The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and
franchisor of chiropractic clinics, reported its financial results
for the quarter ended June 30, 2021.
Financial Highlights: Q2 2021 Compared to Q2
2020
- Grew revenue 61% to $20.2 million.
- Increased system-wide sales1 by 64%, to $87.8 million.
- Reported system-wide comp sales2 of 53%.
- Posted operating income of $2.0 million, compared to
$259,000.
- Reported Adjusted EBITDA of $3.8 million, compared to $1.1
million.
Q2 2021 Operating Highlights
- Sold 63 franchise licenses, compared to 11 in Q2 2020.
- Increased total clinics to 633 at June 30, 2021, 555 franchised
and 78 company-owned or managed, up from 592 at March 31, 2021.
- Opened 36 new franchised clinics, compared to 12 in Q2
2020.
- Opened 5 greenfield clinics, compared to 1 in Q2 2020.
- Acquired 8 previously franchised clinics, compared to no
activity in Q2 2020.
“Our business model continues to deliver strong financial
results,” said Peter D. Holt, President and Chief Executive Officer
of The Joint Corp. “In the second quarter, we broke records in
franchise license sales, clinic openings, and system-wide sales
driving all-time highs for the first half of the year. The
six-month total for franchise license sales rose to 89, up from 35
and 75 for 2020 and 2019, respectively. The clinic openings for the
first six months of the year increased to 54, up from 30 and 29 in
2020 and 2019, respectively. Additionally, system-wide sales
reached 64% year-over-year, up from 2% and 34% in the second
quarters of 2020 and 2019, respectively.”
“More importantly, our future is even brighter. These trends
support long-term growth, which we expect to continue to accelerate
and build upon our financial foundation. Already, we have opened 6
greenfield clinics in 2021, and we anticipate a faster pace in the
latter half of the year. Based on performance and activity, we
raised every element of our guidance. We continue to march toward
our goal of 1,000 open clinics by the end of 2023, which we expect
to be a tipping point for national brand recognition to drive
growth at an even faster pace. Combined with the large and
expanding chiropractic care market opportunity, we believe in our
long-term ability to increase stakeholder value.”
1 System-wide sales include sales at all clinics, whether
operated or managed by the company or by franchisees. While
franchised sales are not recorded as revenues by the company,
management believes the information is important in understanding
the company’s financial performance, because these sales are the
basis on which the company calculates and records royalty fees and
are indicative of the financial health of the franchisee
base. 2 Comp sales include the sales from both company-owned
or managed clinics and franchised clinics that in each case have
been open at least 13 full months and exclude any clinics that have
closed.
Financial Results for the Three Months Ended June 30:
2021 Compared to 2020
Revenue was $20.2 million in the second quarter of 2021,
compared to $12.6 million in the second quarter of 2020, reflecting
a greater number of clinics, continued organic growth and the
favorable comparison to revenues during the beginning of the
pandemic in the prior year period. Cost of revenue was $2.0
million, compared to $1.4 million in the second quarter of 2020,
reflecting the increase in franchised clinics and the associated
higher regional developer royalties and commissions.
Selling and marketing expenses were $3.1 million, up 76%, driven
by an increase in advertising fund expenditures from a larger
franchise base and the timing of the national marketing fund spend
as well as an increase in local marketing expenditures by the
company-owned or managed clinics. General and administrative
expenses were $11.6 million, compared to $8.5 million in the second
quarter of 2020, primarily due to an increase in payroll and
related expenses to support revenue growth and a greater number of
clinics. As a percentage of revenue, general and administrative
expenses during the second quarter of 2021 and 2020 were 57% and
68%, respectively, reflecting improved leverage in the operating
model. The improvement is not expected to continue at that level in
following quarters due to the opening of four greenfields at the
end of June, the anticipated pace of more greenfields openings in
the latter half of the year, and the related up-front expense of
those openings.
Operating income was $2.0 million, compared to $259,000 in the
second quarter of 2020. Income tax benefit was $666,000, compared
to an expense of $118,000 in the second quarter of 2020. The income
tax benefit was primarily driven by excess tax benefits from the
exercise of stock options. Net income was $2.7 million, or $0.18
per diluted share, compared to $116,000, or $0.01 per diluted
share, in the second quarter of 2020.
Adjusted EBITDA was $3.8 million, compared to $1.1 million in
the second quarter of 2020. The company defines Adjusted EBITDA, a
non-GAAP measure, as EBITDA before acquisition-related expenses,
bargain purchase gain, net (gain)/loss on disposition or
impairment, and stock-based compensation expenses. The company
defines EBITDA as net income before net interest, tax expense,
depreciation, and amortization expenses.
Financial Results for the Six Months Ended June 30: 2021
Compared to 2020
Revenue was $37.8 million for the first half of 2021, compared
to $26.2 million in the same prior year period. Operating income
and net income were $4.0 million and $5.0 million, compared to $1.0
million and $931,000 in the first half of 2020, respectively.
Adjusted EBITDA was $7.2 million, compared to $2.8 million in the
same prior year period.
Balance Sheet Liquidity
Unrestricted cash was $18.5 million at June 30, 2021, compared
to $20.6 million at December 31, 2020. The change reflects net cash
provided by operating activities of $9.0 million offset by $8.9
million of investing activities consisting of acquisitions,
greenfield developments, and IT capital expenditures, as well as
the $2.7 million repayment of the Paycheck Protection Program loan
in March 2021.
Raised 2021 Guidance
Due to strong second quarter 2021 revenues, as well as increased
franchise openings and greenfield activity, management raised all
elements of its 2021 financial guidance.
- Revenue is now expected to be between $77.0 million and $79.0
million, up from the May 6, 2021 guidance of between $73.5 million
and $77.5 million. The updated mid-point reflects a 33% increase
compared to $58.7 million in 2020.
- Adjusted EBITDA - which includes the impact of a greater number
of greenfields that will be more heavily weighted in the second
half of the year - is expected to be between $12.5 million and
$13.5 million, up from prior guidance of between $11.0 million and
$12.5 million. The updated mid-point reflects a 43% increase
compared to $9.1 million in 2020.
- The expected number of franchised clinic openings has increased
to be between 90 and 110, up from 80 to 100. The updated mid-point
reflects a 57% increase compared to 70 in 2020.
- The expected number of company-owned or managed clinic
increases, through a combination of both greenfields and buybacks,
has increased to be between 25 and 35, up from 20 to 30 clinics.
The updated mid-point is 7.5 times greater than 4 opened in
2020.
Conference Call The Joint Corp. management will
host a conference call at 5 p.m. ET on Thursday, August 5, 2021, to
discuss the second quarter 2021 results. Shareholders and
interested participants may listen to a live broadcast of the
conference call by dialing 765-507-2604 or 844-464-3931 and
referencing code 5959205 approximately 15 minutes prior to the
start time. The accompanying slide presentation will be in the IR
section of the website under Presentations and in Events. A live
webcast of the conference call will also be available on the IR
section of the company’s website at https://ir.thejoint.com/events.
An audio replay will be available two hours after the conclusion of
the call through August 13, 2021. The replay can be accessed by
dialing 404-537-3406 or 855-859-2056. The passcode for the replay
is 5959205.
Non-GAAP Financial Information This release
includes a presentation of non-GAAP financial measures. System-wide
sales include sales at all clinics, whether operated by the company
or by franchisees. While franchised sales are not recorded as
revenues by the company, management believes the information is
important in understanding the company’s financial performance,
because these sales are the basis on which the company calculates
and records royalty fees and are indicative of the financial health
of the franchisee base. Comp sales include the sales from both
company-owned or managed clinics and franchised clinics that in
each case have been open at least 13 full months and exclude any
clinics that have closed.
EBITDA and Adjusted EBITDA are presented because they are
important measures used by management to assess financial
performance, as management believes they provide a more transparent
view of the company’s underlying operating performance and
operating trends. Reconciliation of net income/(loss) to EBITDA and
Adjusted EBITDA is presented in the table below. The company
defines Adjusted EBITDA as EBITDA before acquisition-related
expenses, bargain purchase gain, net (gain)/loss on disposition or
impairment, and stock-based compensation expenses. The company
defines EBITDA as net income before net interest, tax expense,
depreciation, and amortization expenses.
EBITDA and Adjusted EBITDA do not represent and should not be
considered alternatives to net income or cash flows from
operations, as determined by accounting principles generally
accepted in the United States, or GAAP. While EBITDA and Adjusted
EBITDA are used as measures of financial performance and the
ability to meet debt service requirements, they are not necessarily
comparable to other similarly titled captions of other companies
due to potential inconsistencies in the methods of calculation.
EBITDA and Adjusted EBITDA should be reviewed in conjunction with
the company’s financial statements filed with the SEC.
Forward-Looking StatementsThis press release
contains statements about future events and expectations that
constitute forward-looking statements. Forward-looking statements
are based on our beliefs, assumptions and expectations of industry
trends, our future financial and operating performance and our
growth plans, taking into account the information currently
available to us. These statements are not statements of historical
fact. Forward-looking statements involve risks and uncertainties
that may cause our actual results to differ materially from the
expectations of future results we express or imply in any
forward-looking statements, and you should not place undue reliance
on such statements. 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, 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. Words such as, "anticipates," "believes," "continues,"
"estimates," "expects," "goal," "objectives," "intends," "may,"
"opportunity," "plans," "potential," "near-term," "long-term,"
"projections," "assumptions," "projects," "guidance," "forecasts,"
"outlook," "target," "trends," "should," "could," "would," "will,"
and similar expressions are intended to identify such
forward-looking statements. We qualify any forward-looking
statements entirely by these cautionary factors. We assume no
obligation to update or revise any forward-looking statements for
any reason or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future. Comparisons of results for current and any prior periods
are not intended to express any future trends or indications of
future performance, unless expressed as such, and should only be
viewed as historical data.
About The Joint Corp. (NASDAQ: JYNT) The Joint
Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care
when it introduced its retail healthcare business model in 2010.
Today, the company is making quality care convenient and
affordable, while eliminating the need for insurance, for millions
of patients seeking pain relief and ongoing wellness. With more
than 600 locations nationwide and over eight million patient visits
annually, The Joint is a key leader in the chiropractic industry.
Named on Franchise Times “Top 200+ Franchises” and Entrepreneur’s
“Franchise 500®” lists, The Joint Chiropractic is an innovative
force, where healthcare meets retail. For more information, visit
www.thejoint.com. To learn about franchise opportunities, visit
www.thejointfranchise.com.
Business StructureThe Joint Corp. is a
franchisor of clinics and an operator of clinics in certain states.
In Arkansas, California, Colorado, District of Columbia, Florida,
Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New
Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode
Island, South Dakota, Tennessee, Washington, West Virginia and
Wyoming, The Joint Corp. and its franchisees provide management
services to affiliated professional chiropractic practices.
Media Contact: Margie Wojciechowski, The Joint
Corp., margie.wojciechowski@thejoint.comInvestor
Contact: Kirsten Chapman, LHA Investor Relations,
415-433-3777, thejoint@lhai.com
– Financial Tables Follow –
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESCONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
|
June 30,2021 |
|
December 31,2020 |
ASSETS |
(unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
18,521,042 |
|
|
|
$ |
20,554,258 |
|
|
Restricted cash |
313,303 |
|
|
|
265,371 |
|
|
Accounts receivable, net |
2,805,387 |
|
|
|
1,850,499 |
|
|
Deferred franchise and regional development costs, current
portion |
973,224 |
|
|
|
897,551 |
|
|
Prepaid expenses and other current assets |
1,590,448 |
|
|
|
1,566,025 |
|
|
Total current assets |
24,203,404 |
|
|
|
25,133,704 |
|
|
Property and equipment,
net |
12,418,496 |
|
|
|
8,747,369 |
|
|
Operating lease right-of-use
asset |
15,232,136 |
|
|
|
11,581,435 |
|
|
Deferred franchise and
regional development costs, net of current portion |
5,042,889 |
|
|
|
4,340,756 |
|
|
Intangible assets, net |
6,176,429 |
|
|
|
2,865,006 |
|
|
Goodwill |
5,128,302 |
|
|
|
4,625,604 |
|
|
Deferred tax assets |
9,388,264 |
|
|
|
8,007,633 |
|
|
Deposits and other assets |
474,782 |
|
|
|
431,336 |
|
|
Total assets |
$ |
78,064,702 |
|
|
|
$ |
65,732,843 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
2,160,642 |
|
|
|
$ |
1,561,648 |
|
|
Accrued expenses |
1,143,858 |
|
|
|
770,221 |
|
|
Co-op funds liability |
313,304 |
|
|
|
248,468 |
|
|
Payroll liabilities |
4,624,414 |
|
|
|
2,776,036 |
|
|
Debt under the Credit Agreement |
2,000,000 |
|
|
|
— |
|
|
Operating lease liability, current portion |
3,605,458 |
|
|
|
2,918,140 |
|
|
Finance lease liability, current portion |
79,752 |
|
|
|
70,507 |
|
|
Deferred franchise and regional developer fee revenue, current
portion |
3,162,710 |
|
|
|
3,000,369 |
|
|
Deferred revenue from company clinics ($2.9 million and $2.6
million attributable to VIEs) |
4,366,186 |
|
|
|
3,905,200 |
|
|
Debt under the Paycheck Protection Program |
— |
|
|
|
2,727,970 |
|
|
Other current liabilities |
551,035 |
|
|
|
707,085 |
|
|
Total current liabilities |
22,007,359 |
|
|
|
18,685,644 |
|
|
Operating lease liability, net
of current portion |
14,297,918 |
|
|
|
10,632,672 |
|
|
Finance lease liability, net
of current portion |
99,772 |
|
|
|
132,469 |
|
|
Debt under the Credit
Agreement |
— |
|
|
|
2,000,000 |
|
|
Deferred franchise and
regional developer fee revenue, net of current portion |
14,708,216 |
|
|
|
13,503,745 |
|
|
Other liabilities |
27,230 |
|
|
|
27,230 |
|
|
Total liabilities |
51,140,495 |
|
|
|
44,981,760 |
|
|
Commitments and
contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Series A preferred stock,
$0.001 par value; 50,000 shares authorized, 0 issued and
outstanding, as of June 30, 2021 and December 31,
2020 |
— |
|
|
|
— |
|
|
Common stock, $0.001 par
value; 20,000,000 shares authorized, 14,406,148 shares issued and
14,375,362 shares outstanding as of June 30, 2021 and
14,174,237 shares issued and 14,157,070 outstanding as of
December 31, 2020 |
14,405 |
|
|
|
14,174 |
|
|
Additional paid-in
capital |
43,142,391 |
|
|
|
41,350,001 |
|
|
Treasury stock 30,786 shares as of June 30, 2021 and 17,167
shares as of December 31, 2020, at cost |
(761,265 |
) |
|
|
(143,111 |
) |
|
Accumulated deficit |
(15,471,424 |
) |
|
|
(20,470,081 |
) |
|
Total The Joint Corp. stockholders' equity |
26,924,107 |
|
|
|
20,750,983 |
|
|
Non-controlling Interest |
100 |
|
|
|
100 |
|
|
Total equity |
26,924,207 |
|
|
|
20,751,083 |
|
|
Total liabilities and stockholders' equity |
$ |
78,064,702 |
|
|
|
$ |
65,732,843 |
|
|
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESCONDENSED CONSOLIDATED INCOME
STATEMENTS(unaudited)
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
|
|
|
Revenues from company-owned or managed clinics |
$ |
11,433,072 |
|
|
|
$ |
6,856,807 |
|
|
|
$ |
20,903,933 |
|
|
|
$ |
14,151,102 |
|
|
Royalty fees |
5,332,618 |
|
|
|
3,268,653 |
|
|
|
10,101,862 |
|
|
|
6,986,883 |
|
|
Franchise fees |
623,655 |
|
|
|
523,964 |
|
|
|
1,319,082 |
|
|
|
1,036,716 |
|
|
Advertising fund revenue |
1,518,908 |
|
|
|
930,795 |
|
|
|
2,893,650 |
|
|
|
1,988,413 |
|
|
Software fees |
786,037 |
|
|
|
631,198 |
|
|
|
1,546,574 |
|
|
|
1,276,922 |
|
|
Regional developer fees |
214,434 |
|
|
|
213,424 |
|
|
|
432,390 |
|
|
|
421,066 |
|
|
Other revenues |
310,074 |
|
|
|
164,952 |
|
|
|
569,271 |
|
|
|
373,177 |
|
|
Total revenues |
20,218,798 |
|
|
|
12,589,793 |
|
|
|
37,766,762 |
|
|
|
26,234,279 |
|
|
Cost of revenues: |
|
|
|
|
|
|
|
Franchise and regional development cost of revenues |
1,786,833 |
|
|
|
1,275,191 |
|
|
|
3,411,404 |
|
|
|
2,692,682 |
|
|
IT cost of revenues |
251,705 |
|
|
|
92,450 |
|
|
|
392,450 |
|
|
|
161,115 |
|
|
Total cost of revenues |
2,038,538 |
|
|
|
1,367,641 |
|
|
|
3,803,854 |
|
|
|
2,853,797 |
|
|
Selling and marketing
expenses |
3,132,715 |
|
|
|
1,783,666 |
|
|
|
5,622,043 |
|
|
|
3,838,954 |
|
|
Depreciation and
amortization |
1,443,018 |
|
|
|
693,400 |
|
|
|
2,612,884 |
|
|
|
1,347,649 |
|
|
General and administrative
expenses |
11,614,444 |
|
|
|
8,541,108 |
|
|
|
21,701,047 |
|
|
|
17,235,358 |
|
|
Total selling, general and administrative expenses |
16,190,177 |
|
|
|
11,018,174 |
|
|
|
29,935,974 |
|
|
|
22,421,961 |
|
|
Net (gain) loss on disposition
or impairment |
(44,260 |
) |
|
|
(54,606 |
) |
|
|
20,508 |
|
|
|
(53,413 |
) |
|
Income from operations |
2,034,343 |
|
|
|
258,584 |
|
|
|
4,006,426 |
|
|
|
1,011,934 |
|
|
Other expense, net |
(16,373 |
) |
|
|
(25,243 |
) |
|
|
(37,909 |
) |
|
|
(29,581 |
) |
|
Income before income tax (benefit) expense |
2,017,970 |
|
|
|
233,341 |
|
|
|
3,968,517 |
|
|
|
982,353 |
|
|
Income tax (benefit)
expense |
(665,992 |
) |
|
|
117,756 |
|
|
|
(1,030,140 |
) |
|
|
51,821 |
|
|
Net income |
$ |
2,683,962 |
|
|
|
$ |
115,585 |
|
|
|
$ |
4,998,657 |
|
|
|
$ |
930,532 |
|
|
Earnings per share: |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.19 |
|
|
|
$ |
0.01 |
|
|
|
$ |
0.35 |
|
|
|
$ |
0.07 |
|
|
Diluted earnings per
share |
$ |
0.18 |
|
|
|
$ |
0.01 |
|
|
|
$ |
0.34 |
|
|
|
$ |
0.06 |
|
|
Basic weighted average
shares |
14,290,697 |
|
|
|
13,980,984 |
|
|
|
14,234,929 |
|
|
|
13,935,829 |
|
|
Diluted weighted average
shares |
14,927,451 |
|
|
|
14,491,639 |
|
|
|
14,901,863 |
|
|
|
14,487,083 |
|
|
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(unaudited)
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
4,998,657 |
|
|
|
$ |
930,532 |
|
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and
amortization |
2,612,884 |
|
|
|
1,347,649 |
|
|
Net loss on disposition or
impairment (non-cash portion) |
109,519 |
|
|
|
1,193 |
|
|
Net franchise fees recognized
upon termination of franchise agreements |
(81,196 |
) |
|
|
(50,312 |
) |
|
Deferred income taxes |
(1,380,631 |
) |
|
|
(2,756 |
) |
|
Stock based compensation
expense |
530,058 |
|
|
|
466,473 |
|
|
Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
(954,888 |
) |
|
|
635,605 |
|
|
Prepaid expenses and other current assets |
(24,423 |
) |
|
|
(35,789 |
) |
|
Deferred franchise costs |
(881,891 |
) |
|
|
2,498 |
|
|
Deposits and other assets |
(53,096 |
) |
|
|
4,406 |
|
|
Accounts payable |
(162,524 |
) |
|
|
(141,327 |
) |
|
Accrued expenses |
130,609 |
|
|
|
406,986 |
|
|
Payroll liabilities |
1,848,378 |
|
|
|
(784,505 |
) |
|
Deferred revenue |
1,757,294 |
|
|
|
(317,053 |
) |
|
Other liabilities |
565,779 |
|
|
|
572,795 |
|
|
Net cash provided by operating
activities |
9,014,529 |
|
|
|
3,036,395 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Acquisition of AZ clinics |
(1,925,000 |
) |
|
|
— |
|
|
Acquisition of NC clinics |
(2,325,000 |
) |
|
|
— |
|
|
Purchase of property and equipment |
(3,238,959 |
) |
|
|
(1,986,367 |
) |
|
Reacquisition and termination of regional developer rights |
(1,388,700 |
) |
|
|
— |
|
|
Payments received on notes receivable |
— |
|
|
|
80,441 |
|
|
Net cash used in investing
activities |
(8,877,659 |
) |
|
|
(1,905,926 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Payments of finance lease obligation |
(38,593 |
) |
|
|
(23,509 |
) |
|
Purchases of treasury stock under employee stock plans |
(618,154 |
) |
|
|
(3,774 |
) |
|
Proceeds from exercise of stock options |
1,262,563 |
|
|
|
387,920 |
|
|
Proceeds from the Credit Agreement, net of related fees |
— |
|
|
|
1,947,352 |
|
|
Proceeds from the Paycheck Protection Program |
— |
|
|
|
2,727,970 |
|
|
Repayment of debt under the Paycheck Protection Program |
(2,727,970 |
) |
|
|
— |
|
|
Net cash (used in) provided by
financing activities |
(2,122,154 |
) |
|
|
5,035,959 |
|
|
|
|
|
|
(Decrease) increase in cash,
cash equivalents and restricted cash |
(1,985,284 |
) |
|
|
6,166,428 |
|
|
Cash, cash equivalents and
restricted cash, beginning of period |
20,819,629 |
|
|
|
8,641,877 |
|
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
18,834,345 |
|
|
|
$ |
14,808,305 |
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents and restricted cash: |
June 30,2021 |
|
June 30,2020 |
Cash and cash equivalents |
$ |
18,521,042 |
|
|
|
$ |
14,573,266 |
|
|
Restricted cash |
313,303 |
|
|
|
235,039 |
|
|
|
$ |
18,834,345 |
|
|
|
$ |
14,808,305 |
|
|
Non-GAAP Financial Measures
The table below reconciles net income to Adjusted EBITDA for the
three and six months ended June 30, 2021 and 2020.
(unaudited) |
Three Months Ended June 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Non-GAAP Financial
Data: |
|
|
|
|
|
|
|
Net income |
$ |
2,683,962 |
|
|
|
$ |
115,585 |
|
|
|
$ |
4,998,657 |
|
|
|
$ |
930,532 |
|
|
Net interest expense |
16,373 |
|
|
|
25,243 |
|
|
|
37,909 |
|
|
|
29,580 |
|
|
Depreciation and amortization expense |
1,443,018 |
|
|
|
693,400 |
|
|
|
2,612,884 |
|
|
|
1,347,649 |
|
|
Income tax (benefit) expense |
(665,992 |
) |
|
|
117,756 |
|
|
|
(1,030,140 |
) |
|
|
51,821 |
|
|
EBITDA |
3,477,361 |
|
|
|
951,984 |
|
|
|
6,619,310 |
|
|
|
2,359,582 |
|
|
Stock compensation expense |
283,564 |
|
|
|
216,080 |
|
|
|
530,058 |
|
|
|
466,473 |
|
|
Acquisition related expenses |
39,373 |
|
|
|
— |
|
|
|
45,346 |
|
|
|
— |
|
|
(Gain) loss on disposition or impairment |
(44,260 |
) |
|
|
(54,606 |
) |
|
|
20,508 |
|
|
|
(53,413 |
) |
|
Adjusted EBITDA |
$ |
3,756,038 |
|
|
|
$ |
1,113,458 |
|
|
|
$ |
7,215,222 |
|
|
|
$ |
2,772,642 |
|
|
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