The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and
franchisor of chiropractic clinics, reported its financial results
for the quarter ended September 30, 2023.
Financial Highlights: Q3 2023 Compared to Q3
2022
- Grew revenue by 11% to $29.5 million.
- Reported operating loss of $898,000, compared to operating
income of $732,000.
- Reported net loss of $716,000, including a loss on disposition
or impairment related to corporate clinics announced to be held for
sale in September 2023, compared to net income of $731,000.
- Increased system-wide sales by 8%, to $119.3 million.
- System-wide comp sales for clinics that have been open for at
least 13 full months were flat.
- Reported Adjusted EBITDA of $2.9 million, compared to $3.1
million.
Q3 2023 Operating Highlights
- Sold 12 franchise licenses, compared to 12 in Q3 2022.
- Grew total clinic count to 914, 778 franchised and 136
company-owned or managed, up from 890 clinics at June 30, 2023.
- Opened 24 franchised clinics and two company-owned or managed
greenfield clinics, for a total of 26 new clinics, as compared to
38 new clinics in Q3 2022.
- Closed two franchised clinics in both Q3 2023 and Q3 2022.
“The strength of our franchise concept to revolutionize access
to chiropractic care remains strong, although ongoing economic
uncertainty and continued cost pressures have impacted our
corporate clinic portfolio performance. We are implementing a
strategic plan to leverage our greatest strength – our capacity to
build a franchise – to drive long-term growth for both our
franchisees and The Joint as a public company,” said Peter D. Holt,
President and Chief Executive Officer of The Joint Corp. “After
evaluating options for improvement, the board has authorized
management to initiate a plan to refranchise or sell the majority
of our company-owned or managed clinics and to retain a portion of
the high-performing corporate clinics. With a focus on
profitability, we are taking clear action to strengthen the health
of our franchise network and increase our ability to reinvest in
the business to create value for our stakeholders.”
Financial Results for Third Quarter Ended September 30:
2023 Compared to 2022 Revenue was $29.5 million in the
third quarter of 2023, compared to $26.5 million in the third
quarter of 2022. The increase reflects a greater number of
franchised and company-owned or managed clinics. Cost of revenue
was $2.6 million, compared to $2.3 million in the third quarter of
2022, reflecting the associated higher regional developer royalties
and commissions.
Selling and marketing expenses were $4.3 million, up 22%, driven
by the increase in advertising expenses from the larger number of
clinics, an increase in local marketing expenditures by the
company-owned or managed clinics, and the timing of the national
marketing fund spend. Depreciation and amortization expenses
increased 32% for the third quarter of 2023, as compared to the
prior year period, primarily due to the increase of the development
of greenfield clinics and the acquisition of franchised
clinics.
General and administrative expenses were $20.2 million, compared
to $17.8 million in the third quarter of 2022, reflecting increases
in costs to support clinic growth and in payroll to remain
competitive in the tight labor market.
Loss on disposition or impairment, including those corporate
clinics that were announced to be held for sale in September 2023,
was $905,000, compared to $264,000 in the third quarter of
2022.
Operating loss was $898,000, compared to operating income of
$732,000 in the third quarter of 2022. Income tax benefit was
$188,000, compared to the benefit of $24,000 in the third quarter
of 2022. Net loss was $716,000, or $0.05 per share, compared to
income of $731,000 or $0.05 per share in the third quarter of
2022.
Adjusted EBITDA was $2.9 million, compared to $3.1 million in
the third quarter of 2022.
Financial Results for the Nine Months Ended September
30: 2023 Compared to 2022Revenue was $87.1 million in the
first nine months of 2023, compared to $73.6 million in the first
nine months of 2022. Net income, including net employee retention
credits of $3.8 million and loss on disposition of impairment of
$1.1 million, was $1.3 million, or $0.09 per share, compared to a
net loss of $137,000, or loss of $0.01 per share, in the first nine
months of 2022. Adjusted EBITDA was $8.2 million, compared to $7.5
million in the first nine months of 2022.
Balance Sheet LiquidityUnrestricted cash was
$16.1 million at September 30, 2023, compared to $9.7 million at
December 31, 2022. During the first nine months of 2023, cash
provided by operating activities was $11.3 million, including the
receipt of the employee retention credits mentioned above,
partially offset by investing activities of $4.9 million, which
included $1.1 million of clinic acquisitions and $3.8 million of
development of greenfield clinics, improvements of existing clinics
and corporate assets.
2023 Guidance For 2023, management reiterated
financial and clinic opening guidance.
- Revenue is expected to be between $115.0 million and $118.0
million, compared to $101.9 million in 2022.
- Adjusted EBITDA is expected to be between $11.0 million and
$12.5 million, compared to $11.5 million in 2022.
- Franchised clinic openings are expected to be between 100 and
120, compared to 121 in 2022.
- Company-owned or managed greenfield clinic openings are
expected to be between 8 and 12, compared to 16 in 2022.
Conference Call The Joint Corp. management will
host a conference call at 5:00 p.m. ET on Thursday, November 9,
2023 to discuss the third quarter 2023 financial results.
Stockholders and interested participants may listen to a live
broadcast of the conference call by dialing (833) 630-0823 or (412)
317-1831 and ask to be joined into the ‘The Joint’ call
approximately 15 minutes prior to the start time.
The live webcast of the call with accompanying slide
presentation can be accessed in the IR events section
https://ir.thejoint.com/events and will be available for
approximately one year. An audio archive can be accessed for one
week by dialing (877) 344-7529 or (412) 317-0088 and entering
conference ID 7032664.
Commonly Discussed Performance MetricsThis
release includes a presentation of commonly discussed performance
metrics. System-wide sales include revenues 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. System-wide comp
sales include the revenues 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.
Non-GAAP Financial Information This release
also includes a presentation of non-GAAP financial measures. 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 historical net income/(loss) to EBITDA and
Adjusted EBITDA is presented in the table below. The Company
defines EBITDA as net income/(loss) before net interest, tax
expense, depreciation, and amortization expenses. The company
defines Adjusted EBITDA as EBITDA before acquisition-related
expenses, net (gain)/loss on disposition or impairment, stock-based
compensation expenses, and other income related to employee
retention credits.
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.
Information reconciling forward-looking Adjusted EBITDA to net
income/(loss) is unavailable to the company without unreasonable
effort. The company is not able to provide a quantitative
reconciliation of adjusted EBITDA to net income/(loss) because
certain items required for such reconciliation are uncertain,
outside of the company's control, and/or cannot be reasonably
predicted, including but not limited to [the provision for (benefit
from) income taxes. Preparation of such reconciliation would
require a forward-looking statement of income and statement of cash
flows prepared in accordance with GAAP, and such forward-looking
financial statements are unavailable to the company without
unreasonable effort.
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. 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. Specific forward looking statements
made in this press release include, among others, our belief that
the strength of our franchise concept to revolutionize access to
chiropractic care remains strong; our strategic plan to leverage
our biggest strength – our profound understanding of franchising –
to drive long-term growth for both our franchisees and The Joint as
a public company; our plan to refranchise or sell the majority of
our company-owned or managed clinics and to retain a portion of the
high-performing corporate clinics; our belief that with a focus on
profitability, we are taking clear action to strengthen the health
of our network, improve the performance of our public company, and
increase our ability to reinvest in the business and create value
for our stockholders; and our guidance for fiscal 2023 for revenue,
adjusted EBITDA, franchised clinic openings, and company-owned or
managed greenfield clinic openings. 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,
our inability to identify and recruit enough qualified
chiropractors and other personnel to staff our clinics, due in part
to the nationwide labor shortage and an increase in operating
expenses due to measures we may need to take to address such
shortage; inflation, exacerbated by COVID-19 and the current war in
Ukraine, which has increased our costs and which could otherwise
negatively impact our business; the potential for further
disruption to our operations and the unpredictable impact on our
business of the COVID-19 outbreak and outbreaks of other contagious
diseases; our failure to profitably operate company-owned or
managed clinics; 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 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/A for the year ended
December 31, 2022 filed with the SEC on September 26, 2023 and
subsequently-filed current and quarterly reports. 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, it is the nation's largest operator, manager and franchisor
of chiropractic clinics through The Joint Chiropractic network. 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 850
locations nationwide and over 12 million patient visits
annually, The Joint Chiropractic is a key leader in the
chiropractic industry. Ranked number one on Forbes’ 2022 America's
Best Small Companies list, number three on Fortune’s 100
Fastest-Growing Companies list in 2022 and consistently named
to Franchise Times “Top 400+ 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) |
|
|
|
|
|
September 30,2023 |
|
December 31,2022 |
ASSETS |
(unaudited) |
|
(as restated) |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
16,050,137 |
|
$ |
9,745,066 |
Restricted cash |
|
1,092,216 |
|
|
805,351 |
Accounts receivable, net |
|
3,653,127 |
|
|
3,911,272 |
Deferred franchise and regional development costs, current
portion |
|
1,054,534 |
|
|
1,054,060 |
Prepaid expenses and other current assets |
|
2,602,563 |
|
|
2,098,359 |
Assets held for sale |
|
3,972,113 |
|
|
— |
Total current assets |
|
28,424,690 |
|
|
17,614,108 |
Property and equipment,
net |
|
15,355,755 |
|
|
17,475,152 |
Operating lease right-of-use
asset |
|
19,803,896 |
|
|
20,587,199 |
Deferred franchise and
regional development costs, net of current portion |
|
5,409,924 |
|
|
5,707,678 |
Intangible assets, net |
|
8,623,115 |
|
|
10,928,295 |
Goodwill |
|
8,448,893 |
|
|
8,493,407 |
Deferred tax assets ($1.0
million and $1.0 million attributable to VIE) |
|
11,741,090 |
|
|
11,928,152 |
Deposits and other assets |
|
765,263 |
|
|
756,386 |
Total assets |
$ |
98,572,626 |
|
$ |
93,490,377 |
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESCONDENSED CONSOLIDATED BALANCE SHEETS
CONT’D(unaudited) |
|
|
September 30,2023 |
|
December 31,2022 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
(unaudited) |
|
(as restated) |
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,877,162 |
|
|
$ |
2,966,589 |
|
Accrued expenses |
|
2,488,324 |
|
|
|
1,069,610 |
|
Co-op funds liability |
|
1,092,216 |
|
|
|
805,351 |
|
Payroll liabilities ($1.0 million and $0.6 million attributable to
VIE) |
|
3,875,453 |
|
|
|
2,030,510 |
|
Operating lease liability, current portion |
|
5,392,944 |
|
|
|
5,295,830 |
|
Finance lease liability, current portion |
|
25,223 |
|
|
|
24,433 |
|
Deferred franchise revenue, current portion |
|
2,512,350 |
|
|
|
2,468,601 |
|
Deferred revenue from company clinics ($4.6 million and $4.7
million attributable to VIE) |
|
6,538,713 |
|
|
|
7,471,549 |
|
Upfront regional developer fees, current portion |
|
383,972 |
|
|
|
487,250 |
|
Other current liabilities |
|
516,249 |
|
|
|
597,294 |
|
Liabilities to be disposed of |
|
2,971,933 |
|
|
|
— |
|
Total current liabilities |
|
27,674,539 |
|
|
|
23,217,017 |
|
Operating lease liability, net
of current portion |
|
17,200,146 |
|
|
|
18,672,719 |
|
Finance lease liability, net
of current portion |
|
44,490 |
|
|
|
63,507 |
|
Debt under the Credit
Agreement |
|
2,000,000 |
|
|
|
2,000,000 |
|
Deferred franchise revenue,
net of current portion |
|
13,980,758 |
|
|
|
14,161,134 |
|
Upfront regional developer
fees, net of current portion |
|
1,099,718 |
|
|
|
1,500,278 |
|
Other liabilities ($1.3
million and $1.3 million attributable to VIE) |
|
1,287,880 |
|
|
|
1,287,879 |
|
Total liabilities |
|
63,287,531 |
|
|
|
60,902,534 |
|
Commitments and contingencies
(Note 10) |
|
|
|
Stockholders' equity: |
|
|
|
Series A preferred stock,
$0.001 par value; 50,000 shares authorized, 0 issued and
outstanding, as of September 30, 2023 and December 31,
2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par
value; 20,000,000 shares authorized, 14,786,411 shares issued and
14,754,287 shares outstanding as of September 30, 2023 and
14,560,353 shares issued and 14,528,487 outstanding as of
December 31, 2022 |
|
14,786 |
|
|
|
14,560 |
|
Additional paid-in
capital |
|
46,969,761 |
|
|
|
45,558,305 |
|
Treasury stock 32,124 shares as of September 30, 2023 and
31,866 shares as of December 31, 2022, at cost |
|
(860,474 |
) |
|
|
(856,642 |
) |
Accumulated deficit |
|
(10,863,978 |
) |
|
|
(12,153,380 |
) |
Total The Joint Corp. stockholders' equity |
|
35,260,095 |
|
|
|
32,562,843 |
|
Non-controlling interest |
|
25,000 |
|
|
|
25,000 |
|
Total equity |
|
35,285,095 |
|
|
|
32,587,843 |
|
Total liabilities and stockholders' equity |
$ |
98,572,626 |
|
|
$ |
93,490,377 |
|
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESCONDENSED CONSOLIDATED INCOME
STATEMENTS(unaudited) |
|
|
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(as restated) |
|
|
|
(as restated) |
Revenues: |
|
|
|
|
|
|
|
Revenues from company-owned or managed clinics |
$ |
17,882,303 |
|
|
$ |
15,836,327 |
|
|
$ |
52,813,098 |
|
|
$ |
42,936,298 |
|
Royalty fees |
|
7,143,791 |
|
|
|
6,604,653 |
|
|
|
21,181,973 |
|
|
|
19,024,799 |
|
Franchise fees |
|
754,029 |
|
|
|
642,405 |
|
|
|
2,179,822 |
|
|
|
1,970,256 |
|
Advertising fund revenue |
|
2,050,106 |
|
|
|
1,881,367 |
|
|
|
6,043,563 |
|
|
|
5,417,840 |
|
Software fees |
|
1,301,577 |
|
|
|
1,109,753 |
|
|
|
3,746,394 |
|
|
|
3,166,732 |
|
Other revenues |
|
342,143 |
|
|
|
375,314 |
|
|
|
1,117,103 |
|
|
|
1,058,008 |
|
Total revenues |
|
29,473,949 |
|
|
|
26,449,819 |
|
|
|
87,081,953 |
|
|
|
73,573,933 |
|
Cost of revenues: |
|
|
|
|
|
|
|
Franchise and regional development cost of revenues |
|
2,228,689 |
|
|
|
1,988,764 |
|
|
|
6,605,964 |
|
|
|
5,694,723 |
|
IT cost of revenues |
|
375,411 |
|
|
|
348,331 |
|
|
|
1,068,332 |
|
|
|
1,010,446 |
|
Total cost of revenues |
|
2,604,100 |
|
|
|
2,337,095 |
|
|
|
7,674,296 |
|
|
|
6,705,169 |
|
Selling and marketing
expenses |
|
4,301,017 |
|
|
|
3,539,287 |
|
|
|
13,169,079 |
|
|
|
10,666,500 |
|
Depreciation and
amortization |
|
2,349,206 |
|
|
|
1,779,924 |
|
|
|
6,893,529 |
|
|
|
4,578,450 |
|
General and administrative
expenses |
|
20,212,750 |
|
|
|
17,796,806 |
|
|
|
60,156,022 |
|
|
|
51,900,533 |
|
Total selling, general and administrative expenses |
|
26,862,973 |
|
|
|
23,116,017 |
|
|
|
80,218,630 |
|
|
|
67,145,483 |
|
Net loss on disposition or
impairment |
|
904,923 |
|
|
|
264,391 |
|
|
|
1,114,738 |
|
|
|
360,140 |
|
Income (loss) from
operations |
|
(898,047 |
) |
|
|
732,316 |
|
|
|
(1,925,711 |
) |
|
|
(636,859 |
) |
Other income (expense),
net |
|
(6,244 |
) |
|
|
(25,235 |
) |
|
|
3,708,399 |
|
|
|
(60,668 |
) |
Income (loss) before income
tax (benefit) expense |
|
(904,291 |
) |
|
|
707,081 |
|
|
|
1,782,688 |
|
|
|
(697,527 |
) |
Income tax (benefit)
expense |
|
(188,018 |
) |
|
|
(24,015 |
) |
|
|
493,286 |
|
|
|
(560,976 |
) |
Net (loss) income |
$ |
(716,273 |
) |
|
$ |
731,096 |
|
|
$ |
1,289,402 |
|
|
$ |
(136,551 |
) |
Earnings per share: |
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
$ |
(0.05 |
) |
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
$ |
(0.01 |
) |
Diluted earnings (loss) per
share |
$ |
(0.05 |
) |
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
$ |
(0.01 |
) |
Basic weighted average
shares |
|
14,790,663 |
|
|
|
14,512,856 |
|
|
|
14,666,222 |
|
|
|
14,474,323 |
|
Diluted weighted average
shares |
|
15,015,953 |
|
|
|
14,829,629 |
|
|
|
14,931,474 |
|
|
|
15,119,264 |
|
THE JOINT CORP. AND SUBSIDIARY AND
AFFILIATESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(unaudited) |
|
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(as restated) |
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ |
1,289,402 |
|
|
$ |
(136,551 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
Depreciation and
amortization |
|
6,893,529 |
|
|
|
4,578,450 |
|
Net loss on disposition or
impairment |
|
1,114,738 |
|
|
|
360,140 |
|
Net franchise fees recognized
upon termination of franchise agreements |
|
(170,720 |
) |
|
|
(15,218 |
) |
Deferred income taxes |
|
187,062 |
|
|
|
(961,759 |
) |
Stock-based compensation
expense |
|
1,209,296 |
|
|
|
969,562 |
|
Changes in operating assets
and liabilities, net of acquisitions: |
|
|
|
Accounts receivable |
|
258,145 |
|
|
|
(244,236 |
) |
Prepaid expenses and other current assets |
|
(504,203 |
) |
|
|
(450,702 |
) |
Deferred franchise costs |
|
166,078 |
|
|
|
(186,618 |
) |
Deposits and other assets |
|
(15,377 |
) |
|
|
(153,650 |
) |
Accounts payable |
|
(1,244,767 |
) |
|
|
50,702 |
|
Accrued expenses |
|
1,279,949 |
|
|
|
(571,447 |
) |
Payroll liabilities |
|
1,844,943 |
|
|
|
(1,118,259 |
) |
Deferred revenue |
|
(551,226 |
) |
|
|
1,161,393 |
|
Upfront regional developer fees |
|
(496,730 |
) |
|
|
(977,841 |
) |
Other liabilities |
|
34,638 |
|
|
|
728,449 |
|
Net cash provided by operating
activities |
|
11,294,757 |
|
|
|
3,032,415 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Acquisition of AZ clinics |
|
— |
|
|
|
(6,861,256 |
) |
Acquisition of NC clinics |
|
— |
|
|
|
(1,105,000 |
) |
Acquisition of CA clinics |
|
(1,050,000 |
) |
|
|
— |
|
Purchase of property and equipment |
|
(3,833,148 |
) |
|
|
(4,322,673 |
) |
Net cash used in investing
activities |
|
(4,883,148 |
) |
|
|
(12,288,929 |
) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Payments of finance lease obligation |
|
(18,227 |
) |
|
|
(43,907 |
) |
Purchases of treasury stock under employee stock plans |
|
(3,832 |
) |
|
|
(5,804 |
) |
Proceeds from exercise of stock options |
|
202,386 |
|
|
|
362,029 |
|
Repayment of debt under the Paycheck Protection Program |
|
— |
|
|
|
— |
|
Net cash provided by financing
activities |
|
180,327 |
|
|
|
312,318 |
|
|
|
|
|
Increase (decrease) in cash,
cash equivalents and restricted cash |
|
6,591,936 |
|
|
|
(8,944,196 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
10,550,417 |
|
|
|
19,912,338 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
17,142,353 |
|
|
$ |
10,968,142 |
|
|
|
|
|
Reconciliation of cash, cash
equivalents and restricted cash: |
September 30,2023 |
|
September 30,2022 |
Cash and cash equivalents |
$ |
16,050,137 |
|
|
$ |
10,272,112 |
|
Restricted cash |
|
1,092,216 |
|
|
|
696,030 |
|
|
$ |
17,142,353 |
|
|
$ |
10,968,142 |
|
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
RECONCILIATION FOR GAAP TO
NON-GAAP(unaudited) |
|
|
Three Months Ended September 30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(as restated) |
|
|
|
(as restated) |
Non-GAAP Financial
Data: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(716,273 |
) |
|
$ |
731,096 |
|
|
$ |
1,289,402 |
|
|
$ |
(136,551 |
) |
Net interest expense |
|
6,244 |
|
|
|
25,235 |
|
|
|
70,905 |
|
|
|
60,668 |
|
Depreciation and amortization expense |
|
2,349,206 |
|
|
|
1,779,924 |
|
|
|
6,893,529 |
|
|
|
4,578,450 |
|
Tax (benefit) expense |
|
(188,018 |
) |
|
|
(24,015 |
) |
|
|
493,286 |
|
|
|
(560,976 |
) |
EBITDA |
|
1,451,159 |
|
|
|
2,512,240 |
|
|
|
8,747,122 |
|
|
|
3,941,591 |
|
Stock compensation expense |
|
526,069 |
|
|
|
305,815 |
|
|
|
1,209,296 |
|
|
|
969,562 |
|
Acquisition related expenses |
|
15,222 |
|
|
|
46,712 |
|
|
|
873,214 |
|
|
|
2,275,380 |
|
Loss on disposition or impairment |
|
904,923 |
|
|
|
264,391 |
|
|
|
1,114,738 |
|
|
|
360,140 |
|
Other income related to the ERC |
|
— |
|
|
|
— |
|
|
|
(3,779,304 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
2,897,373 |
|
|
$ |
3,129,158 |
|
|
$ |
8,165,066 |
|
|
$ |
7,546,673 |
|
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