Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 30, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 30, 2024 | |
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 $0.0001 per share | |
Trading Symbol | JBI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 145,978,142 | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
CIK | 0001839839 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Current Assets | ||
Cash | $ 178.4 | $ 171.7 |
Accounts receivable, less allowance for credit losses of $4.1 and $3.6, at March 30, 2024 and December 30, 2023, respectively | 192 | 174.1 |
Contract assets | 35.4 | 49.7 |
Inventories | 51.1 | 48.4 |
Prepaid expenses | 9.7 | 8.4 |
Other current assets | 6.5 | 10.8 |
Total current assets | 473.1 | 463.1 |
Right-of-use assets, net | 49.9 | 50.9 |
Property, plant and equipment, net | 54 | 52.4 |
Intangible assets, net | 367.7 | 375.3 |
Goodwill | 368.4 | 368.6 |
Deferred tax asset, net | 34.3 | 36.8 |
Other assets | 2.6 | 2.9 |
Total assets | 1,350 | 1,350 |
Current Liabilities | ||
Accounts payable | 61.1 | 59.8 |
Contract liabilities | 29.7 | 26.7 |
Current maturities of long-term debt | 7.3 | 7.3 |
Accrued expenses and other current liabilities | 62.1 | 80.3 |
Total current liabilities | 160.2 | 174.1 |
Long-term debt, net | 606.4 | 607.7 |
Deferred tax liability, net | 1.7 | 1.7 |
Other long-term liabilities | 46.3 | 46.9 |
Total liabilities | 814.6 | 830.4 |
STOCKHOLDERS’ EQUITY | ||
Common Stock, 825,000,000 shares authorized, $0.0001 par value, 147,059,095 and 146,861,489 shares issued at March 30, 2024 and December 30, 2023, respectively | 0 | 0 |
Treasury stock, at cost, 1,111,882 and 34,297 shares as of March 30, 2024 and December 30, 2023, respectively | (16.6) | (0.4) |
Additional paid-in capital | 290.9 | 289 |
Accumulated other comprehensive loss | (3.5) | (2.9) |
Retained earnings | 264.6 | 233.9 |
Total stockholders’ equity | 535.4 | 519.6 |
Total liabilities and stockholders’ equity | $ 1,350 | $ 1,350 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 4.1 | $ 3.6 |
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) | 147,059,095 | 146,861,489 |
Treasury stock (in shares) | 1,111,882 | 34,297 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
REVENUES | ||
Total Revenues | $ 254.5 | $ 251.9 |
Cost of Revenues | 144.1 | 152 |
GROSS PROFIT | 110.4 | 99.9 |
OPERATING EXPENSES | ||
Selling and marketing | 17.6 | 14.8 |
General and administrative | 37.3 | 34.1 |
Operating Expenses | 54.9 | 48.9 |
INCOME FROM OPERATIONS | 55.5 | 51 |
Interest expense | (14.4) | (16) |
Other income, net | 0.1 | 0 |
INCOME BEFORE TAXES | 41.2 | 35 |
Provision for Income Taxes | 10.5 | 9 |
NET INCOME | 30.7 | 26 |
Other Comprehensive (Loss) Income | (0.6) | 0.7 |
COMPREHENSIVE INCOME | $ 30.1 | $ 26.7 |
Weighted-average shares outstanding, basic and diluted (Note 13) | ||
Basic (in shares) | 146,604,142 | 146,703,894 |
Diluted (in shares) | 147,046,212 | 146,751,901 |
Net income per share, basic and diluted (Note 13) | ||
Basic (in dollars per share) | $ 0.21 | $ 0.18 |
Diluted (in dollars per share) | $ 0.21 | $ 0.18 |
Product revenues | ||
REVENUES | ||
Total Revenues | $ 215.1 | $ 215.4 |
Cost of Revenues | 114.7 | 124.4 |
Service revenues | ||
REVENUES | ||
Total Revenues | 39.4 | 36.5 |
Cost of Revenues | $ 29.4 | $ 27.6 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Millions | Total | Preferred Stock Class A Preferred | Common Stock | Treasury Stock | Additional paid-in capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2022 | 0 | ||||||
Common stock, beginning balance (in shares) at Dec. 31, 2022 | 146,703,894 | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | 0 | ||||||
Beginning balance at Dec. 31, 2022 | $ 375.3 | $ 0 | $ 0 | $ 0 | $ 281.9 | $ (4.8) | $ 98.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted units (in shares) | 58,790 | ||||||
Shares withheld for taxes upon vesting of restricted units (in shares) | 18,520 | 18,520 | |||||
Shares withheld for taxes upon vesting of restricted units | (0.2) | $ (0.2) | |||||
Share-based compensation | 1.8 | 1.8 | |||||
Foreign currency translation adjustment | 0.7 | 0.7 | |||||
Net income | 26 | 26 | |||||
Common stock, ending balance (in shares) at Apr. 01, 2023 | 146,744,164 | ||||||
Ending balance (in shares) at Apr. 01, 2023 | 0 | ||||||
Ending balance (in shares) at Apr. 01, 2023 | 18,520 | ||||||
Ending balance at Apr. 01, 2023 | $ 403.6 | $ 0 | $ 0 | $ (0.2) | 283.7 | (4.1) | 124.2 |
Beginning balance (in shares) at Dec. 30, 2023 | 0 | ||||||
Common stock, beginning balance (in shares) at Dec. 30, 2023 | 146,861,489 | ||||||
Beginning balance (in shares) at Dec. 30, 2023 | 34,297 | 34,297 | |||||
Beginning balance at Dec. 30, 2023 | $ 519.6 | $ 0 | $ 0 | $ (0.4) | 289 | (2.9) | 233.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Repurchase of common shares (in shares) | (1,019,889) | (1,019,889) | |||||
Repurchase of common shares | (15.3) | $ (15.3) | $ (15.3) | ||||
Issuance of restricted units (in shares) | 163,309 | ||||||
Shares withheld for taxes upon vesting of restricted units (in shares) | 57,696 | 57,696 | |||||
Shares withheld for taxes upon vesting of restricted units | (0.9) | $ (0.9) | |||||
Share-based compensation | 1.9 | 1.9 | |||||
Foreign currency translation adjustment | (0.6) | (0.6) | |||||
Net income | $ 30.7 | 30.7 | |||||
Common stock, ending balance (in shares) at Mar. 30, 2024 | 145,947,213 | ||||||
Ending balance (in shares) at Mar. 30, 2024 | 0 | ||||||
Ending balance (in shares) at Mar. 30, 2024 | 1,111,882 | 1,111,882 | |||||
Ending balance at Mar. 30, 2024 | $ 535.4 | $ 0 | $ 0 | $ (16.6) | $ 290.9 | $ (3.5) | $ 264.6 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - Class A Preferred - Preferred Stock - $ / shares | Mar. 30, 2024 | Apr. 01, 2023 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Cash Flows Provided By Operating Activities | ||
Net income | $ 30.7 | $ 26 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation of property, plant and equipment | 2.8 | 2.2 |
Noncash lease expense | 1.7 | 1.5 |
Provision (reversal) for inventory obsolescence | 0.2 | (0.3) |
Amortization of intangibles | 7.4 | 7.4 |
Deferred income taxes | 2.5 | 0 |
Deferred finance fee amortization | 0.5 | 1.3 |
Provision for expected credit losses, net | 0.5 | 0.1 |
Share-based compensation | 1.9 | 1.8 |
Changes in operating assets and liabilities | ||
Accounts receivable | (18.4) | 5.8 |
Contract assets | 14.3 | (1.6) |
Prepaid expenses and other current assets | 3 | 9.7 |
Inventories | (2.9) | 3.3 |
Other assets | 0.3 | 0 |
Accounts payable | 1.5 | 6.2 |
Contract liabilities | 3 | (3.3) |
Accrued expenses and other current liabilities | (18.9) | (8.5) |
Other long-term liabilities | (1.5) | (1.4) |
Net Cash Provided By Operating Activities | 28.6 | 50.2 |
Cash Flows Used In Investing Activities | ||
Purchases of property, plant, and equipment | (4.6) | (6.1) |
Cash paid for acquisitions, net of cash acquired | 0 | (1) |
Net Cash Used In Investing Activities | (4.6) | (7.1) |
Cash Flows Used In Financing Activities | ||
Principal payments on long-term debt | (1.6) | (52) |
Principal payments under finance lease obligations | (0.2) | (0.1) |
Repurchase of common shares | (15.3) | 0 |
Net Cash Used In Financing Activities | (17.1) | (52.1) |
Effect of exchange rate changes on cash | (0.2) | 0.2 |
Net Increase (decrease) in Cash | 6.7 | (8.8) |
Cash, Beginning of Period | 171.7 | 78.4 |
Cash, End of Period | 178.4 | 69.6 |
Supplemental Cash Flows Information | ||
Interest paid | 18.8 | 14.5 |
Income taxes paid | 0.9 | 0.2 |
Cash paid for operating leases included in operating activities | 2.1 | 2 |
Non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease obligations | 1 | 0 |
Right-of-use assets obtained in exchange for finance lease obligations | 0 | 1.1 |
RSU shares withheld included in accrued employee taxes | $ 0.9 | $ 0.2 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Janus International Group, Inc. is a holding company incorporated in Delaware. References to “Janus,” “Group,” “Company,” “we,” “our” or “us” refer to Janus International Group, Inc. and its consolidated subsidiaries. The Company is a global manufacturer, supplier, and provider of turn-key self-storage, commercial, and industrial building solutions. The Company provides roll up and swing doors, hallway systems, and relocatable storage “MASS” (Moveable Additional Storage Structures) units, among other solutions, and works with its customers throughout every phase of a project by providing solutions including facility planning and design, construction, technology, and the restoration, rebuilding, and replacement (“R3”) of self-storage facilities. Additionally, the Company provides facility and door automation and access control technologies. The Company is headquartered in Temple, GA with operations in the United States of America (“United States”) (“U.S.”), United Kingdom (“U.K.”), Australia, France, and Poland. The Company provides products and services through its two operating and reportable segments which are based on the geographic region of its operations: (i) Janus North America and (ii) Janus International. The Janus International segment is comprised of Janus International Europe Holdings Ltd. (U.K.) (“JIE”), 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, Inc. (“BETCO”), Nokē, Inc. (“NOKE”), Asta Industries, Inc. (“ASTA”), Access Control Technologies, LLC (“ACT”), U.S. Door & Building Components, LLC (“U.S. Door”), Janus Door, LLC (Janus Door”) and Steel Door Depot.com (“Steel Door Depot”), LLC. The Company’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 |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the applicable rules and regulations of the SEC. In the opinion of the Company’s management, the Unaudited Condensed Consolidated Financial Statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of March 30, 2024, and its results of operations, including its comprehensive income and stockholders’ equity for the three month periods ended March 30, 2024 and April 1, 2023 . The year-end condensed consolidated balance sheet data was derived from audited financial statements, but may not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and notes that are included in the Annual Report on Form 10-K, for the year ended December 30, 2023. Principles of Consolidation The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company 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. Reclassification Certain items have been reclassified in the prior year financial statements to conform to the presentation and classifications used in the current year. These reclassifications had no effect on our previously reported results of operations or retained earnings. Prior Period Financial Statement Correction of Immaterial Error Subsequent to the issuance of the fiscal year 2022 Form 10-K consolidated financial statements, an immaterial error was identified relating to certain contracts that were recognized as revenue based on two performance obligations, but it was subsequently determined that the performance obligations were not distinct within the context of the contract with the customer. The correction of this immaterial error led to a presentation change on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income and in Footnote 11 to the Unaudited Condensed Consolidated Financial Statements for the three month period ended April 1, 2023, as illustrated in the table below. The Company has corrected this immaterial error and prior year revenues are derived from previously issued financial statements. Accordingly, we have revised previously reported financial information for such immaterial error, as previously disclosed in our Form 10-K for the year ended December 30, 2023 and our Quarterly Reports for the three month periods ended July 1, 2023 and September 20, 2023, on Form 10-Q under the heading “Prior Period Financial Statement Correction of Immaterial Error.”A summary of revisions to certain previously reported financial information presented herein for comparative purposes. These presentation changes had no effect on our previously reported results of operations or retained earnings. The effect of correcting the immaterial error in the Unaudited Condensed Consolidated Financial Statement for the three month period ended April 1, 2023 is shown in the following table: As previously reported Correction As adjusted Condensed Consolidated Statement of Operations and Comprehensive Income Three Months Ended April 1, 2023 Product revenues $ 209.7 $ 5.7 $ 215.4 Service revenues 42.2 (5.7) 36.5 $ 251.9 $ — $ 251.9 Three Months Ended April 1, 2023 Product cost of revenues $ 120.1 $ 4.3 $ 124.4 Service cost of revenues 31.9 (4.3) 27.6 $ 152.0 $ — $ 152.0 Footnote 11. Revenue Recognition Reportable Segments by Timing of Revenue Recognition Three Months Ended April 1, 2023 Janus North America Product revenues transferred at a point in time $ 204.4 $ (34.8) $ 169.6 Product revenues transferred over time — 32.9 32.9 Services revenues transferred over time 33.8 (5.8) 28.0 $ 238.2 $ (7.7) $ 230.5 Eliminations (7.9) 7.7 (0.2) $ 230.3 $ — $ 230.3 Use of Estimates in the Consolidated Financial Statements The preparation of Unaudited Condensed 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. Items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, inventory basis adjustments, the fair value of assets and liabilities related to acquisitions, the derivative warrant liability, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, the commencement date of leases, the incremental borrowing rate used to calculate lease liabilities, estimated progress toward completion for certain revenue contracts, allowance for credit losses, fair values and impairment of intangible assets and goodwill, and assumptions used in the accounting for business combinations. 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; • 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 cash, accounts receivable less allowance for credit losses, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. The fair value of the Company’s debt approximates its carrying amount as of March 30, 2024 and December 30, 2023 due to its variable interest rate that is tied to the current Secured Overnight Financing Rate (“SOFR”) rate plus an applicable margin. To estimate the fair value of the Company’s debt, which consists of the First Lien Term Loan and the Revolving Credit Facility, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that fall within Level 2 of the Fair Value hierarchy (see Notes 7 and 8 to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion of the Company’s debt). Significant Accounting Policies The Company’s significant accounting policies have not changed materially from those described in its Annual Report on Form 10-K for the fiscal year ended December 30, 2023. Accounts Receivable and Allowance for Credit Losses Accounts receivable primarily arise from the sale of products and services to established customers. Accounts receivable are recorded at the invoiced amount and do not bear interest. Additionally, accounts receivable are stated at estimated net realizable value, net of allowance for credit losses which is based on the Company’s assessment of the collectability of customer accounts. The Company estimates the allowance for credit losses using the loss-rate method. As the Company determined that its customers at various business units and sales channels share similar risk characteristics, the same loss rate is applied to all accounts receivable. The Company estimates the allowance for credit losses by considering various factors such as historical write-offs, changes in customers’ credit ratings, delinquency, payment history, the age of the accounts receivable balances, and current and expected economic conditions that may affect a customer’s ability to pay. Account balances are charged off against the allowance when it is determined that internal collection efforts should no longer be pursued. The activity for the allowance for credit losses during the three month period ended March 30, 2024 and April 1, 2023, is as follows: Balance at December 31, 2022 $ 4.6 Write-offs — Provision for expected credit losses, net 0.1 Balance at April 1, 2023 $ 4.7 Balance at December 30, 2023 $ 3.6 Write-offs — Provision for expected credit losses, net 0.5 Balance at March 30, 2024 $ 4.1 Product Warranties The Company records a liability for product warranties at the time of the related sale of goods. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect the Company's warranty liabilities. If actual costs differ from estimated costs, the Company must make a revision to the warranty liability. Generally, the Company offers warranties ranging between one and three years for our products with the exception of warranties for roofing at one of our business units, where we offer warranties of up to 10 years. The activity related to product warranty liabilities recorded in Accrued expenses and other current liabilities during the three month period ended March 30, 2024 and April 1, 2023, is as follows: Balance at December 31, 2022 $ 0.9 Aggregate changes in the product warranty liability 0.3 Balance at April 1, 2023 $ 1.2 Balance at December 30, 2023 $ 2.3 Aggregate changes in the product warranty liability 0.1 Balance at March 30, 2024 $ 2.4 Treasury Stock We account for treasury stock under the cost method pursuant to the provisions of ASC 505-30, Treasury Stock. Under the cost method, the gross cost of the shares reacquired is charged to a contra equity account, treasury stock. The equity accounts that were originally credited for the original share issuance, common stock and additional paid-in capital, remain intact. If the treasury shares are ever reissued in the future at a price higher than its cost, the difference will be recorded as a component of additional paid-in-capital in our Unaudited Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference will be recorded as a component of additional paid-in-capital to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Unaudited Condensed Consolidated Balance Sheets. If treasury stock is reissued in the future, a cost flow assumption will be adopted to compute excesses and deficiencies upon subsequent share re-issuance. Concentrations of Risk Financial instruments that are potentially subject to concentration of credit risk consist primarily of cash and accounts receivable. The Company maintains cash in bank deposit accounts that, at times, may exceed the insured limits of the local country. The Company has not experienced any losses in such accounts. The Company sells its products and services mainly in the United States and European regions. The Company performs ongoing evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. The Company generally does not require its customers to provide collateral or other security to support accounts receivable. As of March 30, 2024, no customer accounted for more than 10% of the accounts receivable balance or more than 10% of revenues. Segments The Company manages its operations through two operating and reportable segments: Janus North America and Janus International. These segments align the Company’s products and service offerings based on the geographic location between North America and International locations, which is consistent with how the Company’s Chief Operating Decision Maker (“CODM”) reviews and evaluates the Company’s operations. The CODM allocates resources and evaluates the financial performance of each operating segment. The Company’s segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. Refer to Note 15, Segments Information, for further detail. Recently Adopted Accounting Pronouncements On January 1, 2023, the Company adopted ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which amends ASC 805, Business Combinations (Topic 805), to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Janus will be applying the pronouncement prospectively to business combinations occurring on or after the adoption date. 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 and subsequent amendment to the initial guidance, ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Effective April 2, 2023, the Company transitioned its credit agreements from LIBOR to the SOFR. The Company adopted this guidance prospectively on April 2, 2023, and the adoption did not have a material impact on the Consolidated Condensed Financial Statements. Recently Issued Accounting Pronouncements On August 23, 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, under which an entity that qualifies as either a joint venture or a corporate joint venture as defined in the FASB ASC master glossary is required to apply a new basis of accounting upon the formation of the joint venture. Specifically, the ASU provides that a joint venture or a corporate joint venture (collectively, “joint ventures”) must initially measure its assets and liabilities at fair value on the formation date. The Company does not believe this will have a material impact on the Company’s consolidated financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The update will be effective for annual periods beginning after December 15, 2023. We are assessing the effect of this update on our consolidated financial statements and believe the adoption of this standard could add material additional segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in a public entity’s income tax rate reconciliation table and other disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We are assessing the effect of this update on our consolidated financial statements and related disclosures. 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 Company’s consolidated financial position or results of operations. |
Inventories
Inventories | 3 Months Ended |
Mar. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using actual costs or standard costs (that approximate actual cost) determined on a first-in, first-out basis or average cost. Labor and overhead costs associated with inventory produced by the Company are capitalized into inventories. The major components of inventories as of March 30, 2024 and December 30, 2023 are as follows: March 30, 2024 December 30, 2023 Raw materials $ 35.1 $ 31.0 Work-in-process 0.9 1.4 Finished goods 15.1 16.0 Inventories $ 51.1 $ 48.4 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment as of March 30, 2024 and December 30, 2023 are as follows: Useful Life March 30, 2024 December 30, 2023 Land Indefinite $ 4.5 $ 4.5 Building 39 years 2.5 2.5 Manufacturing machinery and equipment 3-7 years 43.2 43.5 Leasehold improvements Over the shorter of the lease term or respective useful life 11.9 11.4 Computer and software 3 years 15.2 14.5 Furniture and fixtures, and vehicles 3-7 years 5.5 4.9 Construction in progress — 8.9 6.2 $ 91.7 $ 87.5 Less: accumulated depreciation (37.7) (35.1) $ 54.0 $ 52.4 Depreciation expense included in cost of revenues, was approximately $1.8 and $1.7 for the three month periods ended March 30, 2024 and April 1, 2023, respectively. Depreciation expense included in operating expenses was $1.0 and $0.5 for the three month periods ended March 30, 2024 and April 1, 2023, respectively. |
Acquired Intangible Assets and
Acquired Intangible Assets and Goodwill | 3 Months Ended |
Mar. 30, 2024 | |
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 amount and accumulated amortization of recognized intangible assets at March 30, 2024 and December 30, 2023, are as follows: Useful Life March 30, 2024 December 30, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 10-15 years $ 408.8 $ 161.0 $ 247.8 $ 409.0 $ 154.1 $ 254.9 Tradenames and trademarks Indefinite 107.4 — 107.4 107.5 — 107.5 Software development 10-15 years 20.3 7.9 12.4 20.3 7.5 12.8 Noncompete agreements 3-8 years 0.3 0.2 0.1 0.3 0.2 0.1 $ 536.8 $ 169.1 $ 367.7 $ 537.1 $ 161.8 $ 375.3 Changes to gross carrying amount of recognized intangible assets due to translation adjustments include a loss of $0.3 and gain of $0.8 for the periods ended March 30, 2024 and December 30, 2023, respectively. The amortization of intangible assets is included in the general and administrative expense on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. Amortization expense was approximately $7.4 for both the three month periods ended March 30, 2024 and April 1, 2023. The changes in the carrying amounts of goodwill for the period ended March 30, 2024 were as follows: Janus North America Janus International Consolidated Balance as of December 30, 2023 $ 357.0 $ 11.6 $ 368.6 Foreign Currency Translation Adjustment — (0.2) (0.2) Balance as of March 30, 2024 $ 357.0 $ 11.4 $ 368.4 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities, as of March 30, 2024 and December 30, 2023 are summarized as follows: March 30, 2024 December 30, 2023 Customer deposits $ 22.5 $ 29.6 Employee compensation 10.7 20.2 Interest payable 8.2 13.2 Current operating lease liabilities 5.5 5.4 Sales tax payable 4.2 3.4 Accrued professional fees 0.9 0.7 Product warranties 2.4 2.3 Accrued freight 0.3 0.8 Other liabilities 7.4 4.7 Total $ 62.1 $ 80.3 Other liabilities as of March 30, 2024 and December 30, 2023 consists of property tax, credit card and various other accruals. |
Line of Credit
Line of Credit | 3 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Line of Credit | Line of Credit Amendment No. 3 to the ABL Credit and Guarantee Agreement - On April 10, 2023, the Company entered into Amendment Number Three to ABL Credit and Guarantee Agreement (the “LOC Amendment No. 3”) to that certain ABL Credit and Guarantee Agreement, dated as of February 12, 2018 (the “LOC Agreement”). The LOC Amendment No. 3, among other things, (i) replaced the interest rate based on the LIBOR and related LIBOR-based mechanics applicable to borrowings under the LOC Agreement with an interest rate based on the SOFR and related SOFR-based mechanics and (ii) updated certain other provisions of the LOC Agreement to reflect the transition from LIBOR to SOFR. The LOC Amendment provided for a revolving line of credit of $80.0 with interest payments due in arrears. The interest rate on the facility is based on a base rate, unless a SOFR Rate (as defined in the LOC Agreement) option is chosen by the Company. 2023 ABL Credit and Guarantee Agreement - On August 3, 2023, the Company refinanced the revolving credit facility, pursuant to a new ABL Credit and Guarantee Agreement (the “2023 LOC Agreement”). The 2023 LOC Agreement, among other things, (i) increased the previous aggregate commitments from $80.0 to $125.0, (ii) updated the manner in which the previous borrowing base under the 2023 LOC Agreement was determined, and (iii) replaced the administrative agent with a new administrative agent. Interest payments with respect to the 2023 LOC Agreement are due in arrears. The maturity date is August 3, 2028. The interest rate on the facility is based on a base rate, unless an Adjusted Term SOFR Rate (as defined in the 2023 LOC Agreement) option is chosen by the Company. If the Adjusted Term SOFR Rate is elected, the interest computation is equal to the Adjusted Term SOFR Rate, which is subject to a 10 basis points flat credit spread adjustment (“CSA”) plus the SOFR Margin (as defined in the 2023 LOC Agreement) of either 1.25%, 1.50%, or 1.75%, based on excess availability (as of March 30, 2024, the SOFR Margin Rate was 1.25%). As of March 30, 2024 and December 30, 2023, the interest rate in effect for the facility was 6.6% and 6.8%, respectively. The line of credit is collateralized by accounts receivable and inventories. The Company accrues an unused commitment fee to the administrative agent at the varying rate of .25% to .38%, based on the unused portion of the maximum commitment, as defined in the 2023 LOC agreement. The Company incurred $1.3 of debt issuance costs, which were capitalized and are being amortized over the term of the facility that expires on August 3, 2028, using the straight-line method, and are presented as part of other assets within our Unaudited Condensed Consolidated Balance Sheet. The amortization of the deferred loan costs is included in interest expense on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. Amortization of approximately $0.1 was recognized for both the three month periods ended March 30, 2024 and April 1, 2023. The unamortized portion of the fees as of both March 30, 2024 and December 30, 2023, was approximately $1.1. There were no borrowings outstanding on the line of credit as of March 30, 2024 and December 30, 2023. As of March 30, 2024 and December 30, 2023, the Company maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of both March 30, 2024 and December 30, 2023 was approximately $124.6. Long-term debt consists of the following: March 30, 2024 December 30, 2023 Note payable - Amendment No.6 First Lien $ 621.9 $ 623.4 Financing leases 3.2 3.4 $ 625.1 $ 626.8 Less: unamortized deferred finance fees 11.4 11.8 Less: current maturities 7.3 7.3 Total long-term debt $ 606.4 $ 607.7 Notes Payable - Amendment No. 5 First Lien - On June 20, 2023, the Company entered into Amendment No. 5 (the “Amendment No. 5 First Lien”) to the First Lien Credit and Guarantee Agreement, dated as of February 12, 2018 (the “First Lien Agreement”) (“First Lien Term Loan”). The Amendment No. 5 First Lien, among other things, (i) replaced the interest rate based on LIBOR and related LIBOR-based mechanics applicable to borrowings under the First Lien Agreement with an interest rate based on SOFR and related SOFR-based mechanics and (ii) updated certain other provisions of the First Lien Agreement to reflect the transition from LIBOR to SOFR. The Amendment No. 5 First Lien had an aggregate principal balance of $726.4 with interest payable in arrears. The outstanding loan balance was to be repaid on a quarterly basis of 0.28% of the original principal amount of the loans outstanding on the Fourth Amendment Effective Date (i.e., August 17, 2021) with the remaining principal due on the maturity date of February 12, 2025. Notes Payable - Amendment No. 6 First Lien - On August 3, 2023, the Company refinanced its existing First Lien Term Loan pursuant to Amendment No. 6 (the “Amendment No. 6 First Lien”) to the First Lien Agreement. The loan was made by a syndicate of lenders, with the aggregate amount of $625.0. The outstanding loan balance is to be repaid on a quarterly basis of 0.25% of the original balance of the amended loan beginning the last business day of December 2023 with the remaining principal due on the maturity date of August 3, 2030. As chosen by the Company, the amended loan bears interest at a floating rate per annum consisting of Adjusted Term SOFR plus an applicable margin percent. As a result of a Credit rating upgrade in March 2024, the term agreement allowed the previous applicable margin rate to decrease from 3.25% to 3.00%. The interest rate on the Amendment No. 6 First Lien term loan as of March 30, 2024, was 8.37%, which is a variable rate based on Adjusted Term SOFR, subject to a 1.00% floor, and includes a 0.10% CSA and an applicable margin percentage of 3.00%. The debt was secured by substantially all business assets. There are no prepayment penalties if the company makes voluntary prepayments on the outstanding principal balance. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Line of Credit Amendment No. 3 to the ABL Credit and Guarantee Agreement - On April 10, 2023, the Company entered into Amendment Number Three to ABL Credit and Guarantee Agreement (the “LOC Amendment No. 3”) to that certain ABL Credit and Guarantee Agreement, dated as of February 12, 2018 (the “LOC Agreement”). The LOC Amendment No. 3, among other things, (i) replaced the interest rate based on the LIBOR and related LIBOR-based mechanics applicable to borrowings under the LOC Agreement with an interest rate based on the SOFR and related SOFR-based mechanics and (ii) updated certain other provisions of the LOC Agreement to reflect the transition from LIBOR to SOFR. The LOC Amendment provided for a revolving line of credit of $80.0 with interest payments due in arrears. The interest rate on the facility is based on a base rate, unless a SOFR Rate (as defined in the LOC Agreement) option is chosen by the Company. 2023 ABL Credit and Guarantee Agreement - On August 3, 2023, the Company refinanced the revolving credit facility, pursuant to a new ABL Credit and Guarantee Agreement (the “2023 LOC Agreement”). The 2023 LOC Agreement, among other things, (i) increased the previous aggregate commitments from $80.0 to $125.0, (ii) updated the manner in which the previous borrowing base under the 2023 LOC Agreement was determined, and (iii) replaced the administrative agent with a new administrative agent. Interest payments with respect to the 2023 LOC Agreement are due in arrears. The maturity date is August 3, 2028. The interest rate on the facility is based on a base rate, unless an Adjusted Term SOFR Rate (as defined in the 2023 LOC Agreement) option is chosen by the Company. If the Adjusted Term SOFR Rate is elected, the interest computation is equal to the Adjusted Term SOFR Rate, which is subject to a 10 basis points flat credit spread adjustment (“CSA”) plus the SOFR Margin (as defined in the 2023 LOC Agreement) of either 1.25%, 1.50%, or 1.75%, based on excess availability (as of March 30, 2024, the SOFR Margin Rate was 1.25%). As of March 30, 2024 and December 30, 2023, the interest rate in effect for the facility was 6.6% and 6.8%, respectively. The line of credit is collateralized by accounts receivable and inventories. The Company accrues an unused commitment fee to the administrative agent at the varying rate of .25% to .38%, based on the unused portion of the maximum commitment, as defined in the 2023 LOC agreement. The Company incurred $1.3 of debt issuance costs, which were capitalized and are being amortized over the term of the facility that expires on August 3, 2028, using the straight-line method, and are presented as part of other assets within our Unaudited Condensed Consolidated Balance Sheet. The amortization of the deferred loan costs is included in interest expense on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. Amortization of approximately $0.1 was recognized for both the three month periods ended March 30, 2024 and April 1, 2023. The unamortized portion of the fees as of both March 30, 2024 and December 30, 2023, was approximately $1.1. There were no borrowings outstanding on the line of credit as of March 30, 2024 and December 30, 2023. As of March 30, 2024 and December 30, 2023, the Company maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of both March 30, 2024 and December 30, 2023 was approximately $124.6. Long-term debt consists of the following: March 30, 2024 December 30, 2023 Note payable - Amendment No.6 First Lien $ 621.9 $ 623.4 Financing leases 3.2 3.4 $ 625.1 $ 626.8 Less: unamortized deferred finance fees 11.4 11.8 Less: current maturities 7.3 7.3 Total long-term debt $ 606.4 $ 607.7 Notes Payable - Amendment No. 5 First Lien - On June 20, 2023, the Company entered into Amendment No. 5 (the “Amendment No. 5 First Lien”) to the First Lien Credit and Guarantee Agreement, dated as of February 12, 2018 (the “First Lien Agreement”) (“First Lien Term Loan”). The Amendment No. 5 First Lien, among other things, (i) replaced the interest rate based on LIBOR and related LIBOR-based mechanics applicable to borrowings under the First Lien Agreement with an interest rate based on SOFR and related SOFR-based mechanics and (ii) updated certain other provisions of the First Lien Agreement to reflect the transition from LIBOR to SOFR. The Amendment No. 5 First Lien had an aggregate principal balance of $726.4 with interest payable in arrears. The outstanding loan balance was to be repaid on a quarterly basis of 0.28% of the original principal amount of the loans outstanding on the Fourth Amendment Effective Date (i.e., August 17, 2021) with the remaining principal due on the maturity date of February 12, 2025. Notes Payable - Amendment No. 6 First Lien - On August 3, 2023, the Company refinanced its existing First Lien Term Loan pursuant to Amendment No. 6 (the “Amendment No. 6 First Lien”) to the First Lien Agreement. The loan was made by a syndicate of lenders, with the aggregate amount of $625.0. The outstanding loan balance is to be repaid on a quarterly basis of 0.25% of the original balance of the amended loan beginning the last business day of December 2023 with the remaining principal due on the maturity date of August 3, 2030. As chosen by the Company, the amended loan bears interest at a floating rate per annum consisting of Adjusted Term SOFR plus an applicable margin percent. As a result of a Credit rating upgrade in March 2024, the term agreement allowed the previous applicable margin rate to decrease from 3.25% to 3.00%. The interest rate on the Amendment No. 6 First Lien term loan as of March 30, 2024, was 8.37%, which is a variable rate based on Adjusted Term SOFR, subject to a 1.00% floor, and includes a 0.10% CSA and an applicable margin percentage of 3.00%. The debt was secured by substantially all business assets. There are no prepayment penalties if the company makes voluntary prepayments on the outstanding principal balance. |
Leases
Leases | 3 Months Ended |
Mar. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company primarily leases certain office and manufacturing facilities, as well as vehicles, copiers, and other equipment. These operating leases generally have an original lease term between 1 year and 20 years, and some include options to extend (generally 5 to 10 years). Lease agreements generally do not include material variable lease payments, residual value guarantees, or restrictive covenants. The components of right-of-use (“ROU”) assets and lease liabilities were as follows: (in millions) Balance Sheet Classification March 30, 2024 December 30, 2023 Assets: Operating lease assets Right-of-use assets, net $ 46.9 $ 47.6 Finance lease assets Right-of-use assets, net 3.0 3.3 Total leased assets $ 49.9 $ 50.9 Liabilities: Current: Operating Other accrued expenses $ 5.5 $ 5.4 Financing Current maturities of long-term debt 1.0 1.0 Noncurrent: Operating Other long-term liabilities $ 46.3 $ 46.9 Financing Long-term debt 2.2 2.4 Total lease liabilities $ 55.0 $ 55.7 The components of lease expense were as follows: Three Months Ended Three Months Ended (in millions) March 30, 2024 April 1, 2023 Operating lease cost $ 2.4 $ 2.2 Variable lease cost 0.2 0.2 Short-term lease cost 0.2 — Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.1 Interest on lease liabilities 0.1 — Total lease cost $ 3.1 $ 2.5 Other information related to leases was as follows: March 30, 2024 December 30, 2023 Weighted Average Remaining Lease Term (in years) Operating Leases 8.62 8.85 Finance Leases 3.18 3.39 Weighted Average Discount Rate Operating Leases 7.6% 7.6% Finance Leases 8.4% 8.4% As of March 30, 2024, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (in millions) 2024 $ 6.7 2025 9.0 2026 8.6 2027 7.6 2028 7.5 Thereafter 32.7 Total future lease payments $ 72.1 Less: imputed interest $ (20.3) Present value of future lease payments $ 51.8 As of March 30, 2024, future minimum repayments of finance leases were as follows: (in millions) 2024 $ 0.9 2025 1.2 2026 0.7 2027 0.5 2028 0.4 Thereafter — Total future lease payments $ 3.7 Less: imputed interest $ (0.5) Present value of future lease payments $ 3.2 |
Leases | Leases The Company primarily leases certain office and manufacturing facilities, as well as vehicles, copiers, and other equipment. These operating leases generally have an original lease term between 1 year and 20 years, and some include options to extend (generally 5 to 10 years). Lease agreements generally do not include material variable lease payments, residual value guarantees, or restrictive covenants. The components of right-of-use (“ROU”) assets and lease liabilities were as follows: (in millions) Balance Sheet Classification March 30, 2024 December 30, 2023 Assets: Operating lease assets Right-of-use assets, net $ 46.9 $ 47.6 Finance lease assets Right-of-use assets, net 3.0 3.3 Total leased assets $ 49.9 $ 50.9 Liabilities: Current: Operating Other accrued expenses $ 5.5 $ 5.4 Financing Current maturities of long-term debt 1.0 1.0 Noncurrent: Operating Other long-term liabilities $ 46.3 $ 46.9 Financing Long-term debt 2.2 2.4 Total lease liabilities $ 55.0 $ 55.7 The components of lease expense were as follows: Three Months Ended Three Months Ended (in millions) March 30, 2024 April 1, 2023 Operating lease cost $ 2.4 $ 2.2 Variable lease cost 0.2 0.2 Short-term lease cost 0.2 — Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.1 Interest on lease liabilities 0.1 — Total lease cost $ 3.1 $ 2.5 Other information related to leases was as follows: March 30, 2024 December 30, 2023 Weighted Average Remaining Lease Term (in years) Operating Leases 8.62 8.85 Finance Leases 3.18 3.39 Weighted Average Discount Rate Operating Leases 7.6% 7.6% Finance Leases 8.4% 8.4% As of March 30, 2024, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (in millions) 2024 $ 6.7 2025 9.0 2026 8.6 2027 7.6 2028 7.5 Thereafter 32.7 Total future lease payments $ 72.1 Less: imputed interest $ (20.3) Present value of future lease payments $ 51.8 As of March 30, 2024, future minimum repayments of finance leases were as follows: (in millions) 2024 $ 0.9 2025 1.2 2026 0.7 2027 0.5 2028 0.4 Thereafter — Total future lease payments $ 3.7 Less: imputed interest $ (0.5) Present value of future lease payments $ 3.2 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is taxed as a Corporation under Subchapter C, for U.S. income tax purposes and similar sections of the state income tax laws. The Company’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, Poland, and Australia, as necessary, and are included on the U.S. tax returns as pass-through entities, with the exception of Poland, which is shown on the US tax return as a corporation and is not taxed in the US, The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”).” 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. The Company’s provision for income taxes consists of provisions for federal, state, and foreign income taxes. Deferred tax liabilities and assets attributable to different tax jurisdictions are not offset. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The 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. The performance obligations typically have an original expected duration of one year or less. Contract Balances Contract assets are the rights to consideration in exchange for goods and services that the Company has transferred to a customer. Revenues in excess of billings result from revenues recognized over time. Unbilled receivables result from revenues recognized point in time and represent an unconditional right to payment for earned revenues and result from timing differences between when revenues are earned and billed for. Unbilled receivables are recognized as accounts receivable when they are billed. Contract liabilities result from revenues recognized over time and represent cash received in excess of revenue earned on active projects. Where the Company receives a down-payment from the customer, it is recorded in customer deposits within accrued expenses and other current liabilities until the project becomes active. Contract balances as of March 30, 2024 were as follows: Revenues in excess of billings at December 30, 2023 $ 17.8 Unbilled receivables at December 30, 2023 31.9 Contract assets at December 30, 2023 $ 49.7 Revenues in excess of billings at March 30, 2024 $ 24.1 Unbilled receivables at March 30, 2024 11.3 Contract assets at March 30, 2024 $ 35.4 Contract liabilities at December 30, 2023 $ 26.7 Contract liabilities at March 30, 2024 $ 29.7 During the three month period ended March 30, 2024, the Company recognized revenue of approximately $20.2 related to contract liabilities at December 30, 2023. The Company derives subscription revenue from continued software support and through the Nokē Smart Entry System, a product which provides mobile access for tenants and remote monitoring and tracking for operators. We determine standalone selling price for recurring software revenue by using the adjusted market assessment approach. The recurring revenue recognized from the Nokē Smart Entry System, included in service revenues, for the three month periods ended March 30, 2024 and April 1, 2023 was $0.6 and $0.4, respectively. 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 month periods ended March 30, 2024 and April 1, 2023: Revenue by Timing of Revenue Recognition Three Months Ended Reportable Segments by Timing of Revenue Recognition March 30, 2024 April 1, 2023 Janus North America Product revenues transferred at a point in time (1) $ 174.2 $ 169.6 Product revenues transferred over time (1) 32.7 32.9 Service revenues transferred over time (1) 33.6 28.0 $ 240.5 $ 230.5 Janus International Product revenues transferred at a point in time $ 8.9 $ 13.1 Service revenues transferred over time 5.8 8.5 $ 14.7 $ 21.6 Eliminations $ (0.7) $ (0.2) Total Revenue $ 254.5 $ 251.9 (1) These numbers have been revised for the three month period ended April 1, 2023. See Note 2 to our Unaudited Condensed Consolidated Financial Statements for additional information. Revenue by Sales Channel Three Months Ended Reportable Segments by Sales Channel Revenue Recognition March 30, 2024 April 1, 2023 Janus North America Self Storage-New Construction $ 104.2 $ 64.6 Self Storage-R3 68.3 82.4 Commercial and Others 68.0 83.5 $ 240.5 $ 230.5 Janus International Self Storage-New Construction $ 12.4 $ 18.6 Self Storage-R3 2.3 3.0 $ 14.7 $ 21.6 Eliminations $ (0.7) $ (0.2) Total Revenue $ 254.5 $ 251.9 |
Equity Compensation
Equity Compensation | 3 Months Ended |
Mar. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Compensation | Equity Compensation 2021 Omnibus Incentive Plan The Company maintains its 2021 Omnibus Incentive Plan (the “Plan”) under which it grants share-based awards to eligible directors, officers and employees in order to attract, retain and reward such individuals and strengthen the mutuality of interest between such individuals and the Company’s stockholders. The Plan allows the Company to issue and grant 15,125,000 shares. The Company measures compensation expense for share-based awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). During the three month period ended March 30, 2024, the Company granted share-based awards including restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) under the Plan. The grant date fair value of RSUs is equal to the closing price of the Company’s common stock on either: (i) the date of grant; or (ii) the previous trading day, depending on the level of administration required. Forfeitures are recognized as they occur, any unvested RSUs or stock options are forfeited upon a “Termination of Service,” as defined in the Plan, or as otherwise provided in the applicable award agreement or determined by the Company’s Compensation Committee of the Board of Directors. In connection with the equity awards, the share-based compensation expense was $1.9 and $1.8, respectively, and the income tax benefit from share-based compensation was $0.4 for both the three month periods ended March 30, 2024 and April 1, 2023. Restricted Stock Unit Grants RSUs are subject to a vesting period between one (dollar amounts in millions, except share and per share data) RSUs Weighted-Average Grant Date Fair Value Unvested, outstanding at December 30, 2023 944,810 $ 10.6 Granted 804,131 14.8 Vested (163,309) 10.6 Forfeited (10,834) 10.7 Unvested, outstanding at March 30, 2024 1,574,798 $ 12.8 Share-based compensation expense for RSUs is recognized straight line over the respective vesting period, reduced for actual forfeitures, and included in general and administrative expense in the accompanying Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. Total compensation expense related to the above awards was approximately $1.2 and $0.6 for the three month periods ended March 30, 2024 and April 1, 2023, respectively. As of March 30, 2024, there was an aggregate of $18.4 of unrecognized expense related to the RSUs granted, which the Company expects to amortize over a weighted-average period of 2.6 years. Performance-based Restricted Stock Unit Grant s PSU awards are based on the satisfaction of the Company’s three-year cumulative adjusted EBITDA. The number of PSUs that become earned can range between 0% and 200% of the original target number of PSUs. PSUs are subject to a three-year performance cliff-vesting period. PSUs activity for the three month period ended March 30, 2024 is as follows: (dollar amounts in millions, except share and per share data) PSUs Weighted-Average Grant Date Fair Value Unvested, outstanding at December 30, 2023 482,014 $ 10.0 Granted 225,959 14.8 Vested — — Forfeited (14,217) 10.6 Unvested, outstanding at March 30, 2024 (1) 693,756 $ 11.6 1) This number excludes 252,923 performance stock units, which represents the incremental number of units that would be issued based on performance results from previously-granted PSU awards. Share-based compensation expense for PSUs is recognized straight line over the requisite vesting period, reduced for actual forfeitures, and included in general and administrative expense in the accompanying Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. Total compensation expense related to the PSUs was approximately $0.5 and $1.0 for the three month periods ended March 30, 2024 and April 1, 2023, respectively. As of March 30, 2024, there was an aggregate of $5.8 of unrecognized expense related to the PSUs granted, which the Company expects to amortize over a weighted-average period of 2.3 years. The above table represents PSUs assuming 100% of target payout at the time of the grant. The actual payout of the 2022 grants will be in a range of 0% to 200%, depending on performance results for the three-year performance period from January 2, 2022, through December 28, 2024. As of March 30, 2024, the Company deemed the estimate of the PSUs granted in fiscal year ended December 31, 2022 to be issued at 200% of target, and have reflected such estimates within the share-based compensation expense. The actual payout of the 2023 grants will be in a range of 0% to 200%, depending on performance results for the three-year performance period from January 1, 2023, through December 27, 2025. As of March 30, 2024, the Company deemed the estimate of the PSUs granted in the three month periods ended March 30, 2024 to be issued at 100% of target, and have reflected such estimates within the share-based compensation expense. The actual payout of the 2024 grants will be in a range of 0% to 200%, depending on performance results for the three-year performance period from January 1, 2024, through December 26, 2026. As of March 30, 2024, the Company deemed the estimate of the PSUs granted in the three month period ended March 30, 2024 to be issued at 100% of target, and have reflected such estimates within the share-based compensation expense. Stock Options Stock options are granted by applying a Black-Scholes valuation model to determine the fair value on the grant date. Stock options are subject to a vesting period of either three The principal assumptions utilized in valuing stock options include, the expected option life, the risk-free interest rate (an estimate based on the yield of United States Treasury zero coupon with a maturity equal to the expected life of the option), the expected stock price volatility using the historical and implied price volatility, and the expected dividend yield. Stock option activity for the three month period ended March 30, 2024 is as follows: (dollar amounts in millions, except share and per share data) Stock Options Weighted-Average Grant Date Fair Value Weighted-Average Exercise Price, per share Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Unvested, outstanding at December 30, 2023 544,350 $ 4.5 $ 9.4 8.4 $ 2.0 Granted — — — — — Exercised — — — — — Vested — — — — — Forfeited (18,796) 5.3 10.6 9.0 0.1 Unvested, outstanding at March 30, 2024 525,554 $ 4.5 $ 9.4 8.1 $ 3.1 Vested not exercised at March 30, 2024 175,175 $ 4.5 $ 9.4 8.1 $ 1.0 |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share 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. For the three month periods ended March 30, 2024 and April 1, 2023, dilutive potential common shares include stock options and unvested restricted stock units. Dilutive earnings per share (“EPS”) excludes all common shares if their effect is anti-dilutive. The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three month periods ended March 30, 2024 and April 1, 2023: Three Months Ended (in millions, except share and per share data) March 30, 2024 April 1, 2023 Numerator: Net income attributable to common stockholders $ 30.7 $ 26.0 Denominator: Weighted average number of shares: Basic 146,604,142 146,703,894 Adjustment for dilutive securities 442,070 48,007 Diluted 147,046,212 146,751,901 Basic net income per share attributable to common stockholders $ 0.21 $ 0.18 Diluted net income per share attributable to common stockholders $ 0.21 $ 0.18 |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 30, 2024 | |
Equity [Abstract] | |
Share Repurchase Program | Share Repurchase Program On February 28, 2024, the Company announced that the Board of Directors authorized a share repurchase program, pursuant to which the Company is authorized to purchase up to $100 million of its common stock. The repurchase authorization does not have an expiration date and may be terminated by the Company’s Board of Directors at any time. As of March 30, 2024, $84.9 is remaining under the share repurchase program. There was no repurchase program in place in the three month period ended April 1, 2023. The Inflation Reduction Act of 2022 imposes a 1% excise tax on share repurchases in excess of issuances, which is effective for Janus for repurchases completed after December 31, 2022. We reflect the excise tax within equity as part of the repurchase of the common stock. The following table presents the share repurchase activity for the three month period ended March 30, 2024: (in millions, except share and per share data) Three Months Ended March 30, 2024 Number of shares repurchased 1,019,889 Share repurchase cost (including excise taxes) $ 15.3 |
Segments Information
Segments Information | 3 Months Ended |
Mar. 30, 2024 | |
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 JIE, with its production and sales located largely in Europe. The Janus North America segment is comprised of all the other entities including Janus Core, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door, U.S. Door, and Steel Door Depot. Summarized financial information for the Company’s segments is shown in the following tables: (dollar amounts in tables in millions) Three Months Ended March 30, 2024 April 1, 2023 Revenue Janus North America $ 240.5 $ 230.5 Janus International 14.7 21.6 Intersegment eliminations (0.7) (0.2) Consolidated Revenue $ 254.5 $ 251.9 Income (Loss) From Operations Janus North America $ 56.2 $ 48.7 Janus International (0.7) 2.3 Total Segment Operating Income $ 55.5 $ 51.0 Depreciation Expense Janus North America $ 2.5 $ 2.0 Janus International 0.3 0.2 Consolidated Depreciation Expense $ 2.8 $ 2.2 Amortization of Intangible Assets Janus North America $ 7.1 $ 7.1 Janus International 0.3 0.3 Consolidated Amortization Expense $ 7.4 $ 7.4 Purchases of property, plant, and equipment Janus North America $ 3.6 $ 5.2 Janus International 1.0 0.9 Consolidated purchases of property, plant, and equipment $ 4.6 $ 6.1 March 30, 2024 December 30, 2023 Property, Plant, and Equipment, Net Janus North America $ 47.3 $ 46.3 Janus International 6.7 6.1 Consolidated Property, Plant, and Equipment, Net $ 54.0 $ 52.4 Identifiable Assets Janus North America $ 1,332.7 $ 1,328.7 Janus International 67.4 70.0 Intersegment Eliminations (50.1) (48.7) Consolidated Assets $ 1,350.0 $ 1,350.0 Assets held at foreign locations were approximately $68.5 and $70.5 as of March 30, 2024 and December 30, 2023, respectively. Revenues earned at foreign locations totaled approximately $14.7 and $21.6 for the three month periods ended March 30, 2024 and April 1, 2023, respectively. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The Company initiated a restructuring plan in 2023 to relocate two of its facilities and align its ongoing corporate strategy. In addition, the Company incurred costs associated with restructuring initiatives intended to improve operating performance, profitability and efficiency of business processes. Restructuring charges can include severance costs, relocations costs, recruiting fees affiliated with hiring new personnel, legal costs, and contract cancellation costs. The Company records restructuring charges when they are probable and estimable. Restructuring costs are accrued when the Company announces the closure or restructuring event, and the amounts can be reasonably estimated. Restructuring costs are included in general and administrative expenses on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The Company’s restructuring expenses are comprised of the following: (dollar amounts in tables in millions) Three Months Ended March 30, 2024 April 1, 2023 Severance and termination benefits $ 0.4 $ 0.1 Legal, consulting, and other costs — 0.5 Total Restructuring Charges $ 0.4 $ 0.6 The following table summarizes the changes in the Company’s accrued restructuring balance, which are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets. Balance at December 31, 2022 $ — Restructuring charges 0.6 Payments (0.5) Balance at April 1, 2023 $ 0.1 Balance at December 30, 2023 $ — Restructuring charges 0.4 Payments — Balance at March 30, 2024 $ 0.4 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. 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 $0.2 as of both March 30, 2024 and December 30, 2023. 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 $0.2 and $0.5 as of March 30, 2024 and December 30, 2023, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these Unaudited Condensed 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 $0.3 as of both March 30, 2024 and December 30, 2023. 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 $2.1 and $2.4 as of March 30, 2024 and December 30, 2023, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these Unaudited Condensed Consolidated Financial Statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions For the three month periods ended March 30, 2024 and April 1, 2023, there were no material related party transactions. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events For the interim Unaudited Condensed Consolidated Financial Statements as of March 30, 2024, the Company has evaluated subsequent events through the issuance date of the financial statements. On April 18, 2024, the Company made a voluntary prepayment of $21.9 toward the certain First Lien Credit and Guarantee Agreement, dated as of February 12, 2018 (as amended to date, the “First Lien Term Loan”). The Company used cash on hand to make the voluntary prepayment. On April 30, 2024, the Company completed a repricing pursuant to Amendment No. 7 (the “Repricing Amendment”) to that certain First Lien Term Loan, The Repricing Amendment reduced the applicable interest rate margins on the $600.0 First Lien’s Term Loan by 0.5% to 1.50%, for the term loans bearing interest at rates based on the base rate, and to 2.50%, for the term loans bearing interest at rates based on the secured overnight financing rate. The company uses the secured overnight financing rate. In addition to the change in the applicable margin rate, the Company is no longer subject to a CSA rate of 0.1%. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 30.7 | $ 26 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 30, 2024 shares | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Peter Frayser [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On March 11, 2024, Peter Frayser, Chief Commercial Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 35,000 shares of the Company’s common stock until March 10, 2025. |
Name | Peter Frayser, |
Title | Chief Commercial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 11, 2024 |
Arrangement Duration | 364 days |
Aggregate Available | 35,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2024 | |
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 accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the applicable rules and regulations of the SEC. In the opinion of the Company’s management, the Unaudited Condensed Consolidated Financial Statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of March 30, 2024, and its results of operations, including its comprehensive income and stockholders’ equity for the three month periods ended March 30, 2024 and April 1, 2023 . |
Principles of Consolidation | Principles of Consolidation |
Reclassification | Reclassification |
Use of Estimates in the Consolidated Financial Statements | Use of Estimates in the Consolidated Financial Statements The preparation of Unaudited Condensed 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. Items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, inventory basis adjustments, the fair value of assets and liabilities related to acquisitions, the derivative warrant liability, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, the commencement date of leases, the incremental borrowing rate used to calculate lease liabilities, estimated progress toward completion for certain revenue contracts, allowance for credit losses, fair values and impairment of intangible assets and goodwill, and assumptions used in the accounting for business combinations. |
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; • 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 cash, accounts receivable less allowance for credit losses, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. The fair value of the Company’s debt approximates its carrying amount as of March 30, 2024 and December 30, 2023 due to its variable interest rate that is tied to the current Secured Overnight Financing Rate (“SOFR”) rate plus an applicable margin. To estimate the fair value of the Company’s debt, which consists of the First Lien Term Loan and the Revolving Credit |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable primarily arise from the sale of products and services to established customers. Accounts receivable are recorded at the invoiced amount and do not bear interest. Additionally, accounts receivable are stated at estimated net realizable value, net of allowance for credit losses which is based on the Company’s assessment of the collectability of customer accounts. |
Product Warranties | Product Warranties The Company records a liability for product warranties at the time of the related sale of goods. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect the Company's warranty liabilities. If actual costs differ from estimated costs, the Company must make a revision to the warranty liability. Generally, the Company offers warranties ranging between one and three years for our products with the exception of warranties for roofing at one of our business units, where we offer warranties of up to 10 years. |
Treasury Stock | Treasury Stock We account for treasury stock under the cost method pursuant to the provisions of ASC 505-30, Treasury Stock. Under the cost method, the gross cost of the shares reacquired is charged to a contra equity account, treasury stock. The equity accounts that were originally credited for the original share issuance, common stock and additional paid-in capital, remain intact. If the treasury shares are ever reissued in the future at a price higher than its cost, the difference will be recorded as a component of additional paid-in-capital in our Unaudited Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference will be recorded as a component of additional paid-in-capital to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Unaudited Condensed Consolidated Balance Sheets. If treasury stock is reissued in the future, a cost flow assumption will be adopted to compute excesses and deficiencies upon subsequent share re-issuance. |
Concentrations of Risk | Concentrations of Risk |
Segments | Segments The Company manages its operations through two operating and reportable segments: Janus North America and Janus International. These segments align the Company’s products and service offerings based on the geographic location between North America and International locations, which is consistent with how the Company’s Chief Operating Decision Maker (“CODM”) reviews and evaluates the Company’s operations. The CODM allocates resources and evaluates the financial performance of each operating segment. The Company’s segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. Refer to Note 15, Segments Information, for further detail. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2023, the Company adopted ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which amends ASC 805, Business Combinations (Topic 805), to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Janus will be applying the pronouncement prospectively to business combinations occurring on or after the adoption date. 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 and subsequent amendment to the initial guidance, ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Effective April 2, 2023, the Company transitioned its credit agreements from LIBOR to the SOFR. The Company adopted this guidance prospectively on April 2, 2023, and the adoption did not have a material impact on the Consolidated Condensed Financial Statements. Recently Issued Accounting Pronouncements On August 23, 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, under which an entity that qualifies as either a joint venture or a corporate joint venture as defined in the FASB ASC master glossary is required to apply a new basis of accounting upon the formation of the joint venture. Specifically, the ASU provides that a joint venture or a corporate joint venture (collectively, “joint ventures”) must initially measure its assets and liabilities at fair value on the formation date. The Company does not believe this will have a material impact on the Company’s consolidated financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The update will be effective for annual periods beginning after December 15, 2023. We are assessing the effect of this update on our consolidated financial statements and believe the adoption of this standard could add material additional segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in a public entity’s income tax rate reconciliation table and other disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We are assessing the effect of this update on our consolidated financial statements and related disclosures. 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 Company’s consolidated financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The effect of correcting the immaterial error in the Unaudited Condensed Consolidated Financial Statement for the three month period ended April 1, 2023 is shown in the following table: As previously reported Correction As adjusted Condensed Consolidated Statement of Operations and Comprehensive Income Three Months Ended April 1, 2023 Product revenues $ 209.7 $ 5.7 $ 215.4 Service revenues 42.2 (5.7) 36.5 $ 251.9 $ — $ 251.9 Three Months Ended April 1, 2023 Product cost of revenues $ 120.1 $ 4.3 $ 124.4 Service cost of revenues 31.9 (4.3) 27.6 $ 152.0 $ — $ 152.0 Footnote 11. Revenue Recognition Reportable Segments by Timing of Revenue Recognition Three Months Ended April 1, 2023 Janus North America Product revenues transferred at a point in time $ 204.4 $ (34.8) $ 169.6 Product revenues transferred over time — 32.9 32.9 Services revenues transferred over time 33.8 (5.8) 28.0 $ 238.2 $ (7.7) $ 230.5 Eliminations (7.9) 7.7 (0.2) $ 230.3 $ — $ 230.3 |
Schedule of Accounts Receivable, Allowance for Credit Loss | The activity for the allowance for credit losses during the three month period ended March 30, 2024 and April 1, 2023, is as follows: Balance at December 31, 2022 $ 4.6 Write-offs — Provision for expected credit losses, net 0.1 Balance at April 1, 2023 $ 4.7 Balance at December 30, 2023 $ 3.6 Write-offs — Provision for expected credit losses, net 0.5 Balance at March 30, 2024 $ 4.1 |
Schedule of Product Warranty Liability | The activity related to product warranty liabilities recorded in Accrued expenses and other current liabilities during the three month period ended March 30, 2024 and April 1, 2023, is as follows: Balance at December 31, 2022 $ 0.9 Aggregate changes in the product warranty liability 0.3 Balance at April 1, 2023 $ 1.2 Balance at December 30, 2023 $ 2.3 Aggregate changes in the product warranty liability 0.1 Balance at March 30, 2024 $ 2.4 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | The major components of inventories as of March 30, 2024 and December 30, 2023 are as follows: March 30, 2024 December 30, 2023 Raw materials $ 35.1 $ 31.0 Work-in-process 0.9 1.4 Finished goods 15.1 16.0 Inventories $ 51.1 $ 48.4 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant, and equipment as of March 30, 2024 and December 30, 2023 are as follows: Useful Life March 30, 2024 December 30, 2023 Land Indefinite $ 4.5 $ 4.5 Building 39 years 2.5 2.5 Manufacturing machinery and equipment 3-7 years 43.2 43.5 Leasehold improvements Over the shorter of the lease term or respective useful life 11.9 11.4 Computer and software 3 years 15.2 14.5 Furniture and fixtures, and vehicles 3-7 years 5.5 4.9 Construction in progress — 8.9 6.2 $ 91.7 $ 87.5 Less: accumulated depreciation (37.7) (35.1) $ 54.0 $ 52.4 |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The carrying amount and accumulated amortization of recognized intangible assets at March 30, 2024 and December 30, 2023, are as follows: Useful Life March 30, 2024 December 30, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 10-15 years $ 408.8 $ 161.0 $ 247.8 $ 409.0 $ 154.1 $ 254.9 Tradenames and trademarks Indefinite 107.4 — 107.4 107.5 — 107.5 Software development 10-15 years 20.3 7.9 12.4 20.3 7.5 12.8 Noncompete agreements 3-8 years 0.3 0.2 0.1 0.3 0.2 0.1 $ 536.8 $ 169.1 $ 367.7 $ 537.1 $ 161.8 $ 375.3 |
Schedule of Finite-Lived Intangible Assets | The carrying amount and accumulated amortization of recognized intangible assets at March 30, 2024 and December 30, 2023, are as follows: Useful Life March 30, 2024 December 30, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 10-15 years $ 408.8 $ 161.0 $ 247.8 $ 409.0 $ 154.1 $ 254.9 Tradenames and trademarks Indefinite 107.4 — 107.4 107.5 — 107.5 Software development 10-15 years 20.3 7.9 12.4 20.3 7.5 12.8 Noncompete agreements 3-8 years 0.3 0.2 0.1 0.3 0.2 0.1 $ 536.8 $ 169.1 $ 367.7 $ 537.1 $ 161.8 $ 375.3 |
Schedule of Goodwill | The changes in the carrying amounts of goodwill for the period ended March 30, 2024 were as follows: Janus North America Janus International Consolidated Balance as of December 30, 2023 $ 357.0 $ 11.6 $ 368.6 Foreign Currency Translation Adjustment — (0.2) (0.2) Balance as of March 30, 2024 $ 357.0 $ 11.4 $ 368.4 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities, as of March 30, 2024 and December 30, 2023 are summarized as follows: March 30, 2024 December 30, 2023 Customer deposits $ 22.5 $ 29.6 Employee compensation 10.7 20.2 Interest payable 8.2 13.2 Current operating lease liabilities 5.5 5.4 Sales tax payable 4.2 3.4 Accrued professional fees 0.9 0.7 Product warranties 2.4 2.3 Accrued freight 0.3 0.8 Other liabilities 7.4 4.7 Total $ 62.1 $ 80.3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following: March 30, 2024 December 30, 2023 Note payable - Amendment No.6 First Lien $ 621.9 $ 623.4 Financing leases 3.2 3.4 $ 625.1 $ 626.8 Less: unamortized deferred finance fees 11.4 11.8 Less: current maturities 7.3 7.3 Total long-term debt $ 606.4 $ 607.7 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Leases [Abstract] | |
Schedule of Balance Sheet Information | The components of right-of-use (“ROU”) assets and lease liabilities were as follows: (in millions) Balance Sheet Classification March 30, 2024 December 30, 2023 Assets: Operating lease assets Right-of-use assets, net $ 46.9 $ 47.6 Finance lease assets Right-of-use assets, net 3.0 3.3 Total leased assets $ 49.9 $ 50.9 Liabilities: Current: Operating Other accrued expenses $ 5.5 $ 5.4 Financing Current maturities of long-term debt 1.0 1.0 Noncurrent: Operating Other long-term liabilities $ 46.3 $ 46.9 Financing Long-term debt 2.2 2.4 Total lease liabilities $ 55.0 $ 55.7 |
Schedule of Lease Costs | The components of lease expense were as follows: Three Months Ended Three Months Ended (in millions) March 30, 2024 April 1, 2023 Operating lease cost $ 2.4 $ 2.2 Variable lease cost 0.2 0.2 Short-term lease cost 0.2 — Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.1 Interest on lease liabilities 0.1 — Total lease cost $ 3.1 $ 2.5 Other information related to leases was as follows: March 30, 2024 December 30, 2023 Weighted Average Remaining Lease Term (in years) Operating Leases 8.62 8.85 Finance Leases 3.18 3.39 Weighted Average Discount Rate Operating Leases 7.6% 7.6% Finance Leases 8.4% 8.4% |
Schedule of Operating Lease Maturity | As of March 30, 2024, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (in millions) 2024 $ 6.7 2025 9.0 2026 8.6 2027 7.6 2028 7.5 Thereafter 32.7 Total future lease payments $ 72.1 Less: imputed interest $ (20.3) Present value of future lease payments $ 51.8 |
Schedule of Finance Lease Maturity | As of March 30, 2024, future minimum repayments of finance leases were as follows: (in millions) 2024 $ 0.9 2025 1.2 2026 0.7 2027 0.5 2028 0.4 Thereafter — Total future lease payments $ 3.7 Less: imputed interest $ (0.5) Present value of future lease payments $ 3.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Balances | Contract balances as of March 30, 2024 were as follows: Revenues in excess of billings at December 30, 2023 $ 17.8 Unbilled receivables at December 30, 2023 31.9 Contract assets at December 30, 2023 $ 49.7 Revenues in excess of billings at March 30, 2024 $ 24.1 Unbilled receivables at March 30, 2024 11.3 Contract assets at March 30, 2024 $ 35.4 Contract liabilities at December 30, 2023 $ 26.7 Contract liabilities at March 30, 2024 $ 29.7 |
Schedule of 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 month periods ended March 30, 2024 and April 1, 2023: Revenue by Timing of Revenue Recognition Three Months Ended Reportable Segments by Timing of Revenue Recognition March 30, 2024 April 1, 2023 Janus North America Product revenues transferred at a point in time (1) $ 174.2 $ 169.6 Product revenues transferred over time (1) 32.7 32.9 Service revenues transferred over time (1) 33.6 28.0 $ 240.5 $ 230.5 Janus International Product revenues transferred at a point in time $ 8.9 $ 13.1 Service revenues transferred over time 5.8 8.5 $ 14.7 $ 21.6 Eliminations $ (0.7) $ (0.2) Total Revenue $ 254.5 $ 251.9 (1) These numbers have been revised for the three month period ended April 1, 2023. See Note 2 to our Unaudited Condensed Consolidated Financial Statements for additional information. Revenue by Sales Channel Three Months Ended Reportable Segments by Sales Channel Revenue Recognition March 30, 2024 April 1, 2023 Janus North America Self Storage-New Construction $ 104.2 $ 64.6 Self Storage-R3 68.3 82.4 Commercial and Others 68.0 83.5 $ 240.5 $ 230.5 Janus International Self Storage-New Construction $ 12.4 $ 18.6 Self Storage-R3 2.3 3.0 $ 14.7 $ 21.6 Eliminations $ (0.7) $ (0.2) Total Revenue $ 254.5 $ 251.9 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Unit Activity | RSUs are subject to a vesting period between one (dollar amounts in millions, except share and per share data) RSUs Weighted-Average Grant Date Fair Value Unvested, outstanding at December 30, 2023 944,810 $ 10.6 Granted 804,131 14.8 Vested (163,309) 10.6 Forfeited (10,834) 10.7 Unvested, outstanding at March 30, 2024 1,574,798 $ 12.8 PSUs activity for the three month period ended March 30, 2024 is as follows: (dollar amounts in millions, except share and per share data) PSUs Weighted-Average Grant Date Fair Value Unvested, outstanding at December 30, 2023 482,014 $ 10.0 Granted 225,959 14.8 Vested — — Forfeited (14,217) 10.6 Unvested, outstanding at March 30, 2024 (1) 693,756 $ 11.6 |
Schedule of Stock Option Activity | Stock option activity for the three month period ended March 30, 2024 is as follows: (dollar amounts in millions, except share and per share data) Stock Options Weighted-Average Grant Date Fair Value Weighted-Average Exercise Price, per share Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Unvested, outstanding at December 30, 2023 544,350 $ 4.5 $ 9.4 8.4 $ 2.0 Granted — — — — — Exercised — — — — — Vested — — — — — Forfeited (18,796) 5.3 10.6 9.0 0.1 Unvested, outstanding at March 30, 2024 525,554 $ 4.5 $ 9.4 8.1 $ 3.1 Vested not exercised at March 30, 2024 175,175 $ 4.5 $ 9.4 8.1 $ 1.0 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three month periods ended March 30, 2024 and April 1, 2023: Three Months Ended (in millions, except share and per share data) March 30, 2024 April 1, 2023 Numerator: Net income attributable to common stockholders $ 30.7 $ 26.0 Denominator: Weighted average number of shares: Basic 146,604,142 146,703,894 Adjustment for dilutive securities 442,070 48,007 Diluted 147,046,212 146,751,901 Basic net income per share attributable to common stockholders $ 0.21 $ 0.18 Diluted net income per share attributable to common stockholders $ 0.21 $ 0.18 |
Share Repurchase Program (Table
Share Repurchase Program (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Equity [Abstract] | |
Schedule of Share Repurchase Activity | The following table presents the share repurchase activity for the three month period ended March 30, 2024: (in millions, except share and per share data) Three Months Ended March 30, 2024 Number of shares repurchased 1,019,889 Share repurchase cost (including excise taxes) $ 15.3 |
Segments Information (Tables)
Segments Information (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summarized financial information for the Company’s segments is shown in the following tables: (dollar amounts in tables in millions) Three Months Ended March 30, 2024 April 1, 2023 Revenue Janus North America $ 240.5 $ 230.5 Janus International 14.7 21.6 Intersegment eliminations (0.7) (0.2) Consolidated Revenue $ 254.5 $ 251.9 Income (Loss) From Operations Janus North America $ 56.2 $ 48.7 Janus International (0.7) 2.3 Total Segment Operating Income $ 55.5 $ 51.0 Depreciation Expense Janus North America $ 2.5 $ 2.0 Janus International 0.3 0.2 Consolidated Depreciation Expense $ 2.8 $ 2.2 Amortization of Intangible Assets Janus North America $ 7.1 $ 7.1 Janus International 0.3 0.3 Consolidated Amortization Expense $ 7.4 $ 7.4 Purchases of property, plant, and equipment Janus North America $ 3.6 $ 5.2 Janus International 1.0 0.9 Consolidated purchases of property, plant, and equipment $ 4.6 $ 6.1 March 30, 2024 December 30, 2023 Property, Plant, and Equipment, Net Janus North America $ 47.3 $ 46.3 Janus International 6.7 6.1 Consolidated Property, Plant, and Equipment, Net $ 54.0 $ 52.4 Identifiable Assets Janus North America $ 1,332.7 $ 1,328.7 Janus International 67.4 70.0 Intersegment Eliminations (50.1) (48.7) Consolidated Assets $ 1,350.0 $ 1,350.0 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expenses | The Company’s restructuring expenses are comprised of the following: (dollar amounts in tables in millions) Three Months Ended March 30, 2024 April 1, 2023 Severance and termination benefits $ 0.4 $ 0.1 Legal, consulting, and other costs — 0.5 Total Restructuring Charges $ 0.4 $ 0.6 |
Schedule of Restructuring Reserve | The following table summarizes the changes in the Company’s accrued restructuring balance, which are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets. Balance at December 31, 2022 $ — Restructuring charges 0.6 Payments (0.5) Balance at April 1, 2023 $ 0.1 Balance at December 30, 2023 $ — Restructuring charges 0.4 Payments — Balance at March 30, 2024 $ 0.4 |
Nature of Operations (Details)
Nature of Operations (Details) | 3 Months Ended |
Mar. 30, 2024 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Error Correction (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 254.5 | $ 251.9 |
Cost of Revenues | 144.1 | 152 |
Eliminations | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (0.7) | (0.2) |
Janus North America | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 230.3 | |
Janus North America | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 240.5 | 230.5 |
Janus North America | Eliminations | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (0.2) | |
As previously reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 251.9 | |
Cost of Revenues | 152 | |
As previously reported | Janus North America | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 230.3 | |
As previously reported | Janus North America | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 238.2 | |
As previously reported | Janus North America | Eliminations | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (7.9) | |
Correction | Janus North America | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (7.7) | |
Correction | Janus North America | Eliminations | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 7.7 | |
Product revenues | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 215.1 | 215.4 |
Cost of Revenues | 114.7 | 124.4 |
Product revenues | Janus North America | Product revenues transferred at a point in time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 174.2 | 169.6 |
Product revenues | Janus North America | Service revenues transferred over time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 32.7 | 32.9 |
Product revenues | As previously reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 209.7 | |
Cost of Revenues | 120.1 | |
Product revenues | As previously reported | Janus North America | Product revenues transferred at a point in time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 204.4 | |
Product revenues | As previously reported | Janus North America | Service revenues transferred over time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 0 | |
Product revenues | Correction | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 5.7 | |
Cost of Revenues | 4.3 | |
Product revenues | Correction | Janus North America | Product revenues transferred at a point in time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (34.8) | |
Product revenues | Correction | Janus North America | Service revenues transferred over time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 32.9 | |
Service revenues | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 39.4 | 36.5 |
Cost of Revenues | 29.4 | 27.6 |
Service revenues | Janus North America | Service revenues transferred over time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 33.6 | 28 |
Service revenues | As previously reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 42.2 | |
Cost of Revenues | 31.9 | |
Service revenues | As previously reported | Janus North America | Service revenues transferred over time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 33.8 | |
Service revenues | Correction | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (5.7) | |
Cost of Revenues | (4.3) | |
Service revenues | Correction | Janus North America | Service revenues transferred over time | Operating Segments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ (5.8) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 3.6 | $ 4.6 |
Write-offs | 0 | 0 |
Provision for expected credit losses, net | 0.5 | 0.1 |
Ending balance | $ 4.1 | $ 4.7 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at December 30, 2023 | $ 2.3 | $ 0.9 |
Aggregate changes in the product warranty liability | 0.1 | 0.3 |
Balance at March 30, 2024 | $ 2.4 | $ 1.2 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Narrative (Details) | 3 Months Ended |
Mar. 30, 2024 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 35.1 | $ 31 |
Work-in-process | 0.9 | 1.4 |
Finished goods | 15.1 | 16 |
Inventories | $ 51.1 | $ 48.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 91.7 | $ 87.5 | |
Less: accumulated depreciation | (37.7) | (35.1) | |
Property, plant and equipment, net | 54 | 52.4 | |
Depreciation of property, plant and equipment | 2.8 | $ 2.2 | |
Cost of Sales | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation of property, plant and equipment | 1.8 | 1.7 | |
Operating Expense | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation of property, plant and equipment | 1 | $ 0.5 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4.5 | 4.5 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2.5 | 2.5 | |
Property plant and equipment, useful life | 39 years | ||
Manufacturing machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 43.2 | 43.5 | |
Manufacturing machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Manufacturing machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, useful life | 7 years | ||
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 11.9 | 11.4 | |
Computer and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 15.2 | 14.5 | |
Property plant and equipment, useful life | 3 years | ||
Furniture and fixtures, and vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 5.5 | 4.9 | |
Furniture and fixtures, and vehicles | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Furniture and fixtures, and vehicles | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, useful life | 7 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8.9 | $ 6.2 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Goodwill - Schedule of Indefinite-Lived and Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ 169.1 | $ 161.8 | |
Total gross carrying amount | 536.8 | 537.1 | |
Total net amount | 367.7 | 375.3 | |
Foreign currency translation | 0.3 | 0.8 | |
Amortization of intangibles | 7.4 | $ 7.4 | |
Tradenames and trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, indefinite-lived | 107.4 | 107.5 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 408.8 | 409 | |
Accumulated Amortization | 161 | 154.1 | |
Net Amount | $ 247.8 | 254.9 | |
Customer relationships | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Average Remaining Life in Years | 10 years | ||
Customer relationships | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Average Remaining Life in Years | 15 years | ||
Software development | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 20.3 | 20.3 | |
Accumulated Amortization | 7.9 | 7.5 | |
Net Amount | $ 12.4 | 12.8 | |
Software development | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Average Remaining Life in Years | 10 years | ||
Software development | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Average Remaining Life in Years | 15 years | ||
Noncompete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 0.3 | 0.3 | |
Accumulated Amortization | 0.2 | 0.2 | |
Net Amount | $ 0.1 | $ 0.1 | |
Noncompete agreements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Average Remaining Life in Years | 3 years | ||
Noncompete agreements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Average Remaining Life in Years | 8 years |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 368.6 |
Foreign Currency Translation Adjustment | (0.2) |
Ending balance | 368.4 |
Janus North America | |
Goodwill [Roll Forward] | |
Beginning balance | 357 |
Foreign Currency Translation Adjustment | 0 |
Ending balance | 357 |
Janus International | |
Goodwill [Roll Forward] | |
Beginning balance | 11.6 |
Foreign Currency Translation Adjustment | (0.2) |
Ending balance | $ 11.4 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Payables and Accruals [Abstract] | ||
Customer deposits | $ 22.5 | $ 29.6 |
Employee compensation | 10.7 | 20.2 |
Interest payable | 8.2 | 13.2 |
Current operating lease liabilities | 5.5 | 5.4 |
Sales tax payable | 4.2 | 3.4 |
Accrued professional fees | 0.9 | 0.7 |
Product warranties | 2.4 | 2.3 |
Accrued freight | 0.3 | 0.8 |
Other liabilities | 7.4 | 4.7 |
Total | $ 62.1 | $ 80.3 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Aug. 03, 2023 | Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | Apr. 10, 2023 | |
Line of Credit Facility [Line Items] | |||||
Deferred finance fee amortization | $ 500,000 | $ 1,300,000 | |||
Unamortized debt issuance costs | 11,400,000 | $ 11,800,000 | |||
Letters of credit outstanding | $ 400,000 | $ 400,000 | |||
Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 125,000,000 | $ 80,000,000 | |||
Variable rate | 0.10% | ||||
Interest rate | 6.60% | 6.80% | |||
Deferred finance fees | $ 1,300,000 | ||||
Deferred finance fee amortization | $ 100,000 | $ 100,000 | |||
Unamortized debt issuance costs | 1,100,000 | ||||
Outstanding line of credit | 0 | $ 0 | |||
Available capacity | $ 124,600,000 | $ 124,600,000 | |||
Revolving Credit Facility | Line of Credit | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Unused capacity, commitment fee percentage | 0.25% | ||||
Revolving Credit Facility | Line of Credit | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Unused capacity, commitment fee percentage | 0.38% | ||||
Revolving Credit Facility | Line of Credit | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.25% | ||||
Revolving Credit Facility | Line of Credit | Scenario 1 | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.25% | ||||
Revolving Credit Facility | Line of Credit | Scenario 2 | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.50% | ||||
Revolving Credit Facility | Line of Credit | Scenario 3 | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.75% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Debt Instrument [Line Items] | ||
Financing leases | $ 3.2 | $ 3.4 |
Total | 625.1 | 626.8 |
Less: unamortized deferred finance fees | 11.4 | 11.8 |
Less: current maturities | 7.3 | 7.3 |
Total long-term debt | 606.4 | 607.7 |
Notes Payable | Note payable - Amendment No.6 First Lien | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 621.9 | 623.4 |
Less: unamortized deferred finance fees | $ 11.4 | $ 11.8 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Aug. 03, 2023 | Mar. 31, 2024 | Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | Jun. 20, 2023 | |
Debt Instrument [Line Items] | ||||||
Deferred finance fee amortization | $ 500,000 | $ 1,300,000 | ||||
Unamortized debt issuance costs | $ 11,400,000 | $ 11,800,000 | ||||
Notes Payable | Note payable, Amendment No. 5 First Lien | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 726,400,000 | |||||
Periodic repayment, percent | 0.28% | |||||
Notes Payable | Note payable - Amendment No.6 First Lien | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 625,000,000 | |||||
Periodic repayment, percent | 0.25% | |||||
Interest rate | 8.37% | |||||
Variable rate | 3.25% | 3% | 3% | |||
Debt related commitment fees and debt issuance costs | $ 9,500,000 | |||||
Deferred finance fee amortization | 400,000 | $ 1,300,000 | ||||
Unamortized debt issuance costs | $ 11,400,000 | $ 11,800,000 | ||||
Notes Payable | Note payable - Amendment No.6 First Lien | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 1% | |||||
Notes Payable | Note payable - Amendment No.6 First Lien | Credit Spread Adjustment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 0.10% |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 30, 2024 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 1 year |
Renewal term | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 20 years |
Renewal term | 10 years |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Assets: | ||
Operating lease assets | $ 46.9 | $ 47.6 |
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Total leased assets | Total leased assets |
Finance lease assets | $ 3 | $ 3.3 |
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Total leased assets | Total leased assets |
Total leased assets | $ 49.9 | $ 50.9 |
Liabilities: | ||
Operating, current | $ 5.5 | $ 5.4 |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Financing, current | $ 1 | $ 1 |
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Less: current maturities | Less: current maturities |
Operating, noncurrent | $ 46.3 | $ 46.9 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Financing, noncurrent | $ 2.2 | $ 2.4 |
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Total long-term debt | Total long-term debt |
Total lease liabilities | $ 55 | $ 55.7 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 2.4 | $ 2.2 |
Variable lease cost | 0.2 | 0.2 |
Short-term lease cost | 0.2 | 0 |
Amortization of right-of-use assets | 0.2 | 0.1 |
Interest on lease liabilities | 0.1 | 0 |
Total lease cost | $ 3.1 | $ 2.5 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow (Details) | Mar. 30, 2024 | Dec. 30, 2023 |
Weighted Average Remaining Lease Term (in years) | ||
Operating Leases | 8 years 7 months 13 days | 8 years 10 months 6 days |
Finance Leases | 3 years 2 months 4 days | 3 years 4 months 20 days |
Weighted Average Discount Rate | ||
Operating Leases | 7.60% | 7.60% |
Finance Leases | 8.40% | 8.40% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Maturity (Details) $ in Millions | Mar. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 6.7 |
2025 | 9 |
2026 | 8.6 |
2027 | 7.6 |
2028 | 7.5 |
Thereafter | 32.7 |
Total future lease payments | 72.1 |
Less: imputed interest | (20.3) |
Present value of future lease payments | $ 51.8 |
Leases - Schedule of Finance Le
Leases - Schedule of Finance Lease Maturity (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Leases [Abstract] | ||
2024 | $ 0.9 | |
2025 | 1.2 | |
2026 | 0.7 | |
2027 | 0.5 | |
2028 | 0.4 | |
Thereafter | 0 | |
Total future lease payments | 3.7 | |
Less: imputed interest | (0.5) | |
Present value of future lease payments | $ 3.2 | $ 3.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 10.5 | $ 9 |
Income from operations | $ 41.2 | $ 35 |
Effective income tax rate | 25.50% | 25.70% |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Revenues in excess of billings | $ 24.1 | $ 17.8 |
Unbilled receivables | 11.3 | 31.9 |
Contract assets | 35.4 | 49.7 |
Contract liabilities | $ 29.7 | $ 26.7 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | $ 20.2 | |
Nokē Smart Entry System | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | $ 0.6 | $ 0.4 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 254.5 | $ 251.9 |
Product revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 215.1 | 215.4 |
Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 39.4 | 36.5 |
Janus North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 230.3 | |
Operating Segments | Janus North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 240.5 | 230.5 |
Operating Segments | Janus North America | Self Storage-New Construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 104.2 | 64.6 |
Operating Segments | Janus North America | Self Storage-R3 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 68.3 | 82.4 |
Operating Segments | Janus North America | Commercial and Others | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 68 | 83.5 |
Operating Segments | Janus North America | Product revenues transferred at a point in time | Product revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 174.2 | 169.6 |
Operating Segments | Janus North America | Service revenues transferred over time | Product revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 32.7 | 32.9 |
Operating Segments | Janus North America | Service revenues transferred over time | Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33.6 | 28 |
Operating Segments | Janus International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14.7 | 21.6 |
Operating Segments | Janus International | Self Storage-New Construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12.4 | 18.6 |
Operating Segments | Janus International | Self Storage-R3 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2.3 | 3 |
Operating Segments | Janus International | Product revenues transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8.9 | 13.1 |
Operating Segments | Janus International | Service revenues transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5.8 | 8.5 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (0.7) | (0.2) |
Eliminations | Janus North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (0.2) |
Equity Compensation - 2021 Omni
Equity Compensation - 2021 Omnibus Incentive Plan (Narrative) (Details) - 2021 Omnibus Incentive Plan - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Oct. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 15,125,000 | ||
Compensation expense | $ 1.9 | $ 1.8 | |
Tax benefit of compensation expense | $ 0.4 | $ 0.4 |
Equity Compensation - Schedule
Equity Compensation - Schedule of Restricted Stock Unit Activity (Details) | 3 Months Ended |
Mar. 30, 2024 $ / shares shares | |
RSUs | |
Units | |
Unvested, beginning balance (in shares) | 944,810 |
Granted (in shares) | 804,131 |
Vested (in shares) | (163,309) |
Forfeited (in shares) | (10,834) |
Unvested, ending balance (in shares) | 1,574,798 |
Weighted-Average Exercise Price, per share | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 10.6 |
Granted (in dollars per share) | $ / shares | 14.8 |
Vested (in dollars per share) | $ / shares | 10.6 |
Forfeited (in dollars per share) | $ / shares | 10.7 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 12.8 |
RSUs | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
RSUs | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Units | |
Unvested, beginning balance (in shares) | 482,014 |
Granted (in shares) | 225,959 |
Vested (in shares) | 0 |
Forfeited (in shares) | (14,217) |
Unvested, ending balance (in shares) | 693,756 |
Weighted-Average Exercise Price, per share | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 10 |
Granted (in dollars per share) | $ / shares | 14.8 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 10.6 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 11.6 |
Incremental shares (in shares) | 252,923 |
Equity Compensation - Narrative
Equity Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 1.7 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 1.2 | $ 0.6 |
Unrecognized compensation expense | $ 18.4 | |
Unrecognized compensation period | 2 years 7 months 6 days | |
RSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
RSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 0.5 | 1 |
Unrecognized compensation expense | $ 5.8 | |
Unrecognized compensation period | 2 years 3 months 18 days | |
Performance vesting percentage | 100% | |
Vesting period | 3 years | |
PSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance vesting percentage | 0% | |
PSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance vesting percentage | 200% | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 0.2 | $ 0.2 |
Unrecognized compensation period | 2 years 1 month 6 days | |
Expiration period | 10 years | |
Stock Options | Tranche One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Vesting percentage | 33% | |
Stock Options | Tranche Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Vesting percentage | 25% |
Equity Compensation - Schedul_2
Equity Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 30, 2024 | Dec. 30, 2023 | |
Stock Options | ||
Unvested, beginning balance outstanding (in shares) | 544,350 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 0 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | (18,796) | |
Unvested, ending balance outstanding (in shares) | 525,554 | 544,350 |
Vested not exercised (in shares) | 175,175 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance outstanding (in dollars per share) | $ 4.5 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 5.3 | |
Ending balance outstanding (in dollars per share) | 4.5 | $ 4.5 |
Vested not exercised (in dollars per share) | 4.5 | |
Weighted-Average Exercise Price, per share | ||
Beginning balance outstanding (in dollars per share) | 9.4 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 10.6 | |
Ending balance outstanding (in dollars per share) | 9.4 | $ 9.4 |
Vested not exercised (in dollars per share) | $ 9.4 | |
Weighted Average Remaining Contractual Life (in years) | 8 years 1 month 6 days | 8 years 4 months 24 days |
Weighted average remaining contractual life, forfeited (in years) | 9 years | |
Weighted average remaining contractual life, vested not exercised (in years) | 8 years 1 month 6 days | |
Aggregate Intrinsic Value | $ 3.1 | $ 2 |
Forfeited Intrinsic value | 0.1 | |
Vested not exercised, intrinsic value | $ 1 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Earnings Per Share [Abstract] | ||
Net income attributable to common stockholders, basic | $ 30.7 | $ 26 |
Net income attributable to common stockholders, diluted | $ 30.7 | $ 26 |
Weighted average number of shares: | ||
Basic (in shares) | 146,604,142 | 146,703,894 |
Adjustment for dilutive securities (in shares) | 442,070 | 48,007 |
Diluted (in shares) | 147,046,212 | 146,751,901 |
Basic net income per share attributable to common stockholders (in dollars per share) | $ 0.21 | $ 0.18 |
Diluted net income per share attributable to common stockholders (in dollars per share) | $ 0.21 | $ 0.18 |
Share Repurchase Program - Narr
Share Repurchase Program - Narrative (Details) - USD ($) | Mar. 30, 2024 | Feb. 28, 2024 |
Equity [Abstract] | ||
Amount authorized to be repurchased | $ 100,000,000 | |
Remaining authorized amount | $ 84,900,000 |
Share Repurchase Program - Shar
Share Repurchase Program - Share Repurchase Activity (Details) $ in Millions | 3 Months Ended |
Mar. 30, 2024 USD ($) shares | |
Equity, Class of Treasury Stock [Line Items] | |
Share repurchase cost (including excise taxes) | $ 15.3 |
Common Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Number of shares repurchased (in shares) | shares | 1,019,889 |
Share repurchase cost (including excise taxes) | $ 15.3 |
Segments Information (Details)
Segments Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 30, 2024 USD ($) segment | Apr. 01, 2023 USD ($) | Dec. 30, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Revenue | $ 254.5 | $ 251.9 | |
Income (Loss) From Operations | 55.5 | 51 | |
Depreciation Expense | 2.8 | 2.2 | |
Amortization of Intangible Assets | 7.4 | 7.4 | |
Purchases of property, plant, and equipment | 4.6 | 6.1 | |
Property, plant and equipment, net | 54 | $ 52.4 | |
Identifiable Assets | 1,350 | 1,350 | |
Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 14.7 | 21.6 | |
Identifiable Assets | 68.5 | 70.5 | |
Janus North America | |||
Segment Reporting Information [Line Items] | |||
Revenue | 230.3 | ||
Depreciation Expense | 2.5 | 2 | |
Amortization of Intangible Assets | 7.1 | 7.1 | |
Purchases of property, plant, and equipment | 3.6 | 5.2 | |
Property, plant and equipment, net | 47.3 | 46.3 | |
Janus International | |||
Segment Reporting Information [Line Items] | |||
Depreciation Expense | 0.3 | 0.2 | |
Amortization of Intangible Assets | 0.3 | 0.3 | |
Purchases of property, plant, and equipment | 1 | 0.9 | |
Property, plant and equipment, net | 6.7 | 6.1 | |
Operating Segments | Janus North America | |||
Segment Reporting Information [Line Items] | |||
Revenue | 240.5 | 230.5 | |
Income (Loss) From Operations | 56.2 | 48.7 | |
Identifiable Assets | 1,332.7 | 1,328.7 | |
Operating Segments | Janus International | |||
Segment Reporting Information [Line Items] | |||
Revenue | 14.7 | 21.6 | |
Income (Loss) From Operations | (0.7) | 2.3 | |
Identifiable Assets | 67.4 | 70 | |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | (0.7) | (0.2) | |
Identifiable Assets | $ (50.1) | $ (48.7) | |
Intersegment eliminations | Janus North America | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (0.2) |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) | Dec. 30, 2023 facility |
Restructuring and Related Activities [Abstract] | |
Number of facilities relocated | 2 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Total Restructuring Charges | $ 0.4 | $ 0.6 |
Severance and termination benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Restructuring Charges | 0.4 | 0.1 |
Legal, consulting, and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Restructuring Charges | $ 0 | $ 0.5 |
Restructuring - Schedule of R_2
Restructuring - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 0 | $ 0 |
Restructuring charges | 0.4 | 0.6 |
Payments | 0 | (0.5) |
Restructuring reserve, ending balance | $ 0.4 | $ 0.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Insurance Claims - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Workers' Compensation Insurance Program | ||
Loss Contingencies [Line Items] | ||
Claims in excess | $ 0.2 | $ 0.2 |
Estimate of possible loss | 0.2 | 0.5 |
Health Insurance Program | ||
Loss Contingencies [Line Items] | ||
Claims in excess | 0.3 | 0.3 |
Estimate of possible loss | $ 2.1 | $ 2.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Notes Payable - USD ($) $ in Millions | Apr. 30, 2024 | Apr. 18, 2024 |
Subsequent Event [Line Items] | ||
Prepayment of debt | $ 21.9 | |
Note payable, Amendment No. 7 First Lien | ||
Subsequent Event [Line Items] | ||
Face amount | $ 600 | |
Variable rate | 0.10% | |
Note payable, Amendment No. 7 First Lien | Base Rate | ||
Subsequent Event [Line Items] | ||
Reduction in variable rate | 0.50% | |
Variable rate | 1.50% | |
Note payable, Amendment No. 7 First Lien | SOFR | ||
Subsequent Event [Line Items] | ||
Variable rate | 2.50% |