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Janus International Group Reports First Quarter 2021 Financial Results

Delivered double-digit growth in revenues, Adjusted EBITDA, net income and operating cash flow

Completed business combination with Juniper Industrial and began trading on the New York Stock Exchange on June 8, 2021

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, announced financial results for the first quarter of 2021.

First Quarter 2021 Highlights

  • Revenues of $152.8 million, a 10.9% increase compared to the first quarter of 2020, driven primarily by increased volumes and improved market conditions.
  • Adjusted EBITDA of $32.6 million, a 14.8% increase compared to the first quarter of 2020, primarily driven by increased revenues that more than offset the impact of the higher cost of raw materials, freight and labor.
  • Net income of $14.7 million, an increase from $10.0 million in the first quarter of 2020, driven primarily by higher operating income.
  • Operating cash flow expanded to $25.6 million, an increase from $20.3 million in the first quarter of 2020.

Ramey Jackson, Chief Executive Officer, stated, “Our results show the momentum we have in our business, which is driven by several strategic tailwinds in the industry as well as our shift to additional technology offerings that complement our already best-in-class self-storage solutions. We delivered strong top line growth due primarily to increased demand, and produced strong overall results despite a number of macroeconomic headwinds, including global raw material cost increases, global logistics constraints, and domestic labor tightness. We are optimally positioned within our industry to manage through this incredibly dynamic environment, further strengthen our project pipeline and deliver on our objectives.”

Mr. Jackson continued, “Janus is well positioned with a mix of best in class products in the self-storage industry and an exciting mix of technology-driven new products for further growth. The demand outlook for our products in self-storage and the commercial and industrial markets remains strong. With the recent closing of our business combination with Juniper Holdings and listing on the New York Stock Exchange, we are now even better positioned to execute on all these value-enhancing opportunities.”

About Janus International Group

Janus International Group (“Janus”) is a leading global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions and new technologies, including: automation and access control technologies, roll up and swing doors, hallway systems, re-locatable storage units, and much more.

The Janus team operates out of several U.S. locations and six locations internationally. More information is available at www.janusintl.com.

Forward-Looking Statements

Certain statements in this communication 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’ positioning in the industry to strengthen its pipeline and deliver on its objectives and Janus’ belief regarding the demand outlook for Janus’ 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’ 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’ 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’ 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 Janus may not be able to strengthen its pipeline and deliver on its objectives to the extent expected; and (vi) the risk that the demand outlook for Janus’ products may not be as strong as anticipated.

There can be no assurance that the events, results or trends 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’ final prospectus filed with the SEC on May 7, 2021 and in Janus’ other filings.

Non-GAAP Financial Measure

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 is a non-GAAP financial measure 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 these measures provide useful information to investors and others in understanding and evaluating Janus’ operating results in the same manner as its management and board of directors and in comparison with Janus’ peer group companies. In addition, they provide useful measures for period-to-period comparisons of Janus’ business, as they remove the effect of certain non-cash items, such as acquisition events, 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 EBITDA 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 rather than net income (loss), which is the nearest GAAP equivalent of adjusted EBITDA. 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 which are unlikely to occur again and have not occurred before (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)

 
 

Three Months Ended

 

March 27, 2021

 

March 28, 2020

 

(Unaudited)

 

(Unaudited)

REVENUE  

 

 

 

Sales of product

 

$

121,696,226

 

 

$

108,110,910

 

Sales of services

 

 

31,128,042

 

 

 

29,702,885

 

Total revenue

 

 

152,824,268

 

 

 

137,813,795

 

Cost of Sales

 

 

99,530,970

 

 

 

89,684,858

 

GROSS PROFIT

 

 

53,293,298

 

 

 

48,128,937

 

OPERATING EXPENSE

 

 

 

 

Selling and marketing

 

 

9,458,127

 

 

 

10,260,283

 

General and administrative

 

 

19,586,307

 

 

 

17,680,578

 

Operating Expenses

 

 

29,044,434

 

 

 

27,940,861

 

INCOME FROM OPERATIONS

 

 

24,248,864

 

 

 

20,188,076

 

Interest expense

 

 

(8,126,070

)

 

 

(9,941,148

)

Other income (expense)

 

 

(1,558,867

)

 

 

75,327

 

Other Expense, Net

 

 

(9,684,937

)

 

 

(9,865,821

)

INCOME BEFORE TAXES

 

 

14,563,927

 

 

 

10,322,255

 

(Benefit) Provision for Income Taxes

 

 

(154,894

)

 

 

370,225

 

NET INCOME

 

$

14,718,821

 

 

$

9,952,030

 

Other Comprehensive Income (Loss)

 

 

310,768

 

 

 

(3,531,485

)

COMPREHENSIVE INCOME

 

$

15,029,589

 

 

$

6,420,545

 

Net income attributable to preferred unit holders

 

 

14,718,821

 

 

 

9,952,030

 

Net income (loss) attributable to common unit holders

 

$

 

 

$

 

Weighted-average Class B common units outstanding, basic and diluted

 

 

 

 

Basic

 

 

4,907

 

 

 

2,964

 

Diluted

 

 

9,410

 

 

 

8,701

 

Net income (loss) per Class B common unit, basic and diluted

 

 

 

 

Basic

 

$

 

 

$

 

Diluted

 

$

 

 

$

 

Janus International Group, Inc.

Consolidated Balance Sheets

     
 

March 27,

 

December 26,

2021

2020

ASSETS  

(Unaudited)

 

 

Current assets  

 

 

 

Cash

 

$

64,504,035

 

 

$

45,254,655

 

Accounts receivable, less allowance for doubtful accounts; $3,887,000 and $4,485,000, at March 27, 2021 and December 26, 2020, respectively

 

 

74,298,101

 

 

 

75,135,295

 

Costs and estimated earnings in excess of billing on uncompleted contracts

 

 

12,319,195

 

 

 

11,398,934

 

Inventory, net

 

 

30,223,806

 

 

 

25,281,521

 

Prepaid expenses

 

 

5,632,366

 

 

 

5,949,711

 

Other current assets

 

 

11,108,943

 

 

 

5,192,386

 

Total current assets

 

$

198,086,446

 

 

$

168,212,502

 

Property and equipment, net

 

 

31,737,021

 

 

 

30,970,507

 

Customer relationships, net

 

 

303,917,260

 

 

 

309,472,398

 

Tradename and trademarks

 

 

85,792,538

 

 

 

85,597,528

 

Other intangibles, net

 

 

17,010,190

 

 

 

17,387,745

 

Goodwill

 

 

260,363,156

 

 

 

259,422,822

 

Other assets

 

 

1,839,573

 

 

 

2,415,243

 

Total assets

 

$

898,746,184

 

 

$

873,478,745

 

LIABILITIES AND MEMBERS’ EQUITY

 

 

 

 

Current Liabilities

 

 

 

 

Accounts payable

 

$

35,530,541

 

 

$

29,889,057

 

Billing in excess of costs and estimated earnings on uncompleted contracts

 

 

19,871,491

 

 

 

21,525,319

 

Current maturities of long-term debt

 

 

6,346,071

 

 

 

6,523,417

 

Other accrued expenses

 

 

46,328,873

 

 

 

37,164,627

 

Total current liabilities

 

$

108,076,976

 

 

$

95,102,420

 

Long-term debt, net

 

 

617,507,580

 

 

 

617,604,254

 

Deferred tax liability

 

 

14,523,870

 

 

 

15,268,131

 

Other long-term liabilities

 

 

2,779,351

 

 

 

4,631,115

 

Total liabilities

 

$

742,887,777

 

 

$

732,605,920

 

MEMBERS’ EQUITY

 

 

 

 

Common units, 21,005 units authorized, 19,745 and 19,745 issued, 4,926 and 4,478 outstanding at March 27, 2021 and December 26, 2020, respectively

 

 

313,301

 

 

 

261,425

 

Preferred units, 189,044 issued and outstanding at March 27, 2021 and December 26, 2020, respectively

 

 

189,043,734

 

 

 

189,043,734

 

Accumulated other comprehensive income (loss)

 

 

83,608

 

 

 

(227,160

)

Accumulated deficit

 

 

(33,582,236

)

 

 

(48,205,174

)

Total members’ equity

 

$

155,858,407

 

 

$

140,872,825

 

Total liabilities and members’ equity

 

$

898,746,184

 

 

$

873,478,745

 

Janus International Group, Inc.

Consolidated Statements of Cash Flows

     
 

Three Months Ended

 

 

March 27, 2021

 

March 28, 2020

 

(Unaudited)

 

(Unaudited)

Cash Flows Provided By Operating Activities  

 

 

 

Net income

 

$

14,718,821

 

 

$

9,952,030

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

Depreciation

 

 

1,472,999

 

 

 

1,429,921

 

Intangible amortization

 

 

6,832,144

 

 

 

6,709,550

 

Deferred finance fee amortization

 

 

753,509

 

 

 

805,517

 

Share based compensation

 

 

51,876

 

 

 

27,693

 

Loss on extinguishment of debt

 

 

1,421,292

 

 

 

 

Loss on sale of assets

 

 

60,794

 

 

 

18,489

 

Undistributed earnings (losses) of affiliate

 

 

(39,631

)

 

 

16,804

 

Deferred income taxes

 

 

(767,658

)

 

 

 

Changes in operating assets and liabilities

 

 

 

 

Accounts receivable

 

 

837,194

 

 

 

(8,881,522

)

Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts

 

 

(920,261

)

 

 

8,096,424

 

Prepaid expenses and other current assets

 

 

20,047

 

 

 

(1,519,902

)

Inventory

 

 

(4,942,285

)

 

 

(1,845,722

)

Accounts payable

 

 

5,641,484

 

 

 

5,922,331

 

Other accrued expenses

 

 

1,868,381

 

 

 

(263,543

)

Other assets and long-term liabilities

 

 

(1,448,691

)

 

 

(149,237

)

Net Cash Provided By Operating Activities

 

 

25,560,015

 

 

 

20,318,833

 

Cash Flows Used In Investing Activities

 

 

 

 

Proceeds from sale of equipment

 

 

55,409

 

 

 

5,458

 

Purchases of property and equipment

 

 

(2,363,240

)

 

 

(1,832,127

)

Cash paid for acquisition, net of cash acquired

 

 

(1,564,957

)

 

 

(4,592,779

)

Net Cash Used In Investing Activities

 

 

(3,872,788

)

 

 

(6,419,448

)

Cash Flows Used In Financing Activities

 

 

 

 

Distributions to members

 

 

(95,883

)

 

 

(54,484

)

Principal payments on long-term debt

 

 

(1,630,854

)

 

 

(1,630,854

)

Deferred financing fees

 

 

(765,090

)

 

 

 

Cash Used In Financing Activities

 

$

(2,491,827

)

 

$

(1,685,338

)

Effect of exchange rate changes on cash and cash equivalents

 

 

53,980

 

 

 

(880,394

)

Net Increase in Cash and Cash Equivalents

 

$

19,249,380

 

 

$

11,333,653

 

Cash and Cash Equivalents, Beginning of Fiscal Year

 

$

45,254,655

 

 

$

19,905,598

 

Cash and Cash Equivalents as of March 27, 2021 and March 28, 2020

 

$

64,504,035

 

 

$

31,239,251

 

Supplemental Cash Flows Information

 

 

 

 

Interest paid

 

$

11,292,355

 

 

$

9,072,238

 

Income taxes paid

 

$

321,015

 

 

$

468,480

 

Deferred transaction costs related to Juniper merger

 

$

8,032,112

 

 

 

 

Janus International Group, Inc.

Reconciliation of Net Income to Adjusted EBITDA

The following table present a reconciliation of net income to adjusted EBITDA for the periods indicated:

 

   

Variance

 

Period ended

March 27,

2021

 

Period ended

March 28,

2020

 

$

 

Net Income

 

$

14,718,821

 

 

$

9,952,030

 

$

4,766,791

 

 

47.9

%

Interest Expense

 

 

8,126,070

 

 

 

9,941,148

 

 

(1,815,078

)

 

(18.3

)%

Income Taxes

 

 

(154,894

)

 

 

370,225

 

 

(525,119

)

 

(141.8

)%

Depreciation

 

 

1,472,999

 

 

 

1,429,921

 

 

43,078

 

 

3.0

%

Amortization

 

 

6,832,144

 

 

 

6,709,550

 

 

122,594

 

 

1.8

%

EBITDA

 

$

30,995,140

 

 

$

28,402,874

 

$

2,592,266

 

 

9.1

%

BETCO transition fee(1)

 

 

 

 

 

15,000

 

 

(15,000

)

 

(100.0

)%

Loss (gain) on extinguishment of debt(2)

 

 

1,421,292

 

 

 

 

 

1,421,292

 

 

%

COVID-19 related expenses(3)

 

 

197,986

 

 

 

 

 

197,986

 

 

%

Adjusted EBITDA

 

$

32,614,418

 

 

$

28,417,874

 

$

4,196,544

 

 

14.8

%

(1)

 

Retainer fee paid to former BETCO owner, during the transition to a new President to run the business and related one-time-consulting fee.

(2)

 

Adjustment for loss (gain) on extinguishment of debt regarding (a) the write off of unamortized fees and third-party fees as a result of the debt modification completed in February 2021.

(3)

 

Expenses which are one-time and non-recurring related to the COVID-19 pandemic.

 

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