Delivered 4.6% Organic Revenue Growth in
2023
Increased 2023 Net Income 25.9% to $135.7
Million, or $0.92 Per Diluted Share, with Adjusted EPS of $0.94
Achieved 2023 Adjusted EBITDA of $285.6
Million, Up 25.9% Year-over-Year
Realized 2023 Free Cash Flow Conversion of
Non-GAAP Adjusted Net Income of 142%
Initiates Full-year 2024 Revenue and Adjusted
EBITDA Guidance
Reaffirms Long-Term Outlook for Sustained
Organic Growth and Margin Expansion with Best in Class Offerings
and Continued Relentless Focus on Execution
Janus International Group, Inc. (NYSE: JBI) (“Janus” or the
“Company”), a leading provider of access control technologies and
building product solutions for the self-storage and other
commercial and industrial sectors, today announced financial
results for its fiscal fourth quarter and full year ended December
30, 2023.
Fourth Quarter 2023 Highlights
- Revenue of $263.7 million, a 5.7% decrease compared to $279.7
million for the fourth quarter of 2022, as total Self-Storage
revenues were up 2.5% which was more than offset by declines in
Commercial and Other of 20.2%.
- Net income was $35.8 million, or $0.24 per diluted share,
compared to $32.7 million, or $0.22 per diluted share, in the
fourth quarter of 2022.
- Adjusted Net Income (defined as net income plus the
corresponding tax-adjusted add-backs shown in the Adjusted EBITDA
reconciliation tables below) of $35.9 million, up 9.8% compared to
$32.7 million in the fourth quarter of 2022. Adjusted earnings per
diluted share was $0.24, compared to $0.22 in the fourth quarter of
2022.
- Adjusted EBITDA of $74.3 million, an 8.9% increase compared to
$68.2 million for the fourth quarter of 2022, driven by increased
revenue in Self-Storage, and cost containment measures which more
than offset increases in general and administrative expenses.
Adjusted EBITDA as a percentage of revenues was 28.2%, an increase
of 3.8% from the prior year period due primarily to the positive
impacts of commercial actions and product mix, partially offset by
increased labor costs as the business scales for continued
growth.
Full Year 2023 Highlights
- Revenue was $1,066.4 million, a 4.6% increase compared to
$1,019.5 million in full year 2022. The improvement was driven
primarily by total Self-Storage revenues up 13.2%, partially offset
by a 10.2% decrease in Commercial and Other.
- Net income was $135.7 million, or $0.92 per diluted share,
compared to $107.7 million, or $0.73 per diluted share in full year
2022.
- Adjusted Net Income was $138.4 million, a 26.6% increase
compared to $109.2 million in full year 2022. Adjusted earnings per
diluted share was $0.94, compared to $0.74 in full year 2022.
- Adjusted EBITDA was $285.6 million, a 25.9% increase compared
to $226.9 million for full year 2022 driven by increased revenue in
the Self-Storage sales channels, which more than offset increases
in general and administrative expenses. As a percent of revenues,
Adjusted EBITDA was 26.8% as compared to 22.3% in the prior year,
primarily due to the positive impacts of commercial actions and
product mix, partially offset by increased labor and logistics
costs.
- Operating cash flow of $215.0 million compared to $88.5 million
in full year 2022. Free cash flow conversion of Non-GAAP Adjusted
Net Income of 142% in full year 2023.
- Year-end net leverage ratio of 1.6x – a decrease of 1.2x from
the fourth quarter of 2022.
Ramey Jackson, Chief Executive Officer, stated, “A relentless
focus on execution and strong demand fundamentals in our end
markets drove another year of record results in 2023. We are proud
of all we accomplished including the pay down and refinancing of
our term loan, the opening of our Atlanta software center and
migration of the Nokē cloud provider to Amazon Web Services, and
the opening of our manufacturing facility in Poland. Supported by
our leading market position in self-storage, we generated solid
organic growth, a 450-basis point improvement in adjusted EBITDA
margin, substantial free cash flow generation, and another
meaningful decrease in net leverage to 1.6x.”
Mr. Jackson continued, “Supported by the resilience of our
business model, the strength in our cash generation profile, and
our ongoing commitment to delivering shareholder value through a
thoughtful approach to capital allocation, we are announcing our
inaugural $100 million share repurchase program. We are also
pleased to introduce our full-year 2024 revenue and adjusted EBITDA
guidance and reiterate the goals we laid out a year ago in our
long-term outlook.”
2024 Financial Outlook:
Based on the Company’s current business outlook, Janus is
providing initial full year 2024 guidance as follows:
- Revenue in a range of $1.092 billion to $1.125 billion, which
represents a 4.0% increase at the midpoint as compared to 2023
levels.
- Adjusted EBITDA in a range of $286 million to $310 million,
which represents a 4.3% increase at the midpoint as compared to
2023 levels.
The estimates set forth above and under Long Term Financial
Targets below 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 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.
Reaffirms Long Term Financial Targets
The Company’s long-term outlook includes the following financial
objectives:
- Delivering annual organic revenue growth in the range of 4% to
6%
- Sustaining Adjusted EBITDA margin in a range of 25% to 27%
- Continuing significant cash flow generation, including free
cash flow conversion of adjusted net income in a range of 75% -
100%
- Maintaining strong balance sheet with net leverage in a range
of 2.0x to 3.0x
Share Repurchase Program
The Board of Directors has authorized a share repurchase
program, pursuant to which the Company is authorized to purchase up
to $100 million of its common stock. The repurchase authorization
does not have an expiration date and may be terminated by the
Company’s Board of Directors at any time.
The Company may repurchase shares from time to time through open
market transactions, certain of which may be made pursuant to a
trading plan meeting the requirements of Rule 10b-18 under the
Securities Exchange Act of 1934, as amended, in compliance with
applicable state and federal securities laws. The timing, as well
as the number and value of shares repurchased under the program,
will be determined by the Company at its discretion and will depend
on a variety of factors, including our assessment of the intrinsic
value of the Company’s common stock, the market price of the
Company’s common stock, general market and economic conditions,
available liquidity, compliance with the Company’s debt and other
agreements, applicable legal requirements, the nature of other
investment opportunities available to the Company, and other
considerations. The Company is not obligated to purchase any shares
under the repurchase program, and the program may be suspended,
modified, or discontinued at any time without prior notice. No
assurance can be given that any particular amount of common stock
will be repurchased. The Company expects to fund the repurchases by
using cash on hand and expected free cash flow to be generated in
the future.
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
results, discuss long-term outlook and conduct a
question-and-answer session on Wednesday, February 28, 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 1-877-407-0789 or 1-201-689-8562,
respectively. Upon dialing in, please request to join the Janus
International Group Fourth 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 13743925.
Forward Looking Statements
Certain statements in this communication, including the
estimated guidance provided under “2024 Financial Outlook” and
under “Reaffirms Long Term Financial Targets” 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; (v) the risk that our share
repurchase program will be fully consummated or that it will
enhance shareholder value; and (vi) 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 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 (Loss)
(In millions except share and per share
data)
Three Months Ended
(Unaudited)
Year Ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
REVENUES
Product revenues
$
223.7
$
236.4
$
909.8
$
890.9
Service revenues
40.0
43.3
156.6
128.6
Total Revenues
$
263.7
$
279.7
$
1,066.4
$
1,019.5
Product cost of revenues
120.3
138.2
500.8
557.1
Service cost of revenues
29.1
33.9
115.9
97.5
Cost of Revenues
$
149.4
$
172.1
$
616.7
$
654.6
GROSS PROFIT
$
114.3
$
107.6
$
449.7
$
364.9
OPERATING EXPENSE
Selling and marketing
16.2
16.1
65.5
58.3
General and administrative
34.2
32.9
138.5
119.1
Operating Expenses
$
50.4
$
49.0
$
204.0
$
177.4
INCOME FROM OPERATIONS
$
63.9
$
58.6
$
245.7
$
187.5
Interest expense
(14.7
)
(13.4
)
(60.0
)
(42.0
)
Loss on extinguishment and modification of
debt
—
—
(3.9
)
—
Other income (expense)
—
0.1
1.0
(0.2
)
Other Expense, Net
$
(14.7
)
$
(13.3
)
$
(62.9
)
$
(42.2
)
INCOME BEFORE TAXES
$
49.2
$
45.3
$
182.8
$
145.3
Provision for Income Taxes
13.4
12.6
47.1
37.6
NET INCOME
$
35.8
$
32.7
$
135.7
$
107.7
Other Comprehensive Income (Loss), net
of tax
$
—
$
3.1
$
1.9
$
(3.9
)
COMPREHENSIVE INCOME
$
35.8
$
35.8
$
137.6
$
103.8
Net income attributable to common
stockholders
$
35.8
$
32.7
$
135.7
$
107.7
Weighted-average shares outstanding,
basic and diluted
Basic
146,831,705
146,647,897
146,782,101
146,606,197
Diluted
147,010,309
146,876,935
146,882,057
146,722,866
Net income per share, basic and
diluted
Basic
$
0.24
$
0.22
$
0.92
$
0.73
Diluted
$
0.24
$
0.22
$
0.92
$
0.73
Janus International Group, Inc.
Consolidated Balance Sheets*
(In millions except share and per share
data)
December 30,
December 31,
2023
2022
ASSETS
Current Assets
Cash
$
171.7
$
78.4
Accounts receivable, less allowance for
credit losses of $3.6 and $4.6 as of December 30, 2023 and December
31, 2022, respectively
174.1
155.4
Contract assets
49.7
39.3
Inventories
48.4
67.7
Prepaid expenses
8.4
9.1
Other current assets
10.8
13.3
Total current assets
$
463.1
$
363.2
Right of-use assets, net
50.9
44.3
Property, plant and equipment, net
52.4
42.1
Intangible assets, net
375.3
404.4
Goodwill
368.6
368.2
Deferred tax asset, net
36.8
46.6
Other assets
2.9
1.8
Total assets
$
1,350.0
$
1,270.6
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities
Accounts payable
$
59.8
$
52.3
Billings in excess of costs
26.7
21.4
Current maturities of long-term debt
7.3
8.3
Accrued expenses and other current
liabilities
80.3
70.6
Total current liabilities
$
174.1
$
152.6
Long-term debt, net
607.7
699.9
Deferred tax liability, net
1.7
1.9
Other long-term liabilities
46.9
40.9
Total liabilities
$
830.4
$
895.3
Commitments and Contingencies (Note
20)
STOCKHOLDERS’ EQUITY
Common Stock, 825,000,000 shares
authorized, $0.0001 par value, 146,861,489 and 146,703,894 shares
issued and outstanding at December 30, 2023 and December 31, 2022,
respectively
$
—
$
—
Treasury stock, at cost, 34,297 and zero
shares at December 30, 2023 and December 31, 2022, respectively
(0.4
)
—
Additional paid in capital
289.0
281.9
Accumulated other comprehensive loss
(2.9
)
(4.8
)
Retained earnings
233.9
98.2
Total stockholders’ equity
$
519.6
$
375.3
Total liabilities and stockholders’
equity
$
1,350.0
$
1,270.6
Janus International Group, Inc.
Consolidated Statements of Cash
Flows
(In millions)
Year Ended
December 30, 2023
December 31, 2022
Cash Flows Provided by Operating
Activities
Net income
$
135.7
$
107.7
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation of property, plant and
equipment
9.3
7.9
Noncash lease expense
6.3
5.4
(Reversal of) provision for inventory
obsolescence
—
(0.7
)
Amortization of intangibles
29.8
29.7
Deferred finance fee amortization
3.6
3.7
(Reversal of) provision for losses on
accounts receivable
(0.7
)
1.7
Share-based compensation
7.1
4.1
Loss on extinguishment of debt
1.6
—
Loss (gain) on sale of assets
0.1
(0.1
)
Loss on abandonment of lease
—
0.6
(Gain) loss on equity method
investment
—
(0.2
)
Deferred income taxes, net
9.5
13.5
Changes in operating assets and
liabilities
Accounts receivable
(17.4
)
(50.1
)
Contract assets
(10.3
)
(16.1
)
Inventories
19.4
(10.3
)
Prepaid expenses and other current
assets
4.1
(8.5
)
Other long-term assets
(1.9
)
(12.3
)
Accounts payable
7.3
(2.7
)
Billings in excess of costs
5.0
(1.8
)
Accrued expenses and other current
liabilities
10.0
7.7
Other long-term liabilities
(3.5
)
9.3
Net Cash Provided by Operating
Activities
$
215.0
$
88.5
Cash Flows Used in Investing
Activities
Proceeds from sale of equipment
$
0.1
$
0.1
Purchases of property and equipment
(19.0
)
(8.8
)
Cash paid for acquisitions, net of cash
acquired
(1.0
)
—
Net Cash Used in Investing
Activities
$
(19.9
)
$
(8.7
)
Cash Flows (Used in) Financing
Activities
(Payments on) proceeds from line of
credit
$
—
$
(6.4
)
Principal payments on long-term debt
(428.5
)
(8.1
)
Principal payments on finance lease
obligations
(0.7
)
(0.2
)
Proceeds from issuance of long-term
debt
337.6
—
Payments for deferred financing fees
(10.8
)
—
Cash (Used in) Financing
Activities
$
(102.4
)
$
(14.7
)
Effect of exchange rate changes on
cash
$
0.6
$
0.1
Net Increase in Cash
$
93.3
$
65.2
Cash, Beginning of Fiscal Year
$
78.4
$
13.2
Cash, End of Fiscal Year
$
171.7
$
78.4
Supplemental Cash Flows
Information
Interest paid
$
43.4
$
40.9
Income taxes paid
$
33.9
$
33.4
Cash paid for operating leases included in
operating activities
$
8.4
$
7.7
Non-cash investing and financing
activities
Right-of-use assets obtained in exchange
for operating lease obligations
$
9.5
$
48.4
Right-of-use assets obtained in exchange
for finance lease obligations
$
3.1
$
1.2
RSU Shares withheld related to employee
taxes
$
0.4
$
—
Property, plant and equipment obtained in
exchange for operating lease obligations
$
1.6
$
—
Janus International Group, Inc.
Revenue by Sales Channel
(In millions)
Quarter Ended
Quarter Ended
Variance
December 30, 2023
% of revenues
December 31, 2022
% of revenues
$
%
New Construction - Self Storage
$
103.1
39.1
%
$
90.2
32.2
%
$
12.9
14.3
%
R3 - Self Storage
82.4
31.2
%
90.7
32.4
%
(8.3
)
(9.1
) %
Self Storage
$
185.5
70.3
%
$
181.0
64.7
%
$
4.5
2.5
%
Commercial and Other
78.2
29.7
%
98.7
35.3
%
(20.5
)
(20.8
) %
Total
$
263.7
100.0
%
$
279.7
100.0
%
$
(16.0
)
(5.7
) %
Year Ended
Year Ended
Variance
December 30, 2023
% of revenues
December 31, 2022
% of revenues
$
%
New Construction - Self Storage
$
394.9
37.0
%
$
323.4
31.7
%
$
71.5
22.1
%
R3 - Self Storage
334.9
31.4
%
321.1
31.5
%
13.8
4.3
%
Self Storage
$
729.8
68.4
%
$
644.5
63.2
%
$
85.3
13.2
%
Commercial and Other
336.6
31.6
%
375.0
36.8
%
(38.4
)
(10.2
) %
Total
$
1,066.4
100.0
%
$
1,019.5
100.0
%
$
46.9
4.6
%
Janus International Group, Inc.
Reconciliation of Net Income to
Adjusted EBITDA*
(In millions)
Three Months Ended
Variance
December 30, 2023
December 31, 2022
$
%
Net Income
$
35.8
$
32.7
$
3.1
9.5
%
Interest expense
14.7
13.4
1.3
9.7
%
Income taxes
13.4
12.6
0.8
6.3
%
Depreciation
2.7
2.1
0.6
28.6
%
Amortization
7.5
7.4
0.1
1.4
%
EBITDA
$
74.1
$
68.2
$
5.9
8.7
%
Restructuring charges(3)
0.2
—
0.2
100.0
%
Adjusted EBITDA
$
74.3
$
68.2
$
6.1
8.9
%
Year Ended
Variance
December 30, 2023
December 31, 2022
$
%
Net Income
$
135.7
$
107.7
$
28.0
26.0
%
Interest expense
60.0
42.0
18.0
42.9
%
Income taxes
47.1
37.6
9.5
25.3
%
Depreciation
9.3
7.9
1.4
17.7
%
Amortization
29.8
29.7
0.1
0.3
%
EBITDA
$
281.9
$
224.9
$
57.0
25.3
%
Loss on extinguishment and modification of
debt(1)
3.9
—
3.9
100.0
%
COVID-19 related expenses(2)
—
0.1
(0.1
)
(100.0
) %
Restructuring charges(3)
1.2
1.1
0.1
9.1
%
Acquisition expense(4)
(1.4
)
0.8
(2.2
)
(275.0
) %
Adjusted EBITDA
$
285.6
$
226.9
$
58.7
25.9
%
(1)
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 August 2023.
(2)
Adjustment consists of signage,
cleaning and supplies to maintain work environments necessary to
adhere to CDC guidelines during the COVID-19 pandemic.
(3)
Adjustments 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.
(4)
Income or expenses related to the
transition services agreement and legal settlement for an
acquisition.
*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.
Reconciliation of Net Income to
Non-GAAP Adjusted Net Income*
(In millions)
Three Months Ended
December 30, 2023
December 31, 2022
Net Income
$
35.8
$
32.7
Net Income Adjustments(1)
0.2
—
Tax Effect Non-GAAP on Net Income
Adjustments(2)
(0.1
)
—
Non-GAAP Adjusted Net Income
$
35.9
$
32.7
Year Ended
December 30, 2023
December 31, 2022
Net Income
$
135.7
$
107.7
Net Income Adjustments(1)
3.7
2.0
Tax Effect Non-GAAP on Net Income
Adjustments(2)
(1.0
)
(0.5
)
Non-GAAP Adjusted Net Income
$
138.4
$
109.2
(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 27.2% and 27.8% for the three
months ended December 30, 2023 and December 31, 2022, respectively,
and 25.8% and 25.9% for the years ended December 30, 2023 and
December 31, 2022, respectively.
Janus International Group, Inc.
Non-GAAP Adjusted EPS*
(In Millions)
Three Months Ended
December 30, 2023
December 31, 2022
Numerator:
GAAP Net Income
$
35.8
$
32.7
Non-GAAP Adjusted Net Income
$
35.9
$
32.7
Denominator:
Weighted average number of shares:
Basic
146,831,705
146,647,897
Adjustment for Dilutive Securities
178,604
229,038
Diluted
147,010,309
146,876,935
GAAP Basic EPS
$
0.24
$
0.22
GAAP Diluted EPS
$
0.24
$
0.22
Non-GAAP Adjusted Basic EPS
$
0.24
$
0.22
Non-GAAP Adjusted Diluted EPS
$
0.24
$
0.22
*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.
Year Ended
December 30, 2023
December 31, 2022
Numerator:
GAAP Net Income
$
135.7
$
107.7
Non-GAAP Adjusted Net Income
$
138.4
$
109.2
Denominator:
Weighted average number of shares:
Basic
146,782,101
146,606,197
Adjustment for Dilutive Securities
99,956
116,669
Diluted
146,882,057
146,722,866
GAAP Basic EPS
$
0.92
$
0.73
GAAP Diluted EPS
$
0.92
$
0.73
Non-GAAP Adjusted Basic EPS
$
0.94
$
0.74
Non-GAAP Adjusted Diluted EPS
$
0.94
$
0.74
Janus International Group, Inc.
Non-GAAP Free Cash Flow
Conversion*
(In thousands)
Three Months Ended
December 30, 2023
December 31, 2022
Cash flow from operating
activities
$
68.5
$
25.9
Less: capital expenditure
(5.5
)
(1.0
)
Free cash flow
$
63.0
$
24.9
Non-GAAP Adjusted Net Income
$
35.9
$
32.7
Free cash flow conversion of Non-GAAP
Adjusted Net Income
175
%
76
%
Year Ended
December 30, 2023
December 31, 2022
Cash flow from operating
activities
$
215.0
$
88.5
Less: capital expenditure
(19.0
)
(8.8
)
Free cash flow
$
196.0
$
79.7
Non-GAAP Adjusted Net Income
$
138.4
$
109.2
Free cash flow conversion of Non-GAAP
Adjusted Net Income
142
%
73
%
*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.
Source: Janus International Group, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228505958/en/
Investor Contact John Rohlwing Vice President, Investor
Relations FP&A & M&A, Janus International
IR@janusintl.com (770) 562- 6399
Media Contact Suzanne Reitz Vice President of Marketing,
Janus International 770-746-9576 Marketing@Janusintl.com
Janus (NYSE:JBI)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Janus (NYSE:JBI)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024