Janus International (US:JBI)2025-05-08 10:55Financial Performance - Total revenue for Q1 2025 was $210.5 million, a 17.3% decrease from $254.5 million in Q1 2024[4] - Net income for Q1 2025 was $10.8 million, or $0.08 per diluted share, down 64.8% from $30.7 million, or $0.21 per diluted share in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $38.4 million, a 42.1% decrease compared to $66.3 million in Q1 2024, with an adjusted EBITDA margin of 18.2%[4] - Adjusted net income for Q1 2025 was $17.7 million, down 51.6% from $36.6 million in Q1 2024, with adjusted net income per diluted share of $0.13[4] - Total revenue for the three months ended March 29, 2025, was $210.5 million, down 17.3% from $254.5 million in the prior year[20] - Net income for the three months ended March 29, 2025, was $10.8 million, a decrease of 64.8% compared to $30.7 million for the same period in 2024[21] - Adjusted EBITDA for the three months ended March 29, 2025, was $38.4 million, a decline of 42.1% from $66.3 million in the same period last year[21] - Non-GAAP adjusted net income for the three months ended March 29, 2025, was $17.7 million, down from $36.6 million in the same period last year[25] Revenue Breakdown - Self-storage revenues decreased by 23.1% in Q1 2025, while commercial and other revenues declined by 1.0%[4] - Revenue from self-storage new construction was $86.9 million, a decrease of 25.5% from $116.6 million in the prior year[20] - The acquisition of TMC contributed $3.5 million to the revenue of the commercial and other sales channel[4] Cash Flow and Liquidity - Cash flows provided by operating activities increased to $48.3 million for the three months ended March 29, 2025, compared to $28.6 million for the same period in 2024[19] - Free Cash Flow for the three months ended March 29, 2025, was $41.9 million, up from $24.0 million for the same period in 2024, representing a 74.6% increase[29] - Cash Flow from Operating Activities for the three months ended March 29, 2025, was $48.3 million, compared to $28.6 million for the same period in 2024[29] - Total cash as of March 29, 2025, was $140.8 million, a decrease from $149.3 million as of December 28, 2024[31] Debt and Leverage - The company’s long-term debt decreased to $544.5 million as of March 29, 2025, down from $583.2 million at the end of 2024[18] - Net Debt as of March 29, 2025, was $416.2 million, down from $449.2 million as of December 28, 2024[31] - Non-GAAP Net Leverage Ratio increased to 2.3 as of March 29, 2025, compared to 2.2 as of December 28, 2024[31] - Long-Term Debt to Net Income ratio increased to 11.0 as of March 29, 2025, from 8.5 as of December 28, 2024[31] Shareholder Actions - The company repurchased 0.6 million shares of common stock for $5.1 million, with $16.3 million remaining under its share repurchase authorization[4] Guidance and Outlook - The company reaffirmed its full-year 2025 revenue guidance in the range of $860 million to $890 million and adjusted EBITDA guidance of $175 million to $195 million[5] - The CEO expressed confidence in the company's ability to deliver solid results despite macroeconomic volatility and inflation concerns[3] Asset Management - Total assets decreased to $1,271.8 million as of March 29, 2025, down from $1,301.3 million as of December 28, 2024, representing a decline of 2.3%[18] - The company reported a decrease in cash and cash equivalents to $140.8 million as of March 29, 2025, from $149.3 million at the end of 2024[19] - Trailing Twelve-Month Free Cash Flow as of March 29, 2025, was $151.8 million, down from $175.7 million as of March 30, 2024[29] - Trailing Twelve-Month Adjusted EBITDA for the period ended March 29, 2025, was $180.6 million, down from $208.5 million for the period ended December 28, 2024[31] - GAAP diluted EPS for the three months ended March 29, 2025, was $0.08, unchanged from the same period in 2024[28] - Free Cash Flow Conversion of Non-GAAP Adjusted Net Income reached 237% for the three months ended March 29, 2025, compared to 66% for the same period in 2024[29]