8-K - JYNT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2021

_______________________________

The Joint Corp.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	001-36724	90-0544160
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

16767 N. Perimeter Drive, Suite 110

Scottsdale, Arizona 85260

(Address of Principal Executive Offices) (Zip Code)

(480) 245-5960

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value Per Share	JYNT	The NASDAQ Capital Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2021, The Joint Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2021. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The Company is posting an earnings presentation to its website at https://ir.thejoint.com/. A copy of the earnings presentation is being furnished herewith as Exhibit 99.2. The Company will use the earnings presentation during its earnings conference call on August 5, 2021 and also may use the earnings presentation from time to time in conversations with analysts, investors and others.

The information furnished in this Item 7.01 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The information contained in Exhibit 99.2 is summary information that is intended to be considered in the context of the Company’s filings with the SEC. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Press Release dated November 4, 2021
99.2	The Joint Corp. Earnings Presentation, November 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The Joint Corp.
Date: November 4, 2021	By:	/s/ Peter D. Holt
		Peter D. Holt
		President and Chief Executive Officer

EdgarFiling EXHIBIT 99.1

The Joint Corp. Reports Third Quarter 2021 Financial Results

- Grows Revenue 36%, System-wide Sales 37%, and System-wide Comp Sales 27%, Compared to Q3 2020 - - Sold 44 Franchise Licenses, Compared to 30 in Q3 2020 - - Opened 33 Clinics, Including 5 Greenfields, Bringing the Total Corporate Count to 83 at Quarter End - - Raised 2021 Guidance on Franchise Openings, Revenue and Adjusted EBITDA -

SCOTTSDALE, Ariz., Nov. 04, 2021 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its financial results for the quarter ended September 30, 2021.

Financial Highlights: Q3 2021 Compared to Q3 2020

Grew revenue 36% to $21.0 million.
Increased system-wide sales^1^ by 37%, to $93.4 million.
Reported system-wide comp sales^2^ increase of 27%.
Posted operating income of $1.3 million, compared to $1.7 million.
Recorded net income of $1.9 million, compared to $1.6 million.
Reported Adjusted EBITDA of $3.3 million, compared to $2.6 million.

Q3 2021 Operating Highlights

Sold 44 franchise licenses, compared to 30 in Q3 2020.
Increased total clinics to 666 at September 30, 2021, 583 franchised and 83 company-owned or managed, up from 633 at June 30, 2021.
- Opened 28 new franchised clinics, compared to 21 opened and 1 closed during Q3 2020.
- Opened 5 greenfield clinics, compared to one in Q3 2020.
Subsequent to quarter end, opened one greenfield and acquired 4 previously franchised clinics, bringing the total company-owned or managed clinics to 88 as of November 1, 2021.

“Our momentum continued in the third quarter, as we executed on our long-standing strategy to build The Joint brand by opening franchised and corporate owned or managed clinics in retail settings,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “By quarter end, we expanded our total clinic count to 666, keeping us on track to achieve our goal of 1,000 clinics in operation by the end of 2023.

“Meanwhile, our growth indicators continue to accelerate. According to ChiroEconomics research^3^, an average clinic of The Joint financially outperforms the average solo practitioner, attracting more franchisees into our brand. For the nine-month period, we sold 132 franchise licenses, up from 65 in the same period last year. At quarter end, we had 295 franchise licenses in active development, compared to 218 at September 30, 2020. In addition, in 2020, 484,000 new patients, over a quarter of whom are new to chiropractic care, visited The Joint, which is expanding the overall chiropractic market as well as increasing our market share. These trends are fueling our national footprint expansion and our confidence in our ability to drive long-term growth and 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. ^3^ Compares performance of The Joint clinics in 2020 as reported in the company’s 2021 Franchise Disclosure Document against data from ChiroEconomics’ 2020 and 2021 Salary & Expense Surveys for solo practitioners.

Financial Results for the Three Months Ended September 30: 2021 Compared to 2020

Revenue was $21.0 million in the third quarter of 2021, compared to $15.4 million in the third quarter of 2020. The increase reflected a greater number of franchised and corporate clinics and continued organic growth. Cost of revenue was $2.3 million, compared to $1.7 million in the third quarter of 2020, reflecting the increase in franchised clinics and the associated higher regional developer royalties and commissions, as well as higher website hosting costs related to the new IT platform, Axis, which went live in July 2021.

Selling and marketing expenses were $2.9 million, up 56%, 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.

Depreciation and amortization expenses increased for the third quarter of 2021, as compared to the prior year period, primarily due to the amortization of reacquired development rights in December 2020 and January 2021, the amortization of intangibles related to the 2021 clinic acquisitions, and the depreciation expenses associated with the Axis IT platform.

General and administrative expenses were $12.8 million, compared to $9.4 million in the third quarter of 2020. The increase was primarily due to 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 $1.3 million, including the impact of the depreciation and amortization from reacquired development rights, clinic acquisitions or greenfield development. This compares to $1.7 million in the third quarter of 2020. Income tax benefit was $614,000, compared to an expense of $76,000 in the third quarter of 2020. The income tax benefit was primarily driven by excess tax benefits from the exercise of stock options. Net income was $1.9 million, or $0.13 per diluted share, compared to $1.6 million, or $0.11 per diluted share, in the third quarter of 2020.

Adjusted EBITDA was $3.3 million, compared to $2.6 million in the third 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 Nine Months Ended September 30: 2021 Compared to 2020

Revenue was $58.8 million for the first nine months of 2021, compared to $41.6 million in the prior year period. Operating income and net income were $5.3 million and $6.9 million, compared to $2.7 million and $2.5 million in the prior year period, respectively. Adjusted EBITDA was $10.5 million, compared to $5.4 million in the prior year period.

Balance Sheet Liquidity

Unrestricted cash was $19.5 million at September 30, 2021, compared to $20.6 million at December 31, 2020. The change reflects net cash provided by operating activities of $12.5 million offset by $11.2 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.

Raised 2021 Guidance

Management increased 2021 guidance for franchise openings, revenue, and Adjusted EBITDA.

Revenue is now expected to be between $80.0 million and $81.0 million, up from the August 5, 2021 guidance of between $77.0 million and $79.0 million. The updated mid-point reflects a 37% increase compared to $58.7 million in 2020.
Adjusted EBITDA is now expected to be between $13.0 million and $14.0 million, up from prior guidance of between $12.5 million and $13.5 million. The updated mid-point reflects a 48% increase compared to $9.1 million in 2020.
The expected number of franchised clinic openings has increased to be between 105 and 115, up from prior guidance of 90 and 110. 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, remains between 25 and 35; the mid-point is 7.5 times greater than the 4 opened in 2020.

Conference Call The Joint Corp. management will host a conference call at 5 p.m. ET on Thursday, November 4, 2021, to discuss the third 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 3834499 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 November 11, 2021. The replay can be accessed by dialing 404-537-3406 or 855-859-2056. The passcode for the replay is 3834499.

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 Statements This 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, 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 Structure The 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.com Investor Contact: Kirsten Chapman, LHA Investor Relations, 415-433-3777, thejoint@lhai.com

– Financial Tables Follow –

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
		September 30,<br>2021			December 31,<br>2020
ASSETS		(unaudited)			(as revised)
Current assets:
Cash and cash equivalents	$	19,542,685		$	20,554,258
Restricted cash	449,597			265,371
Accounts receivable, net	2,920,363			1,850,499
Deferred franchise and regional development costs, current portion	992,124			897,551
Prepaid expenses and other current assets	1,552,946			1,566,025
Total current assets	25,457,715			25,133,704
Property and equipment, net	13,353,986			8,747,369
Operating lease right-of-use asset	15,903,649			11,581,435
Deferred franchise and regional development costs, net of current portion	5,387,147			4,340,756
Intangible assets, net	5,280,024			2,865,006
Goodwill	5,085,202			4,625,604
Deferred tax assets	9,997,313			8,088,073
Deposits and other assets	513,862			431,336
Total assets	$	80,978,898		$	65,813,283
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,788,446		$	1,561,648
Accrued expenses	935,087			770,221
Co-op funds liability	449,597			248,468
Payroll liabilities	4,105,821			2,776,036
Debt under the Credit Agreement	2,000,000			—
Operating lease liability, current portion	3,874,451			2,918,140
Finance lease liability, current portion	64,944			70,507
Deferred franchise and regional developer fee revenue, current portion	3,198,750			3,000,369
Deferred revenue from company clinics ($3.1 million and $2.6 million attributable to VIEs as of September 30, 2021, and December 31, 2020)	4,637,740			4,201,548
Debt under the Paycheck Protection Program	—			2,727,970
Other current liabilities	404,901			707,085
Total current liabilities	21,459,737			18,981,992
Operating lease liability, net of current portion	14,977,426			10,632,672
Finance lease liability, net of current portion	93,887			132,469
Debt under the Credit Agreement	—			2,000,000
Deferred franchise and regional developer fee revenue, net of current portion	15,349,878			13,503,745
Other liabilities	27,231			27,230
Total liabilities	51,908,159			45,278,108
Commitments and contingencies
Stockholders' equity:
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of September 30, 2021 and December 31, 2020	—			—
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,444,982 shares issued and 14,413,339 shares outstanding as of September 30, 2021 and 14,174,237 shares issued and 14,157,070 outstanding as of December 31, 2020	14,444			14,174
Additional paid-in capital	43,657,273			41,350,001
Treasury stock 31,643 shares as of September 30, 2021 and 17,167 shares as of December 31, 2020, at cost	(850,839		)	(143,111		)
Accumulated deficit	(13,775,139		)	(20,685,989		)
Total The Joint Corp. stockholders' equity	29,045,739			20,535,075
Non-controlling Interest	25,000			100
Total equity	29,070,739			20,535,175
Total liabilities and stockholders' equity	$	80,978,898		$	65,813,283
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)
	Three Months Ended<br>September 30,						Nine Months Ended<br>September 30,
		2021			2020			2021			2020
Revenues:
Revenues from company-owned or managed clinics	$	11,634,009		$	8,403,844		$	32,537,942		$	22,554,946
Royalty fees	5,714,637			4,170,692			15,816,500			11,157,575
Franchise fees	648,598			519,131			1,967,680			1,555,846
Advertising fund revenue	1,627,693			1,187,666			4,521,342			3,176,080
Software fees	840,969			688,046			2,387,543			1,964,968
Regional developer fees	209,651			222,908			642,041			643,974
Other revenues	316,064			218,266			885,335			591,443
Total revenues	20,991,621			15,410,553			58,758,383			41,644,832
Cost of revenues:
Franchise and regional development cost of revenues	1,907,874			1,588,707			5,319,278			4,281,389
IT cost of revenues	392,248			123,539			784,698			284,653
Total cost of revenues	2,300,122			1,712,246			6,103,976			4,566,042
Selling and marketing expenses	2,881,575			1,845,601			8,503,617			5,684,556
Depreciation and amortization	1,662,255			714,288			4,275,140			2,061,937
General and administrative expenses	12,812,331			9,433,062			34,513,378			26,668,420
Total selling, general and administrative expenses	17,356,161			11,992,951			47,292,135			34,414,913
Net (gain) loss on disposition or impairment	(3,540		)	—			16,967			(53,413		)
Income from operations	1,338,878			1,705,356			5,345,305			2,717,290
Other expense, net	(16,139		)	(25,667		)	(54,050		)	(55,248		)
Income before income tax (benefit) expense	1,322,739			1,679,689			5,291,255			2,662,042
Income tax (benefit) expense	(614,356		)	75,730			(1,644,496		)	127,551
Net income	$	1,937,095		$	1,603,959		$	6,935,751		$	2,534,491
Earnings per share:
Basic earnings per share	$	0.13		$	0.11		$	0.49		$	0.18
Diluted earnings per share	$	0.13		$	0.11		$	0.46		$	0.17
Basic weighted average shares	14,388,905			14,033,535			14,286,818			13,968,635
Diluted weighted average shares	14,970,328			14,593,107			14,931,759			14,523,329
THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
	Nine Months Ended<br>September 30,
		2021			2020
Cash flows from operating activities:
Net income	$	6,935,751		$	2,534,491
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,275,140			2,061,937
Net loss on disposition or impairment (non-cash portion)	109,871			1,193
Net franchise fees recognized upon termination of franchise agreements	(98,196		)	(54,174		)
Deferred income taxes	(1,909,241		)	(17,022		)
Stock based compensation expense	826,908			678,706
Changes in operating assets and liabilities:
Accounts receivable	(1,069,864		)	831,401
Prepaid expenses and other current assets	13,079			200,919
Deferred franchise costs	(1,245,049		)	(247,127		)
Deposits and other assets	(95,176		)	(4,602		)
Accounts payable	(49,415		)	(379,342		)
Accrued expenses	164,866			677,308
Payroll liabilities	1,329,785			(259,620		)
Deferred revenue	2,410,202			417,221
Other liabilities	852,926			466,156
Net cash provided by operating activities	12,451,587			6,907,445
Cash flows from investing activities:
Acquisition of AZ clinics	(1,925,000		)	—
Acquisition of NC clinics	(2,568,028		)	—
Purchase of property and equipment	(5,382,857		)	(2,344,344		)
Reacquisition and termination of regional developer rights	(1,388,700		)	—
Payments received on notes receivable	—			118,398
Net cash used in investing activities	(11,264,585		)	(2,225,946		)
Cash flows from financing activities:
Payments of finance lease obligation	(59,285		)	(40,168		)
Purchases of treasury stock under employee stock plans	(707,728		)	(4,262		)
Proceeds from exercise of stock options	1,480,634			491,658
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	(2,014,349		)	5,122,550
(Decrease) increase in cash, cash equivalents and restricted cash	(827,347		)	9,804,049
Cash, cash equivalents and restricted cash, beginning of period	20,819,629			8,641,877
Cash, cash equivalents and restricted cash, end of period	$	19,992,282		$	18,445,926
Reconciliation of cash, cash equivalents and restricted cash:	September 30,<br>2021			September 30,<br>2020
Cash and cash equivalents	$	19,542,685		$	18,305,526
Restricted cash	449,597			140,400
	$	19,992,282		$	18,445,926

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES RECONCILIATION FOR GAAP TO NON -GAAP (unaudited)

(unaudited)	Three Months Ended September 30,					Nine Months Ended<br>September 30,
		2021			2020		2021			2020
Non-GAAP Financial Data:
Net income	$	1,937,095		$	1,603,959	$	6,935,751		$	2,534,491
Net interest expense	16,139			25,668		54,050			55,248
Depreciation and amortization expense	1,662,255			714,288		4,275,140			2,061,937
Income tax (benefit) expense	(614,356		)	75,730		(1,644,496		)	127,551
EBITDA	3,001,133			2,419,645		9,620,445			4,779,227
Stock compensation expense	296,850			212,234		826,908			678,706
Acquisition related expenses	3,000			—		48,346			—
(Gain) loss on disposition or impairment	(3,540		)	—		16,967			(53,413		)
Adjusted EBITDA	$	3,297,443		$	2,631,879	$	10,512,666		$	5,404,520

EdgarFiling

Exhibit 99.2

Safe Harbor Statement © 2021 The Joint Corp. All Rights Reserved. 2 Certain statements contained in this presentation are "forward - looking statements” about future events and expectations. 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 in formation 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 material ly 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 differ enc es 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 de mand), 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 a nd 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, and the other factors described in “Risk Factors” in our Annual Report on Form 10 - K as filed with the SEC for the yea r 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. We anticipate filing our Quarterly Repo rt on Form 10 - Q for the quarter ended September 30, 2021 on or around November 5, 2021. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "inten ds, " "may," "opportunity," "plans," "potential," "near - term," "long - term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "w ill," 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 informati on 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, a nd should only be viewed as historical data. Business Structure The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, D ist rict of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washi ngt on, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.

© 2021 The Joint Corp. All Rights Reserved. 3 BUILD BRAND INCREASE AWARENESS DELIVER EXCEPTIONAL PATIENT EXPERIENCE OPEN NEW CLINICS Revolutionizing Access to Chiropractic Care As an essential healthcare service, The Joint Chiropractic’s mission is to improve the quality of life through routine and affordable chiropractic care.

Continued Strength in Third Quarter 4 Change from Q3 2021 Q3 2020 Revenue $21.0M Up 36% Op. Income $1.3M $1.7M Net Income $1.9M $1.6M Adjusted EBITDA 2 $3.3M Up 25% Unrestricted cash $19.5 M at September 30, 2021, compared to $20.6M Dec. 31, 2020 © 2021 The Joint Corp. All Rights Reserved. 1 Comparable sales include only the sales from clinics that have been open at least 13 or 48 full months and exclude any clinics that have permanently closed. 2 Reconciliation of Adjusted EBITDA to GAAP earnings is included in the Appendix. 37 % Increase in sy stem - wide sales Q3 2021 over Q3 2020 27% In crease in comp sales 1 for all clinics >13 months in operation Q3 2021 over Q3 2020 21 % In crease in comp sales 1 for all clinics >48 months in operation Q3 2021 over Q3 2020

12 26 82 175 242 265 309 352 394 453 515 583 4 47 61 47 48 60 64 83 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sept. 30, 2021 TOTAL CLINICS OPEN Franchise Company Owned/Managed 88 Clinics Opened YTD 2021 Driving to 1,000 Clinics by the End of 2023 © 2021 The Joint Corp. All Rights Reserved. 5 Q3 2020 Q3 2021 Franchise Licenses Sold 30 44 Total New Franchised Clinics Opened 22 28 Greenfield Clinics Opened 1 5 Franchised Clinics Acquired 0 0 Clinics in Development 218 295 370 399 442 513 312 246 579 666

37 99 126 121 132 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Sept. 30, 2021 616 715 841 962 1094 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Sept. 30, 2021 112 155 204 253 295 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Sept. 30, 2021 132 Franchise Licenses Sold in YTD 2021 © 2020 The Joint Corp. All Rights Reserved. 6 1 Of the 1,094 franchise licenses sold as of September 30, 2021, 295 are in active development, 666 are currently operating and th e balance represents terminated/closed licenses. • 82% sold by RDs in 2021 • 70% of clinics supported by 21 RDs at September 30, 2021 • RDs cover 59% of Metropolitan Statistical Areas (MSAs) at September 30, 2021 Gross Cumulative Franchise Licenses Sold 1 Franchise Licenses Sold Annually Clinics in Active Development 1

Exciting Promotions 7 © 2021 The Joint Corp. All Rights Reserved. Q3 Education Campaign • Promoting the benefits of chiropractic care for kids • During Back - to - School season • Secured 230+ million total media impressions Q4 Holiday Promotions • Annual Black Friday package sale • Year - End membership promotion • Direct marketing campaigns offer patients with time limited opportunities

Q3 2021 Financial Results 9 $ in M 1 Q3 2021 Q3 2020 Differences Revenue • Corporate clinics • Franchise fees $21.0 11.6 9.4 $15.4 8.4 7.0 $5.6 3.2 2.4 36% 38% 33% Cost of revenue 2.3 1.7 0.6 34% Sales and marketing 2.9 1.8 1.0 56% Depreciation and amortization 1.7 0.7 0.9 133% G&A 12.8 9.4 3.4 36% Operating Income 1.3 1.7 (0.4) (21)% Tax Benefit 0.6 (0.1) 0.7 9X Net Income/(Loss) 1.9 1.6 0.0 21% Adj. EBITDA 2 3.3 2.6 0.7 25% © 2021 The Joint Corp. All Rights Reserved. 1 Due to rounding, numbers may not add up precisely to the totals. 2 Reconciliation of Adjusted EBITDA to GAAP earnings is included in the Appendix.

YTD Sept. 30, 2021 Financial Results 10 $ in M 1 YTD Sept. 30, 2021 YTD Sept. 30, 2020 Differences Revenue • Corporate clinics • Franchise fees $58.8 32.5 26.2 $41.7 22.6 19.1 $17.1 10.0 7.1 41% 44% 37% Cost of revenue 6.1 4.6 1.5 34% Sales and marketing 8.5 5.7 2.8 50% Depreciation and amortization 4.3 2.1 2.2 107% G&A 34.5 26.6 7.9 30% Operating Income 5.3 2.7 2.6 97% Tax Benefit 1.6 (0.1) 1.8 14X Net Income/(Loss) 6.9 2.5 4.4 174% Adj. EBITDA 2 10.5 5.4 5.1 95% 1 Due to rounding, numbers may not add up precisely to the totals. 2 Reconciliation of Adjusted EBITDA to GAAP earnings is included in the Appendix. © 2021 The Joint Corp. All Rights Reserved. Unrestricted cash $19.5 M at Sept. 30, 2021, compared to $20.6M at Dec. 31, 2020

Raising 2021 Guidance 11 $ in M 2020 Actual 2021 Low Guidance 2021 High Guidance Midpoint 2021 vs 2020 Revenues $58.7 $80.0 $81.0 Up 37% Adjusted EBITDA 1 $9.1 $13.0 $14.0 Up 48% New Franchised Clinic Openings 70 105 115 Up 57% New Company - owned/Managed Clinics 2 4 25 35 7.5X greater © 2021 The Joint Corp. All Rights Reserved. 1 Reconciliation of Adjusted EBITDA to GAAP earnings is included in the appendix. 2 Through a combination of both greenfields and buybacks.

Substantial Opportunity for Market Share Growth © 2021 The Joint Corp. All Rights Reserved. 12 1 JAMA US Healthcare spending by Payer and Health Condition, 1996 - 2016, March 3, 2020| 2 IBIS US Industry Report, Chiropractors in the US, April 2021 | 3 Internal Chiropractic Competitive Analysis, August 2019 | 4 Apex Reimbursement Specialists, Inc., 2018 The Joint Chiropractic TTM $340M, ~ 2% Other Chains 3 $300M, ~ 2% Independents $17.9B, ~ 96% • Annual spending on back pain: $134B 1 • Chiropractic care: $17.9B 2 • Total chains make up ~4% of chiropractic 3 • By contrast, dentistry chains (DSOs) account for nearly 12% 4

$1.3 $2.8 $8.1 $22.3 $46.2 $70.1 $98.6 $126.9 $165.1 $220.3 $260.0 $259.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sep-21 Resilient Business Model Drives Long - term Growth 13 People will continue to seek more noninvasive, holistic ways to manage their pain. We’ll be there to treat them. System - wide Sales ($ in M) 70% CAGR 1 (2010 - 2020) The Joint Corp. 10 - yr. CAGR 70% 1 vs. Industry CAGR 5.4% 2* 1 For the period ended Dec. 31, 2020 | 2 June 2021 Kentley Insights Chiropractic Care Market Research Report © 2021 The Joint Corp. All Rights Reserved.

Non - GAAP Measure Definition 14 This presentation includes non - GAAP financial measures. System - wide sales include sales at all clinics, whether operated by the company or by fran chisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understandi ng 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 financia l h ealth 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 performan ce, as management believes they provide a more transparent view of the Company’s underlying operating performance and operating trends than GAAP measures alone. Reconciliat ion s of net loss to EBITDA and Adjusted EBITDA are presented where applicable. The Company defines EBITDA as net income/(loss) before net interes t, tax expense, depreciation, and amortization expenses. The Company defines Adjusted EBITDA as EBITDA before acquisition - related expenses, bargain purchase net gain, gain/(loss) on disposition or impairment, and stock - based compensation expenses. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or cash flows from operat ion s, as determined by accounting principles generally accepted in the United States, or GAAP. While EBITDA and Adjusted EBITDA are frequently 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 fil ed with the SEC. © 2021 The Joint Corp. All Rights Reserved.

Jake Singleton, CFO jake.singleton@thejoint.com The Joint Corp. | 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245 - 5960 https://www.facebook.com/thejointchiro @ thejointchiro https://twitter.com/thejointchiro @ thejointchiro https://www.youtube.com/thejointcorp @ thejointcorp Peter D. Holt, President and CEO peter.holt@thejoint.com The Joint Corp. | 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245 - 5960 Kirsten Chapman, LHA Investor Relations thejoint@lhai.com LHA Investor Relations | One Market Street, Spear Tower, Suite 3600, San Francisco, CA 94105 | (415) 433 - 3777 18 The Joint Corp. Contact Information © 2021 The Joint Corp. All Rights Reserved.