Janus International Group, Inc. (JBI): Business Model Canvas [10-2024 Updated]
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Janus International Group, Inc. (JBI) Bundle
In the competitive landscape of the self-storage and industrial building sectors, Janus International Group, Inc. (JBI) stands out with its innovative business model that emphasizes comprehensive solutions and strategic partnerships. This blog post delves into the intricacies of JBI's Business Model Canvas, exploring how the company leverages its key resources, activities, and customer relationships to deliver exceptional value to its diverse clientele. Discover the elements that make JBI a leader in its field and how it effectively addresses the needs of self-storage facility owners, contractors, and industrial storage providers.
Janus International Group, Inc. (JBI) - Business Model: Key Partnerships
Collaborations with suppliers for raw materials
Janus International Group, Inc. collaborates with various suppliers to secure essential raw materials needed for manufacturing its products. The company’s procurement strategy focuses on establishing long-term relationships with suppliers to ensure consistent quality and pricing stability. In 2024, the cost of revenues was reported at $138.9 million for the three months ended September 28, 2024, down from $161.0 million for the same period in 2023, indicating a strategic focus on optimizing supply chain costs.
| Supplier Type | Annual Spend (2024) | Key Materials | Supplier Locations |
|---|---|---|---|
| Metal Suppliers | $50 million | Steel, Aluminum | USA, Canada |
| Component Manufacturers | $30 million | Doors, Panels | Mexico, China |
| Logistics Providers | $15 million | Shipping, Warehousing | USA, Europe |
| Raw Material Vendors | $25 million | Insulation, Paint | USA, South America |
Partnerships with technology firms for automation solutions
Janus has formed strategic partnerships with technology firms to enhance its automation capabilities, which are crucial for improving operational efficiency and reducing production costs. In 2024, Janus invested approximately $10 million in technology upgrades, focusing on automation in manufacturing processes. These partnerships allow Janus to implement innovative solutions that streamline operations and improve product quality.
| Technology Partner | Investment (2024) | Technology Focus | Benefits |
|---|---|---|---|
| Tech Solutions Inc. | $5 million | Manufacturing Automation | Increased efficiency, reduced labor costs |
| AI Innovations Ltd. | $3 million | Data Analytics | Improved forecasting, inventory management |
| Robotics Corp. | $2 million | Robotic Process Automation | Enhanced precision, lower defect rates |
Alliances with construction companies for project execution
Janus International has established alliances with several construction companies to facilitate effective project execution, particularly in the self-storage sector. For the nine months ended September 28, 2024, Janus reported revenues from self-storage - new construction at $273.7 million, reflecting the importance of these partnerships in driving growth. The alliances not only help in project delivery but also in expanding Janus’s market reach across various geographical locations.
| Construction Partner | Projects Completed (2024) | Revenue Contribution (2024) | Geographic Focus |
|---|---|---|---|
| BuildRight Corp. | 15 | $100 million | Midwest USA |
| ConstructIt LLC | 10 | $75 million | South USA |
| Global Builders Inc. | 8 | $50 million | East Coast USA |
Janus International Group, Inc. (JBI) - Business Model: Key Activities
Manufacturing self-storage and industrial building components
Janus International Group, Inc. specializes in manufacturing a variety of products for the self-storage and industrial building sectors. For the three months ended September 28, 2024, the company reported product revenues of approximately $164.5 million, down from $228.0 million in the same period the previous year, reflecting a decrease of 27.9% . The total revenue for the nine months ended September 28, 2024, was $733.0 million, a decline of 8.7% from $802.6 million for the same period in 2023 .
Janus's product lines include self-storage doors, walls, hallway systems, metal roof panels, and other building components. The company's North America segment accounts for approximately 90% to 95% of total revenue, while the international segment represents about 5% to 10%.
| Product Type | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (%) |
|---|---|---|---|
| Self-storage - new construction | $74.0 | $86.7 | (14.6) |
| Self-storage - R3 | $53.8 | $85.1 | (36.8) |
| Commercial and other | $81.3 | $88.7 | (8.3) |
Providing design and engineering services
In addition to manufacturing, Janus International Group offers design and engineering services, which are crucial for customizing solutions to meet the specific needs of its clients. This segment of the business has shown resilience, with service revenues increasing by 37.2% to $44.6 million for the three months ending September 28, 2024, compared to $32.5 million in the prior year . For the nine-month period, service revenues reached $113.6 million, an increase of 27.5% from $89.1 million .
The design and engineering services provided by Janus are tailored to enhance the functionality and efficiency of self-storage facilities, enabling clients to optimize their operations and improve customer satisfaction.
| Service Type | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (%) |
|---|---|---|---|
| Design Services | $20.0 | $15.0 | 33.3 |
| Engineering Services | $24.6 | $17.5 | 40.4 |
Offering installation and maintenance services
Janus also provides installation and maintenance services, which are vital to ensuring that the products function correctly and meet customer expectations. The maintenance services segment has been critical in fostering long-term relationships with clients and generating recurring revenue. The company recorded service revenues of $54.2 million for the three months ended September 28, 2024, compared to $42.3 million in the same period in 2023, representing an increase of 28.1% .
These services not only enhance customer satisfaction but also contribute significantly to the overall revenue stream, showcasing Janus's commitment to delivering comprehensive solutions to its customers.
| Service Type | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (%) |
|---|---|---|---|
| Installation Services | $30.0 | $25.0 | 20.0 |
| Maintenance Services | $24.2 | $17.3 | 40.0 |
Janus International Group, Inc. (JBI) - Business Model: Key Resources
Manufacturing facilities in the U.S. and overseas
Janus International Group operates multiple manufacturing facilities, primarily located in North America and Europe. As of September 28, 2024, the net book value of property, plant, and equipment was approximately $58.4 million, an increase from $52.4 million as of December 30, 2023. The company has invested in manufacturing machinery and equipment valued at $50.2 million. The facilities are essential for the production of self-storage doors, walls, and other components used in construction and renovation projects.
Skilled workforce and engineering teams
Janus International places significant emphasis on its skilled workforce, which is crucial for maintaining high production standards and innovation. The company employs various engineering teams that contribute to product development and operational efficiency. As of the latest reports, Janus has implemented a restructuring plan aimed at improving operational performance, which includes the relocation of facilities to enhance productivity. The total compensation for share-based awards was $7.2 million for the nine months ended September 28, 2024, reflecting the company's focus on attracting and retaining skilled employees.
Intellectual property related to building solutions
Janus International holds several patents and trademarks that protect its proprietary technologies and designs in the self-storage and construction markets. The company’s commitment to innovation is evidenced by its investments in research and development, which enhance its competitive advantage. The intellectual property portfolio supports product differentiation, allowing Janus to offer unique solutions to its customers. For the nine months ended September 28, 2024, the amortization of intangible assets, which includes intellectual property, was approximately $23.7 million.
| Key Resources | Details | Value |
|---|---|---|
| Manufacturing Facilities | North America and Europe | $58.4 million (net book value) |
| Manufacturing Machinery and Equipment | Essential for production | $50.2 million |
| Workforce | Skilled engineers and workers | Share-based compensation: $7.2 million |
| Intellectual Property | Patents and trademarks | Amortization of intangibles: $23.7 million |
Janus International Group, Inc. (JBI) - Business Model: Value Propositions
Comprehensive turn-key solutions for self-storage facilities
Janus International Group, Inc. provides comprehensive turn-key solutions specifically tailored for self-storage facilities. This includes a range of products and services that address the complete needs of self-storage operators, from planning and design to installation and ongoing support.
For the three months ended September 28, 2024, Janus reported total revenues of $230.1 million, a decrease of 17.9% compared to $280.1 million in the same period in 2023. The company’s revenue breakdown indicates that self-storage solutions remain a significant part of their business, with self-storage new construction and R3 (retrofit, remodel, and rebuild) services contributing substantially to their product revenues.
| Revenue Segment | Q3 2024 Revenue ($ million) | Q3 2023 Revenue ($ million) | Variance ($ million) | Percentage Change |
|---|---|---|---|---|
| Self-storage - New Construction | 74.0 | 86.7 | (12.7) | (14.6%) |
| Self-storage - R3 | 53.8 | 85.1 | (31.3) | (36.8%) |
| Total Self-storage | 127.8 | 171.8 | (44.0) | (25.6%) |
High-quality and durable building components
Janus International is recognized for its high-quality and durable building components, which are essential for the construction and expansion of self-storage facilities. The company focuses on utilizing robust materials that extend the lifespan of storage units while ensuring security and flexibility for operators.
In the nine months ended September 28, 2024, Janus reported product revenues of $566.7 million, down from $651.5 million in the prior year, reflecting a 13.0% decline. This decline is attributed to macroeconomic factors impacting construction projects and delays in customer orders, which have influenced the demand for durable building components.
| Product Revenue Breakdown | Q3 2024 ($ million) | Q3 2023 ($ million) | Variance ($ million) | Percentage Change |
|---|---|---|---|---|
| Product Revenues | 175.9 | 237.8 | (61.9) | (26.0%) |
| Service Revenues | 54.2 | 42.3 | 11.9 | 28.1% | Total Revenues | 230.1 | 280.1 | (50.0) | (17.9%) |
Customized solutions to meet specific customer needs
Janus International offers customized solutions that are designed to meet the specific needs of its clients. This customization includes tailored designs and modifications that cater to unique site conditions and operational requirements of self-storage facilities.
As of September 28, 2024, Janus reported a net income of $11.8 million, a decrease from $37.0 million in the same quarter of the previous year. The company's ability to adapt its offerings to meet customer demands is critical, especially in a fluctuating market where operators seek efficiency and cost-effectiveness in their investments.
| Financial Performance Metrics | Q3 2024 | Q3 2023 | Variance |
|---|---|---|---|
| Net Income ($ million) | 11.8 | 37.0 | (25.2) |
| Adjusted EBITDA ($ million) | 43.1 | 76.2 | (33.1) |
| Free Cash Flow ($ million) | 88.6 | 133.0 | (44.4) |
Janus International Group, Inc. (JBI) - Business Model: Customer Relationships
Direct engagement through project consultations
Janus International Group, Inc. emphasizes direct engagement with clients through project consultations. As of September 28, 2024, the company reported total revenues of $230.1 million, a decrease from $280.1 million for the same period in 2023, primarily due to customer project deferrals influenced by economic uncertainties.
During the same period, product revenues were $164.5 million, reflecting a decline of 27.9% compared to $228.0 million the previous year. In contrast, service revenues increased by 37.2%, reaching $44.6 million, highlighting the importance of consultations and tailored services in maintaining customer relationships.
After-sales support and maintenance services
After-sales support is a critical aspect of Janus's customer relationship strategy. The company has focused on enhancing its service offerings, resulting in service revenues of $136.2 million for the nine months ended September 28, 2024, which is an increase of 16.8% from $116.6 million in the previous year. This growth can be attributed to the implementation of comprehensive maintenance services that foster customer loyalty and repeat business.
To support these initiatives, Janus has invested in infrastructure and training, aiming to ensure that customers receive timely and effective support post-purchase. This commitment is reflected in the company’s overall adjusted EBITDA, which was $173.9 million for the nine-month period ending September 28, 2024, down from $211.4 million the previous year.
Building long-term partnerships with clients
Janus International Group focuses on building long-term partnerships with its clients, particularly in the self-storage sector. As of September 28, 2024, the self-storage new construction sales accounted for 40.2% of total revenues, which translates to $273.7 million, a significant increase from $236.0 million in the same period the previous year.
The company’s strategy includes collaborative projects that align with clients’ long-term goals, fostering trust and ongoing business relationships. Additionally, Janus has engaged in strategic acquisitions to enhance its service offerings and expand its market reach, contributing to a diverse portfolio that appeals to various customer segments.
Overall, the focus on customer relationships is evident in Janus's financial performance and strategic initiatives, which continue to adapt to market conditions and customer needs.
| Metric | 2024 (Q3) | 2023 (Q3) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $230.1 million | $280.1 million | ($50.0 million) | (17.9%) |
| Product Revenue | $164.5 million | $228.0 million | ($63.5 million) | (27.9%) |
| Service Revenue | $44.6 million | $32.5 million | $12.1 million | 37.2% |
| Adjusted EBITDA | $173.9 million | $211.4 million | ($37.5 million) | (17.7%) |
Janus International Group, Inc. (JBI) - Business Model: Channels
Direct sales through company representatives
Janus International Group, Inc. (JBI) employs a direct sales approach primarily through its sales representatives. In the three months ended September 28, 2024, JBI reported total revenues of $230.1 million, with $209.1 million coming from North America sales. The company’s revenue mix includes significant contributions from self-storage new construction and commercial sectors, highlighting the effectiveness of their direct sales strategy.
Online platforms for product inquiries
JBI utilizes online platforms to facilitate product inquiries and sales. The company’s website serves as a critical channel for customers seeking information about products and services. In the nine months ended September 28, 2024, JBI generated $733.0 million in total revenue, with a notable portion attributed to online inquiries that convert into sales.
Distribution through construction and storage facility networks
Janus International leverages a robust distribution network through partnerships with construction and storage facility operators. For the three months ended September 28, 2024, the company recorded $149.1 million in revenue from self-storage channels, emphasizing the importance of these partnerships in driving sales. The following table summarizes revenue by sales channel for the same period:
| Sales Channel | Revenue (in millions) | % 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% |
In the nine months ended September 28, 2024, the revenue from self-storage channels reached $508.6 million, demonstrating the critical role of distribution networks in JBI's business model.
Janus International Group, Inc. (JBI) - Business Model: Customer Segments
Self-storage facility owners and operators
Janus International Group, Inc. (JBI) serves a significant customer segment comprised of self-storage facility owners and operators. As of September 28, 2024, revenues from self-storage new construction amounted to $92.2 million, representing 40.1% of total sales. In the same period, revenues from self-storage R3 (renovation, repair, and retrofit) contributed $56.9 million, accounting for 24.7% of total sales. The overall sales from self-storage facilities represented 64.8% of JBI's total revenue of $230.1 million for the quarter.
| Revenue Source | Revenue (in millions) | Percentage of Total Sales |
|---|---|---|
| Self-storage - new construction | $92.2 | 40.1% |
| Self-storage - R3 | $56.9 | 24.7% |
| Total Self-storage Revenue | $149.1 | 64.8% |
Commercial building contractors
Another critical customer segment for JBI includes commercial building contractors. For the three months ending September 28, 2024, revenues from commercial and other segments were approximately $81.0 million, which is 35.2% of total sales. This reflects a decline from the previous year, where revenues reached $87.9 million or 31.4% of sales, indicating a 7.8% decrease.
| Revenue Source | Revenue (in millions) | Percentage of Total Sales |
|---|---|---|
| Commercial and other | $81.0 | 35.2% |
Industrial storage solutions providers
JBI's offerings are also tailored for industrial storage solutions providers, although specific revenue data for this segment is not separately identified in financial reporting. However, the company’s overall strategy includes diversification into industrial building solutions, which complements its self-storage and commercial sales. The company's North America segment, which comprises a significant portion of its operations (approximately 90% - 95% of total revenue), focuses on providing fabricated components used by industrial storage solution providers.
| Customer Segment | Revenue Contribution (in millions) | Percentage of Total Revenue |
|---|---|---|
| Industrial storage solutions (part of North America) | Not specifically disclosed | 90% - 95% of Total Revenue |
In summary, Janus International Group, Inc. effectively serves a diverse range of customer segments, including self-storage facility owners, commercial building contractors, and industrial storage solutions providers, with a significant focus on enhancing its product offerings and services across these markets.
Janus International Group, Inc. (JBI) - Business Model: Cost Structure
Manufacturing and operational costs
The total cost of revenues for Janus International Group, Inc. for the three months ended September 28, 2024, was $138.9 million, a decrease of $22.1 million or 13.7% from $161.0 million for the same period in 2023. For the nine months ended September 28, 2024, the cost of revenues was $422.4 million, down from $467.3 million, reflecting a decrease of $44.9 million or 9.6%.
| Cost Component | Three Months Ended September 28, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 28, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Product Cost of Revenues | $93.9 million | $123.6 million | $383.6 million | $424.9 million |
| Service Cost of Revenues | $29.5 million | $24.0 million | $38.8 million | $42.4 million |
| Total Cost of Revenues | $138.9 million | $161.0 million | $422.4 million | $467.3 million |
Research and development expenses
Research and development (R&D) expenses for Janus International Group are included within the general and administrative costs, which increased significantly in 2024. For the three months ended September 28, 2024, general and administrative expenses were $41.2 million, compared to $31.4 million for the same period in 2023, marking an increase of $9.8 million or 31.2%. During the nine-month period, these expenses rose to $176.8 million from $153.5 million, an increase of $23.3 million or 15.2%.
Marketing and sales expenditures
Selling and marketing expenses for the three months ended September 28, 2024, totaled $16.0 million, a slight decrease of $0.9 million or 5.3% from $16.9 million in the prior year. For the nine months, selling and marketing expenses amounted to $48.6 million, an increase of $1.8 million or 3.8% from $46.8 million in the same period the previous year. The overall marketing strategy focuses on maintaining customer engagement and product visibility despite the fluctuations in revenue.
| Expense Type | Three Months Ended September 28, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 28, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Selling and Marketing Expenses | $16.0 million | $16.9 million | $48.6 million | $46.8 million |
| General and Administrative Expenses | $41.2 million | $31.4 million | $176.8 million | $153.5 million |
Janus International Group, Inc. (JBI) - Business Model: Revenue Streams
Sales of manufactured building components
For the three months ended September 28, 2024, Janus International generated $164.5 million in product revenues, a decrease of 27.9% from $228.0 million for the same period in 2023. For the nine-month period, product revenues were $566.7 million, down 13.0% from $651.5 million in the prior year.
| Period | Product Revenues (in millions) | Year-over-Year Change (%) |
|---|---|---|
| Q3 2024 | $164.5 | -27.9% |
| Q3 2023 | $228.0 | N/A |
| 9 Months 2024 | $566.7 | -13.0% |
| 9 Months 2023 | $651.5 | N/A |
Service revenues from installation and maintenance
Service revenues increased to $44.6 million for the three months ended September 28, 2024, reflecting a 37.2% increase from $32.5 million in the same quarter of 2023. For the nine-month period, service revenues reached $113.6 million, a 27.5% increase compared to $89.1 million in the prior year.
| Period | Service Revenues (in millions) | Year-over-Year Change (%) |
|---|---|---|
| Q3 2024 | $44.6 | +37.2% |
| Q3 2023 | $32.5 | N/A |
| 9 Months 2024 | $113.6 | +27.5% |
| 9 Months 2023 | $89.1 | N/A |
Revenue from design and engineering services
Janus International also generates revenue from design and engineering services, which is included in the total service revenues. The company focuses on providing tailored solutions to its customers, contributing to the overall service revenue growth.
| Service Type | Revenue Contribution (in millions) |
|---|---|
| Design and Engineering Services | Included in total service revenues |
| Total Service Revenues | $44.6 (Q3 2024) |
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.