Janus International Group, Inc. (JBI) reported splendid results for first-quarter fiscal 2024, wherein earnings and revenues topped the Zacks Consensus Estimate and increased on a year-over-year basis.The company’s growth trend was backed by improved market conditions, product mix and commercial actions. It witnessed solid contributions from its Self-Storage segment, which were somewhat offset by declines in the Commercial and Other segment. Also, positive impacts of segment mix and declines in material cos ...

1 FIRST QUARTER 2024 EARNINGS PRESENTATION FORWARD-LOOKING STATEMENTS NON-GAAP FINANCIAL MEASURES | --- | --- | --- | --- | |----------------------------------------|--------------------------------------------|-------|-------| | | | | | | AGENDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ramey Jackson Chief Executive Officer | Anselm Wong Chief Financial Officer | | | | Business Overview & Market Update | 1Q24 Financial Overview & Guidance Update | | | • 1.0% organic revenue growth First Q ...

Janus International Group, Inc. (JBI) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.53%. A quarter ago, it was expected that this company would post earnings of $0.25 per share when it actually produced earnings of $0.24, delivering a surprise of -4%.Over the last four quarters, ...

Achieved an 8.3% Year-over-Year Increase in Adjusted EBITDA to $66.3 Million JANUS INTERNATIONAL GROUP REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Delivered 1.0% Total Revenue Growth Net Income Grew 18.1% to $30.7 Million, or $0.21 Per Diluted Share, with Adjusted EPS of $0.21 Deployed $15.3 Million into Share Repurchases during First Quarter and a $21.9 Million Debt Repayment Subsequent to Quarter End Reiterate Full-year 2024 Revenue and Adjusted EBITDA Guidance TEMPLE, GA, May 9, 2024 – Janus Internation ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Janus International Group, Inc. (JBI) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 9, 2024, might help the stock move higher if these key numbers are b ...

Financial Overview - Steel coils comprise approximately 58.3% of commodity spend for the fiscal year ended December 30, 2023, down from 62.2% in the previous year[326]. - The interest rate on the Amendment No. 6 First Lien term loan as of December 30, 2023, was 8.76%, based on Adjusted Term SOFR with a 1.00% floor[327]. - The Company maintains a $125.0 million credit facility with an interest rate of 6.8% as of December 30, 2023[328]. - Inflationary factors may adversely affect operating results if the Company cannot pass on cost increases to customers[332]. Customer and Employee Insights - As of December 30, 2023, one customer accounted for 11% of the accounts receivable balance, with no other customers exceeding 10%[331]. - The Company has 1,864 full-time and part-time employees worldwide, with approximately 59% engaged in manufacturing and production roles[63][64]. Environmental and Safety Initiatives - The Company aims to cut greenhouse gas emissions by up to 40% from 2005 levels in the U.S. by 2030, in line with the Inflation Reduction Act of 2022[62]. - The Company tracks OSHA recordable injuries and lost time rates monthly, establishing annual safety targets[66]. Raw Material Management - The Company has not entered into hedges for raw material costs but may consider doing so in the future to combat price fluctuations[326]. - The Company continues to develop new potentially patentable products and enhancements, with patents expiring between 2026 and 2041[57].

[Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) [Fourth Quarter 2023 Performance](index=1&type=section&id=Fourth%20Quarter%202023%20Highlights) Q4 2023 revenue declined 5.7% to $263.7 million, yet Net Income and Adjusted EBITDA grew, expanding the margin to 28.2% Q4 2023 Key Financial Metrics (vs. Q4 2022) | Metric | Q4 2023 ($M) | Q4 2022 ($M) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $263.7 | $279.7 | -5.7% | | Self-Storage Revenue | - | - | +2.5% | | Commercial & Other Revenue | - | - | -20.2% | | **Net Income** | $35.8 | $32.7 | +9.5% | | Diluted EPS | $0.24 | $0.22 | +9.1% | | **Adjusted EBITDA** | $74.3 | $68.2 | +8.9% | | Adjusted EBITDA Margin | 28.2% | 24.4% | +3.8 p.p. | | **Adjusted Net Income** | $35.9 | $32.7 | +9.8% | | Adjusted Diluted EPS | $0.24 | $0.22 | +9.1% | [Full Year 2023 Performance](index=1&type=section&id=Full%20Year%202023%20Highlights) Janus achieved record FY23 results with 4.6% organic revenue growth to $1,066.4 million, Net Income and Adjusted EBITDA up 25.9%, and net leverage reduced to 1.6x Full Year 2023 Key Financial Metrics (vs. FY 2022) | Metric | FY 2023 ($M) | FY 2022 ($M) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,066.4 | $1,019.5 | +4.6% | | Self-Storage Revenue | - | - | +13.2% | | Commercial & Other Revenue | - | - | -10.2% | | **Net Income** | $135.7 | $107.7 | +25.9% | | Diluted EPS | $0.92 | $0.73 | +26.0% | | **Adjusted EBITDA** | $285.6 | $226.9 | +25.9% | | Adjusted EBITDA Margin | 26.8% | 22.3% | +4.5 p.p. | | **Adjusted Net Income** | $138.4 | $109.2 | +26.6% | | Adjusted Diluted EPS | $0.94 | $0.74 | +27.0% | - The company achieved strong cash flow, with operating cash flow reaching **$215.0 million**, compared to $88.5 million in 2022[6](index=6&type=chunk) - Net leverage was significantly reduced, ending the year at **1.6x**, a decrease of 1.2x from the end of 2022[6](index=6&type=chunk) [Management Commentary and Outlook](index=2&type=section&id=Management%20Commentary%20and%20Outlook) [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO Ramey Jackson attributed record 2023 results to strong execution and demand, highlighting debt refinancing, new facilities, cloud migration, and reduced net leverage - CEO Ramey Jackson highlighted key 2023 accomplishments: - Paid down and refinanced the term loan - Opened an Atlanta software center and a manufacturing facility in Poland - Migrated the Nokē cloud provider to Amazon Web Services[4](index=4&type=chunk) [2024 Financial Outlook](index=2&type=section&id=2024%20Financial%20Outlook) Janus initiated FY24 guidance, projecting revenues of $1.092 billion to $1.125 billion and Adjusted EBITDA of $286 million to $310 million, with ~4% YoY growth at midpoint Full Year 2024 Guidance | Metric | Guidance Range | Midpoint YoY Growth | | :--- | :--- | :--- | | **Revenue** | $1.092B - $1.125B | +4.0% | | **Adjusted EBITDA** | $286M - $310M | +4.3% | [Long-Term Financial Targets](index=2&type=section&id=Reaffirms%20Long%20Term%20Financial%20Targets) The company reaffirmed long-term financial targets: 4-6% organic revenue growth, 25-27% Adjusted EBITDA margins, 75-100% free cash flow conversion, and 2.0x-3.0x net leverage - The company's long-term financial goals are: - **Annual Organic Revenue Growth:** 4% to 6% - **Adjusted EBITDA Margin:** 25% to 27% - **Free Cash Flow Conversion:** 75% - 100% of adjusted net income - **Net Leverage:** 2.0x to 3.0x[8](index=8&type=chunk)[13](index=13&type=chunk) [Capital Allocation](index=3&type=section&id=Capital%20Allocation) [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) Janus announced an inaugural share repurchase program, authorized for up to $100 million of common stock, with no expiration and funded by cash and future free cash flow - The Board of Directors has authorized a new share repurchase program for up to **$100 million** of its common stock[9](index=9&type=chunk) - The program has no expiration date and will be funded by cash on hand and expected future free cash flow[9](index=9&type=chunk)[10](index=10&type=chunk) [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) FY23 total revenues increased to $1,066.4 million, gross profit to $449.7 million, income from operations to $245.7 million, and net income rose 26% to $135.7 million Full Year 2023 vs. 2022 Statement of Operations (in millions) | Line Item | FY 2023 ($M) | FY 2022 ($M) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,066.4 | $1,019.5 | +4.6% | | **Gross Profit** | $449.7 | $364.9 | +23.2% | | **Income from Operations** | $245.7 | $187.5 | +31.0% | | **Net Income** | $135.7 | $107.7 | +26.0% | | **Diluted EPS** | $0.92 | $0.73 | +26.0% | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of December 30, 2023, total assets reached $1,350.0 million, cash doubled to $171.7 million, total liabilities decreased, and stockholders' equity grew to $519.6 million Balance Sheet Highlights (in millions) | Account | Dec 30, 2023 ($M) | Dec 31, 2022 ($M) | | :--- | :--- | :--- | | **Cash** | $171.7 | $78.4 | | **Total Current Assets** | $463.1 | $363.2 | | **Total Assets** | $1,350.0 | $1,270.6 | | **Long-term Debt, net** | $607.7 | $699.9 | | **Total Liabilities** | $830.4 | $895.3 | | **Total Stockholders' Equity** | $519.6 | $375.3 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) FY23 net cash from operating activities surged to $215.0 million, investing activities used $19.9 million, financing activities used $102.4 million, increasing the cash balance to $171.7 million Full Year 2023 vs. 2022 Cash Flows (in millions) | Cash Flow Activity | FY 2023 ($M) | FY 2022 ($M) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $215.0 | $88.5 | | **Net Cash Used in Investing Activities** | $(19.9) | $(8.7) | | **Net Cash Used in Financing Activities** | $(102.4) | $(14.7) | | **Net Increase in Cash** | $93.3 | $65.2 | | **Cash, End of Year** | $171.7 | $78.4 | [Revenue by Sales Channel](index=9&type=section&id=Revenue%20by%20Sales%20Channel) In 2023, total Self-Storage revenue grew 13.2% to $729.8 million, driven by New Construction, while Commercial and Other declined 10.2% to $336.6 million Full Year 2023 Revenue by Sales Channel (in millions) | Sales Channel | FY 2023 Revenue ($M) | FY 2022 Revenue ($M) | YoY Growth | | :--- | :--- | :--- | :--- | | New Construction - Self Storage | $394.9 | $323.4 | +22.1% | | R3 - Self Storage | $334.9 | $321.1 | +4.3% | | **Total Self Storage** | **$729.8** | **$644.5** | **+13.2%** | | **Commercial and Other** | **$336.6** | **$375.0** | **-10.2%** | | **Total Revenue** | **$1,066.4** | **$1,019.5** | **+4.6%** | [Non-GAAP Reconciliations](index=10&type=section&id=Non-GAAP%20Reconciliations) The company provides reconciliations for non-GAAP measures like Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and Free Cash Flow Conversion to their GAAP equivalents [Reconciliation to Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) FY23 Net Income of $135.7 million was reconciled to Adjusted EBITDA of $285.6 million, with major adjustments for interest, taxes, depreciation, amortization, and debt extinguishment loss FY 2023 Reconciliation of Net Income to Adjusted EBITDA (in millions) | Line Item | FY 2023 ($M) | | :--- | :--- | | **Net Income** | **$135.7** | | Interest expense | $60.0 | | Income taxes | $47.1 | | Depreciation | $9.3 | | Amortization | $29.8 | | Loss on extinguishment of debt | $3.9 | | Other adjustments | $(0.2) | | **Adjusted EBITDA** | **$285.6** | [Reconciliation to Non-GAAP Adjusted Net Income](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Non-GAAP%20Adjusted%20Net%20Income) FY23 GAAP Net Income of $135.7 million was adjusted to Non-GAAP Adjusted Net Income of $138.4 million by adding pre-tax non-GAAP items and subtracting their tax effect FY 2023 Reconciliation to Non-GAAP Adjusted Net Income (in millions) | Line Item | FY 2023 ($M) | | :--- | :--- | | **Net Income** | **$135.7** | | Net Income Adjustments (pre-tax) | $3.7 | | Tax Effect on Adjustments | $(1.0) | | **Non-GAAP Adjusted Net Income** | **$138.4** | [Non-GAAP Adjusted EPS](index=11&type=section&id=Non-GAAP%20Adjusted%20EPS) FY23 GAAP Diluted EPS was $0.92, adjusted to Non-GAAP Diluted EPS of $0.94, calculated using Non-GAAP Adjusted Net Income of $138.4 million and 146.9 million shares FY 2023 GAAP vs. Non-GAAP EPS | Metric | FY 2023 (USD) | FY 2022 (USD) | | :--- | :--- | :--- | | **GAAP Diluted EPS** | $0.92 | $0.73 | | **Non-GAAP Adjusted Diluted EPS** | $0.94 | $0.74 | [Non-GAAP Free Cash Flow Conversion](index=12&type=section&id=Non-GAAP%20Free%20Cash%20Flow%20Conversion) FY23 free cash flow was $196.0 million (operating cash flow $215.0 million less $19.0 million capex), resulting in 142% free cash flow conversion of Non-GAAP Adjusted Net Income, a significant improvement from 73% in 2022 FY 2023 Free Cash Flow Conversion (in millions) | Metric | FY 2023 ($M) | FY 2022 ($M) | | :--- | :--- | :--- | | 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** | **142%** | **73%** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-40456 ________________________ JANUS INTERNATIONAL GROUP, INC. (Exact name of r ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $280.1 million for Q3 2023, an increase of approximately 6.7% compared to the same period last year, driven primarily by new construction which was up 40.3% [100][106] - Adjusted net income for Q3 2023 was $39 million, reflecting a 20.3% increase from Q3 2022, with adjusted diluted earnings per share rising to $0.27 from $0.22 [12][100] - Adjusted EBITDA for the quarter was $76.2 million, up 20.4% year-over-year, resulting in an adjusted EBITDA margin of 27.2%, an improvement of 310 basis points [84][130] Business Line Data and Key Metrics Changes - The R3 segment experienced a 1.9% decline in Q3 2023, primarily due to project timing and a strong Q3 2022, but year-to-date, R3 is up 9.6% [11] - New construction was the primary driver of revenue growth, significantly outperforming other segments [100][106] - Commercial and other revenues declined by 11.1% year-over-year, attributed to difficult comparisons with a particularly strong Q3 2022 [100][104] Market Data and Key Metrics Changes - Self-storage occupancy rates remain above mid-cycle levels, indicating strong demand for new capacity from facility owners [5] - The company noted that the fundamentals driving customer investment decisions remain strong despite economic uncertainties [5][81] Company Strategy and Development Direction - The company is focused on maintaining a secure balance sheet while preserving capital for potential M&A opportunities [8] - The strategic emphasis on M&A is highlighted, with management indicating a willingness to leverage up for significant strategic deals [20][112] - The company is expanding its production capacity in Europe and the West Coast to support growth and enhance its suite of offerings [89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong backlog and visibility into end markets, raising the full-year 2023 outlook for revenue and adjusted EBITDA [106][90] - The company anticipates continued growth and margin improvement into 2024, consistent with its long-term objectives [90] - Management acknowledged the challenges posed by inflation, particularly in steel prices, but remains optimistic about maintaining margins [55][130] Other Important Information - The company achieved a free cash flow conversion of 117% of adjusted net income over the past 12 months, indicating strong cash generation capabilities [8][105] - The net leverage ratio improved to 1.8 times net debt to adjusted trailing 12-month EBITDA, down from 3.3 times at the end of 2022 [13][101] Q&A Session Summary Question: How is the backlog trending and what is the pipeline for 2024? - Management has not provided specific 2024 guidance but indicated that the backlog remains strong for both new construction and R3 [18][37] Question: What are the dynamics in the new construction market? - Management noted that new construction is a long-term game, and while there may be fluctuations, the overall market remains resilient [42][81] Question: How is the competitive landscape for Nok evolving? - Management highlighted that new entrants are significantly behind in technology and integration, maintaining a strong competitive position [72][130] Question: What is the outlook for inflation and potential pricing actions? - Management indicated that while steel prices have been volatile, they are currently aligned with pricing strategies, and they will monitor costs closely [55][128]

| --- | --- | |-------|-------| | | | | | | 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 sta ...