The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and
franchisor of chiropractic clinics, reported its preliminary
financial results for the quarter and year ended December 31, 2021.
Financial Highlights: Preliminary Q4 2021 Compared to Q4
2020
- Increased system-wide sales1 by 32%, to $102.1 million.
- Reported system-wide comp sales2 increase of 22%.
- Grew revenue 32% to $22.4 million.
- Posted operating income of $663,000, compared to $2.8
million.
- Recorded net income of $224,000, compared to $10.6
million.
- Reported Adjusted EBITDA of $2.7 million, compared to $3.7
million.
Financial Highlights: Preliminary 2021 Compared to
2020
- Increased system-wide sales1 by 39%, to $361.1 million.
- Reported system-wide comp sales2 increase of 29%.
- Grew revenue 38% to $81.2 million.
- Posted operating income of $6.0 million, compared to $5.5
million.
- Recorded net income of $7.2 million, compared to $13.2
million.
- Reported Adjusted EBITDA of $13.3 million, compared to $9.1
million.
2021 Full Year Operating
Highlights
- Performed 10.9 million patient visits, up from 8.3 million in
2020 and 7.7 million in 2019.
- Treated 807,000 new patients, up from 584,000 in 2020 and
585,000 in 2019.
- Increased system-wide sales1 39%, up from 18% in 2020 and
33% in 2019.
- Delivered comp sales2 of 29%, up from 9% in 2020 and 25%
in 2019.
- Sold 156 franchise licenses, compared to 121 in 2020 and 126 in
2019.
- Grew total clinics to 706 at December 31, 2021, 610 franchised
and 96 company-owned or managed, up from 579 at December 31, 2020.
During 2021, the company acquired 12 franchised clinics and closed
3 clinics. It also opened 110 franchised and 20 corporate
greenfield clinics, for a total of 130 new clinics in 2021, as
compared to 73 new clinics opened in 2020 and 76 in 2019.
“During 2021, The Joint demonstrated remarkable resilience to
pandemic pressures, continued to accelerate momentum, and delivered
record openings, new patients, revenue, and Adjusted EBITDA,” said
Peter D. Holt, President and Chief Executive Officer of The Joint
Corp. “As the market continues to expand, we continue to fuel our
growth, as illustrated by our increasing number of patients,
franchisees, clinics, and franchise license sales. In 2022, we are
focusing efforts on three key enterprise growth initiatives:
forging the chiropractic dream, by offering the best career path
for chiropractic doctors; harnessing the power of our data, by
leveraging our new CRM platform; and accelerating the pace of
clinic growth, through a continuous improvement in our
comprehensive franchise sales and clinic opening strategy. We ended
2021 with 706 clinics and are well positioned to achieve our goal
of 1,000 clinics in operation by the end of 2023, creating the
foundation for continued future growth.”
____________________________________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.
Quarterly Financial Results: Preliminary Unaudited
Fourth Quarter 2021 Vs. Fourth Quarter 2020
Revenue was $22.4 million in the fourth quarter of 2021,
compared to $17.0 million in the fourth quarter of 2020. The
increase reflects a greater number of franchised and corporate
clinics and continued organic growth. Cost of revenue was $2.4
million, compared to $1.9 million in the fourth quarter of 2020,
reflecting the associated higher regional developer royalties and
commissions, the increase in franchised clinics, and the higher
website hosting costs related to the new IT platform, which went
live in July 2021.
Selling and marketing expenses were $2.9 million, up 38%, driven
by the larger number of franchised and company-owned or managed
clinics, the grand opening expenses for 9 greenfields, and the
timing of the national marketing fund spend as well as the new
brand campaign.
Depreciation and amortization expenses increased for the fourth
quarter of 2021, as compared to the prior year period, primarily
due to the amortization of development rights reacquired in
December 2020 and January 2021, the amortization of intangibles
related to the 2021 clinic acquisitions, and the depreciation
expenses associated with the new IT platform and greenfield
development.
General and administrative expenses were $14.6 million, compared
to $9.5 million in the fourth quarter of 2020. The increase was
primarily driven by an increase in company-owned or managed clinic
expenses, an increase in payroll to remain competitive in the tight
labor market, professional fees, and IT expenses to support
continued clinic count and revenue growth.
Operating income was $663,000, including the impact of the
accelerated greenfield development and depreciation and
amortization from reacquired development rights. This compares to
$2.8 million in the fourth quarter of 2020. Income tax expense was
$424,000, compared to a benefit of $7.9 million in the fourth
quarter of 2020, which included the reversal of the tax valuation
allowance of $8.9 million. Net income was $224,000, or $0.01 per
diluted share, compared to $10.6 million, or $0.72 per diluted
share, in the fourth quarter of 2020.
Adjusted EBITDA was $2.7 million, compared to $3.7 million in
the fourth 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.
Full Year Financial Results: Preliminary 2021 Vs.
2020
Revenue was $81.2 million for 2021, compared to $58.7 million in
2020. Operating income and net income were $6.0 million and $7.2
million, compared to $5.5 million and $13.2 million in 2020,
respectively. Adjusted EBITDA was $13.3 million, compared to $9.1
million in 2020.
These fourth quarter and full year 2021 results are preliminary,
unaudited, and subject to adjustments. As a result of the
foregoing, certain information provided herein is subject to
change.
Balance Sheet Liquidity
Unrestricted cash was $19.5 million at December 31, 2021,
compared to $20.6 million at December 31, 2020. The change reflects
net cash provided by operating activities of $15.2 million offset
by $14.1 million of investing activities consisting of
acquisitions, greenfield developments, and IT capital expenditures,
as well as the $2.0 million of net cash used in financing
activities primarily driven by the repayment of the Paycheck
Protection Program loan in March 2021.
2022 Guidance
Management provided 2022 guidance for revenue, Adjusted EBITDA,
and clinic openings.
- Revenue is expected to be between $102.0 million and $106.0
million; the mid-point reflects a 28% increase compared to $81.2
million in 2021.
- Adjusted EBITDA is expected to be between $15.0 million and
$17.0 million; the mid-point reflects a 20% increase compared to
$13.3 million in 2021.
- Franchised clinic openings are expected to be between 130 and
140, compared to 110 in 2020
- Company-owned or managed clinic increases, through a
combination of both greenfields and buybacks, are expected to be
between 30 and 40; up from 32 added in 2021.
Conference Call The Joint Corp. management will
host a conference call at 5 p.m. ET on Thursday, February 24, 2022,
to discuss the fourth quarter and year-end 2021 financial result.
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 3285473 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 March 3, 2022. The replay can be accessed by dialing
404-537-3406 or 855-859-2056. The passcode for the replay is
3285473.
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 a 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, our
inability to identify and recruit enough qualified chiropractors
and other personnel to staff our clinics, due in part to the
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, our
failure to remediate the current or future material weaknesses in
our internal control over financial reporting, which could
negatively impact our ability to accurately report our financial
results, prevent fraud, or maintain investor confidence, and other
factors described in our filings with the SEC, including in the
section entitled “Risk Factors” in our Annual Report on Form 10-K
for the year ended December 31, 2021 to be filed with the SEC and
subsequently-filed current and quarterly reports. 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.
Management will be disclosing in our Form 10-K that our
management concluded that our internal controls over financial
reporting were not effective as of December 31, 2021, and we expect
our auditors to express an adverse opinion on the Company’s
internal control over financial reporting as of December 31, 2021,
due to a material weakness. The details of this material weakness
will be provided in our upcoming 10-K filing. We have undertaken
remediation measures to address the material weakness, which we
expect will be completed prior to the end of fiscal year 2022.
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
AFFILIATESPRELIMINARY CONSOLIDATED BALANCE
SHEETS (unaudited) |
|
|
|
|
|
December 31,2021 |
|
December 31,2020 |
ASSETS |
|
|
(as revised) |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
19,526,119 |
|
|
$ |
20,554,258 |
|
Restricted cash |
|
386,219 |
|
|
|
265,371 |
|
Accounts receivable, net |
|
3,391,120 |
|
|
|
1,850,499 |
|
Deferred franchise and regional development costs, current
portion |
|
994,587 |
|
|
|
897,551 |
|
Prepaid expenses and other current assets |
|
2,283,285 |
|
|
|
1,566,025 |
|
Total current assets |
|
26,581,330 |
|
|
|
25,133,704 |
|
Property and equipment,
net |
|
14,388,946 |
|
|
|
8,747,369 |
|
Operating lease right-of-use
asset |
|
17,247,928 |
|
|
|
11,581,435 |
|
Deferred franchise and
regional development costs, net of current portion |
|
5,505,420 |
|
|
|
4,340,756 |
|
Intangible assets, net |
|
5,403,390 |
|
|
|
2,865,006 |
|
Goodwill |
|
5,085,203 |
|
|
|
4,625,604 |
|
Deferred tax assets |
|
9,261,191 |
|
|
|
8,088,073 |
|
Deposits and other assets |
|
567,202 |
|
|
|
431,336 |
|
Total assets |
$ |
84,040,610 |
|
|
$ |
65,813,283 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,705,568 |
|
|
$ |
1,561,648 |
|
Accrued expenses |
|
1,444,837 |
|
|
|
770,221 |
|
Co-op funds liability |
|
386,219 |
|
|
|
248,468 |
|
Payroll liabilities |
|
3,906,317 |
|
|
|
2,776,036 |
|
Debt under the Credit Agreement |
|
2,000,000 |
|
|
|
— |
|
Operating lease liability, current portion |
|
4,218,635 |
|
|
|
2,918,140 |
|
Finance lease liability, current portion |
|
49,855 |
|
|
|
70,507 |
|
Deferred franchise and regional development fee revenue, current
portion |
|
3,191,892 |
|
|
|
3,000,369 |
|
Deferred revenue from company clinics ($3.5 million and $2.8
million attributable to VIEs as of December 31, 2021 and
2020) |
|
5,367,250 |
|
|
|
4,201,548 |
|
Debt under the Paycheck Protection Program |
|
— |
|
|
|
2,727,970 |
|
Other current liabilities |
|
539,499 |
|
|
|
707,085 |
|
Total current liabilities |
|
22,810,072 |
|
|
|
18,981,992 |
|
Operating lease liability, net
of current portion |
|
16,094,361 |
|
|
|
10,632,672 |
|
Finance lease liability, net
of current portion |
|
87,939 |
|
|
|
132,469 |
|
Debt under the Credit
Agreement |
|
— |
|
|
|
2,000,000 |
|
Deferred franchise and
regional development fee revenue, net of current portion |
|
15,458,921 |
|
|
|
13,503,745 |
|
Other liabilities |
|
27,231 |
|
|
|
27,230 |
|
Total liabilities |
|
54,478,524 |
|
|
|
45,278,108 |
|
Stockholders' equity: |
|
|
|
Series A preferred stock,
$0.001 par value; 50,000 shares authorized, 0 issued and
outstanding, as of December 31, 2021 and 2020 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par
value; 20,000,000 shares authorized, 14,451,355 shares issued and
14,419,712 shares outstanding as of December 31, 2021 and
14,174,237 shares issued and 14,157,070 outstanding as of December
31, 2020 |
|
14,450 |
|
|
|
14,174 |
|
Additional paid-in
capital |
|
43,925,057 |
|
|
|
41,350,001 |
|
Treasury stock 31,643 shares
as of December 31, 2021 and 17,167 shares as of December 31, 2020,
at cost |
|
(850,838 |
) |
|
|
(143,111 |
) |
Accumulated deficit |
|
(13,551,583 |
) |
|
|
(20,685,989 |
) |
Total The Joint Corp. stockholders' equity |
|
29,537,086 |
|
|
|
20,535,075 |
|
Non-controlling Interest |
|
25,000 |
|
|
|
100 |
|
Total equity |
|
29,562,086 |
|
|
|
20,535,175 |
|
Total liabilities and stockholders' equity |
$ |
84,040,610 |
|
|
$ |
65,813,283 |
|
|
|
|
|
|
|
|
|
|
THE JOINT
CORP. AND SUBSIDIARY AND AFFILIATESPRELIMINARY
CONSOLIDATED INCOME STATEMENTS (unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
|
|
|
Revenues from company-owned or managed clinics |
$ |
12,214,405 |
|
|
$ |
9,216,342 |
|
|
$ |
44,741,722 |
|
|
$ |
31,771,288 |
|
Royalty fees |
|
6,246,489 |
|
|
|
4,728,476 |
|
|
|
22,062,989 |
|
|
|
15,886,051 |
|
Franchise fees |
|
691,418 |
|
|
|
544,954 |
|
|
|
2,659,098 |
|
|
|
2,100,800 |
|
Advertising fund revenue |
|
1,777,582 |
|
|
|
1,330,333 |
|
|
|
6,298,923 |
|
|
|
4,506,413 |
|
Software fees |
|
899,345 |
|
|
|
729,552 |
|
|
|
3,286,888 |
|
|
|
2,694,520 |
|
Regional developer fees |
|
206,598 |
|
|
|
232,830 |
|
|
|
848,640 |
|
|
|
876,804 |
|
Other revenues |
|
397,761 |
|
|
|
255,657 |
|
|
|
1,293,721 |
|
|
|
847,100 |
|
Total revenues |
|
22,433,598 |
|
|
|
17,038,144 |
|
|
|
81,191,981 |
|
|
|
58,682,976 |
|
Cost of
revenues: |
|
|
|
|
|
|
|
Franchise and regional developer cost of revenues |
|
2,088,847 |
|
|
|
1,808,814 |
|
|
|
7,408,125 |
|
|
|
6,090,203 |
|
IT cost of revenues |
|
320,954 |
|
|
|
132,612 |
|
|
|
1,105,652 |
|
|
|
417,265 |
|
Total cost of revenues |
|
2,409,801 |
|
|
|
1,941,426 |
|
|
|
8,513,777 |
|
|
|
6,507,468 |
|
Selling and
marketing expenses |
|
2,920,798 |
|
|
|
2,119,864 |
|
|
|
11,424,416 |
|
|
|
7,804,420 |
|
Depreciation
and amortization |
|
1,813,807 |
|
|
|
672,525 |
|
|
|
6,088,947 |
|
|
|
2,734,462 |
|
General and
administrative expenses |
|
14,611,112 |
|
|
|
9,527,397 |
|
|
|
49,124,490 |
|
|
|
36,195,817 |
|
Total selling, general and administrative expenses |
|
19,345,717 |
|
|
|
12,319,786 |
|
|
|
66,637,853 |
|
|
|
46,734,699 |
|
Net loss
(gain) on disposition or impairment |
|
14,868 |
|
|
|
2,092 |
|
|
|
31,835 |
|
|
|
(51,321 |
) |
Income from
operations |
|
663,212 |
|
|
|
2,774,840 |
|
|
|
6,008,516 |
|
|
|
5,492,130 |
|
Other
expense, net |
|
(15,829 |
) |
|
|
(24,230 |
) |
|
|
(69,878 |
) |
|
|
(79,478 |
) |
Income
before income tax expense (benefit) |
|
647,383 |
|
|
|
2,750,610 |
|
|
|
5,938,638 |
|
|
|
5,412,652 |
|
Income tax
expense (benefit) |
|
423,827 |
|
|
|
(7,882,213 |
) |
|
|
(1,220,669 |
) |
|
|
(7,754,662 |
) |
Net
income |
$ |
223,556 |
|
|
$ |
10,632,823 |
|
|
$ |
7,159,307 |
|
|
$ |
13,167,314 |
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.02 |
|
|
$ |
0.75 |
|
|
$ |
0.50 |
|
|
$ |
0.94 |
|
Diluted
earnings per share |
$ |
0.01 |
|
|
$ |
0.72 |
|
|
$ |
0.48 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
Basic
weighted average shares |
|
14,416,273 |
|
|
|
14,108,164 |
|
|
|
14,319,448 |
|
|
|
14,003,708 |
|
Diluted
weighted average shares |
|
14,946,865 |
|
|
|
14,716,658 |
|
|
|
14,935,577 |
|
|
|
14,582,877 |
|
|
|
|
|
|
|
|
|
|
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESPRELIMINARY CONSOLIDATED STATEMENTS OF
CASH FLOWS(unaudited) |
|
|
|
Year Ended December 31, |
|
2021 |
|
2020 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
7,159,307 |
|
|
$ |
13,167,314 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and
amortization |
|
6,088,947 |
|
|
|
2,734,462 |
|
Net loss on disposition or
impairment (non-cash portion) |
|
125,237 |
|
|
|
1,193 |
|
Net franchise fees recognized
upon termination of franchise agreements |
|
(133,007 |
) |
|
|
(57,080 |
) |
Deferred income taxes |
|
(1,173,118 |
) |
|
|
(8,097,494 |
) |
Stock based compensation
expense |
|
1,056,015 |
|
|
|
885,975 |
|
Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
|
(1,540,621 |
) |
|
|
794,586 |
|
Prepaid expenses and other current assets |
|
(717,260 |
) |
|
|
(443,547 |
) |
Deferred franchise costs |
|
(1,418,235 |
) |
|
|
(899,056 |
) |
Deposits and other assets |
|
(148,516 |
) |
|
|
(43,380 |
) |
Accounts payable |
|
(14,373 |
) |
|
|
(90,429 |
) |
Accrued expenses |
|
522,115 |
|
|
|
389,973 |
|
Payroll liabilities |
|
1,130,281 |
|
|
|
(68,071 |
) |
Deferred revenue |
|
3,231,456 |
|
|
|
2,206,063 |
|
Other liabilities |
|
1,064,552 |
|
|
|
702,733 |
|
Net cash provided by operating
activities |
|
15,232,780 |
|
|
|
11,183,242 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Acquisition of AZ clinics |
|
(1,925,000 |
) |
|
|
(534,000 |
) |
Acquisition of NC clinics |
|
(3,840,135 |
) |
|
|
— |
|
Purchase of property and equipment |
|
(6,989,534 |
) |
|
|
(3,156,233 |
) |
Reacquisition and termination of regional developer rights |
|
(1,388,700 |
) |
|
|
(1,039,500 |
) |
Payments received on notes receivable |
|
— |
|
|
|
128,724 |
|
Net cash used in investing
activities |
|
(14,143,369 |
) |
|
|
(4,601,009 |
) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Payments of finance lease obligation |
|
(80,322 |
) |
|
|
(57,097 |
) |
Purchases of treasury stock under employee stock plans |
|
(707,727 |
) |
|
|
(32,070 |
) |
Proceeds from exercise of stock options |
|
1,519,317 |
|
|
|
1,009,364 |
|
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 |
|
(1,996,702 |
) |
|
|
5,595,519 |
|
|
|
|
|
(Decrease) increase in
cash |
|
(907,291 |
) |
|
|
12,177,752 |
|
Cash and restricted cash,
beginning of period |
|
20,819,629 |
|
|
|
8,641,877 |
|
Cash and restricted cash, end
of period |
$ |
19,912,338 |
|
|
$ |
20,819,629 |
|
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
Reconciliation of cash, cash
equivalents and restricted cash: |
|
|
|
Cash and cash equivalents |
$ |
19,526,119 |
|
|
$ |
20,554,258 |
|
Restricted cash |
|
386,219 |
|
|
|
265,371 |
|
|
$ |
19,912,338 |
|
|
$ |
20,819,629 |
|
|
|
|
|
|
|
|
|
|
THE JOINT
CORP. AND SUBSIDIARY AND AFFILIATES PRELIMINARY
RECONCILIATION FOR GAAP TO NON-GAAP(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
Non-GAAP Financial Data: |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income |
$ |
223,556 |
|
|
$ |
10,632,823 |
|
|
$ |
7,159,307 |
|
|
$ |
13,167,314 |
|
Net
interest |
|
15,829 |
|
|
|
24,230 |
|
|
|
69,878 |
|
|
|
79,478 |
|
Depreciation
and amortization expense |
|
1,813,807 |
|
|
|
672,525 |
|
|
|
6,088,947 |
|
|
|
2,734,462 |
|
Income tax
expense (benefit) |
|
423,827 |
|
|
|
(7,882,213 |
) |
|
|
(1,220,669 |
) |
|
|
(7,754,662 |
) |
EBITDA |
$ |
2,477,019 |
|
|
$ |
3,447,365 |
|
|
$ |
12,097,463 |
|
|
$ |
8,226,592 |
|
Stock
compensation expense |
|
229,107 |
|
|
|
207,269 |
|
|
|
1,056,015 |
|
|
|
885,975 |
|
Acquisition
related expenses |
|
20,370 |
|
|
|
41,716 |
|
|
|
68,716 |
|
|
|
41,716 |
|
Net loss
(gain) on disposition or impairment |
|
14,868 |
|
|
|
2,092 |
|
|
|
31,835 |
|
|
|
(51,321 |
) |
Adjusted
EBITDA |
$ |
2,741,364 |
|
|
$ |
3,698,442 |
|
|
$ |
13,254,029 |
|
|
$ |
9,102,962 |
|
|
|
|
|
|
|
|
|
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