JBI - Earnings call transcript Q2 2024 | Janus International Group, Inc.

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Operator

Good morning, and welcome to the Janus International Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Sara Macioch, Senior Director of Investor Relations. Please go ahead.

Sara Macioch

Thank you, operator, and thank you all for joining our earnings conference call. our Officer, Officer, Anselm by our Jackson; today Financial Chief Wong. joined Chief Ramey Executive and I'm We hope that issued this you have seen our morning. earnings release

this found We which janusintl.com. of also posted presentation at support have a our website can the in of be Investors section in call,

results may our and begin, we actual beliefs, which forward-looking anticipated The strategies, projections, forecasts call control. goals, are those like statements. forward-looking Any company's you that beyond to are variety plans, differ Before forward-looking remind statements assumptions by statements. for would our statements of today's of I from include may made describing expectations, many reasons, such a

our the forward-looking us by no only identify prospects publicly information our available see Exchange statement to business, filings statements, risks us obligation only and made. future could during Securities Commission, this of the when forward-looking We and results. speaks to affect on Please and which any is update assume based with currently and recent date the made and principal it is uncertainties that any call as

will release we a of measures income adjusted directly most these adjusted certain measures measure. net non-GAAP see margin, discussing including for adjusted addition, In EBITDA, or today, EBITDA Please EPS. their to and and adjusted be filings our providing financial non-GAAP reconciliation comparable GAAP

guidance results we for XXXX our will and continue Anselm the and call overview Ramey with closing business. call, of today's your of provide discussion our will up On financial an Ramey shares open a questions. thoughts, before some

the to I point, At will Ramey. turn over this call

Ramey Jackson

us. and everyone, morning, you Good joining for Sara. you, Thank thank

key you through to go my I'd I prepared focus on like some themes. As remarks,

end a in our resilience dynamic demonstrating during markets. is Janus First, time

our each execution durability and current generation results, the Second, the financial reflect cash our intact. headwinds, of balance of finally, And we by in model continued our believe looking sales strong strength sheet reliable channels beyond and remain our team. fundamentals long-term the business

our long-term around encountered the environment number in cautious end interest to Concerns customers. invest more organic on markets assets a while market bolstered outlook in the investment our their trends. we second the M&A a watchful from until future environment long-term continuing is some as of of adjacent clear. to in our Self-storage is a business, are rate combined higher-for-longer customers and projects and factors keeping the commercial during offerings demand category. of quarter, During deferrals in the temporary resulted broader through quarter impact our eye an exciting We market in

align center during better with opened site the Airy, a orders stock needs, on fashion. timelier fill allowing North we us to customers structure our our to their and with a quarter, distribution Working in in Mount Carolina,

from beginning expect in We to this benefits quarter. the see third

maintenance premier or value a Over made On will provider on to of we front, services and acquired track, Facilitate terminal we is provides the LTL in services Southeastern on with for integrating our which capabilities and the commercial M&A industry Construction, they freight Terminal where TMC, for services. trucking remodeling Maintenance maintenance terminal States. in focus TMC provide renovation, customers the of maintenance we May, during unlock facility quarter. growth The they support to contribution TMC division, further complete pleased expect time, the of self-storage. integration by are their and United

track synergy in and on to market. sales our in increases and strong channels record On core delivering of targets We a and smart executing growth transactions has categories our that capabilities our deliver broader profitability. note, believe adding complements positioned addressable increases M&A adjacent us total

high-level give me you let Now on our in performance thoughts the some quarter. second

their thank every continued and they dedication effort, day. our for everything is As Janus at I'd show employees and do always, to we work, team hard a like professionalism

was decrease in adjusted a in by channels. and generation more growth continued We Other continuation RX revenue. quarter solid channel that softness results and that margin Those a both second in our Construction sales the than cash financial our results continued offset despite robust EBITDA reflected performance included in and sales delivered the New Commercial of

Our business model. our ability speak inherent manage our to margins flexibility effectively the to in

with Our year-over-year balance sheet leverage below the down net long-term X.Xx, quarter stated of our the strength X range second at of X.X remains to a differentiator, of turns end and target Xx.

strength our XXXX. upon expand of Anselm second Total performance down of Self-Storage X.X% the will Construction to which more revenue was than quarter for the as Turning sales in shortly, New was that the offset the sites. by period. capacity favored to This a a several greenfield investment in quarters has in prior year Self-Storage weakness last over RX is via of trend compared continuation channels,

previously, discussed conversion during the the driver to saw has to a activity we high the as have levels the we been retail-to-storage decline compared was marks primary which RX. water pandemic, normal return of As in there of

standards also rates, conditions we work quarter, impacts to This causing RX interest elevated and saw until economic tighter from lending delay improve. operators

opportunities basis, the margins Despite and about space consolidated substantial and see the revenue channel On impacts of second to we reflect The quarter over had quarter, risen a second were ago sales channel potential driven decline, during equally volume. and demand portion Other and which top carports compared overall improve general excited sheds, time. across pandemic. to a addition represent in softness line the the XX.X% down Our results sales the broader by was to price decline TMC the in year-over-year quarter in the for year market roughly the period. the Commercial of continued we're and our a the commercial

underway, Entry interest to we of is number smart and Noke seeing we customers. at strong testing we our announced the step locking next first XXX,XXX Ion, Noke expansion end lineup. drive from hardwired quarter, across represents of of an in suite X.X%. of adoption customers' Noke, April, the XXX,XXX In our of Smart which portfolios. magnetic addition Beta Ion increased had accelerating quarter, sequential to growth inside-the-door Noke our representing system, a innovative of already are the capabilities the solutions, remote units access the the of to product from installed another during

third We revenue sale available fourth with expect of and be impacts end quarter, the installations the beginning the quarter. in Ion corresponding to for at

in We innovate our continue offerings customers their partnership serve needs. with to to better

these In the new is support that self-storage in combating and of provide within is lower for we door an solutions announced the for floor, bar the strength to roll-up design to July, The X smoothly on a markets. elevated theft, floor the NS and select which Series, industry that includes safety glide issue becoming anchored Series One guides provide of secure important needs A facilities. NS security engineered support. anchored combines with with and enhanced incorporates heightened level which ensuring robust durability. clips guides, an to includes the stability equipped angles firmly

the not a NS NS+ construction. can The installed a NS includes ideal but Retrokit Series Retrokit. NS be as Door Door the existing door is The NS+ for is both and package The as new well on replacements that doors. Janus

position in balance continued repurchases put including allocation share our during Our in robust active strong an a of sheet. generation and cash be to combination capital in adjacent an our of and management quarter, us acquisition market, proactive liquidity activities the

drive remain encouraged long-term expect by the In we summary, we fundamentals some despite to company. growth challenges, for our that

create solutions can our stakeholders and position services to and on long-term delivering customers. We expand control, our are reliably that beyond. working in we all market and things safely value and strong of our forward We for focused for XXXX to look

turn With overview further for over that, to guidance. our with the along I'll results, call to of Anselm XXXX a updates our Anselm?

Anselm Wong

everyone. Thanks, morning, Ramey, and good

market what focusing against are As more Ramey we Janus on cycles. position better to landscape, through a executing all is succeed muted our control stated, within to

let New business me into Construction as strength RX Now the in numbers. more Commercial declines the deeper million consolidated In year to quarter, prior Other. $XXX.X down X.X% than lower offset in was and our and revenue the second Together, dive quarter, Self-Storage of with was X.X%. by compared

with declines activity momentum, in continue in as continued was its by retail-to-storage growth greenfield well in conversion off the add continued as renovation for X.X% as to Construction quarter, and activity. customers the driven RX redevelopment of quarter capacity. new XX.X% slowdowns New

in our progressed, As delaying sustained customers both to rate the projects New around the Construction saw from uncertainty challenging interest RX and environment. quarter we due impacts

slower in into the expect persist a seen material the to likely haven't is we second year. of While increase half activity the cancellations, we

for Touching as which, the mentioned, quarter. this price XX-XX volume roughly the quarter, was Ramey on and split

we solutions we defend As premium defending or you The have while share. price offer impact the market that told before, efforts actions are being to our reflect to meant component the always our on of market proactive our mindful share. revenues reflected of commercial expanding

Looking forward, commercial future actions the and have they we intend margin manage implemented. impacts to as from are the capabilities

important costs to compared also the input note down It's that are year level. ago to

the in these of be impact lag, actions. offset results of expect to X-month starting to early the we benefits roughly reflected a XXXX, Given commercial lower the in costs helping the

softness saw segments continued weakness XX.X% Our Other second Commercial overall quarter decline demand the driven market a and in shed. for and and carports in by

quarter basis mix well XXX revenues adjusted year-over-year Second sales due channel The expenses. This to points the million of decrease ago EBITDA adjusted compared off in is margin XX.X% EBITDA quarter. from was lower year the XX%, increased resulted adjusted year and margin prior down as EBITDA period. to as of $XX.X primarily an in operating

cash million, cash produced diluted of decline, generation of profile quarter, net demonstrate from share of the $XX.X earnings we adjusted the income an million, For per to the continuing activities adjusted robust generated and We year-over-year $XX XX.X% second of business. $X.XX. operating

the expenditures Capital the million quarter million, up $X.X of second $X.X XXXX. were quarter for from in

flow resilience of cash free profile the reflects Our business. our

cash and of quarter, of million the adjusted XX-month On finished second the cash the we of We free including equivalents $XX.X liquidity, cash net a trailing total of a $XXX.X conversion flow with quarter generated free on flow income sheet. million. balance million $XXX.X of basis, represented XXX%. this For

Our was BaX total BX million, to and Moody's rating $XXX positive. In our outstanding leverage April, X.Xx. was outlook to at quarter and upgraded net revised our end from our credit long-term debt

$XX.X our our again executed debt. X.X our long-term program lien million term share of $XX.X million addressed we During our the prepaid first quarter, loan. lien repurchased for $XXX repurchase have loan Year-to-date, term and shares million against first repriced million, and we

to our Now XXXX moving guidance.

remain Other, growth a We be RX. New challenged we of of rest our into Construction with volume likely activity towards and will what previous consistent favorably the versus to to the half in for pushed and be saw return to to more weighted XXXX expectation latter Commercial compared both quarter, XXXX expect Self-Storage we now recovery. expect In second results with price,

X.X% concerns results adjusting the uncertainty, of our for on first our into the are end adjusted and and approximately in for increased revenue midpoint, year, EBITDA of the full to guidance to we decline our half our $X.XXX compared year billion as XXXX macro versus $X.XXX around $X.XXX interest this revenues range markets, now to At rates XXXX. expect follows. represents to Based visibility current a billion We of the billion previously. be $X.XXX billion

EBITDA We in midpoint million strength adjusted decline million despite EBITDA of of anticipate prior decline an for to X.X% of the adjusted our to margin adapt business to to the year. revenues roughly to is market million to The our $XXX That range margin XXXX. $XXX highlights $XXX to be a $XXX resilience outlook the equates the XX% previously. ability relative our midpoint model at This the at in compared in to and volatility. the million

to are cost quickly to well We our and we shift, react flexibility scale when largest manage have the fundamentals means our inputs. positioned

demand the and that began we quarter, second are seeing a project continuation of So in persisting. some trends third with during far delays quarter, softness in

at outages to Houston Beryl. weather experienced also facility We our Hurricane due

original framework we our remains for outlook in While adjusting our down guidance, XXXX place. from are the long-term

that actions. impact reminder, commercial outlook does from any contemplate a long-term As not

Ramey? turn to call Thank now over closing you. the remarks. for Ramey will I his

Ramey Jackson

The the debt challenges acquisition, goals done allowing in again, momentum Anselm. fronts, have repricing share you including face multiple we while and we executing our built to on capital repurchases and work Thank current the have quarter. against hard are the us allocation TMC

and Our strong laser-focused remain long-term another flow are generation. of delivering objectives and year cash on intact, we margins solid

helping suite our to expanding capabilities, in position solutions. as leader our differentiated cement the We intend offerings of and to self-storage industry continue

of in us continuing to execute forward and put our shareholder work I position drive stakeholders. Our look deliver seek creation value balance out value-enhancing to long-term opportunities. sheet plan as expertise to a all and accretive for we our to

for please. again Operator, us. can Q&A, now you up the for we Thank joining lines open

Operator

Daniel CJS question [Operator Instructions] Securities. Moore first from with comes The

Dan Moore

visibility. Self-Storage Let bit with in to more in surprising, specifically the revenue decline -- obviously, relation was typical me start RX a your the

what about talk just So from customers. you're hearing

you're more not material moving specifically What mentioned push-outs. seeing forward these looking are projects? they You waiting cancellations before on or but for

Ramey Jackson

Yes.

What over pause There's rates, growth I macro. in around the we're look think we're of of new when hit QX. we growth there. seeing is construction, X% still broader kind around interest at kind seeing customers

a continuation RX side, conversions and expansions. the of the it's On

it's, you out you the conventional It's side, that's kind flat. and of sector been again, -- kind think a a of business look shed growth refurbishment, still relatively And strip that that's when at bit the of carport look that commercial little anticipate year, of of then truly early to continuation when and 'XX. I on pushed and out at that remix, we this active.

Dan Moore

we Got And it. normal where now today maybe about X XX likely? Or are of think of do levels, months RX, backlogs in ago? see we or versus And more to prepandemic? kind are back you sort more how do correction overall

Ramey Jackson

still to I the the the think bit Yes, softness backlog the around a and the just in kind think little macro. because testament that's RX there's the I highs the of backlogs conversion. are And pandemic around a uncertainty of remained longer, healthy. in Projects

made strip it's We that again, that's normal, great what But as interest kind rates to and and a out, normalization those again, it of refurbishment, election back customers to opportunity are the past nature, think some still and things the relatively market due that on year. there's So our were of telling the the pause this presidential in acquisitions relates of to remixes. us. just

Dan Moore

crystal that think extending the to out, ball fiscal a of about 'XX. outlook maybe as And question, but your Okay. and visibility kind talk we

some you of and for in of confidence recent REITs. well we've in seen economic the spend and capital expectations what as that increasing declines growth uncertainty as Your from the kind given Self-Storage gives commercial

Anselm Wong

Thanks, Yes. Dan.

lot think we're interest Ramey's higher projects. like to is, what of at have really I seeing a point pushed this point, the rates out just

customers movement with until -- think some our the out pushing I midsized impacted, there. I see -- it's about that we've and think get always say, smaller it that trend the could there look, a if now hey, that talked guy we market can it And all push indicating to a I here. months they're drop, of save be point out that I couple just waiting X.X guys

think I the more just into has steel as pricing market we competitive become on price. go XXXX, from

from to, if down talked quarter, the steel was you about holding think the last about down $XXX. $X,XXX it, we it So $XXX call high steel, to pound

If you price equal it's to look today, that down at to $XXX.

terms So pressure of there's a in pricing. of bit there

into changes, that we to we unless -- really So that expect go next year.

what as and we match to that, steel Even we commercial the here, take X- our margin X-month That's seen volume range. is able is us to the you so that profile, thing been good our how lag maintain the goal that costs actions manage our do. kind get despite in margin. to While guys any that time, we drop know buy to of that with that you've we've

Dan Moore

least next pricing like and could a of year terms So headwind it in solid, but for volumes. expect sounds you at be more offset some

Anselm Wong

Yes.

that of start the project returns what see should we rate interest a we market from up the freeing see. say as delays think I to the bit side, normal we some

Dan Moore

fit like And 'XX. paid $XX kind million. talk right? cash when that fiscal looks like of could it to bit for a And in additional the the terms about And just just acquisitions? statement, rate out a strategic that of you business. look accretion flow Is revenue, we platform Is of TMC talk at EBITDA looking Okay. about the get and little run what about

Ramey Jackson

for Facilitate a of RX of feel totally roll-up fragmented very guys Great that to question. Thanks. additional us, Strong M&A looking now. sky market. we're of like of maintenance leaders lot Look, right in the ] playbook similar that replicate was room certainly kind market. the they terminal in work. lot bright-spot strong a acquisition at good can kind are We a These is Southeast Very There leadership our have Yes. [ business. that for margins, a that side. group, we on with blue refurbishment,

if metrics? Anselm, And to financial of the talk about you want some

Anselm Wong

Yes.

revenue, is we you what that line about is the obviously, if said but, It what Dan, they for you point in in Excited price a at -- of paid quarter the margin. the we with saw. about million kind range think, is $XX partial I look think, I that it's thought.

we same seen this acquisition the side. storage on as the at we grow. sure one of could were what that to into the strategic time, business think side But we were Facilitate the we've that something that, hey, the it I delve thing make scrutinizing our was diligence, margin about really to good margins, could really buy opportunities strong similar growth and the EBITDA the is there. help

probably about roll-up [ adding group and a side. we're strategy helping business the do excited in So to -- ] and this

Operator

The with Company. next question Benchmark Reuben Garner comes from The

Reuben Garner

backlog what kind Are I kind canceled walk seemed how at us as were backlog you guess get that but have the if looks to are? RX still in of didn't things you of be in abruptly -- And kind still of can those they slow? that to surprised downturn, works? solid. projects any all delays, you kind see through penalties how last you Were the of kind -- there know business backlog? than could to how -- looks understand I worse us Like anticipated. I in how of place but there's talk you about Just

Ramey Jackson

division. at you're from question. We're things very did from That's what perspective That's the the the kind really, And were but I and partners. think our the of conversions Look, hanging that's on one We're we when not hearing look expansions and have you internally really planning renovation, the have seeing last, it in have true guess, GFC, is with off. off of genesis conversions of during the of for I expansions have the It's that was some a here kind optimistic. sector, drawing -- theme data to darlings. that burn -- side good Great the really and highs. RX Yes. we remix, there. that the RX, where still RX taken and the hit pandemic the some that pandemic of the roll

customers some very visibility, we Anselm confident still then think little the we're quarter interest to, in is the are terms cuts in In framework It's rates. the to bit in waiting of items and a healthy. come? around long-term on. the mentioned, what backlog some rate uncertainty due I like to months Are get slowed our interest also going that's of The business. weather-related

term, very to M&A and a be We're kind we're of to be debt. backlog. velocity Reuben, buybacks balance through just long We're going But paying terms our creative in of the RX confident. Construction and in right which cycles lull opportunistic around New down projects use and sheet the We'll share now there. typically in the

Reuben Garner

to job? the delays clear, that that? are these it? projects construction -- are that you just Can new mid into and Or just the was and start they projects be And -- you're insight talk are getting Ramey, are now stopping months just delayed delayed were about jobs expansion that ago

Ramey Jackson

forward. little it risk. that us are There confidence situation. We're But always of a hitting that of which country will to the just lion's There's that Coast. share on really certainly are in midstream the pause. a point that latter. today, Is that that's not portfolio there some put projects big seeing a cancellations? that these Particularly, move It's is There's starts projects -- on hold. gives a kind in risk more of the it's new been of side I'll have West the

we So are. that's where

Reuben Garner

particular you you been I -- Coast. have the Are exposed to now the mentioned it geography, the out? more I'm sneak more you Is customers? Anything players And past. going that in you're to in. West else know call smaller size the Okay. of customer any there one than

Ramey Jackson

No.

consider obviously, the we I think the It's it. Anselm and, layer public institutional. being by rates. mentioned They're below impacted REITs, restriction which guidelines financing, interest

kind pop. of they players that quarters, looking the was recently of kind REITs, look past larger institutional. last the we very I which if quarter smaller said the of more look status at mom rates So like you mean we reported. It's and when or you're you X crept their think XX%, and healthy. quo, into XX%, And at occupancy at kind up is consider it I the

past I rates. So resilient. of some remains Self-storage think to is market interest this just need get We the around uncertainty strong.

Operator

The Ng comes next question from Phil Jefferies. with

Philip Ng

in XQ, X% I about second and implies half organic guide down sales similar down implicitly, were think your Sales levels.

seem crazy just that a little easier. do given doesn't So comps get

and Have get I'm trying downside some out July? there's called still and So intra-quarter actually that just out to as you And pricing a weather orders stabilize? you trend to risk sales Or started then did gauge, how well. seeing here? you into dynamic the progress called

think we cadence half, in versus about be when back the declines the quarter? harder So XQ sales hit will fourth

Anselm Wong

there. Yes, a lot of things

Phil. thanks, So

and of get them. So I'll try all

shut So for week our out the down with Houston there. hurricane factory was a

does that So impact That's that, impact that July numbers is that's said saw. a looking to of that Outside thing the we QX. impact we're we bigger obviously, would at will and it there. have the hey, that why that's numbers that weather-related way going us, the a trend, impact in

of just terms question That other about was half we're of look there. talking decline about pricing, pricing competitive the if quarter, being and at the done. about, that here this was we've what In your you

referring we're think the what point. And is going longer-term down is just about $X,XXX steel the that trend honestly, $XXX. from a lower is That's to at variance to think a pound drop. I this you staying meaningful

job managed manage and So of great we but Ramey's the margins. give competitive, it being we our way always so that maintain we've manage cost much done we our a back, how with -- we

impact the look this giving versus adjustment going that just an where in say, majority will and see early So this come XXXX. year. kind of hey, commercial we price of into That's coming of we're

Philip Ng

as X% steel of step a guide? than it, even more So prices Or run could pricing that's through? fall down good call kind that, rate

Anselm Wong

steel because again, we XXXX range further actions this The would that kind year, the where for take we're that already the probably in ] in has the balance be of there. backlog that based [ impact. commercial going up of going on staying Yes, that it's would or a price to is range cleaning hold

Philip Ng

helpful. That's last in Okay. half back of RX soften started year. the to

So out you you to just that some still us to perspective what normalized perhaps like fully us versus levels? do give is a called more flushed be not of remix? give kind percent when of Ramey, more you sense can your expect conversion out. out And business conversion flushed

Ramey Jackson

Yes. speak I'll the metrics. question. a There's Anselm actual conversions That's backlog. in let to tough the still

quote the We just levels we that have continue to not the in at conversions past year X. or

a we'll terms So monitor tough aging have It But in facilities, capacity gets older the in like markets that acquisitions feels a new lot that's Phil. of that put when market, of one, 'XX of there's with around probably out that. opportunity happened flushed have to facilities. the in in the been just some totally. the Again,

are operators compete to supply something forced these online. that's to going be So to do with new coming the

Anselm Wong

Yes.

there's piece down was, I piece it's it's a -- the in conversion don't but the ingrained point, kind Phil, -- [indiscernible] we as of just split, to disclose still still think, there.

think a will so be I level. certain amount, just always high there

is There's probably of than probably in before. an now where meaningful RX X/X You're was talking less it bucket. it conversions

Operator

comes KeyBanc. The Jeff with Hammond next question from

Jeffrey Hammond

headwinds, in you lost of Ion the -- is pretty guys guess this seem this some about. excited rollout, macro I which

in the you the in changes for beta you're Just talk what's getting product, testing maybe think business. the new that how that growth Noke and feedback about trajectory

Ramey Jackson

we're bright for during buildup time, to I price it's excited. at that for on makes lot of why same of them. super quarter. certainly -- a the waiting point a a beta, We're spot. But and this getting it's overlooked Look, the have understand Yes. customer being waiting customers been sense sidelines And feedback Great question. kind

that's we've add So they stripped we've wired wants a it is designed lot side from certainly case, if And pay customer it. solution down the its stripped options. can for essentially, R&R options, down the of -- is on done an to inside-the-door base what at from of

that we right extremely hit we're feedback learning beta now, a a growing the of that. But lot, like getting of good on It's said, stable. of lot feel go-to-market like The sweet and, business a we've doing a pricing. the I release we're anticipating book spot have

be more So we couldn't excited.

of are other The Noke of the ONE and IoT things doing kind great. solution some still

You growth last we quarter. saw that the had

So you know get business, company certainly the industrial company, we're it, make the for penetration we rates that have deserve. we a impact know to that's engine we and it and industrial can technology growth that about that excited once the long-term this

Jeffrey Hammond

then And know I quarter? revenue, I us revenue don't or it you if this in missed Okay. I contribution was TMC, for... what can the was give the there guess,

Anselm Wong

Yes. million and is business. of expect for what It's the we It $X was there. about revenue tracking

said, about Ramey but margins. disclose like it's storage the similar excited So again, EBITDA we're because it we didn't the to margin,

Jeffrey Hammond

on it of Okay. I And of consolidation then you're some last the hold. opportunity, about one been space you it like in some back said but -- that's to sounds think excited the and what holds RX for

they feedback of that remodel, when So what's rebrand? getting remix, you're do ultimately around the some

Ramey Jackson

terms But opportunity, lot always coming won't the It's on multiyear and Again, for good a into of out I the of been us. opportunity in particulars that pulling through design to -- background that of I've doing revenue. about go or a in but slower yes, it's customers. side of work active. gate, the feel Yes. customer the it referenced

Jeffrey Hammond

Is it to build it more into of 'XX? do mean visibility that pull-through a have in 'XX? you momentum I starts

Ramey Jackson

feels Yes, right. 'XX I fair, think Jeff. that's

Operator

The comes Lovallo from John next question with UBS.

John Lovallo

maybe be slightly I for other half. thinking how is and you half will G&A what over be mean flattish one But about versus are would second within puts the that mean mix some sales of XX%, price I outlook up the first margins EBITDA are channel that? half half. that the first about cost, of investment? takes The and

Anselm Wong

Yes.

prior is from said the I it in half think the prior was first up was big cost. more a what step year-over-year calls, carryover year. -- G&A why That's side we the

in think will point the that second I lapping that the be second of you again, slower were view half. adds because, in half did the we

QX from year-over-year flattish a in little probably that more perspective and then probably QX be range. a So would in

as Noke, said, a investment we've There's some the little end, of done the back of adds. salespeople in terms that we've the in

the from it's half. saw margin In probably this we range what could other pursuing point on that probably a of we're about the is price little view, just be range, volume a bit terms to pieces side. price probably to QX mix second way in seeing from think in versus good we're in each a a of But similar that

the assuming, And back then in is is unfortunately, but that that thing are the of the -- looked in the while much recovery it in be QX. saw half term we it just similar back we the talk slower we We -- about that negative some happening than thought still doesn't we're trends, least like we would year way that It's still thought. for the we commercial, that didn't the half. just year-over-year. staying It looks like other at it's short trend at here, long-term the overall there market,

John Lovallo

Okay. Makes for RX, times you makes mentioned the rates sense. which how the business, particularly the of a higher couple And sense. then been have to headwind

in of as some seeing below think rates that point here how seen before you some pullback the with We versus, business? impact long call you'd in at start recently July your lag as in is this X. a there pullback X.XX% a mean of X.XX% XX-year have it, I

Anselm Wong

tell. hard it's to Yes,

we trying our to to hold you on shoes, hey, their what the to the some in got rate it, is probably I myself think drop September. specifically put I you impact at if of know talk rate potential -- has put be say, mentioning some sense, and look if decisions they're is in we put makes this when customers,

benefit. get pull to you would it opportunity your if do that you loans, So to the delay you before construction have in probably something

Operator

our concludes question-and-answer conference any to for closing Ramey I the This back Jackson like over session. remarks. to turn would

Ramey Jackson

joining everyone, to appreciate for forward you, Thank We support Janus Have great day. Yes. of us progress. and today. a our you your look on updating

Operator

now you The presentation. today's has concluded. Thank for conference attending

You may now disconnect.

Janus International (JBI) 7 Aug 242024 Q2 Earnings call transcript