Joint Corp (JYNT) 2026 Q1 法說會逐字稿

Good day, and welcome to The Joint Corporation first quarter 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 The Joint Corporation 2026 年第一季財務業績電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把會議交給 Alliance Advisors 投資人關係部的 Richard Land。請開始。

Thank you, Danielle, and good afternoon, everyone. This is Richard Land with Alliance Advisors Investor Relations. Joining us on the call today are President and CEO, Sanjiv Razdan, and CFO, Scott Bowman. Please note we are using a slide presentation that can be found on The Joint Corp.'s IR website.

謝謝你，Danielle，各位下午好。我是 Alliance Advisors 投資人關係部的 Richard Land。今天與我們一同參與電話會議的有總裁暨執行長 Sanjiv Razdan，以及財務長 Scott Bowman。請注意，我們使用一份投影片簡報，可在 The Joint Corp. 的投資人關係（IR）網站上找到。

This afternoon, The Joint Corp., issued a press release for the first quarter ended March 31, 2026. If you do not already have a copy, it can also be found on the company's website. 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.

今天下午，The Joint Corp. 已發布截至 2026 年 3 月 31 日止第一季的新聞稿。若您尚未取得副本，也可在公司網站上找到。請注意，今日討論內容（包括將提供的任何財務及相關指引）包含依證券法定義之前瞻性陳述。這些陳述係基於我們目前可得之資訊，並涉及風險與不確定性，可能導致未來實際結果、表現以及業務前景與機會與這些陳述所明示或暗示者存在重大差異。

Some important factors that could cause such differences are discussed in the Risk Factors section of The Joint Corp.'s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update them, except to the extent required by applicable securities laws.

可能造成此類差異的一些重要因素，已於 The Joint Corp. 向美國證券交易委員會（SEC）提交文件中的「風險因素」章節加以說明。前瞻性陳述僅截至其作成之日有效，除非適用證券法另有要求，公司不承擔更新之義務。

Management uses non-GAAP financial measures such as EBITDA, adjusted EBITDA, free cash flow, and system-wide sales. The description of these measures is included in the press release issued earlier this afternoon, and reconciliations 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.

管理層使用若干非 GAAP 財務衡量指標，例如 EBITDA、調整後 EBITDA、自由現金流，以及全系統銷售額。這些指標之說明已包含於今日稍早發布的新聞稿中，且與最直接可比之 GAAP 指標的調節表，已收錄於簡報附錄及新聞稿中；兩者皆可於我們網站的「Investors」分頁取得。

With that, I'll now turn the call over to Sanjiv Razdan. Sanjiv, please go ahead.

接下來，我將把電話會議交給 Sanjiv Razdan。Sanjiv，請開始。

Thank you, Richard. Good afternoon, everyone. Alongside the strong first quarter results we reported today, we continue to have meaningful progress with our Joint 2.0 initiative, the first phase of our transformation journey. In April, we entered into an agreement for the sale of 45 company-owned or managed clinics in Southern California. When combined with the two other signed refranchising agreements that are pending closing, just three clinics out of our entire portfolio remain company-owned or managed. That is down from 135 at the start of this process. This is a defining milestone.

謝謝你，Richard。各位下午好。除了我們今天公布的強勁第一季業績之外，我們在 Joint 2.0 計畫（我們轉型旅程的第一階段）方面也持續取得實質進展。4 月，我們簽訂協議，出售南加州 45 家公司自營或代管診所。若再加上另外兩項已簽署、但仍待交割的再加盟（refranchising）協議，我們整體組合中僅剩 3 家診所仍為公司自營或代管；相較於此流程開始時的 135 家，已大幅下降。這是一個具指標性的里程碑。

With our refranchising efforts effectively complete, The Joint is now, in every meaningful sense, a pure-play franchisor. As we continue to implement heightened cost discipline across our operations, our financial results are benefiting. These benefits include higher profitability and free cash flow conversion, which we are in part allocating for the benefit of our shareholders, including through our continued share repurchases as well as through recent RD territory buybacks.

隨著我們的再加盟工作實質上完成，The Joint 現在在所有重要意義上都已成為純粹的加盟總部（franchisor）。在我們持續於營運各面向推動更嚴格的成本紀律之際，我們的財務結果正受惠於此。這些效益包括更高的獲利能力與自由現金流轉換率；我們也將其中一部分用於回饋股東，包括持續進行庫藏股回購，以及近期的 RD（區域開發商）區域回購。

On slide 5, let me touch on the Q1 financial highlights before walking through the details of our transformation. Revenue from continuing operations grew 13% year-over-year to $14.8 million. Adjusted EBITDA from continuing operations was $2.2 million compared to $46,000 in Q1 2025, underscoring the operating leverage we are generating as we shift towards more royalty and fee-based franchise revenue.

在第 5 頁投影片上，我先簡要說明第一季財務重點，接著再深入介紹我們轉型的細節。持續營運收入年增 13% 至 1,480 萬美元。持續營運的調整後 EBITDA 為 220 萬美元，相較於 2025 年第一季的 4.6 萬美元，凸顯出我們在轉向以權利金與費用為主的加盟收入結構時所產生的營運槓桿。

Net income from continuing operations was $1.1 million compared to a net loss of $506,000 in Q1 2025. Cash flow from operating activities improved by $2.2 million from the first quarter of 2025, helping to drive a $2.3 million improvement in free cash flow over the same period.

持續營運淨利為 110 萬美元，相較於 2025 年第一季淨損 50.6 萬美元。營業活動現金流較 2025 年第一季改善 220 萬美元，並帶動同期間自由現金流改善 230 萬美元。

On slide 6, now I'll walk through our recent refranchising activity in more detail. In March 2026, we signed a letter of intent for the sale of five company-owned or managed clinics. In April, subsequent to quarter end, we signed an asset purchase agreement for the sale of 45 additional company-owned or managed clinics for a total of $2.3 million.

在第 6 頁投影片上，我將更詳細說明我們近期的再加盟活動。2026 年 3 月，我們簽署意向書，出售 5 家公司自營或代管診所。4 月（於季末之後），我們簽署資產購買協議，出售另外 45 家公司自營或代管診所，總對價為 230 萬美元。

When completed, these two transactions, along with the asset purchase agreement announced in December last year, will bring our company-owned clinic count down to just three, which compares to 135 corporate clinics at the start of our Joint 2.0 initiative. Completing this journey ahead of schedule is a testament to the strength of our operator relationships and the attractiveness of The Joint franchise model.

待上述兩筆交易完成後，連同去年 12 月宣布的資產購買協議，我們的公司自營診所數將降至僅 3 家；相較於 Joint 2.0 計畫開始時的 135 家企業診所。能夠提前完成這段旅程，證明了我們與營運夥伴關係的強韌，以及 The Joint 加盟模式的吸引力。

In addition to our success with refranchising, we also recently completed buybacks of three regional developer territories, allowing us to capture a greater share of long-term royalty economics in those markets. That we have bought back these RD territories, it allows us to provide strong direct support to our franchisees and drive growth over time.

除了再加盟的成功之外，我們近期也完成回購 3 個區域開發商（RD）區域，使我們能在這些市場中取得更大比例的長期權利金經濟利益。回購這些 RD 區域，讓我們得以對加盟主提供更強的直接支援，並隨時間推動成長。

On slide 7, with The Joint 2.0 transformation efforts nearing completion, I want to share our thinking about what comes next. We are increasingly focused on The Joint 3.0, the next phase of our journey, which will begin in earnest in 2027. That phase will prioritize growth through new channels, including B2B, expansion into under-penetrated US markets, and potential entry into our first international market.

在第 7 頁投影片上，隨著 The Joint 2.0 轉型工作接近完成，我想分享我們對下一步的思考。我們正日益聚焦於 The Joint 3.0，也就是我們旅程的下一階段，並將於 2027 年正式全面啟動。該階段將優先透過新通路推動成長，包括 B2B、擴張至美國滲透率較低的市場，以及可能進入我們的第一個國際市場。

Underpinning this is a powerful set of consumer trends, including growing interest in longevity, health span, mindfulness, sleep quality, and non-invasive whole body care. Chiropractic care and The Joint's unique model is exceptionally well-positioned against this backdrop. We see significant opportunity to evolve our brand positioning, not just around the theme of pain relief, but also around moving better, with quantifiable patient outcomes through the creation of the Joint Move Score feature. In line with this positioning, we are exploring signature treatments, nutritional supplements, and orthotics.

支撐這一切的是一組強勁的消費者趨勢，包括對長壽、健康壽命（health span）、正念、睡眠品質，以及非侵入式全身照護日益增加的興趣。脊椎指壓照護以及 The Joint 的獨特模式，在此背景下具備極佳的定位。我們看到顯著機會可演進品牌定位，不僅圍繞「緩解疼痛」主題，也圍繞「動得更好」，並透過建立 Joint Move Score 功能，以可量化的患者成果來呈現。配合此定位，我們也在探索招牌療程、營養補充品與矯形器（orthotics）。

On slide 8, now turning to our marketing efforts and how we are driving top-line momentum. Our messaging continues to center on chiropractic care for pain relief, helping patients improve their mobility and get back to doing the things they love. This message tends to attract patients who stay with us longer. Our national marketing and advertising program, which was launched in November, is now several months in. We have seen sequential improvement in active member growth each month since launch, which is encouraging.

在第 8 頁投影片上，接著談我們的行銷工作，以及我們如何推動營收動能。我們的訊息主軸仍聚焦於以脊椎指壓照護達到疼痛緩解，協助患者改善活動度，並回到他們喜愛的生活活動。這樣的訊息通常能吸引停留更久的患者。我們於 11 月推出的全國行銷與廣告計畫，至今已執行數月。自推出以來，我們每個月都看到活躍會員成長的逐月改善，這令人鼓舞。

On the digital side, our ongoing SEO and AI visibility optimization work is driving higher organic traffic and lead quality, with our AI visibility score improving to between 78 and 80, up from about 70 at the beginning of the process. We now exceed the industry benchmark. Meanwhile, all local clinic microsites have been migrated to the new optimized template, and we are seeing continued positive trends in traffic and high intent actions, including new inbound phone calls and form submissions.

在數位端，我們持續進行的 SEO 與 AI 能見度最佳化工作，正帶動更高的自然流量與更佳的潛在客戶品質；我們的 AI 能見度分數已提升至 78 到 80 之間，較流程初期約 70 分明顯提高。我們目前已超越產業基準。同時，所有在地診所微型網站皆已遷移至新的最佳化範本，我們也持續看到流量與高意圖行為的正向趨勢，包括新的來電與表單提交。

During Q1, we benefited from new sales initiative tests, including the introduction of a new three-month minimum term commitment program, new, more flexible offerings to drive conversion and longer-term retention, and we signed our first B2B partnership program, which gives our partners' employees access to care at The Joint.

第一季期間，我們受惠於新的銷售倡議測試，包括推出新的三個月最低承諾期方案、更具彈性的全新產品組合以提升轉換率與長期留存，並且我們簽下第一個 B2B 合作夥伴計畫，讓合作夥伴的員工可在 The Joint 取得照護服務。

We have started to roll out our new CareCredit program nationwide, which provides patients with deferred payment options on our higher-ticket packages and plans, improving their access to care. It also enables access to 12 million members in the CareCredit program network.

我們已開始在全國推廣新的 CareCredit 計畫，為患者在我們較高單價的套裝與方案上提供延後付款選項，提升其取得照護的可近性。同時也使我們能觸及 CareCredit 計畫網路中的 1,200 萬名會員。

Our pricing optimization efforts continued during the quarter, with $5 to $10 price increases now rolled out across approximately 300 clinics, with the rest of the portfolio starting to implement this pricing beginning in the third quarter. Feedback to date indicates no meaningful patient pushback, and we are using this data to ensure pricing changes support revenue optimization without impacting patient acquisition or retention.

我們的定價最佳化工作在本季持續推進，目前約有 300 家診所已完成 5 至 10 美元的漲價，其餘據點將自第三季開始導入此定價。迄今的回饋顯示，患者並無明顯反彈；我們也正運用這些數據，確保定價調整能支持營收最佳化，同時不影響患者獲取或留存。

Turning to slide 9, I'll speak to comp sales and patient engagement. Q1 comp sales of negative 4.2% reflected the impact of continued macro headwinds, such as general cost of living pressures across the entire market. However, comp sales are expected to consistently improve throughout the balance of the year, as Scott will speak to shortly. Beginning with January, we have now had four consecutive months of month-on-month improvement in active member count per clinic. We expect comp sales trends to improve throughout the balance of the year as our national campaign matures, SEO improvements compound, and pricing optimization rolls out more broadly.

接著看第 9 頁投影片，我將談同店銷售（comp sales）與患者互動。第一季同店銷售為負 4.2%，反映持續的總體環境逆風影響，例如整體市場普遍面臨的生活成本壓力。然而，正如 Scott 稍後將說明的，同店銷售預期將在今年剩餘期間持續改善。自 1 月起，我們已連續四個月看到每家診所的活躍會員數逐月改善。我們預期，隨著全國性行銷活動逐步成熟、SEO 改善效應累積，以及定價最佳化更廣泛推行，同店銷售趨勢將在今年剩餘期間持續改善。

Growing our active member base remains a central driver of comp sales improvement. We will drive growth through stronger lead generation, better in-clinic conversion, and improved retention, along with the benefit of optimized pricing. Our patient retention rate has improved over the prior year, supported by more flexible offerings and longer contract minimums. This gives us a stronger foundation from which to accelerate growth.

擴大我們的活躍會員基礎仍然是推動同店銷售（comp sales）改善的核心動力。我們將透過更強的潛在客戶開發、更佳的診所內轉換率，以及提升留存率來帶動成長，同時受惠於最佳化定價。我們的病患留存率較去年有所提升，這得益於更具彈性的方案與更長的合約最低期限。這讓我們擁有更堅實的基礎以加速成長。

With that, I'll turn it over to Scott, our CFO.

接下來，我把時間交給我們的財務長 Scott。

Thanks, Sanjiv. To start, let's discuss our operating metrics. System-wide sales in the first quarter were $126 million, a decline of 4.9% compared to the same period last year. Comp sales were negative 4.2%, consistent with the headwinds Sanjiv discussed earlier. Meanwhile, adjusted EBITDA from consolidated operations grew 22% to $3.5 million, demonstrating our profitability improvements.

謝謝你，Sanjiv。首先，我們來談談營運指標。第一季全系統銷售額為 1.26 億美元，較去年同期下滑 4.9%。同店銷售為負 4.2%，與 Sanjiv 先前提到的逆風一致。同時，合併營運的調整後 EBITDA 成長 22% 至 350 萬美元，展現我們獲利能力的改善。

Turning to slide 12, I'll review our results from continuing operations for the first quarter, unless otherwise specified. Revenues grew 13% to $14.8 million, reflecting the early benefits of transitioning clinics to continuing operations as part of refranchising. Cost of revenues was $2.7 million, down 8% compared to the same period last year, primarily due to lower regional developer royalties.

接著看第 12 頁投影片，除非另有說明，我將回顧第一季持續營運的業績。營收成長 13% 至 1,480 萬美元，反映我們在再特許經營（refranchising）過程中將診所轉為持續營運所帶來的初期效益。營收成本為 270 萬美元，較去年同期下降 8%，主要因區域開發商（RD）權利金較低。

Selling and marketing expenses were $3.7 million, up 6% compared to the same period last year, driven by the transition of clinics to continuing operations. Meanwhile, G&A expenses increased 2% to $7.1 million, of which approximately $300,000 relates to expenses that will not be incurred upon the completion of our refranchising strategy.

銷售與行銷費用為 370 萬美元，較去年同期增加 6%，主要受診所轉為持續營運所帶動。同時，一般及行政（G&A）費用增加 2% 至 710 萬美元，其中約 30 萬美元與在我們完成再特許經營策略後將不再發生的費用相關。

Overall, we expect G&A to decline as a percentage of revenue as we complete the transition of company-owned clinics to franchise clinics. Net income from continuing operations was $1.1 million compared to a net loss of $506,000 in the same period last year, while consolidated net income was $1.3 million compared to $1 million in the prior year period.

整體而言，隨著我們完成將自營診所轉為加盟診所的過渡，我們預期 G&A 佔營收比重將下降。持續營運淨利為 110 萬美元，去年同期為淨損 50.6 萬美元；合併淨利為 130 萬美元，去年同期為 100 萬美元。

Lastly, adjusted EBITDA from continuing operations was $2.2 million compared to $46,000 in the same period last year, a clear reflection of the operating leverage we will have in our pure franchise model.

最後，持續營運的調整後 EBITDA 為 220 萬美元，去年同期為 4.6 萬美元，清楚反映在純加盟模式下我們將具備的營運槓桿。

On to slide 13, let's discuss our clinic count. Total clinic count was 943 at the end of the first quarter compared to 960 at year-end 2025. During the first quarter, we opened three clinics and closed 20, resulting in 868 franchise clinics and 75 company-owned or managed clinics. This reflects our previously discussed strategy to optimize the portfolio for quality and performance.

接著看第 13 頁投影片，來談談診所數量。第一季末總診所數為 943 家，較 2025 年底的 960 家減少。第一季期間，我們新開 3 家、關閉 20 家，最終為 868 家加盟診所與 75 家自營或代管診所。這反映我們先前討論過、以品質與績效為核心來最佳化組合的策略。

As Sanjiv noted, the asset purchase agreement signed in April, combined with the letter of intent signed in March, will reduce our company-owned clinic count to just three when the transactions close. Meanwhile, our work to improve new clinic performance through enhanced pre-opening protocols continues to drive faster time to break even for new openings.

如 Sanjiv 所提，4 月簽署的資產購買協議，加上 3 月簽署的意向書（LOI），在交易完成交割後，將使我們的自營診所數量降至僅 3 家。同時，我們透過強化開業前流程來提升新診所績效的工作仍在持續，並持續推動新店更快達到損益兩平。

Now I'll review our balance sheet and capital allocation. Unrestricted cash at the end of the first quarter was $20.7 million, compared to $23.6 million at year-end 2025. We maintain our $20 million line of credit with JPMorgan Chase, which remains fully undrawn and is available through August 2029. In early May, we extended the maturity of our credit facility by two years from August 2027 to August 2029.

接下來我將回顧資產負債表與資本配置。第一季末不受限制現金為 2,070 萬美元，較 2025 年底的 2,360 萬美元下降。我們維持與摩根大通（JPMorgan Chase）的 2,000 萬美元信用額度，目前仍完全未動用，且可使用至 2029 年 8 月。5 月初，我們將該信用融資的到期日延長兩年，從 2027 年 8 月延至 2029 年 8 月。

During the quarter, we repurchased approximately 137,000 shares for total consideration of $1.1 million at an average price of $8.35 per share. We now have $4.5 million remaining under the $12 million authorization approved in November 2025.

本季期間，我們以每股平均 8.35 美元的價格回購約 13.7 萬股，總對價 110 萬美元。在 2025 年 11 月核准的 1,200 萬美元回購授權下，目前尚餘 450 萬美元額度。

As Sanjiv mentioned, we also completed three RD territory buybacks recently, which will further optimize our portfolio economics. Through these buybacks, we expect to realize approximately $450,000 in reduced RD royalties on an annualized basis, partially offset by internal costs to manage these territories.

如 Sanjiv 所提，我們近期也完成了三個 RD 區域的回購，將進一步最佳化我們的組合經濟效益。透過這些回購，我們預期按年化基礎可減少約 45 萬美元的 RD 權利金，但部分將被管理這些區域的內部成本所抵銷。

On to slide 15, we are reiterating our full year 2026 guidance as originally provided in March 2026. We expect system-wide sales of $519 million to $552 million, comp sales in the range of negative 3% to positive 3%, consolidated adjusted EBITDA in the range of $12.5 million to $13.5 million, and new franchise clinic openings in the range of 30 to 35.

接著看第 15 頁投影片，我們重申 2026 全年指引，與 2026 年 3 月最初提供的內容一致。我們預期全系統銷售額為 5.19 億至 5.52 億美元，同店銷售介於負 3% 至正 3%，合併調整後 EBITDA 介於 1,250 萬至 1,350 萬美元，新加盟診所開店數介於 30 至 35 家。

As Sanjiv noted, we expect comp sales trends to improve throughout the year with a general cadence of slightly negative comps in Q2, followed by positive comps in Q3 and Q4, with the fourth quarter expected to be higher than the third quarter.

如 Sanjiv 所提，我們預期同店銷售趨勢將在全年逐步改善，整體節奏為：第二季同店略為負成長，第三季與第四季轉為正成長，且預期第四季將高於第三季。

New clinic openings will continue to be offset by closures as we reshape the portfolio around stronger operators and healthier sites, meaning that on a net basis, our clinic count at the end of 2026 will be lower than 2025. This clinic portfolio optimization leaves us with a stronger foundation to grow from, and we continue to believe there's potential for more than 1,800 franchise clinics in the US alone.

隨著我們圍繞更強的經營者與更健康的據點重塑診所組合，新店開設仍將被關店所抵銷，意味著以淨額計算，2026 年底的診所數將低於 2025 年。這項診所組合最佳化讓我們擁有更強的成長基礎；我們也持續相信，僅在美國就有超過 1,800 家加盟診所的潛力。

On slide 16, we continue to work towards our pure-play franchisor model, which will be capital light with lower G&A expense and higher profitability margins. Once refranchising is complete, we expect to achieve this model starting in the back half of 2026. Keep in mind that these are not our long-term targets. They are just a starting point once the full benefit of refranchising is realized, which we intend to build on in 2027 and beyond.

在第 16 頁投影片，我們持續朝向純加盟總部（pure-play franchisor）模式邁進，該模式將是輕資本（capital light）、較低的 G&A 費用與更高的獲利率。再特許經營完成後，我們預期自 2026 年下半年開始實現此模式。請注意，這些並非我們的長期目標；它們只是當再特許經營的完整效益實現後的起點，我們計畫在 2027 年及之後持續在此基礎上提升。

For the model, gross margin is expected to be 83% to 85% of revenues compared to 90% in 2025. G&A expense is expected to be 40% to 42% of revenues compared to 64% in 2025. CapEx is expected to be approximately 3% of revenues, and free cash flow conversion, which we define as free cash flow divided by adjusted EBITDA, is expected to be 60% to 70%. These assumptions would result in an estimated adjusted EBITDA margin of 19% to 21% and net income margin of 13% to 15%.

就該模式而言，毛利率預期為營收的 83% 至 85%，相較 2025 年的 90%。G&A 費用預期為營收的 40% 至 42%，相較 2025 年的 64%。資本支出（CapEx）預期約為營收的 3%；自由現金流轉換率（我們定義為自由現金流除以調整後 EBITDA）預期為 60% 至 70%。在這些假設下，估計調整後 EBITDA 利潤率為 19% 至 21%，淨利率為 13% 至 15%。

Finally, on slide 17, I'll speak to our capital allocations. As highlighted by our activities in Q1, we remain committed to a disciplined capital allocation framework that prioritizes investments in growth initiatives, share repurchases, and opportunistic repurchase of RD territories.

最後，在第 17 頁投影片，我將談談我們的資本配置。如第一季的活動所示，我們仍致力於嚴謹的資本配置框架，優先投入成長計畫、股票回購，以及把握時機回購 RD 區域。

With that, I'll turn it back over to Sanjiv.

接下來，我把時間交回給 Sanjiv。

Thanks, Scott. On slide 19, Q1 was another quarter of continued progress towards reigniting growth. The financial results with 13% revenue growth from continuing operations and 22% consolidated adjusted EBITDA growth are starting to reflect the franchisor model we have been building. The Joint 2.0 transformation is now nearing completion, and we are securing a strong foundation to launch

謝謝你，Scott。在第 19 頁投影片，第一季是我們持續推進、重新點燃成長的又一個季度。持續營運營收成長 13% 與合併調整後 EBITDA 成長 22% 的財務結果，開始反映我們一直在打造的加盟總部模式。Joint 2.0 轉型目前已接近完成，我們正在鞏固一個強健的基礎以啟動

The Joint 3.0 as a capital-light, pure-play franchisor with a growing national brand, improving patient acquisition trends, and a pipeline of new B2B initiatives. Meanwhile, our capital allocation, including share repurchases, RD buybacks, and disciplined investment in growth initiatives, reflects our conviction in the long-term value of this business and our commitment to delivering returns for stockholders.

Joint 3.0，作為輕資本、純加盟總部，擁有成長中的全國性品牌、改善中的病患獲取趨勢，以及一系列新的 B2B 計畫管線。同時，我們的資本配置（包括股票回購、RD 回購，以及對成長計畫的嚴謹投資）反映我們對此業務長期價值的信心，以及為股東創造回報的承諾。

Finally, we are also building a business that is well-aligned with where healthcare and wellness are heading. Consumer demand for longevity, health span, and non-invasive whole body care is growing, and The Joint is uniquely positioned to meet that demand at scale.

最後，我們也正在打造一個與醫療保健與健康產業趨勢高度契合的企業。消費者對長壽（longevity）、健康壽命（health span）以及非侵入式全身照護的需求正在成長，而 The Joint 具備獨特優勢，能以規模化方式滿足該需求。

With that, operator, we are ready for Q&A.

接下來，接線員，我們準備進入問答（Q&A）。

Jeff Van Sinderen, B. Riley.

Jeff Van Sinderen，B. Riley。

Hi, everyone. Just wondering on the timeframe to close the franchise transactions. I think you said second half you expected those to be completed, so it sounds like they're closing in the next month or so, couple months?

大家好。我想請教加盟交易完成交割的時間表。我記得你們說預期在下半年完成，所以聽起來會在接下來一個月左右、或兩三個月內完成交割嗎？

Yeah. The timing on those, really the timing is dependent on getting the leases assigned to the new owners. That's an ongoing process. Over the next, you know, couple of months, we should, you know, be very near, you know, completion of that lease assignment process.

是的。那些事項的時程，實際上取決於能否把租約轉讓給新業主。這是一個持續進行的流程。在接下來的幾個月內，我們應該會非常接近完成這個租約轉讓流程。

Jeff, in addition to that, what I just wanna make sure is clear is that all but six or seven of those clinics now are being operated by the buyers of these clinics. Either those leases have already been transferred to them, and they are owning and operating those clinics, or they are operating them under a management services agreement, which for all intents and purposes mirrors the economics of a pure franchisor model.

Jeff，除此之外，我想確保大家清楚的是：目前除了六、七家之外，那些診所都已由這些診所的買方在營運。要嘛租約已經轉到他們名下，他們正在持有並營運這些診所；要嘛他們是在管理服務協議（MSA）之下營運，而就所有實務目的而言，其經濟效果與純粹的特許加盟總部（franchisor）模式相同。

The only mechanical piece that needs to be complete to conclude these deals is to reassign those leases, which we are confident will happen here in the next couple of months. We do have one other small cluster of four or five clinics in Northern California that are under a letter of intent, where an APA is expected to be signed shortly. That then leaves us with three clinics that we're also addressing. I hope that clarifies.

要完成並結束這些交易，唯一剩下的機械性步驟就是把那些租約重新指派／轉讓，我們有信心在接下來幾個月內會完成。我們另外在北加州還有一小群四到五家診所已簽署意向書（LOI），預期很快會簽署資產購買協議（APA）。接著就剩下三家診所我們也正在處理中。希望這樣說明清楚。

Sure. I'm sorry. How that last cluster you mentioned, how many clinics is that?

好的。不好意思，你剛剛提到的最後那一群，有幾家診所？

The last cluster is five.

最後那一群是五家。

Okay. Got it. I'm just I know you went through a bunch of different things in the prepared comments, but I guess trying to get a better sense of what you think are the main drivers of getting the same-store sales turned around. Sounds like you feel like you're on the right path to that, but maybe you could just delve a little bit more into that and how you see that coming about.

好，了解。我知道你在事先準備的講稿裡提到很多不同的事情，但我想更清楚了解的是：你認為讓同店銷售（same-store sales）扭轉的主要驅動因素是什麼。聽起來你覺得方向是對的，但能否再多談一點你怎麼看它會如何發生。

Yeah, absolutely. First of all, I think what I didn't say in my prepared comments, but I think I don't wanna get this point to be lost here. As we have now practically concluded refranchising, it's going to allow this entire team here to be single-mindedly focused on growth outcomes. What gives us confidence that we will continue to see the sequential improvement we're seeing is based on the work that we started late last year, which to recap, one, was to pivot the external messaging to pain relief.

好的，當然。首先，我在準備稿裡沒有說到，但我不希望這個重點被忽略。隨著我們現在幾乎完成再特許加盟（refranchising），這將讓整個團隊能夠更專注於成長成果。我們之所以有信心會持續看到目前這種逐季改善（sequential improvement），是基於我們從去年底開始推動的工作。回顧一下，第一，是把對外訊息的重點轉向「疼痛緩解」。

Secondly, we transferred $500 per clinic per month from local marketing to national advertising to invest more on the brand awareness side. Three, we got caught up on search engine optimization and now have optimized for AI search, where we are slightly ahead of the industry benchmark, and we're being rated well there. That is stuff that we had already done, and that impact is compounding.

第二，我們把每家診所每月 500 美元從在地行銷轉到全國性廣告，以便在品牌知名度上投入更多。第三，我們補齊了搜尋引擎最佳化（SEO），現在也針對 AI 搜尋做了最佳化；我們的表現略優於產業基準，評分也不錯。這些都是我們已經完成的工作，而其影響正在持續累積、產生複利效應。

In addition to that, what we have done and continue to feel good about is that our patient retention is improving. It is significantly better than last year. That is happening as a result of two things. One is that we have extended the minimum contract term from two months to three months, and we have had zero pushback from patients on that. I think the other thing we have done is to create this new offering to help extend the lifetime value of patients.

此外，我們已經做、也持續看好的一點是：病患留存率正在改善，明顯優於去年。這主要來自兩件事。第一，我們把最低合約期限從兩個月延長到三個月，而病患對此完全沒有反彈。第二，我們推出了一個新方案，用來延長病患的終身價值（lifetime value）。

Essentially, where patients who are on our wellness plan that gets them four visits a month, should they wish to cancel, we are offering them the option of a plan called Align One, which gives them one visit per month at $35 a month or $39 a month, depending on what part of the country they're in. That gets them one visit per month and then the ability to buy incremental visits. We find that people are very, on the balance, quite happy to extend their stay, their membership with us on that plan, and we're seeing significantly lower attrition on that plan.

基本上，對於參加我們健康方案（每月四次到診）的病患，如果他們想取消，我們會提供一個名為 Align One 的方案選項：每月一次到診，月費 35 美元或 39 美元（視所在區域而定）。這讓他們每月有一次到診，並可再加購額外到診次數。我們發現整體而言，很多人很樂意在這個方案下延長停留時間、延續會員資格，而且我們看到這個方案的流失率顯著更低。

Even though it's just one visit per month plan, we are seeing the actual uptake on that closer to two visits per month. Those are some of the things that are giving us confidence. Plus the pricing, Jeff, that was rolled out to 300 clinics, now we feel very confident of extending that to the rest of the enterprise. That, as I'd indicated, is expected to happen early in the third quarter.

雖然它名義上是每月一次到診的方案，但我們看到實際使用量更接近每月兩次。這些都是讓我們有信心的因素。另外，Jeff，已在 300 家診所推行的定價調整，我們現在非常有信心把它擴展到整個體系。如我先前提到的，預計會在第三季初發生。

Okay, good to hear. Can you just remind us how many RD rights you still have left to buy back if you wanted to buy those back?

好的，很高興聽到。你能再提醒我們一下，如果你們想把 RD 權利買回來，現在還剩多少 RD 權利可以回購？

Yeah. You know, just as a reminder, we have now bought back four RD rights in the last 12 months or so, which equate to about $1.3 million in RD royalties, which we are now going to be able to recover. One of those four was done last year, and three we have just concluded and shared with you on this call. I'm gonna let Scott answer what exactly how many RD territories are left.

好的。提醒一下，我們在過去大約 12 個月裡已回購了 4 個 RD 權利，對應約 130 萬美元的 RD 權利金（royalties），我們現在將能把這部分收回。其中 1 個是在去年完成的，另外 3 個是我們剛完成並在這通電話中與各位分享的。我讓 Scott 來回答到底還剩多少 RD 區域。

Yeah. Remaining, we have 12 RD territories remaining. We'll continue, you know, to evaluate, you know, those opportunities and work with the RDs.

好的。目前剩下 12 個 RD 區域。我們會持續評估這些機會，並與 RD 們合作。

Okay, great. Thanks for taking my questions. I'll take the rest offline.

好的，很棒。謝謝回答我的問題。其餘我會私下再跟進。

All right. Thank you, Jeff. Thank you.

好的。謝謝你，Jeff。謝謝。

Jeremy Hamblin, Craig-Hallum.

Jeremy Hamblin，Craig-Hallum。

Hey, this is Will on for Jeremy. Thanks for taking my questions. First, I was just wondering if you could give us a sense of sort of the demand elasticity you've seen in geographies where you've taken the most price. Also just what you've seen in terms of comp impact from that $10 raise.

嗨，我是 Will，代 Jeremy 提問。謝謝回答我的問題。首先，我想了解在你們調價幅度最大的地區，你們看到的需求彈性大概如何？另外，這次每次上調 10 美元，對同店（comp）表現的影響你們觀察到什麼？

Yeah. It's interesting. We have done the analysis, you know, looking at the trends and everything, but we coupled that with conversations with the local operators just to understand the dynamics of the price increases. One thing I'll start off by saying that these price increases are just for new patients. Everybody that was already on a plan continues at that same price. It's just for new patients.

好的。很有意思。我們做了分析，檢視趨勢等等，同時也和在地營運者對談，以了解漲價的動態。有一點我先說明：這些漲價只適用於新病患。所有原本已在方案中的人都維持原價；只有新病患適用。

What we've seen is little or no pushback, because I think, you know, as customers walk in, even with a little bit of an increase in price, we still provide tremendous value. We've seen very little or no pushback. Couple of the metrics that we look at is our conversion rate and to see if that has gone down. It has not. No meaningful movement in conversion. Our attrition rate has actually improved. The metrics tell us that it's working, and the operators confirm that. That gives us the confidence to roll it out further.

我們看到幾乎沒有反彈，因為我認為顧客走進來時，即便價格小幅上調，我們仍提供非常高的價值。我們看到非常少或幾乎沒有反彈。我們觀察的幾個指標之一是轉換率（conversion rate），看是否有下降；結果沒有，轉換率沒有任何顯著變動。我們的流失率（attrition rate）反而改善了。這些指標告訴我們策略有效，而營運者也證實了這點。這讓我們有信心進一步推廣。

Okay. Yeah, that's helpful. I was just wondering how we should be thinking about SG&A dollars here post refranchise, kind of for the remainder of 2026. I was kind of wondering when you'd expect to kind of hit stride with the new go-forward run rate.

好的，這很有幫助。我想問的是，再特許加盟完成後，對於 2026 年剩餘期間的 SG&A 費用，我們應該怎麼看？我也想了解你們預期何時能在新的前進模式（go-forward）下達到穩定的執行節奏與常態化的 run rate。

Yeah. The go-forward run rate, you know, we should be mostly on that new model in the back half of this year. As Sanjiv talked about, you know, we signed some agreements, you know, late in the quarter making those transitions, which it does take a little time to get those fully transitioned over. In many ways, they are mimicking, you know, franchise, you know, model with the services agreements that they're under. It's gonna be in the back half where we'll start to see, you know, that model come into, come into play, and, you know, based on the model that I put out there.

好的。就未來的常態化 run rate 而言，我們在今年下半年應該大多會落在那個新模式上。如 Sanjiv 提到的，我們在季末簽了一些協議來進行這些轉換，而要完全轉換到位確實需要一些時間。很多方面來看，透過他們所採用的服務協議，運作方式其實是在模擬特許加盟模式。會在下半年開始看到那個模式開始發揮作用，並且符合我先前提出的模型。

From a G&A standpoint, you know, in the materials, you know, you show that we show that we were $7.1 million in G&A for the quarter. You know, that's just continuing operations. We'll likely see some reductions, you know, in that number, you know, for the remaining quarters. Keep in mind, that is a continuing operations number.

從 G&A 的角度來看，在資料裡你們看到（我們也呈現）本季 G&A 為 710 萬美元，這只是持續營運（continuing operations）的數字。接下來幾季，這個數字可能會再下降一些。請記住，這是持續營運口徑的數字。

In addition, Will, what I'd like to add, is that the slide that Scott shared on this call about where we expect to land in mid-2026, that is exactly that, right? We expect to be there in the back half of this year. As we start to hit that run rate, we expect our ability to bring even more resource to drive growth on the top line and revenue and equally optimize our cost structure. Over time, we expect that those numbers that we've shared for mid-2026 will only continue to strengthen as we get into 2027 and beyond.

另外，Will，我想補充的是：Scott 在這通電話中分享的那張投影片，關於我們預期在 2026 年中達到的水準，就是那個意思，對吧？我們預期在今年下半年就能到達。當我們開始達到那個 run rate 時，我們預期將更有能力投入更多資源來推動營收與營收成長（top line and revenue），同時也能進一步優化成本結構。隨著時間推進，我們預期我們分享的 2026 年中數字，在 2027 年及之後只會持續增強。

Okay. Yeah, that's super helpful. Just last one for me. Just wondering how the new clinic pipeline is shaping up. Maybe anything on new interest from new franchisees versus existing. If you could provide anything on just the cadence of openings for the remainder of the year to get to the guidance.

好的。是的，這非常有幫助。我這邊最後一個問題。想請教新的診所開店管線目前進展如何。是否能分享一下新加盟主相較於既有加盟主的新增興趣情況？另外，若方便的話，也請提供今年剩餘時間的開店節奏，以便達成你們的指引。

Our guidance of 30 to 35, we believe that we have confidence to be able to get to that guidance, which is why we've reiterated it. The cadence of opening is skewed towards the back half of the year. In terms of assuming when those openings are happening, they will be second half of the year, more heavily loaded.

我們的指引是 30 到 35 家，我們相信有信心能達成該指引，所以才會再次重申。開店節奏會偏向下半年。就假設這些開店發生的時間點而言，會在下半年，而且會更集中在下半年。

I think what we're seeing is two things. One, the new openings we had in 2025, if you recall, we had 29 openings. Those 29 openings have outperformed our run rate of prior openings and are tracking to breakeven times at half the time of the run rate. The three clinics, or the two clinics that opened very early this year are tracking at the moment, it's very early days, at an even faster run rate.

我認為我們看到兩件事。第一，若你還記得，我們在 2025 年新開了 29 家。這 29 家的表現優於我們過去開店的平均水準，達到損益兩平的時間也只有過去平均的一半。今年非常早期開出的三家診所，或兩家診所，目前的追蹤情況（當然還很早）顯示其成長速度甚至更快。

We are very optimistic about the new clinic openings because of who is opening these clinics, stronger franchisees, strong diligence on site selection and approval, and very robust on the ground new clinic opening protocols, which we believe is yielding these results. We are seeing interest from new franchisees coming into the system as well as existing franchisees.

我們對新診所開幕非常樂觀，原因在於開店的人是誰——更強的加盟主、在選址與核准上做了嚴謹的盡職調查，以及非常扎實的在地新店開幕作業流程；我們相信這些因素正在帶來上述成果。我們也看到新加盟主加入系統的興趣，以及既有加盟主的持續投入。

An area of focus for us is to grow and develop in the Northeast, where we have been traditionally under-penetrated, and we have had some great successes, early successes over there. Even our Southern California corporate clinic bundle, we have just sold to a franchisee that is completely new to our system. We are very excited and encouraged by existing franchisees doubling down on investing in the brand as well as, you know, new franchisees being attracted to the brand.

我們的重點之一，是在東北部擴張與深耕，因為我們過去在那裡的滲透率相對不足，而我們已經在那邊取得一些很好的、早期的成功。甚至我們南加州的公司自營診所組合，也剛賣給了一位對我們系統完全全新的加盟主。我們對既有加盟主加碼投資品牌，以及新加盟主被品牌吸引而來，都感到非常興奮與受到鼓舞。

Once we publish our Franchise Disclosure Document, we will be able to share some of these numbers more publicly with potential franchisees and optimistic about the impact that will have on our pipeline.

一旦我們發布《加盟資訊揭露文件》（Franchise Disclosure Document, FDD），我們就能更公開地與潛在加盟主分享其中一些數據，也對其對我們管線的影響抱持樂觀。

Understood. Thanks for taking my questions, guys.

了解。謝謝你們回答我的問題，各位。

George Kelly, ROTH Capital Partners.

George Kelly，ROTH Capital Partners。

Hey, everyone. Thanks for taking my questions. First one is on pricing. Maybe I missed it in your prepared remarks, but did you settle on a $10 pricing increase?

各位好。謝謝讓我提問。第一個問題是關於定價。也許我在你們的準備稿裡漏聽了，但你們是否已經確定採用 10 美元的漲價幅度？

Going forward, we're leveraging the $10 price increase more. And looking at the analytics and working with the operators, that is the preferred increase that we have right now.

往後我們會更廣泛地採用 10 美元的漲價。從數據分析並與營運端合作來看，這是我們目前偏好的調價幅度。

Okay. You expect to take some kind of price across the entire base by year-end, or really by 3Q idea?

好的。你們預期在年底前，或其實是在第三季，就會在整個基礎客群全面調價嗎？

That's correct.

沒錯。

Okay.

好的。

That's correct. Yeah.

沒錯。是的。

Second question, you mentioned about the four consecutive months of improved active members. Could you give just a sort of comp trend over that same timeframe? Where did you exit the quarter, or what kind of comp growth did you generate? I think you said it was slightly negative, could you just quantify where comps are trending currently?

第二個問題，你們提到活躍會員數已連續四個月改善。能否提供同一期間的同店（comp）趨勢？你們在季末的表現如何，或是產生了多少同店成長？我記得你們說略為負成長，能否量化一下目前同店的趨勢？

Yeah. To end the quarter, you know, they were similar to, you know, the full quarter negative 4.2%. They were right in that range. However, once we got into April, you know, we did see some improvement. Quarter to date, we're running about negative 3%.

是的。到季末時，它們大致與整季的負 4.2% 相近，就在那個區間。不過進入 4 月後，我們確實看到一些改善。以本季迄今來看，我們大約是負 3%。

As Sanjiv mentioned, we're seeing some good signs and improvement, you know, month-over-month improvement in our active member growth. That improvement is better trends in attracting new patients, the conversion of those patients, also improvement on our patient retention. Those three areas are what we look at as KPIs to drive active member growth, and we're seeing improvement in all three.

如 Sanjiv 提到的，我們看到一些良好跡象與改善，也就是活躍會員成長呈現月對月改善。這項改善來自於吸引新病患的趨勢更好、這些病患的轉換率提升，以及病患留存也有所改善。我們把這三個面向視為推動活躍會員成長的 KPI，而我們在這三項都看到改善。

Okay. Two other quick ones. Back to the prior question about your G&A, kinda go forward G&A. If I look at the $7.1 million in Q1, you mentioned that there was $300,000 of non-recurring. I think post refranchising $300,000 that's expected to come out. Was that a quarterly number?

好的。還有兩個快問。回到先前關於你們 G&A 的問題，也就是往後的 G&A。如果我看第一季的 710 萬美元，你們提到其中有 30 萬美元是一次性項目。我想在再加盟（refranchising）之後，預期會有 30 萬美元會消失。那是按季的數字嗎？

The second question on G&A is there was also a $600,000 restructuring charge in the quarter, and did that fully hit G&A? If I take those two amounts out, is the kinda real go forward G&A run rate somewhere in the kinda low $6 million range?

第二個關於 G&A 的問題是，本季還有 60 萬美元的重組費用，那是否完全計入 G&A？如果把這兩筆金額扣除，真正往後的 G&A 常態化水準是否大約落在 600 多萬美元的低段？

Yeah. The $300,000, you're right, that was a quarterly number, which will go away, you know, with one portfolio refranchise. The restructuring, yeah, most of that, you know, was in G&A and then, you know, was added back for adjusted EBITDA.

是的。30 萬美元你說得對，那是按季的數字，隨著其中一個投資組合完成再加盟就會消失。至於重組費用，是的，其中大部分計入了 G&A，然後在調整後 EBITDA 中被加回。

Okay. Okay. Then last question from me. Sanjiv, you mentioned the FDD and your sort of optimism around messaging that whenever that comes out, I presume shortly. If you could, the one question I had is just on four-wall margin.

好的。好的。那我最後一個問題。Sanjiv，你提到 FDD，以及你對其發布後訊息傳達的樂觀，我猜應該很快就會出來。我想問的是關於單店四面牆（four-wall）利潤率。

I don't know if you can talk to it at all or give any kind of hint, but has that stabilized? Do you still hear a lot of input from your franchisees about labor inflation and other aspects of inflation? Or do you have a sense that, like, that four-wall margin is holding in?

我不確定你是否能談到或給一些提示，但它是否已經穩定下來？你們是否仍常聽到加盟主反映人力成本通膨與其他通膨因素？或者你們是否覺得四面牆利潤率正在守住？

Yeah. George, two things. One, of course, the FDD is due out shortly, so, you know, prospective franchisees and anybody who looks at it will get a transparency to the Item 19 and some of the numbers over there. I think what we're seeing now is stabilization for quite some time.

是的，George，有兩點。第一，當然 FDD 很快就會發布，所以潛在加盟主以及任何查看的人，都能在第 19 項看到透明揭露以及其中的一些數字。我認為我們目前看到的是已經穩定了一段時間。

I think by some time, I mean several months, almost a year. The labor wage inflation that we were seeing in this business has stabilized, and that is not growing at the same rate that it was in that post-pandemic period.

我所說的一段時間，是指好幾個月，幾乎接近一年。我們在這個業務中看到的勞動薪資通膨已經穩定下來，不再以疫情後那段期間的速度成長。

That is definitely, our I would say the input cost structure is relatively stable, and that is why as active members keep growing and our ability to transfer some of that cost that we have not transferred onto consumers, we found with these 300 clinics where we've taken the price increases, like there's really been no impact to conversion or retention. We're optimistic that that will help, start to shore up some of the unit level economics as the new pricing starts to kick in, early quarter three.

這確實是——我會說我們的投入成本結構相對穩定。也因此，隨著活躍會員持續成長，加上我們有能力把部分先前尚未轉嫁給消費者的成本進行轉嫁，我們發現，在已經調價的 300 家診所中，對轉換或留存其實沒有影響。我們樂觀認為，隨著新定價在第三季初開始生效，將有助於支撐並改善部分單店層級的經濟效益。

Okay. I appreciate it. Thank you.

好的。感謝。謝謝你。

Thank you.

謝謝。

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

問答環節到此結束。我想把電話會議交回給 Sanjiv Razdan 作結語。

Thank you all for joining us today. Have a great day. Remember, at The Joint, we always have your back.

感謝各位今天加入我們。祝各位有美好的一天。請記得，在 The Joint，我們永遠挺你。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。