Delivered $248.4 Million Total Revenue
Generated Net Income of $27.6 Million, or $0.19
Per Diluted Share, with Adjusted EPS of $0.21
Achieved an Adjusted EBITDA of $64.5 Million
and Adjusted EBITDA Margin of 26.0%
Deployed $10.1 Million into Share
Repurchases
Acquired Assets of Terminal Maintenance and
Construction (“TMC”), a Premier Provider of Terminal Maintenance
Services for the Trucking Industry in the Southeast
Updates Full-year 2024 Revenue and Adjusted
EBITDA Guidance
Janus International Group, Inc. (NYSE: JBI) (“Janus” or the
“Company”), a leading provider of building product solutions and
cutting-edge access control technologies for the self-storage and
other commercial and industrial sectors, today announced financial
results for its fiscal second quarter ended June 29, 2024.
Second Quarter 2024 Highlights
- Revenues of $248.4 million, an 8.2% decrease compared to $270.6
million for the second quarter of 2023, as total Self-Storage
revenues were down 6.2% and Commercial and Other declined
12.4%.
- Net income of $27.6 million, or $0.19 per diluted share, a
25.4% decrease compared to $37.0 million, or $0.25 per diluted
share in the second quarter of 2023.
- Adjusted Net Income (defined as net income plus the
corresponding tax-adjusted add-backs shown in the Adjusted EBITDA
reconciliation tables below) of $30.1 million, down 18.9% compared
to $37.1 million in the second quarter of 2023. Adjusted Net Income
per diluted share of $0.21, a 16.0% decrease compared to $0.25 per
diluted share in the second quarter of 2023.
- Adjusted EBITDA of $64.5 million, a 12.8% decrease compared to
$74.0 million for the second quarter of 2023, driven by decreases
in revenues and increases in general and administrative expenses.
Adjusted EBITDA margin (defined as total revenues divided by
Adjusted EBITDA) was 26.0%, a decrease of approximately 130 basis
points from the prior year period due primarily to the negative
impacts of sales channel mix and increased operating costs as the
business scales for continued growth.
- Long-term debt to net income ratio of 4.6x compared to 4.6x in
the fourth quarter of 2023. Net leverage ratio of 1.7x, an increase
of 0.1x from the fourth quarter of 2023.
- Repurchased 0.75 million shares for $10.1 million (including
commissions and excise taxes) in the second quarter. At quarter
end, the Company had $74.9 million remaining on its share
repurchase authorization.
“We delivered solid margin performance in the second quarter
despite a sustained high interest rate environment that is driving
cautious behavior across our end markets.” said Ramey Jackson,
Chief Executive Officer. “Our cash flow generation remained strong,
and we were active with our capital allocation plans including
additional share repurchases, along with a partial paydown and
repricing of our first lien term loan. We also completed the
acquisition of the assets of TMC, a premier provider of trucking
terminal renovation, remodeling, and maintenance services that
expands our suite of offerings in the Commercial sales
channel.”
Mr. Jackson continued, “We remain well positioned to deliver for
our customers throughout market cycles supported by our
comprehensive suite of market leading products, innovative mix of
technology-driven offerings and robust balance sheet. Based on our
first half results and in light of current market conditions, we
are revising our 2024 guidance. Importantly, the fundamentals we
see driving our industry remain intact, and we remain focused on
executing our business plan to deliver long-term shareholder
value.”
2024 Financial Outlook:
Based on the Company’s current business outlook, Janus is
updating its full year 2024 guidance as follows:
- Revenue in a range of $1.005 billion to $1.035 billion, which
represents a 4.3% decrease at the midpoint as compared to 2023
levels.
- Adjusted EBITDA in a range of $255 million to $275 million,
which represents a 7.2% decrease at the midpoint as compared to
2023 levels.
The estimates set forth above were prepared by the Company’s
management and are based upon a number of assumptions. See
“Forward-Looking Statements.” The Company has excluded a
quantitative reconciliation of Adjusted EBITDA with respect to the
Company’s 2024 guidance under the “unreasonable efforts” exception
in Item 10(e)(1)(i)(B) of Regulation S-K. See “Non-GAAP Financial
Measures” below for additional information.
About Janus International Group
Janus International Group, Inc. (www.JanusIntl.com) is a leading
global manufacturer and supplier of turn-key self-storage,
commercial and industrial building solutions, including: roll-up
and swing doors, hallway systems, relocatable storage units and
facility and door automation technologies. The Janus team operates
out of several U.S. locations and six locations
internationally.
Conference Call and Webcast
The Company will host a conference call and webcast to review
second quarter results and conduct a question-and-answer session on
Wednesday August 7, 2024 at 10:00 a.m. Eastern time. The live
webcast and archived replay of the conference call can be accessed
on the Investors section of the Company’s website at
www.janusintl.com. For those unable to access the webcast, the
conference call will be accessible domestically or internationally,
by dialing 1-844-825-9789 or 1-412-317-5180, respectively. Upon
dialing in, please request to join the Janus International Group
Second Quarter 2024 Earnings Conference Call. To access the replay
of the call, dial 1-844-512-2921 (Domestic) and 1-412-317-6671
(International) with pass code 13745857.
Forward-Looking Statements
Certain statements in this communication, including the
estimated guidance provided under “2024 Financial Outlook” herein,
may be considered “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact included in
this communication are forward-looking statements, including, but
not limited to statements regarding Janus’s belief regarding the
demand outlook for Janus’s products, the strength of the
industrials markets, and Janus’s expectations regarding its
revenue, operating expenses, other operating results, and other key
metrics, including Janus’s ability to meet previously announced
earnings guidance with respect to Janus and/or its individual
segments. When used in this communication, words such as “may,”
“should,” “could,” “would,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “continue,” “positioned,” or the negative of
such terms or other similar expressions, as they relate to the
management team, identify forward-looking statements. Such
forward-looking statements are based on the current beliefs of
Janus’s management, based on currently available information, as to
the outcome and timing of future events, and involve factors,
risks, and uncertainties that may cause actual results in future
periods to differ materially from such statements. In addition to
factors previously disclosed in Janus’s reports filed with the SEC
and those identified elsewhere in this communication, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: (i) risks of the self-storage industry; (ii) the
highly competitive nature of the self-storage industry and Janus’s
ability to compete therein; (iii) litigation, complaints, and/or
adverse publicity; (iv) cyber incidents or directed attacks that
could result in information theft, data corruption, operational
disruption, and/or financial loss; (v) risks related to our share
repurchase program, including risks if it is or is not fully
consummated and the risk that it will not enhance shareholder
value; (vi) the risk that the demand outlook for Janus’s products
may not be as strong as anticipated; (vii) general economic
conditions, including the capital and credit markets, and adverse
macroeconomic conditions, including unemployment, inflation, rising
interest rates, changes in consumer practices due to slower
economic growth, and regional or global liquidity constraints; and
(viii) any anticipated synergies and/or benefits from acquisitions.
There can be no assurance that the events, results, trends, or
guidance regarding the financial outlook identified in these
forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Janus is not under any obligation and expressly disclaims any
obligation, to update, alter, or otherwise revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. This
communication is not intended to be all-inclusive or to contain all
the information that a person may desire in considering an
investment in Janus and is not intended to form the basis of an
investment decision in Janus. All subsequent written and oral
forward-looking statements concerning Janus or other matters and
attributable to Janus or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above and under the heading “Risk Factors” in Janus’s most recently
filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
as updated from time to time in amendments and its subsequent
filings with the SEC.
Non-GAAP Financial Measures
Janus uses measures of performance that are not required by or
presented in accordance with GAAP in the United States. Non-GAAP
financial performance measures are used to supplement the financial
information presented on a GAAP basis. These non-GAAP financial
measures should not be considered in isolation or as a substitute
for the relevant GAAP measures and should be read in conjunction
with information presented on a GAAP basis.
Adjusted EBITDA and Adjusted Net Income are non-GAAP financial
measures used by Janus to evaluate its operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses and the allocation
of internal resources. Accordingly, Janus believes Adjusted EBITDA
and Adjusted Net Income provide useful information to investors and
others in understanding and evaluating Janus’s operating results in
the same manner as its management and board of directors and in
comparison with Janus’s peer group companies. In addition, Adjusted
EBITDA and Adjusted Net Income provide useful measures for
period-to-period comparisons of Janus’s business, as they remove
the effect of certain non-recurring events and other non-recurring
charges, such as acquisitions, and certain variable or
non-recurring charges. Adjusted EBITDA is defined as net income
excluding interest expense, income taxes, depreciation expense,
amortization, and other non-operational, non-recurring items.
Adjusted Net Income is defined as net income plus the corresponding
tax-adjusted add-backs shown in the Adjusted EBITDA
reconciliation.
Please note that the Company has not provided the most directly
comparable GAAP financial measure, or a quantitative reconciliation
thereto, for the Adjusted EBITDA forward-looking guidance for 2024
and long-term outlook included in this communication in reliance on
the “unreasonable efforts” exception provided under Item
10(e)(1)(i)(B) of Regulation S-K. Providing the most directly
comparable GAAP financial measure, or a quantitative reconciliation
thereto, cannot be done without unreasonable effort due to the
inherent uncertainty and difficulty in predicting certain non-cash,
material and/or non-recurring expenses or benefits, legal
settlements or other matters, and certain tax positions. Because
these adjustments are inherently variable and uncertain and depend
on various factors that are beyond the Company’s control, the
Company is also unable to predict their probable significance. The
variability of these items could have an unpredictable, and
potentially significant, impact on our future GAAP financial
results.
Adjusted EBITDA and Adjusted Net Income should not be considered
in isolation of, or as an alternative to, measures prepared in
accordance with GAAP. There are a number of limitations related to
the use of Adjusted EBITDA and Adjusted Net Income rather than net
income (loss), which is the nearest GAAP equivalent of Adjusted
EBITDA and Adjusted Net Income. These limitations include that the
non-GAAP financial measures: exclude depreciation and amortization,
and although these are non-cash expenses, the assets being
depreciated may be replaced in the future; do not reflect interest
expense, or the cash requirements necessary to service interest on
debt, which reduces cash available; do not reflect the provision
for or benefit from income tax that may result in payments that
reduce cash available; exclude non-recurring items (i.e., the
extinguishment of debt); and may not be comparable to similar
non-GAAP financial measures used by other companies, because the
expenses and other items that Janus excludes in the calculation of
these non-GAAP financial measures may differ from the expenses and
other items, if any, that other companies may exclude from these
non-GAAP financial measures when they report their operating
results. Because of these limitations, these non-GAAP financial
measures should be considered along with other operating and
financial performance measures presented in accordance with
GAAP.
Janus International Group, Inc.
Consolidated Statements of Operations
and Comprehensive Income
(In millions, except share and per
share data - Unaudited)
Three Months Ended
Six Months Ended
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
REVENUES
Product revenues
$
205.8
$
232.8
$
420.9
$
448.2
Service revenues
42.6
37.8
82.0
74.3
Total Revenues
$
248.4
$
270.6
$
502.9
$
522.5
Product cost of revenues
115.1
126.3
229.8
250.7
Service cost of revenues
24.3
28.0
53.7
55.6
Cost of Revenues
$
139.4
$
154.3
$
283.5
$
306.3
GROSS PROFIT
$
109.0
$
116.3
$
219.4
$
216.2
OPERATING EXPENSES
Selling and marketing
17.1
16.7
34.7
31.5
General and administrative
40.3
35.3
77.6
69.4
Operating Expenses
$
57.4
$
52.0
$
112.3
$
100.9
INCOME FROM OPERATIONS
$
51.6
$
64.3
$
107.1
$
115.3
Interest expense, net
(13.0
)
(14.8
)
(27.3
)
(30.8
)
Loss on extinguishment and modification of
debt
(1.7
)
—
(1.7
)
—
Other income (expense)
0.2
(0.1
)
0.2
(0.1
)
INCOME BEFORE TAXES
$
37.1
$
49.4
$
78.3
$
84.4
Provision for Income Taxes
9.5
12.4
20.0
21.4
NET INCOME
$
27.6
$
37.0
$
58.3
$
63.0
Other Comprehensive Income
(Loss)
$
0.2
$
0.6
$
(0.4
)
$
1.3
COMPREHENSIVE INCOME
$
27.8
$
37.6
$
57.9
$
64.3
Weighted-average shares outstanding,
basic and diluted
Basic
145,857,673
146,765,631
146,230,907
146,734,762
Diluted
146,435,123
146,772,157
146,740,667
146,762,029
Net income per share, basic and
diluted
Basic
$
0.19
$
0.25
$
0.40
$
0.43
Diluted
$
0.19
$
0.25
$
0.40
$
0.43
Janus International Group, Inc.
Consolidated Balance Sheets
(In millions, except share and per
share data - Unaudited)
June 29, 2024
December 30, 2023
ASSETS
Current Assets
Cash and cash equivalents
$
110.1
$
171.7
Accounts receivable, less allowance for
credit losses of $4.0 and $3.6, at June 29, 2024 and December 30,
2023, respectively
178.8
174.1
Contract assets
32.7
49.7
Inventories
50.8
48.4
Prepaid expenses
8.8
8.4
Other current assets
24.9
10.8
Total current assets
$
406.1
$
463.1
Property, plant and equipment, net
57.6
52.4
Right-of-use assets, net
52.5
50.9
Intangible assets, net
401.2
375.3
Goodwill
384.3
368.6
Deferred tax asset, net
31.1
36.8
Other assets
2.6
2.9
Total assets
$
1,335.4
$
1,350.0
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities
Accounts payable
$
57.8
$
59.8
Contract liabilities
25.5
26.7
Current maturities of long-term debt
7.3
7.3
Accrued expenses and other current
liabilities
53.5
80.3
Total current liabilities
$
144.1
$
174.1
Long-term debt, net
585.8
607.7
Deferred tax liability, net
1.7
1.7
Other long-term liabilities
47.5
46.9
Total liabilities
$
779.1
$
830.4
STOCKHOLDERS’ EQUITY
Common stock, 825,000,000 shares
authorized, $0.0001 par value, 147,194,938 and 146,861,489 shares
issued at June 29, 2024 and December 30, 2023, respectively
$
—
$
—
Treasury stock, at cost, 1,886,228 and
34,297 shares as of June 29, 2024 and December 30, 2023,
respectively
(26.9
)
(0.4
)
Additional paid-in capital
294.3
289.0
Accumulated other comprehensive loss
(3.3
)
(2.9
)
Retained earnings
292.2
233.9
Total stockholders’ equity
$
556.3
$
519.6
Total liabilities and stockholders’
equity
$
1,335.4
$
1,350.0
Janus International Group, Inc.
Consolidated Statements of Cash
Flows
(In millions - Unaudited)
Six Months Ended
June 29, 2024
July 1, 2023
Cash Flows Provided By Operating
Activities
Net Income
$
58.3
$
63.0
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation of property, plant and
equipment
5.9
4.4
Noncash lease expense
3.6
3.0
Provision for inventory obsolescence
—
(0.8
)
Amortization of intangibles
15.5
14.8
Deferred income taxes
5.7
—
Deferred finance fee amortization
1.4
2.2
Provision for losses on accounts
receivable
0.5
0.8
Share-based compensation
5.3
3.6
Loss on equity investment
—
0.1
Changes in operating assets and
liabilities, excluding effects of acquisition
Accounts receivable
(2.7
)
(0.9
)
Contract assets
16.9
(10.8
)
Prepaid expenses and other current
assets
(13.7
)
8.4
Inventories
(2.2
)
9.1
Other assets
0.1
2.0
Accounts payable
(2.8
)
3.2
Contract liabilities
(1.6
)
(2.9
)
Accrued expenses and other current
liabilities
(27.4
)
2.0
Other long-term liabilities
(3.2
)
(4.6
)
Net Cash Provided By Operating
Activities
$
59.6
$
96.6
Cash Flows Used In Investing
Activities
Purchases of property, plant, and
equipment
$
(10.3
)
$
(9.6
)
Cash paid for acquisitions, net of cash
acquired
(60.1
)
(1.0
)
Net Cash Used In Investing
Activities
$
(70.4
)
$
(10.6
)
Cash Flows Used In Financing
Activities
Principal payments on long-term debt
$
(23.4
)
$
(54.0
)
Principal payments under finance lease
obligations
(1.0
)
(0.3
)
Payments for deferred financing fees
(0.2
)
—
Cash paid for common shares withheld for
taxes
(0.9
)
—
Repurchase of common shares
(25.2
)
—
Net Cash Used In Financing
Activities
$
(50.7
)
$
(54.3
)
Effect of exchange rate changes on
cash
$
(0.1
)
$
0.6
Net (Decrease) Increase in Cash
$
(61.6
)
$
32.3
Cash, Beginning of Period
$
171.7
$
78.4
Cash, End of Period
$
110.1
$
110.7
Supplemental Cash Flows
Information
Interest paid
$
39.0
$
28.4
Income taxes paid
$
24.3
$
11.2
Cash paid for operating leases included in
operating activities
$
4.3
$
4.1
Non-cash Investing and Financing
Activities:
Right-of-use assets obtained in exchange
for operating lease obligations
$
4.2
$
—
Right-of-use assets obtained in exchange
for finance lease obligations
$
1.4
$
2.1
RSU shares withheld included in accrued
employee taxes
$
0.2
$
0.2
Excise taxes from common share repurchase
included in accrued expenses
$
0.3
$
—
Capital expenditures in accounts
payable
$
0.4
$
—
Janus International Group, Inc.
Revenue by Sales Channel
(In millions)
Three Months Ended
Variance
Consolidated
June 29, 2024
% of sales
July 1, 2023
% of sales
$
%
New Construction - Self Storage
$
110.7
44.6
%
$
103.2
38.1
%
$
7.5
7.3
%
R3 - Self Storage
61.5
24.8
%
80.4
29.7
%
(18.9
)
(23.5
)%
Self Storage
$
172.2
69.3
%
$
183.6
67.8
%
$
(11.4
)
(6.2
)%
Commercial and Other
76.2
30.7
%
87.0
32.2
%
(10.8
)
(12.4
)%
Total
$
248.4
100.0
%
$
270.6
100.0
%
$
(22.2
)
(8.2
)%
Six Months Ended
Variance
Consolidated
June 29, 2024
% of sales
July 1, 2023
% of sales
$
%
New Construction - Self Storage
$
227.3
45.2
%
$
186.4
35.7
%
$
40.9
21.9
%
R3 - Self Storage
132.1
26.3
%
165.8
31.7
%
(33.7
)
(20.3
)%
Self Storage
$
359.4
71.5
%
$
352.2
67.4
%
$
7.2
2.0
%
Commercial and Other
143.5
28.5
%
170.3
32.6
%
(26.8
)
(15.7
)%
Total
$
502.9
100.0
%
$
522.5
100.0
%
$
(19.6
)
(3.8
)%
Janus International Group, Inc.
Reconciliation of Net Income to EBITDA*
and Adjusted EBITDA*
(In millions)
Three Months Ended
Variance
June 29, 2024
July 1, 2023
$
%
Net Income
$
27.6
$
37.0
$
(9.4
)
(25.4
)%
Interest, net
13.0
14.8
(1.8
)
(12.2
)%
Income taxes
9.5
12.4
(2.9
)
(23.4
)%
Depreciation
3.0
2.2
0.8
36.4
%
Amortization
8.0
7.4
0.6
8.1
%
EBITDA*
$
61.1
$
73.8
$
(12.7
)
(17.2
)%
Restructuring charges1
0.3
0.2
0.1
50.0
%
Acquisition expense2
1.4
—
1.4
100.0
%
Loss on extinguishment and modification of
debt3
1.7
—
1.7
100.0
%
Adjusted EBITDA*
$
64.5
$
74.0
$
(9.5
)
(12.8
)%
Six Months Ended
Variance
June 29, 2024
July 1, 2023
$
%
Net Income
$
58.3
$
63.0
$
(4.7
)
(7.5
)%
Interest, net
27.3
30.8
(3.5
)
(11.4
)%
Income taxes
20.0
21.4
(1.4
)
(6.5
)%
Depreciation
5.9
4.4
1.5
34.1
%
Amortization
15.5
14.8
0.7
4.7
%
EBITDA*
$
127.0
$
134.4
$
(7.4
)
(5.5
)%
Restructuring charges1
0.7
0.8
(0.1
)
(12.5
)%
Acquisition expense2
1.4
—
1.4
100.0
%
Loss on extinguishment and modification of
debt3
1.7
—
1.7
100.0
%
Adjusted EBITDA*
$
130.8
$
135.2
$
(4.4
)
(3.3
)%
(1)
Restructuring charges consist of the
following: 1) facility relocations, and 2) severance and hiring
costs associated with our strategic transformation, including
executive leadership team changes, strategic business assessment
and transformation projects.
(2)
Income or expenses related to various
professional fees and legal settlements from acquisition
activities.
(3)
Adjustment for loss on extinguishment and
modification of debt regarding the write off of unamortized fees
and third-party fees as a result of the debt modification completed
in April 2024.
*Janus uses measures of performance that
are not required by or presented in accordance with GAAP in the
United States. Non-GAAP financial performance measures are used to
supplement the financial information presented on a GAAP basis.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for the relevant GAAP measures and
should be read in conjunction with information presented on a GAAP
basis.
The Company has excluded a quantitative
reconciliation of Adjusted EBITDA with respect to the Company’s
2024 guidance in the “2024 Financial Outlook” section under the
“unreasonable efforts” exception in Item 10(e)(1)(i)(B) of
Regulation S-K. Providing the most directly comparable GAAP
financial measure, or a quantitative reconciliation thereto, cannot
be done without unreasonable effort due to the inherent uncertainty
and difficulty in predicting certain non-cash, material and/or
non-recurring expenses or benefits, legal settlements or other
matters, and certain tax positions. Because these adjustments are
inherently variable and uncertain and depend on various factors
that are beyond the Company's control, the Company is also unable
to predict their probable significance. The variability of these
items could have an unpredictable, and potentially significant,
impact on our future GAAP financial results.
Janus International Group, Inc.
Reconciliation of Net Income to
Adjusted Net Income*
(In millions)
(dollar amounts in tables in millions)
Three Months Ended
Six Months Ended
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Net Income
$
27.6
$
37.0
$
58.3
$
63.0
Net Income Adjustments1
3.4
0.2
3.8
0.8
Tax Effect on Net Income Adjustments2
(0.9
)
(0.1
)
(1.0
)
(0.2
)
Non-GAAP Adjusted Net Income*
$
30.1
$
37.1
$
61.1
$
63.6
(1)
Net Income Adjustments for the three
months ended June 29, 2024 include $0.3 restructuring charges, $1.4
acquisition expenses, and $1.7 loss on extinguishment and
modification of debt. Net Income adjustments for the six months
ended June 29, 2024 include $0.7 restructuring charges, $1.4
acquisition expenses and $1.7 loss on extinguishment and
modification of debt. Refer to the Adjusted EBITDA table above for
further details.
(2)
The effective tax rates of 25.6% and 25.1%
were used for the three months ended June 29, 2024 and July 1,
2023, respectively. The effective tax rates of 25.5% and 25.4% were
used for the six months ended June 29, 2024 and July 1, 2023,
respectively.
*Janus uses measures of performance that
are not required by or presented in accordance with GAAP in the
United States. Non-GAAP financial performance measures are used to
supplement the financial information presented on a GAAP basis.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for the relevant GAAP measures and
should be read in conjunction with information presented on a GAAP
basis.
Janus International Group, Inc.
Adjusted EPS*
(In millions)
Three Months Ended
June 29, 2024
July 1, 2023
Numerator:
GAAP Net Income
$
27.6
$
37.0
Non-GAAP Adjusted Net Income
$
30.1
$
37.1
Denominator:
Weighted average number of shares:
Basic
145,857,673
146,765,631
Adjustment for Dilutive Securities
577,450
6,526
Diluted
146,435,123
146,772,157
GAAP Basic EPS
$
0.19
$
0.25
GAAP Diluted EPS
$
0.19
$
0.25
Non-GAAP Adjusted Basic EPS
$
0.21
$
0.25
Non-GAAP Adjusted Diluted EPS
$
0.21
$
0.25
Six Months Ended
June 29, 2024
July 1, 2023
Numerator:
GAAP Net Income
$
58.3
$
63.0
Non-GAAP Adjusted Net Income
$
61.1
$
63.6
Denominator:
Weighted average number of shares:
Basic
146,230,907
146,734,762
Adjustment for Dilutive Securities
509,760
27,267
Diluted
146,740,667
146,762,029
GAAP Basic EPS
$
0.40
$
0.43
GAAP Diluted EPS
$
0.40
$
0.43
Non-GAAP Adjusted Basic EPS
$
0.42
$
0.43
Non-GAAP Adjusted Diluted EPS
$
0.42
$
0.43
*Janus uses measures of performance that
are not required by or presented in accordance with GAAP in the
United States. Non-GAAP financial performance measures are used to
supplement the financial information presented on a GAAP basis.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for the relevant GAAP measures and
should be read in conjunction with information presented on a GAAP
basis.
Janus International Group, Inc.
Free Cash Flow Conversion*
(In millions)
Six Months Ended
June 29, 2024
July 1, 2023
Cash flow from operating
activities
$
59.6
$
96.6
Less: capital expenditure
(10.3
)
$
(9.6
)
Free cash flow
$
49.3
$
87.0
Non-GAAP Adjusted Net Income
$
61.1
$
63.6
Free cash flow conversion of Non-GAAP
Adjusted Net Income
81
%
137
%
Trailing Twelve-Months
Ended
June 29, 2024
July 1, 2023
Cash flow from operating
activities
$
178.2
$
141.9
Less: capital expenditure
(19.7
)
(13.1
)
Free cash flow
$
158.5
$
128.8
Non-GAAP Adjusted Net Income1
$
136.1
$
128.5
Free cash flow conversion of Non-GAAP
Adjusted Net Income
116
%
100
%
(1)
Trailing Twelve-month Adjusted Net Income
for the period ended June 29, 2024 consists of the sum of Adjusted
Net Income as reported in the Company’s Quarterly or Annual
Reports, as applicable, of $39.0, $35.9, $31.1 and $30.1 for the
periods ended September 30,2023, December 30, 2023, March 30, 2024,
and June 29, 2024, respectively. Trailing Twelve-month Adjusted Net
Income for the period ended July 1, 2023 consists of the sum of
Adjusted Net Income as reported in the Company’s Quarterly or
Annual Reports, as applicable, of $32.3, $32.7, $26.4 and $37.1 for
the periods ended October 1, 2022, December 31, 2022, April 1,
2023, and July 1, 2023, respectively.
*Janus uses measures of performance that
are not required by or presented in accordance with GAAP in the
United States. Non-GAAP financial performance measures are used to
supplement the financial information presented on a GAAP basis.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for the relevant GAAP measures and
should be read in conjunction with information presented on a GAAP
basis.
Janus International Group, Inc.
Non-GAAP Net Leverage Ratio*
(In millions)
June 29, 2024
December 30, 2023
Note payable - First Lien
$
600.0
$
623.4
Less: Cash
110.1
171.7
Net Debt*
$
489.9
$
451.7
Net Income (Trailing Twelve-Month
periods ended)1
$
131.1
$
135.7
Adjusted EBITDA (Trailing Twelve-Month
periods ended)2
$
281.3
$
285.6
Long-Term Debt to Net Income
4.6
4.6
Non-GAAP Net Leverage Ratio*
1.7
1.6
(1)
Trailing Twelve-month Net Income for the
period ended June 29, 2024 consists of the sum of Net Income as
reported in the Company’s Quarterly and Annual Reports, as
applicable, of $37.0, $35.8, $30.7, and $27.6 for the periods ended
September 30, 2023, December 30, 2023, March 30, 2024, and June 29,
2024, respectively. Trailing Twelve-month Net Income for the period
ended December 30, 2023 is Net Income as reported in the Company’s
Annual Report on Form 10-K for the year ended December 30,
2023.
(2)
Trailing Twelve-months Adjusted EBITDA for
the period ended June 29, 2024 consists of the sum of Adjusted
EBITDA as reported in the Company’s Quarterly or Annual Reports, as
applicable, of $76.2, $74.3, $66.3, and $64.5 for the periods ended
September 30,2023, December 30, 2023, March 30, 2024, and June 29,
2024, respectively. Trailing Twelve-month Adjusted EBITDA for the
period ended December 30, 2023 is Adjusted EBITDA as reported in
the Company’s Annual Report on Form 10-K for the year ended
December 30, 2023.
*Janus uses measures of performance that
are not required by or presented in accordance with GAAP in the
United States. Non-GAAP financial performance measures are used to
supplement the financial information presented on a GAAP basis.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for the relevant GAAP measures and
should be read in conjunction with information presented on a GAAP
basis.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807135644/en/
Investor Contacts, Janus Sara Macioch Senior Director,
Investor Relations, Janus International 770-562-6399
IR@janusintl.com Media Contacts, Janus Suzanne Reitz Vice
President of Marketing, Janus International 770-746-9576
Marketing@Janusintl.com
Grafico Azioni Janus (NYSE:JBI)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Janus (NYSE:JBI)
Storico
Da Nov 2023 a Nov 2024
