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Financial Performance - Total revenues for the three months ended September 30, 2025, increased to $13,380,685, up from $12,654,396 in the same period of 2024, representing a growth of 5.7%[17] - Net income for the three months ended September 30, 2025, was $855,009, compared to a net loss of $3,165,139 for the same period in 2024, indicating a significant turnaround[17] - The company reported a basic net income per share from continuing operations of $0.02 for the three months ended September 30, 2025, compared to a loss of $0.03 per share in the same period of 2024[17] - Net income for the nine months ended September 30, 2025, was $1,916,168, a significant improvement compared to a net loss of $(5,814,558) in the same period of 2024[22] - The company reported net cash paid for interest of $37,917 for the nine months ended September 30, 2025, down from $56,668 in 2024[24] - The Franchise Operations segment had a net income of $290,370 for the three months ended September 30, 2025, compared to a loss of $414,383 in the same period of 2024[129] Assets and Liabilities - Total current assets decreased from $74,577,448 as of December 31, 2024, to $60,502,361 as of September 30, 2025, representing a decline of approximately 18.9%[14] - Total liabilities decreased from $62,476,289 to $46,663,932, a reduction of approximately 25.4%[14] - Cash, cash equivalents, and restricted cash increased to $30,713,135 as of September 30, 2025, up from $21,995,436 in 2024[23] - The balance of accounts receivable as of September 30, 2025, was $2,901,028, reflecting a net increase of $2,525,927 during the nine months ended September 30, 2025[79] - As of September 30, 2025, the total liabilities from discontinued operations were $22,878,807, a decrease from $37,367,459 at the end of 2024[85] Cash Flow and Investments - Cash flows from operating activities resulted in a net cash used of $(1,058,973) for the nine months ended September 30, 2025, compared to net cash provided of $5,284,936 in 2024[22] - The company generated $7,778,287 from the sale of clinics during the nine months ended September 30, 2025, compared to $374,100 in 2024[22] - Cash equivalents as of September 30, 2025, had an approximate fair value of $19.1 million, determined using Level 1 inputs[93] - The Company had an allowance for credit losses of $0.3 million as of September 30, 2025, up from $0.2 million as of December 31, 2024, reflecting an increase in expected uncollectible amounts[39] Operational Highlights - The company plans to continue its rapid expansion of chiropractic clinics, focusing on franchising in key North American markets and potentially abroad[9] - The company aims to leverage its regional developer program to accelerate clinic openings across the country[9] - The company expects to continue expanding its franchise operations, as indicated by the 63 executed letters of intent for future clinic licenses[71] - The company opened 21 franchised clinics during the nine months ended September 30, 2025, compared to 46 in the same period of 2024[32] - The company has initiated a refranchising plan for its corporate clinic segment, which is expected to significantly impact operations and financial results[82] Revenue Streams - Franchise fees increased to $964,796 for the three months ended September 30, 2025, compared to $697,688 in 2024, reflecting a growth of 38.3%[17] - Advertising fund revenue rose to $2,344,833 for the three months ended September 30, 2025, compared to $2,247,663 in 2024, marking an increase of 4.3%[17] - Revenues from company-owned or managed clinics for the nine months ended September 30, 2025, were $44,068,960, a decrease of 16.5% from $52,732,070 in the same period of 2024[85] - The company recognized advertising fees received under franchise agreements as advertising fund revenue, contributing to overall revenue growth[74] Challenges and Risks - The nationwide labor shortage has negatively impacted recruitment efforts, which may limit growth strategies and reduce net revenues[10] - The company expects to utilize cash resources to support business operations amid a volatile macroeconomic environment in 2025[10] - The company recorded a loss on disposal of $3,746,449 for the nine months ended September 30, 2025, compared to a loss of $5,598,123 in 2024[86] Future Outlook - The anticipated closing of the Elite Chiro Group Transaction is expected on or before November 25, 2025[10] - The company plans to adopt ASU 2023-09 for the year ending December 31, 2025, which will enhance income tax disclosures[68] - Estimated future revenues from unsatisfied performance obligations total $13,811,047, with $639,221 expected to be recognized in 2025 and $2,504,387 in 2026[81]

Financial Data and Key Metrics Changes - Revenue from continuing operations increased by 6% compared to Q3 2024, reaching $13.4 million [8][20] - Consolidated adjusted EBITDA grew by 36%, reflecting cost management efforts despite a 1.5% decline in system-wide sales and negative comp sales of 2% [8][18] - Unrestricted cash and cash equivalents stood at $29.7 million, up from $25.1 million at the end of the previous year [23] Business Line Data and Key Metrics Changes - System-wide sales decreased by 1.5% to $127 million, with comp sales down by 2% [18][20] - The company opened nine franchise clinics in Q3, bringing the total to 884 franchise clinics, which is 92% of the portfolio [19] - The break-even point for new clinics improved significantly due to enhanced pre-opening protocols [19] Market Data and Key Metrics Changes - The company is focusing on a national marketing campaign to drive new patient acquisition, shifting from local to national advertising [10][11] - The marketing strategy emphasizes pain relief, which is identified as the primary reason for seeking chiropractic care, with 80% of new patients citing aches and pains [10][12] Company Strategy and Development Direction - The company aims to become a pure-play franchisor by refranchising corporate clinics, with an initial agreement to sell 45 clinics in Southern California for $4.5 million [9][27] - A new pricing pilot for wellness plans is being tested to optimize revenue while maintaining affordability [16][28] - The company is enhancing patient experience through technology upgrades, including a mobile app that has seen 178,000 downloads [17][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds affecting the refranchising timeline but expressed confidence in progress [27] - The company revised its full-year 2025 guidance, expecting system-wide sales to range from $530-$534 million, down from previous guidance [24] - Management believes that 2026 will be more profitable than 2025 due to ongoing cost-saving initiatives and refranchising efforts [24][38] Other Important Information - The company was recognized in the Franchise Times Top 400 for the sixth consecutive year, ranking 139th [25] - The patient-facing mobile app is expected to enhance patient engagement and retention, although it is too early to measure its impact [42][43] Q&A Session Summary Question: Timeline for completing refranchising of corporate clinics - Management indicated that while exact timing is uncertain due to lender dynamics, they are confident in making progress [27] Question: Details on pricing plan pilot - The company is testing three different price increase levels for wellness plans to find the optimal balance for patients [28] Question: Steps to improve same-store sales - Management highlighted a shift in marketing focus to pain relief and reallocating funds from local to national marketing efforts [30] Question: Initiatives to improve break-even point for new clinics - The company has implemented robust pre-opening protocols to ensure new clinics achieve break-even faster [32] Question: Trends in comp growth and guidance for Q4 - Management noted that comps were slightly softer at the end of Q3 and that Q4 comparisons would be tougher due to last year's performance [34] Question: SG&A expense reductions and adjusted EBITDA guidance - Management is targeting significant reductions in SG&A expenses as part of the refranchising process [36][38] Question: Performance of clinics in Southern California - The clinics in Southern California are generally performing well, and the company is focused on finding strong operators for refranchising [40] Question: Insights on app utilization and engagement - While it's early to provide metrics, initial feedback on the app's patient experience has been very positive [42][43] Question: Timing for potential pricing increases - Management anticipates activating pricing changes in Q1 2026, pending insights from ongoing tests [45]

Financial Performance (Q3 2025) - Revenue increased by 6% to $13.4 million compared to $12.7 million in Q3 2024[31] - Consolidated Adjusted EBITDA increased by 36% to $3.3 million compared to $2.4 million in Q3 2024[28, 31] - System-wide sales decreased by (1.5)% in Q3 2025[28] - Comp sales decreased by (2.0)% in Q3 2025[28] Financial Performance (YTD 2025) - Revenue increased by 6% to $39.7 million compared to $37.4 million in YTD 2024[32] - Consolidated Adjusted EBITDA increased by 16% to $9.4 million compared to $8.1 million in YTD 2024[32] Strategic Initiatives - Focused on becoming a pure-play franchisor, actively engaged in negotiations for the balance of the corporate portfolio[12] - Launched 3 pricing pilots to inform enterprise-wide price increase in Q1 2026[21] - Revising 2025 system-wide sales guidance to $530 million - $534 million[36]

Revenue and Sales Performance - Revenue increased 6% to $13.4 million compared to Q3 2024, up from $12.7 million[7] - System-wide sales reported at $127.3 million, a decline of 1.5% year-over-year[5] - Comp sales decreased by 2.0%[5] - Total revenues for the three months ended September 30, 2025, increased to $13,380,685, up 5.7% from $12,654,396 in the same period of 2024[28] - System-wide sales guidance for 2025 updated to range from $530 million to $534 million[19] - Comp sales guidance for 2025 revised to a range of (1)% to 0%[19] Net Income and Profitability - Net income improved to $855,000 from a net loss of $3.2 million in Q3 2024[9] - Net income for the nine months ended September 30, 2025, was $1,916,168, compared to a net loss of $5,814,558 for the same period in 2024[30] - Net income for Q3 2025 was $290,370, a decrease from $564,639 in Q3 2024, reflecting a significant decline in profitability[33] - For the nine months ended September 30, 2025, the net loss was $(1,205,286), an improvement from a net loss of $(2,523,325) in the same period of 2024[33] Cash and Liquidity - Unrestricted cash was $29.7 million as of September 30, 2025, compared to $25.1 million at the end of 2024[11] - Cash and cash equivalents increased to $29,699,953 as of September 30, 2025, from $25,051,355 as of December 31, 2024, representing a growth of 10.6%[26] Expenses and Costs - Adjusted EBITDA increased 36% to $3.3 million from $2.4 million in Q3 2024[10] - Adjusted EBITDA for Q3 2025 was $1,408,903, compared to $1,893,201 in Q3 2024, indicating a decrease of approximately 25.5% year-over-year[33] - For the nine months ended September 30, 2025, adjusted EBITDA was $1,543,346, a decrease from $9,396,285 in the same period of 2024, reflecting operational challenges[33] - Restructuring costs for Q3 2025 amounted to $355,042, compared to a credit of $(25,000) in Q3 2024, highlighting increased restructuring efforts[33] - Litigation expenses for Q3 2025 were $100,000, while in Q3 2024, they were $250,000, showing a reduction in legal costs[33] - The company reported net interest expense of $(253,277) in Q3 2025, compared to $(83,828) in Q3 2024, indicating a rise in interest costs[33] - Depreciation and amortization expense for Q3 2025 was $446,736, up from $345,835 in Q3 2024, reflecting increased asset depreciation[33] - Costs related to restatement filings were $113,477 in Q3 2025, with no such costs reported in Q3 2024, indicating ongoing financial adjustments[33] - The company recorded a net loss on disposition or impairment of $860,598 in Q3 2025, compared to $3,581 in Q3 2024, suggesting significant asset write-downs[33] Assets and Liabilities - Total current liabilities decreased to $33,048,677 as of September 30, 2025, down from $49,042,087 as of December 31, 2024, a reduction of 32.6%[26] - Total assets decreased to $69,385,481 as of September 30, 2025, from $83,154,408 as of December 31, 2024[26] Franchise and Clinic Operations - Franchise fees for the three months ended September 30, 2025, rose to $964,796, a 38.3% increase from $697,688 in the same period of 2024[28] - New clinic openings guidance remains at 30 to 35 for 2025[19] - The company has authorized an additional $12 million for its stock repurchase program[7]

Core Insights - The Joint Corp. reported a 6% increase in revenue for Q3 2025, reaching $13.4 million compared to $12.7 million in Q3 2024 [5][7][12] - The company authorized an additional $12 million for share repurchases, reflecting confidence in its growth and profitability strategies [5][11] Financial Performance - Revenue for the first nine months of 2025 was $39.7 million, up 6% from $37.4 million in the same period of 2024 [12] - Consolidated net income for Q3 2025 was $855,000, a significant improvement from a net loss of $3.2 million in Q3 2024 [7][8] - Adjusted EBITDA for consolidated operations increased by 36% to $3.3 million from $2.4 million in Q3 2024 [9][13] Operational Highlights - The company sold eight franchise licenses in Q3 2025, compared to seven in Q3 2024 [7] - The total clinic count as of September 30, 2025, was 962, with 884 franchised and 78 company-owned or managed [7] - System-wide sales reported were $127.3 million, a decline of 1.5% [7] Strategic Initiatives - The company is focusing on refranchising its corporate portfolio and enhancing patient acquisition strategies [4] - Investments in digital marketing and search engine optimization are being made to improve brand visibility and patient experience [4] - A three-tiered pricing pilot for the wellness plan was initiated in November 2025 [4] Balance Sheet and Cash Flow - Unrestricted cash at September 30, 2025, was $29.7 million, an increase from $25.1 million at the end of 2024 [10] - The company has a currently undrawn line of credit with JP Morgan Chase, providing access to $20 million through August 2027 [10] Guidance and Future Outlook - The company updated its guidance for system-wide sales to range from $530 million to $534 million for the full year of 2025 [18] - Comp sales guidance was adjusted to a range of (1)% to 0% for the year, down from previous expectations of low-single-digit growth [18]

Core Viewpoint - The Joint Corp. has authorized an additional $12 million for its stock repurchase program, emphasizing its commitment to disciplined capital allocation and belief in the undervaluation of its long-term growth potential [1][2]. Company Overview - The Joint Corp. is the largest provider of chiropractic care in the U.S. through The Joint Chiropractic network, with over 950 locations and more than 14 million patient visits annually [3]. - The company operates a retail healthcare business model that eliminates the need for insurance, making chiropractic care more accessible and affordable [3]. - The Joint Corp. has received multiple accolades, including being named "No. 1 in Chiropractic Services" by Entrepreneur and consistently ranking in Franchise Times' annual lists [3]. Business Structure - The Joint Corp. functions as both a franchisor and operator of clinics in various states, providing management services to affiliated chiropractic practices [4].

Core Viewpoint - Apollo has announced a $6.5 billion investment for a 50% stake in Ørsted's Hornsea 3, the world's largest offshore wind project, which will significantly contribute to renewable energy generation in the UK [1][2][3] Investment Details - The $6.5 billion investment includes both the acquisition price for the 50% interest in the joint venture and a commitment to fund 50% of the remaining construction costs [1] - Upon completion, Hornsea 3 will have a capacity of 2.9GW, enough to power over 3 million UK households [2] - The investment is expected to close before the end of 2025, with approximately $3.25 billion to be invested upon closing and the remaining amount to be funded as the project progresses [3][4] Strategic Importance - Ørsted views Apollo as a valuable partner due to its ability to provide long-term, comprehensive equity and financing solutions for large-scale infrastructure projects [4] - The partnership is expected to enhance energy security and support the UK's net zero ambitions [3] Recent Activities - This investment follows a series of large-scale capital solutions provided by Apollo for European energy infrastructure, including a €3.2 billion investment in the German energy grid and a £4.5 billion financing commitment for EDF's Hinkley Point C nuclear power plant [5]

Core Viewpoint - 80 Mile PLC has entered into a Binding Head of Terms with USFM Corporation for a US$30 million investment to acquire a 51% interest in the Disko-Nuussuaq project in Greenland, positioning the company to advance its exploration and development efforts in a region rich in critical minerals [1][2][4]. Financial Terms - The US Partner will invest US$30 million in three increments of US$10 million over three years to earn a 51% interest in the Disko project [7]. - 80 Mile will receive a management fee of 12.5% on all expenditures incurred at Disko and a cash payment of £500,000 upon signing definitive agreements [1][7]. Project Details - Disko is identified as a highly prospective area for copper, nickel, cobalt, and platinum group elements (PGE), with significant mineralization potential similar to the Norilsk-Talnakh mine in Russia [6][9]. - The project area covers 3,015 square kilometers and is located approximately 120 kilometers from Ilulissat, which has essential infrastructure to support operations [12]. Geological Significance - Seven significant Magmatic Massive Sulphide (MMS) targets have been identified, with the largest measuring 5.9 km by 1.1 km [9]. - A 28-ton boulder of pure massive sulphides has been discovered, assaying 6.9% nickel, 3.7% copper, 0.6% cobalt, and 2 grams per tonne of platinum group metals [9][10]. Strategic Importance - The partnership with USFM Corporation is seen as a major milestone for both Disko and 80 Mile, aimed at accelerating drilling and resource definition while maintaining operational leadership [5][6]. - The project is positioned within a global context of increasing demand for critical resources, particularly from the U.S. administration's interest in Greenland's minerals [4][5].

Core Viewpoint - Nabors Industries Ltd. announced that its land drilling joint venture SANAD in Saudi Arabia will resume operations for two rigs that had been temporarily suspended, with expected return dates in March 2026 and June 2026, respectively. The contracts for these rigs have been extended to match the duration of their suspension [1][2]. Company Overview - Nabors Industries is a leading provider of advanced technology for the energy industry, operating in over 20 countries. The company focuses on delivering safe, efficient, and responsible energy production through its expertise in drilling, engineering, automation, data science, and manufacturing [2]. Market Position - SANAD is recognized as the largest land drilling contractor in Saudi Arabia, playing a crucial role in the development of the Kingdom's energy resources. The resumption of rig operations is seen as a positive development in this significant market [2].