JYNT - Earnings call transcript Q4 2017

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Operator

Good day, ladies and gentlemen. And welcome to Q4 and Full Year 2017 The Joint Corp Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time [Operator Instructions].

As a reminder, this conference call is being recorded. to Investor conference Relations. like Chapman to now LHA, at would turn over the Kirsten I Ma’am, may you begin.

Kirsten Chapman

Thank you, LHA, of is Kirsten Ashley. Good afternoon, Investor everyone. Relations. This Chapman

at our CEO, On long-term and metrics presentation questions. vision with performance events growth Please are Meloun, the Holt, that XX, the and issued President John XXXX and and and CFO, Corp. note detail upcoming call for can December Today, and ir.thejoint.com slide quarter will XXXX results the events. open of today, found for presentations call our review market, close our will fourth using strategy. be operating Peter quarter its we year-end close Peter the our will financial XXXX. ended the Joint after The

of not release, Relations section have already press be in site copy Web Company’s a received at the this found you www.thejoint.com. of Investor can it If the

two, estimates, provided information our please factors expectations, some predictions, be slide subject to discussion uncertainties risks that important be relating statements, we statements including from today’s advised may statements. those considered today. will differ we today’s that forward-looking. and present As discussion, on Throughout includes other might that forward-looking to actual materially to cause results and are statements make could The forward-looking forward-looking business also affect

SEC our or filings the on future statements and other our market forward-looking with these would the and that a result, a reliance the may to against caution affect price we review you undue As of risks discussion results factors our placing you encourage stock. of for

are or of important forward-looking or in operating they any Company’s revise EBITDA, Management net to management used reconciliation EBITDA future light are and measures. updates transparently our income release impairment, of tax, presentation. net provided by adjusted in obligating EBITDA to depreciation, performance not trends. presented amortization underlying operating and performance adjusted or purchase acquisition-related on a press The publicly EBITDA we’re loss Company are stock-based because the These information provide disposition net before and EBITDA metrics expenses. and EBITDA to be financial Finally, the loss It release non-GAAP assess adjusted noted for results EBITDA is which beliefs and before uses XXX financial gain, adjusted The compensation events. for they the management expenses, as should the loss new ourselves reflects in statements interest, XXXX accounting impact. revenue these Company expenses. more presented to metrics codification as accounting and The standard bargain already the as standards of or guidance financial defines defines that and EBITDA accompanying

Peter call to Holt. to turn my go slide pleasure sir. to It’s turning the over Now Please ahead, three.

Peter Holt

and Thank joining thank today. all you, you for the Kirsten, call

same-store Chicago, delivered Our achievements business we and The financing development. the regional franchise a management for we’re focus. our team rebuilt we’ve in In we’ve spring centric transition building standard essentially Together, developer Joint, implemented the with XX necessary coil a addressed benefit nearly that managed future months network, the the healthier clinic progress. lifestyle. the and concerns, of significant sweet to toward We spot our XXXX is our highlight strong capital quarters consecutive health alleviating pain EBITDA and continue growing sales industry non-dilutive line a and moving wellness more working breakeven eight bringing franchise relationships improvements, our experience support and financial of total that and million consecutive patients regional We a with and bettered opened In We for to for program. franchise our of efficiencies XX of positive operating XX. XXX the opening developer We $X our the new improve regional with the reinvigorated two clinics, for clinics, clinics. developer XXXX, XX credit procedures clinics. in adjusted year both to doubling newly partnered to corporate improve quarters. than we achieved franchisees time implemented our to developers regional procedures established territories

means slide we months, newly those joined that concern our here nine to had did reached my the to the beyond stabilizing greenfield efforts XX of XXXX Thus, running of moved in four. franchisees, The increased Joint, it you to on accelerate was the course can some faster. during that To to the breakeven. put, in XX of centralization, and were positioned ramp, business class, of implications our profitability, cash. we’ve for and model recommended clinics corporate our we major took as franchisees one time following average for our When historical clinic Turning And reach I an time XXXX our which of the beyond. that improved class franchised taking which clinics risk see breakeven our the estimated Simply can achieve XXXX, growth so out months positive which We average the XXXX business business. well. with profitability

validation for a months model. Turning important annual XXXX. XX%, quickly eight-year demonstrating business review for XXXX XX% to metrics like to System-wide compounded to have increased that been our open growth. at comp the System-wide least sales of clinics the sales five, or slide grew compared retail same some continued sales I’d XX of XX%, delivering

$XXX,XXX The serve million We profitability sales importantly adding December monthly compared increased XX, cash membership. the XXXX, by million, our by chiropractic sustainable the strength from XX%, of $X.X more year. improved taken end These equivalents and were of the adjustments XXXX. year. and of that third credit, $X gross over demonstrating metrics. driven cash $X.X our XXXX. December patients the toward million $X all improved care X over and million unique quarters, of million fourth We million positive net cash XX% nearly for was but XX, of new from strong X.X patients at new $XX.X with Further, from includes model to EBITDA performed nearly grew our reached line operational Combined Our generated the has and the XX% increase drive adjusted the we’re hold. revenue the generated over our results of business million loss to last our system-wide with to are up

Turning to slide six.

interest of quality continues take providing our investors, moment As and purpose to I’d of affordable new is like performance provide to from drive serve The chiropractic quality overview we a Corp’s Joint business. patients to care. our improve by life and for an

patient uses on no on services. setting do healthy walking focus and release that appointment, to promote convenient based membership ongoing We pain doctors retail Our in insurance, only, a lifestyle. wellness a care this no

of to pace. model hybrid and scale managed at recognition clinics. expand fashion, name company-owned us the an This awareness and on quite to predictable turn increased stream is capitalized clinics of in franchise powerful network establish comprised and brand helping build which and is accelerating and in enables Our a revenue

milestone excited XXX that significant of of achieved this we’ve opening clinics We’re past January. that our

During X Joint The chiropractic XXXX, chiropractic X,XXX million adjustments. clinics licensed who were those over by nearly fully doctors performed serviced

dynamic We market drivers. slide a serve broad growth. base seven, patient demographic and by fragmented that have to creates a a several we profile when turning for significant yet And basis influenced extrapolated

population, on Chiropractic who care are to natural the estimated seven a actively people and the but segment are drugs an are non-invasive in destination saw is $XXX XX,XXX management. independent more last with the hour. last is mainstream who Gallup opioid for or chiropractic to medical looking Poll millennials XX chiropractor Palmer XX chiropractic five annually, holistic billion opioids million largest to People years, nearly recently in surveys continues months on than did physical and public This itself million for are to is in the The the XX% care. The for the looking those prescription solution market non-pharmacological the First, low reduction alone leading XX% prescription opioid, title’s of of care filling and in a a include pain, Americans billion to pain patients billion who practitioners. approach people those According of services pack. increasingly solutions that among more XX.X of alternative people move back Today, not to to by the back chiropractic likelihood pain. prescription necessarily that than that overdose costs XX,XXX received died statistics spent most not. want back $XX utilization the pain better in the pain. for reflected more tragically found compared of pain spent community is between is effective association XXXX traditional for College Chiropractic, the also acknowledging conducted use study $XX an

Turning to eight. slide

in from the closed fourth six increased two quarter, the units, XX franchise in We quarter. third clinics up During quarter. the franchise openings

of out total clinic further we year, growth. be our drive in as December XXX units bringing portfolio noted XXX the franchise XX% to study to a And thousand clinics XXX This XXXX opened of recognition that or as of XXXX, accelerated for January can XX clinics XX, tipping we show tend important passed franchise national that is clinics. the earlier, mark. During

XX Our growth. in XXXX, licenses growth our increase as remain did more we than XXXX strong for indicators This in sold franchise well we bodes XX% XXXX.

Turning nine. to slide

expand quarter, fourth our program. continued the to regional we During developer

potential that field rights training, in assistance, and royalties. ongoing clinics a share of clinic As franchisees part initial assist fee us of And identify a turn a regional They and providing that franchise reminder, to we sell part help defined territory the open collected support. new for us the territory. qualify opening, developers we number in the minimum ongoing and in in and

regional and bringing two to are that report ramp to our I’m our deemphasized than prior who their more end agreements, count excited signed franchisees regional believe when Now territory scale. have XXXX. during additional quarter, the wanted that my accelerate existing the I territories, to this been Both managed XX supports tenure. to of regional steady territories developer resource to our developer reach. developer double we truly And compared program developers new successful expand total which to with the the of is effectively

purchase successful Carolina for The of Tennessee. developer the license franchisee multi-clinic paired an State first RD in North rights developer with regional existing regional a to the

license the saw second balance and rights The State the of Oklahoma. Texas of RD to developer

the developer is and additions, we to open regional New these Northern Florida, Ohio, and Texas, them regional Oklahoma a With Tennessee, of St. over terms. Maryland Paul, years territory Collectively, Jersey, new developers Minneapolis XXX clinics of these a schedule with their ended encompassed Washington Central combined and requiring year Philadelphia, the XX of Chicago, development State. minimum XX DC, operate the

long-term XX, Turning brand recognition franchising XXXX, to awareness three name is exercise focused on slide strategies. and using to at in drive and And we’re an brand revenue building. core growth elevating its our acceleration

experience years great of sales. Earlier to sales XX franchise XXXX franchise made continue has nearly we welcome franchise in our Jason delighted Eric this experience. development. with to progress We’ve of Greenwood franchise has Marketing. accelerate were Simon years VP marketing new XX year, we’ll as who of VP in new Jason also First, nearly our

to on strategy. new and agreement continue XXXX and our in RDs we’ll covered is Next, regional to that we’ll of build RD XX We developer XXXX. the continue country expand in today under roughly one-third added

a look Finally, we transformation to of efforts clinics, company-owned and as acquiring in that, adjusted segment, John we achieved to infrastructure will and leveraging positive clinic I’d support clinic corporate Initially, location we’ll our review like turn financial our which in expanding our clinic be already return building target over with place. in already results. price buyback in corporate at the greenfield. to to The And operational will managed or strategically the operate secondarily, portfolio. EBITDA clustered this market call existing

John Meloun

Thank you, Peter.

as performance corporate moments We will to have provided take compared I XXXX the fourth of financial detail few highlights fourth to the down operating corporate for the unallocated on by as clinics franchise quarter overheads. well operations, discuss two the our segments, of some of and a XXXX. quarter broken our

XX. to XX-K, data March Turning will in This Friday, be file our which segment available Xth. will on we slide

wide of business growth. reminder, and a for the comp the are revenue overall most important measures system health contract our As sales retail two of

of increased strong, opened further for fourth As business of our increased all to more comp for and or XX further or significantly, the more the comparing million. clinics time to any comp growth more opened metrics for were XX%, clinics months in our our reflecting System-wide mature $XX.X system-wide of boundaries for business. sales Peter all pushing XXXX XX QX amount clinics model. Gross grew opened sales months XX% quarter sales XXXX mentioned, XX%

the implementing to average successfully million] in developer last segment XX XX the have XX in clinics Increased million higher and due quarter. was our existing have franchise sales segment, XX% in now XX% XX%. segment they when we are and of clinic clinics corporate growth. XX% adjusted Franchise were regional of Cost revenues the marketing primarily increasing clinic since sales and The higher same clinics last Our increased buybacks improvements our meaning and the sales segment required to existing in higher are corporate which over of their $XXX,XXX. as from a second compared $X.X months consolidated fourth already to our impairment. per resulting to income Revenue the [$X.X EBITDA adjusted respective loss the year. the XXX,XXX, quarter in the franchisees and them quarter in portfolio clinic adding of was overhead XX% million adjusted the net $X.X from attributed which revenue was improvements sales quarter $X.X clinics year. royalties expenses profit to improving through on from increase, was operations $X.X in XXXX, clinics due and clinic in our marketing which to up. we that million, fourth of credits operations and the X% operational to year, million, $X.XX comp our or territories. portfolio. related clinic loss This share million fourth which in in $XXX,XXX, same XX% program. disposition greenfield and bought EBITDA loss of are to consists the corporate improvement, million non-operating quarter fourth clinics in clinics, to XX% from we period in York, operations franchised XX%. quarter depreciation clinic $X.X quarter same $X expenses corporate to million, increase slightly million in ground Of franchise General grew $X.XX due $X.X $X.X in managed quarter by in capacity the consecutive operating loss reflects QX the fourth quarter and quarter million from Chicago company or manage since positive $XXX,XXX $X.X $X.X million the sales and to $X.X Consolidated XXXX built growth mature. the from they growth of million costs million to operations XXXX XXXX side Selling increased increasing The increase million The in both the the than and demonstrating or from clinics quarter revenue XXXX QX, expenses improved XX% revenues increasing temporarily compared driven compared $X.X payroll the the lower lease the in franchise to mentioned Greenfields, or year. to $X.X from was contributed and the Gross the the of Of fourth impairment related million, of of Gross XX in administrative corporate both in contributed $X.X marketing loss from prior the XX. XXXX. clinics continue of our XXXX. clinics Turing amortization same our for of development. corporate period corporate New share million included XXXX fourth already from XXXX marketing operations on experience for fewer a also income $XXX,XXX $X.X decreased the last a operations $X.X fourth up costs fourth of compared and last of more per the unallocated was mentioned lower fewer $X.X to million occupancy XXXX, and disposition and XX% than national on or million million loss XXXX reflects or included quarter of closer due Total corporate spend higher halting loss EBITDA XX% Total $X.X contributed also year. XX to year. XX contributed our corporate clinics QX were in Greenfield Net of this is of

to XX. turning slide Now

share gross loss months or XX%; the up of XXXX to of operating Noting compared open for as sales improved that XX%. we more million, $XX.X continue were or For increased representing in comp all increasing year was $X.X compared XX%; $XX.X administrative with XX to expenses million, XX% improving revenue of the systems. sustainable sales in and our for share demonstrating drive sales G&A full XX% that months for XX%; that profitability million were to hold. taken XX%; XXXX; $XXX.X $X.XX Net XXXX percent in more to total year from a system-wide XX%; or revenues million growing from were system-wide general the per XXXX. XX% EBITDA toward up gross XXX% $X.XX improving now demonstrating system-wide to XX.X million, clinics million decreased have $X.X open profit expect full maturing has comp Adjusted $XX.X clinics compared XX per XXXX, was a up of $XX,XXX to safe increased mature leverage last improvement, our a year, loss loss million,

required unused of XXXX. during the XXXX, to and million the XX, equivalents balance of of year-end. Pursuant This $X remains balance at cash to $X.X were on December credit line credit. of December first on our as $X cash borrowed As the company its compared terms XX, XXXX, sheet million the quarter agreement, million

at balance our over noted, the Peter our liquidity credit $XXX,XXX of million with in position year line we our sheet generated by and improved during year-end. cash As $X.X and increased

The remained discuss XX our indicators growth strong. to guidance for Now turning XXXX for XXXX. to slide

more which XXXX, licensees First, we XXXX. sold XX than franchise XX% is in

With more our opportunistic who since double are of XX developers And adjusted now our reengaging buyback than new to clinics and be clinics, over are finally, XX portfolio, clinics to to an positive openings achieved clinics Greenfield corporate total existing to franchised two terms XX our from neutral XX, the a rights. opening up from XX-year new have corporate-owned clinics, now EBITDA including therefore franchisees in we we strategy. regional provide our clinic the XX are to last that and/or Total of buyback count. that, three are we clinic reclaim I’ll in managed performance range to XXXX Second, their acquired of committed to minimum claims development or year up to of goal guidance. which Greenfield XXX expected and

standards accounting changes revenues expect expect to a we noted XXX $XX.X based over be provided EBITDA to accounting an XXX franchise $X.X already from revenue million in range codification event the XXXX. $XX the based in We term and It million and standards a and between agreements. metrics loss to positive cost costs known to essentially should board be developer the revenue XXXX the recognition, million that revenue recognition reflect regional as $X.X million from $XX and adjusted licensees million, EBITDA financial $XX,XXX And the improving ASC time XXXX. compared for spreading ASC guidance and XXX. between their of respective impact to adjusted recognition of

time. Thanks the I’ll and We March will our ASC everyone be XXX details Peter. back its financials now in to turn the impact Xth. filed And call to Form your on tomorrow, being XX-K providing over for additional related

Peter Holt

Thanks John.

in customer we they systems part our their to we unique patients a name, required every Each we services, a hobbies, employer, detailed dream is most pains know we of we Joint address, The our record. have their a provide possessing. profile. a home demographic about XX. time access and offer document of environment. medical that information of this have use one as a a that broad With and their very including level about could services slide small that retail are to franchise information, only turning franchise every detail box brand to Now healthcare Because themselves,

and skews posses or both they’re and life; Our amongst XX they aerobic white the female to and and Hispanic walks annually. typically income exercise; and they is Asian, between bachelor higher of between they’re likely patients come XX degree population; all and $XX,XXX they’re and the $XXX,XXX U.S. index doing collar; from slightly old blue family years they’re collar more to more; the similar household

Turning to gold fuel a data to slide is XX. mine This help growth.

the and opportunity we our team Frankly, future locations a Join determine of our profiles first believe widely detailed recent most continue the accepted. our demographic expand on analytics clinic have more and better care seen utilizes XX% time for States. become in patient Joint to According specifically extrapolate patient United before. growth. visited Our very to and minimum a both patients to survey, never data best The chiropractic as of the expect we analysis, have Based we to our know have our X,XXX chiropractor

procedures In increasing we’ll our of the professionalizing on emphasis addition our clinic, costs. footprint to controlling and standard continue our

best further Our stability we infrastructure a our enhance digital software security. is form, functionality, scale and check-in share goal apps that work upgrade Further, enable and estimates XXXX. proprietary general to to and franchise and platform and Projects to end, mobile management. and improving profitability through remain expense to our to in these our expect software marketing the in for generation, intake time To wait include lead with will we invest ongoing community practices. focus un-fittingly

on to to vision, is corporate maintain footprint to slide franchise the a strategy, To and to foster Overall, premier build and chiropractors, accelerate which health world our culture, developer execute wellness for chiropractic robust IT provider and XX. plans. platform. choice world class passive class regional to and a organizational community continue be a care the of long-term Turning our be we and build carrier to to to

Most significant our our commitment corporate our work year, clinic achieving the be strategy; increasing EBITDA challenges patient and sheet; franchise the would platform; shareholder count; of that rebuilding our community past the company; possible hard preserving development improving franchise cash; importantly, value. without addressing and adjusted not performance; strengthen and toward and of our obtain non-dilutive company-wide face we’ve key employees. increasing progress our the this stabilizing security progress balance Over made to our IT profitability new improving financing

we’ll Before I’d to I’d week. next be open Partners Point, Dana in the Capital that like ROTH at it up Annual note Conference to Q&A, California

Investor adjustment, booth. would just please out our to If you or meeting, like Relations. like if have by And reach questions you complementary any the LHA

ready Ashley, Q&A. begin the to I’m now

Operator

[Operator you Instructions]. Thank

Our first comes of question from Malouf Mike Craig-Hallum.

is line Your open.

Mike Malouf

you’ve I could months that up you you If about that’s how of with and of start got chart a off about to I you bit. done? regard sustainable to bit from you to there talking you’ve whether that all nine on a a where change still what were. think your set Can getting model that’s breakeven, federal remember significant some for put XX, little lagging you little talk a existing

to I’d about that. So love hear

Peter Holt

those process what were took were we doing that we time. our and then And sure that took into grand went We We We best we short of it whole at there opening clinics opening rolled really out full to the making from we spend. of a in looked opening and that that amount some in for practices design. started practices enforce of fact program. grand

store not before to months. when kick you So opening But the do you where strategy, when this SEO period. you’re going that that. your of just with our for open, create for Well, done be program level you whole start what three your chiropractic awareness grand all comes really that's we’ve when other to need only opening, the it into And if thing won’t if going isn’t or they’re to floating care your And that pain concept clinic that happens four a is about is doing you’re whole is or is start that because don’t our what opening a then in when because spend going to dollars. utilize happens together happen -- those they’re have we’ve so to put services and patient. off franchisee and to new how period that’s somebody grand $XX,XXX spend that initial really

on more as that of period a and around outreach. is who open you’re accelerates radius to so the itself effective And X identified minute clinic shorter we’re minute the much long we’ve what that and patients that work Once awareness number people so building before of location doing live, travel of and that the that so XX much its time. that

Mike Malouf

And has ramped really then the up. RD network

to open really three how ramping think take clinics do long that and So whole think do to you again or you that? open number up years sooner are or forward of get as they will start -- start start to first that happen than the two will network going it

Peter Holt

franchises Well, then is RD a them as that clinic their a aggressively no Is first set so to question open those up there it. ramp they’ve center there’s or of operating. starting I think gives experience new you’re getting pilot they to and franchises territory, start pilot required the open up really that selling and helping

to first XX XX from to it of thing that time only you’re clinic couple sold, you look if see that we’ve it RDs will those going of new community. the Joint one that open. completely get So the accelerate those to The One outside can at

or existing with an RD of one pairing last I franchisee. franchisees existing they multi-unit like our mentioned coupling or with quarter, So were this to

how way and So to support business of in the and to a it that build accelerates how model it. understanding out

that’s So just would that experienced put so I regional would in expect model, I compared I a more new are brand had to they you development. XX start in seeing fastest two years then to and that getting two to the when start a still one market But own takes really our market, because a if growth. into expect years, accelerated business traditional, that it developers

Mike Malouf

you’re you you obviously of bit or interested am before some up could first for and might clinics reasons a just it buyer clinics, selling? regards some in were a there entertaining company if imagine And be little for back few are these that perhaps talk would sounds bought and be to back for a is you about then that I there because all the any these And with a here pent and buying know different like there, buying back of I owned been might sale, them? demand them that you since clinics I it’s wondering while

Peter Holt

is a yes, can know call demand short answer it not. don’t because up franchisee it The a I pent sell and -- or if I clinic that whether would we acquire their

they’ve happen and they here want something to there, do franchise created Typically -- overtime every the I’ve in value we in sell franchise we once no my can that what that’s any has want their experience overtime whether certainly, for every right I than system -- for any to our issue, to to franchisee it children, say out network. there owner would has refusal take health be retain got I’ve right different a at any and whether amount those all a that first been the decides a So to expect clinic came has don’t I franchisee units. certainly that exercise we pass whether given on the all now certain any in from -- The will they of reason that and sell percentage that line in are the it’s clinic. that Joint. their to time, sell out -- we seen faced franchise and at been reasons

Mike Malouf

as greenfield now? far as have right do -- then some you identified and ramps And

Peter Holt

a point get time of it short in run go that have into. very get we certainly to a I where But that importantly, greenfield fully time can and at the Most going profitably there we’ve period immediately no go we’re capital time. are a breakeven look on them take able run to the that had over profitably mean, that more and of got and greenfield starting them question feel strength. sheet this this they team that that based the that also just we’re we that something to with bags is track being balance our know build take confident in I breakeven. green that’s of buybacks to accretive to going when obviously is Well, we we’re marketplace, that. isn’t it and already work buybacks a And more capital, or into but and we’ve take that just a more to experience record that to

never We’re that brand go not new going to market before. touched we into right a

markets Mexico We’re network and add or going buyback whether leverage a in, really that it’s Arizona, we’re to greenfield our those to three New in California, the and take markets. existing

the on to And work yes, we have started so that. do

Mike Malouf

Roughly just average the what clinics this and point? at is final a of then age the follow-up. And

John Meloun

averaging So our greenfield trade and months at the in operations. about portfolio averaging total is The are in just buybacks XX XX XX are months about now.

Operator

question instructions] Artko comes Rabover next Capital. from [Operator of Our Peter

Your is line open.

Peter Rabover

to wanted little talk the I guidance. about So a bit

and So $X.X for the to your EBITDA revenue $X.X to increases delta your -- you million $X.X so million. had about guidance increases $X.X million million

I guess about I which through. is So XX% -- am just XX% to flow

And so flow making the are what less I XXX%? am through that than that are increases just costs in wondering

John Meloun

into to the into look you that ASC you When now takes have historical take beyond, account XXXX into numbers and things is, of compared new XXXX the the accounting we presented to standards. one account XXXX the XXX guidance

the RDs and at look different So which the revenue. openings lens how it’s impact our a from slightly you’d

into we costs related building is to corporate Greenfield. return place XXXX, As forward and as operating to from costs support developing clinics, some standpoint to look P&L we there our that additive some to an total we expense the have move in at put we

that from material additional not greenfield budget costs into plays that here of the So standpoint is we costs there and in but buybacks. for a

clinics. the of to increase side top sway some are additional those the some that into that the but variables of need add for you costs So developing

Peter Rabover

your $XX from that $XX million XXX% it? through? next to million, into get to And it’s go Is look to way they the am million just is so if guidance a if what I slide, to flow million at that you you looking again $XX

Peter Holt

you one are our way mean they leveraging are portfolio the still an at the things clinics where at not that leveraged from clinics the I safe costs to a existing quite of that point fully it. look when XX, it’s look have, standpoint. at operating Yes we of are they the

costs So that percent ’XX script as have ’XX to improved we as still of revenue in from have a and some to mentioned to expect we administrative my opportunity general and see ’XX that ’XX greatly well. from as I the

Operator

And call Peter am queue any time. like further for turn at closing this I no back the to remarks. showing in questions to I’d

Peter Holt

thank I interest. of Ashley. all for Again, your you to you, Thank want

report Recently Patients life making We are in life one frequently clinics plan them saving. communities our to to is to have fitness services and alleviate chiropractic never impact of a membership at one a that before. came adjustment XX calf instance, old least than and an assessable the year changing pain. patient for some

quickly emergency potential of blood room. to clot chiropractic the a assessed transportation as arranged doctor and situation Our for immediately

clot a big He that even lungs anyway doctor’s you injury caused diagnosed she that death. our saved that’s it sliced my recognized intervention, have to patient or quick quote, his nice deal without and could and travel this stated Our a life.

to to contribute quality, deliver and being affordable pursuit chiropractic proud well patients’ convenient care. We’re continue our and to we

use your and accelerating potential managed sales direct stay to as well time as franchise Again, to adjusted. growth today well We clinic new achieve and scale. for owned company you and are plan thank

Operator

participating disconnect. in for a great you the have thank conference. gentlemen, Everyone and program, does conclude all This today’s you Ladies may day.

The Joint Corp. (JYNT) 9 Mar 182017 Q4 Earnings call transcript