Janus International Group, Inc. · NYSE:JBI
Janus International — Q2 2024 Earnings Presentation
15 slides from Janus International's earnings presentation, Aug 7, 2024
Slide 1: Second Quarter 2024 Earnings Presentation
SECOND QUARTER 2024 EARNINGS PRESENTATION August 7, 2024 JanusIntl.com 1
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS Certain statements in this communication, including the estimated guidance provided under “2024 Financial Outlook” 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 Sec
Slide 3: Agenda
3 AGENDA Ramey Jackson Anselm Wong Chief Executive Officer Chief Financial Officer Business Overview & 2Q24 Financial Overview & Market Update Guidance Update 3
Slide 4: Second Quarter 2024 Highlights
Second Quarter 2024 Highlights • 8.2% total revenue decline • Total Self-Storage down 6.2% - New Construction up 7.3% , R3 down 23.5% • Commercial & Other down 12.4% Second Quarter 2024 Revenue Mix • Adjusted EBITDA1 decline of 12.8% to $64.5 million Self-Storage • Delivered Adjusted EBITDA as a per
Slide 5: Q2 2024 Results Overview
Q2 2024 Results Overview Revenue Adj. EBITDA1 $248.4M $64.5M 8.2% decrease 12.8% decrease 26.0% margin Adj. Diluted Operating Cash EPS1 Flow $0.21 $31.0M Adj. Net Income1 FCF1 of $25.3M of $30.1M Continued Solid Financial Performance 1. Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and
Slide 6: Year-to-Date 2024 Results Overview
Year-to-Date 2024 Results Overview Revenue Adj. EBITDA1 $502.9M $130.8M $19.6M $4.4 decrease decrease 26.0% margin Adj. Diluted EPS1 Operating Cash $0.42 Flow Adj. Net Income1 $59.6M of $61.1M FCF1 of $49.3M Building on our Track Record of Execution and Growth 1. Adjusted EBITDA, Adjusted Net Income
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 Flow Conversion of Adj. Net Income1 116% TTM at 2Q 2024 Solid Balance Sheet Invest in Growth Financial Flexibility 2.0x-3.0x Net Leverage Acquisitions Share
Slide 8: 2024 Updated Guidance
2024 Updated Guidance Building on Established Momentum to Deliver Another Year of Record Results FULL YEAR • Updating full year guidance for Revenue and Adjusted 2024 Guidance EBITDA Revenue Adjusted EBITDA1 • Outlook reflects first half results, current backlog and visibility $1.005B to $1.035B $25
Slide 9: YTD 2024 Accomplishments
YTD 2024 Accomplishments • Financial ◦ YTD 2024 results including Adjusted EBITDA1 as a percentage of revenues of 26.0% ◦ Continued strong cash generation with TTM 2Q 2024 free cash flow conversion of Adjusted Net Income1 of 116% • Operations ◦ Announced all-new internal hardwired smart lock, Nokē I
Slide 10: Appendix
Appendix
Slide 11: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation* Three Months Ended Variance Six Months Ended Variance June 29, 2024 July 1, 2023 $ % June 29, 2024 July 1, 2023 $ % Net Income $ 58.3 $ 63.0 $ (4.7) (7.5)% Net Income $ 27.6 $ 37.0 $ (9.4) (25.4)% Interest, net 13.0 14.8 (1.8) (12.2)% Interest, net 27.3 30.8 (3.5) (11
Slide 12: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation* (dollar amounts in tables in millions) Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net Income $ 27.6 $ 37.0 $ 58.3 $ 63.0 Net Income Adjustments(1) 3.4 0.2 3.8 0.8 Tax Effect on Net Income Adjustments(2) (0.9) (0.1) (1
Slide 13: Non-GAAP Adjusted EPS
Non-GAAP Adjusted EPS* Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Numerator: Numerator: GAAP Net Income $ 27.6 $ 37.0 GAAP Net Income $ 58.3 $ 63.0 Non-GAAP Adjusted Net Income $ 30.1 $ 37.1 Non-GAAP Adjusted Net Income $ 61.1 $ 63.6 Denominator: Denomi
Slide 14: Free Cash Flow Conversion
Free Cash Flow Conversion* Six Months Ended June 29, 2024 July 1, 2023 Cash flow from operating activities $ 59.6 $ 96.6 Less: capital expenditure (10.3) $ (9.6) Free cash flow $ 49.3 $ 87.0 Non-GAAP Adjusted Net Income $ 61.1 $ 63.6 Free cash flow conversion of Non-GAAP Adjusted Net Income 81 % 137
Slide 15: Net Leverage Ratio
Net Leverage Ratio* June 29, 2024 December 30, 2023 Note payable - First Lien $ 600.0 $ 623.4 Less: Cash 110.1 171.7 Net Debt* $ 489.9 $ 451.7 Net Income (Trailing Twelve-Month periods ended)(1) $ 131.1 $ 135.7 Adjusted EBITDA (Trailing Twelve-Month periods ended)(2) $ 281.3 $ 285.6 Long-Term Debt t
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