Quarterly report [Sections 13 or 15(d)]

Segments Information

v3.25.1
Segments Information
 3 Months Ended
Mar. 29, 2025
Segment Reporting [Abstract]  
Segments Information Segments Information
The Company operates and reports its results through two geographic-based reportable segments: Janus North America and Janus International, in accordance with ASC Topic 280, Segment Reporting.
•The Janus North America segment is comprised of all the other entities including Janus Core, BETCO, NOKE, ASTA, ACT, Janus Door, Steel Door Depot, Janus Canada, and Terminal Door.
•The Janus International reportable segment is comprised of JIE with its production and sales located primarily in U.K., Australia, Poland, and France.
This segment structure reflects how the Company’s Chief Executive Officer (“CEO”), who has been identified as the Chief Operating Decision Maker, evaluates performance and allocates resources. Key business strategies, strategic objectives, and competitive decisions are determined at the geographical level (North America and International) rather than by product lines, functional divisions, or business units. The CEO primarily assesses segment performance and allocates resources, including personnel, property, and financial or capital resources, using gross profit and adjusted EBITDA. Budget-to-actual variances are reviewed monthly to assess performance and allocate resources. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in the consolidated financial statements within the Company's Annual Report on Form 10-K for the year ended December 28, 2024.
Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation expense, amortization, and other non-operational, non-recurring items. The Company uses adjusted EBITDA, a non-GAAP financial measure, to assess operating performance, develop future operating plans, and make strategic decisions related to operating expenses and resource allocation, among others.
The following table presents segment revenue, gross profit, and adjusted EBITDA for the periods presented:

(dollar amounts in millions) Janus North America Janus International Intersegment eliminations Total
Three months ended March 29, 2025
Revenues $ 190.7  $ 21.2  $ (1.4) $ 210.5 
Cost of revenues 113.3  16.7  (1.4) 128.6 
Gross profit $ 77.4  $ 4.5  $ —  $ 81.9 
Other segment items (1)
(40.5) (3.0) —  (43.5)
Adjusted EBITDA $ 36.9  $ 1.5  $ —  $ 38.4 

(dollar amounts in millions) Janus North America Janus International Intersegment eliminations Total
Three months ended March 30, 2024
Revenues $ 240.5  $ 14.7  $ (0.7) $ 254.5 
Cost of revenues
 133.5  11.3  (0.7) 144.1 
Gross profit $ 107.0  $ 3.4  $ —  $ 110.4 
Other segment items (1)
(40.8) (3.3) —  (44.1)
Adjusted EBITDA
 $ 66.2  $ 0.1  $ —  $ 66.3 
(1) Other segment items included in adjusted EBITDA primarily include selling and marketing expense, general and administrative expense and depreciation.

The following table presents a reconciliation of reportable segment adjusted EBITDA to net income:

Three Months Ended
(dollar amounts in millions) March 29, 2025 March 30, 2024
Consolidated reconciliation
Net income
$ 10.8  $ 30.7 
Interest, net 10.2  14.4 
Income taxes
 4.6  10.5 
Depreciation and amortization
11.2  10.2 
Restructuring & other adjusted EBITDA adjustments
1.6  0.5 
Adjusted EBITDA $ 38.4  $ 66.3 
Segment information for the three month periods ended March 29, 2025 and March 30, 2024 are as follows:
Three Months Ended
(dollar amounts in millions)
 March 29, 2025 March 30, 2024
Depreciation expense - cost of revenues
Janus North America $ 1.7  $ 1.6 
Janus International 0.3  0.2 
Consolidated depreciation expense - cost of revenues $ 2.0  $ 1.8 
Depreciation expense - operating expenses
Janus North America $ 0.8  $ 0.9 
Janus International 0.1  0.1 
Consolidated depreciation expense - operating expenses $ 0.9  $ 1.0 
Amortization of intangible assets
Janus North America $ 8.0  $ 7.1 
Janus International 0.3  0.3 
Consolidated amortization expense
 $ 8.3  $ 7.4 
Purchases of property, plant, and equipment
Janus North America $ 6.7  $ 3.6 
Janus International 0.2  1.0 
Consolidated purchases of property, plant, and equipment
 $ 6.9  $ 4.6 
(dollar amounts in millions) Janus North America Janus International Intersegment eliminations Total
Three months ended March 29, 2025
Product revenues $ 156.0  $ 11.7  $ (1.4) $ 166.3 
Service revenues 34.7  9.5  —  $ 44.2 
Total revenues $ 190.7  $ 21.2  $ (1.4) $ 210.5 
Three months ended March 30, 2024
Product revenues $ 206.9  $ 8.9  $ (0.7) $ 215.1 
Service revenues 33.6  5.8  —  $ 39.4 
Total revenues $ 240.5  $ 14.7  $ (0.7) $ 254.5 
Segment information as of March 29, 2025 and December 28, 2024 are as follows:
(dollar amounts in millions)
 March 29, 2025 December 28, 2024
Identifiable assets
Janus North America $ 1,199.6  $ 1,234.6 
Janus International 72.2  66.7 
Consolidated Assets $ 1,271.8  $ 1,301.3 
Property, plant, and equipment, net
Janus North America $ 53.1  $ 49.0 
Janus International 8.0  7.8 
Consolidated property, plant, and equipment, net
 $ 61.1  $ 56.8 
(dollar amounts in millions)
 March 29, 2025 December 28, 2024
Long-lived assets(1)
United States $ 455.7  $ 459.9 
Other
 30.2  30.1 
Total long-lived assets
$ 485.9  $ 490.0 
(1) The Company’s long-lived assets consist primarily of intangible assets, net, right-of-use assets, net, and property, plant, and equipment, net.
(dollar amounts in millions)
 March 29, 2025 March 30, 2024
Revenues by country
United States $ 190.7  $ 240.5 
Other 21.5  14.7 
Eliminations (1.7) (0.7)
Total revenues
 $ 210.5  $ 254.5