JBI Janus International Group Inc

Delivered 9.2% Organic Revenue Growth

Net Income Grew 62.0% to $37.0 Million, or EPS of $0.25 Per Diluted Share, with Adjusted EPS of $0.25

Achieved a 46.0% Year-over-Year Increase in Adjusted EBITDA to $74.0 Million

Expanded Adjusted EBITDA Margin by Approximately 680 Basis Points Year-over-Year

Reduced Net Leverage by 1.8x Year-over-Year to 2.1x, Within our Target Range

Realized Trailing Twelve-month Free Cash Flow Conversion of 100% of Adjusted Net Income

Raised Full-year 2023 Revenue and Adjusted EBITDA Guidance

Janus International Group, Inc. (NYSE: JBI) (“Janus” or the “Company”), a leading provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, today announced financial results for the second quarter ended July 1, 2023.

Second Quarter 2023 Highlights

• Revenues of $270.6 million, a 9.2% increase compared to $247.7 million for the second quarter of 2022, driven by strong performance in New Construction up 33.9% and Restore, Rebuild & Replace (“R3”) up 7.6%.
• Net income of $37.0 million, or $0.25 per diluted share, a 62.0% increase compared to $22.8 million, or $0.16 per diluted share in the second quarter of 2022.
• Adjusted Net Income (defined as Net Income plus the corresponding after-tax adjustments shown in the Adjusted Net Income reconciliation tables below) of $37.2 million, up 54.9% compared to $24.0 million in the second quarter of 2022. Adjusted Net Income per diluted share of $0.25, a 56.3% increase compared to $0.16 per diluted share in the prior year quarter.
• Adjusted EBITDA of $74.0 million, a 46.0% increase compared to $50.7 million for the second quarter of 2022, driven by increased revenue primarily in the New Construction and R3 sales channels, which more than offset incremental increases in general and administrative expenses. Adjusted EBITDA as a percentage of revenues was 27.3%, an increase of approximately 680 basis points from the prior year period due to increased revenue from commercial actions taken in 2022 and product mix, partially offset by increased labor costs as the business scales for continued growth including additional investments in our cutting edge Nokē Smart Access Solutions.
• Quarter-end net leverage ratio of 2.1x – a decrease of 1.8x from the second quarter of 2022 and 0.3x from the first quarter of 2023, with continued focus on maintaining leverage within our 2.0x - 3.0x target range.

“The entire Janus team continues to execute on our long-term plan and deliver record results that exceed expectations,” said Ramey Jackson, Chief Executive Officer. “The strong momentum we had to start the year accelerated in the second quarter. This resulted in meaningful year-over-year revenue growth, dramatic improvement in adjusted EBITDA margins and further improvement in net leverage, which decreased another 0.3x in the quarter to 2.1x and sits comfortably in our target range.”

Mr. Jackson continued, “The strength in our financial results is underpinned by industry fundamentals that are driving investment by our customers across self-storage, commercial and industrial end markets. Our comprehensive suite of innovative solutions and market-leading products makes us their partner of choice. Given our solid first half results, the strength in our backlog, and our outlook for the balance of the year, we are pleased to once again raise our full-year 2023 revenue and adjusted EBITDA guidance.”

2023 Financial Guidance:

Based on the Company’s current business outlook, Janus is raising full-year 2023 guidance as follows:

• Revenue in a range of $1.07 billion to $1.09 billion, up from the previous range of $1.06 billion to $1.08 billion. The new range represents a 5.9% increase at the midpoint as compared to 2022 levels.
• Adjusted EBITDA in a range of $269.5 million to $289.5 million, up from the previous range of $253 million to $278 million. The new range represents a 23.2% increase at the midpoint as compared to 2022 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 with respect to the Company’s 2023 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 Thursday, August 10, 2023, 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 1-877-407-0789 or 1-201-689-8562, respectively. Upon dialing in, please request to join the Janus International Group Second Quarter 2023 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 13740072.

Forward Looking Statements

Certain statements in this communication, including the estimated guidance provided under “2023 Financial Guidance” 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 and the strength of the industrials markets. When used in this communication, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” 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; and (v) the risk that the demand outlook for Janus’s products may not be as strong as anticipated. There can be no assurance that the events, results, trends or guidance regarding 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 2023 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 (Loss)

(In thousands)

 

 

Three Months Ended

 

Six months ended

 

July 1, 2023

 

July 2, 2022

 

July 1, 2023

 

July 2, 2022

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

Product revenues

$

232,831

 

 

$

219,022

 

 

$

448,239

 

 

$

420,849

 

Service revenues

 

37,780

 

 

 

28,692

 

 

 

74,277

 

 

 

56,385

 

Total Revenues

 

270,611

 

 

 

247,714

 

 

 

522,516

 

 

 

477,234

 

Product cost of revenues

 

126,342

 

 

 

142,391

 

 

 

250,701

 

 

 

274,165

 

Service cost of revenues

 

27,949

 

 

 

21,342

 

 

 

55,561

 

 

 

42,519

 

Cost of Revenues

 

154,291

 

 

 

163,733

 

 

 

306,262

 

 

 

316,684

 

GROSS PROFIT

 

116,320

 

 

 

83,981

 

 

 

216,254

 

 

 

160,550

 

OPERATING EXPENSE

 

 

 

 

 

 

 

Selling and marketing

 

16,721

 

 

 

14,389

 

 

 

31,542

 

 

 

27,739

 

General and administrative

 

35,316

 

 

 

29,743

 

 

 

69,416

 

 

 

57,849

 

Operating Expenses

 

52,037

 

 

 

44,132

 

 

 

100,958

 

 

 

85,588

 

INCOME FROM OPERATIONS

 

64,283

 

 

 

39,849

 

 

 

115,296

 

 

 

74,962

 

Interest expense

 

(14,797

)

 

 

(8,868

)

 

 

(30,796

)

 

 

(17,643

)

Other expense

 

(146

)

 

 

(342

)

 

 

(161

)

 

 

(369

)

INCOME BEFORE TAXES

 

49,340

 

 

 

30,639

 

 

 

84,339

 

 

 

56,950

 

Provision for Income Taxes

 

12,354

 

 

 

7,802

 

 

 

21,370

 

 

 

14,409

 

NET INCOME

$

36,986

 

 

$

22,837

 

 

$

62,969

 

 

$

42,541

 

Other Comprehensive Income (Loss)

 

632

 

 

 

(3,387

)

 

 

1,323

 

 

 

(3,901

)

COMPREHENSIVE INCOME

 

37,618

 

 

 

19,450

 

 

 

64,292

 

 

 

38,640

 

Net income attributable to common stockholders

$

36,986

 

 

$

22,837

 

 

$

62,969

 

 

$

42,541

 

Weighted-average shares outstanding, basic and diluted (Note 12)

 

 

 

 

 

 

 

Basic

 

146,765,631

 

 

 

146,575,720

 

 

 

146,734,762

 

 

 

146,568,719

 

Diluted

 

146,772,157

 

 

 

146,717,937

 

 

 

146,762,029

 

 

 

146,648,306

 

Net income per share, basic and diluted (Note 12)

 

 

 

 

 

 

 

Basic

$

0.25

 

 

$

0.16

 

 

$

0.43

 

 

$

0.29

 

Diluted

$

0.25

 

 

$

0.16

 

 

$

0.43

 

 

$

0.29

 

Janus International Group, Inc.

Consolidated Balance Sheets

(In thousands)

 

 

July 1,

 

 

December 31,

 

 

 

2023

 

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

$

110,707

 

$

78,373

 

Accounts receivable, less allowance for credit losses; $5,389 and $4,549, at July 1, 2023 and December 31, 2022, respectively

 

156,018

 

 

155,397

 

Contract assets

 

50,171

 

 

39,251

 

Inventory, net

 

59,573

 

 

67,677

 

Prepaid expenses

 

10,125

 

 

9,098

 

Other current assets

 

3,912

 

 

13,381

 

Total current assets

$

390,506

 

$

363,177

 

Right-of-use assets, net

 

43,428

 

 

44,305

 

Property and equipment, net

 

47,183

 

 

42,083

 

Intangible assets, net

 

390,186

 

 

404,385

 

Goodwill

 

368,523

 

 

368,204

 

Deferred tax asset, net

 

46,601

 

 

46,601

 

Other assets

 

1,702

 

 

1,863

 

Total assets

$

1,288,129

 

$

1,270,618

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

$

55,666

 

$

52,268

 

Billing in excess of costs

 

18,840

 

 

21,445

 

Current maturities of long-term debt

 

8,854

 

 

8,347

 

Accrued expenses and other current liabilities

 

72,248

 

 

70,551

 

Total current liabilities

$

155,608

 

$

152,611

 

Long-term debt, net

 

649,220

 

 

699,850

 

Deferred tax liability, net

 

1,751

 

 

1,927

 

Other long-term liabilities

 

38,576

 

 

40,944

 

Total liabilities

$

845,155

 

$

895,332

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Common Stock, 825,000,000 shares authorized, $0.0001 par value, 146,825,494 and 146,703,894 shares issued and outstanding at July 1, 2023 and December 31, 2022, respectively

 

15

 

 

15

 

Treasury stock, at cost, 18,638 and zero shares as of July 1, 2023 and December 31, 2022, respectively

 

(184

)

 

—

 

Additional paid-in capital

 

285,495

 

 

281,914

 

Accumulated other comprehensive loss

 

(3,474

)

 

(4,796

)

Retained earnings

 

161,122

 

 

98,153

 

Total stockholders’ equity

$

442,974

 

$

375,286

 

Total liabilities and stockholders’ equity

$

1,288,129

$

1,270,618

Janus International Group, Inc.

Consolidated Statements of Cash Flows (In thousands)

 

Six Months Ended

 

July 1, 2023

 

July 2, 2022

 

 

 

 

Cash Flows Provided By Operating Activities

 

 

 

Net income

$

62,969

 

 

$

42,541

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

Depreciation of property and equipment

 

4,369

 

 

 

3,835

 

Reduction in carrying amount of right-of-use assets

 

3,048

 

 

 

2,615

 

Change in inventory obsolescence reserve

 

(829

)

 

 

(253

)

Amortization of intangibles

 

14,837

 

 

 

14,871

 

Deferred finance fee amortization

 

2,196

 

 

 

1,832

 

Provision for losses on accounts receivable

 

844

 

 

 

1,158

 

Share-based compensation

 

3,581

 

 

 

1,510

 

Loss (gain) on sale of equipment

 

54

 

 

 

(28

)

Loss on abandonment of lease

 

—

 

 

 

571

 

Loss (gain) on equity investment

 

53

 

 

 

(60

)

Changes in operating assets and liabilities

 

 

 

Accounts receivable

 

(973

)

 

 

(26,682

)

Contract assets

 

(10,776

)

 

 

1,406

 

Prepaid expenses and other current assets

 

8,410

 

 

 

2,481

 

Inventory

 

9,125

 

 

 

(9,920

)

Other assets

 

2,002

 

 

 

39

 

Accounts payable

 

3,188

 

 

 

1,464

 

Billings in excess of costs

 

(2,866

)

 

 

2,877

 

Accrued expenses and other current liabilities

 

2,006

 

 

 

4,094

 

Long-term liabilities

 

(4,639

)

 

 

(1,199

)

Net Cash Provided By Operating Activities

$

96,599

 

 

$

43,152

 

Cash Flows Used In Investing Activities

 

 

 

Proceeds from sale of equipment

$

17

 

 

$

45

 

Purchases of property and equipment

 

(9,602

)

 

 

(5,268

)

Cash paid for acquisitions, net of cash acquired

 

(1,002

)

 

 

—

 

Net Cash Used In Investing Activities

$

(10,587

)

 

$

(5,223

)

Cash Flows Used In Financing Activities

 

 

 

Payments on line of credit

$

—

 

 

$

(6,369

)

Principal payments on long-term debt

 

(54,034

)

 

 

(4,034

)

Principal payments under finance lease obligations

 

(268

)

 

 

(66

)

Cash Used In Financing Activities

$

(54,302

)

 

$

(10,469

)

Effect of exchange rate changes on cash

$

624

 

 

$

66

 

Net Increase in Cash

$

32,334

 

 

$

27,526

 

Cash, Beginning of Period

$

78,373

 

 

$

13,192

 

Cash, End of Period

$

110,707

 

 

$

40,718

 

Supplemental Cash Flows Information

 

 

 

Interest paid

$

28,448

 

 

$

18,296

 

Income taxes paid

$

11,226

 

 

$

11,889

 

Cash paid for operating leases included in operating activities

$

4,101

 

 

$

3,832

 

Non-cash investing and financing activities:

 

 

 

Right-of-use assets obtained in exchange for operating lease obligations

$

39

 

 

$

42,380

 

Right-of-use assets obtained in exchange for finance lease obligations

$

2,102

 

 

$

706

 

RSU Shares withheld related to employee taxes

$

184

 

 

$

—

 

Janus International Group, Inc.

Reconciliation of Net Income to Adjusted EBITDA

(In thousands)

 

 

Three Months Ended

 

Variance

 

July 1, 2023

 

July 2, 2022

 

 

 

 

 

 

 

$

 

%

Net Income

$

36,987

 

$

22,837

 

$

14,150

 

 

62.0

%

Interest Expense

 

14,797

 

 

8,868

 

 

5,929

 

 

66.9

%

Income Taxes

 

12,354

 

 

7,802

 

 

4,552

 

 

58.3

%

Depreciation

 

2,189

 

 

1,978

 

 

211

 

 

10.7

%

Amortization

 

7,421

 

 

7,646

 

 

(225

)

 

(2.9

)%

EBITDA

$

73,748

 

$

49,131

 

$

24,617

 

 

50.1

%

Restructuring charges(1)

 

236

 

 

1,017

 

 

(781

)

 

(76.8

)%

Acquisition Expense(2)

 

—

 

 

535

 

 

(535

)

 

(100.0

)%

Adjusted EBITDA

 

73,984

 

 

50,683

 

 

23,301

 

 

46.0

%

 

Six Months Ended

 

Variance

 

July 1, 2023

 

July 2, 2022

 

 

 

 

 

 

 

$

 

%

Net Income

$

62,969

 

$

42,541

 

$

20,428

 

 

48.0

%

Interest Expense

 

30,796

 

 

17,643

 

 

13,153

 

 

74.6

%

Income Taxes

 

21,370

 

 

14,409

 

 

6,961

 

 

48.3

%

Depreciation

 

4,369

 

 

3,835

 

 

534

 

 

13.9

%

Amortization

 

14,837

 

 

14,871

 

 

(34

)

 

(0.2

)%

EBITDA

$

134,341

 

$

93,299

 

$

41,042

 

 

44.0

%

Restructuring charges(1)

 

826

 

 

1,120

 

 

(294

)

 

(26.3

)%

Acquisition Expense(2)

 

—

 

 

821

 

 

(821

)

 

(100.0

)%

COVID-19 related expenses(3)

 

—

 

 

109

 

 

(109

)

 

(100.0

)%

Adjusted EBITDA

$

135,167

 

$

95,349

 

$

39,818

 

 

41.8

%

(1)

Adjustments consist of the following: 1) facility relocations, 2) severance and hiring costs associated with our strategic transformation, including executive leadership team changes, strategic business assessment and transformation projects.

(2)

Expenses related to the transition services agreement for the DBCI acquisition which closed August 18, 2021.

(3)

Adjustment consists of signage, cleaning and supplies to maintain work environments necessary to adhere to CDC guidelines during the COVID-19 pandemic.

Janus International Group, Inc.

Reconciliation of Net Income to Non-GAAP Adjusted Net Income

(In thousands)

 

Three Months Ended

 

July 1, 2023

 

July 2, 2022

Net Income (Loss)

$

36,987

 

 

$

22,837

 

Net Income Adjustments(1)

 

236

 

 

 

1,552

 

Tax Effect on Net Income Adjustments(2)

 

(59

)

 

 

(395

)

Non-GAAP Adjusted Net Income

$

37,164

 

 

$

23,994

 

 

Six Months Ended

 

July 1, 2023

 

July 2, 2022

Net Income (Loss)

$

62,969

 

 

$

42,541

 

Net Income Adjustments(1)

 

826

 

 

 

2,050

 

Tax Effect on Net Income Adjustments(2)

 

(209

)

 

 

(519

)

Non-GAAP Adjusted Net Income

$

63,586

 

 

$

44,072

 

(1)

Refer to SEC public filings for detailed breakout. This amount reconciles to the EBITDA Adjustments/Non-GAAP Adjustments in the Reconciliation of Net Income to Adjusted EBITDA table above

(2)

Tax effected for the net income adjustments. Used effective tax rates 25.0% and 25.5% for the three months ended July 1, 2023 and July 2, 2022 and 25.3% for the six months ended July 1, 2023 and July 2, 2022

Janus International Group, Inc.

Non-GAAP Adjusted EPS*

(In thousands)

 

Three Months Ended

 

July 1, 2023

 

July 2, 2022

Numerator:

 

 

 

GAAP Net Income

$

36,987

 

$

22,837

Non-GAAP Adjusted Net Income

$

37,164

 

$

23,994

Denominator:

 

 

 

Weighted average number of shares:

 

 

 

Basic

 

146,765,631

 

 

146,575,720

Adjustment for Dilutive Securities

 

6,526

 

 

142,217

Diluted

 

146,772,157

 

 

146,717,937

 

 

 

 

GAAP Basic EPS

$

0.25

 

$

0.16

GAAP Diluted EPS

$

0.25

 

$

0.16

Non-GAAP Adjusted Basic EPS

$

0.25

 

$

0.16

Non-GAAP Adjusted Diluted EPS

$

0.25

 

$

0.16

 

Six Months Ended

 

July 1, 2023

 

July 2, 2022

Numerator:

 

 

 

GAAP Net Income

$

62,969

 

$

42,541

Non-GAAP Adjusted Net Income

$

63,586

 

$

44,072

Denominator:

 

 

 

Weighted average number of shares:

 

 

 

Basic

 

146,734,762

 

 

146,568,719

Adjustment for Dilutive Securities

 

27,267

 

 

79,587

Diluted

 

146,762,029

 

 

146,648,306

 

 

 

 

GAAP Basic EPS

$

0.43

 

$

0.29

GAAP Diluted EPS

$

0.43

 

$

0.29

Non-GAAP Adjusted Basic EPS

$

0.43

 

$

0.30

Non-GAAP Adjusted Diluted EPS

$

0.43

 

$

0.30

*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 Free Cash Flow Conversion*

(In thousands)

 

 

Six Months Ended

 

July 1, 2023

 

July 2, 2022

Cash flow from operating activities

$

96,599

 

 

$

43,152

 

Less capital expenditure

$

(9,602

)

 

$

(5,268

)

Free cash flow

$

86,997

 

 

$

37,884

 

 

 

 

 

Non-GAAP Adjusted Net Income

$

63,586

 

 

$

44,072

 

 

 

 

 

Free cash flow conversion of Non-GAAP Adjusted Net Income

 

137

%

 

 

86

%

 

Trailing Twelve-Months Ended

 

July 1, 2023

 

July 2, 2022

Cash flow from operating activities

$

141,915

 

 

$

73,158

 

Less capital expenditure

 

(13,142

)

 

 

(21,141

)

Free cash flow

$

128,773

 

 

$

52,017

 

 

 

 

 

Non-GAAP Adjusted Net Income

$

128,680

 

 

$

85,948

 

 

 

 

 

Free cash flow conversion of Non-GAAP Adjusted Net Income

 

100

%

 

 

61

%

*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/20230810621839/en/

Investor Contacts, Janus John Rohlwing Vice President, Investor Relations, FP&A & M&A, 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