The Joint Corp. (NASDAQ:JYNT) Q2 2023 Earnings Conference Call September 13, 2023 5:00 PM ET

Company Participants

Kirsten Chapman - Managing Director and Principal, HA Investor Relations

Peter Holt - President and Chief Executive Officer

Jake Singleton - Chief Financial Officer

Conference Call Participants

Richard Magnusen - B. Riley FBR

George Kelly - ROTH MKM

Anthony Vendetti - Maxim Group

Operator

Good afternoon, and welcome to the preliminary Q2 2023 Financial Review for The Joint Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today’s event is being recorded.

I would now like to turn the conference over to Kirsten Chapman of LHA Investor Relations. Please go ahead.

Kirsten Chapman

Thank you, Rocco. Thank you, everyone, for joining us this afternoon. This is Kirsten Chapman of LHA Investor Relations and Alliance Advisors Company. Joining us on the call today are President and CEO, Peter Holt and CFO, Jake Singleton. Today, after the close of market, The Joint issued its preliminary financial statements for the quarter ended June 30, 2023. If you do not already have a copy of this press release, it can be found in the Investor Relations section of the company’s website. Please be advised that today’s discussion includes forward-looking statements, including statements concerning our strategy, future operations, future financial propositions, plans and objectives of management.

Throughout today’s discussion, we will present some important factors relating to our business that could affect these forward-looking statements. The forward-looking statements are made based on current predictions and expectations and estimates and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from the statements we make today. Factors that could contribute to these differences include, but are not limited to, our preliminary results different 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 current credit facility, given that our borrowings are under the credit facility at bear interest rates tied to certain rising benchmark interest rates, state laws limiting the use of our business model, including prohibitions on advanced payments for chiropractic services, which recently caused us to elect not to offer franchises in South Dakota and Wyoming. Increased costs to comply with the new SEC reporting rule enhancing and standardizing disclosure regarding cybersecurity incidents and cybersecurity risk management.