8-K

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 3, 2022

_______________________________

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 3, 2022, The Joint Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2022. 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 November 3, 2022 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 3, 2022
99.2	The Joint Corp. Earnings Presentation, November 2022
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 3, 2022	By:	/s/ Peter D. Holt
		Peter D. Holt
		President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

The Joint Corp. Reports Third Quarter 2022 Financial Results

- Grew Revenue 27%, System-wide Sales 18%, and System-wide Comp Sales 6% vs. Q3 2021 -
- Opened 38 Clinics, Up from 33 in Q3 2021
- Surpassed 800 Clinic Milestone, Closing Q3 2022 with 805 Clinics,
Including 115 Company-Owned or Managed Clinics -

SCOTTSDALE, Ariz., Nov. 03, 2022 (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, 2022.

Financial Highlights: Q3 2022 Compared to Q3 2021

• Grew revenue 27% to $26.6 million.
• Recorded operating income of $500,000, compared to $1.3 million.
• Reported net income of $491,000, compared to $1.9 million.
• Increased system-wide sales¹ by 18%, to $110.4 million.
• Reported system-wide comp sales² of 6%.
• Reported Adjusted EBITDA of $3.1 million, compared to $3.3 million.

“During the third quarter of 2022, clinic openings were exceptionally strong, with new clinics continuing to perform well, resulting in our achieving the 800^th clinic opening during the quarter. Our system-wide sales grew 18% to $110.4 million, despite this macroeconomic environment,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “The market for chiropractic care continues to increase and is now estimated to be $19.5 billion. To capture this increasing growth opportunity, we remain focused on key initiatives. We are implementing programs to attract new patients, franchise prospects, and the talent needed to staff our clinics and grow our footprint. To increase the pace of our buildout, we are penetrating underdeveloped and new markets. Overall, we are prioritizing optimizing clinic performance to support growth, profitability and lifetime patient value. Together with our robust underlying business model, we are driving long-term value for all stakeholders, including patients, team members, franchisees, regional developers and investors.”  

Operating Highlights

• Increased total clinics to 805 at September 30, 2022, 690 franchised and 115 company-owned or managed, up from 769 at June 30, 2022.
  • Opened 33 new franchised clinics in Q3 2022, compared to 28 in Q3 2021.
  • Opened five greenfield clinics in Q3 2022, equal to five opened in Q3 2021.
  • Acquired four previously franchised clinics and sold one corporate clinic to a franchisee in Q3 2022, compared to no acquired or sold clinics in Q3 2021.
  • Closed two franchised clinics in Q3 2022, compared to none in Q3 2021.
• Sold 12 franchise licenses in Q3 2022, compared to 44 in Q3 2021.
• Subsequent to quarter end,
  • Reacquired the regional developer (RD) territory rights for the Philadelphia market.
  • Acquired two previously franchised clinics and sold one corporate clinic to a franchisee.
  • Opened two greenfield clinics.

Financial Results: Third Quarter 2022 Compared to Third Quarter 2021

Revenue was $26.6 million in the third quarter of 2022, compared to $21.0 million in the third quarter of 2021. The increase reflects a greater number of franchised and corporate clinics and continued organic growth. Cost of revenue was $2.5 million, compared to $2.3 million in the third quarter of 2021, reflecting the increased number of franchised clinics, as well as higher RD royalties and commissions.

Selling and marketing expenses were $3.5 million, up 23%, driven by the increase in the advertising expenses from the larger number of franchised and company-owned or managed clinics. Depreciation and amortization expenses increased for the third quarter of 2022, as compared to the prior year period, primarily due to the depreciation and amortization expenses associated with our continued greenfield development and acquired clinics.

General and administrative expenses were $17.8 million, compared to $12.8 million in the third quarter of 2021, reflecting increases in costs to support clinic growth and in payroll to remain competitive in the tight labor market.

Operating income was $500,000, compared to $1.3 million in the third quarter of 2021. Income tax benefit was $16,000, compared to a benefit of $614,000 in the third quarter of 2021. Net income was $491,000, or $0.03 per diluted share, compared to $1.9 million, or $0.13 per diluted share, in the third quarter of 2021.

Adjusted EBITDA was $3.1 million, compared to $3.3 million in the third quarter of 2021. 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/(loss) before net interest, tax expense, depreciation, and amortization expenses.

Financial Results for the Nine Months Ended September 30: 2022 Compared to 2021

Revenue was $74.1 million in the first nine months of 2022, compared to $58.8 million in the first nine months of 2021. Net income was $630,000, or $0.04 per diluted share, compared to $6.9 million, or $0.46 per diluted share, in the first nine months of 2021. Adjusted EBITDA was $7.5 million, compared to $10.5 million in the first nine months of 2021.

Balance Sheet Liquidity

Unrestricted cash was $10.3 million at September 30,2022, compared to $19.5 million at December 31, 2021. During the first nine months of 2022, investing activities of $14.9 million consisted of the acquisition of RD territory rights, clinic acquisitions, and greenfield developments, which were partially offset by $5.7 million provided by operating activities, caused the majority of the decrease in unrestricted cash.

2022 Guidance

For 2022, management modified financial guidance and reiterated guidance related to clinics.

• Revenue is now expected to be between $100.0 million and $102.0 million, compared to guidance of $98.0 million to $102.0 million on August 4, 2022. Revenue for 2021 was $80.9 million.
• Adjusted EBITDA is now expected to be between $11.5 million and $12.5 million, compared to guidance of $12.0 million to $14 million on August 4, 2022. 2021 Adjusted EBITDA was $12.6 million.
• Franchised clinic openings are expected to be between 110 and 130, compared to 110 in 2021.
• Company-owned or managed clinic increases, through a combination of both greenfields and buybacks, are expected to be between 30 and 40; compared to 32 added in 2021.

Conference Call
The Joint Corp. management will host a conference call at 5 p.m. ET on Thursday, November 3, 2022 to discuss the third quarter 2022 financial results. Shareholders and interested participants may listen to a live broadcast of the conference call by dialing (866) 652-5200 or (412) 317-6060 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 for one week. The replay can be accessed by dialing 877-344-7529 or 412-317-0088 and entering conference ID 4869368.

Commonly Discussed Performance Metrics
This 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. 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 net income/(loss) to EBITDA and Adjusted EBITDA is presented in a table below. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses, bargain purchase gain, net (gain)/loss on disposition or impairment, and stock-based compensation expenses. The company defines EBITDA as net income/(loss) 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), inflation, exacerbated by COVID-19 and the current war in Ukraine, our failure to develop or acquire company-owned or managed clinics as rapidly as we intend, our failure to profitably operate company-owned or managed clinics, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage, short-selling strategies and negative opinions posted on the internet which could drive down the market price of our common stock and result in class action lawsuits, our failure to remediate the current or future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence, and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022 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 has disclosed in our Form 10-K that our management concluded that our internal controls over financial reporting were not effective as of December 31, 2021, and our auditors expressed an adverse opinion on the Company’s internal control over financial reporting as of December 31, 2021, due to a material weakness. The details of this material weakness were provided in our 10-K filing.  We have undertaken remediation measures to address the material weakness, which we expect will be completed prior to the end of fiscal year 2022.

About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, 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 750 locations nationwide and nearly 11 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 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 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, 2022			December 31, 2021
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	10,272,112		$	19,526,119
Restricted cash		696,030			386,219
Accounts receivable, net		3,945,046			3,700,810
Deferred franchise and regional development costs, current portion		1,032,930			994,587
Prepaid expenses and other current assets		2,732,467			2,281,765
Assets held for sale		243,387			—
Total current assets		18,921,972			26,889,500
Property and equipment, net		16,210,051			14,388,946
Operating lease right-of-use asset		19,046,081			18,425,914
Deferred franchise and regional development costs, net of current portion		5,621,297			5,505,420
Intangible assets, net		10,162,506			5,403,390
Goodwill		8,493,407			5,085,203
Deferred tax assets		9,115,231			9,188,634
Deposits and other assets		720,853			567,202
Total assets	$	88,291,398		$	85,454,209
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,982,237		$	1,705,568
Accrued expenses		1,555,992			1,809,460
Co-op funds liability		696,030			386,219
Payroll liabilities ($0.8 million and $0.4 million attributable to VIE)		2,788,058			3,906,317
Operating lease liability, current portion		4,969,470			4,613,843
Finance lease liability, current portion		24,175			49,855
Deferred franchise and regional developer fee revenue, current portion		2,974,993			3,191,892
Deferred revenue from company clinics ($3.7 million and $3.5 million attributable to VIE)		5,900,964			5,235,745
Other current liabilities		522,500			539,500
Liabilities to be disposed of		223,287			—
Total current liabilities		21,637,706			21,438,399
Operating lease liability, net of current portion		17,427,096			16,872,093
Finance lease liability, net of current portion		69,713			87,939
Debt under the Credit Agreement		2,000,000			2,000,000
Deferred franchise and regional developer fee revenue, net of current portion		15,604,180			15,458,921
Other liabilities		27,230			27,230
Total liabilities		56,765,925			55,884,582
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, 2022 and December 31, 2021		—			—
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,561,545 shares issued and 14,529,679 shares outstanding as of September 30, 2022 and 14,451,355 shares issued and 14,419,712 outstanding as of December 31, 2021		14,561			14,450
Additional paid-in capital		45,231,637			43,900,157
Treasury stock 31,866 shares as of September 30, 2022 and 31,643 shares as of December 31, 2021, at cost		(856,642	)		(850,838	)
Accumulated deficit		(12,889,083	)		(13,519,142	)
Total The Joint Corp. stockholders' equity		31,500,473			29,544,627
Non-controlling Interest		25,000			25,000
Total equity		31,525,473			29,569,627
Total liabilities and stockholders' equity	$	88,291,398		$	85,454,209

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021			2022			2021
Revenues:
Revenues from company-owned or managed clinics	$	15,836,327		$	11,634,009		$	42,936,298		$	32,537,942
Royalty fees		6,604,653			5,714,637			19,024,799			15,816,500
Franchise fees		642,405			648,598			1,970,256			1,967,680
Advertising fund revenue		1,881,367			1,627,693			5,417,840			4,521,342
Software fees		1,109,753			840,969			3,166,732			2,387,543
Regional developer fees		153,181			209,651			524,923			642,041
Other revenues		375,314			316,064			1,058,008			885,335
Total revenues		26,603,000			20,991,621			74,098,856			58,758,383
Cost of revenues:
Franchise and regional development cost of revenues		2,141,945			1,907,874			6,219,646			5,319,278
IT cost of revenues		348,331			392,248			1,010,446			784,698
Total cost of revenues		2,490,276			2,300,122			7,230,092			6,103,976
Selling and marketing expenses		3,539,287			2,881,575			10,666,500			8,503,617
Depreciation and amortization		2,011,768			1,662,255			5,341,420			4,275,140
General and administrative expenses		17,796,806			12,812,331			49,703,451			34,513,378
Total selling, general and administrative expenses		23,347,861			17,356,161			65,711,371			47,292,135
Net loss (gain) on disposition or impairment		264,391			(3,540	)		360,140			16,967
Income from operations		500,472			1,338,878			797,253			5,345,305
Other expense, net		(25,235	)		(16,139	)		(60,668	)		(54,050	)
Income before income tax (benefit) expense		475,237			1,322,739			736,585			5,291,255
Income tax (benefit) expense		(15,876	)		(614,356	)		106,527			(1,644,496	)
Net income	$	491,113		$	1,937,095		$	630,058		$	6,935,751
Earnings per share:
Basic earnings per share	$	0.03		$	0.13		$	0.04		$	0.49
Diluted earnings per share	$	0.03		$	0.13		$	0.04		$	0.46
Basic weighted average shares		14,512,856			14,388,905			14,474,323			14,286,818
Diluted weighted average shares		14,829,629			14,970,328			14,878,050			14,931,759

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

	Nine Months Ended September 30,
		2022			2021
Cash flows from operating activities:
Net income	$	630,058		$	6,935,751
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,341,420			4,275,140
Net loss on disposition or impairment		360,140			109,871
Net franchise fees recognized upon termination of franchise agreements		(15,218	)		(98,196	)
Deferred income taxes		73,403			(1,909,241	)
Stock based compensation expense		969,562			826,908
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(244,236	)		(1,069,864	)
Prepaid expenses and other current assets		(450,702	)		13,079
Deferred franchise costs		(186,618	)		(1,245,049	)
Deposits and other assets		(153,651	)		(95,176	)
Accounts payable		50,702			(49,415	)
Accrued expenses		(571,447	)		164,866
Payroll liabilities		(1,118,259	)		1,329,785
Deferred revenue		636,470			2,410,202
Other liabilities		360,791			852,926
Net cash provided by operating activities		5,682,415			12,451,587
Cash flows from investing activities:
Acquisition of AZ clinics		(6,861,256	)		(1,925,000	)
Acquisition of NC clinics		(1,105,000	)		(2,568,028	)
Purchase of property and equipment		(4,322,673	)		(5,382,857	)
Reacquisition and termination of regional developer rights		(2,650,000	)		(1,388,700	)
Net cash used in investing activities		(14,938,929	)		(11,264,585	)
Cash flows from financing activities:
Payments of finance lease obligation		(43,907	)		(59,285	)
Purchases of treasury stock under employee stock plans		(5,804	)		(707,728	)
Proceeds from exercise of stock options		362,029			1,480,634
Repayment of debt under the Paycheck Protection Program		—			(2,727,970	)
Net cash provided by (used in) financing activities		312,318			(2,014,349	)
Decrease in cash, cash equivalents and restricted cash		(8,944,196	)		(827,347	)
Cash, cash equivalents and restricted cash, beginning of period		19,912,338			20,819,629
Cash, cash equivalents and restricted cash, end of period	$	10,968,142		$	19,992,282
Reconciliation of cash, cash equivalents and restricted cash:	September 30, 2022			September 30, 2021
Cash and cash equivalents	$	10,272,112		$	19,542,685
Restricted cash		696,030			449,597
	$	10,968,142		$	19,992,282

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

	Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021			2022		2021
Non-GAAP Financial Data:
Net income	$	491,113		$	1,937,095		$	630,058	$	6,935,751
Net interest expense		25,235			16,139			60,668		54,050
Depreciation and amortization expense		2,011,768			1,662,255			5,341,420		4,275,140
Tax (benefit) expense		(15,876	)		(614,356	)		106,527		(1,644,496	)
EBITDA		2,512,240			3,001,133			6,138,673		9,620,445
Stock compensation expense		305,815			296,850			969,562		826,908
Acquisition related expenses		46,712			3,000			78,298		48,346
Loss (gain) on disposition or impairment		264,391			(3,540	)		360,140		16,967
Adjusted EBITDA	$	3,129,158		$	3,297,443		$	7,546,673	$	10,512,666

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.

EX-99.2

Exhibit 99.2

Q3 2022 Financial Results As of September 30 , 2022 | Reported on November 3, 2022

Safe Harbor Statements 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 int o account the information currently available to us. These statements are not statements of historical fact. Forward - looking statements involve risks and uncertainties that may caus e 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 operati ons (including temporary clinic closures, shortened business hours and reduced patient demand), inflation, exacerbated by COVID - 19 and the current war in Ukraine, our failure to de velop 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 pos ted on the internet which could drive down the market price of our common stock and result in class action lawsuits, our failure to remediate the current or future material weakne sse s in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidenc e, and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10 - K for the year ended December 31, 2021 filed wi th the SEC on March 14, 2022 and subsequently - filed current and quarterly reports.. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objec tiv es," "intends," "may," "opportunity," "plans," "potential," "near - term," "long - term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "sho uld," "could," "would," "will," and similar expressions are intended to identify such forward - looking statements. We qualify any forward - looking statements entirely by these cautionary fac tors. 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 exp res s any future trends or indications of future performance, unless expressed as such, and 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 Da kota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practice s. 2

The Joint © 2022 The Joint Corp. All Rights Reserved. 3 Forging the Chiropractic Dream Accelerating the Pace of Clinic Growth Harnessing the Power of Our Data

Performance Overcomes Macroeconomic Pressures 4 Q3 2022 Q3 2021 Revenue $26.6M $21.0M Operating Income $500k $1.3M Net Income $491k $1.9M Adjusted EBITDA 2 $3.1M $3.3M Unrestricted cash $10.3M at Sept. 30, 2022, compared to $19.5 M at December 31, 2021, reflecting continued investment strategy © 2022 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. 18% Increase in system - wide sales Q3 2022 over Q3 2021 6 % In crease in comp sales 1 for all clinics >13 months in operation Q3 2022 over Q3 2021 2 % In crease in comp sales 1 for all clinics >48 months in operation Q3 2022 over Q3 2021 4

12 26 82 175 242 265 309 352 394 453 515 610 690 4 47 61 47 48 60 64 96 115 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sept. 30, 2022 TOTAL CLINICS OPEN Franchise Company Owned/Managed Opened 38 Clinics in Q3 2022, Up from 33 in Q3 2021 © 2022 The Joint Corp. All Rights Reserved. 5 Q3 2021 Q3 2022 Franchise Licenses Sold 44 12 Total New Franchised Clinics Opened 28 33 Greenfield Clinics Opened 5 5 Franchised Clinics Acquired, Net 0 3 Clinics in Development 295 252 370 399 442 513 312 246 579 706 805

62% sold by RDs in Q3 2022 69% of clinics supported by 19 RDs as of Sept. 30, 2022 RDs cover 55% of Metropolitan Statistical Areas (MSAs) as of Sept. 30, 2022 37 99 126 121 156 58 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Sept. 30, 2022 616 715 841 962 1118 1176 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Sept. 30, 2022 112 155 204 253 283 252 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Sept. 30, 2022 Pipeline for Clinic Openings Remains Strong © 2022 The Joint Corp. All Rights Reserved. 6 1 Of the 1,176 franchise licenses sold as of September 30, 2022, 252 are in active development, 690 are currently operating and th e balance represents terminated/closed licenses. Gross Cumulative Franchise Licenses Sold 1 Franchise Licenses Sold Annually Clinics in Active Development 1 © 2022 The Joint Corp. All Rights Reserved.

7 Marketing Co - ops: The Joint is the Official Chiropractor for Professional and Collegiate Athletic Organizations As of 9/30/2022 © 2022 The Joint Corp. All Rights Reserved.

Q3 2022 Financial Results 8 $ in M 1 Q3 2022 Q3 2021 Differences Revenue • Corporate clinics • Franchise fees $26.6 15.8 10.8 $21.0 11.6 9.4 $5.6 4.2 1.4 27% 36% 15% Cost of revenue 2.5 2.3 0.2 8% Sales and marketing 3.5 2.9 0.6 23% Depreciation and amortization 2.0 1.7 0.3 21% G&A 18.1 12.8 5.3 41% Operating Income 0.5 1.3 (0.8) (63)% Tax Expense/(Benefit) (0.0) (0.6) 0.6 100% Net Income 0.5 1.9 (1.4) (75)% Adj. EBITDA 2 3.1 3.3 (0.2) (5)% © 2022 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 2022 Financial Results as of Sept. 30, 2022 9 $ in M 1 First 9 Mos. 2022 First 9 Mos. 2021 Differences Revenue • Corporate clinics • Franchise fees $74.1 42.9 31.2 $58.8 32.5 26.2 $15.3 10.4 4.9 26% 32% 19% Cost of revenue 7.2 6.1 1.1 18% Sales and marketing 10.7 8.5 2.2 25% Depreciation and amortization 5.3 4.3 1.1 25% G&A 50.1 34.5 15.5 45% Operating Income 0.8 5.3 (4.5) (85)% Tax Expense/(Benefit) 0.1 (1.6) 1.7 (106)% Net Income 0.6 6.9 (6.3) (91)% Adj. EBITDA 2 7.5 10.5 (3.0) (28)% © 2022 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.

Tightening 2022 Financial Guidance 10 $ in M 2021 Actual 2022 Low Guidance 2022 High Guidance Revenues $80.9 $100.0 $102.0 Adjusted EBITDA 1 $12.6 $11.5 $12.5 New Franchised Clinic Openings 110 110 130 New Company - owned/Managed Clinics 2 32 30 40 © 2022 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.

Driving Long - term Stakeholder Value 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) 67% CAGR 1 (2010 - 2021) The Joint Corp. 11 - yr. CAGR 67% 1 vs. Industry CAGR 5.4% 2* 1 For the period ended Dec. 31, 2021 | 2 June 2021 Kentley Insights Chiropractic Care Market Research Report 11 $8.1 $22.3 $46.2 $70.1 $98.6 $126.9 $165.1 $220.3 $260.0 $361.1 $315.2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sept. 30, 2022

Performance Metrics and Non - GAAP Measures 12 This presentation includes commonly discussed performance metrics. 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 impor tan t in understanding the company’s financial performance, because these sales are the basis on which the company calculates and records royalty fees a nd 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. This presentation includes 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 than GAAP measures alone. Reconciliations of net loss to EBITDA and Adjusted EBITDA are pres ent ed where applicable. The Company defines EBITDA as net income/(loss) before net interest, tax expense, depreciation, and amortization expenses. Th e C ompany 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 cap tions of other companies due to potential inconsistencies in the methods of calculation. EBITDA and Adjusted EBITDA should be reviewed in conjunction with th e Company’s financial statements filed with the SEC. © 2022 The Joint Corp. All Rights Reserved.

Q3 2022 Segment Results as of Sept. 30, 2022 13 2022 Q3 © 2022 The Joint Corp. All Rights Reserved. $ in 000s

YTD 2022 Segment Results as of Sept. 30, 2022 14 2022 © 2022 The Joint Corp. All Rights Reserved. $ in 000s © 2022 The Joint Corp. All Rights Reserved.

GAAP – Non - GAAP Reconciliation 15 © 2022 The Joint Corp. All Rights Reserved. $ in 000s

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 | 50 California Street, Suite 1500 | San Francisco, CA 94111| (415) 433 - 3777

© 2022 The Joint Corp. All Rights Reserved. 16 The Joint Corp. Contact Information 16

XML

Cover	Nov. 03, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 03, 2022
Entity File Number	001-36724
Entity Registrant Name	The Joint Corp.
Entity Central Index Key	0001612630
Entity Tax Identification Number	90-0544160
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	16767 N. Perimeter Drive, Suite 110
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85260
City Area Code	480
Local Phone Number	245-5960
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	JYNT
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false