The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and
franchisor of chiropractic clinics, reported its preliminary
financial results for the second quarter ended June 30, 2023.
Preliminary Financial Highlights: Q2 2023 Compared to Q2
2022
- Grew preliminary revenue 18% to $29.3 million.
- Reported preliminary operating loss of $375,000, compared to
$1.3 million.
- Reported preliminary loss before income tax expense of
$481,000, compared to $1.3 million.
- Increased system-wide sales1 by 13%, to $120.1 million.
- Reported system-wide comp sales2 of 5%.
- Reported preliminary Adjusted EBITDA of $3.2 million, compared
to $2.6 million.
Q2 2023 Operating Highlights
- Sold 21 franchise licenses, compared to 17 in Q1 2023 and 24 in
Q2 2022.
- Grew total clinic count to 890, 756 franchised and 134
company-owned or managed, up from 870 clinics at March 31, 2023.
- Opened 23 franchised clinics and three company-owned or managed
greenfield clinics, for a total of 26 new clinics, as compared to
34 new clinics in Q2 2022.
- Closed four franchised clinics and two company-managed clinics,
as compared to one franchised clinic in Q2 2022.
- Subsequent to quarter end through September 12, 2023, opened 19
franchised clinics and two greenfield clinics, bringing the total
number of clinics opened to 911.
“Our system-wide sales, preliminary revenue, and preliminary
Adjusted EBITDA grew in second quarter of 2023 compared to the
prior year period, reflecting our ongoing franchise license sales,
clinic openings, and new patient acquisition,” said Peter D. Holt,
President and Chief Executive Officer of The Joint Corp. “Our team
is dedicated to improving clinic performance and company
profitability. To fuel greater increases in revenue and drive
higher new patient acquisition counts, we are executing additional
digital, automated and traditional marketing strategies. To lower
our G&A expense run rate, we are implementing cost reduction
efforts. And, to improve our bottom line, we are evaluating our
corporate portfolio. As a first step, we expect to cull
approximately 10% of our owned or managed clinics in accretive
transactions. This strategy is supported by the chiropractic care
market’s robust fundamentals. Pain remains an epidemic and
continues to drive patients to natural, more holistic treatments.
Americans are spending $19.5 billion annually on chiropractic
care.”
Preliminary Financial Results for
Second Quarter Ended June 30: 2023 Compared to 2022
Preliminary revenue was $29.3 million in the second quarter of
2023, compared to $24.9 million in the second quarter of 2022. The
increase reflects a greater number of franchised and company-owned
or managed clinics and continued organic growth. Preliminary cost
of revenue was $2.6 million, compared to $2.3 million in the second
quarter of 2022, reflecting the higher regional developer royalties
and commissions associated with more franchised clinics.
Preliminary selling and marketing expenses were $4.7 million, up
23%, 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. Preliminary depreciation and
amortization expenses increased 59% for the second quarter of 2023,
as compared to the prior year period, primarily due to the increase
in the number of greenfield clinics and the acquisition of
franchised clinics.
Preliminary general and administrative expenses were $19.9
million, compared to $18.6 million in the second quarter of 2022,
reflecting increases in costs to support clinic growth and in
payroll to remain competitive in the tight labor market.
Preliminary loss from operations was $375,000, compared to $1.3
million in the second quarter of 2022. Preliminary loss before
income tax expense as $481,000, compared to $1.3 million, in the
second quarter of 2022.
Preliminary Adjusted EBITDA was $3.2 million, compared to $2.6
million in the second quarter of 2022. The company defines Adjusted
EBITDA, a non-GAAP measure, as EBITDA before acquisition-related
expenses, stock-based compensation expense, bargain purchase gain,
net (gain)/loss on disposition or impairment, and other income
related to employee retention credits. The company defines EBITDA
as net income/(loss) before net interest, tax expense,
depreciation, and amortization expenses.
Preliminary Financial Results for the Six Months Ended
June 30: 2023 Compared to 2022 Preliminary revenue was
$57.6 million in the first six months of 2023, compared to $47.1
million in the first six months of 2022. Preliminary net income
before income tax expense was $2.7 million, compared to a
preliminary net loss before income tax expense of $1.4 million, in
the first six months of 2022. Preliminary Adjusted EBITDA was $5.3
million, compared to $4.4 million in the first six months of
2022.
Balance Sheet LiquidityUnrestricted cash was
$13.6 million at June 30, 2023, compared to $9.7 million at
December 31, 2022. During the first half of 2023, cash provided by
operating activities was $7.5 million, including the receipt of
$4.8 million in employee retention credits, partially offset by
investing $3.8 million in the development of greenfield clinics,
improvements of existing clinics and the acquisition of a
previously owned franchised clinics.
Preliminary 2023 Guidance For 2023, management
is providing preliminary amended financial guidance to reflect the
preliminary second quarter financial results, new accounting
procedures, current economic environment, and other factors. The
company reiterated the clinic opening guidance.
- Revenue is now expected to be between $115.0 million and $118.0
million, compared to $101.9 million in 2022. Previous revenue
guidance was between $123.0 million and $128.0 million.
- Adjusted EBITDA is now expected to be between $11.0 million and
$12.5 million, compared to $11.5 million in 2022. Previous adjusted
EBITDA guidance was between $12.5 million and $14.0 million.
- 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 Wednesday, September 13,
2023 to discuss the preliminary second quarter 2023 financial
results. Shareholders 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 9703868.
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 franchise 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 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; Preliminary Nature of
Results This release 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 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, bargain purchase gain, 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.
While the Company believes the preliminary results reported
herein to be accurate, there can be no assurance that final
reported results following the completion of the Company’s
previously announced restatement and quarterly review by the
Company’s independent auditors will not vary from those stated
herein.
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, our preliminary
results differing from final results, possible negative effects of
the restatement of our financial statements for 2021 and 2022 on
our financial position, results of operations and cash flows,
increases in our borrowing costs under our credit facility, given
that borrowings under the credit facility bear interest at rates
tied to certain rising benchmark interest rates; state laws
limiting the use our business model, including prohibitions on
advance payment for chiropractic services, which recently caused us
to elect not to offer franchises in South Dakota and Wyoming;
increased costs to comply with a new SEC reporting rule enhancing
and standardizing disclosures regarding cybersecurity incidents and
cybersecurity risk management, inability to identify and recruit
enough qualified chiropractors and other personnel to staff our
clinics, due in part to the nationwide labor shortage, 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 develop or acquire
company-owned or managed clinics as rapidly as we intend, 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
any 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, 2022 filed with
the SEC on March 10, 2023 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/A that our
management concluded that our internal controls over financial
reporting were not effective as of December 31, 2021 and 2022. The
details of this material weakness will be provided in our upcoming
10-K/A 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, 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 900
locations nationwide and over 12 million patient visits
annually, The Joint Chiropractic is a key leader in the
chiropractic industry. Consistently named to Franchise Times “Top
500+ Franchises” and Entrepreneur’s “Franchise 500” lists and
recognized by FRANdata with the TopFUND award, as well as Franchise
Business Review’s “Top Franchise for 2023,” “Most Profitable
Franchises” and “Top Franchises for Veterans” ranking, 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
– Preliminary Financial Tables Follow
–
|
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES |
PRELIMINARY CONDENSED CONSOLIDATED BALANCE
SHEETS |
(unaudited) |
|
|
June 30, 2023 |
|
Dec. 31, 2022 |
ASSETS |
(unaudited) |
|
(as restated, unaudited) |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
13,602,515 |
|
|
$ |
9,745,066 |
|
Restricted cash |
|
848,831 |
|
|
|
805,351 |
|
Accounts receivable, net |
|
3,534,828 |
|
|
|
3,911,272 |
|
Deferred franchise and regional development costs, current
portion |
|
1,058,704 |
|
|
|
1,054,060 |
|
Prepaid expenses and other current assets |
|
3,306,964 |
|
|
|
2,098,359 |
|
Assets held for sale |
|
215,722 |
|
|
|
— |
|
Total current assets |
|
22,567,564 |
|
|
|
17,614,108 |
|
Property and equipment,
net |
|
17,627,933 |
|
|
|
17,475,152 |
|
Operating lease right-of-use
asset |
|
22,641,632 |
|
|
|
20,587,199 |
|
Deferred franchise and
regional development costs, net of current portion |
|
5,605,760 |
|
|
|
5,707,678 |
|
Intangible assets, net |
|
10,050,360 |
|
|
|
10,928,295 |
|
Goodwill |
|
8,493,407 |
|
|
|
8,493,407 |
|
Deferred tax assets |
|
11,591,955 |
|
|
|
11,928,152 |
|
Deposits and other assets |
|
768,943 |
|
|
|
756,386 |
|
Total assets |
$ |
99,347,554 |
|
|
$ |
93,490,377 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,576,085 |
|
|
$ |
2,966,589 |
|
Accrued expenses |
|
2,342,744 |
|
|
|
1,069,610 |
|
Co-op funds liability |
|
848,832 |
|
|
|
805,351 |
|
Payroll liabilities ($0.6 million and $0.6 million attributable to
VIE) |
|
2,845,800 |
|
|
|
2,030,510 |
|
Operating lease liability, current portion |
|
5,880,954 |
|
|
|
5,295,830 |
|
Finance lease liability, current portion |
|
24,956 |
|
|
|
24,433 |
|
Deferred franchise fee revenue, current portion |
|
2,503,294 |
|
|
|
2,468,601 |
|
Deferred revenue from company clinics ($5.0 million and $4.7
million attributable to VIE) |
|
7,689,448 |
|
|
|
7,471,549 |
|
Upfront Regional Developer Fees, current portion |
|
406,965 |
|
|
|
487,250 |
|
Other current liabilities |
|
704,278 |
|
|
|
597,294 |
|
Liabilities to be disposed of |
|
155,622 |
|
|
|
— |
|
Total current liabilities |
|
24,978,978 |
|
|
|
23,217,017 |
|
Operating lease liability, net
of current portion |
|
20,029,654 |
|
|
|
18,672,719 |
|
Finance lease liability, net
of current portion |
|
50,896 |
|
|
|
63,507 |
|
Debt under the Credit
Agreement |
|
2,000,000 |
|
|
|
2,000,000 |
|
Deferred franchise revenue,
net of current portion |
|
14,210,441 |
|
|
|
14,161,134 |
|
Upfront Regional Developer
Fees, net of current portion |
|
1,183,106 |
|
|
|
1,500,278 |
|
Other liabilities |
|
1,287,879 |
|
|
|
1,287,879 |
|
Total liabilities |
|
63,740,954 |
|
|
|
60,902,534 |
|
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, 2023 and December 31,
2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par
value; 20,000,000 shares authorized, 14,772,520 shares issued and
14,740,485 shares outstanding as of June 30, 2023 and
14,560,353 shares issued and 14,528,487 outstanding as of
December 31, 2022 |
|
14,772 |
|
|
|
14,560 |
|
Additional paid-in
capital |
|
46,443,706 |
|
|
|
45,558,305 |
|
Treasury stock 32,035 shares
as of June 30, 2023 and 31,866 shares as of December 31,
2022, at cost |
|
(859,279 |
) |
|
|
(856,642 |
) |
Accumulated deficit |
|
(10,017,599 |
) |
|
|
(12,153,380 |
) |
Total The Joint Corp. stockholders' equity |
|
35,581,600 |
|
|
|
32,562,843 |
|
Non-controlling Interest |
|
25,000 |
|
|
|
25,000 |
|
Total equity |
|
35,606,600 |
|
|
|
32,587,843 |
|
Total liabilities and stockholders' equity |
$ |
99,347,554 |
|
|
$ |
93,490,377 |
|
|
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES |
PRELIMINARY CONDENSED CONSOLIDATED INCOME
STATEMENTS |
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
|
(as restated, unaudited) |
|
(unaudited) |
|
(as restated, unaudited) |
Revenues: |
|
|
|
|
|
|
|
Revenues from company-owned or managed clinics |
$ |
17,802,838 |
|
|
$ |
14,492,972 |
|
|
$ |
34,930,795 |
|
|
$ |
27,099,971 |
|
Royalty fees |
|
7,172,159 |
|
|
|
6,411,214 |
|
|
|
14,038,182 |
|
|
|
12,420,146 |
|
Franchise fees |
|
671,368 |
|
|
|
686,886 |
|
|
|
1,425,794 |
|
|
|
1,327,851 |
|
Advertising fund revenue |
|
2,041,050 |
|
|
|
1,825,757 |
|
|
|
3,993,455 |
|
|
|
3,536,474 |
|
Software fees |
|
1,234,812 |
|
|
|
1,099,981 |
|
|
|
2,444,817 |
|
|
|
2,056,979 |
|
Regional developer fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other revenues |
|
384,957 |
|
|
|
370,555 |
|
|
|
774,962 |
|
|
|
682,695 |
|
Total revenues |
|
29,307,184 |
|
|
|
24,887,365 |
|
|
|
57,608,005 |
|
|
|
47,124,116 |
|
Cost of revenues: |
|
|
|
|
|
|
|
Franchise and regional development cost of revenues |
|
2,236,442 |
|
|
|
1,904,936 |
|
|
|
4,377,277 |
|
|
|
3,705,961 |
|
IT cost of revenues |
|
359,070 |
|
|
|
352,156 |
|
|
|
692,920 |
|
|
|
662,115 |
|
Total cost of revenues |
|
2,595,512 |
|
|
|
2,257,092 |
|
|
|
5,070,197 |
|
|
|
4,368,076 |
|
Selling and marketing
expenses |
|
4,707,818 |
|
|
|
3,839,724 |
|
|
|
8,868,062 |
|
|
|
7,127,212 |
|
Depreciation and
amortization |
|
2,329,267 |
|
|
|
1,461,870 |
|
|
|
4,544,322 |
|
|
|
2,798,527 |
|
General and administrative
expenses |
|
19,904,796 |
|
|
|
18,570,301 |
|
|
|
39,943,272 |
|
|
|
34,103,726 |
|
Total selling, general and administrative expenses |
|
26,941,881 |
|
|
|
23,871,895 |
|
|
|
53,355,656 |
|
|
|
44,029,465 |
|
Net loss on disposition or
impairment |
|
144,345 |
|
|
|
88,844 |
|
|
|
209,815 |
|
|
|
95,749 |
|
Loss from operations |
|
(374,554 |
) |
|
|
(1,330,466 |
) |
|
|
(1,027,663 |
) |
|
|
(1,369,174 |
) |
Other income (expense),
net |
|
(106,520 |
) |
|
|
(19,286 |
) |
|
|
3,714,642 |
|
|
|
(35,434 |
) |
(Loss) income before income
tax expense |
|
(481,074 |
) |
|
|
(1,349,752 |
) |
|
|
2,686,979 |
|
|
|
(1,404,608 |
) |
Income tax (benefit)
expense |
|
(290,691 |
) |
|
|
(474,931 |
) |
|
|
551,198 |
|
|
|
(512,682 |
) |
Net (loss) income |
$ |
(190,383 |
) |
|
$ |
(874,821 |
) |
|
$ |
2,135,781 |
|
|
$ |
(891,926 |
) |
Earnings per share: |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.15 |
|
|
$ |
(0.06 |
) |
Diluted earnings per
share |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.14 |
|
|
$ |
(0.06 |
) |
Basic weighted average
shares |
|
14,684,035 |
|
|
|
14,475,825 |
|
|
|
14,625,435 |
|
|
|
14,454,738 |
|
Diluted weighted average
shares |
|
14,952,363 |
|
|
|
14,842,816 |
|
|
|
14,907,593 |
|
|
|
14,887,238 |
|
|
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES |
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(unaudited) |
|
|
Six Months Ended |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
|
(as restated, unaudited) |
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ |
2,135,781 |
|
|
$ |
(891,926 |
) |
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and
amortization |
|
4,544,322 |
|
|
|
2,798,527 |
|
Net loss on disposition or
impairment |
|
209,815 |
|
|
|
95,749 |
|
Net franchise fees recognized
upon termination of franchise agreements |
|
(20,050 |
) |
|
|
(15,218 |
) |
Deferred income taxes |
|
336,197 |
|
|
|
(807,805 |
) |
Stock based compensation
expense |
|
683,227 |
|
|
|
663,747 |
|
Changes in operating assets
and liabilities, net of acquisitions: |
|
|
|
Accounts receivable |
|
376,444 |
|
|
|
140,324 |
|
Prepaid expenses and other current assets |
|
(1,208,605 |
) |
|
|
(267,159 |
) |
Deferred franchise costs |
|
51,268 |
|
|
|
(193,784 |
) |
Deposits and other assets |
|
(12,557 |
) |
|
|
(132,379 |
) |
Accounts payable |
|
(1,440,375 |
) |
|
|
(397,040 |
) |
Accrued expenses |
|
1,104,369 |
|
|
|
(823,079 |
) |
Payroll liabilities |
|
815,290 |
|
|
|
(2,043,788 |
) |
Deferred revenue |
|
245,363 |
|
|
|
864,213 |
|
Upfront regional developer fees |
|
(397,457 |
) |
|
|
(824,658 |
) |
Other liabilities |
|
70,110 |
|
|
|
649,436 |
|
Net cash provided by operating
activities |
|
7,493,142 |
|
|
|
(1,184,840 |
) |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Acquisition of AZ clinics |
|
— |
|
|
|
(5,600,000 |
) |
Acquisition of CA clinics |
|
(1,050,000 |
) |
|
|
— |
|
Purchase of property and equipment |
|
(2,729,875 |
) |
|
|
(3,164,961 |
) |
Net cash used in investing
activities |
|
(3,779,875 |
) |
|
|
(8,764,961 |
) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Payments of finance lease obligation |
|
(12,087 |
) |
|
|
(38,022 |
) |
Purchases of treasury stock under employee stock plans |
|
(2,637 |
) |
|
|
(2,598 |
) |
Proceeds from exercise of stock options |
|
202,386 |
|
|
|
113,673 |
|
Net cash provided by financing
activities |
|
187,662 |
|
|
|
73,053 |
|
|
|
|
|
Increase (decrease) in cash,
cash equivalents and restricted cash |
|
3,900,929 |
|
|
|
(9,876,748 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
10,550,417 |
|
|
|
19,912,338 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
14,451,346 |
|
|
$ |
10,035,590 |
|
|
|
|
|
|
June 30, |
|
June 30, |
Reconciliation of cash, cash
equivalents and restricted cash: |
2023 |
|
2022 |
Cash and cash equivalents |
$ |
13,602,515 |
|
|
$ |
9,370,611 |
|
Restricted cash |
|
848,831 |
|
|
|
664,979 |
|
|
$ |
14,451,346 |
|
|
$ |
10,035,590 |
|
|
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES |
PRELIMINARY RECONCILIATION FOR GAAP TO
NON-GAAP |
(unaudited) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
|
(as restated, unaudited) |
|
(unaudited) |
|
(as restated, unaudited) |
Non-GAAP Financial
Data: |
|
|
|
|
|
|
|
Net (loss) income |
$ |
(190,383 |
) |
|
$ |
(874,821 |
) |
|
$ |
2,135,781 |
|
|
$ |
(891,926 |
) |
Net interest expense |
|
14,937 |
|
|
|
19,286 |
|
|
|
64,661 |
|
|
|
35,433 |
|
Depreciation and amortization expense |
|
2,329,267 |
|
|
|
1,461,870 |
|
|
|
4,544,322 |
|
|
|
2,798,527 |
|
Tax expense (benefit) |
|
(290,691 |
) |
|
|
(474,931 |
) |
|
|
551,198 |
|
|
|
(512,682 |
) |
EBITDA |
|
1,863,130 |
|
|
|
131,404 |
|
|
|
7,295,962 |
|
|
|
1,429,352 |
|
Stock compensation expense |
|
417,017 |
|
|
|
340,191 |
|
|
|
683,227 |
|
|
|
663,747 |
|
Acquisition related expenses |
|
716,299 |
|
|
|
2,074,153 |
|
|
|
857,992 |
|
|
|
2,228,668 |
|
Loss on disposition or impairment |
|
144,345 |
|
|
|
88,844 |
|
|
|
209,815 |
|
|
|
95,749 |
|
Other (income), net |
|
91,583 |
|
|
|
— |
|
|
|
(3,779,304 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
3,232,374 |
|
|
$ |
2,634,592 |
|
|
$ |
5,267,692 |
|
|
$ |
4,417,516 |
|
1 System-wide sales include revenues 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 revenues 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 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.
Joint (NASDAQ:JYNT)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Joint (NASDAQ:JYNT)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024