Joint Corp (JYNT) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to The Joint Corp. Q3 2021 Financial Results Conference Call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 The Joint Corp. 2021 年第三季財務業績電話會議。 （操作員指令）

I would now like to hand the conference over to David Barnard, LHA Investor Relations. Sir, please go ahead.

現在，我想將會議移交給 LHA 投資者關係部的 David Barnard。先生，請說。

Thank you, Lee. Good afternoon, everyone. This is David Barnard of LHA Investor Relations. On the call today, President and CEO, Peter Holt, will review our third quarter 2021 performance metrics and provide an update on the business. CFO, Jake Singleton, will detail our financial results and guidance, and Peter will close with a summary and open the call for questions. Please note, we are using a slide presentation that can be found at https://ir.thejoint.com/events.

謝謝你，李。大家下午好。我是 LHA 投資者關係部的 David Barnard。在今天的電話會議上，總裁兼執行長 Peter Holt 將回顧我們 2021 年第三季的績效指標並提供業務最新進展。財務長 Jake Singleton 將詳細介紹我們的財務表現和指導，然後 Peter 將進行總結並開始提問。請注意，我們正在使用可以在 https://ir.thejoint.com/events 找到的幻燈片簡報。

Today, after the close of market, The Joint Corp. issued its financial results for the quarter ended September 30, 2021. If you do not already have a copy of this press release, it can be found in the Investor Relations section of the company's website.

今天，收盤後，聯合公司發布了截至 2021 年 9 月 30 日的季度財務業績。

As provided on Slide 2, please be advised today's discussion includes forward-looking statements, including statements concerning our strategy, future operations, future financial position and plans and objectives of management. Throughout today's discussion, we will present some important factors relating to our business that could affect these forward-looking statements. The forward-looking statements are made based on our current predictions, expectations, estimates and assumptions and are also subject to risks and uncertainties that may cause actual results to differ materially from the statements we make today. Factors that could contribute to these differences include, but are not limited to, the continuing impact of the COVID-19 outbreak on the economy and our operations, including temporary clinic closures, shortened business hours and reduced patient demand; our failure to develop or acquire company-owned or managed clinics as rapidly as we intend; our failure to profitably operate company-owned or managed clinics; our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics due in part to nationwide labor shortage; short selling strategies and negative opinions posted on the Internet, which could drive down the market price of our common stock and result in class action lawsuits; and the other factors described in Risk Factors in our annual report on Form 10-K as filed with the SEC for the year ended December 31, 2020, as updated or revised for any material changes described in any subsequently filed quarterly reports on Form 10-Q or other SEC filings. We anticipate filing our September 30, 2021 10-Q on November 5. As a result, we caution you against placing undue reliance on these forward-looking statements and encourage you to review our filings with the SEC for a discussion of these factors and other risks that may affect our future results or the market price of our stock. Finally, we are not obligating ourselves to revise our results or publicly release any updates to these forward-looking statements in light of new information or future events.

如投影片 2 所示，請注意，今天的討論包括前瞻性陳述，包括有關我們的策略、未來營運、未來財務狀況以及管理計畫和目標的陳述。在今天的討論中，我們將提出一些與我們的業務有關的可能影響這些前瞻性陳述的重要因素。前瞻性陳述是基於我們目前的預測、預期、估計和假設做出的，同時也受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天所做的陳述有重大差異。可能造成這些差異的因素包括但不限於 COVID-19 疫情對經濟和我們的營運的持續影響，包括診所暫時關閉、營業時間縮短和病患需求減少；我們未能如預期迅速開發或收購公司擁有或管理的診所；我們未能獲利地經營公司擁有或管理的診所；由於全國範圍內的勞動力短缺，我們無法找到並招募足夠的合格脊椎按摩師和其他人員來充實我們的診所；網路上發布的賣空策略和負面意見，這可能會壓低我們普通股的市場價格並導致集體訴訟；以及我們向美國證券交易委員會提交的截至 2020 年 12 月 31 日的年度 10-K 表年度報告中「風險因素」中所述的其他因素，該等因素針對隨後提交的 10-Q 表季度報告或其他美國證券交易委員會文件中所述的任何重大變化進行了更新或修訂。我們預計將於 11 月 5 日提交截至 2021 年 9 月 30 日的 10-Q 報告。最後，我們沒有義務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。

Please note, during the quarter ended September 30, 2021, the company identified an immaterial error in the calculation of deferred revenue related to wellness packages. Management assessed the materiality of error and determined the impact on the company's condensed financial statements was not material. December 31, 2020 balance sheet has been revised to correct the error as of January 1, 2020.

請注意，在截至 2021 年 9 月 30 日的季度中，公司發現與健康套餐相關的遞延收入計算中存在非重大錯誤。管理階層評估了錯誤的重要性，並確定對公司簡明財務報表的影響並不重大。 2020 年 12 月 31 日資產負債表已修訂，以更正 2020 年 1 月 1 日的錯誤。

Management uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures. These are presented because they are important measures used by management to assess financial performance. 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. 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, bargain purchase gain, net gain or loss on disposition or impairment and stock-based compensation expenses.

管理層使用 EBITDA 和調整後的 EBITDA，它們是非 GAAP 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。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收入或虧損。該公司將調整後的 EBITDA 定義為扣除收購相關費用、廉價購買收益、處置或減損淨損益以及股票薪酬費用前的 EBITDA。

Turning to Slide 3. It is my pleasure to turn the call over to Peter Holt.

翻到幻燈片 3。

Thank you, David, and I welcome everybody to the call. During the third quarter, we continued to execute our long-standing strategy to build The Joint brand by opening franchised and corporate owned or managed clinics in retail setting. Additionally, we look to opportunistically acquire accretive franchise clinics and build new greenfield clinics that complement our corporate portfolio. As a result, we've advanced our revenue growth momentum. We continue to be on track with our goal of 1,000 clinics in operation by the end of 2023 and while positioning our business for longer-term expansion well into the future.

謝謝你，大衛，我歡迎大家參加電話會議。第三季度，我們繼續執行長期策略，透過在零售環境中開設特許經營和公司擁有或管理的診所來打造 The Joint 品牌。此外，我們還尋求機會收購加值特許經營診所，並建立新的綠地診所，以補充我們的公司組合。因此，我們增強了收入成長動能。我們將繼續朝著 2023 年底經營 1,000 家診所的目標邁進，同時為我們未來的長期業務擴展做好準備。

Recently, we've received a great deal of interest from new investors. I'd like to welcome them and summarize our investment rationale. The Joint is revolutionizing access to chiropractic care. Located in convenient retail settings, our clinics provide concierge-style, membership-based services. Patients benefit from attractive pricing and convenient hours without the need of insurance or appointments.

最近，我們收到了大量新投資者的興趣。我歡迎他們並總結我們的投資理由。該聯合組織正在徹底改變脊椎矯正治療的取得方式。我們的診所位於便利的零售環境中，提供禮賓式會員制服務。患者可以享受優惠的價格和方便的時間，無需保險或預約。

Our growth strategy is to build our brand, increase awareness of the efficacy of chiropractic care, deliver an exceptional patient experience and open more clinics. We're already the largest and most recognizable provider of chiropractic care in the country, and yet we only account for approximately 2% of this highly fragmented, nearly $18 billion chiropractic care market. As such, we have a significant opportunity to continue increasing our market share as we further refine and expand the market itself.

我們的成長策略是打造我們的品牌，提高人們對脊椎矯正治療功效的認識，提供卓越的患者體驗並開設更多的診所。我們已經是國內最大、最知名的脊椎按摩治療服務提供商，但我們僅佔這個高度分散、價值近 180 億美元的脊椎按摩治療市場的約 2%。因此，隨著我們進一步完善和擴大市場本身，我們有重大機會繼續增加我們的市場份額。

Turning to Slide 4. I'll review a few highlights of our third quarter 2021 results. Later, Jake will discuss our financial results in detail. In Q3 2021 compared to Q3 2020, system-wide sales grew to $93.4 million, increasing 37%. Our comp sales for clinics that have been open for at least 13 full months grew to 27%. Revenue grew 36%. Adjusted EBITDA increased to $3.3 million, up 25%. And at September 30, 2021, our unrestricted cash was $19.5 million compared to $20.6 million at December 31, 2020.

轉到幻燈片 4。稍後，傑克將詳細討論我們的財務結果。 2021 年第三季與 2020 年第三季相比，全系統銷售額成長至 9,340 萬美元，成長 37%。我們開業至少 13 個月的診所的同店銷售額成長了 27%。收入增長36%。調整後 EBITDA 增至 330 萬美元，成長 25%。截至 2021 年 9 月 30 日，我們的無限制現金為 1,950 萬美元，而 2020 年 12 月 31 日為 2,060 萬美元。

Turning to Slide 5. Let's review our portfolio. Regarding clinic expansion, during Q3, we opened 33 clinics, 28 franchised and 5 greenfields, from a total -- up from a total of 21 opened and 1 closed in Q3 2020. This brings our 9-month total to 87 clinics opened compared to 52 in the same period of 2020. Our clinic expansion strategy remains unchanged. We're accelerating our openings of new franchise clinics, and we're significantly increasing our corporate portfolio by strategically building greenfield clinics where we can open up new markets or enhance existing corporate clinic clusters and, finally, by purchasing franchise clinics in strategic locations that will be accretive.

翻到投影片 5。關於診所擴張，在第三季度，我們開設了 33 家診所，其中 28 家為特許經營診所，5 家為新建診所，高於 2020 年第三季度開設的 21 家診所和關閉的 1 家診所。我們正在加快開設新的特許經營診所，並透過策略性地建立綠地診所來大幅增加我們的企業投資組合，在那裡我們可以開拓新市場或加強現有的企業診所集群，最後，透過在策略位置購買特許經營診所來增加收益。

During Q3, we opened 5 greenfields that extend our reach in Virginia, Southern California and Arizona. Virginia also increases our foothold in the newly established corporate clinic presence in the Southeast region. That said, it's important to remember that when greenfields first open, they are expected to compress margins. As corporate clinics, they contribute 100% of the top and bottom lines and, therefore, want to ensure they have a greater financial economic benefit compared to franchise clinics for the company.

第三季度，我們開闢了 5 個綠地，擴大了我們在維吉尼亞州、南加州和亞利桑那州的業務範圍。維吉尼亞州也增強了我們在東南地區新成立的公司診所的立足點。儘管如此，重要的是要記住，當綠地首次開放時，它們預計會壓縮利潤率。作為企業診所，它們貢獻了 100% 的營業收入和利潤，因此，它們希望確保自己能為公司帶來比特許經營診所更大的經濟效益。

We continue to have exceptionally low clinic closure rates of less than 1% annually. This quarter, once again, we did not have any clinics closed compared to only 1 closure in Q3 2020. In summary, on September 30, 2021, we had 666 clinics in operations, consisting of 583 clinics franchised and 83 company-owned or managed clinics. Our portfolio mix remained at 12% corporate clinics and 88% franchised. At quarter end, we also had 295 franchise licenses in active development, reflecting the increased interest in the franchise system. This figure continues to grow and compares to 282 at the end of June 30, 2021.

我們的診所關閉率仍然非常低，每年不到 1%。本季我們再次沒有關閉任何診所，而 2020 年第三季僅關閉了 1 家診所。我們的投資組合仍為 12% 企業診所和 88% 特許經營診所。截至季末，我們也積極開發了 295 個特許經營許可證，這反映出人們對特許經營體系的興趣日益濃厚。這一數字還在繼續增長，截至 2021 年 6 月 30 日，該數字為 282。

After the quarter closed in October, we opened an additional greenfield in Arizona, bringing our total greenfield count to 12 for the year. On November 1, we acquired 4 previously franchised and strong-performing clinics in North Carolina, bringing our total corporate portfolio to 88 as of today. The acquisition was immediately accretive to the strength of our corporate presence in the Southeast region. The ability to create a formidable cluster to a new territory reinforces our decision to repurchase the regional developer territories at the beginning of the year.

10 月本季結束後，我們在亞利桑那州又開闢了一處綠地，使得今年的綠地總數達到 12 處。 11 月 1 日，我們收購了北卡羅來納州 4 家之前已獲得特許經營且業績強勁的診所，截至今天，我們的公司投資組合總數已增至 88 家。此次收購立即增強了我們在東南地區的企業影響力。在新的領域打造強大集群的能力強化了我們在年初重新購買區域開發商領域的決定。

Turning to Slide 6. In Q3 2021, we sold 44 franchise licenses compared to 30 in Q3 2020. This brings our 9-month sales total to 132 compared to 65 franchise license sales in the same period in 2020. Our franchise concept continues to attract sophisticated, well-capitalized franchisees. One such investment group in which a board member holds a minority interest owns 3 clinics, which is less than 1% of our total clinic count. Please note that all franchisees follow the same rules and the same fee schedules and, as independently owned and operated businesses, keep their finances completely separate from that of The Joint Corp. During Q3, 82% of the franchise licenses were sold by our regional developers who continue to accelerate our growth. As noted previously, all franchisees, whether sourced by an RD or a corporate sales rep, must meet our high criteria to be selected and must participate in a thorough due diligence process prior to approval.

轉到投影片 6。2021 年第三季度，我們售出了 44 個特許經營許可證，而 2020 年第三季度為 30 個。其中一個董事會成員持有少數股權的投資集團擁有 3 家診所，占我們診所總數的不到 1％。請注意，所有特許經營商都遵循相同的規則和相同的費用表，並且作為獨立擁有和經營的企業，他們的財務與聯合公司的財務完全分開。如前所述，所有特許經營商，無論是由 RD 還是公司銷售代表尋找，都必須符合我們的高標準才能被選中，並且必須在批准前參與徹底的盡職調查過程。

To understand the health and viability of a franchise system, an important measurement to track is the number of franchise licenses sold to franchisees new to the concept compared to existing franchisees. Each year, from 2018 through today, over 50% of our franchise license sales have been to existing franchisees reinvesting in the brand. This very healthy mix demonstrates the strength of our business model and provides positive validation for new candidates interested in the franchise. At September 30, 2021, our 21 RDs supported 70% of our clinics, and their territories covered 59% of the metropolitan statistical areas, or MSAs. Our aggregate 10-year minimum development schedule for new RD territories established since 2017 is 693 clinics. Keep in mind that a portion of this clinic count is already opened, but this still provides a large foundation to fuel our continued clinic expansion and sales growth.

要了解特許經營體系的健康和可行性，需要追蹤的一個重要指標是出售給新加盟商的特許經營許可證數量與現有加盟商的數量之比。從 2018 年至今，每年我們超過 50% 的特許經營許可銷售額都流向對品牌進行再投資的現有特許經營商。這種非常健康的組合證明了我們商業模式的實力，並為對特許經營感興趣的新候選人提供了積極的驗證。截至 2021 年 9 月 30 日，我們的 21 名 RD 支援 70% 的診所，他們的管轄區域涵蓋了 59% 的大都會統計區 (MSA)。自 2017 年起，我們為新 RD 地區制定的 10 年最低開發計畫總計為 693 家診所。請記住，其中一部分診所已經開業，但這仍然為我們持續的診所擴張和銷售成長提供了強大的基礎。

Turning to Slide 7. Let's review our marketing efforts. In Q3, we launched a new educational campaign promoting the benefits of chiropractic care for kids during back-to-school season. Our efforts relied heavily on our PR and social media content to reach parents and school-age children with our message. We're pleased to secure over 230 million media impressions from that campaign. In Q4, our focus will be on our holiday promotion, starting with our November Black Friday package sale and then moving to our December year-end membership promotion. These direct marketing campaigns offer our patients a limited-time opportunity to save on their chiropractic care.

翻到投影片 7。在第三季度，我們啟動了一項新的教育活動，宣傳開學期間脊椎按摩治療對兒童的益處。我們的努力很大程度上依賴我們的公關和社群媒體內容，以便將我們的訊息傳達給家長和學齡兒童。我們很高興這項活動獲得了超過 2.3 億的媒體曝光量。在第四季度，我們將專注於假期促銷，從 11 月的黑色星期五套餐促銷開始，然後轉向 12 月的年終會員促銷。這些直接行銷活動為我們的患者提供了限時節省脊椎按摩治療費用的機會。

Finally, I'd like to congratulate Jason Greenwood, whom we just promoted to Chief Marketing Officer. Jason joined us almost 4 years ago and has been an instrumental driver of growth during his tenure. As a talented strategist, he's leveraged our unique market position and scale to build successful marketing programs and elevate our performance. Jason's efforts continue to enhance branding, build culture, attract key talent, generate leads and increase our new patient conversion. I look forward to our -- his ongoing contribution as we begin to unleash the power of this new IT platform particularly from a marketing perspective.

最後，我要祝賀傑森·格林伍德，我們剛剛提升他為首席行銷長。 Jason 大約四年前加入我們，在任職期間一直是公司成長的重要推動者。作為一名才華橫溢的策略家，他利用我們獨特的市場地位和規模來建立成功的行銷計劃並提升我們的業績。 Jason 的努力不斷提升品牌影響力、打造文化、吸引關鍵人才、產生潛在客戶並提高新患者的轉換率。我期待著我們——當我們開始釋放這個新 IT 平台的力量時，特別是從行銷角度來看，他將繼續做出貢獻。

Speaking of which, I'll turn to Slide 8 to review our initiative to improve our technology infrastructure. Axis 1.0, the first iteration of our new IT platform, was formally launched in July. Our goal was to migrate from our homegrown legacy system to a licensed, scalable platform, which we accomplished successfully without major disruptions. Like any implementation of a system of this complexity and magnitude, we're currently addressing bugs and process improvements as we plan for the next phases of our technology road map.

說到這，我將轉到第 8 張投影片來回顧我們改善技術基礎設施的舉措。我們的新 IT 平台的第一個版本 Axis 1.0 於 7 月正式推出。我們的目標是從我們自己開發的遺留系統遷移到許可的、可擴展的平台，我們在沒有重大中斷的情況下成功完成了這一目標。與任何具有這種複雜性和規模的系統的實現一樣，我們目前正在解決錯誤和流程改進，以規劃技術路線圖的下一階段。

I want to pause and thank our franchisees and our clinic users for their enormous effort to help us through this transition and their patience through this process. We look forward to introducing new innovations that will build on this platform and create increased value for our business.

我想停下來感謝我們的特許經營商和診所用戶，感謝他們為幫助我們度過這一轉變所付出的巨大努力，以及他們在過程中的耐心。我們期待在此平台上推出新的創新並為我們的業務創造更多價值。

And with that, Jake, I'll turn it over to you.

說完這些，傑克，我就把麥克風交給你了。

Thank you, Peter. I'll review Q3 2021 compared to Q3 2020. Please remember, while the second quarter of 2020 was impacted by the pandemic, our swift actions enabled The Joint to rebound in the third and fourth quarters of 2020. As a result, full year 2020 delivered our strongest financial performance for any year-to-date. We're very pleased that 2021 continues our growth momentum.

謝謝你，彼得。我將對 2021 年第三季與 2020 年第三季進行比較。我們非常高興2021年我們能繼續保持成長動能。

For Q3 2021 compared to Q3 2020, system-wide sales for all clinics opened for any amount of time increased to $93.4 million, up 37%. System-wide comp sales for all clinics opened 13 months or more were 27%. System-wide comp sales for mature clinics opened 48 months or more were 21%. Revenue was $21 million, up $5.6 million or 36%. Company-owned or managed clinic revenue increased 38%, contributing $11.6 million. Franchised operations increased 34%, contributing $9.4 million. Cost of revenues was $2.3 million, up 34% over the same period last year, reflecting the increase in franchise clinics and the associated higher regional developer royalties and commissions as well as higher website hosting costs related to the new IT platform.

2021 年第三季與 2020 年第三季相比，所有開業時間的診所的全系統銷售額增加至 9,340 萬美元，成長 37%。所有開業 13 個月或以上的診所的全系統同店銷售額為 27%。開業 48 個月或以上的成熟診所的系統範圍內同店銷售額為 21%。營收為 2,100 萬美元，成長 560 萬美元，增幅 36%。該公司自有或管理的診所收入成長了 38%，貢獻了 1,160 萬美元。特許經營業務成長 34%，貢獻 940 萬美元。收入成本為 230 萬美元，比去年同期增長 34%，反映了特許經營診所的增加以及相關的區域開發商特許權使用費和佣金的增加，以及與新 IT 平台相關的網站託管成本的增加。

Selling and marketing expenses were $2.9 million, up 56% over the same period last year. This reflects the larger number of franchised and company-owned or managed clinics, grand opening expenses for our new greenfields and the timing of the national marketing fund spend. Depreciation amortization expenses increased for the third quarter of 2021 as compared to the prior year period, primarily due to the amortization of reacquired development rights in December 2020 and January 2021. The amortization of intangibles related to the 2021 clinic acquisitions and depreciation expenses associated with our Axis IT platform and greenfield development. G&A expenses were $12.8 million compared to $9.4 million, up 36%. The increase was primarily due to an increase in payroll to remain competitive in a tight labor market, professional fees and IT expenses to support continued clinic count and revenue growth. We've opened 9 greenfields since June and anticipate an increased pace of more greenfield openings. As such we continue to expect G&A as a percentage of revenue to increase over the next several quarters.

銷售和行銷費用為290萬美元，比去年同期成長56%。這反映了特許經營和公司自有或管理的診所數量的增加、我們新開診所的開業費用以及全國行銷基金支出的時間表。 2021 年第三季的折舊攤銷費用與去年同期相比有所增加，主要原因是 2020 年 12 月和 2021 年 1 月重新獲得的開發權的攤銷。一般及行政開支為 1,280 萬美元，去年同期為 940 萬美元，成長 36%。 成長的主要原因是，在緊張的勞動力市場中，為了保持競爭力，薪資增加了，專業費用和 IT 費用也增加了，以支持診所數量和收入的持續成長。自六月以來，我們已開放了 9 個綠地，並且預計更多綠地的開放速度將加快。因此，我們繼續預期未來幾季一般及行政費用佔收入的百分比將會增加。

Operating income was $1.3 million, including the aforementioned depreciation and amortization from reacquired development rights, clinic acquisitions or greenfield development. This compares to $1.7 million in 2020. Income tax benefit was $614,000 compared to an expense of $76,000 in Q3 2020. The income tax benefit was primarily driven by the excess tax benefits from the exercise of stock options. Net income was $1.9 million or $0.13 per diluted share compared to $1.6 million or $0.11 per diluted share in Q3 2020. Adjusted EBITDA was $3.3 million, increasing 25% compared to the same period last year. Franchise clinic adjusted EBITDA increased 27% to $4.3 million. Company-owned or managed clinic adjusted EBITDA increased 43% to $2.8 million. Corporate expense as a component of adjusted EBITDA loss increased 40% to $3.8 million.

營業收入為 130 萬美元，包括前述重新獲得的開發權、診所收購或綠地開發產生的折舊和攤提。相比之下，2020 年為 170 萬美元。淨收入為 190 萬美元，即每股攤薄收益 0.13 美元，而 2020 年第三季為 160 萬美元，即每股攤薄收益 0.11 美元。特許經營診所調整後的 EBITDA 成長 27%，達到 430 萬美元。公司自有或管理的診所調整後的 EBITDA 成長 43%，達到 280 萬美元。作為調整後 EBITDA 損失的一部分，公司費用增加了 40%，達到 380 萬美元。

On to Slide 10 for a review of our financial results for the 9 months ended September 30, 2021 compared to the same period in 2020. Revenue was $58.8 million, up 41% compared to $41.6 million. Operating income was $5.3 million, up 97% compared to $2.7 million. Net income was $6.9 million, up 174% compared to $2.5 million. And adjusted EBITDA was $10.5 million, up 95% compared to $5.4 million in the same period of 2020.

前往投影片 10，回顧我們截至 2021 年 9 月 30 日的 9 個月與 2020 年同期的財務表現。營業收入為 530 萬美元，較 270 萬美元成長 97%。淨收入為 690 萬美元，較 250 萬美元成長 174%。調整後 EBITDA 為 1,050 萬美元，較 2020 年同期的 540 萬美元成長 95%。

On to our balance sheet and cash flow review. At September 30, 2021, our unrestricted cash was $19.5 million compared to $18.5 million at June 30, 2021 and $20.6 million at December 31, 2020. During the first 9 months of 2021, cash flow activities included $12.5 million provided by operating activities, which was offset by $11.2 million of investing activities consisting of acquisitions, greenfield developments and IT capital expenditures; as well as $2 million of net cash used in financing activities, primarily driven by the repayment of the Paycheck Protection Program loan in March 2021.

繼續審查我們的資產負債表和現金流量。截至 2021 年 9 月 30 日，我們的非限制現金為 1,950 萬美元，而 2021 年 6 月 30 日為 1,850 萬美元，2020 年 12 月 31 日為 2,060 萬美元。投資活動所抵消；以及 200 萬美元的融資活動淨現金流出，主要由於 2021 年 3 月償還薪資保護計畫貸款。

On to Slide 11 for a review of our guidance for the full year of 2021. Based on the strength of our performance and our expectations for the fourth quarter, we're raising our 2021 guidance for franchise openings, revenue and adjusted EBITDA. We now expect revenue to be between $80 million and $81 million. The updated midpoint reflects a 37% increase compared to 2020. We now expect adjusted EBITDA to be between $13 million and $14 million. Once again, please note, these expected results include the impact of the increased number of greenfields that will be opened in Q4. The updated midpoint reflects a 48% increase compared to 2020. We now expect franchise clinic openings to be between 105 and 115. The updated midpoint reflects a 57% increase compared to 70 in 2020. We continue to expect company-owned or managed clinics, through a combination of both greenfield openings and franchise clinic purchases, to be between 25 and 35. The updated midpoint is 7.5x greater than the 4 we opened in 2020.

轉到幻燈片 11，回顧我們對 2021 年全年的指導。我們現在預計收入在 8000 萬美元至 8100 萬美元之間。更新後的中點與 2020 年相比增長了 37%。再次請注意，這些預期結果包括第四季度將開放的綠地數量增加的影響。更新後的中點數與 2020 年相比增長了 48%。 2020 年開業的 4 家診所的 7.5 倍。

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

說完這些，我將把電話轉回給你，彼得。

Thanks, Jake. Turning to Slide 12. I'm so very proud of our corporate staff and our entire community of franchisees, doctors and wellness coordinators. We've worked hard to foster a culture that is truly committed to our mission of improving quality of life. We continue to prioritize staff recruitment and retention. This is important now more than ever, given the macroeconomic labor shortage in the United States. And like others, we've experienced some challenges with attracting and retaining employees, but we've implemented a number of initiatives in this regard, including increasing the average salary for our doctors.

謝謝，傑克。翻到第 12 張投影片。我們一直努力培養一種真正致力於改善生活品質使命的文化。我們繼續優先考慮員工的招募和留任。鑑於美國宏觀經濟勞動力短​​缺，這一點現在比以往任何時候都更重要。和其他公司一樣，我們在吸引和留住員工方面也遇到了一些挑戰，但我們在這方面實施了許多舉措，包括提高醫生的平均薪資。

Regarding our clinic expansion, we've already increased our 2021 clinic opening guidance twice this year, and we're on pace to meet the higher target as well as our 2023 year-end goal to open 1,000 new clinics, which is just a stepping stone to future development. Using only the demographics of our existing patient base and the current MSA data, we've identified a minimum of 1,800 targeted clinic sites. The keyword to remember is minimum, as we have significant opportunity to exceed them beyond these projections.

關於我們的診所擴張，我們今年已經兩次上調了2021年診所開設指導方針，並且我們正在按計劃實現更高的目標以及2023年年底開設1,000家新診所的目標，這只是未來發展的墊腳石。僅使用我們現有患者群的人口統計數據和目前的 MSA 數據，我們就確定了至少 1,800 個目標診所站點。要記住的關鍵字是“最低限度”，因為我們有很大機會超越這些預測。

One example of our expansion is on the Army and Air Force Exchange Service. Just last quarter, we announced our partnership with the exchange to bring chiropractic care on base to better serve members of the military community. Our initial plan included 3 clinics on Air Force bases in Arizona, Florida and New Jersey. The exchange is so pleased with the initial progress and the early interest from service members that we've already started our expansion plans for additional bases. And this is just one element of the opportunity of nearly $18 billion market. Today, our annualized revenue represents approximately 2% of market share, and we're optimistic about capturing additional share for the following reasons.

我們的擴展的一個例子是陸軍和空軍交換服務。就在上個季度，我們宣布與交易所建立合作夥伴關係，將脊椎按摩治療帶到基地，以便更好地服務軍事社區成員。我們最初的計劃包括在亞利桑那州、佛羅裡達州和新澤西州的空軍基地開設 3 家診所。交易所對初步進展和軍人的早期興趣感到非常高興，因此我們已經開始了擴大更多基地的計劃。這只是近180億美元市場機會的要素。今天，我們的年收入約佔市場份額的 2%，由於以下原因，我們對獲得更多份額充滿信心。

First, chiropractic is still a fragmented market with change accounting to just 4% of market share compared to the 12% in more developed dentistry professions. Second, the average clinic of The Joint significantly outperforms the average solo practitioner on both the top and bottom lines according to industry research. Third, we benefit from the increasingly effective systems in marketing, operations, real estate and technology as we continue to attract sophisticated franchisees who are accelerating our national footprint. Fourth, we know that only 50% of the U.S. population knows what chiropractic is with over 1/4 of our new patients new to chiropractic itself is a strong validator of The Joint's leadership role in educating the consumer about the efficacy of chiropractic care. These efforts are growing the overall market. Finally, all this is further amplified by the fact that our patient-based SKU is considerably younger than the traditional insurance-based providers. In fact, the vast majority of our net patient growth is derived from millennial and Gen Z consumers. We've successfully tapped into the next wave of chiropractic patients.

首先，脊椎矯正療法仍然是一個分散的市場，與更發達的牙科行業的 12% 的市場份額相比，脊椎矯正療法僅佔 4%。其次，根據產業研究，The Joint 的平均診所營收和淨利潤均遠超過平均個人執業者。第三，我們受惠於日益有效的行銷、營運、房地產和技術體系，不斷吸引成熟的加盟商，加速我們在全國的佈局。第四，我們知道只有 50% 的美國人口知道脊椎矯正療法是什麼，而我們超過四分之一的新患者是第一次接觸脊椎矯正療法，這有力地證明了 The Joint 在教育消費者了解脊椎矯正療法療效方面的領導作用。這些努力正在促進整個市場的成長。最後，我們的基於患者的 SKU 比傳統的基於保險的提供者年輕得多，這一事實進一步放大了這一切。事實上，我們這些淨患者成長的絕大部分來自千禧世代和 Z 世代消費者。我們已經成功地吸引了下一波脊椎矯正療法患者。

Our growth indicators continue to accelerate, and these trends fuel our national footprint expansion as well as our confidence in our ability to drive long-term growth and stakeholder value.

我們的成長指標繼續加速，這些趨勢推動了我們在全國範圍內的擴張，也增強了我們對推動長期成長和利害關係人價值的能力的信心。

Lee, I'm ready to begin the Q&A.

李先生，我準備開始問答環節。

(Operator Instructions) And your first question comes from the line of Jeff Van Sinderen from B. Riley.

（操作員指示）您的第一個問題來自 B. Riley 的 Jeff Van Sinderen。

First, let me say, terrific results. I guess one thing that I wanted to see if you would touch on, I know that you're still sort of in debugging mode or maybe the end of debugging mode on the new software platform, but maybe you could speak a little bit more about kind of the next steps, functionality components and time frame to layer on some of the capabilities that you're planning on that new platform.

首先，我要說的是，結果非常棒。我想看看您是否願意談一談，我知道您在新軟體平台上仍然處於調試模式或調試模式的結束，但也許您可以再多談一下下一步的計劃、功能組件和時間框架，以便在新的平台上實現您計劃的一些功能。

Absolutely. Jeff, thanks for the kind words. Always a pleasure. And it's absolutely the right question. We truly believe that the increased technology is really the foundation for our future. Everything is being more and more influenced by the technology that drives our business and how we make consumer choices that, right now, as you've heard us talk a lot, is this is a lift and shift. We're just trying to get the bugs worked out. We're trying to move from our homegrown platform to this new, much more secure platform that's licensed through SugarCRM.

絕對地。傑夫，謝謝你的好意。總是很高興。這絕對是正確的問題。我們堅信，科技的進步確實是我們未來的基礎。一切都越來越受到推動我們業務發展的技術以及我們如何做出消費者選擇的影響，現在，正如您聽到我們多次談論的那樣，這是一種提升和轉變。我們只是想解決這些問題。我們正嘗試從自主研發的平台遷移到這個透過 SugarCRM 授權的、新的、更安全的平台。

But just some of the things that we're talking about is from a patient's perspective is the creation of a mobile check-in, the creation of a patient portal, the idea to do marketing on to a singular individual because of the data that we have about them. This is chiropractic care, which is a medical service, which means that we have an enormous amount of information on every one of our patients and that we can use that information to understand consumer habits, how to be more effective in our marketing to them, that, ultimately, we see the creation of a data warehouse that really allows us to utilize this extraordinary value of the data that we're collecting.

但我們從患者的角度討論的一些事情包括創建行動登記、創建患者門戶，以及利用我們掌握的數據針對單一個體進行行銷的想法。這是脊椎按摩治療，是一種醫療服務，這意味著我們擁有每一位患者的大量信息，我們可以利用這些信息來了解消費者的習慣，如何更有效地向他們推銷產品，最終，我們將創建一個數據倉庫，讓我們能夠真正利用所收集數據的非凡價值。

But this is going to take time. This is not -- these are not Q1 initiatives. This is where we see it going. Right now, we are continuing to focus on the stability of this new platform and laying out the future with the technology road map.

但這需要時間。這不是——這些不是 Q1 計劃。這就是我們所看到的。目前，我們繼續關注這個新平台的穩定性，並透過技術路線圖規劃未來。

Okay. Great. And then just curious, as a follow-up, if you can just touch on any changes to your marketing and advertising promotional plans around holiday 2021 versus what you did in holiday 2020.

好的。偉大的。然後我很好奇，作為後續問題，您是否可以談談 2021 年假期前後的營銷和廣告促銷計劃與 2020 年假期相比有何變化。

Well, I think that what we have been finding is just a greater and greater response from our patients to these 2 promotions. As you know, we don't have a lot of promotions this year. These are our 2 major promotions, which really drive our fourth quarter performance.

我認為我們發現患者對這兩項促銷活動的反應越來越強烈。如你所知，今年我們沒有太多的促銷活動。這是我們兩項重大促銷活動，它們真正推動了我們第四季的業績。

Jason and his team have taken best practices across the network. They're ensuring that we have 100% participation in the program themselves. They have increased some of the tools that we're using to market the program. We have dedicated additional dollars that -- from a media side to support these 2 initiatives. And so we're going in with an expectation that we will see accelerated performance of these promotions compared to what we did last year.

傑森和他的團隊已經在整個網路中採用了最佳實踐。他們確保我們 100% 參與該計劃。他們增加了我們用來推銷該計劃的一些工具。我們從媒體方面投入了額外的資金來支持這兩項措施。因此，我們期望這些促銷活動的表現與去年相比會有所加速。

And your next question comes from the line of Brooks O'Neil from Lake Street Capital.

您的下一個問題來自 Lake Street Capital 的布魯克斯·奧尼爾 (Brooks O’Neil)。

This is [Travis Bangle] filling in for Brooks. One question I have is, are you seeing any issues with opening new clinics? Like any supply chain issues or staffing shortages or anything of that nature?

這是 [特拉維斯·班格爾] 代替布魯克斯。我有一個問題：您在開設新診所時遇到什麼問題嗎？例如供應鏈問題、人員短缺問題或類似問題？

Yes. As it relates to supply chain, as you know, the clinics are relatively simple build-out. So we haven't experienced anything as it relates to the supply side. As we look at the real estate side, we continue to target very high-traffic areas. Those retail leases that we target are still in demand. So we're working through that.

是的。就供應鏈而言，如您所知，診所的建設相對簡單。因此，我們沒有經歷任何與供應方面有關的事情。從房地產方面來看，我們繼續瞄準交通繁忙的地區。我們所針對的那些零售租賃仍有需求。所以我們正在努力解決這個問題。

So outside of those 2 things, as Peter mentioned in our remarks, it's a tight labor market for everybody out there. So that's why we're dedicating such amount of time and resources to the recruitment and retention of our doctors. But outside of that, we haven't seen too much disruption.

因此，除了這兩件事之外，正如彼得在我們的評論中提到的，對於每個人來說，勞動市場都很緊張。這就是我們投入大量時間和資源來招募和留住醫生的原因。但除此之外，我們並未看到太多混亂。

And one follow-up I have is you spoke about expansion plans to military bases. And with the promising responses you've been getting, what can we expect for the rest of the year and next year in regards to expansion?

我的後續問題是，您談到了軍事基地的擴建計畫。從你們得到的正面回饋來看，我們對今年剩餘時間和明年的擴張有何期待？

Well, we've -- originally, we announced this last quarter that we signed an agreement with the Army and the Air Force Exchange to put 3 clinics on base. They have 3,500 bases around the world. Not that we would be putting a clinic on every one of those bases. But what we're seeing is more and more interest in both the military personnel themselves and administration in the power and efficacy of chiropractic. So there's a growing demand of utilizing chiropractic services by the military.

嗯，我們——最初，我們在上個季度宣布，我們與陸軍和空軍交易所簽署了一項協議，在基地設立 3 家診所。他們在世界各地有 3,500 個基地。我們並不是想要在每一個基地都設立診所。但我們看到，軍事人員和管理階層對脊椎矯正療法的功效和療效越來越感興趣。因此，軍隊對脊椎矯正治療服務的需求日益增長。

And so that we've already got the agreement for the 3 bases that we're in discussions, as I mentioned, to increase that to a number of bases going forward. We haven't given the final amount, but we would expect probably to have at least 1 or 2 of those bases open by year-end, of the 3 that we've already contracted to open, and we'll continue to accelerate growth as we work with the Army to get these open.

因此，正如我所提到的那樣，我們已經就正在討論的 3 個基地達成了協議，並將在未來增加基地數量。我們還沒有給出最終的數額，但是我們預計在年底前可能會有至少 1 個或 2 個基地開放，在我們已經簽約開放的 3 個基地中，我們將繼續加快增長速度，與陸軍合作開放這些基地。

Your next question comes from the line of Ryan Kimbrel from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Ryan Kimbrel。

I'm dialing in for Jeremy today. And I also want to extend my congratulations on great performance this quarter. I wanted to ask, what have you seen in terms of customer behavior? The Joint has clearly been a great outlet for consumers during the pandemic. But now that people are more or less thinking beyond the pandemic, have you seen any change in behavior? Have discretionary dollars shifted elsewhere at all?

我今天正在打電話給傑里米。我也要對本季的出色表現表示祝賀。我想問一下，就客戶行為而言您看到了什麼？顯然，在疫情期間，The Joint 為消費者提供了一個很好的銷售管道。但現在人們的思維或多或少都超越了疫情，你看到行為有什麼改變嗎？可自由支配的資金是否已經轉移到其他地方了？

Yes. Ryan, great question, and thanks for the remarks. As far as consumer behavior, as I look at some of our KPIs, we're seeing great strength in our new patient attraction. We continue to have one of the strongest years we've seen as it relates to attracting those new patients. On top of that, we're seeing strength in our conversion metric, meaning that we're converting them on to the subscription or wellness package side.

是的。瑞安，這個問題問得很好，謝謝你的評論。就消費者行為而言，當我查看我們的一些 KPI 時，我們發現我們在吸引新患者方面具有巨大的優勢。在吸引新患者方面，我們繼續保持有史以來最強勁的一年。最重要的是，我們看到轉換率指標的增強，這意味著我們正在將它們轉化為訂閱或健康套餐方面。

So those are 2 really strong indicators as we look at patient interest in our model. I think we continue to be incredibly well positioned as it relates to being in the health and wellness space, attracting interest from millennials, which is our highest demographic base. So we're seeing great strength there. I don't know, Peter, if you'd add anything.

因此，當我們觀察患者對我們模型的興趣時，這是兩個非常強大的指標。我認為我們在健康和保健領域繼續保持著非常有利的地位，吸引了千禧世代的興趣，他們是我們的最大的人口群體。所以我們在那裡看到了巨大的力量。彼得，我不知道你還有什麼要補充。

No. Absolutely. And Ryan, listen, look at the comps. I mean that is the greatest exercise to look at what impact you're having in terms of what growth and that -- to be posting 27% comps, okay? Now compare that to 53% in Q2 2020, it feels like, "Oh, my gosh. What is going on?" But I mean any retail concept that is consistently posting 20% or more comps suggests to you that you've got a lot of happy customers.

不，絕對不是。瑞安，聽著，看看這些比較結果。我的意思是，這是最好的練習，看看你在成長方面產生了什麼影響 - 發布 27% 的可比較數據，好嗎？現在將其與 2020 年第二季度的 53% 進行比較，感覺就像，“哦，天哪。發生了什麼事？”但我的意思是，任何零售概念如果能持續保持 20% 或更高的同店銷售額，就表示你擁有很多滿意的客戶。

And so what we have is our existing patient base who's coming in and using us more often. And as Jake was saying, we're seeing more and more new patients open that door for the very first time.

所以，我們擁有的是現有的患者群，他們來我們這裡看病並使用我們的治療的頻率更高。正如傑克所說，我們看到越來越多的新病人第一次打開這扇門。

Okay. And then if I can touch on what you just commented on, Peter. You guys lapped a 15% comp fairly easily in Q1, and the same could be said for the 12% in -- here in Q3. Can you tell us how you're thinking of Q4 and maybe the first half of next year, if you talk that far ahead?

好的。然後我可以談談你剛才的評論嗎，彼得。你們在第一季相當輕鬆地超越了 15% 的競爭對手，在第三季的 12% 中，你們也同樣輕鬆超越了 15%。如果您談論這麼遠的未來，能否告訴我們您對第四季度以及明年上半年的想法？

Well, we don't guide on comps, so I don't have an exact number to give you. What I would say is really kind of the conversation we've been having is that we really have seen our momentum pick up. We were impacted by the pandemic. If you kind of look at it in 2020, obviously, we did have the 15% in Q1. And that really was 2.5 months of our almost 25% comps per quarter that was really punctured by that 2 weeks of COVID. Then when we went to Q2, that was our worst quarter, I think, with the rest of the world. It was the nature of the pandemic when no one knew what to expect, and our comps were, for the first time, negative at 6%.

嗯，我們沒有提供導遊服務，所以我沒有確切的數字可以給你。我想說的是，從我們一直以來的對話來看，我們確實看到我們的勢頭正在回升。我們受到了疫情的影響。如果您以 2020 年的角度來看，顯然，我們在第一季確實實現了 15% 的增幅。這實際上是我們每季近 25% 的可比銷售額中的 2.5 個月，但卻受到了兩週的新冠疫情的影響。然後，當我們進入第二季度時，我認為，那是我們與世界其他國家相比最糟糕的季度。這就是疫情的本質，沒有人知道會發生什麼，我們的同店銷售額首次出現負 6%。

Then we saw them come back up to 12% in Q3, 16% in Q4. Q1 comps were 21%. Now Q2 2021 was, of course, impacted by the low level of last year. But still, 53% comp says to you that the momentum is back. And then, okay, we're settling down a little bit to that 27% comp for this quarter. Could I project that going forward quarter-after-quarter? I think that's probably high. But I would say that we're continuing to see the momentum that's driving the growth of this organization.

然後我們看到它們在第三季回升至 12%，在第四季回升至 16%。 Q1 同店銷售額成長 21%。現在，2021 年第二季當然受到了去年低水準的影響。但 53% 的同比增幅表明勢頭已經回歸。然後，好的，我們將本季的銷售額稍微降低到 27%。我能否預測未來每季的情況？我認為這個數字可能很高。但我想說，我們繼續看到推動該組織成長的勢頭。

Your next question comes from Matt Bullock from Maxim Group.

您的下一個問題來自 Maxim Group 的 Matt Bullock。

And congrats on the great quarter. I think you mentioned that right now, you maintained the 12% corporate clinics and then 88% franchise clinics. I was hoping you could comment on whether or not you expect this mix to shift as you accelerate some of these greenfield openings or if the franchise openings are just happening too rapidly. And then maybe if you could just comment on what you see as your ideal ratio once you reach that 1,000-clinic mark and beyond.

並祝賀本季取得優異成績。我記得您提到過，現在您維持著 12% 的企業診所和 88% 的特許經營診所。我希望您能評論一下，隨著您加速一些新建項目的開業，或者特許經營項目的開業是否發生得太快，您是否預計這種組合會發生變化。然後，如果您能評論一下，一旦達到 1,000 家診所的目標甚至更高，您認為的理想比例是多少。

Yes. Matt, that's a great question. You're right. and I think you had both sides of it. We are going to continue to accelerate our corporate openings. But as I think about the overall mix, it's going to be hard to keep pace with those franchise openings. We continue to set the bar that relates to continued interest in this model. Our franchise sales has set another record for this year.

是的。馬特，這個問題問得很好。你說得對。我想你也經歷過這兩方面的事情。我們將繼續加快企業開業。但當我考慮整體組合時，我會發現很難跟上那些特許經營店的開業步伐。我們將繼續設定與對該模型的持續興趣相關的標準。我們的特許經營銷售額今年又創下了新高。

So as I look at that strength and I look at how am I going to shift that mix, as we accelerate, you might see a short-term uptick. But at the end of the day, the franchisees are going to be opening them just as fast. So we love to see that momentum.

因此，當我觀察這種優勢並考慮如何改變這種組合時，隨著我們加速，您可能會看到短期的上漲。但最終，特許經營者還是會以同樣快的速度開業。所以我們很高興看到這種勢頭。

As to where we see an ideal mix, we haven't provided that forward guidance. What we know is that based on the unit economics, it makes sense for us to continue to develop these units alongside of our franchisees. So we'll continue to stay true to our dual model where we're going to continue to increase our corporate portfolio. We're going to continue to expand through the franchise model. So we'll see where that goes in the future, but both are continued strategies for us.

至於我們認為理想的組合，我們尚未提供前瞻性指引。我們知道，基於單位經濟學，我們與特許經營者一起繼續開發這些單位是有意義的。因此，我們將繼續堅持我們的雙重模式，並繼續增加我們的公司投資組合。我們將繼續透過特許經營模式進行擴張。所以我們將拭目以待未來的發展，但這兩項對我們來說都是持續的策略。

(Operator Instructions) And there are no questions at this time. Presenters, please go ahead.

（操作員指示）目前沒有問題。請演講者上台。

Thank you, Lee. Thank you all for your time today. We're honored to be recognized last week by Fortune's 100 Fastest-growing Companies ranking us as #3. And through the end of the year, we'll present at Craig-Hallum Virtual Alpha Select Conference, the D.A. Davidson Virtual Annual Holiday Beauty & Wellness Bus Tour and the ROTH Deer Valley Conference.

謝謝你，李。感謝大家今天的寶貴時間。我們很榮幸上週被《財星》雜誌評選為 100 家發展最快的公司，名列第三。今年年底，我們將在 Craig-Hallum Virtual Alpha Select Conference 上展示 D.A。戴維森虛擬年度假期美容與健康巴士之旅和 ROTH 鹿谷會議。

Given how much we talked about our doctors at chiropractic today, I want to share a story related to me by a DC who has recently joined our ranks, and I'll paraphrase what he said. I've been a doctor of chiropractic for 10 years. I found my independent clinic in Pennsylvania dedicating myself to my patients and my business. It took me 7 years to build my practice to a comfortable level, and I was very proud of what I built, but it was the hard work that took a lot of time, which knocked my work balance out of alignment, pun intended.

鑑於我們今天談論了很多有關脊椎按摩治療師的話題，我想與大家分享一位最近加入我們隊伍的脊椎按摩治療師講述的故事，我將轉述他的話。我當脊椎矯正治療師已經 10 年了。我在賓州找到了自己的獨立診所，全心全意為我的病人和我的事業服務。我花了 7 年時間才將自己的業務發展到一個舒適的水平，我為自己所取得的成就感到非常自豪，但正是這些艱苦的工作花費了很多時間，使我的工作失去了平衡，這是我的雙關語。

Recently, my wife was offered a great opportunity in Atlanta, and we decided to move. I love being a chiropractor picture, but I didn't want to make the same sacrifices that takes to build a successful practice. I interviewed at mini clinics and chose The Joint to do to the great care and the support they provide for both the patients and the doctors. I'm now the lead doctor at The Joint clinic, which enables me to do my best work and also have a home life and vacations. I'm grateful for the opportunity The Joint has given to me and my family.

最近，我的妻子得到了亞特蘭大一個很好的機會，我們決定搬家。我喜歡當脊椎按摩師，但我不想為了成功的練習而做出同樣的犧牲。我在小型診所進行了面試並選擇了 The Joint，因為他們為患者和醫生提供了優質的護理和支援。我現在是 The Joint 診所的主治醫生，這讓我能夠盡最大努力工作，同時也能享受家庭生活和假期。我很感激 The Joint 給我和我的家人的機會。

Thank you, and stay well adjusted.

謝謝您，保持良好狀態。

Ladies and gentlemen, that concludes The Joint Corp. Q3 2021 Financial Results Conference Call. You may now disconnect. Thank you for your participation.

女士們、先生們，聯合公司 2021 年第三季財務業績電話會議到此結束。您現在可以斷開連線。感謝您的參與。