Janus International Group Reports Fourth Quarter and Full Year 2024 Financial Results

Delivered $963.8 Million in Total Revenue in 2024

Generated 2024 Net Income of $70.4 Million, or $0.49 Per Diluted Share, with Adjusted EPS* of $0.57

Achieved 2024 Adjusted EBITDA* of $208.5 Million, and Adjusted EBITDA* Margin of 21.6%

Realized 2024 Free Cash Flow Conversion of Non-GAAP Adjusted Net Income* of 163%

Introduces Full-year 2025 Revenue and Adjusted EBITDA* Guidance

Reaffirms Long-Term Outlook for Organic Growth and Margin with Best-in-Class Offerings and Continued Focus on Execution

TEMPLE, Ga.--(BUSINESS WIRE)--February 26, 2025-- 

Janus International Group, Inc. (NYSE: JBI) ("Janus" or the "Company"), a leading provider of access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, today announced financial results for its fiscal fourth quarter and full year ended December 28, 2024.

Fourth Quarter 2024 Highlights

   -- 
 Revenue of $230.8 million, a 12.5% decrease compared to $263.7 million 
      for the fourth quarter of 2023, as total Self-Storage revenues were down 
      17.3% while Commercial and Other declined 1.0%. The asset acquisition of 
      TMC contributed $9.5 million to revenue for the fourth quarter. 
 
 
   -- 
 Net income was $0.3 million, or $0.00 per diluted share, compared to 
      $35.8 million, or $0.24 per diluted share, in the fourth quarter of 
      2023. 
 
 
   -- 
 Adjusted Net Income* (defined as net income plus the corresponding 
      tax-adjusted add-backs shown in the Adjusted EBITDA reconciliation tables 
      below) of $7.7 million, compared to $35.9 million in the fourth quarter 
      of 2023. Adjusted earnings per diluted share was $0.05, compared to $0.24 
      in the fourth quarter of 2023. 
 
 
   -- 
 Adjusted EBITDA* of $34.6 million, a 53.4% decrease compared to $74.3 
      million for the fourth quarter of 2023, driven by decreased revenue and 
      increased operating expenses. Adjusted EBITDA as a percentage of revenues 
      was 15.0%, compared to 28.2% from the prior year period. 
 

Full Year 2024 Highlights

   -- 
 Revenue was $963.8 million, a 9.6% decrease compared to $1,066.4 
      million in 2023 as total Self-Storage revenues were down 9.3%, while 
      Commercial and Other declined 10.3%. The May 2024 asset acquisition of 
      TMC contributed $27.2 million to revenue for the year. 
 
 
   -- 
 Net income was $70.4 million, or $0.49 per diluted share, compared to 
      $135.7 million, or $0.92 per diluted share in 2023. 
 
 
   -- 
 Adjusted Net Income* was $82.1 million, a 40.4% decrease compared to 
      $138.4 million in 2023. Adjusted earnings per diluted share was $0.57, 
      compared to $0.94 in 2023. 
 
 
   -- 
 Adjusted EBITDA* was $208.5 million, a 27.0% decrease compared to 
      $285.6 million for 2023 driven by decreased revenue and increased 
      operating expenses. As a percent of revenues, Adjusted EBITDA* was 21.6% 
      as compared to 26.8% in the prior year. 
 
 
   -- 
 Repurchased 7.1 million shares, or 4.9% of shares outstanding at the 
      beginning of the fiscal year. 
 

"Even with the difficult market conditions we saw unfold during 2024, we remain confident in our long-term value proposition and believe the fundamentals that drive our industry remain intact," Ramey Jackson, Chief Executive Officer, stated, "We're proud of what we accomplished this year including the acquisition and integration of TMC and the launch of our Nokē Ion and NS door products. We also delivered exceptional free cash flow conversion of adjusted net income and net leverage well within our target range."

Mr. Jackson continued, "As we look ahead to 2025, we continue to invest in the business to build resilience and deliver market leading products and services to our customers. With our robust balance sheet and strong customer relationships, we are confident in our ability to drive long-term value creation for all stakeholders."

*Non-GAAP measure. See the sections titled "Non-GAAP Financial Measures" and "Reconciliation of GAAP to non-GAAP Financial Measures" for more information about such Non-GAAP financial measure and a reconciliation to the most directly related GAAP financial measure.

2025 Financial Outlook:

Based on the Company's current business outlook, Janus is providing initial full year 2025 guidance as follows:

 
                                       Range 
Revenue                      $860 million  $890 million 
Adjusted EBITDA (non-GAAP)   $175 million  $195 million 
 

The estimates set forth above and under "Reaffirms Long-Term Financial Targets" below 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 2025 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.

Reaffirms Long-Term Financial Targets

As previously disclosed, the Company's long-term outlook includes the following financial objectives:

 
                                                                Range 
Annual Organic Revenue Growth (non-GAAP)                       4%    6% 
Adjusted EBITDA Margin (non-GAAP)                             25%   27% 
Free Cash Flow Conversion of Adjusted Net Income (non-GAAP)   75%   100% 
Net Leverage Ratio (non-GAAP)                                 2.0x  3.0x 
 

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, relocatable storage units and facility and door automation technologies. The Janus team operates out of several U.S and international locations.

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 Wednesday, February 26, 2025, 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 1-800-445-7795 or 1-785-424-1699, respectively. Upon dialing in, please request to join the Janus International Group Fourth 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 11157773.

Forward Looking Statements

Certain statements in this communication, including the estimated guidance provided under "2025 Financial Outlook" and under "Reaffirms Long-Term Financial Targets" 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 and the strength of the industrials markets. When used in this communication, words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions or the negative of such terms or other similar expressions, as they relate to the management team, identify forward-looking statements. The forward-looking statements contained in this communication are based on our current expectations and beliefs concerning future developments and their potential effects on us. We cannot assure you that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some factors that 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) the risk that our share repurchase program will be fully consummated or that it will enhance shareholder value; and (vi) 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

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