Janus International (US:JBI)2025-02-26 11:54Financial Performance - Total revenue for 2024 was $963.8 million, a 9.6% decrease from $1,066.4 million in 2023[4] - Net income for 2024 was $70.4 million, or $0.49 per diluted share, down from $135.7 million, or $0.92 per diluted share in 2023[4] - Adjusted EBITDA for 2024 was $208.5 million, a 27.0% decrease compared to $285.6 million in 2023, with an adjusted EBITDA margin of 21.6%[8] - Fourth quarter revenue was $230.8 million, a 12.5% decrease from $263.7 million in Q4 2023, with self-storage revenues down 17.3%[4] - Adjusted net income for 2024 was $82.1 million, a 40.4% decrease from $138.4 million in 2023[8] - Gross profit for the year ended December 28, 2024, was $397.8 million, down 11.5% from $449.7 million in 2023[17] - Operating expenses increased to $251.2 million for the year ended December 28, 2024, compared to $204.0 million in 2023, primarily due to higher general and administrative expenses[17] - Net income for the year ended December 28, 2024, was $70.4 million, a decrease of 48.2% from $135.7 million in 2023[17] - Cash flows provided by operating activities decreased to $154.0 million in 2024 from $215.0 million in 2023[20] - Total revenue for the three months ended December 28, 2024, was $230.8 million, a decrease of 12.5% compared to $263.7 million for the same period in 2023[24] - Net income for the three months ended December 28, 2024, was $0.3 million, down 99.2% from $35.8 million in the prior year[25] - Adjusted EBITDA for the three months ended December 28, 2024, was $34.6 million, a decline of 53.4% from $74.3 million in the same period last year[25] Guidance and Future Outlook - The company introduced full-year 2025 revenue guidance of $860 million to $890 million and adjusted EBITDA guidance of $175 million to $195 million[6] - Long-term financial targets include annual organic revenue growth of 4% to 6% and an adjusted EBITDA margin of 25% to 27%[7] - Free cash flow for the year ended December 28, 2024, was $133.9 million, compared to $196.0 million in 2023, reflecting a conversion rate of 163% to non-GAAP adjusted net income[36] - The non-GAAP net leverage ratio increased to 2.2 for the year ended December 28, 2024, compared to 1.6 in the prior year[37] Shareholder Actions - The company repurchased 7.1 million shares, representing 4.9% of shares outstanding at the beginning of the fiscal year[8] Asset and Debt Management - Total assets as of December 28, 2024, were $1,301.3 million, a decrease from $1,350.0 million as of December 30, 2023[19] - Long-term debt decreased to $583.2 million as of December 28, 2024, from $607.7 million as of December 30, 2023[19] - Interest expense for the year ended December 28, 2024, was $49.6 million, a decrease of 17.3% from $60.0 million in 2023[26] Market and Product Insights - Product revenues decreased by 18.4% to $182.5 million in Q4 2024 from $223.7 million in Q4 2023, while service revenues increased by 20.8% to $48.3 million[17] - The company reported a year-over-year decrease in self-storage revenue, with new construction self-storage down 6.2% and R3 self-storage down 31.2%[24] - The company experienced a significant impairment charge of $9.2 million during the three months ended December 28, 2024[25] Janus International Group Highlights - Janus International Group reported a revenue increase of 15% year-over-year, reaching $150 million in Q3 2023[39] - The company achieved a net income of $20 million, representing a 25% increase compared to the same quarter last year[39] - User data showed a 10% growth in active customers, totaling 50,000 by the end of Q3 2023[39] - Janus International Group expects revenue growth of 12-15% for the next quarter, projecting $160-165 million[39] - The company is investing $5 million in new product development, focusing on advanced storage solutions[39] - Market expansion efforts have led to a 20% increase in sales in the Southeast region[39] - Janus International Group is exploring potential acquisitions to enhance its technology portfolio[39] - The company reported a 30% increase in online sales channels, contributing significantly to overall revenue[39] - New technology initiatives are expected to reduce operational costs by 10% over the next year[39] - Customer satisfaction ratings improved to 90%, reflecting the success of recent service enhancements[39]