Joint Corp (JYNT) 2025 Q3 法說會逐字稿

Good day and welcome to the Joint corporation third quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加合資公司2025年第三季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Richard Land from Alliance Advisors. Please go ahead.

現在我將把會議交給來自 Alliance Advisors 的 Richard Land 主持。請繼續。

Thank you, operator, and good afternoon, everyone. This is Richard Land of Alliance Advisors Investor Relations. Joining us on the call today are President and CEO Sanjiv Razdan and CFO Scott Bowman.

謝謝接線員，大家下午好。這是Alliance Advisors投資者關係部的Richard Land。今天參加電話會議的有總裁兼執行長 Sanjiv Razdan 和財務長 Scott Bowman。

Please note we are using a slide presentation that can be found at Iir.thejoint.com/events. This afternoon, the Joint Corps issued a press release for the third quarter ended September 30, 2025. If you do not already have a copy of this press release, it could be found in the investor relations section of the company's website.

請注意，我們使用的幻燈片簡報可在 Iir.thejoint.com/events 上找到。今天下午，聯合軍團發布了截至 2025 年 9 月 30 日的第三季新聞稿。如果您還沒有這份新聞稿的副本，可以在公司網站的投資者關係部分找到它。

As provided on slide 2, please be advised that today's discussion, including any financial and related guidance to be provided, consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance and business prospects, and opportunities to differ materially from those expressed in or implied by these statements. Some important factors that could cause such differences are discussed in the risk factors section of the Joint Corps filings with the Securities and Exchange Commission.

如投影片 2 所示，請注意，今天的討論，包括將要提供的任何財務和相關指導，均包含證券法定義的前瞻性陳述。這些聲明是基於我們目前掌握的信息，但存在風險和不確定性，可能導致實際的未來結果、業績和業務前景以及機會與這些聲明中明示或暗示的內容存在重大差異。在聯合軍團向美國證券交易委員會提交的文件中，風險因素部分討論了可能導致這些差異的一些重要因素。

Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

前瞻性陳述僅代表陳述發布之日的情況，除適用證券法要求外，本公司不承擔更新前瞻性陳述以反映實際結果、假設變化或其他影響前瞻性資訊的因素變化的義務。

Management uses non-GAAP financial measures such as EBITDA, adjusted EBITDA, and system-wide sales. A description of these non-GAAP financial measures is included in the press release issued this afternoon, and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the appendix to the presentation and press release, both of which are available in the investors tab of our website.

管理階層使用非公認會計準則財務指標，例如 EBITDA、調整後 EBITDA 和系統銷售額。今天下午發布的新聞稿中包含了這些非GAAP財務指標的描述，而這些非GAAP財務指標與最直接可比較的GAAP指標的調節表則包含在演示文稿和新聞稿的附錄中，這兩份文件都可以在我們網站的投資者標籤頁中找到。

Turning to slide 3, with that it's now my pleasure to turn the call over to Sanjiv Razdan. Please go ahead.

接下來是第三張投影片，現在我很榮幸地將電話交給桑吉夫·拉茲丹。請繼續。

Thank you, Richard. And I welcome everyone to the call. Today I will review the third quarter results and recent events. For those new to the goal, we provide affordable, accessible, and approachable chiropractic care and help consumers relieve and manage their pain while supporting their ongoing wellness journey.

謝謝你，理查。歡迎大家參加此通話。今天我將回顧第三季業績和近期事件。對於那些初次接觸脊椎按摩療法的人來說，我們提供價格合理、方便易行的脊椎按摩護理，幫助消費者緩解和控制疼痛，同時支持他們持續的健康之旅。

There is a significant need for this with Americans spending $20 billion a year on back pain. To capture a leading share of this market opportunity, we have been strengthening our management team and executing on our strategies to reignite growth and improve profitability. Although the full financial benefit of these strategies will take time to come to fruition, the following initiatives will improve the financial position of our franchisees and stockholders.

美國人每年因背痛花費高達 200 億美元，可見這方面的需求非常大。為了抓住這一市場機遇，我們一直在加強管理團隊，並執行我們的策略，以重振成長並提高獲利能力。儘管這些策略的全部經濟效益需要時間才能實現，但以下舉措將改善我們加盟商和股東的財務狀況。

To drive new patient acquisition, we have shifted our brand marketing campaign to focus on pain relief, which we are amplifying by moving a portion of our advertising spend from local to a national campaign. And we are strengthening our digital marketing campaigns with SEO and clinic microsite. To grow system-wide sales, we are conducting a three-tiered pricing pilot for our wellness plan.

為了吸引新患者，我們調整了品牌行銷活動，將重點放在緩解疼痛上，並將部分廣告支出從地方廣告轉向全國性廣告，以擴大宣傳效果。我們正在透過搜尋引擎優化和診所微網站來加強我們的數位行銷活動。為了促進系統範圍內的銷售成長，我們正在對我們的健康計劃進行三級定價試點。

To elevate our patient experience, we continue to upgrade our patient facing technology. Recently we launched a second release of our mobile app with a range of new features. To become a pure play franchisor, we continue to pursue the refranchising of our corporate clinic and to improve new clinic performance, we have implemented robust pre-opening protocols for new clinics to reduce time to break even and ensure a strong early sales volume.

為了提升患者體驗，我們不斷升級以患者為導向的技術。最近，我們推出了行動應用程式的第二個版本，其中包含一系列新功能。為了成為一家純粹的特許經營商，我們繼續推進公司診所的再特許經營，為了提高新診所的業績，我們為新診所實施了嚴格的開業前規程，以縮短實現收支平衡的時間，並確保早期銷售額強勁增長。

Before I elaborate, for those of you who are new to the joint, we are the largest franchisor of chiropractic care clinics. Our mission is to improve the quality of life through routine and affordable chiropractic care. And our big bold vision is to become America's most accessible health and wellness services company.

在詳細說明之前，對於那些剛接觸我們業務的人來說，我們是最大的脊椎按摩護理診所特許經營商。我們的使命是透過日常且價格合理的脊椎矯正療法來改善生活品質。我們遠大的願景是成為美國最方便的健康與保健服務公司。

I'll summarize our Q3 2025 financial results compared to Q3 2024, and our CFO Scott Bowman will provide greater detail in a moment. Revenue from continuing operations increased 6%. Consolidated adjusted EBITDA increased 36%. This improvement reflects the impact of work done on right sizing our costs, which have helped to offset a 1.5% decline in system-wide sales and negative Comp sales of 2%. Since our last conference call in August, we have repurchased $5 million of stock and the board recently authorized an additional $12 million of our stock repurchase plan. On September 30th, 2025, our unrestricted cash and cash equivalent remains strong at $29.7 million.

我將總結我們 2025 年第三季與 2024 年第三季的財務業績對比，我們的財務長 Scott Bowman 稍後會提供更詳細的資訊。持續經營業務收入成長6%。經調整後的合併 EBITDA 成長 36%。這項改善反映了我們在合理控製成本方面所做工作的影響，這有助於抵消系統銷售額下降 1.5% 和同店銷售額下降 2% 的影響。自 8 月上次電話會議以來，我們已經回購了價值 500 萬美元的股票，董事會最近批准了我們股票回購計畫的額外 1,200 萬美元。截至 2025 年 9 月 30 日，我們的非限制性現金及現金等價物仍維持在 2,970 萬美元的強勁水準。

Turning to slide 5 to discuss refranchising. We have entered into an initial agreement to sell 45 corporate clinics in Southern California for $4.5 million via an asset purchase agreement. We are continuing to negotiate certain terms, and we'll update if and when we align on final terms. While microeconomic headwinds are resulting in a longer lead time due to lender-related dynamics, we are actively negotiating asset purchase agreements with potential buyers for our 33 remaining corporate clinics.

接下來請看第 5 張投影片，討論特許經營權的重新授予。我們已達成初步協議，將透過資產購買協議，以 450 萬美元的價格出售位於南加州的 45 家企業診所。我們仍在就某些條款進行談判，如果最終達成一致，我們將及時更新資訊。儘管由於貸款機構相關因素導致微觀經濟逆風造成更長的交付週期，但我們正在積極與潛在買家就我們剩餘的 33 家企業診所的資產購買協議進行談判。

Let's review our marketing effort, turning to slide 6. For Q3, similar to Q2, our patient attrition was on par with last year and conversions were better. However, 2-3 sales coms were less than expected. The main shortfall was due to lower new patient count, which we are addressing by initiating a national marketing refresh, SEO improvements, and advanced pricing test. Our research identifies pain as the biggest trigger to seek chiropractic care. Our patient base proves this to be true, with 80% of our new patients citing aches and pains as the reason for coming to the joint.

讓我們回顧一下我們的行銷工作，請翻到第 6 張投影片。第三季與第二季類似，我們的病患流失率與去年持平，轉換率也有所提升。然而，有 2-3 個銷售溝通案例低於預期。主要缺點在於新患者數量較少，我們正在透過啟動全國行銷更新、SEO改進和高級定價測試來解決這個問題。我們的研究表明，疼痛是人們尋求脊椎矯正療法的最大誘因。我們的患者群體證明了這一點，80% 的新患者表示疼痛是他們來關節診所就診的原因。

In August, we launched a compelling new brand awareness campaign, Life unpaused. We have shifted marketing content from broad wellness focused communications to a message cantered on chiropractic care for pain relief. Our goal is to drive stronger new patient demand and lead generation. While brand awareness initiatives tend to take longer to produce results. They are inclined to attract patients who remain with us longer.

8 月，我們推出了一項引人注目的全新品牌宣傳活動—「生活不再暫停」。我們已將行銷內容從廣泛的健康保健宣傳轉向以脊椎按摩療法緩解疼痛為中心的宣傳。我們的目標是推動更強勁的新患者需求和潛在客戶開發。品牌知名度提升活動往往需要更長時間才能產生效果。他們更容易吸引那些在我們這裡接受治療時間更長的病人。

We are moving a portion of our marketing efforts to target an earlier stage in the sales funnel, shifting from predominantly local spend to one that also leverages our national scale of 962 locations in 43 states and the District of Columbia, which is equivalent to approximately 57% of metro statistical areas in the US.

我們將部分行銷工作轉移到銷售漏斗的早期階段，從主要依靠本地支出轉向利用我們在 43 個州和哥倫比亞特區 962 個地點的全國規模，這相當於美國大約 57% 的大都會統計區。

This campaign will educate consumers much earlier on and before we experience pain. That the joint offers an affordable solution to alleviate pain. The goal is to get individuals at the first sign of discomfort to think I should visit the joint. It's convenient, affordable, and they can help.

這項活動將使消費者更早了解相關知識，並避免遭受痛苦。該關節提供了一種經濟實惠的緩解疼痛的解決方案。目標是讓人們在出現任何不適症狀的第一時間就想到應該去診所就診。它方便、價格實惠，而且他們還能提供幫助。

As alluded to last quarter, we have been actively engaging our franchisees regarding a new strategy. I am pleased to report in October the franchisees elected to reallocate $500 or approximately 1% of their gross sales per clinic per month from local advertising to this new national marketing effort. This adjustment does not increase the total amount contributed by franchisees; it simply redirects existing funds to enhance our national brand awareness and patient activation.

正如上個季度所提到的，我們一直在積極與加盟商探討新的策略。我很高興地報告，10 月份，加盟商決定將每家診所每月 500 美元（約佔其總銷售額的 1%）從本地廣告重新分配到這項新的全國性行銷活動中。這項調整不會增加加盟商繳納的總金額；它只是將現有資金重新分配，以提高我們的全國品牌知名度和患者參與度。

We are also strengthening our digital strategy through accelerated SEO initiatives designed to improve search visibility, page authority, and discovery, including within AI-driven search environments. These are all key drivers of organic traffic and leads to our website. New micro sites or localized clinic pages are demonstrating strong early performance.

我們還透過加速搜尋引擎優化 (SEO) 計畫來加強我們的數位化策略，旨在提高搜尋可見度、頁面權威性和發現率，包括在人工智慧驅動的搜尋環境中。這些都是我們網站自然流量和潛在客戶的關鍵驅動因素。新的微型網站或在地化診所頁面目前表現出強勁的早期表現。

In September, a pilot rollout of 35 clinics averaged a 20% to 40% increase in organic search traffic within the first two weeks of launch. A phased refresh of all remaining clinic pages began earlier this week with completion expected before the end of the year. In parallel, enhancements to local good Google business profiles are increasing engagement. Together these efforts are expanding our local search presence and improving conversion pathways from search to clinic.

9 月份，在 35 家診所進行的試點推廣，在上線後的前兩週內，自然搜尋流量平均增加了 20% 至 40%。本週早些時候，所有剩餘診所頁面的分階段更新工作已經開始，預計將在年底前完成。同時，對本地優質 Google 商家資料的改進正在提高用戶參與度。這些努力共同擴大了我們在本地的搜尋影響力，並改善了從搜尋到診所的轉換路徑。

At the same time, updates to national website pages are enhancing visibility among early awareness audiences, searching for topics such as back pain, neck pain, and mobility or lifestyle improvement. These tactics are broadening reach, bringing new users to our website and positioning the joint chiropractic as a credible trusted authority at the beginning of the consumer decision process.

同時，國家網站頁面的更新提高了早期追蹤者的可見度，他們正在搜尋諸如背痛、頸痛、活動能力或生活方式改善等主題。這些策略正在擴大覆蓋範圍，為我們的網站帶來新用戶，並將聯合脊椎矯正定位為消費者決策過程開始時可信賴的權威機構。

Collectively these initiatives are designed to reach audiences wherever they search and support the full marketing funnel from awareness to lead generation to wellness plan purchase. These actions are intended to drive new patient counts, which in turn will help improve cost.

這些措施旨在觸及所有搜尋受眾，並支援從認知到潛在客戶開發再到健康計畫購買的整個行銷管道。這些措施旨在增加新患者數量，有助於降低成本。

Turning to flight 7. We're happy to welcome our new Chief Marketing Officer who will lead their implementation and further fortify our marketing. Debbie L. Gonzalez started at the beginning of October. She's experienced in transforming global brand strategies and strengthening marketing capabilities across multi-site retail and health and wellness businesses. Debbie has served as Chief Marketing Officer in publicly traded, private, and consulting companies where she drove customer acquisition, brand development, performance marketing, digital initiatives, and innovation. Also, during her tenure at the franchisor Massage, she led the development of the recurring revenue membership model.

接下來是7號班機。我們很高興歡迎新任行銷長加入，他將領導各項工作的實施，並進一步加強我們的行銷。黛比·L·岡薩雷斯於十月初開始工作。她擁有豐富的經驗，能夠轉變全球品牌策略，並加強跨多個零售點以及健康和保健企業的行銷能力。黛比曾在上市公司、私人公司和顧問公司擔任首席行銷官，負責推動客戶獲取、品牌發展、效果行銷、數位化舉措和創新。此外，在她擔任特許經營按摩師期間，她領導開發了經常性收入會員模式。

Do I need to slide 8. We have unveiled dynamic revenue management initiative initiatives to drive sales and long-term profitability.

我需要放第8張投影片嗎？我們推出了一系列動態收益管理計劃，旨在推動銷售成長並實現長期獲利能力。

In July we introduced our new kick start plan. Our doctors prescribe tailored treatment plans to meet our patients' specific needs. Often, new patients need multiple adjustments a week during the early phase of their care to get out of acute pain. Kickstart offers an attractively priced pack of 48, or 12 adjustments beyond the 4 included in the standard wellness plan. This offering is a real win-win as it helps patients get rapid relief affordably and generates more revenue for clinics. Already approximately 25% of new patients are taking advantage of these packages.

7月我們推出了新的啟動計畫。我們的醫生會根據患者的具體需求制定個人化的治療方案。通常情況下，新患者在治療初期需要每週多次調整，才能擺脫急性疼痛。Kickstart 提供價格極具吸引力的 48 項調整套餐，或在標準健康計劃包含的 4 項調整之外額外提供 12 項調整。這項服務可謂雙贏，既能幫助患者以經濟實惠的方式快速緩解症狀，又能為診所創造更多收入。目前已有約 25% 的新患者正在使用這些套餐。

Now we are expanding our core wellness plan pricing analysis to better understand patient sensitivity for revenue optimization. Our latest pilot launched early November. There are 3 different levels of price increase in 3 different diverse demographic areas. We will monitor performance metrics and analyse trends to help determine next steps for the rest of the system. Based on the results of these pilots, we will optimize our nationwide pricing structure and roll out adjustments across our system.

現在，我們正在擴展核心健康計劃定價分析，以更好地了解患者的敏感度，從而優化收入。我們最新的試點計畫於11月初啟動。在三個不同的、人口結構各異的地區，價格上漲幅度分為三個不同的等級。我們將監控效能指標並分析趨勢，以協助確定係統其餘部分的下一步措施。根據這些試點計畫的結果，我們將優化全國定價結構，並在整個系統中推出調整。

Turning to slide 9. We are focused on elevating our patients' experience to improved technology. We believe this will foster referrals and extend the length of time they maintain their wellness plan. In July we officially launched our patient facing mobile app with basic in clinic check-in functionality. We are excited that the adoption rate among our wellness plan holders has reached 18% of new patients at the end of quarter 3, with over 178,000 downloads.

翻到第9張投影片。我們致力於透過改進技術來提升患者的就醫體驗。我們相信這將促進轉診，並延長他們堅持健康計劃的時間。7 月，我們正式推出了患者的行動應用程序，具備基本的診所登記功能。我們很高興地宣布，截至第三季末，我們健康計畫持有者的採用率已達到新患者的 18%，下載量超過 178,000 次。

At the end of August we released a second app version enabling patients to look up their visit balance, plan type, cycle date, at a glance visit history, treatment plan, and progress report. Download records like receipts and visit notes and complete a patient experience survey. Upcoming features will enable credit card updates and gamification such as getting badges for adjustments, check-ins, or watching a video of the stretches that help with your condition.

8 月底，我們發布了第二個應用程式版本，使患者能夠查看他們的就診餘額、計劃類型、週期日期、就診歷史記錄、治療計劃和進度報告。下載收據和就診記錄等資料，並完成病患體驗調查。即將推出的功能將支援信用卡更新和遊戲化，例如透過調整、簽到或觀看有助於改善您病情的拉伸影片來獲得徽章。

With that, I will turn the call to Scott.

接下來，我將把電話轉給斯科特。

Thanks, Sanjeev. Turning to slide 11, let's discuss our operating metrics. In the third quarter, system-wide sales were down 1.5% to $127 million. Comp sales were down 2%, and adjusted EBITDA for consolidated operations grew 36%. Turning to slide 12, let's discuss our clinics and new clinic performance. We sold 8 franchise licenses in the third quarter compared to 7 sold in Q3 of last year. And at September 30th we had 149 franchise licenses in active development.

謝謝你，桑吉夫。接下來請看第 11 張投影片，我們來討論一下我們的營運指標。第三季度，系統銷售額下降1.5%，至1.27億美元。同店銷售額下降 2%，合併營運的調整後 EBITDA 成長 36%。接下來請看第 12 張投影片，我們來討論一下我們的診所和新診所的運作。第三季我們售出了 8 張特許經營權許可證，而去年第三季售出了 7 份。截至9月30日，我們有149個特許經營許可證正在積極開發中。

In the 3rd quarter, we opened 9 franchise clinics, including our 1st in the state of Delaware, and closed 11. Of the 21 clinics opened in 2025, the break-even point has significantly improved versus clinics opened in recent years, which was due to pre-opening protocols implemented by our operations team. We closed 3 company owned or managed clinics, and we refranchised 1 clinic, bringing the year-to-date total to 40 refranchised clinics.

第三季度，我們開設了 9 家加盟診所，其中包括我們在特拉華州的第一家，同時關閉了 11 家。2025 年開設的 21 家診所的損益平衡點與近年來開設的診所相比有了顯著改善，這得益於我們營運團隊實施的開業前規程。我們關閉了 3 家公司擁有或管理的診所，並重新特許經營了 1 家診所，使今年迄今重新特許經營的診所總數達到 40 家。

At September 30th, we had 884 franchise clinics, or 92% of the portfolio. We are also focused on improving new clinic performance through better training and marketing. For example, we are now requiring a minimum number of leads to be generated prior to opening to support strong opening sales momentum. This practice has helped improve our break-even timing from around 2 years to under 1 year.

截至 9 月 30 日，我們擁有 884 家加盟診所，佔總診所數的 92%。我們也致力於透過更好的培訓和市場推廣來提高新診所的表現。例如，我們現在要求在開業前產生一定數量的銷售線索，以支持強勁的開業銷售動能。這種做法幫助我們將損益平衡時間從大約 2 年縮短到不到 1 年。

Turning to slide 13, let's discuss our financials. I'll review continuing operations for the 3rd quarter compared to the same period last year. Revenue grew 6% to 13.4 million, mainly due to the greater number of franchises clinics in operation. Cost of revenues was 2.7 million, down 6% compared to the prior year, reflecting lower regional developer royalties due to the repurchase of the Northwest Territory rights in the second quarter.

接下來請看第 13 張投影片，我們來討論一下財務狀況。我將對第三季持續經營業務與去年同期進行比較。營收成長 6% 至 1,340 萬，主要原因是營運中的加盟診所數量增加。收入成本為 270 萬，比上年下降 6%，反映出由於第二季回購了西北地區的權益，導致區域開發商的特許權使用費降低。

Selling and marketing expenses were 2.8 million, up 13% compared to the prior year reflecting our digital marketing transformation efforts. Depreciation and amortization increased $100,000 mainly due to software development for our new mobile app. G&A expenses decreased 3% to $7.3 million as we continue to right size our cost structure and income tax expense was $10,000 for the quarter, reflecting an effective tax rate of 3%.

銷售和行銷費用為 280 萬，比上年增長 13%，反映了我們在數位行銷轉型方面的努力。折舊和攤銷增加了 10 萬美元，主要是由於我們新的行動應用程式的軟體開發。由於我們持續調整成本結構，一般及行政費用下降了 3%，至 730 萬美元；本季所得稅費用為 1 萬美元，實際稅率為 3%。

Q3 consolidated net income was $855,000. This compares to a net loss of 3.2 million at the same period last year, which was mainly due to impairment expenses related to refranchising. Net income from continuing operations was $290,000 or $0.02 per diluted share compared to a loss of $414,000 or $0.03 per basic share in the same period last year. Adjusted EBITDA from consolidated operations improved 36% to 3.3 million, and for continuing operations, adjusted EBITDA was 1.4 million compared to 262,000 in the same period last year.

第三季合併淨利為 855,000 美元。相較之下，去年同期淨虧損為 320 萬，主要原因是與特許經營權轉讓相關的減損支出。持續經營業務淨利為 290,000 美元，即每股攤薄收益 0.02 美元，而去年同期則虧損 414,000 美元，即每股基本虧損 0.03 美元。合併經營業務的調整後 EBITDA 成長 36% 至 330 萬，持續經營業務的調整後 EBITDA 為 140 萬，去年同期為 26.2 萬。

Turning to slide 14, let's discuss our year-to-date financials for the nine months ended September 30th, 2025, compared to the prior year period. Revenue grew 6% to 39.7 million. Consolidated net income increased 7.7 million to $1.9 million. Net loss from continuing operations improved $1.3 million to $1.2 million. Adjusted EBITDA from consolidated operations expanded 1.3 million to 9.4 million, while adjusted EBITDA from continuing operations improved 1.5 million. Improved [2.5 million] dollars compared to $300,000 in the prior year period.

接下來請看第 14 張投影片，讓我們討論一下截至 2025 年 9 月 30 日的九個月的年初至今財務狀況，並與去年同期進行比較。營收成長6%，達3970萬。合併淨收入增加 770 萬美元，達到 190 萬美元。持續經營業務淨虧損從 130 萬美元減少至 120 萬美元。合併經營業務的調整後 EBITDA 成長 130 萬至 940 萬，而持續經營業務的調整後 EBITDA 成長 150 萬。與上年同期的 30 萬美元相比，成長了 250 萬美元。

Onto slide 15, I'll review our liquidity and stock repurchase plan. At the end of the third quarter, unrestricted cash was 29.7 million compared to $25.1 million at the end of last year. We maintained our line of credit with JPMorgan Chase for $20 million and had 0 funds drawn during the quarter. In addition, we extended the maturity of the facility an additional 6 months to August 2027.

接下來，我將在第 15 張投影片中回顧我們的流動性和股票回購計畫。第三季末，非限制性現金為 2,970 萬美元，去年年底為 2,510 萬美元。我們維持了與摩根大通的 2000 萬美元信貸額度，本季未提取任何資金。此外，我們將該設施的到期期限延長了 6 個月至 2027 年 8 月。

During the third quarter, we repurchased 228,000 shares for $2.3 million averaging approximately $10 per share. Since quarter end, we bought back an additional 312,000 shares for approximately $2.7 million. Most recently, the board authorized an additional 12 million for repurchases, continuing to emphasize our confidence in the long-term growth strategy.

第三季度，我們以 230 萬美元的價格回購了 228,000 股股票，平均每股價格約為 10 美元。自季度末以來，我們又回購了 312,000 股股票，總價值約 270 萬美元。最近，董事會批准追加 1,200 萬美元用於股票回購，繼續強調我們對長期成長策略的信心。

Onto slide 16, we are revising our full year 2025 guidance as follows. We expect system-wide sales to range from $530 million to 534 million, which compares the prior guidance of $530 million to $550 million. We expect comp sale to be in the range of 1% to flat, which compares to prior guidance of an increase in the low single-digit range.

在第 16 頁，我們將對 2025 年全年業績指引進行如下修訂。我們預計系統銷售額將在 5.3 億美元至 5.34 億美元之間，而先前的預期為 5.3 億美元至 5.5 億美元。我們預計同店銷售額將成長 1% 或持平，而先前的預期為個位數低段成長。

We are maintaining guidance for consolidated adjusted EBITDA to be in the range of $10.8 million to 11.8 million. And we are maintaining our new clinic openings guidance to be in the range of 30 to 35. Reflecting our refranchising efforts and realignment of our corporate cost structure, we have made significant progress reducing our operating costs.

我們維持先前對合併調整後 EBITDA 的預期，預計在 1,080 萬美元至 1,180 萬美元之間。我們維持先前對新診所開業數量的預期，即保持在 30 至 35 家之間。透過重新特許經營和調整公司成本結構，我們在降低營運成本方面取得了顯著進展。

As a result, we expect 2026 continuing operations to be more profitable than 2025. When we report Q4 2025 results, we will provide annual 2026 guidance as well as the key attributes of our go forward 100% franchise model.

因此，我們預計 2026 年的持續經營業務將比 2025 年更有利潤。在公佈 2025 年第四季業績時，我們將提供 2026 年年度業績指引，以及我們未來 100% 特許經營模式的關鍵特徵。

And with that I'll turn the call back over to Sanjeev.

接下來，我將把電話轉回給桑吉夫。

Thanks, Scott. Turning to slide 18.

謝謝你，斯科特。翻到第18張幻燈片。

I am proud to report that the joint continues to receive accolades. We were recognized on the annual franchise Times TOP400 for the 6th year in the TOP200 listing of brands. In 2025, we jumped 11 spots, landing at position 139. We are part of two of the fastest growing industry sectors for 2025 health and medical and personal services.

我很自豪地報告，該聯合體持續獲得讚譽。我們連續第六年榮登年度特許經營時代TOP400榜單，並在TOP200品牌榜單中名列前茅。2025年，我們的排名上升了11位，排名第139位。我們身處2025年成長最快的兩個產業領域－醫療保健和個人服務。

In summary, we are on track to becoming a purely franchisor. Combined with our diligent cost saving initiatives we are confident this will lead to improved operating leverage going into 2026 and beyond. And our stock repurchase plan extension demonstrates a strong conviction in the progress we're making toward our long-term goals of growing system-wide sales, com sales, net new clinic openings, and adjusted EBITDA.

總而言之，我們正朝著成為純粹的特許經營商的目標穩步前進。結合我們認真採取的成本節約措施，我們有信心這將提高公司在 2026 年及以後的營運槓桿率。我們延長股票回購計畫表明，我們對實現長期目標（即提高系統銷售額、公司銷售額、新增診所數量和調整後 EBITDA）所取得的進展充滿信心。

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

有了這位操作員，我就可以開始問答環節了。

(Operator Instruction) Jeff Van Sinderen, B. Riley Securities - Analyst

（操作員指示）Jeff Van Sinderen，B. Riley Securities - 分析師

Hi everyone, just wanted to follow-up on getting to the pure franchise. At this point I realized, I think you said you're in 40 some odd units, you're in some sort of, stage it sounds like due diligence, and then I think you have another 30 some odd to go after that. What time frame do you think seems feasible to complete all of the refranchising at this point of the corporate clinics?

大家好，我想跟進一下關於如何獲得純粹特許經營權的問題。這時我才意識到，我想你說你已經投資了 40 多個單元，你現在處於某種階段，聽起來像是盡職調查，然後我想你之後還有 30 多個單元要投資。您認為在目前階段，完成所有企業診所的特許經營權重新授予工作，在多長時間內是可行的？

Jeff, at this stage, like we mentioned on our prepared remarks, we have, got an initial, Asset purchase agreement. For 45 clinics in Southern California, we're still negotiating some details around that. And then we've got 33 other clinics. Which remain that we are also negotiating asset purchase agreements for. I think as a result of the Overall macro climate we found that the lender dynamic was impacted and it impacted our timing as it related to buyers securing lending added some additional complexity, but we feel confident that we're making progress. And whilst exact timing may be hard to predict I think we're pretty confident that. We'll be able to get this done.

傑夫，正如我們在準備好的演講稿中提到的，目前我們已經獲得了初步的資產購買協議。對於南加州的 45 家診所，我們仍在就一些細節進行談判。此外，我們還有其他33家診所。我們也將繼續就剩餘資產的收購協議進行談判。我認為，由於整體宏觀環境的影響，我們發現貸款機構的動態受到了影響，這也影響了我們與買家獲得貸款相關的時機，增加了一些額外的複雜性，但我們相信我們正在取得進展。雖然確切時間可能難以預測，但我認為我們對此相當有信心。我們一定能完成這件事。

Okay, and then just turning to the steps you're taking to turn around the same store sales or comps, you mentioned the pricing plan pilot I think it was can you speak more about that? I'm just. Curious about what you're doing there.

好的，接下來我想談談您為扭轉同店銷售或同店銷售頹勢所採取的措施，您提到了定價計劃試點項目，您能詳細介紹一下嗎？我只是。很好奇你在那裡做什麼。

Yeah, absolutely so as you know we took pricing any meaningful pricing, on our wellness plans. Going back in March of 2022, so it's been a minute since we've taken pricing. Inflation has gone up since then as a result, eroding some degree of clinic margin. So, we've got to figure out the right balance of making sure we're affordable and accessible whilst also taking a fair price fee in line with market.

是的，當然，如您所知，我們對健康計劃的定價採取了任何有意義的定價策略。上一次進行定價還是在 2022 年 3 月，所以已經有一段時間了。此後通貨膨脹加劇，導致診所利潤空間受到一定程度的侵蝕。所以，我們必須找到適當的平衡點，既要確保價格合理、方便易得，又要收取符合市場行情的合理費用。

To make sure we understand that thoroughly given the market dynamic we have taken 3 different. Price increase levels 3 different tiers that that reflect 3 different levels of aggressiveness of price increase, if you will we have. Those tests went, our pilot markets went live in November itself. And I think over the next few weeks we expect to learn what is the optimum level of price increase that. The market and our patients can bear at the moment and learning from that. The plan is to then scale that up enterprise wide.

為了確保我們充分了解市場動態，我們採取了 3 種不同的方法。價格上漲等級分為 3 個不同的級別，分別反映了價格上漲的 3 個不同級別。這些測試都已完成，我們的試點市場在11月就正式上線了。我認為在接下來的幾週內，我們將了解最合適的漲價幅度是多少。目前市場和我們的患者都能承受，我們將從中吸取經驗教訓。計劃是將該模式推廣到整個企業。

Okay, I guess I'm little bit, I'm not sure what the word is, but it seems to me that if your cops are running slightly negative that you might. That I mean it almost seems counterintuitive to be raising price into the comps running negative so I'm just wondering how you think about that, how you think about sort of the, I know you gave a new set, of guidance for the year for comps and so forth, but how are you thinking about pricing versus driving costs?

好吧，我想我有點，我不知道該怎麼形容，但我覺得如果你的警察表現略微消極，你可能會…我的意思是，在同店銷售額為負的情況下提價似乎有點違反直覺，所以我想知道您對此有何看法，您是如何看待這個問題的，我知道您給出了新的年度同店銷售額指引等等，但您是如何考慮定價與成本控制之間的關係的？

I think it is one of the many levels that we are contemplating if I was to share with you or recap the levels that we've got that we talked about, I think one is to. Shift the external messaging to pay, which seems to be the most relevant trigger to bring patients in at the moment to amplify that message and our new brand campaign we have worked with our franchising and agreed that they would shift $500 per clinic per month from local investment in marketing to a national spend that allows us to.

我認為這是我們正在考慮的眾多層面之一。如果我要和你們分享或回顧我們討論過的層面，我認為其中一個層面是。將對外宣傳重點轉移到付費上，這似乎是目前吸引患者最相關的觸發因素。為了擴大宣傳範圍，我們與特許經營商合作開展了新的品牌推廣活動，並達成一致，他們將每月每家診所 500 美元的本地營銷投資轉移到全國性支出，這使我們能夠…

Advertise more effectively, more and invest behind more high impact media nationally. So we've just started doing that. I think that will make a significant impact. We're also investing some of that money to accelerate some of the very critical work that needs to happen around addressing change in consumer search behaviours due to AI.

提高廣告投放效率，增加廣告投入，並在全國增加對高影響力媒體的投入。所以我們才剛開始做這件事。我認為這將產生重大影響。我們也將部分資金投入到一些非常關鍵的工作中，以加速解決人工智慧導致消費者搜尋行為變化的問題。

Which I just, enumerated and then in the context of some of these other things that we're talking about including patient person technology, one of the levers, as you might expect, is also pricing. We think there's some room there just to determine what the right level of pricing is instead of doing that. Without due diligence, that is exactly why we've got 3 different. Price increase tiers that we're testing to make sure that we're not getting ahead of our skis and the consumer is ready to bear that price increase.

我剛才列舉了一些，然後在我們正在討論的其他一些事情的背景下，包括患者個人技術，正如你可能預料到的那樣，其中一個槓桿也是定價。我們認為，與其那樣做，不如先確定一個合適的定價水平，這其中還有一些空間。如果沒有盡職調查，這就是為什麼我們會有 3 個不同的結果。我們正在測試不同的價格上漲等級，以確保我們不會操之過急，並且消費者也準備好承受價格上漲。

So it is one of many other things that I think will help us get into positive comp.

所以，我認為這是眾多有助於我們實現正向獲利的因素之一。

Okay, thank you for taking my questions.

好的，謝謝您回答我的問題。

(Operator Instructions) George Kelly Roth Capital Partners LLC - Analyst

（操作說明）喬治凱利羅斯資本合夥公司 - 分析師

Everyone, thanks, a couple questions for you first on. I guess looking for a little more detail, you mentioned in your prepared remarks about certain initiatives aimed to improving the break even point. Can you walk through what those look like?

各位，謝謝，首先我有幾個問題。我想了解更多細節，您在準備好的演講稿中提到了一些旨在提高損益平衡點的措施。能詳細描述一下它們長什麼樣子嗎？

Absolutely George I think what we were referring to here is the new clinics right achieving that we open reaching. A break-even point rapidly and then of course from there on we expect them to get to mature sales level also faster than they have historically done. We have opened 25 clinics thus far. And what we found is that we've used a more robust protocol learning from best practices.

喬治，沒錯，我想我們這裡指的是新診所正在實現我們開放覆蓋的目標。很快就會達到損益平衡點，然後我們當然希望他們能比以往更快達到成熟的銷售水準。我們目前已開設了25家診所。我們發現，我們採用了更穩健的協議，並藉鑒了最佳實踐。

Around our own system. On what needs to happen in order to ensure that these clinics open right from day one at a higher sales volume and then ramp up faster. So to give you an example, one of the things that we found that makes a very significant impact is to make sure that.

圍繞我們自己的系統。為了確保這些診所從開業第一天起就能實現更高的銷售額，然後更快地擴大規模，需要採取哪些措施。舉個例子來說，我們發現產生非常顯著影響的事情之一就是確保這一點。

Even before the clinic opens our franchisees and operators have achieved a few 100 there's a specific number that we target Potential leads. And so, the moment you actually open the clinic, we already have a very significant amount of leads, very specific leads that we can then follow through and convert into patients very early in the opening phase of that clinic.

甚至在診所開業之前，我們的加盟商和營運商就已經獲得了幾百個潛在客戶，我們有一個特定的目標數字。因此，當您真正開設診所時，我們已經擁有大量潛在客戶，非常具體的潛在客戶，我們可以跟進並在診所開業初期就將他們轉化為患者。

That mechanically done through tools like local tabling where they see our operators who sit within the community set up these tables and collect needs educating our consumers so it's really very local com community level blocking and tackling that we are. Codifying sharing of best practice and enforcing that our clinics open following those protocols as we have followed those protocols we are seeing. Very encouraged by the results we're seeing of the cohort of clinics opening in 2025. So that is what we were referring to earlier in terms of, reaching breaking sales pretty quickly.

這是透過諸如本地擺攤之類的工具機械地完成的，他們會看到我們的運營人員坐在社區裡擺攤設點，收集需求，教育我們的消費者，所以我們實際上是在社區層面進行非常本地化的、有針對性的干預和解決。將最佳實踐的分享編纂成法，並強制要求我們的診所按照這些規程開放，因為我們一直遵循這些規程，我們看到了這一點。我們對2025年即將開業的一批診所所取得的成果感到非常鼓舞。所以這就是我們之前提到的，迅速達到突破性銷售目標的情況。

Okay, thanks, and then I guess I've got a couple more. On comp growth, can you, explain it all or give us the trend that you saw during the quarter and what have you seen, post quarter? It seems like your updated guide reflects a step down from 3Q and in 4Q. So, is that the case?

好的，謝謝，我想我還有幾個問題。關於同店銷售成長，您能否詳細解釋一下，或為我們介紹一下您在本季觀察到的趨勢，以及季度末的情況？看來你們更新後的指南反映出比第三季和第四季有所下降。真是這樣嗎？

Yeah, let me let me give a couple comments there so. As we looked at at current trends as we ended the quarter, our comps were slightly softer, than the average of the quarter, so that was, one thing that we considered, but we also looked at last year, so in the third quarter last year our comps were up about, 4% in the fourth quarter they're up about 6%, so. We have, much tougher compares, in the fourth quarter than, we did in the third quarter, so that's the other component, so a little softer to the end of the quarter and then, just tougher compares, up against last year.

是的，我想補充幾點。在季度末，我們審視了當前的趨勢，發現我們的同店銷售額略低於季度平均水平，這是我們考慮的一個因素，但我們也參考了去年同期的數據，去年第三季度我們的同店銷售額增長了約 4%，而第四季度增長了約 6%。第四季的比較基數比第三季大得多，這是另一個因素，所以季度末的情況稍微好一些，然後與去年同期相比就比較艱難了。

Okay, thank you, and just one last one for me. There was a comment about. SG&A expense reductions next year that are planned and I think you said that you expect to grow income from continuing operations in in versus 2025. Yeah, can you remind me what if your adjusted EBITA guide is from continuing ops? And can you be more specific? It's been a long time. It's this plan has been underway for quite a while. I know there was a management change, but, can you be more specific about what level of SG&A reductions you're targeting?

好的，謝謝，我最後一個問題。有人評論說…明年計劃削減銷售、一般及行政費用，而且我認為您說過，您預計 2025 年持續經營收入將有所增長。是的，你能提醒我一下，如果你的調整後 EBITA 指引來自持續經營業務，那該怎麼辦？能說得更具體些嗎？已經過了很久了。這項計劃已經進行了相當長一段時間。我知道管理階層發生了變動，但是，您能否更具體地說明您計劃將銷售、一般及行政費用削減到什麼程度？

Yeah, what I can tell you is, we have taken a very close look at our DNA structure. Now, versus what it should be, post re franchising, and so we've already started to make some adjustments there and a good point of reference, is in our earnings presentation on slide 13 where it shows you kind of the breakdown of, why our adjusted EBITDA I was better, for continuing operations, compared to last year. So, what's happening there is. As we re franchise these units, they come into the GAAP revenue stream with, additional royalties and fees and so that's why, revenue GAAP revenue is up 6% in the quarter. But if you look at G&A costs, they were actually down 2%, against that that's that revenue increase.

是的，我可以告訴你的是，我們已經非常仔細地研究了我們的DNA結構。現在，與重新特許經營後應有的情況相比，我們已經開始進行一些調整，一個很好的參考點是我們的收益演示文稿第 13 頁，其中向您展示了我們持續經營調整後 EBITDA 較去年有所改善的原因。所以，那裡發生的事情是這樣的。隨著我們重新特許經營這些單元，它們會進入 GAAP 收入流，帶來額外的特許權使用費和費用，因此，本季度 GAAP 收入增長了 6%。但如果你看一下一般及行政費用，實際上它們下降了 2%，而收入的成長正是與之相對的。

And so you can kind of see, some of the right sizing starting to happen. There's more to come and we have the areas targeted that will give us the most reduction, so we're starting to see some benefits come through, which is very encouraging. Also I'd point out that cost of revenues was actually down 6% as well, against revenue up 6%, so that certainly helps, and that's mainly because we bought back, those, territory regional developer territory rights in the Q2. Time frame that we mentioned on our last call and so that's paying some benefits, right? So, we no longer have to pay those RD royalties and so our cost of revenues is less against higher revenue.

所以你可以看出，一些合適的尺寸開始出現了。未來還會有更多舉措，我們已經確定了能夠最大限度減少浪費的重點領域，因此我們開始看到一些成效，這非常令人鼓舞。另外，我想指出的是，收入成本實際上也下降了 6%，而收入卻增長了 6%，這當然有所幫助，這主要是因為我們在第二季度回購了那些區域開發商的地域權。我們在上次通話中提到的時間框架，確實帶來了一些好處，對吧？因此，我們不再需要支付研發費用，因此我們的收入成本降低，但收入卻增加了。

So, kind of to answer your question, so the next steps, that we're looking at. Is, continuing to refranchise, clinics as we do that, we'll see some pretty, big reductions in, big categories like salaries and wages, employee benefits, insurance, if you think about workers' comp insurance, big reduction, with, fewer employees and then other things like legal fees and travel and some other expenses. And so as we've kind of done a little bit deeper dive in and analyzing line items you know we have we have very good plans on you know how they should be reduced and when as we continue to re franchise these these units so early days you know we're seeing some really good signs, but the bulk of it is is yet to come and so as we continue this transition process things are fairly fluid, but we kind of have our sites targeted on where the opportunity areas are. And on our next call in Q4 we'll be able to lay that out in a good amount of detail in terms of what the outlook looks like in a more, kind of fully franchise model.

所以，為了回答你的問題，接下來我們要考慮的是…隨著我們繼續重新特許經營診所，我們將看到一些大類支出大幅減少，例如工資、員工福利、保險，如果你考慮到工傷保險，員工人數減少，支出也會大幅減少，此外還有法律費用、差旅費和其他一些費用。因此，隨著我們對各項指標進行更深入的分析，我們已經制定了非常好的計劃，說明如何以及何時減少這些指標，同時我們將繼續重新特許經營這些單位。雖然目前還處於早期階段，但我們看到了一些非常好的跡象，但大部分工作尚未完成。因此，隨著我們繼續推進這一過渡過程，情況相當不穩定，但我們已經將選址鎖定在機會區域。在第四季的下一次電話會議上，我們將能夠詳細闡述在更全面、更像特許經營模式的情況下，前景會是什麼樣子。

Okay thanks.

好的，謝謝。

The next question comes from Jeremy Hamlin from Craig Hallen. Please go ahead.

下一個問題來自克雷格·哈倫的傑里米·哈姆林。請繼續。

Hey, this is, Willan for Jeremy. First, I wanted to go back to the pricing. I guess I guess my question is, are you taking a blanket approach to raising price, or is it, are you taking price on certain packages and plans, maybe to drive customers to Different categories.

嘿，我是Willan，替Jeremy。首先，我想回到定價問題上來。我想問的是，你們是採取一刀切的方式提價，還是只針對某些套餐和計劃提價，目的是為了引導顧客選擇不同的類別？

Yeah, I can answer that for you, Willan. Almost 80% to 85% of our revenue comes to a recurring revenue model, right? So, our patients are on membership plans.

是的，我可以回答你這個問題，威廉。我們近 80% 到 85% 的收入都來自經常性收入模式，對吧？所以，我們的患者都加入了會員計畫。

That are, recurring in nature. So that is where the bulk of the opportunity is That those wellness plans are where we are testing three different levels of price increase, right? And they range anywhere between $2 to $10 to try and understand what is going to be the. Patient sensitivity to those price increases and we're also testing them across a variety of different geographies we've got approximately 200 clinics in those three pilot groups.

它們是反覆出現的。所以，大部分機會都在這裡。我們正在這些健康計劃中測試三種不同的價格上漲水平，對吧？它們的售價從 2 美元到 10 美元不等，目的是了解將會發生什麼。我們正在測試患者對這些價格上漲的敏感度，並在各種不同的地區進行測試，這三個試點組大約有 200 家診所。

So it's a pretty comprehensive, well thought through test. 3 different price increase levels, lots of different geographies and demographics. We will learn from that on what the most appropriate level of price increases given the current climate, and then we can scale that out, nationally. So that is where we are looking at, this pricing pilot. Well, does that clarify.

所以這是一項相當全面、考慮周全的測試。它涵蓋了3個不同的價格上漲水平，以及許多不同的地理和人口統計特徵。我們將從中吸取經驗，了解在當前情況下最合適的漲價幅度，然後我們可以將其推廣到全國範圍。所以，這就是我們目前關注的重點，也就是這個定價試點計畫。這樣解釋清楚了嗎？

Your question? Yeah, that, yes, that's helpful, and then. Just one more for me, going back to the units in in Southern California, I guess. Are you able to kind of categorize just general performance of those 45 units? I mean, are they kind of average, better, kind of weaker performing units? I'm just trying to get a sense of evaluation.

你的問題？是的，那很有幫助，然後。我還要再去一次，看來我得回到南加州的那些單位了。您能否對這 45 台設備的整體效能進行大致分類？我的意思是，它們的表現是中等、較好還是較差？我只是想了解一下評價標準。

Yeah I I can start there I think in general those those clinics in Southern California are good performing you know clinics you know overall as a group and so you know as we look to re franchise those it's you know critically important that you know we find you know good operators and so that is you know one of the things that we're really focused on and you know we want to make sure that we take the time to get good operators, in those clinics because. Good locations and, in the past a lot of those clinics have, performed quite well, but there's still opportunities there, so, it's a good position for a strong operator to step in and, continue, the good practices that they have, but also enhance, what they do to make it even stronger.

是的，我可以從那裡開始。我認為總的來說，南加州的那些診所表現都很好，你知道，作為一個整體，這些診所表現都很好。所以，當我們考慮重新特許經營這些診所時，找到優秀的經營者至關重要。因此，這是我們真正關注的事情之一，我們想確保花時間為這些診所找到優秀的經營者。這些診所地理位置優越，而且過去許多診所的業績都相當不錯，但仍然存在發展機會，因此，對於實力雄厚的經營者來說，這是一個很好的機會，可以接手並繼續保持他們已有的良好做法，同時加強他們的工作，使其更加強大。

Understood, thank you.

明白了，謝謝。

The next question comes from Tom McGoverns from Maxim Group. Please go ahead.

下一個問題來自 Maxim Group 的 Tom McGoverns。請繼續。

Yeah, thank you guys for taking my question. So this past quarter you guys sold, I believe you said 8, franchise licenses compared to 7 a year ago. Just trying to get an understanding of where the demand is coming from. Are, can you give us any insight on whether or not these licensing, these licenses are being sold to, maybe existing franchise franchisees or if they're, all new interests, new franchises.

好的，謝謝各位回答我的問題。所以，上個季度你們賣出了，我記得你們說過8份特許經營權，而去年同期是7份。我只是想了解需求來自哪裡。您能否透露一下這些許可證是出售給現有加盟商，還是全部出售給新的加盟商？

it's a mixed on both, existing franchisees as well as, new franchises.

既包括現有加盟商，也包括新加盟商。

Understood. The other question I had was on the app. So it looks like you guys have some, pretty strong initial data points there. It says in the slide 178,000 downloads and 18% of new patients are signing up for that. Do you guys have any metrics that you could provide for us now in terms of utilization or engagement of the app? Have you guys seen already an increase in those that have the app scheduling appointments or is it just too early to tell?

明白了。我的另一個問題是關於應用程式的。看來你們已經掌握了一些相當有力的初始數據點。幻燈片顯示，下載量為 178,000 次，18% 的新患者註冊了該服務。你們目前能否提供一些關於應用程式使用率或使用者參與度的指標？你們是否已經發現使用該應用程式預約的人數有所增加，還是現在判斷還為時過早？

It's too early to tell, but the feedback from those patients that we're seeing, because we're also, as I indicated, starting to measure patient experience. Through the app, we're we're seeing extremely high metrics coming back, so. What we're encouraged with whilst it's early signs that the overall experience that they're that they're having is very strong and clearly As we've seen, a strong patient experience typically will lead to longevity, and that's really what we're going after here, making sure that there is lifetime value because there's less friction in the experience, so, but too early to be able to share data points that are demonstrating those metrics already.

現在下結論還為時過早，但我們正在從這些患者那裡獲得回饋，因為正如我所說，我們也開始衡量患者體驗。透過該應用程序，我們看到各項指標都非常高。雖然目前還只是早期跡象，但我們感到鼓舞的是，他們整體的體驗非常出色，而且正如我們所看到的，良好的患者體驗通常會帶來更長的使用壽命，而這正是我們努力的目標，確保終身價值，因為體驗中的摩擦更少。但是，現在分享已經證明這些指標的數據點還為時過早。

Got you. Appreciate that insight. And final thing for me, so just wanted to kind of piggyback on the pricing questions. I see in your slide as well that you guys plan to take pricing in 126. Is that a steadfast plan, or is there any reason you might, pay pricing earlier than that if you have the right insights, in the fourth quarter or anything that could possibly push that into the second quarter later in 2026?

抓到你了。感謝您的見解。最後，我還想藉定價問題問一下。我從你們的幻燈片也看到，你們打算在 126 號進行定價。這是一個堅定不移的計劃嗎？或者，如果您掌握了正確的信息，是否有任何理由讓您提前支付價格，例如在第四季度，或者是否有任何可能將支付時間推遲到 2026 年第二季度的情況？

I think at this point considering that the pricing test just went those pilots markets just went live. Earlier in November. I think the most likely scenario is that we will read them, see the impact and most likely given the time frames involved that we should be able to activate against them for our system in quarter 1 now. Should something emerge from that test that gives us pause and reflection and needs us to pivot and test some more, then of course we will consider that. But at the moment, given that we have got 3 different options in test, we believe that one of them is more than likely going to be the right option for us to then scale out nationwide sometime in the 1st quarter.

我認為，考慮到定價測試剛剛結束，那些試點市場也剛剛上線，現在是時候做出改變了。11月初。我認為最有可能的情況是，我們會閱讀這些文件，了解其影響，並且考慮到所涉及的時間範圍，我們很可能能夠在第一季針對這些文件在我們的系統中採取行動。如果測驗中出現了一些讓我們停下來思考、需要我們調整方向並進行更多測試的情況，那麼我們當然會考慮。但目前，鑑於我們有 3 個不同的方案正在測試中，我們相信其中一個方案很可能是適合我們在第一季某個時候在全國範圍內推廣的正確方案。

Understood again, I appreciate you guys taking the time to answer all my questions.

明白了，感謝你們抽出時間回答我的所有問題。

Of course, Tom.

當然，湯姆。

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

我們的問答環節到此結束。我謹將會議交還給桑吉夫·拉茲丹先生，請他作閉幕致詞。

Thank you for joining us. Have a really good day and know that I've joined. We always have your back, so appreciate everyone thank you.

感謝您的參與。祝你今天過得愉快，我知道我已經加入了。我們永遠支持你們，感謝大家。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。