Janus International Group Reports First Quarter 2021 Financial Results

Delivered double-digit growth in revenues, Adjusted EBITDA, net income and operating cash flow

Completed business combination with Juniper Industrial and began trading on the New York Stock Exchange on June 8, 2021

TEMPLE, Ga.--(BUSINESS WIRE)-- Janus International Group, Inc. (NYSE:JBI) (“Janus” or the “Company”), a leading provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, announced financial results for the first quarter of 2021.

First Quarter 2021 Highlights

• Revenues of $152.8 million, a 10.9% increase compared to the first quarter of 2020, driven primarily by increased volumes and improved market conditions.
• Adjusted EBITDA of $32.6 million, a 14.8% increase compared to the first quarter of 2020, primarily driven by increased revenues that more than offset the impact of the higher cost of raw materials, freight and labor.
• Net income of $14.7 million, an increase from $10.0 million in the first quarter of 2020, driven primarily by higher operating income.
• Operating cash flow expanded to $25.6 million, an increase from $20.3 million in the first quarter of 2020.

Ramey Jackson, Chief Executive Officer, stated, “Our results show the momentum we have in our business, which is driven by several strategic tailwinds in the industry as well as our shift to additional technology offerings that complement our already best-in-class self-storage solutions. We delivered strong top line growth due primarily to increased demand, and produced strong overall results despite a number of macroeconomic headwinds, including global raw material cost increases, global logistics constraints, and domestic labor tightness. We are optimally positioned within our industry to manage through this incredibly dynamic environment, further strengthen our project pipeline and deliver on our objectives.”

Mr. Jackson continued, “Janus is well positioned with a mix of best in class products in the self-storage industry and an exciting mix of technology-driven new products for further growth. The demand outlook for our products in self-storage and the commercial and industrial markets remains strong. With the recent closing of our business combination with Juniper Holdings and listing on the New York Stock Exchange, we are now even better positioned to execute on all these value-enhancing opportunities.”

About Janus International Group

Janus International Group (“Janus”) is a leading global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions and new technologies, including: automation and access control technologies, roll up and swing doors, hallway systems, re-locatable storage units, and much more.

The Janus team operates out of several U.S. locations and six locations internationally. More information is available at www.janusintl.com.

Forward-Looking Statements

Certain statements in this communication 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 Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this communication are forward-looking statements, including, but not limited to statements regarding Janus’ positioning in the industry to strengthen its pipeline and deliver on its objectives and Janus’ belief regarding the demand outlook for Janus’ products and the strength of the industrials markets. When used in this communication, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions, as they relate to the management team, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Janus’ management, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements.

In addition to factors previously disclosed in Janus’ reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks of the self-storage industry; (ii) the highly competitive nature of the self-storage industry and Janus’ ability to compete therein; (iii) litigation, complaints, and/or adverse publicity; (iv) cyber incidents or directed attacks that could result in information theft, data corruption, operational disruption and/or financial loss; (v) the risk that Janus may not be able to strengthen its pipeline and deliver on its objectives to the extent expected; and (vi) the risk that the demand outlook for Janus’ products may not be as strong as anticipated.

There can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Janus is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Janus and is not intended to form the basis of an investment decision in Janus. All subsequent written and oral forward-looking statements concerning Janus or other matters and attributable to Janus or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above and under the heading “Risk Factors” in Janus’ final prospectus filed with the SEC on May 7, 2021 and in Janus’ other filings.

Non-GAAP Financial Measure

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 not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis.

Adjusted EBITDA is a non-GAAP financial measure used by Janus to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, Janus believes these measures provide useful information to investors and others in understanding and evaluating Janus’ operating results in the same manner as its management and board of directors and in comparison with Janus’ peer group companies. In addition, they provide useful measures for period-to-period comparisons of Janus’ business, as they remove the effect of certain non-cash items, such as acquisition events, and certain variable or non-recurring charges. Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation expense, amortization, and other non-operational, non-recurring items.

Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net income (loss), which is the nearest GAAP equivalent of adjusted EBITDA. These limitations include that the non-GAAP financial measures: exclude depreciation and amortization, and although these are non-cash expenses, the assets being depreciated may be replaced in the future; do not reflect interest expense, or the cash requirements necessary to service interest on debt, which reduces cash available; do not reflect the provision for or benefit from income tax that may result in payments that reduce cash available; exclude non-recurring items which are unlikely to occur again and have not occurred before (i.e., the extinguishment of debt); and may not be comparable to similar non-GAAP financial measures used by other companies, because the expenses and other items that Janus excludes in the calculation of these non-GAAP financial measures may differ from the expenses and other items, if any, that other companies may exclude from these non-GAAP financial measures when they report their operating results. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Janus International Group, Inc.
Reconciliation of Net Income to Adjusted EBITDA

The following table present a reconciliation of net income to adjusted EBITDA for the periods indicated:

View source version on businesswire.com: https://www.businesswire.com/news/home/20210614005771/en/

Investors, Janus
Rodny Nacier / Dan Scott
IR@janusintl.com
(770) 562-6399

Media, Janus
Phil Denning / Nora Flaherty
Media@janusintl.com

Source: Janus International Group, Inc.

Released June 14, 2021