Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 02, 2022 | May 13, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 2, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40456 | |
Entity Registrant Name | JANUS INTERNATIONAL GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-1476200 | |
Entity Address, Address Line One | 135 Janus International Blvd. | |
Entity Address, City or Town | Temple | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30179 | |
City Area Code | 866 | |
Local Phone Number | 562-2580 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | JBI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 146,561,717 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Central Index Key | 0001839839 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 26,626 | $ 13,192 |
Accounts receivable, less allowance for credit losses; $5,733 and $5,449, at April 2, 2022 and January 1, 2022, respectively | 118,758 | 107,372 |
Costs and estimated earnings in excess of billing on uncompleted contracts | 30,286 | 23,121 |
Inventory, net | 64,226 | 56,596 |
Prepaid expenses | 12,255 | 9,843 |
Other current assets | 2,922 | 4,057 |
Total current assets | 255,073 | 214,181 |
Right-of-use assets, net | 41,518 | 0 |
Property and equipment, net | 42,584 | 41,607 |
Tradename and trademarks | 107,826 | 107,980 |
Goodwill | 369,279 | 369,286 |
Deferred tax asset, net | 59,998 | 58,915 |
Other assets | 1,855 | 1,973 |
Total assets | 1,198,708 | 1,122,002 |
Current Liabilities | ||
Accounts payable | 65,336 | 54,961 |
Billing in excess of costs and estimated earnings on uncompleted contracts | 28,053 | 23,207 |
Current maturities of long-term debt | 8,215 | 8,067 |
Other accrued expenses | 65,867 | 54,111 |
Total current liabilities | 167,471 | 140,346 |
Line of credit | 0 | 6,369 |
Long-term debt, net | 703,022 | 703,718 |
Deferred tax liability, net | 1,804 | 749 |
Other long-term liabilities | 39,260 | 2,533 |
Total liabilities | 911,557 | 853,715 |
STOCKHOLDERS’ EQUITY | ||
Common Stock, 825,000,000 shares authorized, $.0001 par value, 146,561,717 and 146,561,717 shares issued and outstanding at April 2, 2022 and January 1, 2022, respectively | 15 | 15 |
Additional paid-in capital | 278,399 | 277,799 |
Accumulated other comprehensive loss | (1,465) | (949) |
Accumulated surplus (deficit) | 10,202 | (8,578) |
Total stockholders’ equity | 287,151 | 268,287 |
Total liabilities and stockholders’ equity | 1,198,708 | 1,122,002 |
Customer relationships, net | ||
Current Assets | ||
Finite-lived assets | 305,080 | 312,199 |
Other intangibles, net | ||
Current Assets | ||
Finite-lived assets | $ 15,495 | $ 15,861 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 02, 2022 | Jan. 01, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 5,733,000 | $ 5,449,000 |
Common stock, shares authorized (in shares) | 825,000,000 | 825,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 146,561,717 | 146,561,717 |
Common stock, shares outstanding (in shares) | 146,561,717 | 146,561,717 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | |
REVENUE | ||
Total revenue | $ 229,520 | $ 152,824 |
Cost of Sales | 152,950 | 99,531 |
GROSS PROFIT | 76,570 | 53,293 |
OPERATING EXPENSE | ||
Selling and marketing | 13,349 | 9,458 |
General and administrative | 28,106 | 19,586 |
Operating Expenses | 41,455 | 29,044 |
INCOME FROM OPERATIONS | 35,115 | 24,249 |
Interest expense | (8,775) | (8,126) |
Other expense | (28) | (1,559) |
Other Expense, Net | (8,804) | (9,685) |
INCOME BEFORE TAXES | 26,311 | 14,564 |
Provision (benefit) for Income Taxes | (6,607) | 155 |
NET INCOME | 19,704 | 14,719 |
Other Comprehensive Income (Loss) | (516) | 311 |
COMPREHENSIVE INCOME | 19,188 | 15,030 |
Net income attributable to common stockholders | 19,704 | 14,719 |
Net income attributable to common stockholders | $ 19,704 | $ 14,719 |
Weighted-average shares outstanding, basic and diluted (Note 16) | ||
Basic (in shares) | 146,561,717 | 66,145,633 |
Diluted (in shares) | 146,832,889 | 66,145,633 |
Net income per share, basic and diluted (Note 16) | ||
Basic (in dollars per share) | $ 0.13 | $ 0.22 |
Diluted (in dollars per share) | $ 0.13 | $ 0.22 |
Sales of product | ||
REVENUE | ||
Total revenue | $ 197,306 | $ 121,696 |
Sales of services | ||
REVENUE | ||
Total revenue | $ 32,214 | $ 31,128 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Common Stock | Common StockEffect of Retrospective Application of Accounting Standards Update 2018-12 | Common StockClass B Common Units | Common StockClass B Common UnitsEffect of Retrospective Application of Accounting Standards Update 2018-12 | Preferred StockClass A Preferred Units | Preferred StockClass A Preferred UnitsEffect of Retrospective Application of Accounting Standards Update 2018-12 | Additional paid-in capital | Additional paid-in capitalEffect of Retrospective Application of Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Accumulated Surplus (Deficit) | Accumulated Surplus (Deficit)Cumulative Effect, Period of Adoption, Adjustment | [1] |
Beginning balance (in shares) at Dec. 26, 2020 | 66,145,633 | 66,145,633 | 4,478 | (4,478) | 189,044 | (189,044) | |||||||||
Beginning balance at Dec. 26, 2020 | $ 140,874 | $ 7 | $ 7 | $ 261 | $ (261) | $ 189,044 | $ (189,044) | $ 189,299 | $ 189,299 | $ (227) | $ (48,205) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Vesting of Midco LLC class B units (in shares) | 111,895 | ||||||||||||||
Vesting of Midco LLC class B units | 52 | 52 | |||||||||||||
Distributions to Janus Midco LLC Class A unitholders | (96) | (96) | |||||||||||||
Cumulative translation adjustment | 311 | 311 | |||||||||||||
Net income | 14,719 | 14,719 | |||||||||||||
Ending balance (in shares) at Mar. 27, 2021 | 66,257,528 | ||||||||||||||
Ending balance at Mar. 27, 2021 | 155,860 | $ 7 | 189,351 | 84 | (33,582) | ||||||||||
Beginning balance (in shares) at Jan. 01, 2022 | 146,561,717 | ||||||||||||||
Beginning balance at Jan. 01, 2022 | 268,287 | $ (924) | $ 15 | 277,799 | (949) | (8,578) | $ (924) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Share based compensation | 600 | 600 | |||||||||||||
Cumulative translation adjustment | (516) | (516) | |||||||||||||
Net income | 19,704 | 19,704 | |||||||||||||
Ending balance (in shares) at Apr. 02, 2022 | 146,561,717 | ||||||||||||||
Ending balance at Apr. 02, 2022 | $ 287,151 | $ 15 | $ 278,399 | $ (1,465) | $ 10,202 | ||||||||||
[1] | Effective January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) and ASU 2016-02, Leases (Topic 842). We have elected to adopt each of the two standards using the modified retrospective approach through a cumulative-effect adjustment to the opening balance of accumulated deficit for both. See Note 2 for further details of the impact of each standard. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | |
Cash Flows Provided By Operating Activities | ||
Net income | $ 19,704 | $ 14,719 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation of property and equipment | 1,857 | 1,473 |
Reduction in carrying amount of right-of-use assets | 1,319 | 0 |
Intangible amortization | 7,225 | 6,832 |
Deferred finance fee amortization | 912 | 754 |
Share based compensation | 600 | 52 |
Loss on extinguishment of debt | 0 | 1,421 |
Loss on sale of assets | 0 | 61 |
Loss on abandonment of PP&E | 103 | 0 |
Undistributed earnings of affiliate | (22) | (40) |
Deferred income taxes | 0 | (768) |
Changes in operating assets and liabilities | ||
Accounts receivable | (11,752) | 837 |
Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts | (7,165) | (920) |
Prepaid expenses and other current assets | (1,285) | 20 |
Inventory | (7,630) | (4,942) |
Accounts payable | 10,375 | 5,641 |
Other accrued expenses | 9,875 | 1,869 |
Other assets and long-term liabilities | 661 | (1,449) |
Net Cash Provided By Operating Activities | 24,777 | 25,560 |
Cash Flows Used In Investing Activities | ||
Proceeds from sale of equipment | 0 | 55 |
Purchases of property and equipment | (2,880) | (2,363) |
Cash paid for acquisitions, net of cash acquired | 0 | (1,565) |
Net Cash Used In Investing Activities | (2,880) | (3,873) |
Cash Flows Used In Financing Activities | ||
Net repayments on line of credit | (6,369) | 0 |
Distributions to Janus Midco LLC unitholders | 0 | (96) |
Principal payments on long-term debt | (2,017) | (1,631) |
Principal payments under financing lease obligations | (19) | 0 |
Payments for deferred financing fees | 0 | (765) |
Cash Used In Financing Activities | (8,405) | (2,492) |
Effect of exchange rate changes on cash and cash equivalents | (58) | 54 |
Net Increase in Cash and Cash Equivalents | 13,434 | 19,249 |
Cash and Cash Equivalents, Beginning of Period | 13,192 | 45,255 |
Cash and Cash Equivalents, End of Period | 26,626 | 64,504 |
Supplemental Cash Flow Information | ||
Interest paid | 6,096 | 11,292 |
Income taxes paid | 370 | 321 |
Cash paid for operating leases | 1,900 | 0 |
Right-of-use assets obtained in exchange for operating lease obligations | 42,202 | 0 |
Right-of-use assets obtained in exchange for finance lease obligations | 633 | 0 |
Deferred transaction costs related to Juniper merger | $ 0 | $ 8,032 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Apr. 02, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Janus International Group, Inc. (f/k/a Janus Parent, Inc.) (“Group” or “Janus” or “Company”) is a holding company. Janus International Group, LLC (“Janus Core”) is a wholly-owned subsidiary of Janus Intermediate, LLC (“Intermediate”). Intermediate is a wholly-owned subsidiary of Janus Midco, LLC (“Midco”) and Midco is a wholly-owned subsidiary of Group. These entities are all incorporated in the state of Delaware. The Group is a global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, United Kingdom, Australia, and Singapore. The Group’s wholly owned subsidiary, Janus International Europe Holdings Ltd. (UK) (“JIEH”), owns 100% of the equity of Janus International Europe Ltd. (UK) (“JIE”), a company incorporated in England and Wales, and its subsidiary Steel Storage France (s.a.r.l), a company incorporated in France. JIEH owns 100% of the equity for Active Supply & Design (CDM) Ltd. (UK) (“AS&D”), a company incorporated in England and Wales and 100% of the equity of Steel Storage Australia & Steel Storage Asia (“Steel Storage”), companies incorporated in Australia and Singapore. Steel Storage Asia changed its legal entity name to Janus International (Storage Solutions) Asia Pte, Ltd. AS&D merged with JIE in 2021. The Group’s wholly owned subsidiary, Janus Cobb Holdings, LLC (“Cobb”), owns 100% of the equity of Asta Industries, Inc. (“ASTA”), a company incorporated in Georgia, and its subsidiary Atlanta Door Corporation, a company incorporated in Georgia. Cobb also owns 100% of the equity of Nokē, Inc. (“NOKE”), a company incorporated in Delaware, and Betco, Inc. (“BETCO”), a company also incorporated in Delaware. On January 2, 2020, JIEH purchased 100% of the outstanding shares of Steel Storage. On January 18, 2021, the Group, through its wholly owned subsidiary Steel Storage acquired 100% of the net assets of G & M Stor-More Pty Ltd (“G&M”). On August 18, 2021, the Group, through its wholly owned subsidiary Janus Core, acquired 100% of the equity interests of DBCI, LLC f/k/a Dingo NewCo, LLC (“DBCI”), a company incorporated in Delaware. On August 31, 2021, the Group, through its wholly owned subsidiary Janus Core, acquired 100% of the equity of Access Control Technologies, LLC (“ACT”), a company incorporated in North Carolina. Through this acquisition, the Group also acquired all assets and certain liabilities of Phoenix Iron Worx, LLC (“Phoenix”), a company incorporated in North Carolina. The Group’s business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. The Janus International segment is comprised of JIEH, whose production and sales are largely in Europe and Australia. The Janus North America segment is comprised of all the other entities including Janus Core together with each of its operating subsidiaries, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door, LLC (“Janus Door”) and Steel Door Depot.com, LLC (“Steel Door Depot”). As of June 7, 2021, the Company consummated the business combination (the “Business Combination”) contemplated by the Business Combination Agreement, dated as of December 21, 2020 (as amended from time to time, the “Business Combination Agreement”), by and among the Company, Juniper Industrial Holdings, Inc. (“Juniper” or “JIH”), a blank check company, JIH Merger Sub, Inc., a wholly-owned subsidiary of the Company (“JIH Merger Sub”), Jade Blocker Merger Sub 1, Inc., Jade Blocker Merger Sub 2, Inc., Jade Blocker Merger Sub 3, Inc., Jade Blocker Merger Sub 4, Inc., Jade Blocker Merger Sub 5, Inc. (collectively referred to as the “Blocker Merger Subs”), Clearlake Capital Partners IV (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners IV (Offshore) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (USTE) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (Offshore) (AIV-Jupiter) Blocker, Inc. (collectively referred to as the “Blockers”), Midco, Jupiter Management Holdings, LLC, Jupiter Intermediate Holdco, LLC, J.B.I., LLC and Cascade GP, LLC, solely in its capacity as equityholder representative. Pursuant to the Business Combination Agreement, (i) JIH Merger Sub merged with and into Juniper with Juniper being the surviving corporation in the merger and a wholly-owned subsidiary of the Company, (ii) each of the Blocker Merger Subs merged with and into the corresponding Blockers with such Blocker being the surviving corporation in each such merger and a wholly-owned subsidiary of the Company, (iii) each other equityholder of Midco contributed or sold, as applicable, all of its equity interests in Midco to the Company or Juniper, as applicable, in exchange for cash, preferred units and/or shares of the common stock, as applicable, and (iv) the Company contributed all of the equity interests in Midco acquired pursuant to the foregoing transactions to Juniper, such that, as a result of the consummation of the Business Combination, Midco became an indirect wholly-owned subsidiary of Juniper. Immediately upon the completion of the Business Combination, Juniper and Midco became wholly-owned subsidiaries of the Group. The Group’s common stock is currently traded on the New York Stock Exchange under the symbol “JBI”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying consolidated balance sheet as of April 2, 2022, and the consolidated statements of operations and comprehensive income, changes in stockholders’ equity and cash flows for the three months ended April 2, 2022 and March 27, 2021, are unaudited. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. However, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the unaudited consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of April 2, 2022, and its results of operations, including its comprehensive income and stockholders’ equity for the three months ended April 2, 2022 and March 27, 2021. The results for the three months ended April 2, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2022. Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. GAAP and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Business Combination, completed as of June 7, 2021, was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, JIH is treated as the acquired company and Midco is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Midco has been determined to be the accounting acquirer based on an evaluation of the following facts and circumstances: • Midco equityholders have the majority ownership and voting rights in the Combined Company. The relative voting rights is equivalent to equity ownership (each share of common stock is one vote). JIH shareholders (IPO investors, founders, PIPE investors) hold 49.2% voting interest compared to Midco’s 50.8% voting interest. • The board of directors of the Combined Company is composed of nine directors, with Midco equity holders having the ability to elect or appoint a majority of the board of directors in the Combined Company. • Midco’s senior management are the senior management of the Combined Company. • The Combined Company has assumed the Janus name. Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Midco with the acquisition being treated as the equivalent of Midco issuing stock for the net assets of JIH, accompanied by a recapitalization. The net assets of JIH were stated at historical cost, with no goodwill or other intangible assets recorded. Midco is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date, for the three months ended March 27, 2021 are those of Midco. The shares and corresponding capital amounts and net income per share available to common stockholders, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. The costs relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid-in capital, while all costs related to the warrants and contingent consideration were estimated and charged to expense. Principles of Consolidation The consolidated financial statements include the accounts of the Group and its wholly owned subsidiaries. The Company’s joint venture is accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. Reorganization As of June 7, 2021, Midco transferred its wholly owned direct subsidiary Janus International Group, LLC to the Group, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by Midco. Use of Estimates in the Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, the fair value of assets and liabilities related to acquisitions, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. Coronavirus Outbreak The COVID-19 outbreak may continue to have a negative impact on our operations, supply chain, transportation networks and customers. In addition, the ability of our employees and our suppliers’ and customers’ employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper our production throughout the supply chain and constrict sales channels. The extent of these factors are uncertain and cannot be predicted. Our consolidated financial statements reflect estimates and assumptions made by management as of April 2, 2022. Events and changes in circumstances arising after April 2, 2022, including those resulting from the impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. Shipping and Handling (Revenue & Cost of Sales) The Company records all amounts billed to customers in sales transactions related to shipping and handling as revenue earned for the goods provided. Shipping and handling costs are included in cost of sales. Shipping and handling costs were approximately $9,934 and $7,104 for the three months ended April 2, 2022 and March 27, 2021, respectively. Inventories Inventories are measured using the first-in, first-out (FIFO) method. Labor and overhead costs associated with inventory produced by the Company are capitalized. Inventories are stated at the lower of cost or net realizable value as of April 2, 2022 and January 1, 2022. The Company has recorded a reserve for inventory obsolescence as of April 2, 2022 and January 1, 2022, of approximately $1,308 and $1,295, respectively. Property and Equipment Property and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Property and equipment otherwise acquired are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred. The estimated useful lives for each major depreciable classification of property and equipment are as follows Manufacturing machinery and equipment 3-7 years Office furniture and equipment 3-7 years Vehicles 3-10 years Leasehold improvements 3-20 years Allowance for Credit Losses On January 2, 2022, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“CECL”), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. Refer to Recently Adopted Accounting Pronouncements section of this note for more information on the impact to the Consolidated Financial Statements. The Company gathered information about its current bad debt reserve and write-off practices and loss methodology, in-scope assets, historical credit losses, proposed pooling approach and expected changes to business practices under CECL. Accounts receivables are stated at estimated net realizable value from the sale of products and services to established customers. The Company determined that pooling accounts receivable by business units was the most appropriate because of the similarity of risk characteristics within each line such as customers and services offered. Historical losses and customer-specific reserve information that are used to calculate the historical loss rates are available for each business unit. During the pooling process, the Company identified two distinct customer types: commercial and self-storage. As these customer types have different risk characteristics, the Company concludes to pool the financial assets at this level within each business unit. Commercial customers typically are customers contracting with the Company on short-term projects with smaller credit limits and overall, smaller project sizes. Due to the short-term nature and smaller scale of these types of projects, the Company expects minimal write-offs of its receivables at the Commercial pool. Self-storage projects typically involve general contractors and make up the largest portion of the Company’s accounts receivable balance. These projects are usually longer-term construction projects and billed over the course of construction. Credit limits are larger for these projects given the overall project size and duration. Due to the longer-term nature and larger scale of these types of projects, the Company expects a potential for more write-offs of its receivable balances within the Self-Storage pool. The Company reviewed methods provided by the guidance and determined the loss-rate method to be used in the CECL analysis for trade receivables and contract assets. This loss-rate method was selected as there is reliable historical information available by business unit, and this historical information was determined to be representative of the Company’s current customers, products, services, and billing practices. The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows: Three Months Ended April 2, 2022 Beginning Balance ASC 326 Impact Write-offs Provision (Reversal) Ending Balance Allowance for credit losses 5,449 366 (1,017) 975 5,773 Three Months Ended March 27, 2021 Beginning Balance Recoveries Write-offs Provision (Reversal) Ending Balance Allowance for credit losses 4,485 — — (597) 3,888 (1) On January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. Other Current Assets Other current assets as of April 2, 2022 and January 1, 2022 of $2,922 and $4,057, respectively, consists primarily of other receivables and net VAT taxes. Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value: • Level 1, observable inputs such as quoted prices in active markets; • Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and • Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions. The fair value of the Company’s debt approximates its carrying amount as of April 2, 2022 and January 1, 2022 due to its variable interest rate that is tied to the current London Interbank Offered Rate (“LIBOR”) rate plus an applicable margin and consistency in our credit rating. To estimate the fair value of the Company’s long term debt, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that falls within Level 2 of the Fair Value hierarchy. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366. January 2, 2022 Pre-ASC 326 Impact of ASC As Reported Accounts Receivable, net 107,372 (366) 107,006 Cost in Excess of Billings 23,121 — 23,121 Accumulated Deficit (8,578) (366) (8,944) In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for Emerging Growth Companies in fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) which deferred the effective date for ASC 842, Leases, for one year. The leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted the leasing standard effective January 2, 2022 and has elected to adopt the new standard at the adoption date using the modified retrospective method and recognized a cumulative-effect adjustment to accumulated deficit in the amount of $557. Under this approach, we will continue to report comparative period financial information under ASC 840. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. We also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As part of this adoption, we have implemented internal controls and key system functionality to enable the preparation of financial information. The adoption of the standard resulted in recording right-of-use assets of $42,835 and lease liabilities of $44,776 as of January 2, 2022. The right-of-use assets are lower than the lease liabilities as existing deferred rent and lease incentive liabilities were recorded against the right-of-use assets at adoption in accordance with the standard. The standard had no impact on our debt-covenant compliance under our current agreements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective and may be applied beginning March 12, 2020, and will apply through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. The Company is currently evaluating the impact this adoption will have on Janus’s consolidated financial statements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company does not expect a significant impact of the standard on the consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Group’s consolidated financial position or results of operations. |
Inventories
Inventories | 3 Months Ended |
Apr. 02, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories as of April 2, 2022 and January 1, 2022 are as follows: April 2, January 1, 2022 2022 Raw materials $ 46,195 $ 41,834 Work-in-process 772 671 Finished goods 17,259 14,091 $ 64,226 $ 56,596 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Apr. 02, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property, equipment, and other fixed assets as of April 2, 2022 and January 1, 2022 are as follows: April 2, January 1, 2022 2022 Land $ 4,501 $ 4,501 Manufacturing machinery and equipment 36,099 35,688 Leasehold improvements 4,873 4,599 Construction in progress 4,974 3,571 Other 13,939 13,287 $ 64,386 $ 61,646 Less accumulated depreciation (21,802) (20,039) $ 42,584 $ 41,607 |
Acquired Intangible Assets and
Acquired Intangible Assets and Goodwill | 3 Months Ended |
Apr. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets and Goodwill | Acquired Intangible Assets and Goodwill Intangible assets acquired in a business combination are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at April 2, 2022 and January 1, 2022, are as follows: April 2, January 1, 2022 2022 Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization Intangible Assets Customer relationships $ 409,715 $ 104,635 11 $ 410,094 $ 97,895 Noncompete agreements 411 236 5 412 231 Tradenames and trademarks 107,826 — Indefinite 107,980 — Other intangibles 61,804 46,484 6 61,836 46,156 $ 579,756 $ 151,355 $ 580,322 $ 144,282 Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $566 and $270 loss for the period ended April 2, 2022 and January 1, 2022, respectively. Amortization expense was approximately $7,225 and $6,832 for the three months ended April 2, 2022 and March 27, 2021, respectively. The changes in the carrying amounts of goodwill for the period ended April 2, 2022 were as follows: Balance as of January 1, 2022 $ 369,286 Changes due to foreign currency fluctuations (7) Balance as of April 2, 2022 $ 369,279 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Apr. 02, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses are summarized as follows: April 2, January 1, 2022 2022 Sales tax payable $ 4,376 $ 3,606 Interest payable 5,189 2,741 Other accrued liabilities 1,082 1,766 Employee compensation 12,300 13,857 Customer deposits and allowances 25,729 24,555 Income taxes 6,797 810 Short term lease liabilities 4,762 — Other 5,632 6,777 Total $ 65,867 $ 54,111 Other as of April 2, 2022 and January 1, 2022 consists primarily of property tax, freight accrual, legal, accounting and other professional fee accruals. |
Line of Credit
Line of Credit | 3 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Line of Credit | Line of CreditOn February 12, 2018, the Company, through Intermediate and Janus Core, entered into a revolving line of credit facility with a financial institution. In August 2021, the Company increased the available line of credit from $50,000 to $80,000, incurred additional fees for this amendment of $425 and extended the maturity date from February 18, 2023 to August 12, 2024. The current line of credit facility is for $80,000 with interest payments due in arrears. The interest rate on the facility is based on a base rate, unless a LIBOR Rate option is chosen by the Company. If the LIBOR Rate is elected, the interest computation is equal to the LIBOR Rate plus the LIBOR Rate Margin. If the Base Rate is elected, the interest computation is equal to the Base Rate plus the Base Rate Margin. At the beginning of each quarter the applicable margin is set and determined by the administrative agent based on the average net availability on the line of credit for the previous quarter. As of April 2, 2022 and January 1, 2022, the interest rate in effect for the facility was 3.8% and 3.5%, respectively. The line of credit is collateralized by accounts receivable and inventories. The Company has incurred deferred loan costs in the amount of $1,483 which are being amortized over the term of the facility that expires on August 12, 2024, using the effective interest method, and are presented as part of other assets within our consolidated balance sheet. The amortization of the deferred loan costs is included in interest expense on the consolidated statements of operations and comprehensive income. The unamortized portion of the fees as of April 2, 2022 and January 1, 2022 was approximately $586 and $648, respectively. There was $0 and $6,369 outstanding balance on the line of credit as of April 2, 2022 and January 1, 2022, respectively.Long-Term Debt Long-term debt consists of the following: April 2, January 1, 2022 2022 Note payable - Amendment No. 4 First Lien 720,363 722,379 Financing leases 617 — $ 720,980 $ 722,379 Less unamortized deferred finance fees 9,743 10,594 Less current maturities 8,215 8,067 Total long-term debt $ 703,022 $ 703,718 Notes Payable - Amendment No.4 First Lien - On August 18, 2021, the Company completed a refinancing of its First Lien Amendment No. 3, in which the principal terms of the amendment were new borrowings of $155,000 which was used to fund the DBCI acquisition. The Amendment No. 4 First Lien is comprised of a syndicate of lenders originating on August 18, 2021 in the amount of $726,413 with interest payable in arrears. The outstanding loan balance is to be repaid on a quarterly basis of 0.25% of the original balance beginning the last day of September 2021 with the remaining principal due on the maturity date of February 12, 2025. As chosen by the Company, the amended loan bears interest at a floating rate per annum consisting of LIBOR, plus an applicable margin percent (total rate of 4.25% as of April 2, 2022). The debt is secured by substantially all business assets. Unamortized debt issuance costs are approximately $9,743 and $10,594 at April 2, 2022 and January 1, 2022, respectively. This refinancing amendment was accounted for as a modification and as such no gain or loss was recognized for this transaction and any bank fees, original issue discount and charges capitalized are being amortized as a component of interest expense over the remaining loan term. Third party fees paid in connection with this amendment were expensed. As of April 2, 2022 and January 1, 2022, the Company maintained one letter of credit totaling approximately $400 on which there were no balances due. In connection with the Company entering into the debt agreement discussed above, deferred finance fees were capitalized. These costs are being amortized over the terms of the associated debt under the effective interest rate method. Amortization of approximately $912 and $754 was recognized for the three months ended April 2, 2022 and March 27, 2021, respectively, as a component of interest expense, including those amounts amortized in relation to the deferred finance fees associated with the outstanding line of credit. Aggregate annual maturities of long-term debt at April 2, 2022, are: 2022 $ 6,170 2023 8,226 2024 6,209 2025 700,353 2026 22 Thereafter — Total $ 720,980 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Line of CreditOn February 12, 2018, the Company, through Intermediate and Janus Core, entered into a revolving line of credit facility with a financial institution. In August 2021, the Company increased the available line of credit from $50,000 to $80,000, incurred additional fees for this amendment of $425 and extended the maturity date from February 18, 2023 to August 12, 2024. The current line of credit facility is for $80,000 with interest payments due in arrears. The interest rate on the facility is based on a base rate, unless a LIBOR Rate option is chosen by the Company. If the LIBOR Rate is elected, the interest computation is equal to the LIBOR Rate plus the LIBOR Rate Margin. If the Base Rate is elected, the interest computation is equal to the Base Rate plus the Base Rate Margin. At the beginning of each quarter the applicable margin is set and determined by the administrative agent based on the average net availability on the line of credit for the previous quarter. As of April 2, 2022 and January 1, 2022, the interest rate in effect for the facility was 3.8% and 3.5%, respectively. The line of credit is collateralized by accounts receivable and inventories. The Company has incurred deferred loan costs in the amount of $1,483 which are being amortized over the term of the facility that expires on August 12, 2024, using the effective interest method, and are presented as part of other assets within our consolidated balance sheet. The amortization of the deferred loan costs is included in interest expense on the consolidated statements of operations and comprehensive income. The unamortized portion of the fees as of April 2, 2022 and January 1, 2022 was approximately $586 and $648, respectively. There was $0 and $6,369 outstanding balance on the line of credit as of April 2, 2022 and January 1, 2022, respectively.Long-Term Debt Long-term debt consists of the following: April 2, January 1, 2022 2022 Note payable - Amendment No. 4 First Lien 720,363 722,379 Financing leases 617 — $ 720,980 $ 722,379 Less unamortized deferred finance fees 9,743 10,594 Less current maturities 8,215 8,067 Total long-term debt $ 703,022 $ 703,718 Notes Payable - Amendment No.4 First Lien - On August 18, 2021, the Company completed a refinancing of its First Lien Amendment No. 3, in which the principal terms of the amendment were new borrowings of $155,000 which was used to fund the DBCI acquisition. The Amendment No. 4 First Lien is comprised of a syndicate of lenders originating on August 18, 2021 in the amount of $726,413 with interest payable in arrears. The outstanding loan balance is to be repaid on a quarterly basis of 0.25% of the original balance beginning the last day of September 2021 with the remaining principal due on the maturity date of February 12, 2025. As chosen by the Company, the amended loan bears interest at a floating rate per annum consisting of LIBOR, plus an applicable margin percent (total rate of 4.25% as of April 2, 2022). The debt is secured by substantially all business assets. Unamortized debt issuance costs are approximately $9,743 and $10,594 at April 2, 2022 and January 1, 2022, respectively. This refinancing amendment was accounted for as a modification and as such no gain or loss was recognized for this transaction and any bank fees, original issue discount and charges capitalized are being amortized as a component of interest expense over the remaining loan term. Third party fees paid in connection with this amendment were expensed. As of April 2, 2022 and January 1, 2022, the Company maintained one letter of credit totaling approximately $400 on which there were no balances due. In connection with the Company entering into the debt agreement discussed above, deferred finance fees were capitalized. These costs are being amortized over the terms of the associated debt under the effective interest rate method. Amortization of approximately $912 and $754 was recognized for the three months ended April 2, 2022 and March 27, 2021, respectively, as a component of interest expense, including those amounts amortized in relation to the deferred finance fees associated with the outstanding line of credit. Aggregate annual maturities of long-term debt at April 2, 2022, are: 2022 $ 6,170 2023 8,226 2024 6,209 2025 700,353 2026 22 Thereafter — Total $ 720,980 |
Business Combinations
Business Combinations | 3 Months Ended |
Apr. 02, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Business Combination with Juniper Industrial Holdings, Inc. On June 7, 2021, Juniper consummated a business combination with Midco pursuant to the Business Combination Agreement. Pursuant to ASC 805, for financial accounting and reporting purposes, Midco was deemed the accounting acquirer and Juniper was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Accordingly, the Business Combination was treated as the equivalent of Midco issuing equity for the net assets of Juniper, accompanied by a recapitalization. Under this method of accounting, the consolidated financial statements of Midco are the historical financial statements of Janus International Group, Inc. The net assets of Juniper were stated at historical costs, with no goodwill or other intangible assets recorded in accordance with U.S. GAAP, and are consolidated with Midco’s financial statements on the Closing Date. The shares and net income (loss) per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. As a result of the Business Combination, Midco’s unitholders received aggregate consideration of approximately $1,200,000, which consisted of (i) $541,700 in cash at the closing of the Business Combination and (ii) 70,270,400 shares of common stock valued at $10.00 per share, totaling $702,700. In connection with the closing of the Business Combination, the Sponsor received 2,000,000 shares of Janus’s Common Stock (pro rata among the Sponsor shares and shares held by certain affiliates) (the “Earnout Shares”) contingent upon achieving certain market share price milestone as outlined in the Business Combination Agreement. The vesting of the Earnout Shares occurred automatically as of the close of the trading on June 21, 2021 in accordance with the terms of the Earnout Agreement, entered into by and between the Company and the Sponsor at the closing of the Transaction. Concurrently with the execution and delivery of the Business Combination Agreement, certain institutional accredited investors (the “PIPE Investors”), entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors purchased an aggregate of 25,000,000 shares of Common Stock (the “PIPE Shares”) at a purchase price per share of $10.00 (the “PIPE Investment”). One of the Company’s directors also purchased an aggregate of 1,000,000 of the PIPE Shares as part of the PIPE Investment. The PIPE Investment was closed on June 7, 2021 and the issuance of an aggregate of 25,000,000 shares of Common Stock occurred concurrently with the consummation of the Business Combination. In connection with the Business Combination, the Group incurred direct and incremental costs of approximately $44,500 related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees. In addition, the Company incurred $4,468 in transaction bonuses paid to key employees and $5,210 in non-cash share-based compensation expense due to the accelerated vesting of Midco’s legacy share-based compensation plan. See Note 10 - “Equity Incentive Plan and Unit Option Plan” for additional information. G & M Stor-More Pty Ltd Acquisition On January 19, 2021, the Company, through its wholly owned subsidiary Steel Storage Australia Pty Ltd. acquired 100% of the net assets of G & M Stor-More Pty Ltd. for total cash consideration of approximately $1,739. In aggregate, approximately $814 was attributed to intangible assets, approximately $929 was attributable to goodwill, and approximately $(4) was attributable to net liabilities assumed. The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Steel Storage. All of the goodwill was assigned to the Janus International segment of the business and is not deductible for income tax purposes. The weighted-average amortization of acquired intangibles is 11.6 years. During 2021, the Company incurred approximately $105 of third-party acquisition costs. These expenses are included in general and administrative expense of the Company’s consolidated statement of operations and comprehensive income for the three months ended March 27, 2021. Pro forma results of operations for this acquisition have not been presented as the historical results of operations for G & M Stor-More Pty Ltd. are not material to the consolidated results of operations. |
Equity Incentive Plan and Unit
Equity Incentive Plan and Unit Option Plan | 3 Months Ended |
Apr. 02, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan and Unit Option Plan | Equity Incentive Plan and Unit Option Plan 2021 Omnibus Incentive Plan Effective June 7, 2021, the Group implemented an equity incentive program designed to enhance the profitability and value of its investment for the benefit of its stockholders by enabling Group to offer eligible directors, officers and employees equity-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interest between such individuals and the Group’s stockholders. The Company measures compensation expense for restricted stock units (“RSUs”) issued under the 2021 Omnibus Incentive Plan (the “Plan”) in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Stock-based compensation is measured at fair value on the grant date and recognized as compensation expense over the requisite service period. The Company records compensation cost for these awards using the straight-line method. Forfeitures are recognized as they occur. The following table summarizes all restricted stock unit activity: Three Months Ended April 2, 2022 RSUs Weighted-Average Grant Date Fair Value Outstanding at January 1, 2022 275,370 $ 11.91 Granted — — Vested — — Forfeited (4,198) — Outstanding at April 2, 2022 271,172 $ 11.91 Unvested at April 2, 2022 271,172 $ 11.91 Total compensation expense related to the above awards was approximately $600 for the three months ended April 2, 2022. At April 2, 2022, total unrecognized compensation expense for nonvested equity awards granted was approximately $2.6 million. This expense is expected to be recorded over a weighted-average period of 3.29 years. Midco - Class B Unit Incentive Plan Prior to the Business Combination, commencing on March 15, 2018, the Board of Directors of Midco approved the Class B Unit Incentive Plan (the “Class B Plan”), which was a form of long-term compensation that provided for the issuance of ownership units to employees for purposes of retaining them and enabling such individuals to participate in the long-term growth and financial success of Midco. As a result of the Business Combination, the Board of Directors approved an acceleration of the awards granted in connection with the Class B Plan, to allow accelerated vesting of the units upon consummation of the Business Combination. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Apr. 02, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity On June 7, 2021, the Group’s common stock began trading on the NYSE under the symbol “JBI”. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized and has available 825,000,000 shares of common stock with a par value of $0.0001 per share. Immediately following the Business Combination on June 7, 2021, there were 138,384,250 shares of common stock with a par value of $0.0001 outstanding. The Company has retroactively adjusted the shares issued and outstanding prior to June 7, 2021 to give effect to the exchange ratio established in the Business Combination Agreement to determine the number of shares of common stock into which they were converted. As of April 2, 2022, the number of outstanding shares is 146,561,717. The increase in outstanding shares is a result of warrant exercise and redemptions during the year ended January 1, 2022. Preferred Stock Our certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of April 2, 2022, zero shares of preferred stock were issued and outstanding, and no designation of rights and preferences of preferred stock had been adopted. Our preferred stock is not quoted on any market or system, and there is not currently a market for our preferred stock. Rollover Equity At the closing date of the Business Combination, each outstanding unit of Midco’s Class A Preferred and Class B Common converted into our common stock at the then-effective conversion rate. Each unit of Midco Class A Preferred was converted into approximately 343.983 shares of our common stock, and each unit of Midco Class B Common was converted into approximately 249.585 shares of our common stock. PIPE Investment Concurrently with the execution and delivery of the Business Combination Agreement, certain institutional accredited investors (the “PIPE Investors”) entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors purchased an aggregate of 25,000,000 shares of common stock (the “PIPE Shares”) at a purchase price per share of $10.00 (the “PIPE Investment”). One of the Company’s directors purchased an aggregate of 1,000,000 of the PIPE Shares as part of the PIPE Investment. The PIPE Investment was closed on June 7, 2021 and the issuance of an aggregate of 25,000,000 shares of common stock occurred concurrently with the consummation of the Business Combination. The sale and issuance was made to accredited investors in reliance on Rule 506 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). Founder Shares In August 2019, Juniper Industrial Sponsor, LLC (the “Sponsor”) purchased 8,625,000 shares of Class B common stock (the “founder shares”) of JIH for an aggregate purchase price of $25,000 in cash, or approximately $0.003 per founder share. By virtue of the consummation of the Business Combination, the Sponsor’s Class B common stock was converted into the right to receive an equivalent number of shares of common stock, 2,000,000 of which (pro rata among the Sponsor shares and shares held by certain affiliates) (the “Earnout Shares”) were contingent upon achieving certain market share price milestones as outlined in the Business Combination Agreement (the “Earnout Agreement”). The vesting of the Earnout Shares occurred automatically as of the close of the trading on June 21, 2021 in accordance with the terms of the Earnout Agreement. The table below represents the approximate common stock holdings of Group immediately following the Business Combination. Shares % Janus Midco, LLC unitholders 70,270,400 50.8 % Public stockholders 43,113,850 31.2 % PIPE Investors 25,000,000 18.0 % Total 138,384,250 100.0 % Warrants The Sponsor purchased 10,150,000 warrants to purchase Class A common stock of JIH (the “private placement warrants”) for a purchase price of $1.00 per whole private placement warrant, or $10,150,000 in the aggregate, in private placement transactions that occurred simultaneously with the closing of the Juniper IPO and the closing of the over-allotment option for the Juniper IPO (the “private placement”). Each private placement warrant entitled the holder to purchase one share of Class A common stock of JIH at $11.50 per share. The private placement warrants were only exercisable for a whole number of shares of Class A common stock of JIH. The Sponsor transferred 5,075,000 of its private placement warrants to Midco’s equityholders as part of the consideration for the Business Combination. Immediately after giving effect to the Business Combination, there were 10,150,000 issued and outstanding private placement warrants. The private placement warrants were liability classified. Immediately after giving effect to the Business Combination, there were 17,249,995 issued and outstanding public warrants. The public warrants were equity classified. The private placement warrants and public warrants were all exercised or redeemed on November 18, 2021. Dividend Policy We have never declared or paid, and do not anticipate declaring or paying, any cash dividends on our common or preferred stock in the foreseeable future. It is presently intended that we will retain our earnings for use in business operations and, accordingly, it is not anticipated that the Board of Directors will declare dividends in the foreseeable future. In addition, the terms of our credit facilities include restrictions on our ability to issue and pay dividends. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Apr. 02, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Prior to the Business Combination, Jupiter Intermediate Holdco, LLC, on behalf of the Janus Core, entered into a Management and Monitoring Services Agreement (“MMSA”) with the Class A Preferred Unit holders group. As a result of the Business Combination the MMSA was terminated effective June 7, 2021. Janus Core paid management fees of $2,615 to the Class A Preferred Unit holders group for the three months ended March 27, 2021. There were no Class A Preferred Unit holders group management fees accrued and unpaid as of April 2, 2022 and January 1, 2022, respectively. Janus Core leases a manufacturing facility in Butler, Indiana, from Janus Butler, LLC, an entity wholly owned by a former member of the board of directors of the Group. Effective October 20, 2021 the member resigned from the board of directors of Janus Core. Rent payments paid to Janus Butler, LLC for the three months ended April 2, 2022 and March 27, 2021 were approximately $37 and $49, respectively. The original lease extended through October 31, 2021 and on November 1, 2021 the lease was extended to October 31, 2026, with monthly payments of approximately $13 with an annual escalation of 1.5%. Janus Core was previously a party to a lease agreement with 134 Janus International, LLC, which is an entity majority owned by a former member of the board of directors of the Company. In December 2021, the leased premises in Temple, Georgia were sold by the former director to a third party buyer, resulting in an assignment of the lease to said third-party buyer and an extension of the lease to November 30, 2031. Rent payments paid to 134 Janus International, LLC in the three months ended April 2, 2022 and March 27, 2021 were approximately and $0 and $114, respectively. The Group is a party to a lease agreement with ASTA Investment, LLC, for a manufacturing facility in Cartersville, Georgia an entity partially owned by a stockholder of the Company. The original lease term began on April 1, 2018 and extended through March 31, 2028 and was amended in March 2021 to extend the term until March 1, 2030, with monthly lease payments of $66 per month with an annual escalation of 2.0%. Rent payments to ASTA Investment, LLC for the three months ended April 2, 2022 and March 27, 2021 were approximately $203 and $198, respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 02, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionThe Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. Contract Balances Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets primarily result from contracts that include installation which are billed via payment requests that are submitted in the month following the period during which revenue was recognized. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. Contract assets are disclosed as costs and estimated earnings in excess of billings on uncompleted contracts, and contract liabilities are disclosed as billings in excess of costs and estimated earnings on uncompleted contracts in the consolidated balance sheet. Contract balances as of April 2, 2022 were as follows: April 2, 2022 Contract assets, beginning of the period $ 23,121 Contract assets, end of the period $ 30,286 Contract liabilities, beginning of the period $ 23,207 Contract liabilities, end of the period $ 28,053 During the three months ended April 2, 2022, the Company recognized revenue of approximately $12,455 related to contract liabilities at January 1, 2022. There were new billings of approximately $17,301 for product and services for which there were unsatisfied performance obligations to customers and revenue had yet been recognized as of April 2, 2022. Disaggregation of Revenue The principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three months ended April 2, 2022 and March 27, 2021: Revenue by Timing of Revenue Recognition Three Months Ended Reportable Segments by Timing of Revenue Recognition April 2, 2022 March 27, 2021 Janus North America Goods transferred at a point in time $ 200,157 $ 120,893 Services transferred over time 25,099 25,641 $ 225,256 $ 146,534 Janus International Goods transferred at a point in time 10,798 7,073 Services transferred over time 7,116 5,487 $ 17,914 $ 12,560 Eliminations (13,650) (6,270) Total Revenue $ 229,520 $ 152,824 Revenue by Sales Channel Revenue Recognition Three Months Ended Reportable Segments by Sales Channel Revenue Recognition April 2, 2022 March 27, 2021 Janus North America Self Storage-New Construction $ 75,709 $ 48,701 Self Storage-R3 61,572 39,331 Commercial and Others 87,975 58,502 $ 225,256 $ 146,534 Janus International Self Storage-New Construction $ 11,897 $ 8,901 Self Storage-R3 6,017 3,659 $ 17,914 $ 12,560 Eliminations (13,650) (6,270) Total Revenue $ 229,520 $ 152,824 |
Leases
Leases | 3 Months Ended |
Apr. 02, 2022 | |
Leases [Abstract] | |
Leases | Leases On January, 2 2022, the Group adopted ASU 2016-02, Leases, using the optional transition method. Under this method, the Group has recognized the cumulative effect adjustment to the opening balance of retained earnings. The Group has elected to adopt the package of practical expedients which apply to leases that commenced before the adoption date. By electing the package of practical expedients, the Group did not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and the initial direct costs for any existing leases. At lease commencement, a right-of-use (“ROU”) asset and lease liability is recorded based on the present value of the future lease payments over the lease term. The Group has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. The Group leases facilities, vehicles, and other equipment under long-term operating and financing leases with varying terms. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar service, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. Furthermore, for all other types of leases the practical expedient was also elected whereby lease and non-lease components have been combined. The Group uses the non-cancellable lease term unless it is reasonably certain that a renewal or termination option will be exercised. When available, the Group will use the rate implicit in the lease to discount lease payments to present value, however as most leases do not provide an implicit rate, the Group will estimate the incremental borrowing rate to discount the lease payments. The Group estimates the incremental borrowing rate based on the rates of interest that the Group would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. The ROU asset also includes any lease prepayments and initial direct costs, offset by lease incentives. The Group does not consider renewal periods or early terminations to be reasonably certain and are thus not included in the lease term for real estate or equipment assets. The components of ROU assets and lease liabilities were as follows: (in thousands) Balance Sheet Classification April 2, 2022 Assets: Operating lease assets Right-of-use assets, net $ 40,902 Finance lease assets Right-of-use assets, net $ 616 Total leased assets $ 41,518 Liabilities: Current: Operating Other accrued expenses $ 4,762 Financing Current maturities of long-term debt $ 147 Noncurrent: Operating Other long-term liabilities $ 38,241 Financing Long-term debt $ 470 Total lease liabilities $ 43,620 The components of lease expense were as follows: Three Months Ended (in thousands) April 2, 2022 Operating lease cost $ 1,986 Short-term lease cost $ 60 Financial lease cost: Amortization of right-of-use assets $ 17 Interest on lease liabilities $ 3 Total lease cost $ 2,066 Other information related to leases was as follows: Three Months Ended April 2, 2022 Weighted Average Remaining Lease Term Operating Leases 10.0 years Finance Leases 3.8 years Weighted Average Discount Rate Operating Leases 6.5 % Finance Leases 5.0 % As of April 2, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) 2022 $ 5,577 2023 $ 6,957 2024 $ 6,068 2025 $ 5,680 2026 $ 5,265 Later years $ 30,961 Total future lease payments $ 60,508 Less imputed interest $ (17,505) Present value of future lease payments $ 43,003 As of April 2, 2022, minimum repayments of long-term debt under financing leases were as follows: (in thousands) 2022 $ 130 2023 $ 174 2024 $ 174 2025 $ 174 2026 $ 25 Later years $ — Total future lease payments $ 677 Less imputed interest $ (60) Present value of future lease payments $ 617 |
Leases | Leases On January, 2 2022, the Group adopted ASU 2016-02, Leases, using the optional transition method. Under this method, the Group has recognized the cumulative effect adjustment to the opening balance of retained earnings. The Group has elected to adopt the package of practical expedients which apply to leases that commenced before the adoption date. By electing the package of practical expedients, the Group did not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and the initial direct costs for any existing leases. At lease commencement, a right-of-use (“ROU”) asset and lease liability is recorded based on the present value of the future lease payments over the lease term. The Group has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. The Group leases facilities, vehicles, and other equipment under long-term operating and financing leases with varying terms. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar service, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. Furthermore, for all other types of leases the practical expedient was also elected whereby lease and non-lease components have been combined. The Group uses the non-cancellable lease term unless it is reasonably certain that a renewal or termination option will be exercised. When available, the Group will use the rate implicit in the lease to discount lease payments to present value, however as most leases do not provide an implicit rate, the Group will estimate the incremental borrowing rate to discount the lease payments. The Group estimates the incremental borrowing rate based on the rates of interest that the Group would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. The ROU asset also includes any lease prepayments and initial direct costs, offset by lease incentives. The Group does not consider renewal periods or early terminations to be reasonably certain and are thus not included in the lease term for real estate or equipment assets. The components of ROU assets and lease liabilities were as follows: (in thousands) Balance Sheet Classification April 2, 2022 Assets: Operating lease assets Right-of-use assets, net $ 40,902 Finance lease assets Right-of-use assets, net $ 616 Total leased assets $ 41,518 Liabilities: Current: Operating Other accrued expenses $ 4,762 Financing Current maturities of long-term debt $ 147 Noncurrent: Operating Other long-term liabilities $ 38,241 Financing Long-term debt $ 470 Total lease liabilities $ 43,620 The components of lease expense were as follows: Three Months Ended (in thousands) April 2, 2022 Operating lease cost $ 1,986 Short-term lease cost $ 60 Financial lease cost: Amortization of right-of-use assets $ 17 Interest on lease liabilities $ 3 Total lease cost $ 2,066 Other information related to leases was as follows: Three Months Ended April 2, 2022 Weighted Average Remaining Lease Term Operating Leases 10.0 years Finance Leases 3.8 years Weighted Average Discount Rate Operating Leases 6.5 % Finance Leases 5.0 % As of April 2, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) 2022 $ 5,577 2023 $ 6,957 2024 $ 6,068 2025 $ 5,680 2026 $ 5,265 Later years $ 30,961 Total future lease payments $ 60,508 Less imputed interest $ (17,505) Present value of future lease payments $ 43,003 As of April 2, 2022, minimum repayments of long-term debt under financing leases were as follows: (in thousands) 2022 $ 130 2023 $ 174 2024 $ 174 2025 $ 174 2026 $ 25 Later years $ — Total future lease payments $ 677 Less imputed interest $ (60) Present value of future lease payments $ 617 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Prior to June 7, 2021, the Company was a limited liability company taxed as a partnership for U.S. federal income tax purposes. The Company was generally not directly subject to income taxes under the provisions of the Internal Revenue Code and most applicable state laws. Therefore, taxable income or loss was reported to the members for inclusion in their respective tax returns. After June 7, 2021, the Group is taxed as a Corporation for U.S. income tax purposes and similar sections of the state income tax laws. The Group’s effective tax rate is based on pre-tax earnings, enacted U.S. statutory tax rates, non-deductible expenses, and certain tax rate differences between U.S. and foreign jurisdictions. The foreign subsidiaries file income tax returns in the United Kingdom, France, Australia, and Singapore as necessary. For tax reporting purposes, the taxable income or loss with respect to the 45% ownership in the joint venture operating in Mexico will be reflected in the income tax returns filed under that country’s jurisdiction. The Group’s provision for income taxes consists of provisions for federal, state, and foreign income taxes. The provision for income taxes for the three months ended April 2, 2022 and March 27, 2021 includes amounts related to entities within the group taxed as corporations in the United States, United Kingdom, France, Australia, and Singapore. The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate on year to date ordinary income and records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs. Additionally, the income tax effects of significant unusual or infrequently occurring items are recognized entirely within the period in which the event occurs. During the three months ended April 2, 2022 and March 27, 2021, the Company recorded a total income tax provision (benefit) of approximately $6,607 and $(155) on pre-tax income of approximately $26,311 and $14,564 resulting in an effective tax rate of 25.1% and (1.1)%, respectively. The effective tax rates for these periods were primarily impacted by the change in tax status of the Group, statutory rate differentials, changes in estimated tax rates, and permanent differences. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Apr. 02, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Prior to the Business Combination, and prior to effecting the reverse recapitalization, the Company’s pre-merger LLC membership structure included two classes of units: Class A preferred units and Class B common units. The Class A preferred units were entitled to receive distributions prior and in preference on Class A preferred unit unpaid cumulative dividends (“Unpaid Preferred Yield”) followed by Class A preferred unit capital contributions that have not been paid back to the holders (the “Unreturned Capital”). Vested Class B common units participate in the remaining distribution on a pro-rata basis with Class A preferred units if they have met the respective Participation Threshold and, if applicable, the Target Value defined in the respective Unit Grant Agreement. The Class A preferred and Class B common units fully vested at the Business Combination date. Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 7, 2021 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three months ended April 2, 2022 and March 27, 2021 (in thousands except share data): Three Months Ended April 2, 2022 March 27, 2021 Numerator: Net income attributable to common stockholders $ 19,704 $ 14,719 Denominator: Weighted average number of shares: Basic 146,561,717 66,145,633 Adjustment for Restricted Stock Units 271,172 $ — Diluted 146,832,889 66,145,633 Basic net income per share attributable to common stockholders $ 0.13 $ 0.22 Diluted net income per share attributable to common stockholders $ 0.13 $ 0.22 |
Segments Information
Segments Information | 3 Months Ended |
Apr. 02, 2022 | |
Segment Reporting [Abstract] | |
Segments Information | Segments Information The Company operates its business and reports its results through two reportable segments: Janus North America and Janus International, in accordance with ASC Topic 280, Segment Reporting. The Janus International segment is comprised of JIEH with its production and sales located largely in Europe and Australia. The Janus North America segment is comprised of all the other entities including Janus Core, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door and Steel Door Depot. Summarized financial information for the Company’s segments is shown in the following tables: Three Months Ended April 2, March 27, 2022 2021 Revenue Janus North America $ 225,256 $ 146,534 Janus International 17,914 12,560 Intersegment (13,650) (6,270) Consolidated Revenue $ 229,520 $ 152,824 Income From Operations Janus North America $ 34,855 $ 23,915 Janus International 249 307 Eliminations 11 27 Total Segment Operating Income $ 35,115 $ 24,249 Depreciation of Property and Equipment Expense Janus North America $ 1,673 $ 1,367 Janus International 184 106 Consolidated Depreciation of Property and Equipment Expense $ 1,857 $ 1,473 Amortization of Intangible Assets Janus North America $ 6,886 $ 6,414 Janus International 339 418 Consolidated Amortization Expense $ 7,225 $ 6,832 Capital Expenditures Janus North America $ 2,553 $ 1,419 Janus International 327 944 Consolidated Capital Expenditures $ 2,880 $ 2,363 Identifiable Assets Janus North America $ 1,134,286 $ 843,686 Janus International $ 64,422 $ 55,060 Consolidated Assets $ 1,198,708 $ 898,746 |
Significant Estimates and Conce
Significant Estimates and Concentrations | 3 Months Ended |
Apr. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Estimates and Concentrations | Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Those matters include the following: General Litigation From time to time, we are involved in various lawsuits, claims, and legal proceedings that arise in the ordinary course of business. These matters involve, among other things, disputes with vendors or customers, personnel and employment matters, and personal injury. We assess these matters on a case-by-case basis as they arise and establish reserves as required. As of the date of this Quarterly Report on Form 10-Q, there were no material pending legal proceedings in which we or any of our subsidiaries are a party or to which any of our property is subject. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company. Self-Insurance Under the Company’s workers’ compensation insurance program, coverage is obtained for catastrophic exposures under which the Company retains a portion of certain expected losses. The Company has stop loss workers’ compensation insurance for claims in excess of $200 as of April 2, 2022 and January 1, 2022, respectively. Provision for losses expected under this program is recorded based upon the Company’s estimates of the aggregate liability for claims incurred and totaled approximately $467 and $383 as of April 2, 2022, and January 1, 2022, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these consolidated financial statements. Under the Company’s health insurance program, coverage is obtained for catastrophic exposures under which the Company retains a portion of certain expected losses. The Company has stop loss insurance for claims in excess of $250 and $250 as of April 2, 2022 and January 1, 2022, respectively. Provision for losses expected under this program is recorded based upon the Company’s estimates of the aggregate liability for claims incurred and totaled approximately $1,710 and $1,539 as of April 2, 2022 and January 1, 2022, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these consolidated financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 02, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsFor the interim consolidated financial statements as of April 2, 2022, the Company has evaluated subsequent events through the issuance date of the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. GAAP and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Business Combination, completed as of June 7, 2021, was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, JIH is treated as the acquired company and Midco is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Midco has been determined to be the accounting acquirer based on an evaluation of the following facts and circumstances: • Midco equityholders have the majority ownership and voting rights in the Combined Company. The relative voting rights is equivalent to equity ownership (each share of common stock is one vote). JIH shareholders (IPO investors, founders, PIPE investors) hold 49.2% voting interest compared to Midco’s 50.8% voting interest. • The board of directors of the Combined Company is composed of nine directors, with Midco equity holders having the ability to elect or appoint a majority of the board of directors in the Combined Company. • Midco’s senior management are the senior management of the Combined Company. • The Combined Company has assumed the Janus name. Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Midco with the acquisition being treated as the equivalent of Midco issuing stock for the net assets of JIH, accompanied by a recapitalization. The net assets of JIH were stated at historical cost, with no goodwill or other intangible assets recorded. Midco is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date, for the three months ended March 27, 2021 are those of Midco. The shares and corresponding capital amounts and net income per share available to common stockholders, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. The costs relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid-in capital, while all costs related to the warrants and contingent consideration were estimated and charged to expense. |
Principles of Consolidation | Principles of ConsolidationThe consolidated financial statements include the accounts of the Group and its wholly owned subsidiaries. The Company’s joint venture is accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Reorganization | Reorganization As of June 7, 2021, Midco transferred its wholly owned direct subsidiary Janus International Group, LLC to the Group, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by Midco. |
Use of Estimates in the Consolidated Financial Statements | Use of Estimates in the Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, the fair value of assets and liabilities related to acquisitions, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. |
Coronavirus Outbreak | Coronavirus Outbreak The COVID-19 outbreak may continue to have a negative impact on our operations, supply chain, transportation networks and customers. In addition, the ability of our employees and our suppliers’ and customers’ employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper our production throughout the supply chain and constrict sales channels. The extent of these factors are uncertain and cannot be predicted. Our consolidated financial statements reflect estimates and assumptions made by management as of April 2, 2022. Events and changes in circumstances arising after April 2, 2022, including those resulting from the impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods. |
Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. |
Shipping and Handling (Revenue & Cost of Sales) | Shipping and Handling (Revenue & Cost of Sales)The Company records all amounts billed to customers in sales transactions related to shipping and handling as revenue earned for the goods provided. Shipping and handling costs are included in cost of sales. |
Inventories | InventoriesInventories are measured using the first-in, first-out (FIFO) method. Labor and overhead costs associated with inventory produced by the Company are capitalized. |
Property and Equipment | Property and Equipment Property and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Property and equipment otherwise acquired are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred. The estimated useful lives for each major depreciable classification of property and equipment are as follows Manufacturing machinery and equipment 3-7 years Office furniture and equipment 3-7 years Vehicles 3-10 years Leasehold improvements 3-20 years |
Allowance for Credit Losses | Allowance for Credit Losses On January 2, 2022, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“CECL”), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. Refer to Recently Adopted Accounting Pronouncements section of this note for more information on the impact to the Consolidated Financial Statements. The Company gathered information about its current bad debt reserve and write-off practices and loss methodology, in-scope assets, historical credit losses, proposed pooling approach and expected changes to business practices under CECL. Accounts receivables are stated at estimated net realizable value from the sale of products and services to established customers. The Company determined that pooling accounts receivable by business units was the most appropriate because of the similarity of risk characteristics within each line such as customers and services offered. Historical losses and customer-specific reserve information that are used to calculate the historical loss rates are available for each business unit. During the pooling process, the Company identified two distinct customer types: commercial and self-storage. As these customer types have different risk characteristics, the Company concludes to pool the financial assets at this level within each business unit. Commercial customers typically are customers contracting with the Company on short-term projects with smaller credit limits and overall, smaller project sizes. Due to the short-term nature and smaller scale of these types of projects, the Company expects minimal write-offs of its receivables at the Commercial pool. Self-storage projects typically involve general contractors and make up the largest portion of the Company’s accounts receivable balance. These projects are usually longer-term construction projects and billed over the course of construction. Credit limits are larger for these projects given the overall project size and duration. Due to the longer-term nature and larger scale of these types of projects, the Company expects a potential for more write-offs of its receivable balances within the Self-Storage pool. The Company reviewed methods provided by the guidance and determined the loss-rate method to be used in the CECL analysis for trade receivables and contract assets. This loss-rate method was selected as there is reliable historical information available by business unit, and this historical information was determined to be representative of the Company’s current customers, products, services, and billing practices. The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows: Three Months Ended April 2, 2022 Beginning Balance ASC 326 Impact Write-offs Provision (Reversal) Ending Balance Allowance for credit losses 5,449 366 (1,017) 975 5,773 Three Months Ended March 27, 2021 Beginning Balance Recoveries Write-offs Provision (Reversal) Ending Balance Allowance for credit losses 4,485 — — (597) 3,888 (1) On January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. |
Other Current Assets | Other Current AssetsOther current assets as of April 2, 2022 and January 1, 2022 of $2,922 and $4,057, respectively, consists primarily of other receivables and net VAT taxes. |
Fair Value Measurement | Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value: • Level 1, observable inputs such as quoted prices in active markets; • Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and • Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions. The fair value of the Company’s debt approximates its carrying amount as of April 2, 2022 and January 1, 2022 due to its variable interest rate that is tied to the current London Interbank Offered Rate (“LIBOR”) rate plus an applicable margin and consistency in our credit rating. To estimate the fair value of the Company’s long term debt, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that falls within Level 2 of the Fair Value hierarchy. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366. January 2, 2022 Pre-ASC 326 Impact of ASC As Reported Accounts Receivable, net 107,372 (366) 107,006 Cost in Excess of Billings 23,121 — 23,121 Accumulated Deficit (8,578) (366) (8,944) In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for Emerging Growth Companies in fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) which deferred the effective date for ASC 842, Leases, for one year. The leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted the leasing standard effective January 2, 2022 and has elected to adopt the new standard at the adoption date using the modified retrospective method and recognized a cumulative-effect adjustment to accumulated deficit in the amount of $557. Under this approach, we will continue to report comparative period financial information under ASC 840. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. We also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As part of this adoption, we have implemented internal controls and key system functionality to enable the preparation of financial information. The adoption of the standard resulted in recording right-of-use assets of $42,835 and lease liabilities of $44,776 as of January 2, 2022. The right-of-use assets are lower than the lease liabilities as existing deferred rent and lease incentive liabilities were recorded against the right-of-use assets at adoption in accordance with the standard. The standard had no impact on our debt-covenant compliance under our current agreements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective and may be applied beginning March 12, 2020, and will apply through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. The Company is currently evaluating the impact this adoption will have on Janus’s consolidated financial statements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company does not expect a significant impact of the standard on the consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Group’s consolidated financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment | The estimated useful lives for each major depreciable classification of property and equipment are as follows Manufacturing machinery and equipment 3-7 years Office furniture and equipment 3-7 years Vehicles 3-10 years Leasehold improvements 3-20 years Property, equipment, and other fixed assets as of April 2, 2022 and January 1, 2022 are as follows: April 2, January 1, 2022 2022 Land $ 4,501 $ 4,501 Manufacturing machinery and equipment 36,099 35,688 Leasehold improvements 4,873 4,599 Construction in progress 4,974 3,571 Other 13,939 13,287 $ 64,386 $ 61,646 Less accumulated depreciation (21,802) (20,039) $ 42,584 $ 41,607 |
Schedule of Allowance for Credit Loss | The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows: Three Months Ended April 2, 2022 Beginning Balance ASC 326 Impact Write-offs Provision (Reversal) Ending Balance Allowance for credit losses 5,449 366 (1,017) 975 5,773 Three Months Ended March 27, 2021 Beginning Balance Recoveries Write-offs Provision (Reversal) Ending Balance Allowance for credit losses 4,485 — — (597) 3,888 (1) On January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. |
Accounting Standards Update and Change in Accounting Principle | The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366. January 2, 2022 Pre-ASC 326 Impact of ASC As Reported Accounts Receivable, net 107,372 (366) 107,006 Cost in Excess of Billings 23,121 — 23,121 Accumulated Deficit (8,578) (366) (8,944) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The major components of inventories as of April 2, 2022 and January 1, 2022 are as follows: April 2, January 1, 2022 2022 Raw materials $ 46,195 $ 41,834 Work-in-process 772 671 Finished goods 17,259 14,091 $ 64,226 $ 56,596 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The estimated useful lives for each major depreciable classification of property and equipment are as follows Manufacturing machinery and equipment 3-7 years Office furniture and equipment 3-7 years Vehicles 3-10 years Leasehold improvements 3-20 years Property, equipment, and other fixed assets as of April 2, 2022 and January 1, 2022 are as follows: April 2, January 1, 2022 2022 Land $ 4,501 $ 4,501 Manufacturing machinery and equipment 36,099 35,688 Leasehold improvements 4,873 4,599 Construction in progress 4,974 3,571 Other 13,939 13,287 $ 64,386 $ 61,646 Less accumulated depreciation (21,802) (20,039) $ 42,584 $ 41,607 |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The carrying basis and accumulated amortization of recognized intangible assets at April 2, 2022 and January 1, 2022, are as follows: April 2, January 1, 2022 2022 Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization Intangible Assets Customer relationships $ 409,715 $ 104,635 11 $ 410,094 $ 97,895 Noncompete agreements 411 236 5 412 231 Tradenames and trademarks 107,826 — Indefinite 107,980 — Other intangibles 61,804 46,484 6 61,836 46,156 $ 579,756 $ 151,355 $ 580,322 $ 144,282 |
Schedule of Finite-Lived Intangible Assets | The carrying basis and accumulated amortization of recognized intangible assets at April 2, 2022 and January 1, 2022, are as follows: April 2, January 1, 2022 2022 Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization Intangible Assets Customer relationships $ 409,715 $ 104,635 11 $ 410,094 $ 97,895 Noncompete agreements 411 236 5 412 231 Tradenames and trademarks 107,826 — Indefinite 107,980 — Other intangibles 61,804 46,484 6 61,836 46,156 $ 579,756 $ 151,355 $ 580,322 $ 144,282 |
Schedule of Goodwill | The changes in the carrying amounts of goodwill for the period ended April 2, 2022 were as follows: Balance as of January 1, 2022 $ 369,286 Changes due to foreign currency fluctuations (7) Balance as of April 2, 2022 $ 369,279 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses are summarized as follows: April 2, January 1, 2022 2022 Sales tax payable $ 4,376 $ 3,606 Interest payable 5,189 2,741 Other accrued liabilities 1,082 1,766 Employee compensation 12,300 13,857 Customer deposits and allowances 25,729 24,555 Income taxes 6,797 810 Short term lease liabilities 4,762 — Other 5,632 6,777 Total $ 65,867 $ 54,111 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following: April 2, January 1, 2022 2022 Note payable - Amendment No. 4 First Lien 720,363 722,379 Financing leases 617 — $ 720,980 $ 722,379 Less unamortized deferred finance fees 9,743 10,594 Less current maturities 8,215 8,067 Total long-term debt $ 703,022 $ 703,718 |
Schedule of Maturities of Long-term Debt | Aggregate annual maturities of long-term debt at April 2, 2022, are: 2022 $ 6,170 2023 8,226 2024 6,209 2025 700,353 2026 22 Thereafter — Total $ 720,980 |
Equity Incentive Plan and Uni_2
Equity Incentive Plan and Unit Option Plan (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Unit Activity | The following table summarizes all restricted stock unit activity: Three Months Ended April 2, 2022 RSUs Weighted-Average Grant Date Fair Value Outstanding at January 1, 2022 275,370 $ 11.91 Granted — — Vested — — Forfeited (4,198) — Outstanding at April 2, 2022 271,172 $ 11.91 Unvested at April 2, 2022 271,172 $ 11.91 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | The table below represents the approximate common stock holdings of Group immediately following the Business Combination. Shares % Janus Midco, LLC unitholders 70,270,400 50.8 % Public stockholders 43,113,850 31.2 % PIPE Investors 25,000,000 18.0 % Total 138,384,250 100.0 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Balances | Contract balances as of April 2, 2022 were as follows: April 2, 2022 Contract assets, beginning of the period $ 23,121 Contract assets, end of the period $ 30,286 Contract liabilities, beginning of the period $ 23,207 Contract liabilities, end of the period $ 28,053 |
Disaggregation of Revenue | The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three months ended April 2, 2022 and March 27, 2021: Revenue by Timing of Revenue Recognition Three Months Ended Reportable Segments by Timing of Revenue Recognition April 2, 2022 March 27, 2021 Janus North America Goods transferred at a point in time $ 200,157 $ 120,893 Services transferred over time 25,099 25,641 $ 225,256 $ 146,534 Janus International Goods transferred at a point in time 10,798 7,073 Services transferred over time 7,116 5,487 $ 17,914 $ 12,560 Eliminations (13,650) (6,270) Total Revenue $ 229,520 $ 152,824 Revenue by Sales Channel Revenue Recognition Three Months Ended Reportable Segments by Sales Channel Revenue Recognition April 2, 2022 March 27, 2021 Janus North America Self Storage-New Construction $ 75,709 $ 48,701 Self Storage-R3 61,572 39,331 Commercial and Others 87,975 58,502 $ 225,256 $ 146,534 Janus International Self Storage-New Construction $ 11,897 $ 8,901 Self Storage-R3 6,017 3,659 $ 17,914 $ 12,560 Eliminations (13,650) (6,270) Total Revenue $ 229,520 $ 152,824 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Leases [Abstract] | |
Balance Sheet Information | The components of ROU assets and lease liabilities were as follows: (in thousands) Balance Sheet Classification April 2, 2022 Assets: Operating lease assets Right-of-use assets, net $ 40,902 Finance lease assets Right-of-use assets, net $ 616 Total leased assets $ 41,518 Liabilities: Current: Operating Other accrued expenses $ 4,762 Financing Current maturities of long-term debt $ 147 Noncurrent: Operating Other long-term liabilities $ 38,241 Financing Long-term debt $ 470 Total lease liabilities $ 43,620 |
Lease Costs | The components of lease expense were as follows: Three Months Ended (in thousands) April 2, 2022 Operating lease cost $ 1,986 Short-term lease cost $ 60 Financial lease cost: Amortization of right-of-use assets $ 17 Interest on lease liabilities $ 3 Total lease cost $ 2,066 Other information related to leases was as follows: Three Months Ended April 2, 2022 Weighted Average Remaining Lease Term Operating Leases 10.0 years Finance Leases 3.8 years Weighted Average Discount Rate Operating Leases 6.5 % Finance Leases 5.0 % |
Schedule of Operating Lease Maturity | As of April 2, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) 2022 $ 5,577 2023 $ 6,957 2024 $ 6,068 2025 $ 5,680 2026 $ 5,265 Later years $ 30,961 Total future lease payments $ 60,508 Less imputed interest $ (17,505) Present value of future lease payments $ 43,003 |
Schedule of Finance Lease Maturity | As of April 2, 2022, minimum repayments of long-term debt under financing leases were as follows: (in thousands) 2022 $ 130 2023 $ 174 2024 $ 174 2025 $ 174 2026 $ 25 Later years $ — Total future lease payments $ 677 Less imputed interest $ (60) Present value of future lease payments $ 617 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three months ended April 2, 2022 and March 27, 2021 (in thousands except share data): Three Months Ended April 2, 2022 March 27, 2021 Numerator: Net income attributable to common stockholders $ 19,704 $ 14,719 Denominator: Weighted average number of shares: Basic 146,561,717 66,145,633 Adjustment for Restricted Stock Units 271,172 $ — Diluted 146,832,889 66,145,633 Basic net income per share attributable to common stockholders $ 0.13 $ 0.22 Diluted net income per share attributable to common stockholders $ 0.13 $ 0.22 |
Segments Information (Tables)
Segments Information (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summarized financial information for the Company’s segments is shown in the following tables: Three Months Ended April 2, March 27, 2022 2021 Revenue Janus North America $ 225,256 $ 146,534 Janus International 17,914 12,560 Intersegment (13,650) (6,270) Consolidated Revenue $ 229,520 $ 152,824 Income From Operations Janus North America $ 34,855 $ 23,915 Janus International 249 307 Eliminations 11 27 Total Segment Operating Income $ 35,115 $ 24,249 Depreciation of Property and Equipment Expense Janus North America $ 1,673 $ 1,367 Janus International 184 106 Consolidated Depreciation of Property and Equipment Expense $ 1,857 $ 1,473 Amortization of Intangible Assets Janus North America $ 6,886 $ 6,414 Janus International 339 418 Consolidated Amortization Expense $ 7,225 $ 6,832 Capital Expenditures Janus North America $ 2,553 $ 1,419 Janus International 327 944 Consolidated Capital Expenditures $ 2,880 $ 2,363 Identifiable Assets Janus North America $ 1,134,286 $ 843,686 Janus International $ 64,422 $ 55,060 Consolidated Assets $ 1,198,708 $ 898,746 |
Nature of Operations (Details)
Nature of Operations (Details) $ in Thousands | 3 Months Ended | ||||||
Apr. 02, 2022USD ($)segment | Mar. 27, 2021USD ($) | Jan. 01, 2022USD ($) | Aug. 31, 2021 | Aug. 18, 2021 | Jan. 18, 2021 | Jan. 02, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of reportable segments | segment | 2 | ||||||
Assets | $ 1,198,708 | $ 898,746 | $ 1,122,002 | ||||
Revenue | 229,520 | 152,824 | |||||
Non-U.S. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Assets | 64,422 | $ 58,439 | |||||
Revenue | $ 17,914 | $ 12,560 | |||||
G & M Stor-More Pty Ltd | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Interest acquired | 100.00% | ||||||
DBCI, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Interest acquired | 100.00% | ||||||
Access Control Technologies, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Interest acquired | 100.00% | ||||||
Janus International Europe Holdings Ltd. (UK) | Janus International Europe Ltd. (UK) | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Janus International Europe Holdings Ltd. (UK) | Active Supply & Design (CDM) Ltd. (UK) | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Janus International Europe Holdings Ltd. (UK) | Steel Storage Australia & Steel Storage Asia | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Janus International Europe Holdings Ltd. (UK) | Steel Storage Australia & Steel Storage Asia | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Interest acquired | 100.00% | ||||||
Janus Cobb Holdings, LLC | Asta Industries, Inc. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Janus Cobb Holdings, LLC | Nokē, Inc. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2022 | Mar. 27, 2021 | Jan. 01, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Cost of Sales | $ 152,950 | $ 99,531 | |
Reserve for inventory obsolescence | 1,308 | $ 1,295 | |
VAT taxes | 2,922 | $ 4,057 | |
Shipping and Handling | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost of Sales | $ 9,934 | $ 7,104 | |
JIH Shareholders | Janus International Group, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 49.20% | ||
Janus Midco | Janus International Group, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.80% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property and Equipment (Details) | 3 Months Ended |
Apr. 02, 2022 | |
Manufacturing machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Manufacturing machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Office furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Office furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 5,449 | $ 4,485 |
Recoveries | 0 | |
Write-offs | (1,017) | 0 |
Provision (Reversal) | 975 | (597) |
Ending Balance | 5,773 | $ 3,888 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 366 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 02, 2022 | Jan. 01, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, net | $ 118,758 | $ 107,006 | $ 107,372 |
Costs and estimated earnings in excess of billing on uncompleted contracts | 30,286 | 23,121 | 23,121 |
Decrease in retained earnings | (10,202) | 8,944 | 8,578 |
Right-of-use assets, net | 41,518 | $ 0 | |
Lease liabilities | $ 43,620 | ||
Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, net | 107,372 | ||
Costs and estimated earnings in excess of billing on uncompleted contracts | 23,121 | ||
Decrease in retained earnings | 8,578 | ||
Revision of Prior Period, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, net | (366) | ||
Decrease in retained earnings | 366 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease in retained earnings | 557 | ||
Right-of-use assets, net | 42,835 | ||
Lease liabilities | $ 44,776 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 46,195 | $ 41,834 |
Work-in-process | 772 | 671 |
Finished goods | 17,259 | 14,091 |
Total | $ 64,226 | $ 56,596 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 64,386 | $ 61,646 |
Less accumulated depreciation | (21,802) | (20,039) |
Total property and equipment | 42,584 | 41,607 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 4,501 | 4,501 |
Manufacturing machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 36,099 | 35,688 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 4,873 | 4,599 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 4,974 | 3,571 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 13,939 | $ 13,287 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Goodwill - Recognized Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | Jan. 01, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total gross carrying amount | $ 579,756 | $ 580,322 | |
Accumulated Amortization | 151,355 | 144,282 | |
Foreign currency translation loss | 566 | 270 | |
Intangible amortization | 7,225 | $ 6,832 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Gross carrying amount, indefinite-lived | 107,826 | 107,980 | |
Tradenames and trademarks | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Gross carrying amount, indefinite-lived | 107,826 | 107,980 | |
Customer relationships, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 409,715 | 410,094 | |
Accumulated Amortization | $ 104,635 | 97,895 | |
Average Remaining Life in Years | 11 years | ||
Noncompete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 411 | 412 | |
Accumulated Amortization | $ 236 | 231 | |
Average Remaining Life in Years | 5 years | ||
Other intangibles, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 61,804 | 61,836 | |
Accumulated Amortization | $ 46,484 | $ 46,156 | |
Average Remaining Life in Years | 6 years |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Goodwill - Goodwill (Details) $ in Thousands | 3 Months Ended |
Apr. 02, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 369,286 |
Changes due to foreign currency fluctuations | (7) |
Ending balance | $ 369,279 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Payables and Accruals [Abstract] | ||
Sales tax payable | $ 4,376 | $ 3,606 |
Interest payable | 5,189 | 2,741 |
Other accrued liabilities | 1,082 | 1,766 |
Other accrued liabilities | 5,632 | 6,777 |
Employee compensation | 12,300 | 13,857 |
Customer deposits and allowances | 25,729 | 24,555 |
Income taxes | 6,797 | 810 |
Short term lease liabilities | 4,762 | 0 |
Total | $ 65,867 | $ 54,111 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Apr. 02, 2022 | Jan. 01, 2022 | Feb. 12, 2018 | |
Line of Credit Facility [Line Items] | ||||
Unamortized loan costs | $ 9,743,000 | $ 10,594,000 | ||
Line of credit | 0 | $ 6,369,000 | ||
Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 80,000,000 | $ 80,000,000 | $ 50,000,000 | |
Amendment fees | $ 425,000 | |||
Interest rate | 3.80% | 3.50% | ||
Deferred finance fees | $ 1,483,000 | |||
Unamortized loan costs | 586,000 | $ 648,000 | ||
Line of credit | $ 0 | $ 6,369,000 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Debt Instrument [Line Items] | ||
Financing leases | $ 617 | $ 0 |
Total | 720,980 | 722,379 |
Less unamortized deferred finance fees | 9,743 | 10,594 |
Less current maturities | 8,215 | 8,067 |
Total long-term debt | 703,022 | 703,718 |
Notes Payable | Note payable - Amendment No. 4 First Lien | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 720,363 | $ 722,379 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 3 Months Ended | |||
Apr. 02, 2022 | Mar. 27, 2021 | Jan. 01, 2022 | Aug. 18, 2021 | |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 9,743,000 | $ 10,594,000 | ||
Letters of credit outstanding | 400,000 | |||
Deferred finance fee amortization | $ 912,000 | $ 754,000 | ||
Notes Payable | First Lien Amendment No. 3 | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 155,000,000 | |||
Notes Payable | Note payable - Amendment No. 4 First Lien | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 726,413,000 | |||
Periodic repayment, percent | 0.25% | |||
Interest rate | 4.25% |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Debt (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Debt Disclosure [Abstract] | ||
2022 | $ 6,170 | |
2023 | 8,226 | |
2024 | 6,209 | |
2025 | 700,353 | |
2026 | 22 | |
Thereafter | 0 | |
Total | $ 720,980 | $ 722,379 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 07, 2021 | Jan. 19, 2021 | Apr. 02, 2022 | Mar. 27, 2021 |
Business Acquisition [Line Items] | ||||
Number of shares sold (in shares) | 25,000,000 | |||
Share based compensation | $ 600 | $ 52 | ||
G & M Stor-More Pty Ltd | ||||
Business Acquisition [Line Items] | ||||
Percentage of assets acquired | 100.00% | |||
Cash payment for asset acquisition | $ 1,739 | |||
Finite lived assets acquired | 814 | |||
Goodwill | 929 | |||
Liabilities assumed | $ (4) | |||
Weighted-average amortization period | 11 years 7 months 6 days | |||
Acquisition related costs | $ 105 | |||
PIPE Investors | ||||
Business Acquisition [Line Items] | ||||
Number of shares sold (in shares) | 25,000,000 | |||
Sale of price per share (in dollars per share) | $ 10 | |||
Director | ||||
Business Acquisition [Line Items] | ||||
Number of shares sold (in shares) | 1,000,000 | |||
Juniper Industrial Holdings, Inc. | ||||
Business Acquisition [Line Items] | ||||
Total consideration | $ 1,200,000 | |||
Cash consideration | 541,700 | |||
Acquisition related costs | 4,468 | |||
Share based compensation | 5,210 | |||
Acquisition costs | $ 44,500 | |||
Juniper Industrial Holdings, Inc. | Common Stock | ||||
Business Acquisition [Line Items] | ||||
Number of shares issued in acquisition (in shares) | 70,270,400 | |||
Share price (in dollars per share) | $ 10 | |||
Value of equity issued in acquisition | $ 702,700 | |||
Shares issued during period (in shares) | 2,000,000 |
Equity Incentive Plan and Uni_3
Equity Incentive Plan and Unit Option Plan - Rollforward (Details) - RSUs | 3 Months Ended |
Apr. 02, 2022$ / sharesshares | |
RSUs | |
Beginning balance (in shares) | shares | 275,370 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (4,198) |
Ending balance (in shares) | shares | 271,172 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 11.91 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 11.91 |
Equity Incentive Plan and Uni_4
Equity Incentive Plan and Unit Option Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2022 | Mar. 27, 2021 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation | $ 600 | $ 52 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | ||
Forfeited (in shares) | 4,198 | ||
Shares outstanding (in shares) | 271,172 | 275,370 | |
Unrecognized compensation expense | $ 2,600 | ||
Unrecognized compensation period | 3 years 3 months 14 days |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) $ / shares in Units, $ in Thousands | Jun. 07, 2021USD ($)$ / sharesshares | Aug. 31, 2019USD ($)$ / sharesshares | Apr. 02, 2022$ / sharesshares | Jan. 01, 2022$ / sharesshares |
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 825,000,000 | 825,000,000 | 825,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock, shares outstanding (in shares) | 138,384,250 | 146,561,717 | 146,561,717 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |||
Preferred stock, shares issued (in shares) | 0 | |||
Preferred stock, shares outstanding (in shares) | 0 | |||
Number of shares sold (in shares) | 25,000,000 | |||
Number of warrants transferred (in shares) | 5,075,000 | |||
Warrants outstanding (in shares) | 17,249,995 | |||
Common Stock, Shares, Issued | 146,561,717 | 146,561,717 | ||
The Sponsor | ||||
Class of Stock [Line Items] | ||||
Warrants outstanding (in shares) | 10,150,000 | |||
Private Placement | Warrant | The Sponsor | ||||
Class of Stock [Line Items] | ||||
Number of shares sold (in shares) | 10,150,000 | |||
Sale of price per share (in dollars per share) | $ / shares | $ 1 | |||
Consideration on sale of stock | $ | $ 10,150 | |||
Warrant redemption price (in dollars per share) | $ / shares | $ 11.50 | |||
PIPE Investors | ||||
Class of Stock [Line Items] | ||||
Number of shares sold (in shares) | 25,000,000 | |||
Sale of price per share (in dollars per share) | $ / shares | $ 10 | |||
Director | ||||
Class of Stock [Line Items] | ||||
Number of shares sold (in shares) | 1,000,000 | |||
Class A Preferred Units | ||||
Class of Stock [Line Items] | ||||
Conversion ratio | 343.983 | |||
Class B Common Units | ||||
Class of Stock [Line Items] | ||||
Conversion ratio | 249.585 | |||
Class B Common Units | The Sponsor | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 2,000,000 | 8,625,000 | ||
Value of shares issued | $ | $ 25,000 | |||
Share price (in dollars per share) | $ / shares | $ 0.003 |
Stockholders_ Equity - Common S
Stockholders’ Equity - Common Stock Holdings (Details) - shares | Apr. 02, 2022 | Jan. 01, 2022 | Jun. 07, 2021 |
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 146,561,717 | 146,561,717 | 138,384,250 |
Common stock, shares outstanding, percent | 100.00% | ||
Janus Midco, LLC unitholders | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 70,270,400 | ||
Common stock, shares outstanding, percent | 50.80% | ||
Public stockholders | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 43,113,850 | ||
Common stock, shares outstanding, percent | 31.20% | ||
PIPE Investors | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 25,000,000 | ||
Common stock, shares outstanding, percent | 18.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Apr. 02, 2022 | Mar. 27, 2021 | Jan. 01, 2022 | |
Related Party Transaction [Line Items] | |||
Management fees paid | $ 2,615,000 | ||
Management fees payable | $ 0 | $ 0 | |
Janus Butler, LLC | |||
Related Party Transaction [Line Items] | |||
Rent expense | 37,000 | 49,000 | |
Monthly rate | $ 13,000 | ||
Annual escalation | 1.50% | ||
134 Janus International, LLC | |||
Related Party Transaction [Line Items] | |||
Rent expense | $ 0 | 114,000 | |
ASTA Investment, LLC | |||
Related Party Transaction [Line Items] | |||
Rent expense | 203,000 | $ 198,000 | |
Monthly rate | $ 66,000 | ||
Annual escalation | 2.00% |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 30,286 | $ 23,121 |
Contract liabilities | 28,053 | $ 23,207 |
Revenue recognized | 12,455 | |
Unsatisfied performance obligations | $ 17,301 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 229,520 | $ 152,824 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (13,650) | (6,270) |
Janus North America | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 225,256 | 146,534 |
Janus North America | Operating Segments | Self Storage-New Construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 75,709 | 48,701 |
Janus North America | Operating Segments | Self Storage-R3 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 61,572 | 39,331 |
Janus North America | Operating Segments | Commercial and Others | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 87,975 | 58,502 |
Janus North America | Operating Segments | Goods transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 200,157 | 120,893 |
Janus North America | Operating Segments | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 25,099 | 25,641 |
Janus International | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 17,914 | 12,560 |
Janus International | Operating Segments | Self Storage-New Construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,897 | 8,901 |
Janus International | Operating Segments | Self Storage-R3 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,017 | 3,659 |
Janus International | Operating Segments | Goods transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,798 | 7,073 |
Janus International | Operating Segments | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 7,116 | $ 5,487 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Assets: | ||
Operating lease assets | $ 40,902 | |
Finance lease assets | 616 | |
Total leased assets | $ 41,518 | $ 0 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total leased assets | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total leased assets | |
Liabilities: | ||
Operating, current | $ 4,762 | $ 0 |
Financing, current | 147 | |
Operating, noncurrent | 38,241 | |
Financing, noncurrent | 470 | |
Total lease liabilities | $ 43,620 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued expenses | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Less current maturities | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term Debt, Excluding Current Maturities |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended |
Apr. 02, 2022USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 1,986 |
Short-term lease cost | 60 |
Finance lease cost, Amortization of right-of-use assets | 17 |
Finance lease cost, Interest on lease liabilities | 3 |
Total lease cost | $ 2,066 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow (Details) | Apr. 02, 2022 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 10 years |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate | 6.50% |
Finance Lease, Weighted Average Discount Rate | 5.00% |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity (Details) $ in Thousands | Apr. 02, 2022USD ($) |
Leases [Abstract] | |
2022 | $ 5,577 |
2023 | 6,957 |
2024 | 6,068 |
2025 | 5,680 |
2026 | 5,265 |
Later years | 30,961 |
Total future lease payments | 60,508 |
Less imputed interest | (17,505) |
Present value of future lease payments | $ 43,003 |
Leases - Finance Lease Maturity
Leases - Finance Lease Maturity (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Leases [Abstract] | ||
2022 | $ 130 | |
2023 | 174 | |
2024 | 174 | |
2025 | 174 | |
2026 | 25 | |
Later years | 0 | |
Total future lease payments | 677 | |
Less imputed interest | (60) | |
Present value of future lease payments | $ 617 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 6,607 | $ (155) |
Income From Operations | $ 26,311 | $ 14,564 |
Effective income tax rate | 25.10% | (1.10%) |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Mar. 27, 2021 | |
Earnings Per Share [Abstract] | ||
Net income attributable to common stockholders | $ 19,704 | $ 14,719 |
Weighted average number of shares: | ||
Basic (in shares) | 146,561,717 | 66,145,633 |
Adjustment for Restricted Stock Units (in shares) | 271,172 | 0 |
Diluted (in shares) | 146,832,889 | 66,145,633 |
Basic net income per share attributable to common stockholders | $ 0.13 | $ 0.22 |
Diluted net income per share attributable to common stockholders | $ 0.13 | $ 0.22 |
Segments Information (Details)
Segments Information (Details) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2022USD ($)segment | Mar. 27, 2021USD ($) | Jan. 01, 2022USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Revenue | $ 229,520 | $ 152,824 | |
Income From Operations | 35,115 | 24,249 | |
Depreciation of Property and Equipment Expense | 1,857 | 1,473 | |
Amortization of Intangible Assets | 7,225 | 6,832 | |
Capital Expenditures | 2,880 | 2,363 | |
Assets | 1,198,708 | 898,746 | $ 1,122,002 |
Janus North America | |||
Segment Reporting Information [Line Items] | |||
Depreciation of Property and Equipment Expense | 1,673 | 1,367 | |
Amortization of Intangible Assets | 6,886 | 6,414 | |
Capital Expenditures | 2,553 | 1,419 | |
Assets | 1,134,286 | 843,686 | |
Janus International | |||
Segment Reporting Information [Line Items] | |||
Depreciation of Property and Equipment Expense | 184 | 106 | |
Amortization of Intangible Assets | 339 | 418 | |
Capital Expenditures | 327 | 944 | |
Assets | 64,422 | 55,060 | |
Operating Segments | Janus North America | |||
Segment Reporting Information [Line Items] | |||
Revenue | 225,256 | 146,534 | |
Income From Operations | 34,855 | 23,915 | |
Operating Segments | Janus International | |||
Segment Reporting Information [Line Items] | |||
Revenue | 17,914 | 12,560 | |
Income From Operations | 249 | 307 | |
Intersegment | |||
Segment Reporting Information [Line Items] | |||
Revenue | (13,650) | (6,270) | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | (13,650) | (6,270) | |
Income From Operations | $ 11 | $ 27 |
Significant Estimates and Con_2
Significant Estimates and Concentrations (Details) - Insurance Claims - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Workers' Compensation Insurance Program | ||
Loss Contingencies [Line Items] | ||
Claims in excess | $ 200 | $ 200 |
Estimate of possible loss | 467 | 383 |
Health Insurance Program | ||
Loss Contingencies [Line Items] | ||
Claims in excess | 250 | 250 |
Estimate of possible loss | $ 1,710 | $ 1,539 |