（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Kirsten Chapman, Alliance Advisors, Investor Relations. Please go ahead, ma’am.

現在，我想將會議交給聯盟顧問、投資者關係部門的 Kirsten Chapman。請繼續，女士。

Thank you, Nick. Good afternoon, everyone. This is Kirsten Chapman of Alliance Advisors Investor Relations. Joining us on the call today are President and CEO, Sanjiv Razdan; and CFO, Jake Singleton.

謝謝你，尼克。大家下午好。我是 Alliance Advisors 投資者關係部門的 Kirsten Chapman。今天參加電話會議的有總裁兼執行長 Sanjiv Razdan；和財務長傑克辛格頓（Jake Singleton）。

Please note, we are using a slide presentation that can be found at ir.thejoint.com. Today, after the close of the market, The Joint issued its results for the quarter and year ended December 31, 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.

請注意，我們正在使用可以在 ir.thejoint.com 上找到的幻燈片簡報。今天，市場收盤後，The Joint 發布了截至 2024 年 12 月 31 日的季度和年度業績。如果您還沒有本新聞稿的副本，您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 that 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所定義的前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述。

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 out to have been correct.

儘管公司認為這些前瞻性聲明中反映的預期和假設是合理的，但無法保證這些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陳述中表達或暗示的結果有重大差異。因此，我們警告您不要過度依賴這些前瞻性陳述。

For a discussions 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.

有關可能導致實際結果與前瞻性陳述中表達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 表和 10-Q 表報告中詳細說明的風險因素以及公司不時向美國證券交易委員會提交的其他報告。

Finally, any forward-looking statements included in this earnings call that 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.

最後，本次收益電話會議中包含的任何前瞻性陳述均僅在本次電話會議之日做出，我們不承擔根據新資訊或未來事件修改我們的結果或公開發布這些前瞻性陳述的任何更新的義務。

The results of operations of the corporate clinics business segment have been classified as discontinued operations for all periods discussed, and the following comments represent continuing operations unless otherwise stated.

企業診所業務部門的經營績效在所有討論期間均被歸類為停止經營，除非另有說明，以下評論代表持續經營。

Management uses EBITDA and adjusted EBITDA, which are non-financial measures. These are presented because they are important measures used by management to assess financial performance. Management believes they provide a more transparent view of the company's underlying operating performance and operating trends than GAAP measures alone. Reconciliation of net income to EBITDA and adjusted EBITDA is presented in the press release.

管理層使用 EBITDA 和調整後的 EBITDA，它們是非財務指標。之所以呈現這些指標，是因為它們是管理階層用來評估財務表現的重要指標。管理層認為，與單獨的 GAAP 指標相比，它們可以更透明地反映公司的基本經營業績和經營趨勢。新聞稿中介紹了淨收入與 EBITDA 以及調整後 EBITDA 的對帳情況。

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 impairments, costs related to restatement filings, restructuring costs, litigation expenses, consisting of legal and related fees for specific proceedings that arise outside 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、稅金費用、折舊及攤銷費用前的淨利或虧損。本公司將調整後的 EBITDA 定義為扣除收購相關費用前的 EBITDA，其中包括與重新獲得的區域開發商權利相關的合約終止費用、股票薪酬費用、廉價購買收益、處置或減值的淨損益、與重述文件相關的成本、重組成本、訴訟費用（包括在正常業務範圍之外產生的具體訴訟的法律費用和相關費用）以及其他收入與員工保留相關的資金

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 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.

管理也包括常見的績效指標。全系統銷售額包括所有診所的收入，無論是由公司經營還是由特許經營商經營。雖然特許經營銷售額不被公司記錄為收入，但管理層認為這些資訊對於了解公司的業績很重要，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 revenues from both company-owned or managed clinics and franchise clinics that in each case have been open for at least 13 or 48 full months and exclude any clinics that have been closed.

全系統可比銷售額包括公司自有或管理的診所以及特許經營診所的收入，這些診所均已開業至少 13 個月或 48 個月，不包括已關閉的診所。

Turning to Slide 3, it's my pleasure to turn the call over to Sanjiv Razdan. Please go ahead, sir.

翻到幻燈片 3，我很高興將電話轉給 Sanjiv Razdan。先生，請繼續。

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

謝謝你，Kirsten，我歡迎大家來參加電話會議。

Turning to Slide 4. I'm excited to join you for my second conference call with The Joint in which I committed to sharing observations from my first 100 days and the strategy we have since devised as a team. I will outline our plan and the tactics we have already started deploying in 2025.

轉到投影片 4。我很高興參加與 The Joint 的第二次電話會議，在這次會議中我承諾分享我任職頭 100 天的觀察以及我們作為一個團隊制定的戰略。我將概述我們的計劃以及我們已經在 2025 年開始部署的策略。

We are on our way to strengthen our position as the leading chiropractic care provider, become a pure-play franchisor, grow sales, reduce overhead, and improve profitability. During my comprehensive analysis of the company, I stepped back and holistically looked at our business from every angle.

我們正在鞏固我們作為領先的脊椎按摩治療提供者的地位，成為純粹的特許經營商，增加銷售額，降低管理費用，並提高盈利能力。在對公司進行全面分析的過程中，我退後一步，從各個角度全面審視我們的業務。

I also extensively studied the data on chiropractic care, adjacent industries, as well as from our own company. I found The Joint to be a highly differentiated scale player with a strong core albeit facing some near-term challenges, which is actually encouraging news. We can leverage our core competencies and brand strengths while we systematically address these concerns, increasing profitability and creating shareholder value.

我還廣泛研究了有關脊椎按摩治療、相關行業以及我們自己公司的數據。我發現 The Joint 是一個高度差異化的規模參與者，擁有強大的核心，儘管面臨一些短期挑戰，但這實際上是一個令人鼓舞的消息。我們可以利用我們的核心競爭力和品牌優勢，同時有系統地解決這些問題，提高獲利能力並創造股東價值。

In a moment, Jake will review our 2024 KPIs. Yes, I'd like to call out that we serve close to 1 million new patients last year, 950,000 to be exact. Having worked in franchising for decades, I can tell you to achieve almost 1 million new users in one year of for a business of our scale is outstanding. The Joint is clearly making a difference in the health and wellness industry in general and the chiropractic profession in particular, and I'm so incredibly proud to have joined the cause.

稍後，傑克將回顧我們 2024 年的 KPI。是的，我想說的是，去年我們服務了近 100 萬名新患者，確切地說是 95 萬名。我已經在特許經營行業工作了幾十年，我可以告訴你，對於我們這種規模的企業來說，一年內實現近 100 萬新用戶是非常了不起的。聯合醫療顯然對整個健康和保健行業，特別是脊椎按摩治療行業產生了積極影響，我非常自豪能夠加入這項事業。

Our strengths include size, originality, and longevity. Capitalizing on our first-mover advantage, we have over 960 clinics making The Joint larger than our next 10 competitors combined. The magnitude of our scale yields brand awareness and easy consumer access as well as provides economies of scale in management and marketing. And we believe there are more opportunities for clinic growth with white space for an additional 1,000 clinics here in the US alone, in addition to international opportunities.

我們的優勢包括規模、原創性和持久性。利用我們的先發優勢，我們擁有超過 960 家診所，使得 The Joint 的規模比我們接下來的 10 個競爭對手的總和還要大。我們的規模不僅提高了品牌知名度和消費者的便利獲取，還在管理和行銷方面實現了規模經濟。我們相信，除了國際機會之外，光是在美國就還有更多的診所成長機會，可以再增加 1,000 家診所。

We standalone in our operating model with convenient retail locations adjustment only chiropractic care available without appointments with affordable cash pay with clinics open on weekends and evenings. Our unique position enables both single unit and large multi-unit franchisees to be successful, which is pretty uncommon among franchise systems.

我們的營運模式是獨立的，擁有便利的零售地點，僅提供脊椎按摩治療，無需預約，以實惠的現金支付方式提供，診所於週末和晚上開放。我們獨特的地位使單一單位和大型多單位特許經營者都能獲得成功，這在特許經營系統中相當罕見。

And we have proven that our model works very well at our average clinic volumes and delivers healthy cash flow for our franchisees. That said, we have been clear over the last couple of years we have endured some consumer headwinds and inconsistencies in execution.

我們已經證明，我們的模式在平均診所數量下非常有效，並為我們的特許經營商帶來了健康的現金流。儘管如此，我們已經清楚，過去幾年我們經歷了一些消費者的阻力和執行上的不一致。

These include variability in the quality of patient experience, inefficiencies in regional co-op and local clinic marketing execution, strains in franchisee relationships, challenges in retention of doctors of chiropractic, playing catch up on the tech platform and lower volume bottom quartile clinics.

這些問題包括患者體驗品質的差異、區域合作社和當地診所行銷執行的低效率、特許經營關係的緊張、脊椎按摩治療師留任的挑戰、技術平台的追趕以及底層四分位數診所的數量較少。

As a result, the time for a new clinic to breakeven has extended and more clinics than we would like are comping negative. We have robust tactics in place to address these issues, some of which we have already begun implementing and all of which are to grow revenue or improve profitability for both our franchisees and our company.

因此，新診所實現收支平衡的時間延長了，而且，出現負收入的診所數量比我們預期的還要多。我們制定了強有力的策略來解決這些問題，其中一些策略我們已經開始實施，所有這些策略都是為了增加收入或提高我們的特許經營商和公司的獲利能力。

Turning to Slide 5. We will absolutely double down on our mission of improving the quality of life through routine and affordable chiropractic care. Now we also have a new big bold vision to become America's most accessible health and wellness services company. I repeat to become America's most accessible health and wellness services company. Before I share with you how we intend to do this, I'll provide a quick review of our progress to-date.

翻到幻燈片 5。我們絕對會加倍努力，透過常規且負擔得起的脊椎按摩治療來改善生活品質。現在我們還有一個大膽的新願景：成為美國最方便的健康保健服務公司。我再說一遍，我們要成為美國最容易接觸的健康保健服務公司。在我與你們分享我們打算如何實現這一目標之前，我將簡要回顧一下我們迄今為止的進展。

Turning to Slide 6. I am pleased to report we have growing sales momentum. For 2024, system-wide sales increased to $530.3 million, up 9% in Q4 2024, compared to 8% in Q3 2024. System-wide comp sales for all clinics opened 13 months was 6% in Q4 2024, compared to 4% in Q3 2024. System-wide comp sales for mature clinics opened 40 months 48 months were modestly positive for Q4 2024, compared to negative 2% in Q3 2024.

翻到幻燈片 6。我很高興地報告我們的銷售勢頭不斷增長。2024 年，全系統銷售額將增加至 5.303 億美元，2024 年第四季成長 9%，而 2024 年第三季成長 8%。2024 年第四季度，開業 13 個月的所有診所的全系統同店銷售額成長 6%，而 2024 年第三季為 4%。2024 年第四季度，開業 40 個月 48 個月的成熟診所的系統範圍內可比銷售額略有增長，而 2024 年第三季度為負 2%。

Revenue for our continuing operations increased 14% in Q4 2024, up from 10% in Q3 2024.

2024 年第四季度，我們持續經營的營收成長了 14%，高於 2024 年第三季的 10%。

Consolidated adjusted EBITDA was $3.3 million for Q4 2024 and $11.4 million for 2024. We believe 2025 will be a year in transition financially as clinics shift from 100% accounted for as corporate owned or managed to franchise clinic model of royalties and fees. Additionally, we have plans to reduce unallocated expenses as we shed corporate clinics.

2024 年第四季綜合調整後 EBITDA 為 330 萬美元，2024 年綜合調整後 EBITDA 為 1,140 萬美元。我們相信，2025 年將是財務轉型的一年，因為診所將從 100% 由公司擁有或管理轉變為特許診所模式，收取特許權使用費和費用。此外，隨著我們關閉公司診所，我們還計劃減少未分配的開支。

Turning to Slide 7. We have constructed a multi-year phased approach. In our next phase of growth or Joint 2.0, we will focus on strengthening our core, reigniting growth and improving both clinic and company-level profitability. We will refranchise, enabling us to be focused on becoming a world-class pure-play franchisor, reduce overhead and increase operating leverage.

翻到幻燈片 7。我們已經制定了一個多年分階段的方法。在我們的下一階段成長或聯合 2.0 中，我們將專注於加強核心業務、重振成長並提高診所和公司層面的獲利能力。我們將重新授予特許經營權，使我們能夠專注於成為世界級的純特許經營商，降低管理費用並提高營運槓桿。

We will drive revenue growth by initiating dynamic revenue management, strengthening our digital marketing and promotional calendar and catching up on patient-facing technology. Altogether, we believe that this phase will take us about 12 months to 18 months to complete and while we do all this in the spirit of being an agile innovative organization, we will begin building infrastructure and test and validate elements of other revenue drivers that would shape The Joint 3.0.

我們將透過啟動動態收入管理、加強數位行銷和促銷日程以及迎頭趕上面向患者的技術來推動收入成長。總而言之，我們相信這個階段將需要大約 12 個月到 18 個月才能完成，雖然我們本著成為一個敏捷創新組織的精神來完成這一切，但我們將開始建立基礎設施並測試和驗證塑造聯合 3.0 的其他收入驅動因素的要素。

In the next phase, which we are referring to as Joint 3.0, we will capture new revenue streams by creating additional sales channels and growing in new markets. Possibilities under evaluation include expanding into system-wide enterprise or business accounts. In other words, building a B2B business to complement our currently pure B2C business.

在下一階段，即我們所謂的聯合 3.0，我們將透過創建額外的銷售管道和在新市場中發展來獲取新的收入來源。正在評估的可能性包括擴展到系統範圍的企業或商業帳戶。換句話說，建立B2B業務來補充我們目前純粹的B2C業務。

Shifting from playing catch up on patient facing technology to building a tech differentiated competitive moat, unlocking dense urban markets, monetizing new clinical service or services even and chiropractic usage occasions and exploring opportunities to sell retail products in our clinics.

從追趕面向患者的技術轉向建構技術差異化的競爭護城河，打開密集的城市市場，將新的臨床服務甚至脊椎按摩使用場合貨幣化，並探索在我們的診所銷售零售產品的機會。

Turning to Slide 8. To strengthen our core and reignite growth, we are placing patients at the heart of everything we do. Our strategic priorities in 2025 as part of Joint's 2.0 begin with building our people capability and culture to support our clinics, our team, our franchisees and our growth.

翻到幻燈片 8。為了加強我們的核心並重振成長，我們將患者放在我們所做的一切的核心位置。作為 Joint 2.0 的一部分，我們 2025 年的策略重點首先是建立我們的人才能力和文化，以支持我們的診所、我們的團隊、我們的特許經營者和我們的成長。

We will focus on nurturing talent, strengthening engagement, attracting and retaining the best doctors of chiropractic and shifting our mindset to being a pure-play world-class franchisor.

我們將專注於培養人才，加強參與，吸引和留住最優秀的脊椎按摩治療師，並轉變我們的思維方式，成為純粹的世界級特許經營商。

Strong people and culture both at our clinic support center and at our franchisee clinics will enable us to excel in the patient experience. By optimizing care delivery and patient touch points, we expect to increase both patient engagement and membership longevity. This will fuel our most effective and cost efficient patient acquisition tool referrals.

我們診所支援中心和加盟診所的強大人才和文化將使我們能夠在患者體驗方面表現出色。透過優化醫療服務和病患接觸點，我們希望提高病患參與度和會員壽命。這將為我們最有效和最具成本效益的患者獲取工具推薦提供動力。

More advocacy amongst our patients gives us the foundation to turbocharge sales and profits for both our franchisees and the company. Also, as we refranchise, we will significantly reduce unallocated overhead expenses that will improve the bottom line.

我們在患者中進行更多的宣傳為我們提供了基礎，可以提高我們的加盟商和公司的銷售和利潤。此外，隨著我們重新授予特許經營權，我們將大幅減少未分配的管理費用，從而提高獲利水準。

In parallel, with working on sales and profits, we will reignite clinic network growth. We are updating our key development processes to ensure stronger new clinic performance so that as we complete refranchising, we pivot to driving sustainable new clinic growth in the massive white space we have.

同時，在努力提高銷售和利潤的同時，我們將重振診所網路的成長。我們正在更新我們的關鍵開發流程，以確保更強勁的新診所表現，以便在我們完成特許經營後，我們能夠轉向在我們所擁有的大量空白領域推動可持續的新診所成長。

We will also simultaneously innovate and broaden our relevance by refreshing our brand communications and brand architecture, start to re-platform the tech stack and explore new chargeable options for patient clinical care.

我們還將透過更新品牌傳播和品牌架構來同步創新和擴大我們的相關性，開始重新建構技術堆疊平台並探索針對患者臨床護理的新的收費選項。

Turning to Slide 9. We are upgrading our commitment to refranchising and are striving to be a world-class pure-play franchisor. This will sharpen management focus by reducing the distraction and expense of operating corporate owned or managed clinics. Additionally, we are leveraging the opportunity of refranchising to bring into our system some strong new multi-site operators.

翻到幻燈片 9。我們正在提升對再特許經營的承諾，並努力成為世界一流的純特許經營商。這將減少經營公司擁有或管理的診所所帶來的干擾和費用，進而增強管理重點。此外，我們正在利用重新特許經營的機會將一些強大的新多站點運營商引入我們的系統。

I am excited about our progress. We are in the final stages of executing letters of intent for the vast majority of our corporate portfolio. We will deploy capital to improve our profitability profile, upgrade our tech stack and create shareholder value.

我對我們的進步感到非常興奮。我們正處於針對絕大多數公司投資組合執行意向書的最後階段。我們將部署資本來改善我們的獲利狀況，升級我們的技術堆疊並創造股東價值。

By acquiring regional developer territories, we could reduce RD commissions and expand our operating margin. The Board will also evaluate means to drive further growth and return value to shareholders in other ways, which may include stock repurchase.

透過收購區域開發商領地，我們可以減少研發佣金並擴大我們的營業利潤率。董事會還將評估透過其他方式推動進一步成長和為股東帶來回報的手段，其中可能包括股票回購。

Turning to Slide 10. Let's review our revenue drivers. Through dynamic revenue management and thoughtful pricing, we expect to optimize the price per visit for all of our product offerings while still offering our patients the best value. By strengthening digital marketing, we expect to improve organic leads and brand awareness, increase co-op effectiveness and spending to drive brand consideration and develop effective targeting strategy for our core patient targets.

翻到幻燈片 10。讓我們回顧一下我們的收入驅動因素。透過動態收入管理和周到的定價，我們希望優化所有產品的每次訪問價格，同時仍為患者提供最佳價值。透過加強數位行銷，我們希望提高有機潛在客戶和品牌知名度，提高合作效率和支出以推動品牌考慮，並為我們的核心患者目標制定有效的定位策略。

By strengthening our promotional calendar, we expect to deliver profitable sales growth for our clinics, by upgrading patient facing technology, we expect to better engage and satisfy our patient members. Our new mobile app anticipated to be in the app store by the end of Q2 2025 will provide a more frictionless experience with features like clinic finder see which doctor is working today in-clinic check-in and push notifications.

透過加強我們的促銷日程，我們希望為我們的診所帶來盈利性的銷售成長；透過升級面向患者的技術，我們希望更好地吸引和滿足我們的患者成員。我們的新行動應用程式預計將於 2025 年第二季末在應用程式商店上線，它將提供更順暢的體驗，其功能包括診所查找器、查看哪位醫生今天在診所工作、診所簽到和推播通知。

With that, I'll turn the call to Jake.

說完這些，我就把電話轉給傑克。

Thanks, Sanjiv. Let's turn to Slide 12 and let's discuss our operating metrics. During 2024, we performed 14.7 million patient adjustments, 8% more than in 2023. We treated 1.9 million unique patients during the year, of which 957,000 were new to The Joint. Of that 30% of that 36% that were new to chiropractic care, many converted to membership and 85% of our system-wide gross sales came from monthly memberships in 2024.

謝謝，Sanjiv。讓我們翻到投影片 12 來討論一下我們的營運指標。2024 年，我們為 1,470 萬名患者進行了調整，比 2023 年增加 8%。我們在這一年中治療了 190 萬名獨立患者，其中 957,000 名是 The Joint 的新患者。在這 36% 的新脊椎按摩治療患者中，有 30% 的人已轉為會員，並且在 2024 年，我們系統範圍內 85% 的總銷售額都來自月度會員資格。

System-wide sales were up 9% in 2024, compared to 12% in 2023. System-wide comp sales for all clinics opened 13 months were 4% for both years. Comp sales trended up from the second quarter and third quarters of 2024, reaching 6% for the fourth quarter and demonstrating our positive momentum.

2024 年全系統銷售額將成長 9%，而 2023 年則為 12%。所有開業 13 個月的診所的全系統同店銷售額兩年均成長 4%。同店銷售額從 2024 年第二季和第三季開始呈上升趨勢，第四季達到 6%，展現了我們的正面動能。

System-wide comp sales for mature clinics open 48 months were negative 2% for the full year, yet improved from negative 2% in Q3 to modestly positive for Q4, and we are pleased with this upward trend.

開業 48 個月的成熟診所的系統範圍內同店銷售額全年為負 2%，但從第三季度的負 2% 改善至第四季度的小幅正增長，我們對這種上升趨勢感到滿意。

As previously indicated, we expected franchise license sales to be impacted by our refranchising strategy. During 2024, we sold 46 franchise licenses compared to 55 in 2023.

如前所述，我們預期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。2024 年，我們出售了 46 張特許經營許可證，而 2023 年則出售了 55 張。

At year-end, we had 16 regional developers covering approximately 57% of the network, and we had 145 franchise licenses in active development.

截至年底，我們擁有 16 家區域開發商，覆蓋約 57％ 的網絡，並且擁有 145 個特許經營許可證正在積極開發中。

Turning to Slide 13. Let's discuss our clinics. In 2024, we opened 57 franchise clinics, refranchised three clinics, and closed 18 franchise clinics, including three relocations that will be reopened and seven corporate clinics including three non-traditional corporate units on Air Force bases. At December 31, 2024, we had 967 clinics of which 842 or 87% are franchise clinics.

翻到第 13 張投影片。讓我們討論一下我們的診所。2024 年，我們開設了 57 家特許經營診所，重新特許經營了 3 家診所，並關閉了 18 家特許經營診所，其中包括 3 家將重新開放的搬遷診所和 7 家企業診所（包括空軍基地的 3 家非傳統企業單位）。截至 2024 年 12 月 31 日，我們擁有 967 家診所，其中 842 家（87%）為特許經營診所。

Turning to Slide 14. I'll review our financial results. At year-end, we recorded the corporate owned or managed clinics as discontinued operations for 2024 and recast 2023 for an apples-to-apples comparison. In 2024, this resulted in the elimination of $70.2 million in associated revenue, $66.5 million in associated SG&A, $10.4 million in associated impairment for a net loss from discontinued operations of $7 million.

翻到第 14 張投影片。我將審查我們的財務結果。年底，我們將公司擁有或管理的診所記錄為 2024 年的停止營運業務，並重新調整 2023 年的診所，以進行同類比較。2024 年，這導致相關收入減少 7,020 萬美元，相關銷售、一般及行政費用減少 6,650 萬美元，相關減損減少 1,040 萬美元，終止經營的淨虧損為 700 萬美元。

As Sanjiv mentioned, 2025, will be a year of transition as we conclude the refranchising efforts. Financially for the historical periods presented, we have not yet experienced the benefit from our corporate clinic revenues transitioning to royalties and fees from franchise clinics.

正如 Sanjiv 所提到的，2025 年將是過渡之年，因為我們將完成特許經營權的再授予工作。從財務角度來看，就歷史時期而言，我們尚未從公司診所收入轉向特許經營診所的特許權使用費和費用轉變中獲得收益。

In addition, during these historical periods, we have not been able to fully reduce our unallocated G&A expense. We are critically focused on reducing the G&A profile, which will improve the bottom line greatly in the coming years.

此外，在這些歷史時期，我們無法完全減少未分配的 G&A 費用。我們重點關注的是降低一般行政費用，這將在未來幾年大幅提高獲利水準。

Essentially what we're trying to signal is that we will shed more overhead compared to what is currently reported in our continued operations and we expect to make meaningful expense reductions and improve our profitability profile. In 2026, we expect to further grow net new clinic openings, system-wide sales, comp sales and adjusted EBITDA.

本質上，我們想要表明的是，與目前報告的持續營運情況相比，我們將削減更多的管理費用，並且我們希望大幅削減開支，提高我們的獲利狀況。2026 年，我們預計新診所淨開業數量、全系統銷售額、可比銷售額和調整後 EBITDA 將進一步增加。

Now I'll review our continuing operation financial results for Q4 2024, compared to Q4 2023, revenue from franchise operations reached $14.4 million, compared to $12.7 million. The 14% increase reflects the greater number of clinics in operation and continued organic growth. Cost of revenues were $3.2 million, up 12% over the same period last year, reflecting the associated higher regional developer royalties and commissions.

現在，我將回顧我們 2024 年第四季的持續經營財務業績，與 2023 年第四季相比，特許經營業務的收入達到 1,440 萬美元，而 2023 年第四季為 1,270 萬美元。14% 的增幅反映了營運診所數量的增加和持續的有機成長。收入成本為 320 萬美元，比去年同期增長 12%，反映了相關區域開發商特許權使用費和佣金的增加。

Selling and marketing expenses were $2.7 million, compared to $1.7 million, reflecting our strategic decision to continue to support our recently started effective marketing campaign and by increasing our working media spend, hosting our Biennial Franchise Conference and incurring carrying costs as we set up a new marketing agency.

銷售和行銷費用為 270 萬美元，而去年同期為 170 萬美元，這反映了我們的策略決策，即繼續支持我們最近啟動的有效行銷活動，並增加我們的有效媒體支出，舉辦兩年一次的特許經營會議，並在我們設立新的行銷機構時產生持有成本。

Depreciation and amortization expenses increased 5% compared to the prior year period. G&A expenses were $7.2 million, compared to $6.9 million in the same period last year. During the quarter, we accrued for a medical malpractice settlement of $1.5 million. The increase also includes employee bonuses, senior management search and restructuring costs, IT maintenance and support and audit costs partially offset by one-time expenses in 2023.

折舊和攤提費用比去年同期增加了 5%。一般及行政開支為 720 萬美元，去年同期為 690 萬美元。本季度，我們已提列醫療事故賠償 150 萬美元。成長的金額還包括員工獎金、高階主管搜尋和重組費用、IT維護和支援以及審計費用，但部分被2023年的一次性費用所抵銷。

Income tax expense was $37,000 compared to $11.3 million in Q4 2023.

所得稅費用為 37,000 美元，而 2023 年第四季為 1,130 萬美元。

Net income from continuing operations was $986,000 or $0.06 per diluted share, improving from a loss of $10.2 million or $0.69 per basic share in Q4 2023.

持續經營淨收入為 986,000 美元或每股攤薄收益 0.06 美元，較 2023 年第四季的 1,020 萬美元或每股基本收益 0.69 美元的虧損有所改善。

I'll provide adjusted EBITDA for three categories for continuing operations, discontinued operations and consolidated operations. Adjusted EBITDA for continuing operations was $2.1 million, compared to $2.2 million. Adjusted EBITDA for discontinued operations was $1.2 million, compared to $1.8 million and adjusted EBITDA for consolidated operations were $3.3 million, compared to $4 million.

我將針對持續經營、終止經營和合併經營三類提供調整後的 EBITDA。持續經營業務的調整後 EBITDA 為 210 萬美元，去年同期為 220 萬美元。已終止經營業務的調整後 EBITDA 為 120 萬美元，而之前為 180 萬美元；合併經營業務的調整後 EBITDA 為 330 萬美元，而之前為 400 萬美元。

On to Slide 15, I'll review our balance sheet and cash flow. At December 31, 2024, our unrestricted cash was $25.1 million, compared to $18.2 million at December 31, 2023. Cash flow from both continuing and discontinued operations was $9.4 million. The net proceeds of the sale of three clinics were partially offset by ongoing IT CapEx and a $2 million Q1 2024 repayment of the line of credit to JPMorgan Chase. Through this facility, we've retained immediate access to $20 million through February of 2027. Federal tax return net operating loss carryforward at December 31, 2024, was $9.1 million.

在第 15 張投影片上，我將回顧我們的資產負債表和現金流量。截至 2024 年 12 月 31 日，我們的無限制現金為 2,510 萬美元，而 2023 年 12 月 31 日為 1,820 萬美元。來自持續經營和終止經營的現金流為 940 萬美元。出售三家診所的淨收益部分被正在進行的 IT 資本支出和 2024 年第一季向摩根大通償還的 200 萬美元信用額度所抵銷。透過這項貸款，我們可以立即獲得 2000 萬美元，直至 2027 年 2 月。截至 2024 年 12 月 31 日的聯邦稅務申報淨經營虧損結轉為 910 萬美元。

On to Slide 16, for a review of our financial results for 2024, compared to 2023. Revenue was $51.9 million, compared to $47 million, up 10%. Net loss from continuing operations was $1.5 million or $0.10 per basic share, compared to $10.8 million or $0.73 per basic share.

前往投影片 16，回顧我們 2024 年的財務表現（與 2023 年相比）。營收為 5,190 萬美元，去年同期為 4,700 萬美元，成長 10%。持續經營淨虧損為 150 萬美元，或每股基本虧損 0.10 美元，去年同期為 1,080 萬美元，或每股基本虧損 0.73 美元。

Adjusted EBITDA for continuing operations was $2.4 million, compared to $4.5 million. Adjusted EBITDA for discontinued operations, including an adjustment of $1.5 million for legal settlement, was $9 million, compared to $7.7 million. Adjusted EBITDA for consolidated operations were $11.4 million, compared to $12.2 million.

持續經營業務的調整後 EBITDA 為 240 萬美元，而之前為 450 萬美元。已停止經營的調整後 EBITDA（包括 150 萬美元的法律和解調整）為 900 萬美元，而之前為 770 萬美元。合併經營的調整後 EBITDA 為 1,140 萬美元，而之前為 1,220 萬美元。

On to Slide 17, we are presenting 2025 guidance. System-wide sales are expected to be between $550 million and $570 million, compared to $530.3 million in 2024. System-wide comp sales for all clinics open 13 months or more are expected to be in the mid-single-digits compared to an increase of 4% in 2024.

在投影片 17 上，我們展示了 2025 年的指導。預計全系統銷售額將在 5.5 億美元至 5.7 億美元之間，而 2024 年為 5.303 億美元。預計所有開業 13 個月或更長時間的診所的全系統同店銷售額將達到中等個位數，而 2024 年的增幅為 4%。

Consolidated adjusted EBITDA to be between $10 million and $11.5 million, compared to $11.4 million in 2024. The 2025 consolidated adjusted EBITDA estimate includes an adjustment for approximately $4.4 million related to stock-based compensation and depreciation and amortization and the company will factor in additional impairment or restructuring charges related to the refranchising should they occur.

合併調整後 EBITDA 將在 1,000 萬美元至 1,150 萬美元之間，而 2024 年為 1,140 萬美元。2025 年合併調整後 EBITDA 預估包括與股票薪酬、折舊和攤銷相關的約 440 萬美元的調整，並且公司將考慮與特許經營權再授予相關的額外減值或重組費用（如果發生）。

New franchise clinic openings, excluding the impact of refranchised clinics are expected to be between 30 and 40 compared to 57 in 2024. In 2025, franchise license sales and clinic open openings are likely to be less than 2024 as we're working through the impact of our refranchising efforts.

不包括重新特許經營診所的影響，新開業的特許經營診所數量預計將在 30 至 40 家之間，而 2024 年則為 57 家。由於我們正在努力解決再特許經營工作的影響，2025 年特許經營許可證銷售量和診所開業數量可能低於 2024 年。

Further, we see the impact of economic headwinds, stubborn inflation and a volatile consumer sentiment impacting the beginning of 2025. That said, as clinics shift from corporate owned or managed to franchised, there will be a transformative financial impact. Our franchise royalties and fees will increase and we will rationalize our unallocated G&A expenses and The Joint Corp. will be more profitable.

此外，我們看到經濟逆風、頑固的通貨膨脹和不穩定的消費者情緒將影響2025年初。儘管如此，隨著診所從公司擁有或管理轉變為特許經營，將會產生變革性的財務影響。我們的特許經營權使用費和費用將會增加，我們將合理化未分配的一般及行政費用，聯合公司將會更加盈利。

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

說完這些，我將把電話轉回給你，Sanjiv。

Thanks, Jake. Turning to Slide 19. We have quite a bit about which to be excited. In addition to having a large and growing market, there is a significant white space and we have only scratched the surface. The annual spending on chiropractic care is estimated to be $20.6 billion annually with out of pocket spending ranging from 37% to 42% of that total.

謝謝，傑克。翻到幻燈片 19。我們有相當多的事情值得興奮。除了擁有龐大且不斷成長的市場之外，還有很大的空白空間，而我們只觸及了表面。預計每年脊椎矯正治療的花費為 206 億美元，其中自付費用佔總支出的 37% 至 42%。

The Joint represents approximately 6% to 7% of that. More importantly, with the belief of many that our current healthcare and insurance system is broken; in this backdrop, our mission to improve the quality of life through routine and affordable chiropractic care is incredibly relevant.

聯合體約佔其中的 6% 至 7%。更重要的是，許多人認為我們目前的醫療保健和保險體系已經崩潰；在這樣的背景下，我們透過常規和負擔得起的脊椎按摩治療來改善生活品質的使命具有極其重要的意義。

Our concierge style service model in convenient retail locations at an affordable price resonates with patients seeking health and wellness. Further, within the US, looking at our demographic projections, we have room to more than double our clinic base to approximately 1,950. We are only 50% off the way there. And of course, we have the rest of the world to consider as well.

我們的禮賓式服務模式在便利的零售地點以實惠的價格引起了尋求健康和保健患者的共鳴。此外，在美國，根據我們的人口統計預測，我們的診所數量還有增加一倍以上的空間，達到約​​ 1,950 家。我們只完成了 50％ 的路程。當然，我們也要考慮世界其他國家。

We have an attractive asset-light model. This is true for the company as well as our franchisees. The Joint has one of the lowest initial build-outs amongst franchises compared to Pilates Studios, saunas, gyms and so on. Further, The Joint as a company will benefit economically as we shift to a pure franchise concept and no longer carrying the cost of operating clinics.

我們擁有具有吸引力的輕資產模式。對於公司和我們的特許經營商來說都是如此。與普拉提工作室、桑拿浴室、健身房等特許經營設施相比，The Joint 的初期建設成本是所有特許經營設施中最低的之一。此外，隨著我們轉向純特許經營理念並且不再承擔營運診所的成本，The Joint 公司將從經濟上受益。

Third, our positive patient experience and affordable memberships deliver strong recurring revenue. In 2024, 85% of our revenue was contributed by memberships and we are determinedly enhancing the experience and working to elongate the average time of a membership, all of which support this positive metric.

第三，我們積極的患者體驗和實惠的會員資格帶來了強勁的經常性收入。2024 年，我們 85% 的收入來自會員貢獻，我們正在決心提升體驗並努力延長會員的平均使用時間，所有這些都支持這一積極的指標。

Fourth, as the first to revolutionize access to affordable quality chiropractic care, we have built a premier brand scale and first-mover advantages. And now we have a new detailed strategic plan. In 2025, we have already begun. We will strengthen our core and reignite growth through patient facing technology, dynamic revenue management, and advanced marketing. We will improve profitability through our refranchising and cost rationalization.

第四，作為第一個徹底改變人們獲得平價優質脊椎矯正治療途徑的公司，我們已經建立了卓越的品牌規模和先發優勢。現在我們有了一個新的詳細戰略計劃。2025年，我們已經開始了。我們將透過面向患者的技術、動態收入管理和先進的營銷來加強我們的核心並重新激發成長。我們將透過重新特許經營和成本合理化來提高獲利能力。

Turning to Slide 20. While we may not have a material public update for each initiative every quarter, I can assure you we will be doing plenty on a daily basis. We are committed to driving success, which we will define as growth in net new clinic openings, system-wide sales, comp sales, and adjusted EBITDA. We have a very talented and committed team focused on execution and I'm confident we will emerge as a stronger company.

翻到第 20 張投影片。雖然我們可能不會每個季度都對每項計劃進行實質性的公開更新，但我可以向你們保證，我們每天都會做大量的工作。我們致力於推動成功，我們將成功定義為新診所淨開設量、全系統銷售、可比較銷售額和調整後 EBITDA 的成長。我們擁有一支才華橫溢、盡職盡責、注重執行的團隊，我相信我們將發展成為一家更強大的公司。

Before we open for questions, I would like to welcome Craig Sherwood, our new Senior Vice President of Development, with over 25 years' experience and franchise development in the health and wellness and QSR industries, Craig's expertise spans the full development life cycle including franchise recruitment, market planning and real estate strategy, site selection and design and construction. At The Joint, he will be responsible for leading franchise sales and new clinic development as well as building our enterprise accounts business.

在我們開始提問之前，我想歡迎我們新任開發高級副總裁 Craig Sherwood，他在健康、保健和 QSR 行業擁有超過 25 年的經驗和特許經營開發，Craig 的專業知識涵蓋整個開發生命週期，包括特許經營招聘、市場規劃和房地產戰略、選址以及設計和施工。在 The Joint，他將負責領導特許經營銷售和新診所開發以及建立我們的企業帳戶業務。

I would like to congratulate Dr. Anthony Tran, one of our multi-unit franchisees, for being named 2024 Franchisee of the Year by the International Franchise Association at their 65th IFA Convention in Las Vegas last month. The Franchisee of the Year Awards are given to the top franchisees from IFA member brands across industries from around the country and the world, well done Dr. Tran.

我要祝賀我們的多單位特許經營商之一 Anthony Tran 博士，他在上個月於拉斯維加斯舉行的第 65 屆 IFA 大會上被國際特許經營協會評為 2024 年度特許經營商。年度特許經營商獎頒發給來自全國乃至世界各地各個行業的 IFA 會員品牌的頂級特許經營商，Tran 博士做得很好。

Also in January, we announced we won another accolade Franchise Times recognized The Joint as number 38 on the Fast & Serious 2025, the annual list of the smartest growing franchises.

此外，在 1 月份，我們宣布贏得了另一項榮譽，《特許經營時報》將 The Joint 在《Fast & Serious 2025》年度最具發展潛力特許經營榜單中位列第 38 位。

Last and certainly not least, I would like to invite you to meet us at the 37th Annual ROTH Conference next week.

最後，同樣重要的一點是，我想邀請您參加下週舉行的第 37 屆 ROTH 年會。

With that operator, I am ready to begin Q&A.

有了這個操作員，我就可以開始問答了。

(Operator Instructions) Jeff Van Sinderen with B. Riley Securities.

（操作員指示）B. Riley Securities 的 Jeff Van Sinderen。

Hi, everyone. I guess, I wanted to start with any comments you have around potentially maybe seeing a little bit slower consumer behavior in Q1 metrics. And then as a follow-up to that, any thoughts on how we might model the quarterly progression this year?

大家好。我想先問一下您對第一季指標中消費者行為可能稍微放緩的一些評論。然後作為後續問題，您對我們如何模擬今年的季度進展有什麼想法嗎？

Jeff, yes, I'll play tag with Jake on this one.

傑夫，是的，這次我要跟傑克玩捉迷藏。

Yes.

是的。

I think we are seeing indications of consumers responding to the stubborn inflation and the continued uncertainty in the macros. Our target patient, their household income is somewhere between $50,000 and $100,000 annually, which makes us somewhat susceptible to that impact. With that said, we've just provided you with guidance and I'll turn that over to Jake to add any additional color.

我認為我們看到了消費者對頑固的通貨膨脹和宏觀持續的不確定性做出反應的跡象。我們的目標患者，他們的家庭年收入在 50,000 美元到 100,000 美元之間，這使得我們在某種程度上容易受到這種影響。話雖如此，我們只是為您提供了指導，我會將其交給傑克來添加任何額外的顏色。

Yes. As we think about the progression and I'll focus the comments really on the top line system-wide gross Sales. Looking at the promotional calendar, we don't have too much shakeup in terms of our large-scale promotion.

是的。當我們考慮進度時，我會將評論的重點真正集中在整個系統的總銷售額上。從促銷日曆來看，我們的大規模促銷活動並沒有太大的變動。

So I would expect the cadence of our sales to be very similar to years past. Really our two largest promotions are still our package promotion, our Back Friday promotion in November, as well as our annual wellness drive in December. And those always drive incremental sales in the fourth quarter. But I would expect the cadence to be very similar to years past.

因此我預計我們的銷售節奏將與過去幾年非常相似。實際上，我們最大的兩個促銷活動仍然是我們的套餐促銷、11 月的「回歸星期五」促銷以及 12 月的年度健康活動。這些因素總是會推動第四季的銷售增量。但我預計節奏將與過去幾年非常相似。

Okay. Great. And then anything any color you can give us on kind of retention rates, churn attrition, what you're seeing, and trends there with patients?

好的。偉大的。然後，您能否向我們提供有關保留率、流失率、您所看到的情況以及患者趨勢的任何資訊？

Yes, I can start and Sanjiv tackle in. I think as we look at our core metrics, new patients, conversion onto our subscription model and attrition, I think, we ended the year on a strong note as it relates to conversion. And our attrition really stayed pretty flat to where we were seeing it for the most part in Q4.

是的，我可以開始，然後 Sanjiv 介入。我認為，當我們審視我們的核心指標、新患者、訂閱模式的轉換率和流失率時，我們會在轉換率方面以強勁的勢頭結束這一年。我們的員工流動率確實保持相當平穩，與第四季大部分情況相當。

We did start to implement some of our fringe pricing increases, right, what Sanjiv referred to as that dynamic revenue management, really increasing our walk-in rate at the tail end of fourth quarter and really what we're seeing is that drive an increased conversion to our overall wellness plans, those active members in our system, which we're finding encouraging.

我們確實開始實施一些附加價格上調，對吧，Sanjiv 所說的動態收入管理，確實在第四季度末提高了我們的上門率，我們真正看到的是，這推動了我們整體健康計劃的轉化率提高，我們系統中的活躍成員也增加了，我們對此感到鼓舞。

So far in January and February, our attrition is up slightly. January for us is always a slight uptick compared to the run rates in the fourth quarter. So not out of the ordinary there and we saw it start to level off in February. So conversion remains strong. I think we need to stay critically focused on our new patients and make sure we're continuing to drive clinics into our system.

到目前為止，一月和二月的人員流失率略有上升。對我們來說，一月份的運行率與第四季度的運行率相比總是略有上升。因此那裡的情況並沒有什麼不尋常的，我們看到它在二月開始趨於平穩。因此轉換率依然保持強勁。我認為我們需要密切關注我們的新患者，並確保繼續將診所納入我們的系統。

Yes, you've captured everything, Jake. Nothing to add to that.

是的，你捕獲了一切，傑克。沒什麼好補充的。

Okay. Great. And then if I could squeeze in one more just, I know you said the vast majority of corporate clinics are under LOI. Is there a number we can put to that? Can you just refresh our memory of how many are to go away or be under LOI and how many remain and then maybe what the time frame is around that process?

好的。偉大的。然後，如果我可以再擠進一個，我知道您說過絕大多數公司診所都屬於 LOI 範疇。我們能用數字來表示嗎？您能否讓我們回想一下有多少人將離開或處於意向書之下，又有多少人留下來，以及這個過程的時間框架是怎樣的？

So we have 125 corporate clinics, and our intent is to refranchise all 125. The vast majority of them, Jeff, are under LOI negotiations at this point. The ones that are not, we're actively addressing that situation as well.

我們現在有 125 家公司診所，我們的目標是重新授予所有 125 家診所特許經營權。傑夫，他們中的絕大多數目前正處於意向書 (LOI) 談判中。對於那些沒有解決的情況，我們也在積極解決。

Okay. Great. Thanks for taking my questions. I'll get the rest offline.

好的。偉大的。感謝您回答我的問題。我會將其餘部分下線。

Okay.

好的。

Jeremy Hamblin with Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Jeremy Hamblin。

Thanks, and congrats on making progress here on the refranchising efforts. I want to come back to follow-up Jeff's question on kind of trends and impact that we're seeing across kind of consumer services companies. First, your guidance for the year is for system same-store sales to be up mid-single-digit.

謝謝，並祝賀您在再特許經營工作上取得進展。我想繼續回答傑夫提出的問題，關於我們在消費者服務公司中看到的趨勢和影響。首先，您對今年的預期是系統同店銷售額將成長中個位數。

I wanted to get a sense for how you're trending kind of year-to-date if a if your system same-store sales are up positive year-to-date. And then kind of related to that, are they kind of at or below the full year guidance of mid-single-digit? Just given that your compares are quite a bit tougher in the second half of the year than they are in the first half of the year.

我想了解您今年迄今為止的趨勢如何，如果您的系統同店銷售額今年迄今呈正增長。然後與此相關的是，它們是否達到或低於全年預期的中等個位數？只是考慮到下半年的比較比上半年困難得多。

Sure. Yes. So far the trends in January are consistent with the figures that we saw in the tail end of Q4. So that run rate continued. February was a little bit odd for us in that we're rolling over a leap year. So one additional day of sales last year as well as we ran a small incremental new member promotion, which provided a slight discount to the first month of fees and then as they come back for that second month, they jump back onto the standard rate.

當然。是的。到目前為止，一月份的趨勢與我們在第四季末看到的數據一致。因此該運行率持續下去。二月對我們來說有點奇怪，因為我們正處於閏年。因此，去年我們額外增加了一天銷售，同時還進行了小幅增量新會員促銷活動，對第一個月的費用提供了小幅折扣，然後當他們第二個月回來時，他們就會回到標準費率。

So not a great comparative in terms of February period over period. But so far we're seeing consistency and I would expect Q1 to be consistent with kind of where we were trending at the tail end of last year.

因此，與二月份同期相比，這不是一個很好的對比。但到目前為止，我們看到的是一致性，我預計第一季將與去年年底的趨勢保持一致。

Got it. That's helpful. And then just coming back to the refranchising efforts and just is there any color you might be able to share in terms of valuation that you're seeing on those LOIs, I recognize that you're still working on a lot of them, but can you give us a sense from whether it's a measure of EBITDA or sale revenue per clinic, any color you might be able to share on the kind of the value you expect to recognize from selling the 125 units?

知道了。這很有幫助。然後回到特許經營再授權的努力，您能否就您在這些意向書上看到的估值提供一些信息，我知道您仍在處理很多問題，但您能否給我們一個概念，無論是衡量 EBITDA 還是每個診所的銷售收入，您能否就您期望從銷售 125 個單位中獲得的價值提供一些信息？

Yes. Jeremy, since we're actively negotiating the LOIs right now, it's hard to provide a lot of detail around the multiple that we are negotiating. But I think I'll let Jake add any color if you'd like to, to that.

是的。傑里米，由於我們目前正在積極協商意向書，因此很難提供我們正在協商的多項協議的詳細情況。但我想我會讓傑克添加任何顏色，如果你願意的話。

Yes. I'll walk you through the construct in terms of how the majority of bidders are looking at the portfolio. Again, the vast majority of the units are profitable, right? So most of the bidders are looking at it as a multiple of EBITDA. They're looking at it through a lens of what would be a franchise centric EBITDA, right? So our corporate clinic multiple does not or our corporate clinic EBITDA doesn't factor in the royalty streams that they'll have to take on.

是的。我將從大多數競標者的角度向您介紹整個投資組合的建造過程。再說了，絕大多數單位都是獲利的，對嗎？因此大多數競標者都將其視為 EBITDA 的倍數。他們是從特許經營為中心的 EBITDA 的角度來看待這個問題的，對嗎？因此，我們的企業診所倍數或企業診所 EBITDA 沒有考慮到他們必須承擔的特許權使用費流。

So it's really an adjusted EBITDA number based on our corporate clinic pro formas. And then they're applying a multiple against that and assuming because we're marketing them in larger clusters that there will be a slight outside the four-wall G&A burden. So really that's the construct in terms of how a lot of the people viewed the valuation.

因此，這實際上是根據我們的公司診所預測表格調整後的 EBITDA 數字。然後，他們對此應用倍數，並假設因為我們在更大的叢集中行銷它們，所以四牆之外的 G&A 負擔會略有增加。所以其實這就是很多人對估值的看法。

Got it. And then wanted to come back to a question. So there's a little bit of noise here, obviously with continuing versus discontinued operations, but if we look at just continuing operations, your revenues were up about $1.7 million year-over-year.

知道了。然後想回到一個問題。因此，這裡顯然存在一些噪音，涉及持續經營與停止經營，但如果我們僅看持續經營，您的收入同比增長了約 170 萬美元。

Your sales and marketing cost was up about $1 million, related to that $1.7 million in revenue growth. And just coming back to how should we be thinking about the framework of kind of customer acquisition costs and what the kind of leverage points that you might expect to see for kind of future revenue growth and the types of costs, especially sales and marketing, that you would expect to have to generate every incremental dollar of revenue growth?

您的銷售和行銷成本增加了約 100 萬美元，而收入則增加了 170 萬美元。回到我們應該如何思考客戶獲取成本的框架，以及您期望看到的未來​​收入成長的槓桿點類型以及您期望產生每一美元收入成長的成本類型，尤其是銷售和行銷成本？

Yes, a couple dynamics there. I think the first that I would point out is we did make the strategic investment to increase our working media spend to try to provide some tailwind to some of the marketing campaigns that we launched.

是的，那裡有幾個動態。我想我首先要指出的是，我們確實進行了策略性投資，增加了我們的有效媒體支出，試圖為我們發起的一些行銷活動提供一些推動力。

So I think you're seeing that, that slight incremental investment. In the full year line we had our Biennial National Conference, so you're naturally seeing a little bit more flow through in the years that we have that conference.

所以我認為你看到了那種輕微的增量投資。在全年時間裡，我們舉辦兩年一度的全國會議，因此，您自然會看到在舉辦該會議的幾年裡，會議的流量會增加。

And then finally at the end of the day, we went through an RFP process and are in the process of onboarding a new marketing agency. And so right now we've got some what I'll call initial kind of transitionary or startup costs as we look to onboard that new agency. And so those are some of the incremental investments in the period.

最後，我們完成了 RFP 流程，並且正在引進新的行銷機構。因此，目前，我們在考慮加入新機構時，有一些我稱之為初始過渡成本或啟動成本。這些就是該時期的一些增量投資。

What I would tell you on a macro basis is, I think where we're seeing some of the new patient pressure is in that organic lead. And so what that's causing is a slight shift to have to put those paid media dollars to work. And I think you're seeing some of that impact as well.

我想從宏觀角度告訴你的是，我認為我們看到的一些新患者壓力來自於有機領先。所以這導致了必須將付費媒體資金投入使用的輕微轉變。我想你也看到了其中的一些影響。

Got it, got it. And then I want to come back to the kind of pricing strategy here and just get a sense for you have I think you've taken maybe three or possibly four price increases over the last seven to eight years in total.

知道了，知道了。然後我想回到這裡的定價策略，只是想讓你了解一下，我認為在過去的七到八年裡，你可能已經進行了三次或四次價格上漲。

But I believe that most of your legacy customers, some of them may still be on plans going all the way back to maybe 2017. I wanted to see if you could give us kind of the buckets for the how many of your customers are on each of the varying kind of, let's call it, pricing years, so how many are still on 2017 or 2019 pricing versus 2023 pricing, the last price increase.

但我相信，您的大多數老客戶中有些人可能仍在使用早在 2017 年就制定的計劃。我想看看您是否可以提供一下各個不同定價年份的客戶數量，即有多少客戶仍按 2017 年或 2019 年的定價，有多少客戶按 2023 年的定價，即上次漲價。

Correct. Yes. In March of 2022 is the last time we took a wholesale price increase in terms of all of our tiers across the country. And that's really on that wellness plan figure. As I mentioned in Q4, we increased the walk-in rate, but we'll continue to tinker with that pricing model throughout the year.

正確的。是的。2022 年 3 月是我們最後一次提高全國所有層級的批發價格。這確實與健康計劃有關。正如我在第四季度提到的，我們提高了上門率，但我們將在全年繼續調整該定價模式。

As we think about the membership for 2024, I'll break it into two buckets for you. By the end of the year, we had about 80% of our active members that were on our standard rate and about 20% that were on some level of a legacy rate.

當我們考慮 2024 年的會員資格時，我會將其分為兩類。截至年底，我們約有 80％ 的活躍會員享受標準費率，約有 20％ 的活躍會員享受某種程度的遺留費率。

And as you mentioned, it kind of cascades down, the majority of those being one tier down or about a $10 discount to the posted rate today and it gets pretty small thereafter. So the vast majority are on the standardized price. But we do still have a good chunk of those legacy members around.

正如您所說，它會逐漸降低，大多數情況下，會比今天公佈的價格低一個等級或大約 10 美元的折扣，之後折扣就會變得很小。所以絕大多數都是按照標準化價格。但我們確實仍然擁有大量遺留成員。

Just to add to that, what were how we're thinking about this differently in terms of dynamic revenue management is essentially solving for what you've called out. The last time we took meaningful pricing on our wellness programs was March 2022. We continue to see inflation in the model and as I had mentioned on our last call, that has put pressure not taking pricing to offset the inflationary pricing.

補充一下，我們在動態收入管理方面對此有何不同看法，這實質上是為了解決您所指出的問題。我們上次對健康計劃進行有意義的定價是在 2022 年 3 月。我們繼續在模型中看到通貨膨脹，正如我在上次電話會議上提到的那樣，這帶來了不採取定價來抵消通貨膨脹定價的壓力。

Inflationary costs has shrunk clinic level margins. So what we're pivoting towards is this dynamic revenue management concept, which means that we do not need to have this one rip the band aid and take pricing on all our pricing bands. We are actively testing and learning how to take full levers within the pricing model. Example, we just took pricing on the walk-in price, which has had a very positive effect for us by increasing conversion rates.

通貨膨脹成本導致診所的利潤減少。因此，我們所轉向的是動態收入管理理念，這意味著我們不需要撕掉創可貼並對所有價格區間進行定價。我們正在積極測試並學習如何充分利用定價模型。例如，我們只是根據進店價格進行定價，這對我們提高了轉換率，產生了非常正面的影響。

And we also don't think that we always need to take that sort of pricing in $10 increments on our wellness plans. That could be happening in much smaller discrete numbers. And we could be also engaging our legacy, the 20% wellness plan members that are on legacy pricing to explore how much pricing we could take with them as well. So this is going to be an ongoing process for us through 2025 and beyond.

而且我們也不認為我們的健康計劃總是需要以 10 美元的增量來製定這種定價。這可能發生在更小的離散數字中。我們也可以與我們的舊會員，即採用舊定價的 20% 健康計劃會員合作，探討我們可以為他們帶來多少定價。所以對我們來說，這將是一個持續的過程，直到 2025 年及以後。

Great. Thanks for taking all the questions and good luck this year.

偉大的。感謝您回答所有問題並祝今年好運。

Thanks, Jeremy.

謝謝，傑里米。

Thank you.

謝謝。

And your next question today will come from George Kelly with ROTH Capital Partners. Please go ahead.

今天的下一個問題來自 ROTH Capital Partners 的喬治凱利 (George Kelly)。請繼續。

Everyone, thanks for taking my questions. Maybe if we could start just as a follow-up on the refranchising discussion. Any way you can help us understand better just the timing? I understand you're in the final stages. It seems like you've been in the final stages, though, for a couple months. So just wondering, like should this be something that's mostly wrapped up in the first half or just any kind of context there would be helpful.

大家好，感謝你們回答我的問題。也許我們可以從後續關於再特許經營的討論開始。您有什麼方法可以幫助我們更了解時間安排？我知道你已進入最後階段。不過，幾個月來，看起來你已經處於最後階段了。所以只是想知道，這應該是上半部主要解決的事情嗎，或是任何有幫助的背景資訊。

George, absolutely. The as you know that we have now got the 125 corporate clinics bundled in five distinct bundles that we have been marketing. So as we're negotiating the LOIs, it is a little bit more complex because the size of each bundle involves more clinics.

喬治，絕對是。如您所知，我們現在已將 125 家企業診所分成五個不同的套餐進行行銷。因此，當我們協商意向書時，情況會變得更加複雜，因為每個捆綁項目的規模都涉及更多的診所。

So it's just taking time in terms of due diligence, et cetera. We hope that we will be able to wrap this up closer to the first half than in the first than in the second half of the year. So that is what our intent is.

因此，盡職調查等等只是需要時間。我們希望能夠在今年上半年而不是下半年更早的時候完成這項工作。這就是我們的目的。

Okay. Okay. And then second question, Sanjiv, you talked, I think, in response to one of the prior maybe Jeremy's question about four-wall margin dynamics.

好的。好的。然後是第二個問題，Sanjiv，我想，你是在回答之前 Jeremy 提出的關於四牆邊緣動態的問題之一。

And I guess, the question is just have you seen any stability there? And how aggressively do you plan to take pricing this year to help stabilize that line? Or is it still is the labor environment still challenging and sort of, I guess, what are you seeing in four-wall?

我想，問題只是你是否看到那裡有任何穩定性？今年您計劃採取多大的力道定價來穩定價格線？或者勞動環境仍然充滿挑戰，我想，您在四牆內看到了什麼？

Yes. So we're actively now collecting franchisee P&Ls for 2024. So we'll get as once we have them in those submissions, we'll have a much more informed view of what is happening in our franchisee P&Ls. But I can give you our current understanding. I think the labor market has been relatively stable through 2024.

是的。因此，我們現在正積極收集 2024 年特許經營商的損益表。因此，一旦我們在這些提交中獲得這些信息，我們將對我們的特許經營商損益表中發生的情況有更明智的了解。但我可以告訴你我們目前的理解。我認為到 2024 年勞動市場將相對穩定。

We are seeing the cost of hiring our doctors of chiropractic remain pretty stable as the cost of our wellness coordinators, which is really what drives the main variable cost in our clinic economic model. So we're seeing stability there.

我們發現，聘請脊椎按摩治療師的成本與健康協調員的成本保持相當穩定，這實際上是推動我們診所經濟模式中主要變動成本的因素。所以我們看到那裡很穩定。

In terms of the pricing, I think the we've got to be thoughtful and that's why we're just calling it a dynamic revenue management process, which essentially means that the inflationary climate has been stubborn. And even though, we haven't taken meaningful pricing in three years, we've got to be cautious about striking the right balance between optimizing the per visit value that we can through pricing, but also make sure that we're not creating a value problem.

在定價方面，我認為我們必須深思熟慮，這就是為什麼我們稱之為動態收入管理流程，這本質上意味著通膨環境一直很頑固。儘管我們三年來沒有採取過有意義的定價措施，但我們必須謹慎地在透過定價優化每次訪問價值與確保不會造成價值問題之間取得適當的平衡。

So that is why what we're doing is testing our pricing models in a few different markets with our franchisees to see how much permission we have. I wouldn't say that our plan is to take aggressive pricing, but to take ongoing pricing that allows us to just constantly keep improving the clinic profit profile on a gentle basis, just constantly optimizing our opportunity.

因此，我們要與我們的特許經營商在幾個不同的市場測試我們的定價模式，以了解我們有多少許可。我不會說我們的計劃是採取激進的定價，而是採取持續的定價，使我們能夠不斷地溫和地改善診所的利潤狀況，並不斷優化我們的機會。

Yes. To put it in context of the comp guide, George, I think you're looking at about 1.5% to maybe 2% on the high side being comp or price influenced.

是的。喬治，按照比較指南來解釋，我認為受比較或價格影響，高出約 1.5% 到 2%。

Okay. Okay. That's helpful. And then last one for me is on a comment from your prepared remarks about new services and retail products, just different things that you're exploring. How far along is that exploration? Is that something we could see this year? And can you talk a little bit about more what services and retail products are under consideration?

好的。好的。這很有幫助。對我來說，最後一個是關於您準備好的評論，關於新服務和零售產品，只是您正在探索的不同事物。這次探索進行到哪一步了？這是我們今年能看到的事嗎？能否進一步談談正在考慮的服務和零售產品？

Sanjiv Razdan

桑吉夫·拉茲丹

Yes. So as I explained in my prepared remarks, George, the 2025, the vast majority of this year, and going into some period of 2026 as well, we're calling it a Joint 2.0. And the main focus of Joint 2.0 is to strengthen our core and reignite growth. For that, I've outlined the various revenue drivers and strengthening clinic economic drivers that we're focusing on.

是的。因此，正如我在準備好的演講中所解釋的那樣，喬治，2025 年，即今年的絕大部分時間，以及 2026 年的某個時期，我們稱之為聯合 2.0。 Joint 2.0 的主要重點是強化我們的核心並重振成長。為此，我概述了我們關注的各種收入驅動因素和加強診所經濟驅動因素。

Joint 3.0 will come maybe 12 months to 18 months later, which is where we anticipate adding on incremental revenue layers from additional service stroke services, new category usage occasions, potentially retail opportunity, and potentially unlocking dense urban markets and enterprise business accounts. So those are the various levers and consideration for our 3.0 phase.

Joint 3.0 大概會在 12 到 18 個月後到來，屆時我們預計將透過額外的服務觸達服務、新的類別使用場合、潛在的零售機會以及潛在解鎖密集的城市市場和企業業務帳戶來增加增量收入層。這些就是我們 3.0 階段的各種槓桿和考慮。

But to give you a real life example of what we mean by some kind of a service, I'll give you the an easier one for us, or relatively easy one for us is to potentially go and optimize in a meaningful way the opportunity to be a provider of chiropractic treatment for pediatrics and create a meaningful usage occasion from our patients around that or it could so that is just a usage occasion, broadening and incremental revenue.

但是，為了給您一個現實生活中的例子來說明我們所說的某種服務，我會給您一個對我們來說更簡單或相對簡單的例子，那就是以有意義的方式潛在地優化成為兒科脊椎治療提供者的機會，並從我們的患者那裡創造一個有意義的使用場合，或者可能這只是一個使用場合，擴大和增加收入。

But also we could look at providing clinical care, an additional treatment that takes, let's say, a two to three-minute incremental over the current adjustment time and something that the patients would benefit from that we can charge for.

但我們也可以考慮提供臨床護理，即在當前調整時間上增加兩到三分鐘的額外治療，患者可以從中受益，我們可以為此收費。

So all of that will be explored this year. But we're not advanced and to an extent of being ready to launch anything, I think the management, energy and focus is going to go to just strengthen our core and reignite growth this year.

所以，所有這些都將在今年進行探索。但我們還沒有成熟，也還沒準備好推出任何東西，我認為管理、精力和重點將會集中在加強我們的核心業務並在今年重新點燃成長的動力上。

Okay. That's great. That's all I had. Thank you.

好的。那太棒了。這就是我所擁有的一切。謝謝。

Anthony Vendetti with Maxim Group.

Maxim Group 的 Anthony Vendetti。

Okay. Thanks. So just to be I just want to look at the guidance statement, the first one that says between $550 million and $570 million in system-wide sales. And since all of the company owned clinics, the 100 plus are in discontinued ops, this is the system-wide sales.

好的。謝謝。因此，我只想看一下指導聲明，第一個聲明說全系統銷售額在 5.5 億美元至 5.7 億美元之間。由於該公司旗下的所有診所（超過 100 家）都已停止運營，因此這是全系統的銷售額。

And then what you're going to recognize as revenues is going to be the service and royalty fees off of that $550 million to $570 million. So I guess, the question I have is what is the current percentage of royalty fees and service fees associated with that $550 million to $570 million? Or what do you expect it to be in 2025?

然後你要確認的收入就是從 5.5 億到 5.7 億美元中扣除服務和特許權使用費。所以我想，我的問題是，與這 5.5 億至 5.7 億美元相關的特許權使用費和服務費的當前百分比是多少？或者您預計 2025 年的情況會如何？

Yes. I think a couple points to put out there because there's a lot of moving pieces, right? 2025 for us is still going to be that transitionary year where you've got your corporate clinics around for about half the year and then incrementally flipping to those franchise royalties and fees kind of in the back half of the year as we complete that refranchising effort.

是的。我認為有幾點需要提出來，因為有很多活動的部分，對嗎？對我們來說，2025 年仍將是過渡年，在這一年中，您的企業診所將存在大約半年，然後隨著我們完成再特許經營工作，在下半年逐步轉向特許經營權使用費和費用。

So you'll still kind of have a mixed year in terms of your overall GAAP revenues, which is why we didn't put out a GAAP revenue guide. Just not having full line of sight into when the timing of those transactions will formally close.

因此，從整體 GAAP 收入來看，今年的表現仍有好有壞，這就是我們沒有發布 GAAP 收入指南的原因。只是無法完全了解這些交易何時會正式結束。

So as you think about the fiscal 2024 period, you can look at our discontinued operations, kind of carve out schedule within the deck and you can see that we had $70.2 million of GAAP revenues related to those corporate clinics. It's closely correlated to the gross sales from those clinics. We do have to defer a portion of it for GAAP purposes. So maybe the gross sales were slightly higher than that.

因此，當您考慮 2024 財年時，您可以查看我們已停止的業務，即計劃中的分拆計劃，您會發現與這些公司診所相關的 GAAP 收入為 7020 萬美元。這與這些診所的總銷售額密切相關。為了符合 GAAP 規定，我們確實必須推遲其中的一部分。因此總銷售額可能略高於這個數字。

But the easiest way to contextualize is just take that $70 million from our corporate clinics and say, okay, that turns into roughly a 10%, a 10.5% royalty structure when you have your 7% royalty, your 2% NMF contribution and your technology fee. So that's a way to kind of get a semblance for the annualized rate of what will flip into that royalty stream.

但最簡單的具體化方法就是從我們的企業診所拿出 7000 萬美元，然後說，好吧，當你有 7% 的特許權使用費、2% 的 NMF 貢獻和技術費時，這就變成了大約 10%、10.5% 的特許權使用費結構。這是一種估算特許權使用費流年化報酬率的方法。

I think the other thing that we want to critically call out is that all the historical presentations of the continuing operations don't reflect all the G&A rationalization that's still to come. That is the critical focus of management is to make sure that we're rightsizing the G&A, so that we can at the end of the refranchising effort be a more profitable business than we were before. And so you're not really seeing that rationalization in the historical presentations. But those G&A figures, we will take a pretty good swing at as we conclude the refranchising effort.

我認為我們要批判性地指出的另一件事是，所有持續經營的歷史表現並未反映出所有尚未實現的一般及行政費用合理化。管理層的重點是確保我們合理調整 G&A 規模，以便我們在特許經營重組完成後能夠比以前獲得更大的利潤。因此，您實際上並沒有在歷史介紹中看到這種合理化。但當我們完成特許經營權再授權工作時，我們將對這些 G&A 數據進行相當好的調整。

Do you have an estimate, just as a follow-up on there, of once the refranchising effort is complete, whether it's a dollar amount or percent that's going to come out of corporate SG&A?

作為後續問題，您是否有一個估計，一旦特許經營重組工作完成，將從公司銷售、一般和行政費用中扣除多少金額或百分比？

We're not putting a forward guide out on that piece of it. The directional signal is that on an annualized basis, we expect to have more adjusted EBITDA than we did under our current kind of mixed structure.

我們不會對這部分內容提出前瞻性指引。方向性訊號是，以年率計算，我們預期調整後的 EBITDA 將比目前的混合結構下更高。

Okay. Great. All right. Thanks so much. I'll hop back into queue. Appreciate it.

好的。偉大的。好的。非常感謝。我將重新回到隊列。非常感謝。

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

我們的問答環節到此結束。我想將會議交還給 Sanjiv Razdan 並請他作最後發言。

Thank you for joining us.

感謝您加入我們。

I look forward to getting to know you at conferences and known deal roadshows. Have a good day. And know that at The Joint, we always have your back.

我期待在會議和知名交易路演上認識您。祝你有美好的一天。請知悉，在 The Joint，我們始終支持您。

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。