Janus International Group, Inc. · NYSE:JBI
Janus International — Q3 2024 Earnings Presentation
18 slides from Janus International's earnings presentation, Oct 29, 2024
Slide 1: Third Quarter 2024 Earnings Presentation
THIRD QUARTER 2024 EARNINGS PRESENTATION October 29, 2024 1 JanusIntl.com
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation, 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 Se
Slide 3: Agenda
3 AGENDA 3 Ramey Jackson Chief Executive Officer Business Overview & Market Update Anselm Wong Chief Financial Officer 3Q24 Financial Overview & Guidance Update
Slide 4: Third Quarter 2024 Highlights and Revenue Mix
4 • 17.9% total revenue decline vs. 3Q 2023 • Total Self-Storage down 22.4% - New Construction down 12.6%, R3 down 34.4% • Commercial & Other down 7.8% • Net Income of $11.8 million, a 68.1% decrease vs. 3Q 2023 • Adjusted EBITDA1 decline of 43.4% vs. 3Q 2023 to $43.1 million • Delivered Adjusted EB
Slide 5: Third Quarter 2024 Results Overview
5 1. Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and free cash flow are not financial measures determined in accordance with GAAP. For a definition of these metrics and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP
Slide 6: Third Quarter 2024 Revenue and Adjusted EBITDA Drivers
6 Third Quarter 2024 Revenue and Adjusted EBITDA1 Drivers $280.1 -5 -58.7 13.7 $230.1 3Q23 Price Volume Acquisition 3Q24 $— $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $76.2 -5 -22.8 -5.3 $43.1 3Q23 Price Volume/Mix Other 3Q24 $— $20.0 $40.0 $60.0 $80.0 $100.0 1. Adjusted EBITDA, Adjusted Net Income, A
Slide 7: Structural Cost Reduction Plan
7 Structural Cost Reduction Plan Action Plan Streamline labor force Rationalize real estate holdings Reduce selling, general and administrative costs Goals Improve margins Simplify organizational structure Enhance flexibility and efficiencies Estimated One- Time Pre-Tax Charges $2 Million - $4 Milli
Slide 8: Year-to-Date 2024 Results Overview
8 Adj. EBITDA1 $173.9M $37.5 decrease 23.7% margin Revenue $733.0M $69.6M decrease Adj. Diluted EPS1 $0.53 Adj. Net Income1 of $76.8M Operating Cash Flow $102.6M FCF1 of $88.6M Year-to-Date 2024 Results Overview 1. Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and free cash flow are no
Slide 9: Building on Record of High Return Capital Allocation
9 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 134% TTM on 3Q 2024 Solid Balance Sheet 2.0x-3.0x Net Leverage Ratio Target1 Net Debt/TTM Adj. EBITDA of 2.0x as of 3Q
Slide 10: 2024 Updated Guidance
10 2024 Updated Guidance FULL YEAR 2024 Guidance Revenue $910M to $925M 10% decrease at the midpoint as compared to prior guidance expectations Adjusted EBITDA1 $195M to $205M 24.5% decrease at the midpoint as compared prior guidance expectations The Company is revising its full year 2024 guidance.
Slide 11: Third Quarter 2024 Financial, Operations and Capital Allocation Highlights
11 • Financial ◦ Continued strong cash generation with TTM 3Q 2024 free cash flow conversion of Adjusted Net Income1 of 134% ◦ Announced Structural Cost reduction Plan • Operations and Innovations ◦ Rolled out all-new internal hardwired smart lock, Nokē Ion™ ◦ Announced NS Series of enhanced securit
Slide 12: Industry Leader in Well-Structured Market
1212 Industry Leader in Well- Structured Market Sustainable Demand Drivers Self-Storage facility demand driven by recurring life events • Dislocation, disaster, divorce, death decluttering, distribution • Elevated occupancy rates drive new capacity additions • Average age of facilities >20 years dri
Slide 13: Appendix
Appendix
Slide 14: Adjusted EBITDA Reconciliation
14 Adjusted EBITDA Reconciliation* Three Months Ended Variance September 28, 2024 September 30, 2023 $ % Net Income $ 11.8 $ 37.0 $ (25.2) (68.1) % Interest, net 11.6 14.5 (2.9) (20.0) % Income taxes 3.3 12.4 (9.1) (73.4) % Depreciation 3.0 2.2 0.8 36.4 % Amortization 8.2 7.4 0.8 10.8 % EBITDA* $ 37
Slide 15: Adjusted Net Income Reconciliation
15 Adjusted Net Income Reconciliation* (dollar amounts in tables in millions) Three Months Ended Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net Income $ 11.8 $ 37.0 $ 70.1 $ 100.0 Net Income Adjustments1 5.2 2.7 9.0 3.5 Tax Effect on Net Income Adju
Slide 16: Non-GAAP Adjusted EPS
16 Non-GAAP Adjusted EPS* Three Months Ended September 28, 2024 September 30, 2023 Numerator: GAAP Net Income $ 11.8 $ 37.0 Non-GAAP Adjusted Net Income $ 15.7 $ 39.0 Denominator: Weighted average number of shares: Basic 143,666,406 146,827,175 Adjustment for Dilutive Securities 614,846 166,690 Dilu
Slide 17: Free Cash Flow Conversion
17 Free Cash Flow Conversion* Trailing Twelve-Months Ended September 28, 2024 September 30, 2023 Cash Flow from Operating Activities $ 171.0 $ 172.4 Less: Purchases of property plant and equipment (19.8) (14.4) Free Cash Flow $ 151.2 $ 158.0 Non-GAAP Adjusted Net Income1 $ 112.8 $ 135.1 Free Cash Fl
Slide 18: Net Leverage Ratio
18 Net Leverage Ratio* *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
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