Janus International Group, Inc. · NYSE:JBI
Janus International — Q4 2023 Earnings Presentation
19 slides from Janus International's earnings presentation, Feb 28, 2024
Slide 1: Fourth Quarter and Full Year 2023 Earnings Presentation
FOURTH QUARTER AND FULL YEAR 2023 EARNINGS PRESENTATION February 28, 2024 JanusIntl.com 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this communication, including the estimated guidance provided under “2024 Financial Guidance” and under “Reaffirmed Long Term Strategic Outlook” herein, may be considered “forward- looking statements” within the meaning of Section 27A of the Securitie
Slide 3: Agenda
AGENDA Ramey Jackson Anselm Wong Chief Executive Officer Chief Financial Officer Business Overview & 2023 Financial Overview & Market Update 2024 Guidance 3
Slide 4: Full Year 2023 Highlights and Milestones
Full Year 2023 Highlights and Milestones • Solid 4.6% organic revenue growth • Total Self-Storage up 13.2% 2023 Revenue Mix ◦ New Construction up 22.1%, Restore, Rebuild & Replace (“R3”) up 4.3% Self-Storage • Commercial & Other down 10.2% Mix: 68.4% • Robust Adjusted EBITDA1 growth of 25.9% to $285
Slide 5: Full-Year 2023 Results Overview
Full-Year 2023 Results Overview Revenue Adj. EBITDA1 $1,066.4M $285.6M 4.6% increase 13.2% increase 25.9% increase 26.8% margin in Self-Storage3 Adjusted EPS1 Operating Cash $0.94 Flow Adjusted Net Income1 of $215.0M $138.4M FCF2 of $196.0M Building on our Track Record of Execution and Growth 1. Adj
Slide 6: Q4 2023 Results Overview
Q4 2023 Results Overview Revenue Adj. EBITDA1 $263.7M $74.3M 5.7% decrease 2.5% increase 8.9% increase in Self-Storage3 28.2% margin Adjusted EPS1 Operating Cash $0.24 Flow Adjusted Net Income1 of $68.5M FCF2 of $63.0M $35.9M Continued Solid Financial Performance 1. Adjusted EBITDA, Adjusted Net Inc
Slide 7: Building on Record of High Return Capital Allocation
Building on Record of High Return Capital Allocation Strong cash flow profile, financial flexibility, disciplined capital deployment Free Cash Conversion of Adjusted Net Income1 142% for Full Year 2023 Solid Balance Sheet Invest in Growth Financial Flexibility 2.0x-3.0x Net Leverage Acquisitions Sha
Slide 8: 2024 Guidance
2024 Guidance Building on Established Momentum to Deliver Another Year of Record Results FULL YEAR • Initiating full year guidance for Revenue and Adjusted EBITDA 2024 Guidance Adjusted EBITDA1 • Outlook reflects current backlog and pipeline, and continued Revenue benefit of commercial actions and p
Slide 9: 2023 Accomplishments
2023 Accomplishments • Financial ◦ Solid 2023 results including Adjusted EBITDA1 margin of 26.8%, up ~450 bps from 2022 and Adjusted Net Income1 growth of 26.6% ◦ Continued strong cash generation with 2023 free cash flow conversion of Adjusted Net Income2 of 142% • Operations ◦ Migrated Nokē back en
Slide 10: Reaffirmed Long-Term Strategic Outlook
REAFFIRMED LONG-TERM STRATEGIC OUTLOOK 10
Slide 11: Strong Fundamentals In All Sales Channels
Strong Fundamentals In All Sales Channels Benefiting from Unique Convergence of Structural Tailwinds Self-Storage Market Commercial & Other Structural demand drivers for self storage are not dependent on market, mainly arising from the “6 Ds” • Dislocation • Divorce • Decluttering • Disaster • Death
Slide 12: Multiple Levers to Drive Long-Term Growth
Multiple Levers to Drive Long-Term Growth Growth in New Construction and R3 fueled by self-storage demand Increasing market share in Commercial with an expanded suite of offerings Continuing to drive innovation and adoption of Nokē Smart Entry System Continuously evolving portfolio with innovative s
Slide 13: Highly Successful M&A Strategy with Significant Opportunity for Continued Growth
Highly Successful M&A Strategy with Significant Opportunity for Continued Growth Nine acquisitions completed since 2016 with a healthy and diverse pipeline of potential targets focused on strategic growth Proven Track Record of Successful M&A Over 150 Potential Targets in M&A Pipeline • Management h
Slide 14: Executing Against the Plan for Significant Value Creation
Executing Against the Plan for Significant Value Creation Long-Term Targets ■ Expand industry-leading position in well-structured market Annual Organic Revenue Growth ■ Deliver strong growth across all three sales channels and 4% - 6% expand adoption of Nokē Remote Access EBITDA Margin ■ Drive robus
Slide 15: Appendix
Appendix 15
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation* Year Ended Variance Three Months Ended Variance (dollar amounts in millions) December 30, 2023 December 31, 2022 $ % (dollar amounts in millions) December 30, 2023 December 31, 2022 $ % Net Income $ 135.7 $ 107.7 $ 28.0 26.0 % Net Income $ 35.8 $ 32.7 $ 3.1 9.5 % Inte
Slide 17: Non-GAAP Adjusted Net Income Reconciliation
Non-GAAP Adjusted Net Income Reconciliation* Three Months Ended Year Ended December 30, December 31, (dollar amounts in millions) 2023 2022 (dollar amounts in millions) December 30, 2023 December 31, 2022 Net Income $ 35.8 $ 32.7 Net Income $ 135.7 $ 107.7 Net Income Adjustments(1) 0.2 — Net Income
Slide 18: Non-GAAP Adjusted EPS
Non-GAAP Adjusted EPS* Three Months Ended Year Ended (dollar amounts in millions) December 30, 2023 December 31, 2022 (dollar amounts in millions) December 30, 2023 December 31, 2022 Numerator: Numerator: GAAP Net Income $ 35.8 $ 32.7 GAAP Net Income $ 135.7 $ 107.7 Non-GAAP Adjusted Net Income $ 35
Slide 19: Free Cash Flow Conversion
Free Cash Flow Conversion* Three Months Ended December 30, December 31, (dollar amounts in millions) 2023 2022 Cash flow from operating activities $ 68.5 $ 25.9 Less: capital expenditure (5.5) (1.0) Free cash flow $ 63.0 $ 24.9 Non-GAAP Adjusted Net Income $ 35.9 $ 32.7 Free cash flow conversion of
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