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  Title	Janus International Group Reports Third Quarter 2024 Financial Results
  ID	3739769
  External ID	7256614573
  Author	Unknown
  Published Date	Oct. 29, 2024, 5:57 a.m.
  Summary	October 29, 2024 at 06:55 AM EDT Delivered $230.1 Million in Total Revenue Generated Net Income of $11.8 Million, or $0.08 Per Diluted Share, with Adjusted EPS of $0.11 Achieved an Adjusted EBITDA
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  URL	http://business.malvern-online.com/malvern-online/article/bizwire-2024-10-29-janus-international-group-reports-third-quarter-2024-financial-results
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• Content Details

  Content ID	2017250
  Key	0afb9c4e-f03b-4d96-abc0-5f1c01c94c73
  Content	October 29, 2024 at 06:55 AM EDT Delivered $230.1 Million in Total Revenue Generated Net Income of $11.8 Million, or $0.08 Per Diluted Share, with Adjusted EPS of $0.11 Achieved an Adjusted EBITDA of $43.1 Million and Adjusted EBITDA Margin of 18.7% Deployed $45.5 Million in Share Repurchases Announced Structural Cost Reduction Plan Updated Full-year 2024 Revenue and Adjusted EBITDA Guidance Janus International Group, Inc. (NYSE: JBI) (“Janus” or the “Company”), a leading provider of building product solutions and cutting-edge access control technologies for the self-storage and other commercial and industrial sectors, today announced financial results for its fiscal third quarter ended September 28, 2024. Third Quarter 2024 Highlights “We saw continued pressure in the third quarter as headwinds from macroeconomic factors, interest rate uncertainty and project delays persisted,” said Ramey Jackson, Chief Executive Officer. “We're confident in our value proposition and believe long-term self-storage industry fundamentals remain strong. We're taking proactive steps to align with current market conditions, while remaining flexible to capitalize on the next phase of growth. This includes a structural cost reduction program aimed at right sizing the business to remain nimble.” Mr. Jackson continued, “We're encouraged by early results of our Nokē Ion product launch, and the synergies we've realized from the acquisition of TMC. Our cash flow generation and ability to achieve long-term profitability remain key differentiators for Janus. We continue to invest in the business, to build resilience and enhance our market share which we believe will support long-term value creation for all stakeholders.” Structural Cost Reduction Plan The Company is undertaking a structural cost reduction plan designed to streamline our labor force, rationalize real estate holdings and reduce selling, general and administrative expenses. 2024 Financial Outlook In light of the headwinds described above, the Company is revising its full year 2024 guidance. Prior 2024 guidance should no longer be relied upon. Assumptions driving revisions to guidance for 2024 include: Based on these macroeconomic impacts, Janus is updating its full year 2024 guidance as follows: 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 of Adjusted EBITDA with respect to the Company's 2024 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. About Janus International Group Janus International Group, Inc. ( ) 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, relocatable 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 third quarter results and conduct a question-and-answer session on Tuesday October 29, 2024 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 . For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-800-343-4136 or 1-203-518-9843, respectively. Upon dialing in, please request to join the Janus International Group Third Quarter 2024 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 11157071. Forward-Looking Statements Certain statements in this communication, including the estimated guidance provided under “2024 Financial Outlook” and the expectations associated with the structural cost reduction plan under “Structural Cost Reduction Plan” 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 belief regarding the demand outlook for Janus's products, the strength of the industrials markets, the structural cost reduction plan and any anticipated benefits of the structural cost reduction plan, and Janus's expectations regarding its revenue, operating expenses, other operating results, and other key metrics, including Janus's ability to meet previously announced earnings guidance with respect to Janus and/or its individual segments. When used in this communication, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” “positioned,” 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; (iii) litigation, complaints, and/or adverse publicity; (iv) cyber incidents or directed attacks that could result in information theft, data corruption, operational disruption, and/or financial loss; (v) risks related to our share repurchase program, including risks if it is or is not fully consummated and the risk that it will not enhance shareholder value; (vi) the risk that the demand outlook for Janus's products may not be as strong as anticipated; (vii) general economic conditions, including the capital and credit markets, and adverse macroeconomic conditions, including unemployment, inflation, rising interest rates, changes in consumer practices due to slower economic growth, and regional or global liquidity constraints; and (viii) any anticipated synergies and/or benefits from acquisitions. There can be no assurance that the events, results, trends, or guidance regarding the 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 2024 and long-term outlook 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. View source version on businesswire.com: Contacts Investor Contacts, Janus Sara Macioch Senior Director, Investor Relations, Janus International Media Contacts, Janus Suzanne Reitz Vice President of Marketing, Janus International
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