Janus国际集团报告2024年第三季度财务业绩
交付了23010万美元的营业收入 总收入
净利润为1180万美元 每股摊薄盈利为0.08美元，调整后每股收益为0.11美元
实现了4310万美元的调整后的EBITDA和18.7%的调整后EBITDA毛利率。
进行了$部署45.5 百万美元的股票回购
宣布结构性降本计划
2024年全年营业收入和调整后的EBITDA指引已更新
TEMPLE，乔治亚州，2024年10月29日 - Janus国际集团公司（纽交所：JBI）（以下简称“Janus”或“公司”），领先的建筑产品解决方案和先进的门禁技术提供商，专门为自助仓储和其他商业工业领域提供服务，在2024年9月28日结束的财季第三季度公布了财务业绩。
2024年第三季度业绩亮点
•营业收入为23010万元，较2023年第三季度的28010万元下降了17.9％，总自存储收入下降了22.4％，商业和其他收入下降了7.8％。 对2024年收购TMC贡献了1370万元营业收入。
•净利润为$1180万，或每股稀释后$0.08，与2023年第三季度的$3700万，或每股稀释后$0.25相比，下降了68.1%。
•调整后的净利润（定义为净利润加上下面调整后的税款增加项所示的调整EBITDA对账表）为1570万美元，比2023年第三季度的3900万美元下降了59.8%。调整后每股稀释收益为0.11美元，较2023年第三季度的每股稀释收益0.27美元下降了16.0%。
•调整后的EBITDA为4310万美元，较2023年第三季度的7620万美元下降了43.4%，主要是由于收入减少和一般和管理费用增加。调整后的EBITDA利润率（定义为总收入除以调整后的EBITDA）为18.7%，较上年同期下降了约 850 选定点降，主要因为成交量下降导致的项目延期的负面影响。
•长期债务与净利润比率为5.7x，较2023年第四季度的4.6x高。净杠杆比率为2.0x，比2023年第四季度增加了0.4x。
•在本季度回购了430万股，金额为4550万美元（包括佣金和消费税）。 在第三个确定日期上，潜在标的的收盘价虽增长了25％，但您仅收到提前赎回支付，无法从此类增值中受益。季末，公司还有百万股的回购授权余额。 $29.9 百万在股票回购授权中仍有未使用。
“我们看到第三季度持续面临来自宏观经济因素、利率不确定性和项目延迟的逆风，”首席执行官雷米·杰克逊表示。“我们对我们的价值主张充满信心，相信长期自存储行业基本面仍然强劲。我们正在采取积极步骤与当前市场条件保持一致，同时保持灵活性，以便利用下一阶段的增长。这包括一个旨在优化业务结构的成本削减计划，旨在使业务规模合适。”
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杰克逊先生表示：“我们对Nokē Ion产品推出初期的成果感到鼓舞，并从收购TMC中实现的协同效应中受益。我们的现金流生成和实现长期盈利能力的能力仍然是雅纳斯的关键优势。我们将继续投资于业务，以增强抗风险能力，并增强我们的市场份额，我们相信这将为所有利益相关者创造长期价值。”
结构性成本削减计划
公司正在实施结构性成本削减计划，旨在简化我们的劳动力，优化房地产业持有量，并减少销售、一般和管理性费用。
•成本降低计划预计将每年节省约800万至1200万美元的税前成本。
•公司预计根据该计划一次性计入总计约200万至400万美元的税前费用。
2024年财务展望。
鉴于上述风险，公司正在修订其2024财年的预测。 不再应依赖先前的2024年指引。 导致2024年预测修订的假设包括：
•自存储项目延迟，因利率水平下降速度慢于预期，开发商和客户正在等待最佳借贷条件。
•商业和其他方面的增长预计将推迟到2025年。
•选举不确定性已经影响了所有板块的需求。
基于这些宏观经济影响，雅诺斯将更新其2024年全年指引如下：
•营业收入在$91000万到$92500万的区间内
•调整后的EBITDA在$19500万到$20500万的区间内
上述估计由公司管理层准备，基于多个假设。请参阅“前瞻性声明”。公司在第10(e)(1)(i)(B)项规则S-k的“不合理努力”例外下，未提供有关调整后EBITDA与公司2024年指引的定量调和。有关更多信息，请参阅下文的“非GAAP财务指标”。
关于Janus国际集团
Janus国际集团股份有限公司(www.JanusIntl.com)是一家领先的全球货币制造商和供应商，提供现成的自存储、商业和工业建筑解决方案，包括：卷帘门和摆门，走廊系统，可移动存储单元以及设施和门自动化技术。Janus团队在美国几个地点和全球六个地点运营。
电话会议和网络直播
公司将于2024年10月29日星期二上午10:00举行电话会议和网络直播，以审视第三季度业绩并进行问答环节。电话会议的现场直播和存档重播可在公司网站的投资者部分www.janusintl.com上获取。对于无法访问网络直播的人士，可通过分别拨打1-800-343-4136或1-203-518-9843来国内或国际地区参与电话会议。拨入后，请申请加入Janus International Group第三季度2024年收益报告。
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电话会议。要访问通话的重播，请拨打1-844-512-2921（国内）和1-412-317-6671（国际），输入访问码11157071。
前瞻性声明
本通讯中的某些陈述，包括在“2024年财务展望”下提供的估计指引以及本文中与“结构成本削减计划”相关的期望，可能被视为1933年修订版证券法第27A条和1934年修订版证券交易法第21E条的“前瞻性陈述”。本通讯中除了包含在通讯中的历史事实陈述以外的所有陈述均属于前瞻性陈述，包括但不限于关于Janus对于Janus产品需求前景的信念、工业市场的强劲程度、结构成本削减计划及结构成本削减计划预期收益，以及Janus对其营业收入、营业费用、其他营运业绩以及其他关键指标的期望，包括Janus能否达到先前公布的关于Janus和/或其各个部门的盈利指引。在本通讯中使用的词语，如“可能”、“应该”、“可能”、“将会”、“期望”、“计划”、“预期”、“相信”、“估计”、“持续”、“定位”或类似的负面表达方式等，涉及管理团队时，都属于识别前瞻性陈述。此类前瞻性陈述基于Janus管理层的当前信念，基于当前可用信息，关于未来事件的结果和时间，涉及因素、风险和不确定性可能导致未来时期的实际结果与这些陈述大为不同。除了之前在提交给证券交易委员会的Janus报告中披露的因素和本通讯其他地方标识的因素外，以下因素等因素可能导致实际结果与前瞻性陈述或历史业绩大为不同：（i）自存储行业的风险；（ii）自存储行业的激烈竞争性质以及Janus在其中的竞争能力；（iii）诉讼、投诉和/或不利宣发；（iv）可能导致信息窃取、数据损坏、运营中断和/或财务损失的网络事件或有针对性的攻击；（v）与我们的股份回购计划相关的风险，包括是否完全履行风险以及它是否会或不会增加股东价值的风险；（vi）Janus产品的需求前景可能不如预期强劲的风险；（vii）一般经济条件，包括资本和信贷市场，以及失业、通胀、利率期货上升、由于经济增长放缓导致的消费者行为变化的变化，以及区域或全球流动性约束的不利宏观经济条件；和（viii）从收购中预期的协同效应和/或益处。不能确保这些前瞻性陈述中识别的有关财务展望的事件、结果、趋势或指引将会发生或实现。前瞻性陈述仅依据其做出的日期，Janus不承担任何义务并明确否认任何义务，更新、更改或以其他方式修订任何前瞻性陈述，无论是因为新信息、未来事件或其他原因，除非法律要求。本通讯并非意在包含所有信息或满足考虑投资Janus的个人可能期望的所有信息，也不意在构成对Janus进行投资决策的基础。有关Janus或其他事项的所有后续书面和口头前瞻性陈述均由Janus或代表其的任何人在整体上由上述警示性陈述和Janus最近提交的年度10-K表格和季度10-Q表格中的“风险因素”标题下，以及随时修改的修订案以及其随后提交给证券交易委员会的文件中明确表示兹加以完全合格。
非通用会计原则财务指标
Janus 使用跟美国普通会计原则（GAAP）所规定或呈现的绩效衡量标准不同的方法。非GAAP财务绩效衡量标准被用来补充根据GAAP呈现的财务资讯。这些非GAAP财务衡量应该不单独考虑，也不应该代替相关的GAAP衡量标准，并应该同时阅读根据GAAP呈现的资讯。
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已调整的EBITDA和已调整的净利润是Janus用来评估其营运绩效、制定未来营运计划以及做出战略决策的非GAAP财务指标，包括与营业费用和内部资源分配相关的决策。因此，Janus认为调整后的EBITDA和调整后的净利润提供了有用的信息给投资者和其他人，有助于他们理解和评估Janus的营运成果，与其管理层和董事会一样，同时与Janus的同行公司进行比较。此外，调整后的EBITDA和调整后的净利润为Janus业务的期间比较提供了有用的指标，因为它们消除了特定非经常性事件和其他非经常性费用的影响，例如收购以及某些变量或非经常性费用。已调整的EBITDA的定义为排除利息费用、所得税、折旧费用、摊销和其他非营运、非经常性项目的净利润。已调整的净利润的定义为净利润加上在已调整EBITDA协调中显示的相应税收调整后的增加。
请注意，本公司并未基于《证券法S-k条例》第10(e)(1)(i)(B)条例中提供合乎情理的力求例外，就本通讯中包含的2024年及长期展望的调整后EBITDA前瞻指引，提供最直接可比的GAAP财务指标或相应之定量调和。基于对于某些非现金、重要和/或非循环性费用或裨益、法律和解或其他事项，以及某些税务立场存在固有不确定性和难以预测的困难，提供最直接可比的GAAP财务指标或相应之定量调和是不切实际的。由于这些调整本质上是变量且不确定的，并取决于公司无法控制的各种因素，本公司也无法预测其可能的重要性。这些项目的变动性可能对我们的未来GAAP财务结果产生难以预测且可能重大的影响。
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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