Janus國際集團報告2024年第三季度財務業績
交付了23010萬美元的營業收入 總收入
淨利潤爲1180萬美元 每股攤薄盈利爲0.08美元，調整後每股收益爲0.11美元
實現了4310萬美元的調整後的EBITDA和18.7%的調整後EBITDA毛利率。
進行了$部署45.5 百萬美元的股票回購
宣佈結構性降本計劃
2024年全年營業收入和調整後的EBITDA指引已更新
TEMPLE，喬治亞州，2024年10月29日 - Janus國際集團公司（紐交所：JBI）（以下簡稱「Janus」或「公司」），領先的建築產品解決方案和先進的門禁技術提供商，專門爲自助倉儲和其他商業工業領域提供服務，在2024年9月28日結束的財季第三季度公佈了財務業績。
2024年第三季度業績亮點
•營業收入爲23010萬元，較2023年第三季度的28010萬元下降了17.9％，總自存儲收入下降了22.4％，商業和其他收入下降了7.8％。 對2024年收購TMC貢獻了1370萬元營業收入。
•淨利潤爲$1180萬，或每股稀釋後$0.08，與2023年第三季度的$3700萬，或每股稀釋後$0.25相比，下降了68.1%。
•調整後的淨利潤（定義爲淨利潤加上下面調整後的稅款增加項所示的調整EBITDA對賬表）爲1570萬美元，比2023年第三季度的3900萬美元下降了59.8%。調整後每股稀釋收益爲0.11美元，較2023年第三季度的每股稀釋收益0.27美元下降了16.0%。
•調整後的EBITDA爲4310萬美元，較2023年第三季度的7620萬美元下降了43.4%，主要是由於收入減少和一般和管理費用增加。調整後的EBITDA利潤率（定義爲總收入除以調整後的EBITDA）爲18.7%，較上年同期下降了約 850 選定點降，主要因爲成交量下降導致的項目延期的負面影響。
•長期債務與淨利潤比率爲5.7x，較2023年第四季度的4.6x高。淨槓桿比率爲2.0x，比2023年第四季度增加了0.4x。
•在本季度回購了430萬股，金額爲4550萬美元（包括佣金和消費稅）。 在第三個確定日期上，潛在標的的收盤價雖增長了25％，但您僅收到提前贖回支付，無法從此類增值中受益。季末，公司還有百萬股的回購授權餘額。 $29.9 百萬在股票回購授權中仍有未使用。
「我們看到第三季度持續面臨來自宏觀經濟因素、利率不確定性和項目延遲的逆風，」首席執行官雷米·傑克遜表示。「我們對我們的價值主張充滿信心，相信長期自存儲行業基本面仍然強勁。我們正在採取積極步驟與當前市場條件保持一致，同時保持靈活性，以便利用下一階段的增長。這包括一個旨在優化業務結構的成本削減計劃，旨在使業務規模合適。」
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傑克遜先生表示：「我們對Nokē Ion產品推出初期的成果感到鼓舞，並從收購TMC中實現的協同效應中受益。我們的現金流生成和實現長期盈利能力的能力仍然是雅納斯的關鍵優勢。我們將繼續投資於業務，以增強抗風險能力，並增強我們的市場份額，我們相信這將爲所有利益相關者創造長期價值。」
結構性成本削減計劃
公司正在實施結構性成本削減計劃，旨在簡化我們的勞動力，優化房地產業持有量，並減少銷售、一般和管理性費用。
•成本降低計劃預計將每年節省約800萬至1200萬美元的稅前成本。
•公司預計根據該計劃一次性計入總計約200萬至400萬美元的稅前費用。
2024年財務展望。
鑑於上述風險，公司正在修訂其2024財年的預測。 不再應依賴先前的2024年指引。 導致2024年預測修訂的假設包括：
•自存儲項目延遲，因利率水平下降速度慢於預期，開發商和客戶正在等待最佳借貸條件。
•商業和其他方面的增長預計將推遲到2025年。
•選舉不確定性已經影響了所有板塊的需求。
基於這些宏觀經濟影響，雅諾斯將更新其2024年全年指引如下：
•營業收入在$91000萬到$92500萬的區間內
•調整後的EBITDA在$19500萬到$20500萬的區間內
上述估計由公司管理層準備，基於多個假設。請參閱「前瞻性聲明」。公司在第10(e)(1)(i)(B)項規則S-k的「不合理努力」例外下，未提供有關調整後EBITDA與公司2024年指引的定量調和。有關更多信息，請參閱下文的「非GAAP財務指標」。
關於Janus國際集團
Janus國際集團股份有限公司(www.JanusIntl.com)是一家領先的全球貨幣制造商和供應商，提供現成的自存儲、商業和工業建築解決方案，包括：捲簾門和擺門，走廊系統，可移動存儲單元以及設施和門自動化技術。Janus團隊在美國幾個地點和全球六個地點運營。
電話會議和網絡直播
公司將於2024年10月29日星期二上午10:00舉行電話會議和網絡直播，以審視第三季度業績並進行問答環節。電話會議的現場直播和存檔重播可在公司網站的投資者部分www.janusintl.com上獲取。對於無法訪問網絡直播的人士，可通過分別撥打1-800-343-4136或1-203-518-9843來國內或國際地區參與電話會議。撥入後，請申請加入Janus International Group第三季度2024年收益報告。
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電話會議。要訪問通話的重播，請撥打1-844-512-2921（國內）和1-412-317-6671（國際），輸入訪問碼11157071。
前瞻性聲明
本通訊中的某些陳述，包括在「2024年財務展望」下提供的估計指引以及本文中與「結構成本削減計劃」相關的期望，可能被視爲1933年修訂版證券法第27A條和1934年修訂版證券交易法第21E條的「前瞻性陳述」。本通訊中除了包含在通訊中的歷史事實陳述以外的所有陳述均屬於前瞻性陳述，包括但不限於關於Janus對於Janus產品需求前景的信念、工業市場的強勁程度、結構成本削減計劃及結構成本削減計劃預期收益，以及Janus對其營業收入、營業費用、其他營運業績以及其他關鍵指標的期望，包括Janus能否達到先前公佈的關於Janus和/或其各個部門的盈利指引。在本通訊中使用的詞語，如「可能」、「應該」、「可能」、「將會」、「期望」、「計劃」、「預期」、「相信」、「估計」、「持續」、「定位」或類似的負面表達方式等，涉及管理團隊時，都屬於識別前瞻性陳述。此類前瞻性陳述基於Janus管理層的當前信念，基於當前可用信息，關於未來事件的結果和時間，涉及因素、風險和不確定性可能導致未來時期的實際結果與這些陳述大爲不同。除了之前在提交給證券交易委員會的Janus報告中披露的因素和本通訊其他地方標識的因素外，以下因素等因素可能導致實際結果與前瞻性陳述或歷史業績大爲不同：（i）自存儲行業的風險；（ii）自存儲行業的激烈競爭性質以及Janus在其中的競爭能力；（iii）訴訟、投訴和/或不利宣發；（iv）可能導致信息竊取、數據損壞、運營中斷和/或財務損失的網絡事件或有針對性的攻擊；（v）與我們的股份回購計劃相關的風險，包括是否完全履行風險以及它是否會或不會增加股東價值的風險；（vi）Janus產品的需求前景可能不如預期強勁的風險；（vii）一般經濟條件，包括資本和信貸市場，以及失業、通脹、利率期貨上升、由於經濟增長放緩導致的消費者行爲變化的變化，以及區域或全球流動性約束的不利宏觀經濟條件；和（viii）從收購中預期的協同效應和/或益處。不能確保這些前瞻性陳述中識別的有關財務展望的事件、結果、趨勢或指引將會發生或實現。前瞻性陳述僅依據其做出的日期，Janus不承擔任何義務並明確否認任何義務，更新、更改或以其他方式修訂任何前瞻性陳述，無論是因爲新信息、未來事件或其他原因，除非法律要求。本通訊並非意在包含所有信息或滿足考慮投資Janus的個人可能期望的所有信息，也不意在構成對Janus進行投資決策的基礎。有關Janus或其他事項的所有後續書面和口頭前瞻性陳述均由Janus或代表其的任何人在整體上由上述警示性陳述和Janus最近提交的年度10-K表格和季度10-Q表格中的「風險因素」標題下，以及隨時修改的修訂案以及其隨後提交給證券交易委員會的文件中明確表示茲加以完全合格。
非通用會計原則財務指標
Janus 使用跟美國普通會計原則（GAAP）所規定或呈現的績效衡量標準不同的方法。非GAAP財務績效衡量標準被用來補充根據GAAP呈現的財務資訊。這些非GAAP財務衡量應該不單獨考慮，也不應該代替相關的GAAP衡量標準，並應該同時閱讀根據GAAP呈現的資訊。
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已調整的EBITDA和已調整的凈利潤是Janus用來評估其營運績效、制定未來營運計劃以及做出戰略決策的非GAAP財務指標，包括與營業費用和內部資源分配相關的決策。因此，Janus認為調整後的EBITDA和調整後的凈利潤提供了有用的信息給投資者和其他人，有助於他們理解和評估Janus的營運成果，與其管理層和董事會一樣，同時與Janus的同行公司進行比較。此外，調整後的EBITDA和調整後的凈利潤為Janus業務的期間比較提供了有用的指標，因為它們消除了特定非經常性事件和其他非經常性費用的影響，例如收購以及某些變量或非經常性費用。已調整的EBITDA的定義為排除利息費用、所得稅、折舊費用、攤銷和其他非營運、非經常性項目的凈利潤。已調整的凈利潤的定義為凈利潤加上在已調整EBITDA協調中顯示的相應稅收調整後的增加。
請注意，本公司並未基於《證券法S-k條例》第10(e)(1)(i)(B)條例中提供合乎情理的力求例外，就本通訊中包含的2024年及長期展望的調整後EBITDA前瞻指引，提供最直接可比的GAAP財務指標或相應之定量調和。基於對於某些非現金、重要和/或非循環性費用或裨益、法律和解或其他事項，以及某些稅務立場存在固有不確定性和難以預測的困難，提供最直接可比的GAAP財務指標或相應之定量調和是不切實際的。由於這些調整本質上是變量且不確定的，並取決於公司無法控制的各種因素，本公司也無法預測其可能的重要性。這些項目的變動性可能對我們的未來GAAP財務結果產生難以預測且可能重大的影響。
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.
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Janus International Group, Inc.
Consolidated Statements of Operations and Comprehensive Income
(In millions, except share and per share data - Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||||||
| REVENUES | |||||||||||||||||||||||
| Product revenues | $ | 175.9 | $ | 237.8 | $ | 596.8 | $ | 686.0 | |||||||||||||||
| Service revenues | 54.2 | 42.3 | 136.2 | 116.6 | |||||||||||||||||||
Total revenues | $ | 230.1 | $ | 280.1 | $ | 733.0 | $ | 802.6 | |||||||||||||||
| Product cost of revenues | 102.6 | 129.7 | 332.5 | 380.4 | |||||||||||||||||||
| Service cost of revenues | 36.3 | 31.3 | 89.9 | 86.9 | |||||||||||||||||||
Cost of revenues | $ | 138.9 | $ | 161.0 | $ | 422.4 | $ | 467.3 | |||||||||||||||
| GROSS PROFIT | $ | 91.2 | $ | 119.1 | $ | 310.6 | $ | 335.3 | |||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Selling and marketing | 17.1 | 17.7 | 51.8 | 49.2 | |||||||||||||||||||
| General and administrative | 44.6 | 34.9 | 122.2 | 104.3 | |||||||||||||||||||
Operating expenses | $ | 61.7 | $ | 52.6 | $ | 174.0 | $ | 153.5 | |||||||||||||||
| INCOME FROM OPERATIONS | $ | 29.5 | $ | 66.5 | $ | 136.6 | $ | 181.8 | |||||||||||||||
| Interest expense, net | (11.6) | (14.5) | (38.9) | (45.3) | |||||||||||||||||||
| Loss on extinguishment and modification of debt | — | (3.9) | (1.7) | (3.9) | |||||||||||||||||||
| Impairment | (2.8) | — | (2.8) | — | |||||||||||||||||||
| Other income | — | 1.3 | 0.2 | 1.1 | |||||||||||||||||||
| INCOME BEFORE TAXES | $ | 15.1 | $ | 49.4 | $ | 93.4 | $ | 133.7 | |||||||||||||||
Provision for income taxes | 3.3 | 12.4 | 23.3 | 33.7 | |||||||||||||||||||
| NET INCOME | $ | 11.8 | $ | 37.0 | $ | 70.1 | $ | 100.0 | |||||||||||||||
Other comprehensive income (loss) | $ | 2.2 | $ | (1.7) | $ | 1.8 | $ | (0.4) | |||||||||||||||
| COMPREHENSIVE INCOME | $ | 14.0 | $ | 35.3 | $ | 71.9 | $ | 99.6 | |||||||||||||||
| Weighted-average shares outstanding, basic and diluted | |||||||||||||||||||||||
| Basic | 143,666,406 | 146,827,175 | 145,376,074 | 146,765,567 | |||||||||||||||||||
| Diluted | 144,281,252 | 146,993,865 | 145,920,863 | 146,839,308 | |||||||||||||||||||
| Net income per share, basic and diluted | |||||||||||||||||||||||
| Basic | $ | 0.08 | $ | 0.25 | $ | 0.48 | $ | 0.68 | |||||||||||||||
| Diluted | $ | 0.08 | $ | 0.25 | $ | 0.48 | $ | 0.68 | |||||||||||||||
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Janus International Group, Inc.
Consolidated Balance Sheets
(In millions, except share and per share data - Unaudited)
| September 28, 2024 | December 30, 2023 | ||||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 102.1 | $ | 171.7 | |||||||
Accounts receivable, less allowance for credit losses of $11.9 and $3.6, as of September 28, 2024 and December 30, 2023, respectively | 160.8 | 174.1 | |||||||||
| Contract assets | 25.3 | 49.7 | |||||||||
Inventories | 54.5 | 48.4 | |||||||||
| Prepaid expenses | 9.0 | 8.4 | |||||||||
| Other current assets | 23.6 | 10.8 | |||||||||
| Total current assets | $ | 375.3 | $ | 463.1 | |||||||
Property, plant and equipment, net | 58.4 | 52.4 | |||||||||
| Right-of-use assets, net | 51.1 | 50.9 | |||||||||
| Intangible assets, net | 392.0 | 375.3 | |||||||||
| Goodwill | 383.9 | 368.6 | |||||||||
Deferred tax assets, net | 28.9 | 36.8 | |||||||||
| Other assets | 5.4 | 2.9 | |||||||||
| Total assets | $ | 1,295.0 | $ | 1,350.0 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable | $ | 52.1 | $ | 59.8 | |||||||
| Contract liabilities | 21.1 | 26.7 | |||||||||
| Current maturities of long-term debt | 7.3 | 7.3 | |||||||||
| Accrued expenses and other current liabilities | 53.7 | 80.3 | |||||||||
| Total current liabilities | $ | 134.2 | $ | 174.1 | |||||||
| Long-term debt, net | 586.1 | 607.7 | |||||||||
Deferred tax liabilities, net | 1.8 | 1.7 | |||||||||
| Other long-term liabilities | 46.3 | 46.9 | |||||||||
| Total liabilities | $ | 768.4 | $ | 830.4 | |||||||
| STOCKHOLDERS’ EQUITY | |||||||||||
Common stock, 825,000,000 shares authorized, $0.0001 par value, 147,234,872 and 146,861,489 shares issued as of September 28, 2024 and December 30, 2023, respectively | $ | — | $ | — | |||||||
Treasury stock, at cost, 6,160,579 and 34,297 shares as of September 28, 2024 and December 30, 2023, respectively | (72.5) | (0.4) | |||||||||
| Additional paid-in capital | 296.2 | 289.0 | |||||||||
| Accumulated other comprehensive loss | (1.1) | (2.9) | |||||||||
| Retained earnings | 304.0 | 233.9 | |||||||||
| Total stockholders’ equity | $ | 526.6 | $ | 519.6 | |||||||
| Total liabilities and stockholders’ equity | $ | 1,295.0 | $ | 1,350.0 | |||||||
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Janus International Group, Inc.
Consolidated Statements of Cash Flows
(In millions - Unaudited)
| Nine Months Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 70.1 | $ | 100.0 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation of property, plant and equipment | 8.9 | 6.6 | |||||||||
Noncash lease expense | 5.6 | 4.7 | |||||||||
Provision for inventory obsolescence | 0.2 | 1.4 | |||||||||
| Amortization of intangibles | 23.7 | 22.3 | |||||||||
Deferred income taxes | 7.9 | — | |||||||||
| Deferred finance fee amortization | 1.9 | 3.1 | |||||||||
Provision for expected losses on accounts receivable | 8.6 | (0.7) | |||||||||
| Share-based compensation | 7.2 | 5.4 | |||||||||
Impairment | 2.8 | — | |||||||||
| Loss on extinguishment of debt | — | 1.6 | |||||||||
Loss on equity investment | — | 0.1 | |||||||||
Loss on sale of property, plant, and equipment | — | 0.1 | |||||||||
Changes in operating assets and liabilities, excluding effects of acquisition | |||||||||||
| Accounts receivable | 7.3 | (14.9) | |||||||||
| Contract assets | 24.5 | (12.1) | |||||||||
| Prepaid expenses and other current assets | (13.3) | 9.8 | |||||||||
| Inventories | (5.7) | 12.0 | |||||||||
| Other assets | 0.4 | 0.1 | |||||||||
| Accounts payable | (8.6) | 3.6 | |||||||||
| Contract liabilities | (6.3) | (3.6) | |||||||||
| Accrued expenses and other current liabilities | (27.5) | 11.0 | |||||||||
Other long-term liabilities | (5.1) | (4.0) | |||||||||
Net cash provided by operating activities | $ | 102.6 | $ | 146.5 | |||||||
Investing activities | |||||||||||
Purchases of property, plant, and equipment | $ | (14.0) | $ | (13.5) | |||||||
| Cash paid for acquisitions, net of cash acquired | (59.4) | (1.0) | |||||||||
Payment for equity-method investment | (2.5) | — | |||||||||
Proceeds from sale of property, plant and equipment | — | 0.1 | |||||||||
Net cash used in investing activities | $ | (75.9) | $ | (14.4) | |||||||
Financing activities | |||||||||||
| Principal payments on long-term debt | $ | (23.4) | $ | (426.9) | |||||||
| Proceeds from long-term debt | — | 337.6 | |||||||||
| Principal payments under finance lease obligations | (1.4) | (0.5) | |||||||||
| Payments for deferred financing fees | (0.2) | (11.2) | |||||||||
Cash paid for common stock withheld for taxes | (1.2) | — | |||||||||
Repurchase of common stock | (70.2) | — | |||||||||
Net cash used in financing activities | $ | (96.4) | $ | (101.0) | |||||||
| Effect of exchange rate changes on cash | $ | 0.1 | $ | 0.2 | |||||||
Net (decrease) increase in cash | $ | (69.6) | $ | 31.3 | |||||||
Cash, beginning of period | $ | 171.7 | $ | 78.4 | |||||||
Cash, end of period | $ | 102.1 | $ | 109.7 | |||||||
Supplemental cash flows information | |||||||||||
| Interest paid | $ | 47.5 | $ | 38.9 | |||||||
| Income taxes paid | $ | 26.5 | $ | 22.5 | |||||||
| Cash paid for operating leases included in operating activities | $ | 6.6 | $ | 6.2 | |||||||
Non-cash investing and financing activities: | |||||||||||
| Right-of-use assets obtained in exchange for operating lease obligations | $ | 4.2 | $ | 4.5 | |||||||
| Right-of-use assets obtained in exchange for finance lease obligations | $ | 1.6 | $ | 2.4 | |||||||
| RSU shares withheld included in accrued employee taxes | $ | 0.1 | $ | 0.2 | |||||||
| Excise taxes from common share repurchase included in accrued expenses | $ | 0.7 | $ | — | |||||||
| Capital expenditures in accounts payable | $ | 0.2 | $ | — | |||||||
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Janus International Group, Inc.
Revenue by Sales Channel
(In millions, except percentages)
| Three Months Ended | Variance | ||||||||||||||||||||||||||||||||||
| Consolidated | September 28, 2024 | % of sales | September 30, 2023 | % of sales | $ | % | |||||||||||||||||||||||||||||
| Self-storage - new construction | $ | 92.2 | 40.1 | % | $ | 105.5 | 37.7 | % | $ | (13.3) | (12.6) | % | |||||||||||||||||||||||
| Self-storage - R3 | 56.9 | 24.7 | % | 86.7 | 31.0 | % | (29.8) | (34.4) | % | ||||||||||||||||||||||||||
| Self Storage | $ | 149.1 | 64.8 | % | $ | 192.2 | 68.6 | % | $ | (43.1) | (22.4) | % | |||||||||||||||||||||||
| Commercial and other | 81.0 | 35.2 | % | 87.9 | 31.4 | % | (6.9) | (7.8) | % | ||||||||||||||||||||||||||
| Total | $ | 230.1 | 100.0 | % | $ | 280.1 | 100.0 | % | $ | (50.0) | (17.9) | % | |||||||||||||||||||||||
| Nine Months Ended | Variance | ||||||||||||||||||||||||||||||||||
| Consolidated | September 28, 2024 | % of sales | September 30, 2023 | % of sales | $ | % | |||||||||||||||||||||||||||||
| Self-storage - new construction | $ | 319.5 | 43.6 | % | $ | 291.9 | 36.4 | % | $ | 27.6 | 9.5 | % | |||||||||||||||||||||||
| Self-storage - R3 | 189.1 | 25.8 | % | 252.5 | 31.5 | % | (63.4) | (25.1) | % | ||||||||||||||||||||||||||
| Total self-storage | $ | 508.6 | 69.4 | % | $ | 544.4 | 67.8 | % | $ | (35.8) | (6.6) | % | |||||||||||||||||||||||
| Commercial and other | 224.4 | 30.6 | % | 258.2 | 32.2 | % | (33.8) | (13.1) | % | ||||||||||||||||||||||||||
| Total | $ | 733.0 | 100.0 | % | $ | 802.6 | 100.0 | % | $ | (69.6) | (8.7) | % | |||||||||||||||||||||||
Janus International Group, Inc.
Reconciliation of Net Income to EBITDA* and Adjusted EBITDA*
(In millions, except percentages)
| Three Months Ended | Variance | ||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| $ | % | ||||||||||||||||||||||
| Net Income | $ | 11.8 | $ | 37.0 | $ | (25.2) | (68.1)% | ||||||||||||||||
| Interest, net | 11.6 | 14.5 | (2.9) | (20.0)% | |||||||||||||||||||
| Income taxes | 3.3 | 12.4 | (9.1) | (73.4)% | |||||||||||||||||||
| Depreciation | 3.0 | 2.2 | 0.8 | 36.4% | |||||||||||||||||||
| Amortization | 8.2 | 7.4 | 0.8 | 10.8% | |||||||||||||||||||
| EBITDA* | $ | 37.9 | $ | 73.5 | $ | (35.6) | (48.4)% | ||||||||||||||||
Restructuring charges1 | 0.4 | 0.2 | 0.2 | 100.0% | |||||||||||||||||||
Acquisition expense2 | 2.0 | (1.4) | 3.4 | (242.9)% | |||||||||||||||||||
Impairment3 | 2.8 | — | 2.8 | 100.0% | |||||||||||||||||||
Loss on extinguishment and modification of debt4 | — | 3.9 | (3.9) | (100.0)% | |||||||||||||||||||
| Adjusted EBITDA* | $ | 43.1 | $ | 76.2 | $ | (33.1) | (43.4)% | ||||||||||||||||
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| Nine Months Ended | Variance | ||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| $ | % | ||||||||||||||||||||||
| Net Income | $ | 70.1 | $ | 100.0 | $ | (29.9) | (29.9)% | ||||||||||||||||
| Interest, net | 38.9 | 45.3 | (6.4) | (14.1)% | |||||||||||||||||||
| Income taxes | 23.3 | 33.7 | (10.4) | (30.9)% | |||||||||||||||||||
| Depreciation | 8.9 | 6.6 | 2.3 | 34.8% | |||||||||||||||||||
| Amortization | 23.7 | 22.3 | 1.4 | 6.3% | |||||||||||||||||||
| EBITDA* | $ | 164.9 | $ | 207.9 | $ | (43.0) | (20.7)% | ||||||||||||||||
Restructuring charges1 | 1.1 | 1.0 | 0.1 | 10.0% | |||||||||||||||||||
Acquisition expense2 | 3.4 | (1.4) | 4.8 | (342.9)% | |||||||||||||||||||
Impairment3 | 2.8 | — | 2.8 | 100.0% | |||||||||||||||||||
Loss on extinguishment and modification of debt4 | 1.7 | 3.9 | (2.2) | (56.4)% | |||||||||||||||||||
| Adjusted EBITDA* | $ | 173.9 | $ | 211.4 | $ | (37.5) | (17.7)% | ||||||||||||||||
(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, and 3) strategic business assessment and transformation projects.
(2)Expenses or income related to various professional fees, net working capital finalization, and legal settlements from acquisition related activities.
(3)Impairment consists of the write down of the DBCI Tradename intangible asset.
(4)Adjustment for loss on extinguishment and modification of debt related to 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)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||||||
| Net Income | $ | 11.8 | $ | 37.0 | $ | 70.1 | $ | 100.0 | |||||||||||||||
Net Income Adjustments1 | 5.2 | 2.7 | 9.0 | 3.5 | |||||||||||||||||||
Tax Effect on Net Income Adjustments2 | (1.3) | (0.7) | (2.3) | (0.9) | |||||||||||||||||||
| Non-GAAP Adjusted Net Income* | $ | 15.7 | $ | 39.0 | $ | 76.8 | $ | 102.6 | |||||||||||||||
(1)Net Income Adjustments for the three months ended September 28, 2024 include $0.4 restructuring charges, $2.8 impairment, and $2.0 acquisition expenses. Net Income adjustments for the nine months ended September 28, 2024 include $1.1 restructuring charges, $2.8 impairment, $3.4 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 24.9% was used for the three and nine months ended September 28, 2024. The effective tax rates of 25.2% was used for the three and nine months ended September 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
9
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, except share and per share data)
| Three Months Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
| Numerator: | |||||||||||
| GAAP Net Income | $ | 11.8 | $ | 37.0 | |||||||
| Non-GAAP Adjusted Net Income | $ | 15.7 | $ | 39.0 | |||||||
| Denominator: | |||||||||||
| Weighted average number of shares: | |||||||||||
| Basic | 143,666,406 | 146,827,175 | |||||||||
| Adjustment for Dilutive Securities | 614,846 | 166,690 | |||||||||
| Diluted | 144,281,252 | 146,993,865 | |||||||||
| GAAP Basic EPS | $ | 0.08 | $ | 0.25 | |||||||
| GAAP Diluted EPS | $ | 0.08 | $ | 0.25 | |||||||
| Non-GAAP Adjusted Basic EPS | $ | 0.11 | $ | 0.27 | |||||||
| Non-GAAP Adjusted Diluted EPS | $ | 0.11 | $ | 0.27 | |||||||
| Nine Months Ended | |||||||||||
| June 29, 2024 | July 1, 2023 | ||||||||||
| Numerator: | |||||||||||
| GAAP Net Income | $ | 70.1 | $ | 100.0 | |||||||
| Non-GAAP Adjusted Net Income | $ | 76.8 | $ | 102.6 | |||||||
| Denominator: | |||||||||||
| Weighted average number of shares: | |||||||||||
| Basic | 145,376,074 | 146,765,567 | |||||||||
| Adjustment for Dilutive Securities | 544,789 | 73,741 | |||||||||
| Diluted | 145,920,863 | 146,839,308 | |||||||||
| GAAP Basic EPS | $ | 0.48 | $ | 0.68 | |||||||
| GAAP Diluted EPS | $ | 0.48 | $ | 0.68 | |||||||
| Non-GAAP Adjusted Basic EPS | $ | 0.53 | $ | 0.70 | |||||||
| Non-GAAP Adjusted Diluted EPS | $ | 0.53 | $ | 0.70 | |||||||
*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.
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Janus International Group, Inc.
Free Cash Flow Conversion*
(In millions, except percentages)
| Nine Months Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
Cash Flow from Operating Activities | $ | 102.6 | $ | 146.5 | |||||||
| Less: Purchases of property, plant and equipment | (14.0) | $ | (13.5) | ||||||||
Free Cash Flow | $ | 88.6 | $ | 133.0 | |||||||
| Non-GAAP Adjusted Net Income | $ | 76.8 | $ | 102.6 | |||||||
Free Cash Flow Conversion of Non-GAAP Adjusted Net Income | 115 | % | 130 | % | |||||||
| Trailing Twelve-Months Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
Cash Flow from Operating Activities | $ | 171.0 | $ | 172.4 | |||||||
| Less: Purchases of property, plant and equipment | (19.8) | (14.4) | |||||||||
Free Cash Flow | $ | 151.2 | $ | 158.0 | |||||||
Non-GAAP Adjusted Net Income1 | $ | 112.8 | $ | 135.1 | |||||||
Free Cash Flow Conversion of Non-GAAP Adjusted Net Income | 134 | % | 117 | % | |||||||
(1) Trailing Twelve-month Adjusted Net Income for the period ended September 28, 2024 consists of the sum of Adjusted Net Income as reported in the Company’s Quarterly or Annual Reports, as applicable, of $35.9, $31.1, $30.1 and $15.7 for the periods ended December 30, 2023, March 30, 2024, June 29, 2024 and September 28, 2024, respectively. Trailing Twelve-month Adjusted Net Income for the period ended September 30, 2023 consists of the sum of Adjusted Net Income as reported in the Company’s Quarterly or Annual Reports, as applicable, of $32.7, $26.4, $37.0 and $39.0 for the periods ended December 31, 2022, April 1, 2023, July 1, 2023 and September 30, 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, except ratios)
| September 28, 2024 | December 30, 2023 | ||||||||||
| Note payable - First Lien | $ | 600.0 | $ | 623.4 | |||||||
| Less: Cash | 102.1 | 171.7 | |||||||||
| Net Debt* | $ | 497.9 | $ | 451.7 | |||||||
Net Income (Trailing Twelve-Month periods ended)1 | $ | 105.9 | $ | 135.7 | |||||||
Adjusted EBITDA (Trailing Twelve-Month periods ended)2 | $ | 248.2 | $ | 285.6 | |||||||
| Long-Term Debt to Net Income | 5.7 | 4.6 | |||||||||
| Non-GAAP Net Leverage Ratio* | 2.0 | 1.6 | |||||||||
11
(1) Trailing Twelve-months Net Income for the period ended September 28, 2024 consists of the sum of Net Income as reported in the Company’s Quarterly and Annual Reports, as applicable of $35.8, $30.7, $27.6 and $11.8 for the periods ended December 30, 2023, March 30, 2024, June 29, 2024 and September 28, 2024, respectively. Trailing Twelve-months 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 September 28, 2024 consists of the sum of Adjusted EBITDA as reported in the Company’s Quarterly or Annual Reports, as applicable of $74.3, $66.3, $64.5 and $43.1 for the three month periods ended December 30, 2023, March 30, 2024, June 29, 2024 and September 28, 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.
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
Source: Janus International Group, Inc
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