In its recently released 10-Q report, Janus International Group, Inc. outlines its operations as a manufacturer and supplier of turn-key self-storage, commercial, and industrial building solutions in North America and internationally. The company provides a range of products, including roll-up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies.
In terms of the company's financial performance, Janus reported a decrease in revenues, with $230.1 million for the three-month period ending September 28, 2024, compared to $280.1 million for the same period in 2023. Net income also decreased to $11.8 million for the three-month period ending September 28, 2024, compared to $37.0 million for the three-month period ending September 30, 2023. Adjusted EBITDA decreased to $43.1 million for the three-month period ending September 28, 2024, compared to $76.2 million for the three-month period ending September 30, 2023.
The company generated cash flows from operations of $102.6 million and free cash flow of $88.6 million for the nine-month period ending September 28, 2024, compared to $146.5 million cash flows from operations and $133.0 million free cash flow for the nine-month period ending September 30, 2023. Janus also repurchased common stock worth $45.5 million in the three months ended September 28, 2024, as part of its previously announced $100.0 million share repurchase program.
Janus operates through two geographic regions, Janus North America and Janus International. Janus North America represents approximately 90% * 95% of the company’s revenue, while Janus International represents approximately 5% * 10% of the revenue. The company’s human capital stood at 2,306 employees (including 375 temporary employees) as of September 28, 2024, compared to 2,374 employees (including 503 temporary employees) as of September 30, 2023.
The company's financial statements have been derived from the accounts of Janus and its wholly owned subsidiaries, following a 4-4-5 calendar. This calendar divides a year into four quarters of 13 weeks, grouped into two 4-week “months” and one 5-week “month.” Janus's product revenues are recognized upon transfer of control to the customer, while service revenues reflect installation services to customers for facilities, recognized over time based on the satisfaction of performance obligations.
As a result of these announcements, the company's shares have moved -0.1% on the market, and are now trading at a price of $7.35. For more information, read the company's full 10-Q submission here.
