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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Janus International Group Inc | NYSE:JBI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.78 | 0 | 12:00:00 |
Delivered 50.2% revenue growth, including 35.7% organic improvement
Delivered over 35% increase Adjusted EBITDA
Sequential Adjusted EBITDA margin improvement of over 100 basis points from Q4 2021
Raises full-year 2022 revenue and Adjusted EBITDA guidance
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 first quarter ended April 2, 2022.
First Quarter 2022 Highlights
Ramey Jackson, Chief Executive Officer, stated, “Our strong results in the first quarter set the tone for what we expect will be an exciting year for Janus. We generated substantial year-over-year revenue growth from all of our sales channels, led again by particular strength in our R3 and Commercial and Other segments. The actions we took last year to combat inflationary pressures on our business are showing results, as demonstrated by an over 100 basis point sequential improvement in Adjusted EBITDA margin.”
Mr. Jackson continued, “2022 marks our 20th year in business, and I couldn’t be prouder of the team or more excited about the strong fundamentals we see in the self-storage industry today. We have achieved a great deal in the three quarters since becoming a public company, and we look to build on that momentum even as we navigate the macro challenges. Continuing to be proactive in managing inflationary pressures through cost savings initiatives and additional commercial actions is a major part of that success. Given the strong first quarter results, our expectations for the balance of the year, and a focus on driving continued margin improvement, we are pleased to raise our full year 2022 outlook.”
2022 Financial Outlook:
Based on the Company’s current business outlook, Janus is raising its full-year 2022 guidance as follows:
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 first quarter results, discuss recent events and conduct a question-and-answer session on Tuesday, May 17, 2022, 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 First 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 13729807.
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, Adjusted Net Income, Adjusted Basic EPS, and Adjusted Diluted EPS 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, Adjusted Net Income, Adjusted Basic EPS, and Adjusted Diluted EPS 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, Adjusted Net Income, Adjusted Basic EPS, and Adjusted Diluted EPS 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. Adjusted Basic earnings (income) per share (EPS) is computed by taking Adjusted Net Income divided by the weighted average number of shares of common stock outstanding during the period. Adjusted Diluted earnings (income) per share (EPS) is computed by dividing Adjusted Net Income by the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include stock purchase warrants and contingently issuable shares attributable to the earn-out consideration.
Adjusted EBITDA, Adjusted Net Income, Adjusted Basic EPS, and Adjusted Diluted EPS 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, Adjusted Net Income, Adjusted Basic EPS, and Adjusted Diluted EPS rather than net income (loss), which is the nearest GAAP equivalent of Adjusted EBITDA and Adjusted Net Income, or Basic EPS and Diluted EPS, which is the nearest equivalent to Adjusted Basic EPS and Adjusted Diluted EPS. These limitations include that the non-GAAP financial measures: (i) exclude depreciation and amortization, and although these are non-cash expenses, the assets being depreciated may be replaced in the future; (ii) do not reflect interest expense, or the cash requirements necessary to service interest on debt, which reduces cash available; (iii) do not reflect the provision for or benefit from income tax that may result in payments that reduce cash available; (iv) exclude non-recurring items (i.e., the extinguishment of debt); and (v) 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
April 2, 2022
March 27, 2021
REVENUE
Sales of product
$
197,306
$
121,696
Sales of services
32,214
31,128
Total revenue
229,520
152,824
Cost of Sales
152,950
99,531
GROSS PROFIT
76,570
53,293
OPERATING EXPENSE
Selling and marketing
13,349
9,458
General and administrative
28,106
19,586
Operating Expenses
41,455
29,044
INCOME FROM OPERATIONS
35,115
24,249
Interest expense
(8,775
)
(8,126
)
Other expense
(28
)
(1,559
)
Other Expense, Net
(8,803
)
(9,685
)
INCOME BEFORE TAXES
26,311
14,564
Provision for Income Taxes
6,607
(155
)
NET INCOME
19,704
14,719
Other Comprehensive Income (Loss)
(516
)
311
COMPREHENSIVE INCOME
19,188
15,030
Net income attributable to common stockholders
19,704
14,719
Weighted-average shares outstanding, basic and diluted
Basic
146,561,717
66,145,633
Diluted
146,832,889
66,145,633
Net income per share, basic and diluted
Basic
$
0.13
$
0.22
Diluted
$
0.13
$
0.22
Janus International Group, Inc.
Consolidated Balance Sheets
(In thousands)
April 2,
January 1,
2022
2022
ASSETS
Current Assets
Cash and cash equivalents
$
26,626
$
13,192
Accounts receivable, less allowance for credit losses; $5,733 and $5,449, at April 2, 2022 and January 1, 2022, respectively
118,758
107,372
Costs and estimated earnings in excess of billing on uncompleted contracts
30,286
23,121
Inventory, net
64,226
56,596
Prepaid expenses
12,255
9,843
Other current assets
2,922
4,057
Total current assets
$
255,073
$
214,181
Right-of-use assets, net
41,518
—
Property and equipment, net
42,584
41,607
Customer relationships, net
305,080
312,199
Tradename and trademarks
107,826
107,980
Other intangibles, net
15,495
15,861
Goodwill
369,279
369,286
Deferred tax asset, net
59,998
58,915
Other assets
1,855
1,973
Total assets
$
1,198,708
$
1,122,002
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable
$
65,336
$
54,961
Billing in excess of costs and estimated earnings on uncompleted contracts
28,053
23,207
Current maturities of long-term debt
8,215
8,067
Other accrued expenses
65,867
54,111
Total current liabilities
$
167,471
$
140,346
Line of credit
—
6,369
Long-term debt, net
703,022
703,718
Deferred tax liability, net
1,804
749
Other long-term liabilities
39,260
2,533
Total liabilities
$
911,557
$
853,715
STOCKHOLDERS’ EQUITY
Common Stock, 825,000,000 shares authorized, $.0001 par value, 146,561,717 and 146,561,717 shares issued and outstanding at April 2, 2022 and January 1, 2022, respectively
15
15
Additional paid-in capital
278,399
277,799
Accumulated other comprehensive loss
(1,465
)
(949
)
Accumulated surplus (deficit)
10,202
(8,578
)
Total stockholders’ equity
$
287,151
$
268,287
Total liabilities and stockholders’ equity
$
1,198,708
$
1,122,002
Janus International Group, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended
April 2, 2022
March 27, 2021
(Unaudited)
(Unaudited)
Cash Flows Provided By Operating Activities
Net income
$
19,704
$
14,719
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment
1,857
1,473
Reduction in carrying amount of right-of-use assets
1,319
—
Intangible amortization
7,225
6,832
Deferred finance fee amortization
912
754
Share based compensation
600
52
Loss on extinguishment of debt
—
1,421
Loss on sale of assets
—
61
Loss on abandonment of PP&E
103
—
Undistributed earnings of affiliate
(22
)
(40
)
Deferred income taxes
—
(768
)
Changes in operating assets and liabilities
Accounts receivable
(11,752
)
837
Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts
(7,165
)
(920
)
Prepaid expenses and other current assets
(1,285
)
20
Inventory
(7,630
)
(4,942
)
Accounts payable
10,375
5,641
Other accrued expenses
9,875
1,869
Other assets and long-term liabilities
661
(1,449
)
Net Cash Provided By Operating Activities
$
24,777
$
25,560
Cash Flows Used In Investing Activities
Proceeds from sale of equipment
—
55
Purchases of property and equipment
(2,880
)
(2,363
)
Cash paid for acquisitions, net of cash acquired
—
(1,565
)
Net Cash Used In Investing Activities
$
(2,880
)
$
(3,873
)
Cash Flows Used In Financing Activities
Net repayments on line of credit
(6,369
)
—
Distributions to Janus Midco LLC unitholders
—
(96
)
Principal payments on long-term debt
(2,017
)
(1,631
)
Principal payments under financing lease obligations
(19
)
—
Payments for deferred financing fees
—
(765
)
Cash Used In Financing Activities
$
(8,405
)
$
(2,492
)
Effect of exchange rate changes on cash and cash equivalents
(58
)
54
Net Increase in Cash and Cash Equivalents
$
13,434
$
19,249
Cash and Cash Equivalents, Beginning of Period
13,192
45,255
Cash and Cash Equivalents, End of Period
$
26,626
64,504
Supplemental Cash Flows Information
Interest paid
$
6,096
$
11,292
Income taxes paid
$
370
$
321
Cash paid for operating leases
$
1,900
$
—
Right-of-use assets obtained in exchange for operating lease obligations
$
42,202
$
—
Right-of-use assets obtained in exchange for finance lease obligations
$
633
$
—
Deferred transaction costs related to Juniper merger
$
—
$
8,032
Janus International Group, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(In thousands)
Three Months Ended
Variance
April 2, 2022
March 27, 2021
$
%
Net Income
$
19,704
$
14,719
$
4,985
33.9
%
Interest Expense
8,775
8,126
649
8.0
%
Income Taxes
6,607
(155
)
6,762
(4362.6
)%
Depreciation of property and equipment
1,857
1,473
384
26.1
%
Amortization
7,225
6,832
393
5.8
%
EBITDA
$
44,168
$
30,995
$
13,173
42.5
%
Loss (gain) on extinguishment of debt(1)
—
1,421
(1,421
)
(100.0
)%
COVID-19 related expenses(2)
109
198
(89
)
(44.9
)%
Facility relocation(3)
103
—
103
—
%
Acquisition Expense(4)
287
—
287
—
%
Adjusted EBITDA
$
44,667
$
32,614
$
12,053
37.0
%
(1)
Adjustment for loss 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.
(2)
Expenses which are one-time and non-recurring related to the COVID-19 pandemic.
(3)
Expenses related to the facility relocation for ASTA.
(4)
Expenses related to the transition services agreement for the DBCI acquisition which closed August 18, 2021.
Janus International Group, Inc.
Reconciliation of Net Income to Non-GAAP Adjusted Net Income
(In thousands)
Three Months Ended
April 2, 2022
March 27, 2021
Net Income
$
19,704
$
14,719
Net Income Adjustments(1)
499
1,619
Tax Effect Non-GAAP on Net Income Adjustments(2)
(125
)
17
Non-GAAP Adjusted Net Income
$
20,078
$
16,355
(1)
Refer to SEC public filings for detailed breakout. This amount reconciles to the EBITDA Adjustments/Non-GAAP Adjustments
(2)
Tax effected for the net income adjustments. Used effective tax rates 25.1% and (1.1)% for the three months ended April 2, 2022 and March 27, 2021.
Janus International Group, Inc.
Non-GAAP Adjusted EPS
(In thousands)
Three Months Ended
April 2, 2022
March 27, 2021
Numerator:
Non-GAAP Adjusted Net Income
$
20,078
$
16,355
Denominator:
Weighted average number of shares:
Basic
146,561,717
66,145,633
Adjustment for Restricted Stock Units
271,172
—
Diluted
146,832,889
66,145,633
Non-GAAP Adjusted Basic EPS
$
0.14
$
0.25
Non-GAAP Adjusted Diluted EPS
$
0.14
$
0.25
Janus International Group, Inc.
Non-GAAP Free Cash Flow Conversion
(In thousands)
Three Months Ended
April 2, 2022
March 27, 2021
Cash flow from operating activities
$
24,776
$
25,560
Less capital expenditure
(2,880
)
(2,363
)
Free cash flow
$
21,896
$
23,197
Non-GAAP Adjusted Net Income
$
20,078
$
16,355
Free cash flow conversion of Non-GAAP Adjusted Net Income
109
%
142
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20220517005349/en/
Investor Contacts, Janus
John Rohlwing Vice President, Investor Relations & FP&A, Janus International
Rodny Nacier / Dan Scott, ICR on behalf of Janus IR@janusintl.com (770) 562-6399
Media Contacts, Janus
Bethany Morehouse Marketing Content Manager, Janus International 770-746-9576 Marketing@Janusintl.com
Jason Chudoba, ICR on behalf of Janus Jason.Chudoba@ICRinc.com
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