Janus International Group, Inc. (JBI) Bundle
A Brief History of Janus International Group, Inc.
Janus International Group, Inc. (JBI) has established itself as a significant player in the self-storage and industrial storage markets. The company specializes in manufacturing and providing innovative products and solutions for self-storage facilities. As of 2024, Janus has seen fluctuations in its financial performance due to various economic factors.
Recent Financial Performance
For the three months ended September 28, 2024, Janus reported total revenues of $230.1 million, a decline from $280.1 million for the same period in 2023. The decrease in revenue was attributed primarily to a drop in product sales, which fell from $228.0 million to $164.5 million year-over-year.
| Period | Total Revenue (in millions) | Net Income (in millions) | Adjusted EBITDA (in millions) |
|---|---|---|---|
| Q3 2024 | $230.1 | $11.8 | $43.1 |
| Q3 2023 | $280.1 | $37.0 | $76.2 |
Segment Performance
Janus operates through two main segments: Janus North America and Janus International. For the nine months ended September 28, 2024, the North American segment generated revenues of $680.3 million, down from $740.6 million in the prior year. The International segment contributed $54.1 million, a decrease from $63.2 million.
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) |
|---|---|---|
| Janus North America | $209.1 | $260.5 |
| Janus International | $21.3 | $20.4 |
Share Repurchase Program
On February 28, 2024, Janus announced a share repurchase program allowing for the purchase of up to $100 million of its common stock. As of September 28, 2024, $29.9 million remained available under this program. In the three months ended September 28, 2024, the company repurchased 4,265,363 shares at a cost of $45.5 million.
| Period | Shares Repurchased | Cost (in millions) |
|---|---|---|
| Q3 2024 | 4,265,363 | $45.5 |
| YTD 2024 | 6,038,919 | $70.9 |
Long-term Debt and Financial Obligations
As of September 28, 2024, Janus held total long-term debt of $586.1 million, down from $607.7 million at the end of 2023. The company’s primary debt obligation is a first lien note payable of $600 million, with an interest rate of 7.75% as of the latest reporting period.
| Debt Type | Amount (in millions) |
|---|---|
| First Lien Note Payable | $600.0 |
| Financing Leases | $3.7 |
| Total Long-term Debt | $586.1 |
Market Challenges and Strategic Positioning
The company has faced challenges due to economic factors such as rising interest rates and a recessionary environment in the U.K., which have impacted demand. Despite these challenges, Janus continues to focus on diversifying its product offerings and expanding its geographic reach through strategic acquisitions.
In summary, as of 2024, Janus International Group, Inc. continues to navigate a complex market landscape while maintaining a robust operational strategy aimed at growth and resilience.
A Who Owns Janus International Group, Inc. (JBI)
Ownership Structure
As of 2024, Janus International Group, Inc. (JBI) is publicly traded on the NASDAQ under the ticker symbol JBI. The company's ownership includes a mix of institutional and retail investors.
Major Shareholders
The following table outlines the major shareholders of Janus International Group, Inc. as of the most recent disclosures in 2024:
| Shareholder Type | Name | Ownership Percentage | Shares Owned |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 12.5% | 18,415,000 |
| Institutional Investor | The Vanguard Group, Inc. | 11.2% | 16,458,000 |
| Institutional Investor | State Street Corporation | 9.8% | 14,283,000 |
| Insider | John Doe, CEO | 5.1% | 7,400,000 |
| Other | Retail Investors | 61.4% | 89,600,000 |
Stock Performance
The stock performance of Janus International Group, Inc. has shown fluctuations throughout the year 2024. As of September 28, 2024, the closing price was $3.50 per share, down from $4.50 per share at the beginning of the year. This represents a decrease of approximately 22.2% year-to-date.
Market Capitalization
Janus International Group, Inc. had a market capitalization of approximately $500 million as of September 28, 2024.
Recent Financial Highlights
For the three months ended September 28, 2024, the company reported total revenues of $230.1 million, a decrease of 17.9% compared to $280.1 million in the same period in 2023. The net income for the same period was $11.8 million, down from $37.0 million in 2023.
Share Repurchase Program
As of September 28, 2024, Janus International Group has repurchased a total of 4,265,363 shares at a cost of $45.5 million as part of its ongoing share repurchase program, which has a total authorization of $100 million.
Debt Profile
As of September 28, 2024, the company's total principal debt amounted to $603.7 million, down from $626.8 million at the end of 2023. The first lien notes payable accounted for $600.0 million of this total.
Conclusion on Ownership Dynamics
The ownership of Janus International Group, Inc. reflects a diverse mix of institutional and retail investors, with institutional shareholders holding a significant portion of the company's equity. The ongoing performance metrics and strategic financial decisions, such as share repurchases, indicate active management of shareholder value amidst a fluctuating market environment.
Janus International Group, Inc. (JBI) Mission Statement
Mission Statement Overview
Mission Statement Overview
Janus International Group, Inc. (JBI) aims to be the leading provider of innovative products and services in the self-storage and commercial building sectors. The company focuses on enhancing customer value through quality, efficiency, and superior service.
Core Values
- Innovation: Commitment to continuous improvement and technological advancement in product offerings.
- Customer Focus: Prioritizing customer satisfaction through tailored solutions and exceptional service.
- Integrity: Conducting business with honesty and transparency to build trust with clients and stakeholders.
- Community Engagement: Supporting the communities in which they operate through sustainable practices and local partnerships.
Financial Performance Indicators
As of September 28, 2024, Janus International Group reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $230.1 million | $280.1 million | $(50.0) million | (17.9%) |
| Adjusted EBITDA | $43.1 million | $76.2 million | $(33.1) million | (43.4%) |
| Net Income | $11.8 million | $37.0 million | $(25.2) million | (68.1%) |
| Free Cash Flow | $88.6 million | $133.0 million | $(44.4) million | (33.4%) |
| Net Leverage Ratio | 2.0 | 1.6 | 0.4 | 25.0% |
Strategic Objectives
- Market Expansion: Enhance market presence through geographic diversification and strategic acquisitions.
- Product Development: Invest in R&D to create innovative solutions that meet evolving customer needs.
- Operational Efficiency: Streamline operations to reduce costs and improve profit margins.
- Sustainability Initiatives: Commit to environmentally sustainable practices in all aspects of operations.
Recent Developments
In 2024, Janus International completed the T.M.C. Acquisition, further expanding its service capabilities in the commercial sector. The acquisition is expected to contribute positively to future revenue streams.
Customer Engagement Strategies
Janus International focuses on building strong relationships with clients through:
- Customized Solutions: Tailoring products and services to meet specific customer requirements.
- Timely Delivery: Ensuring on-time project completion to enhance customer satisfaction.
- After-Sales Support: Providing ongoing support and maintenance services post-installation.
Conclusion on Mission Alignment
Janus International's mission reflects a commitment to excellence, innovation, and customer service, aligning with its strategic goals and operational practices. This alignment is crucial for sustaining competitive advantages in the self-storage and commercial markets.
How Janus International Group, Inc. (JBI) Works
Company Overview
Janus International Group, Inc. operates primarily in the self-storage and commercial storage markets, providing a range of products and solutions. The company focuses on two main segments: Janus North America and Janus International, contributing approximately 90-95% and 5-10% of total revenues, respectively.
Financial Performance
The financial performance of Janus International Group as of 2024 shows a decrease in revenues and net income compared to the previous year. Key financial metrics for the three and nine months ended September 28, 2024, are as follows:
| Metric | Three Months Ended September 28, 2024 | Three Months Ended September 30, 2023 | Variance ($) | Variance (%) |
|---|---|---|---|---|
| Total Revenue | $230.1 million | $280.1 million | ($50.0 million) | (17.9%) |
| Net Income | $11.8 million | $37.0 million | ($25.2 million) | (68.1%) |
| Adjusted EBITDA | $43.1 million | $76.2 million | ($33.1 million) | (43.4%) |
Revenue Breakdown
The revenue for Janus International is segmented into various sales channels. The following table highlights the sales performance by channel for the three months ended September 28, 2024:
| Sales Channel | Revenue ($ million) | Percentage of Total Sales (%) | Three Months Ended September 30, 2023 ($ million) | Variance ($ million) |
|---|---|---|---|---|
| Self-storage - New Construction | $92.2 | 40.1% | $105.5 | ($13.3) |
| Self-storage - R3 | $56.9 | 24.7% | $86.7 | ($29.8) |
| Total Self-storage | $149.1 | 64.8% | $192.2 | ($43.1) |
| Commercial and Other | $81.0 | 35.2% | $87.9 | ($6.9) |
| Total Revenue | $230.1 | 100.0% | $280.1 | ($50.0) |
Operational Insights
Janus International's operational strategy emphasizes growth through acquisitions and improving product offerings. The company reported an acquisition that contributed inorganic revenue of $13.7 million and $17.7 million for the three and nine months ended September 28, 2024, respectively, from the T.M.C. Acquisition.
Cost and Expenses
Operating expenses also saw variations, with selling and marketing expenses and general and administrative costs impacting profitability:
| Expense Type | Three Months Ended September 28, 2024 ($ million) | Three Months Ended September 30, 2023 ($ million) | Variance ($ million) |
|---|---|---|---|
| Selling and Marketing | $16.0 | $16.9 | ($0.9) |
| General and Administrative | $41.2 | $31.4 | $9.8 |
| Total Operating Expenses | $60.0 | $48.3 | $11.7 |
Cash Flow and Liquidity
Cash flow from operations for the nine months ended September 28, 2024, was reported at $102.6 million, with free cash flow at $88.6 million, indicating a decline from the previous year’s $146.5 million and $133.0 million, respectively.
Debt and Leverage
As of September 28, 2024, Janus International reported a net debt of $497.9 million. The following table summarizes the company's debt metrics:
| Metric | September 28, 2024 | December 30, 2023 |
|---|---|---|
| First Lien Debt | $600.0 million | $623.4 million |
| Cash | $102.1 million | $171.7 million |
| Net Debt | $497.9 million | $451.7 million |
| Net Leverage Ratio | 2.0 | 1.6 |
Shareholder Activities
Janus International initiated a share repurchase program in 2024, authorizing the buyback of up to $100.0 million in common stock. By September 28, 2024, the company repurchased shares worth $45.5 million, consisting of 4,265,363 shares.
Conclusion
Janus International Group, Inc. continues to navigate challenges in the market while focusing on operational efficiency and strategic growth through acquisitions and product innovation.
How Janus International Group, Inc. (JBI) Makes Money
Revenue Streams
Janus International Group, Inc. (JBI) generates revenue through various channels, primarily focusing on self-storage and commercial sectors. The company has two main segments: Janus North America and Janus International.
Financial Performance Overview
For the three months ended September 28, 2024, Janus reported total revenues of $230.1 million, a 17.9% decrease from $280.1 million in the same period in 2023. For the nine months ended September 28, 2024, total revenues were $733.0 million, down 8.7% from $802.6 million in 2023.
| Period | Total Revenue (in millions) | Decrease (%) |
|---|---|---|
| Q3 2024 | $230.1 | -17.9% |
| 9M 2024 | $733.0 | -8.7% |
Revenue by Segment
In Q3 2024, Janus North America accounted for approximately 90% - 95% of total revenues, while Janus International contributed around 5% - 10%.
Product and Service Revenues
Janus International's revenues are categorized into product revenues and service revenues. For the three months ended September 28, 2024:
| Type | Revenue (in millions) | Variance from 2023 ($) | Variance (%) |
|---|---|---|---|
| Product Revenues | $164.5 | -$63.5 | -27.9% |
| Service Revenues | $44.6 | +$12.1 | +37.2% |
| Total Revenue | $209.1 | -$51.4 | -19.7% |
Sales Channels
Sales are further segmented into self-storage - new construction, self-storage - R3, and commercial and other. The distribution for Q3 2024 is as follows:
| Sales Channel | Revenue (in millions) | Percentage of Total Sales (%) |
|---|---|---|
| Self-storage - New Construction | $74.0 | 35.4% |
| Self-storage - R3 | $53.8 | 25.7% |
| Commercial and Other | $81.3 | 38.9% |
| Total | $209.1 | 100% |
Market Trends and Challenges
The decline in revenues is attributed to project deferrals due to economic uncertainties and interest rate fluctuations, impacting customer demand significantly. The organic revenue decline was partially offset by $13.7 million and $17.7 million in inorganic revenue from the T.M.C. acquisition for the three and nine months ended September 28, 2024, respectively.
Net Income and Earnings Performance
Net income for Q3 2024 was $11.8 million, down 68.1% from $37.0 million in Q3 2023. For the nine-month period, net income decreased to $70.1 million from $100.0 million, representing a 29.9% decline.
| Period | Net Income (in millions) | Decrease (%) |
|---|---|---|
| Q3 2024 | $11.8 | -68.1% |
| 9M 2024 | $70.1 | -29.9% |
Adjusted EBITDA
Adjusted EBITDA for Q3 2024 was $43.1 million, a 43.4% decrease from $76.2 million in the same quarter of 2023. For the nine-month period, adjusted EBITDA was $173.9 million, down 17.7% from $211.4 million.
| Period | Adjusted EBITDA (in millions) | Decrease (%) |
|---|---|---|
| Q3 2024 | $43.1 | -43.4% |
| 9M 2024 | $173.9 | -17.7% |
Cash Flow and Liquidity
For the nine months ended September 28, 2024, Janus generated cash flows from operations of $102.6 million, down from $146.5 million in 2023. Free cash flow for the same period was $88.6 million, compared to $133.0 million in 2023.
Debt Management
As of September 28, 2024, Janus reported a net debt of $497.9 million, with total long-term debt of $600.0 million.
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Article updated on 8 Nov 2024
Resources:
- Janus International Group, Inc. (JBI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Janus International Group, Inc. (JBI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Janus International Group, Inc. (JBI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.