Achieved 35.9% Revenue Growth in 2022,
Including 28.4% Organic Improvement
Grew 2022 Net Income to $107.7 million, or EPS
of $0.73, with Adjusted EPS of $0.74
Delivered 2022 Adjusted EBITDA of $226.9
Million, Up 53.1% Year-over-Year
Reduced Net Leverage by 1.6x to 2.8x, Ending
Year within Target Range
Initiates Full-year 2023 Revenue and Adjusted
EBITDA Guidance
Introduces Long-Term Outlook for Sustained
Strong Organic Growth and Margin Expansion with Best in Class
Offerings and Continued Relentless Focus on Execution
Rapidly Deleveraged Balance Sheet and
High-Quality Cash Flows Provide Sturdy Foundation to Achieve
Long-term Objectives
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 fourth quarter and full year ended
December 31, 2022.
The Company also introduced its long-term strategic and
financial outlook. A conference call and webcast will be held today
at 10:00 a.m. Eastern time to review results and discuss its
long-term outlook, during which time the executive leadership team
will discuss the Company’s firmly established position to drive
revenue growth and margin expansion, along with the its multi-year
financial objectives and capital allocation framework.
Fourth Quarter 2022 Highlights
- Revenues of $279.7 million, an 18.9% increase compared to
$235.4 million for the fourth quarter of 2021, driven primarily by
strong performance in Restore, Rebuild & Replace (“R3”) up 43%,
and Commercial and Other up 34%, partially offset by an 8.1%
decrease in New Construction.
- Net income was $32.7 million, or $0.22 per diluted share,
compared to $10.3 million, or $0.07 per diluted share in the fourth
quarter of 2021. The quarter over quarter increase was driven by
the positive impacts of higher revenue, commercial actions taken to
offset inflationary pressures on inputs, improvement in
steel-related costs, and continued solid execution on cost
containment, partially offset by continued inflationary pressure on
certain inputs, particularly labor and logistics costs.
- Adjusted net income (defined as net income plus the
corresponding tax-adjusted add-backs shown in the Adjusted EBITDA
reconciliation tables below) of $32.7 million, up 59.7% compared to
$20.5 million in the fourth quarter of 2021. Adjusted earnings per
diluted share was $0.22, compared to $0.14 in the fourth quarter of
2021.
- Adjusted EBITDA of $68.3 million, a 57.5% increase compared to
$43.3 million for the fourth quarter of 2021, driven by increased
revenue, partially offset by higher cost of sales and general and
administrative expenses. Adjusted EBITDA as a percentage of
revenues was 24.4%, an increase of 6.0% from the prior year period
due primarily to the positive impacts of commercial actions taken
to offset higher input costs, cost containment measures, and a year
over year improvement in steel related costs.
- Operating cash flow of $25.9 million compared to $15.1 million
in the fourth quarter of 2021, reflecting the strong results
detailed above and a return to more normalized inventory
levels.
Full Year 2022 Highlights
- Revenue was $1.0 billion compared to $750.2 million in full
year 2021. The 35.9% improvement, including 28.4% organically, was
driven primarily by strong performance in R3, Commercial and Other,
New Construction and the addition of $56.6 million from DBCI and
ACT.
- Net income was $107.7 million, or $0.73 per diluted share,
compared to $43.8 million, or $0.40 per diluted share in full year
2021. The year over year increase is attributable to the same items
described in the Fourth Quarter 2022 Highlights above.
- Adjusted net income was $109.2 million, a 62.2% increase
compared to $67.3 million in full year 2021. Adjusted net income
per diluted share was $0.74, compared to $0.62 in full year 2021.
Both GAAP and non-GAAP earnings per diluted share increased despite
being impacted by a significantly higher average share count in
2022 as a result of the business combination in June of 2021.
- Adjusted EBITDA was $226.9 million compared to $148.2 million
in full year 2021. As a percent of revenues, Adjusted EBITDA was
22.3% as compared to 19.8% in the prior year, primarily due to
commercial actions taken to offset inflationary increases in input
costs, continued strong execution on cost containment initiatives,
and organic and acquired growth, partially offset by increases in
labor and logistics, as well as a full year of incremental costs
associated with being a public company.
- Operating cash flow of $88.5 million compared to $74.8 million
in full year 2021. The year over year increase is attributable to
the same items described in the Fourth Quarter 2022 Highlights
above.
Ramey Jackson, Chief Executive Officer, stated, “Our strong
results in the fourth quarter capped off another record year for
Janus, one in which we generated substantial full-year revenue
growth across all of our sales channels and drove a 250-basis point
improvement in adjusted EBITDA margin. We reduced our net leverage
1.6 times, helped by our consistent generation of solid cash flow.
And the integration of our prior year acquisitions of DBCI and ACT,
a focal point for the team in 2022, was completed ahead of
schedule, yielding greater than expected financial benefits.”
Mr. Jackson continued, “Fundamentals and demand across all our
sales channels remain robust, particularly in our core self-storage
markets. The actions we have taken to overcome a challenging
macroeconomic backdrop are showing in our results, and in tandem
with our continuously expanding suite of solutions offerings,
position us to once again deliver strong results in 2023 on our
path to achieving our longer term goals.”
2023 Financial Outlook:
Based on the Company’s current business outlook, Janus is
providing initial full-year 2023 guidance as follows:
- Revenue in a range of $1.05 billion to $1.07 billion, which
represents a 4.0% increase at the midpoint as compared to 2022
levels.
- Adjusted EBITDA in a range of $250 million to $275 million,
which represents a 15.6% 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.
Long Term Strategic Plan
“Coming off this impressive record year at Janus, we are pleased
to introduce our first longer term vision and financial objectives
for the company since becoming public almost two years ago,” Mr.
Jackson commented. “We expect to accomplish these goals by
expanding our leadership position in self-storage and growing share
in Commercial, Industrial, and other tangential areas, all while
maintaining a relentless focus on cost control and balance sheet
strength.”
As part of its long-term strategic plan, the Company will be
focused on building value by capitalizing on the following factors
and initiatives:
- Expanding its position as the industry leader in a resilient
well-structured market
- Delivering strong market growth through commercial actions,
share gains across all three sales channels, increasing content per
square foot, and expanding adoption of Nokē Remote Access
- Driving robust EBITDA margins through productivity initiatives,
relentless cost containment, and a growing suite of higher margin
solutions offerings
- Continuing to deliver solid free cash flow generation and
conversion of adjusted net income, providing capital deployment
optionality to drive shareholder value
- Executing value-accretive acquisitions targeting bolt-on and
adjacent categories that benefit from the Company’s market leading
position in core competencies
Long Term Financial Targets
The Company’s long-term outlook includes the following financial
objectives in the next three to five years:
- Delivering annual organic revenue growth in the range of 4% to
6%
- Expanding Adjusted EBITDA margin to 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
Anselm Wong, Executive Vice President and CFO of Janus,
concluded, “We are pleased to unveil our long-term financial
targets today, which emphasize the strength of our end markets, the
leverage of our business model, and the expansion of our offerings
in the years to come. These targets are consistent with the solid
trajectory in our business that we have demonstrated since going
public.”
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, re-locatable 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 Thursday, March 16, 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 Fourth Quarter 2022 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 13735631.
Forward Looking Statements
Certain statements in this communication, including the
estimated guidance provided under “2022 Financial Outlook” 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 positioning in the
industry to strengthen its pipeline and deliver on its objectives
and 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; and (iii) 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
(Unaudited)
Year Ended
December 31, 2022
January 1, 2022
December 31, 2022
January 1, 2022
REVENUE
Sales of product
$
230,965
$
201,876
$
873,087
$
619,967
Sales of services
$
48,763
$
33,477
$
146,422
$
130,183
Total revenue
$
279,728
$
235,353
$
1,019,509
$
750,150
Cost of Sales
$
172,137
$
158,717
$
654,577
$
498,787
GROSS PROFIT
$
107,591
$
76,636
$
364,932
$
251,363
OPERATING EXPENSE
Selling and marketing
$
16,059
$
14,388
$
58,275
$
46,295
General and administrative
$
32,913
$
33,662
$
119,180
$
111,981
Contingent consideration and earnout fair
value adjustments
$
—
$
—
$
—
$
687
Operating Expenses
$
48,972
$
48,050
$
177,455
$
158,963
INCOME FROM OPERATIONS
$
58,619
$
28,586
$
187,477
$
92,400
Interest expense
$
(13,416
)
$
(9,611
)
$
(42,039
)
$
(32,876
)
Other income (expense)
$
85
$
(935
)
$
(227
)
$
(3,324
)
Change in fair value of derivative warrant
liabilities
$
—
$
(7,542
)
$
—
$
(5,918
)
Other Expense, Net
$
(13,331
)
$
(18,088
)
$
(42,266
)
$
(42,118
)
INCOME BEFORE TAXES
$
45,288
$
10,498
$
145,211
$
50,282
Provision for Income Taxes
$
12,574
$
216
$
37,558
$
6,481
NET INCOME
$
32,714
$
10,282
$
107,653
$
43,801
Other Comprehensive Income
(Loss)
$
3,090
$
174
$
(3,847
)
$
(722
)
COMPREHENSIVE INCOME
$
35,804
$
10,456
$
103,806
$
43,079
Net income attributable to common
stockholders
$
32,714
$
10,282
$
107,653
$
43,801
Weighted-average shares outstanding,
basic and diluted
Basic
146,647,897
143,240,473
146,606,197
107,875,018
Diluted
146,876,935
144,122,146
146,722,866
108,977,811
Net income per share, basic and
diluted
Basic
$
0.22
$
0.07
$
0.73
$
0.41
Diluted
$
0.22
$
0.07
$
0.73
$
0.40
Janus International Group, Inc.
Consolidated Balance Sheets*
(In thousands)
December 31,
January 1,
2022
2022
ASSETS
Current Assets
Cash
$
78,373
$
13,192
Accounts receivable, less allowance for
credit losses; $4,549 and $5,449, at December 31, 2022 and January
1, 2022, respectively
155,397
107,372
Costs in excess of billing on uncompleted
contracts
39,251
23,121
Inventory, net
67,677
56,596
Prepaid expenses
9,098
9,843
Other current assets
13,381
4,057
Total current assets
$
363,177
$
214,181
Right of-use assets, net
44,305
—
Property and equipment, net
42,083
41,607
Intangible assets, net
404,385
436,040
Goodwill
368,204
369,286
Deferred tax asset, net
46,601
58,915
Other assets
1,863
1,973
Total assets
$
1,270,618
$
1,122,002
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities
Accounts payable
$
52,268
$
54,961
Billing in excess of costs and estimated
earnings on uncompleted contracts
21,445
23,207
Current maturities of long-term debt
8,347
8,067
Other accrued expenses
70,551
54,111
Total current liabilities
$
152,611
$
140,346
Line of credit
—
6,369
Long-term debt, net
699,850
703,718
Deferred tax liability, net
1,927
749
Other long-term liabilities
40,944
2,533
Total liabilities
$
895,332
$
853,715
STOCKHOLDERS’ EQUITY
Common Stock, 825,000,000 shares
authorized, $0.0001 par value, 146,703,894 and 146,561,717 shares
issued and outstanding at December 31, 2022 and January 1, 2022,
respectively
$
15
$
15
Additional paid in capital
281,914
277,799
Accumulated other comprehensive loss
(4,796
)
(949
)
Retained earnings (accumulated
deficit)
98,153
(8,578
)
Total stockholders’ equity
$
375,286
$
268,287
Total liabilities and stockholders’
equity
$
1,270,618
$
1,122,002
*We made a reclassification to the
previously issued fiscal 2021 balance sheet to conform with the
current year presentation, please see our annual 10K for further
discussion.
Janus International Group, Inc.
Consolidated Statements of Cash
Flows
(In thousands)
Year Ended
December 31, 2022
January 1, 2022
Cash Flows Provided By Operating
Activities
Net income
$
107,653
$
43,801
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation of property and equipment
7,935
6,450
Reduction in carrying amount of
right-of-use assets
5,390
—
Change in inventory obsolescence
reserve
(739
)
669
Intangible amortization
29,683
31,588
Deferred finance fee amortization
3,682
3,222
Provision for losses on accounts
receivable
1,683
1,349
Share based compensation
4,115
5,327
Loss on extinguishment of debt
—
2,415
Change in fair value of contingent
consideration and earnout
—
687
(Gain) loss on sale of assets
(85
)
38
Loss on abandonment of lease
571
794
Change in fair value of derivative warrant
liabilities
—
5,918
Undistributed (earnings) losses of
affiliate
(154
)
151
Deferred income taxes, net
13,526
4,849
Changes in operating assets and
liabilities
Accounts receivable
(50,073
)
(23,984
)
Costs in excess of billings and billings
in excess of costs on uncompleted contracts
(16,130
)
(11,619
)
Inventory
(10,342
)
(22,908
)
Prepaid expenses and other current
assets
(8,508
)
(6,017
)
Accounts payable
(2,694
)
16,553
Billing in excess of costs on uncompleted
contracts
(1,762
)
1,682
Other accrued expenses
7,674
16,630
Other assets and long-term liabilities
(2,958
)
(2,766
)
Net Cash Provided By Operating
Activities
$
88,467
$
74,829
Cash Flows Used In Investing
Activities
Proceeds from sale of equipment
113
83
Purchases of property and equipment
(8,807
)
(19,866
)
Proceeds from sale leaseback
transaction
—
9,638
Cash paid for acquisitions, net of cash
acquired
—
(179,744
)
Net Cash Used In Investing
Activities
$
(8,694
)
$
(189,889
)
Cash Flows Provided by (Used In)
Financing Activities
(Repayments of) proceeds from line of
credit
(6,369
)
6,369
Distributions to Janus Midco LLC
unitholders
—
(4,174
)
Principal payments on long-term debt
(8,067
)
(68,858
)
Principal payments on finance lease
obligations
(210
)
—
Proceeds from issuance of long-term
debt
—
155,000
Proceeds from merger
—
334,874
Proceeds from PIPE
—
250,000
Payments for transaction costs, net
—
(44,489
)
Payments to Janus Midco, LLC unitholders
at the Business Combination
—
(541,710
)
Proceeds from warrant exercise
—
110
Payments for deferred financing fees
—
(4,322
)
Cash Provided By (Used In) Financing
Activities
$
(14,646
)
$
82,800
Effect of exchange rate changes on cash
and cash equivalents
54
197
Net (Decrease) Increase in Cash and
Cash Equivalents
$
65,181
$
(32,063
)
Cash and Cash Equivalents, Beginning of
Fiscal Year
$
13,192
$
45,255
Cash and Cash Equivalents, End of
Fiscal Year
$
78,373
$
13,192
Janus International Group, Inc.
Reconciliation of Net Income to
Adjusted EBITDA*
(In thousands)
Three Months Ended
(Unaudited)
Variance
December 31, 2022
January 1, 2022
$
%
Net Income
$
32,714
$
10,282
$
22,432
218.2
%
Interest Expense
13,416
9,611
3,806
39.6
%
Income Taxes
12,574
216
12,358
5721.3
%
Depreciation
2,118
1,772
346
19.5
%
Amortization
7,405
9,736
(2,331
)
(23.9
) %
EBITDA
$
68,227
$
31,616
$
36,611
115.8
%
Transaction related expenses(3)
—
35
(35
)
(100.0
) %
Facility relocation(4)
—
1,004
(1,004
)
(100.0
) %
Share-based compensation(5)
—
3,151
(3,151
)
(100.0
) %
Acquisition expense(6)
44
—
44
100.0
%
Change in fair value of derivative warrant
liabilities(9)
—
7,542
(7,542
)
(100.0
) %
Adjusted EBITDA
$
68,272
$
43,347
$
24,924
57.5
%
Year Ended
(Unaudited)
Variance
December 31, 2022
January 1, 2022
$
%
Net Income
$
107,653
$
43,801
$
63,852
145.8
%
Interest Expense
42,039
32,876
9,163
27.9
%
Income Taxes
37,558
6,481
31,077
479.5
%
Depreciation
7,935
6,450
1,485
23.0
%
Amortization
29,683
31,588
(1,905
)
(6.0
) %
EBITDA
$
224,868
$
121,196
$
103,672
85.5
%
Loss (gain) on extinguishment of
debt(1)
—
2,415
(2,415
)
(100.0
) %
COVID-19 related expenses(2)
109
1,274
(1,166
)
(91.5
) %
Transaction related expenses(3)
—
10,398
(10,398
)
(100.0
) %
Facility relocation(4)
620
1,106
(485
)
(43.9
) %
Share-based compensation(5)
—
5,210
(5,210
)
(100.0
) %
Acquisition expense(6)
826
—
826
100.0
%
Severance and transition costs(7)
500
—
500
100.0
%
Change in fair value of contingent
consideration(8)
—
687
(687
)
(100.0
) %
Change in fair value of derivative warrant
liabilities(9)
—
5,918
(5,918
)
(100.0
) %
Adjusted EBITDA
$
226,924
$
148,204
$
78,720
53.1
%
(1)
Adjustment for loss (gain) on
extinguishment of debt regarding the write off of unamortized fees
and third-party fees as a result of the debt modification completed
in February 2021 and the prepayment of debt in the amount of $61.6
million that occurred on June 7, 2021 in conjunction with the
Business Combination. See Liquidity and Capital Resources
section.
(2)
Adjustment consists of signage,
cleaning and supplies to maintain work environments necessary to
adhere to CDC guidelines during the COVID-19 pandemic. See Impact
of COVID-19 section.
(3)
Transaction related expenses
incurred as a result of the Business Combination on June 7, 2021
which consist of employee bonuses and the transaction cost
allocation.
(4)
Expenses related to the facility
relocation for ASTA and Janus Core.
(5)
Share-based compensation expense
associated with Midco, LLC Class B Common units that fully vested
at the date of the Business Combination.
(6)
Expenses related to the
transition services agreement for the DBCI acquisition which closed
August 18, 2021.
(7)
Reflects one-time costs
associated with our strategic transformation, including executive
leadership team changes, strategic business assessment and
transformation projects.
(8)
Adjustment related to the change
in fair value of the earnout of the 2,000,000 common stock shares
that were issued and released on June 21, 2021.
(9)
Adjustment related to the change
in fair value of derivative warrant liabilities for the private
placement warrants. Retainer fee paid to former BETCO owner, during
the transition to a new President to run the business and related
one-time-consulting fee.
Janus International Group, Inc.
Reconciliation of Net Income to
Non-GAAP Adjusted Net Income*
(In thousands)
Three Months Ended
(Unaudited)
December 31, 2022
January 1, 2022
Net Income
$
32,714
$
10,282
Net Income Adjustments(1)
44
11,731
Tax Effect Non-GAAP on Net Income
Adjustments(2)
(11
)
(1,512
)
Non-GAAP Adjusted Net Income
$
32,747
$
20,501
Year Ended
(Unaudited)
December 31, 2022
January 1, 2022
Net Income
$
107,653
$
43,801
Net Income Adjustments(1)
2,055
27,008
Tax Effect Non-GAAP on Net Income
Adjustments(2)
(531
)
(3,481
)
Non-GAAP Adjusted Net Income
$
109,177
$
67,328
(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 25.9% for the three and
twelve month periods ended December 31, 2022, and 12.9% for the
three and twelve months ended January 1, 2022.
Janus International Group, Inc.
Non-GAAP Adjusted EPS*
(In thousands)
Three Months Ended
(Unaudited)
December 31, 2022
January 1, 2022
Numerator:
GAAP Net Income
$
32,714
$
10,282
Non-GAAP Adjusted Net Income
$
32,747
$
20,501
Denominator:
Weighted average number of shares:
Basic
146,647,897
143,240,473
Adjustment for Restricted Stock Units
229,038
881,673
Diluted
146,876,935
144,122,146
GAAP Basic EPS
$
0.22
$
0.07
GAAP Diluted EPS
$
0.22
$
0.07
Non-GAAP Adjusted Basic EPS
$
0.22
$
0.14
Non-GAAP Adjusted Diluted EPS
$
0.22
$
0.14
*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
(Unaudited)
December 31, 2022
January 1, 2022
Numerator:
GAAP Net Income
$
107,653
$
43,801
Non-GAAP Adjusted Net Income
$
109,177
$
67,328
Denominator:
Weighted average number of shares:
Basic
146,606,197
107,875,018
Adjustment for Restricted Stock Units
116,669
1,102,793
Diluted
146,722,866
108,977,811
GAAP Basic EPS
$
0.73
$
0.41
GAAP Diluted EPS
$
0.73
$
0.40
Non-GAAP Adjusted Basic EPS
$
0.74
$
0.62
Non-GAAP Adjusted Diluted EPS
$
0.74
$
0.62
Janus International Group, Inc.
Non-GAAP Free Cash Flow
Conversion*
(In thousands
Three Months Ended
(Unaudited)
December 31, 2022
January 1, 2022
Cash flow from operating
activities
$
25,878
$
15,146
Less capital expenditure
(951
)
(3,935
)
Plus one-time proceeds of
sale/leaseback
—
9,638
Free cash flow
$
24,927
$
20,849
Non-GAAP Adjusted Net Income
$
32,747
$
20,501
Free cash flow conversion of Non-GAAP
Adjusted Net Income
76
%
102
%
Year Ended
(Unaudited)
December 31, 2022
January 1, 2022
Cash flow from operating
activities
$
88,467
$
74,829
Less capital expenditure
(8,807
)
(19,866
)
Plus one-time proceeds of
sale/leaseback
$
—
9,638
Free cash flow
$
79,660
$
64,601
Non-GAAP Adjusted Net Income
$
109,177
$
67,328
Free cash flow conversion of Non-GAAP
Adjusted Net Income
73
%
96
%
*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/20230316005305/en/
Investor Contacts, Janus
John Rohlwing Vice President, Investor Relations & FP&A,
Janus International
IR@janusintl.com (770) 562- 6399
Media Contacts, Janus
Bethany Salmon Marketing Content Manager, Janus International
770-746-9576 Marketing@Janusintl.com
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