QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class: | Trading Symbol(s) | Name of Each Exchange on Which Registered: | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | |||||
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | |||||
Item 4. Controls and Procedures | |||||
Item 1. Legal Proceedings | |||||
Item 1A. Risk Factors | |||||
Item 3. Defaults upon Senior Securities | |||||
Item 4. Mine Safety Disclosures | |||||
Item 5. Other Information | |||||
Item 6. Exhibits | |||||
Janus International Group, Inc. | ||
Condensed Consolidated Balance Sheets | ||
(dollar amounts in millions, except share and per share data - Unaudited) |
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, less allowance for credit losses; $ | |||||||||||
Contract assets | |||||||||||
Inventories | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | $ | $ | |||||||||
Right-of-use assets, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Deferred tax asset, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Billing in excess of costs | |||||||||||
Current maturities of long-term debt | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | $ | $ | |||||||||
Long-term debt, net | |||||||||||
Deferred tax liability, net | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Common Stock, | $ | $ | |||||||||
Treasury stock, at cost, | ( | ||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | $ | $ | |||||||||
Total liabilities and stockholders’ equity | $ | $ |
Janus International Group, Inc. | ||
Condensed Consolidated Statements of Operations and Comprehensive Income | ||
(dollar amounts in millions, except share and per share data - Unaudited) |
Three Months Ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Product revenues | $ | $ | $ | $ | |||||||||||||||||||
Service revenues | |||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | |||||||||||||||||||
Product cost of revenues | |||||||||||||||||||||||
Service cost of revenues | |||||||||||||||||||||||
Cost of Revenues | $ | $ | $ | $ | |||||||||||||||||||
GROSS PROFIT | |||||||||||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Operating Expenses | $ | $ | $ | $ | |||||||||||||||||||
INCOME FROM OPERATIONS | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on extinguishment and modification of debt | ( | ( | |||||||||||||||||||||
Other income (expense) | ( | ||||||||||||||||||||||
INCOME BEFORE TAXES | $ | $ | $ | $ | |||||||||||||||||||
Provision for Income Taxes | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Loss | ( | ( | ( | ( | |||||||||||||||||||
COMPREHENSIVE INCOME | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average shares outstanding, basic and diluted (Note 12) | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per share, basic and diluted (Note 12) | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Janus International Group, Inc. | ||
Condensed Consolidated Statements of Changes in Stockholders’ Equity | ||
(dollar amounts in millions, except share data - Unaudited) |
Class A Preferred Units ( par value of | Common Stock | Additional paid-in capital | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle(a) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance as of April 2, 2022 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance as of July 2, 2022 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance as of October 1, 2022 | $ | $ | $ | $ | ( | $ | $ |
Class A Preferred Units ( par value of | Common Stock | Treasury Stock | Additional paid-in capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted units | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes upon vesting of restricted units | — | — | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of April 1, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted units | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes upon vesting of restricted units | — | — | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted units | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes upon vesting of restricted units | — | — | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | $ |
Janus International Group, Inc. | ||
Condensed Consolidated Statements of Cash Flows | ||
(dollar amounts in millions - Unaudited) |
Nine Months Ended | |||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||
Cash Flows Provided By Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation of property, plant and equipment | |||||||||||
Noncash lease expense | |||||||||||
Provision (reversal) for inventory obsolescence | ( | ||||||||||
Amortization of intangibles | |||||||||||
Deferred finance fee amortization | |||||||||||
Provision (reversal) for losses on accounts receivable | ( | ||||||||||
Share-based compensation | |||||||||||
Loss on extinguishment of debt | |||||||||||
Loss on sale of equipment | |||||||||||
Loss on abandonment of lease | |||||||||||
Loss (gain) on equity method investment | ( | ||||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | ( | ( | |||||||||
Contract assets | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Inventory | ( | ||||||||||
Other assets | |||||||||||
Accounts payable | |||||||||||
Billings in excess of costs | ( | ||||||||||
Accrued expenses and other current liabilities | |||||||||||
Other long-term liabilities | ( | ( | |||||||||
Net Cash Provided By Operating Activities | $ | $ | |||||||||
Cash Flows Used In Investing Activities | |||||||||||
Proceeds from sale of equipment | $ | $ | |||||||||
Purchases of property and equipment | ( | ( | |||||||||
Cash paid for acquisitions, net of cash acquired | ( | ||||||||||
Net Cash Used In Investing Activities | $ | ( | $ | ( | |||||||
Cash Flows Used In Financing Activities | |||||||||||
Payments on line of credit | $ | $ | ( | ||||||||
Proceeds from long-term debt | |||||||||||
Principal payments on long-term debt | ( | ( | |||||||||
Principal payments under finance lease obligations | ( | ( | |||||||||
Payments for deferred financing fees | ( | ||||||||||
Cash Used In Financing Activities | $ | ( | $ | ( | |||||||
Effect of exchange rate changes on cash | $ | $ | ( | ||||||||
Net Increase in Cash | $ | $ | |||||||||
Cash, Beginning of Period | $ | $ | |||||||||
Cash, End of Period | $ | $ | |||||||||
Supplemental Cash Flows Information | |||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid | $ | $ | |||||||||
Cash paid for operating leases included in operating activities | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | $ | |||||||||
Right-of-use assets obtained in exchange for finance lease obligations | $ | $ | |||||||||
RSU Shares withheld related to employee taxes | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
As previously reported | Correction | As adjusted | |||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income | |||||||||||
Three Months Ended October 1, 2022 | |||||||||||
Product Revenues | $ | $ | $ | ||||||||
Service Revenues | ( | ||||||||||
$ | $ | $ | |||||||||
Nine Months Ended October 1, 2022 | |||||||||||
Product Revenues | $ | $ | $ | ||||||||
Service Revenues | ( | ||||||||||
$ | $ | $ | |||||||||
Footnote 13. Revenue Recognition | |||||||||||
Reportable Segments by Timing of Revenue Recognition | |||||||||||
Three Months Ended October 1, 2022 | |||||||||||
Janus North America | |||||||||||
Product revenues transferred at a point in time | $ | $ | ( | $ | |||||||
Product revenues transferred over time | |||||||||||
Services revenues transferred over time | ( | ||||||||||
$ | $ | $ | |||||||||
Nine Months Ended October 1, 2022 | |||||||||||
Janus North America | |||||||||||
Product revenues transferred at a point in time | $ | $ | ( | $ | |||||||
Product revenues transferred over time | |||||||||||
Services revenues transferred over time | ( | ||||||||||
$ | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
September 30, 2023 | December 31, 2022 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
CECL Adoption (1) | — | ||||||||||
Write-offs | ( | ||||||||||
Provision (reversal), net | ( | ||||||||||
Balance at end of period | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Aggregate changes in the product warranty liability | |||||||||||
Balance at end of period | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
September 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Inventories | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Useful Life | September 30, 2023 | December 31, 2022 | |||||||||||||||
Land | Indefinite | $ | $ | ||||||||||||||
Building | |||||||||||||||||
Manufacturing machinery and equipment | |||||||||||||||||
Leasehold improvements | Over the shorter of the lease term or respective useful life | ||||||||||||||||
Computer and software | |||||||||||||||||
Furniture and fixtures, and vehicles | |||||||||||||||||
Construction in progress | — | ||||||||||||||||
$ | $ | ||||||||||||||||
Less: accumulated depreciation | ( | ( | |||||||||||||||
$ | $ |
Useful Life | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Amount | Gross Carrying Amount | Accumulated Amortization | Net Amount | ||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Tradenames and trademarks | Indefinite | — | — | ||||||||||||||||||||||||||||||||||||||
Software development | |||||||||||||||||||||||||||||||||||||||||
Noncompete agreements | |||||||||||||||||||||||||||||||||||||||||
Backlog | < | ||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Balance as of December 31, 2022 | $ | ||||
Foreign Currency Translation Adjustment | ( | ||||
Balance as of September 30, 2023 | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
September 30, 2023 | December 31, 2022 | ||||||||||
Customer deposits | $ | $ | |||||||||
Employee compensation | |||||||||||
Current operating lease liabilities | |||||||||||
Sales tax payable | |||||||||||
Current income taxes | |||||||||||
Accrued professional fees | |||||||||||
Product warranties | |||||||||||
Accrued freight | |||||||||||
Interest payable | |||||||||||
Indemnity holdback liability | |||||||||||
Other liabilities | |||||||||||
Total | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
September 30, 2023 | December 31, 2022 | ||||||||||
Note payable - Amendment No.6 First Lien | $ | $ | |||||||||
Financing leases | |||||||||||
$ | $ | ||||||||||
Less: unamortized deferred finance fees | |||||||||||
Less: current maturities | |||||||||||
Total long-term debt | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
(in millions) | Balance Sheet Classification | September 30, 2023 | December 31, 2022 | |||||||||||
Assets: | ||||||||||||||
Operating lease assets | $ | $ | ||||||||||||
Finance lease assets | ||||||||||||||
Total leased assets | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||
Current: | ||||||||||||||
Operating | $ | $ | ||||||||||||
Financing | ||||||||||||||
Noncurrent: | ||||||||||||||
Operating | $ | $ | ||||||||||||
Financing | ||||||||||||||
Total lease liabilities | $ | $ |
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
(in millions) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | |||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Weighted Average Remaining Lease Term (in years) | |||||||||||
Operating Leases | |||||||||||
Finance Leases | |||||||||||
Weighted Average Discount Rate | |||||||||||
Operating Leases | |||||||||||
Finance Leases |
(in millions) | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total future lease payments | $ | ||||
Less: imputed interest | $ | ( | |||
Present value of future lease payments | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
(in millions) | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total future lease payments | $ | ||||
Less: imputed interest | $ | ( | |||
Present value of future lease payments | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
(dollar amounts in millions, except share and per share data) | Nine Months Ended September 30, 2023 | ||||||||||
RSUs | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested, outstanding at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested, outstanding at September 30, 2023 | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Nine months ended September 30, 2023 | |||||||||||
PSUs | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested, outstanding at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | |||||||||||
Forfeited | |||||||||||
Unvested, outstanding at September 30, 2023 (1) | $ |
Nine Months Ended September 30, 2023 | |||||
Expected life of option (years) | |||||
Risk-free interest rate | |||||
Expected volatility of the Company’s stock | |||||
Expected dividend yield on the Company’s stock | % |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
Stock Options | Weighted-Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | Intrinsic value | ||||||||||||||||||||
Unvested, outstanding at December 31, 2022 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||
Vested | ( | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||
Unvested, outstanding at September 30, 2023 | $ | $ | |||||||||||||||||||||
Vested not exercised at September 30, 2023 | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Adjustment for dilutive securities | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Basic net income per share attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per share attributable to common stockholders | $ | $ | $ | $ |
Costs in excess of billings at December 31, 2022 | $ | ||||
Unbilled receivables at December 31, 2022 | |||||
Contract assets at December 31, 2022 | $ | ||||
Costs in excess of billings at September 30, 2023 | $ | ||||
Unbilled receivables at September 30, 2023 | |||||
Contract assets at September 30, 2023 | $ | ||||
Billings in excess of cost at December 31, 2022 | $ | ||||
Billings in excess of cost at September 30, 2023 | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Reportable Segments by Timing of Revenue Recognition | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
Janus North America | ||||||||||||||||||||||||||
Product revenues transferred at a point in time(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Product revenues transferred over time(1) | ||||||||||||||||||||||||||
Service revenues transferred over time(1) | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Janus International | ||||||||||||||||||||||||||
Product revenues transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||||||||
Service revenues transferred over time | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Eliminations | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Total Revenue | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Reportable Segments by Sales Channel Revenue Recognition | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||
Janus North America | |||||||||||||||||||||||
Self Storage-New Construction | $ | $ | $ | $ | |||||||||||||||||||
Self Storage-R3 | |||||||||||||||||||||||
Commercial and Others | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Janus International | |||||||||||||||||||||||
Self Storage-New Construction | $ | $ | $ | $ | |||||||||||||||||||
Self Storage-R3 | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Eliminations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Total Revenue | $ | $ | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Janus North America | $ | $ | $ | $ | |||||||||||||||||||
Janus International | |||||||||||||||||||||||
Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Consolidated Revenue | $ | $ | $ | $ | |||||||||||||||||||
Income From Operations | |||||||||||||||||||||||
Janus North America | $ | $ | $ | $ | |||||||||||||||||||
Janus International | |||||||||||||||||||||||
Eliminations | ( | ||||||||||||||||||||||
Total Segment Operating Income | $ | $ | $ | $ | |||||||||||||||||||
Depreciation Expense | |||||||||||||||||||||||
Janus North America | $ | $ | $ | $ | |||||||||||||||||||
Janus International | |||||||||||||||||||||||
Consolidated Depreciation Expense | $ | $ | $ | $ | |||||||||||||||||||
Amortization of Intangible Assets | |||||||||||||||||||||||
Janus North America | $ | $ | $ | $ | |||||||||||||||||||
Janus International | |||||||||||||||||||||||
Consolidated Amortization Expense | $ | $ | $ | $ | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||||||
Janus North America | $ | $ | $ | $ | |||||||||||||||||||
Janus International | |||||||||||||||||||||||
Consolidated Capital Expenditures | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Identifiable Assets | |||||||||||
Janus North America | $ | $ | |||||||||
Janus International | |||||||||||
Consolidated Assets | $ | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
(in millions) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
Severance and termination benefits | $ | $ | $ | $ | |||||||||||||||||||
Facility related charges | |||||||||||||||||||||||
Legal, consulting, and other costs | |||||||||||||||||||||||
Total Restructuring Charges | $ | $ | $ | $ |
Balance at December 31, 2022 | $ | ||||
Restructuring charges | |||||
Payments | ( | ||||
Balance at September 30, 2023 | $ |
Janus International Group, Inc. | ||
Notes to Unaudited Condensed Consolidated Financial Statements |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Total Revenue | $ | 280.1 | $ | 262.5 | $ | 17.6 | 6.7 | % | |||||||||||||||
Adjusted EBITDA | $ | 76.2 | $ | 63.3 | $ | 12.9 | 20.4 | % | |||||||||||||||
Adjusted EBITDA (% of revenue) | 27.2 | % | 24.1 | % | 3.1 | % |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Total Revenue | $ | 802.6 | $ | 739.8 | $ | 62.8 | 8.5 | % | |||||||||||||||
Adjusted EBITDA | $ | 211.4 | $ | 158.7 | $ | 52.7 | 33.2 | % | |||||||||||||||
Adjusted EBITDA (% of revenue) | 26.3 | % | 21.5 | % | 4.8 | % |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Product revenues(1) | $ | 237.8 | $ | 233.7 | $ | 4.1 | 1.8 | % | |||||||||||||||
Service revenues(1) | 42.3 | 28.8 | 13.5 | 46.9 | % | ||||||||||||||||||
Total Revenues | $ | 280.1 | $ | 262.5 | $ | 17.6 | 6.7 | % | |||||||||||||||
Product cost of revenues | 129.7 | 144.7 | (15.0) | (10.4) | % | ||||||||||||||||||
Service cost of revenues | 31.3 | 21.1 | 10.2 | 48.3 | % | ||||||||||||||||||
Cost of Revenues | $ | 161.0 | $ | 165.8 | $ | (4.8) | (2.9) | % | |||||||||||||||
GROSS PROFIT | $ | 119.1 | $ | 96.7 | $ | 22.4 | 23.2 | % | |||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | 17.7 | 14.5 | 3.2 | 22.1 | % | ||||||||||||||||||
General and administrative | 34.9 | 28.4 | 6.5 | 22.9 | % | ||||||||||||||||||
Operating Expenses | $ | 52.6 | $ | 42.9 | $ | 9.7 | 22.6 | % | |||||||||||||||
INCOME FROM OPERATIONS | $ | 66.5 | $ | 53.8 | $ | 12.7 | 23.6 | % | |||||||||||||||
Interest expense | (14.5) | (11.0) | (3.5) | 31.8 | % | ||||||||||||||||||
Loss on extinguishment and modification of debt | (3.9) | — | (3.9) | 100.0 | % | ||||||||||||||||||
Other income | 1.3 | 0.2 | 1.1 | 550.0 | % | ||||||||||||||||||
INCOME BEFORE TAXES | $ | 49.4 | $ | 43.0 | $ | 6.4 | 14.9 | % | |||||||||||||||
Provision for Income Taxes | 12.4 | 10.6 | 1.8 | 17.0 | % | ||||||||||||||||||
NET INCOME | $ | 37.0 | $ | 32.4 | $ | 4.6 | 14.2 | % |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Product revenues(1) | $ | 686.0 | $ | 654.5 | $ | 31.5 | 4.8 | % | |||||||||||||||
Service revenues(1) | 116.6 | 85.3 | 31.3 | 36.7 | % | ||||||||||||||||||
Total Revenues | $ | 802.6 | $ | 739.8 | $ | 62.8 | 8.5 | % | |||||||||||||||
Product cost of revenues | 380.4 | 418.8 | (38.4) | (9.2) | % | ||||||||||||||||||
Service cost of revenues | 86.9 | 63.6 | 23.3 | 36.6 | % | ||||||||||||||||||
Cost of Revenues | $ | 467.3 | $ | 482.4 | $ | (15.1) | (3.1) | % | |||||||||||||||
GROSS PROFIT | $ | 335.3 | $ | 257.4 | $ | 77.9 | 30.3 | % | |||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | 49.2 | 42.2 | 7.0 | 16.6 | % | ||||||||||||||||||
General and administrative | 104.3 | 86.3 | 18.0 | 20.9 | % | ||||||||||||||||||
Operating Expenses | $ | 153.5 | $ | 128.5 | $ | 25.0 | 19.5 | % | |||||||||||||||
INCOME FROM OPERATIONS | $ | 181.8 | $ | 128.9 | $ | 52.9 | 41.0 | % | |||||||||||||||
Interest expense | (45.3) | (28.6) | (16.7) | 58.4 | % | ||||||||||||||||||
Loss on extinguishment and modification of debt | (3.9) | — | (3.9) | 100.0 | % | ||||||||||||||||||
Other income (expense) | 1.1 | (0.3) | 1.4 | (466.7) | % | ||||||||||||||||||
INCOME BEFORE TAXES | $ | 133.7 | $ | 100.0 | $ | 33.7 | 33.7 | % | |||||||||||||||
Provision for Income Taxes | 33.7 | 25.0 | 8.7 | 34.8 | % | ||||||||||||||||||
NET INCOME | $ | 100.0 | $ | 75.0 | $ | 25.0 | 33.3 | % |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | Organic Growth | % | ||||||||||||||||||||
Product revenues (1) | $ | 237.8 | $ | 233.7 | $ | 4.1 | 1.8 | % | |||||||||||||||
Service revenues | 42.3 | 28.8 | 13.5 | 46.9 | % | ||||||||||||||||||
Total | $ | 280.1 | $ | 262.5 | $ | 17.6 | 6.7 | % |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | Organic Growth | % | ||||||||||||||||||||
Product revenues (1) | $ | 686.0 | $ | 654.5 | $ | 31.5 | 4.8 | % | |||||||||||||||
Service revenues | 116.6 | 85.3 | 31.3 | 36.7 | % | ||||||||||||||||||
Total | $ | 802.6 | $ | 739.8 | $ | 62.8 | 8.5 | % |
Three Months Ended | Variance | ||||||||||||||||||||||||||||||||||
Consolidated | September 30, 2023 | % of sales | October 1, 2022 | % of sales | $ | % | |||||||||||||||||||||||||||||
New Construction - Self Storage | $ | 105.4 | 37.6 | % | $ | 75.1 | 28.6 | % | $ | 30.3 | 40.3 | % | |||||||||||||||||||||||
R3 - Self Storage | 86.7 | 31.0 | % | 88.4 | 33.7 | % | (1.7) | (1.9) | % | ||||||||||||||||||||||||||
Commercial and Other | 88.0 | 31.4 | % | 99.0 | 37.7 | % | (11.0) | (11.1) | % | ||||||||||||||||||||||||||
Total | $ | 280.1 | 100.0 | % | $ | 262.5 | 100.0 | % | $ | 17.6 | 6.7 | % |
Nine Months Ended | Variance | ||||||||||||||||||||||||||||||||||
Consolidated | September 30, 2023 | % of sales | October 1, 2022 | % of sales | $ | % | |||||||||||||||||||||||||||||
New Construction - Self Storage | $ | 291.8 | 36.4 | % | $ | 233.2 | 31.5 | % | $ | 58.6 | 25.1 | % | |||||||||||||||||||||||
R3 - Self Storage | 252.5 | 31.5 | % | 230.3 | 31.2 | % | 22.2 | 9.6 | % | ||||||||||||||||||||||||||
Commercial and Other | 258.3 | 32.1 | % | 276.3 | 37.3 | % | (18.0) | (6.5) | % | ||||||||||||||||||||||||||
Total | $ | 802.6 | 100.0 | % | $ | 739.8 | 100.0 | % | $ | 62.8 | 8.5 | % |
(Dollar amounts in tables in millions) | Three Months Ended | Variance | |||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product cost of revenues | $ | 129.7 | $ | 144.7 | $ | (15.0) | (10.4) | % | |||||||||||||||
Service cost of revenues | 31.3 | 21.1 | 10.2 | 48.4 | % | ||||||||||||||||||
Cost of Revenues | $ | 161.0 | $ | 165.8 | $ | (4.8) | (2.9) | % |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product cost of revenues | $ | 380.4 | $ | 418.8 | $ | (38.4) | (9.2) | % | |||||||||||||||
Service cost of revenues | 86.9 | 63.6 | 23.3 | 36.6 | % | ||||||||||||||||||
Cost of Revenues | $ | 467.3 | $ | 482.4 | $ | (15.1) | (3.1) | % |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
$ | % | ||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Product revenues(1) | $ | 239.3 | $ | 235.0 | $ | 4.3 | 1.8% | ||||||||||||||||
Service revenues(1) | 32.8 | 21.7 | 11.1 | 51.2% | |||||||||||||||||||
Total revenues | $ | 272.1 | $ | 256.7 | $ | 15.4 | 6.0% | ||||||||||||||||
Product cost of revenues | 134.9 | 149.2 | (14.3) | (9.6)% | |||||||||||||||||||
Service cost of revenues | 24.4 | 15.5 | 8.9 | 57.4% | |||||||||||||||||||
Cost of Revenues | $ | 159.3 | $ | 164.7 | $ | (5.4) | (3.3)% | ||||||||||||||||
GROSS PROFIT | $ | 112.8 | $ | 92.0 | $ | 20.8 | 22.6% | ||||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | 16.9 | 13.8 | 3.1 | 22.5% | |||||||||||||||||||
General and administrative | 31.4 | 25.1 | 6.3 | 25.1% | |||||||||||||||||||
Operating Expenses | $ | 48.3 | $ | 38.9 | $ | 9.4 | 24.2% | ||||||||||||||||
INCOME FROM OPERATIONS | $ | 64.5 | $ | 53.1 | $ | 11.4 | 21.5% |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
$ | % | ||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Product revenues(1) | $ | 681.8 | $ | 660.6 | $ | 21.2 | 3.2% | ||||||||||||||||
Service revenues(1) | 89.9 | 62.9 | 27.0 | 42.9% | |||||||||||||||||||
Total revenues | $ | 771.7 | $ | 723.5 | $ | 48.2 | 6.7% | ||||||||||||||||
Product cost of revenues | 388.5 | 435.4 | (46.9) | (10.8)% | |||||||||||||||||||
Service cost of revenues | 67.3 | 45.5 | 21.8 | 47.9% | |||||||||||||||||||
Cost of Revenues | $ | 455.8 | $ | 480.9 | $ | (25.1) | (5.2)% | ||||||||||||||||
GROSS PROFIT | $ | 315.9 | $ | 242.6 | $ | 73.3 | 30.2% | ||||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | 46.8 | 40.1 | 6.7 | 16.7% | |||||||||||||||||||
General and administrative | 94.1 | 76.4 | 17.7 | 23.2% | |||||||||||||||||||
Operating Expenses | $ | 140.9 | $ | 116.5 | $ | 24.4 | 20.9% | ||||||||||||||||
INCOME FROM OPERATIONS | $ | 175.0 | $ | 126.1 | $ | 48.9 | 38.8% |
Three Months Ended | Organic Growth | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product revenues (1) | $ | 239.3 | $ | 235.0 | $ | 4.3 | 1.8 | % | |||||||||||||||
Service revenues | 32.8 | 21.7 | 11.1 | 51.2 | % | ||||||||||||||||||
Total | $ | 272.1 | $ | 256.7 | $ | 15.4 | 6.0 | % |
Nine Months Ended | Organic Growth | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product revenues (1) | $ | 681.8 | $ | 660.6 | $ | 21.2 | 3.2 | % | |||||||||||||||
Service revenues | 89.9 | 62.9 | 27.0 | 42.9 | % | ||||||||||||||||||
Total | $ | 771.7 | $ | 723.5 | $ | 48.2 | 6.7 | % |
Three Months Ended | Variance | ||||||||||||||||||||||||||||||||||
September 30, 2023 | % of Total Sales | October 1, 2022 | % of Total Sales | ||||||||||||||||||||||||||||||||
$ | % | ||||||||||||||||||||||||||||||||||
New Construction - Self Storage | $ | 90.7 | 33.3 | % | $ | 65.8 | 25.6 | % | $ | 24.9 | 37.8 | % | |||||||||||||||||||||||
R3 - Self Storage | 85.4 | 31.4 | % | 84.9 | 33.1 | % | 0.5 | 0.6 | % | ||||||||||||||||||||||||||
Commercial and Other | 96.0 | 35.3 | % | 106.0 | 41.3 | % | (10.0) | (9.4) | % | ||||||||||||||||||||||||||
Total | $ | 272.1 | 100.0 | % | $ | 256.7 | 100.0 | % | $ | 15.4 | 6.0 | % |
Nine Months Ended | Variance | ||||||||||||||||||||||||||||||||||
September 30, 2023 | % of Total Sales | October 1, 2022 | % of Total Sales | ||||||||||||||||||||||||||||||||
$ | % | ||||||||||||||||||||||||||||||||||
New Construction - Self Storage | $ | 247.5 | 32.1 | % | $ | 212.2 | 29.3 | % | $ | 35.3 | 16.6 | % | |||||||||||||||||||||||
R3 - Self Storage | 245.7 | 31.8 | % | 215.9 | 29.8 | % | 29.8 | 13.8 | % | ||||||||||||||||||||||||||
Commercial and Other | 278.5 | 36.1 | % | 295.4 | 40.9 | % | (16.9) | (5.7) | % | ||||||||||||||||||||||||||
Total | $ | 771.7 | 100.0 | % | $ | 723.5 | 100.0 | % | $ | 48.2 | 6.7 | % |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product cost of revenues | $ | 134.9 | $ | 149.2 | $ | (14.3) | (9.6) | % | |||||||||||||||
Service cost of revenues | 24.4 | 15.5 | 8.9 | 57.4 | % | ||||||||||||||||||
Cost of Revenues | $ | 159.3 | $ | 164.7 | $ | (5.4) | (3.3) | % |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product cost of revenues | $ | 388.5 | $ | 435.4 | $ | (46.9) | (10.8) | % | |||||||||||||||
Service cost of revenues | 67.3 | 45.5 | 21.8 | 47.9 | % | ||||||||||||||||||
Cost of Revenues | $ | 455.8 | $ | 480.9 | $ | (25.1) | (5.2) | % |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Product revenues | $ | 10.5 | $ | 9.8 | $ | 0.7 | 7.1 | % | |||||||||||||||
Service revenues | 9.9 | 7.2 | 2.7 | 37.5 | % | ||||||||||||||||||
Total revenues | $ | 20.4 | $ | 17.0 | $ | 3.4 | 20.0 | % | |||||||||||||||
Product cost of revenues | 6.9 | 6.7 | 0.2 | 3.0 | % | ||||||||||||||||||
Service cost of revenues | 7.3 | 5.6 | 1.7 | 30.4 | % | ||||||||||||||||||
Cost of Revenues | $ | 14.2 | $ | 12.3 | $ | 1.9 | 15.4 | % | |||||||||||||||
GROSS PROFIT | $ | 6.2 | $ | 4.7 | $ | 1.5 | 31.9 | % | |||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | 0.8 | 0.7 | 0.1 | 14.3 | % | ||||||||||||||||||
General and administrative | 3.5 | 3.3 | 0.2 | 6.1 | % | ||||||||||||||||||
Operating Expenses | $ | 4.3 | $ | 4.0 | $ | 0.3 | 7.5 | % | |||||||||||||||
INCOME FROM OPERATIONS | $ | 1.9 | $ | 0.7 | $ | 1.2 | 171.4 | % |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Product revenues | $ | 35.7 | $ | 32.8 | $ | 2.9 | 8.8 | % | |||||||||||||||
Service revenues | 27.5 | 22.4 | 5.1 | 22.8 | % | ||||||||||||||||||
Total revenues | $ | 63.2 | $ | 55.2 | $ | 8.0 | 14.5 | % | |||||||||||||||
Product cost of revenues | 23.2 | 22.3 | 0.9 | 4.0 | % | ||||||||||||||||||
Service cost of revenues | 20.4 | 18.1 | 2.3 | 12.7 | % | ||||||||||||||||||
Cost of Revenues | $ | 43.6 | $ | 40.4 | $ | 3.2 | 7.9 | % | |||||||||||||||
GROSS PROFIT | $ | 19.6 | $ | 14.8 | $ | 4.8 | 32.4 | % | |||||||||||||||
OPERATING EXPENSE | |||||||||||||||||||||||
Selling and marketing | 2.5 | 2.1 | 0.4 | 19.0 | % | ||||||||||||||||||
General and administrative | 10.1 | 9.9 | 0.2 | 2.0 | % | ||||||||||||||||||
Operating Expenses | $ | 12.6 | $ | 12.0 | $ | 0.6 | 5.0 | % | |||||||||||||||
INCOME FROM OPERATIONS | $ | 7.0 | $ | 2.8 | $ | 4.2 | 150.0 | % |
Three Months Ended | Organic Growth | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product revenues | $ | 10.5 | $ | 9.8 | $ | 0.7 | 7.1 | % | |||||||||||||||
Service revenues | 9.9 | 7.2 | 2.7 | 37.5 | % | ||||||||||||||||||
Total | $ | 20.4 | $ | 17.0 | $ | 3.4 | 20.0 | % |
Nine Months Ended | Organic Growth | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product revenues | $ | 35.7 | $ | 32.8 | $ | 2.9 | 8.8 | % | |||||||||||||||
Service revenues | 27.5 | 22.4 | 5.1 | 22.8 | % | ||||||||||||||||||
Total | $ | 63.2 | $ | 55.2 | $ | 8.0 | 14.5 | % |
Three Months Ended | % of Total Sales | Variance | |||||||||||||||||||||||||||||||||
September 30, 2023 | % of Total Sales | October 1, 2022 | $ | % | |||||||||||||||||||||||||||||||
New Construction - Self Storage | $ | 18.8 | 92.2 | % | $ | 13.2 | 77.6 | % | $ | 5.6 | 42.4% | ||||||||||||||||||||||||
R3 - Self Storage | 1.6 | 7.8 | % | 3.8 | 22.4 | % | (2.2) | (57.9) | % | ||||||||||||||||||||||||||
Total | $ | 20.4 | 100.0 | % | $ | 17.0 | 100.0 | % | $ | 3.4 | 20.0 | % |
Nine Months Ended | % of Total Sales | Variance | |||||||||||||||||||||||||||||||||
September 30, 2023 | % of Total Sales | October 1, 2022 | $ | % | |||||||||||||||||||||||||||||||
New Construction - Self Storage | $ | 55.9 | 88.4 | % | $ | 40.0 | 72.5 | % | $ | 15.9 | 39.8% | ||||||||||||||||||||||||
R3 - Self Storage | 7.3 | 11.6 | % | 15.2 | 27.5 | % | (7.9) | (52.0) | % | ||||||||||||||||||||||||||
Total | $ | 63.2 | 100.0 | % | $ | 55.2 | 100.0 | % | $ | 8.0 | 14.5 | % |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product cost of revenues | $ | 6.9 | $ | 6.7 | $ | 0.2 | 3.0 | % | |||||||||||||||
Service cost of revenues | 7.3 | 5.6 | 1.7 | 30.4 | % | ||||||||||||||||||
Cost of Revenues | $ | 14.2 | $ | 12.3 | $ | 1.9 | 15.4 | % |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | $ | % | ||||||||||||||||||||
Product cost of revenues | $ | 23.2 | $ | 22.3 | $ | 0.9 | 4.0 | % | |||||||||||||||
Service cost of revenues | 20.4 | 18.1 | 2.3 | 12.7 | % | ||||||||||||||||||
Cost of Revenues | $ | 43.6 | $ | 40.4 | $ | 3.2 | 7.9 | % |
Three Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Net Income | $ | 37.0 | $ | 32.4 | $ | 4.6 | 14.2% | ||||||||||||||||
Interest expense | 14.5 | 11.0 | 3.5 | 31.8% | |||||||||||||||||||
Income taxes | 12.4 | 10.6 | 1.8 | 17.0% | |||||||||||||||||||
Depreciation | 2.2 | 2.0 | 0.2 | 10.0% | |||||||||||||||||||
Amortization | 7.4 | 7.4 | — | —% | |||||||||||||||||||
EBITDA | $ | 73.5 | $ | 63.4 | $ | 10.1 | 15.9% | ||||||||||||||||
Restructuring charges(1) | 0.2 | — | 0.2 | 100.0% | |||||||||||||||||||
Acquisition income(2) | (1.4) | (0.1) | (1.3) | 1300.0% | |||||||||||||||||||
Loss on extinguishment and modification of debt (3) | 3.9 | — | 3.9 | 100.0% | |||||||||||||||||||
Adjusted EBITDA | $ | 76.2 | $ | 63.3 | $ | 12.9 | 20.4% |
Nine Months Ended | Variance | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Net Income | $ | 100.0 | $ | 75.0 | $ | 25.0 | 33.3% | ||||||||||||||||
Interest expense | 45.3 | 28.6 | 16.7 | 58.4% | |||||||||||||||||||
Income taxes | 33.7 | 25.0 | 8.7 | 34.8% | |||||||||||||||||||
Depreciation | 6.6 | 5.8 | 0.8 | 13.8% | |||||||||||||||||||
Amortization | 22.3 | 22.3 | — | —% | |||||||||||||||||||
EBITDA | $ | 207.9 | $ | 156.7 | $ | 51.2 | 32.7% | ||||||||||||||||
Restructuring charges(1) | 1.0 | 1.2 | (0.2) | (16.7)% | |||||||||||||||||||
Acquisition (income) expense(2) | (1.4) | 0.7 | (2.1) | (300.0)% | |||||||||||||||||||
Loss on extinguishment and modification of debt (3) | 3.9 | — | 3.9 | 100.0% | |||||||||||||||||||
COVID-19 related expenses(4) | — | 0.1 | (0.1) | (100.0)% | |||||||||||||||||||
Adjusted EBITDA | $ | 211.4 | $ | 158.7 | $ | 52.7 | 33.2% |
Principal Amount | Issuance Date | Maturity Date | Interest Rate | Net Carrying Value | |||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Notes payable - First Lien | $ | 625.0 | August 3, 2023 | August 3, 2030 | 8.70%1 | $ | 625.0 | $ | 714.3 | ||||||||||||||||||||||||||
Financing leases | 3.0 | 1.1 | |||||||||||||||||||||||||||||||||
Total principal debt | $ | 628.0 | $ | 715.4 | |||||||||||||||||||||||||||||||
Less: unamortized deferred finance fees | 12.4 | 7.2 | |||||||||||||||||||||||||||||||||
Less: current portion of long-term debt | 7.1 | 8.3 | |||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 608.5 | $ | 699.9 |
September 30, 2023 | October 1, 2022 | Variance | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 146.5 | $ | 62.7 | $ | 83.8 | 133.7 | % | |||||||||||||||
Net cash (used in) investing activities | (14.4) | (7.8) | (6.6) | 84.6 | % | ||||||||||||||||||
Net cash (used in) financing activities | (101.0) | (12.6) | (88.4) | 701.6 | % | ||||||||||||||||||
Effect of foreign currency rate changes on cash | 0.2 | (0.1) | 0.3 | (300.0) | % | ||||||||||||||||||
Net increase (decrease) in cash | $ | 31.3 | $ | 42.2 | $ | (10.9) | (25.8) | % |
Total | 2023 | 2024-2025 | 2026-2027 | Thereafter | |||||||||||||||||||||||||
Debt obligations | $ | 628.0 | $ | 1.8 | $ | 14.4 | $ | 13.3 | $ | 598.5 | |||||||||||||||||||
Supply contracts (1) | 10.3 | 5.3 | 5.0 | — | — | ||||||||||||||||||||||||
ASC 842 liabilities | 50.7 | 1.5 | 11.9 | 10.4 | 26.9 | ||||||||||||||||||||||||
Total | $ | 689.0 | $ | 8.6 | $ | 31.3 | $ | 23.7 | $ | 625.4 |
Exhibit Number | Description | |||||||||||||
3.1 | ||||||||||||||
3.2 | ||||||||||||||
10.1 | ||||||||||||||
10.2 | ||||||||||||||
10.3 | ||||||||||||||
10.4 | ||||||||||||||
10.5 | ||||||||||||||
10.6 | ||||||||||||||
31.1* | ||||||||||||||
31.2* | ||||||||||||||
32.1** | ||||||||||||||
32.2** | ||||||||||||||
101.INS^ | Inline XBRL Instance Document | |||||||||||||
101.SCH^ | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||
101.CAL^ | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||
101.DEF^ | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||
101.LAB^ | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||
101.PRE^ | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||
104^ | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Date: | November 6, 2023 | By: | /s/ Anselm Wong | |||||||||||
Name: | Anselm Wong | |||||||||||||
Title: | Chief Financial Officer | |||||||||||||
Date: November 6, 2023 | By: | /s/ Ramey Jackson | ||||||
Ramey Jackson | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: November 6, 2023 | By: | /s/ Anselm Wong | ||||||
Anselm Wong | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: November 6, 2023 | By: | /s/ Ramey Jackson | ||||||
Ramey Jackson | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: November 6, 2023 | By: | /s/ Anselm Wong | ||||||
Anselm Wong | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 3.8 | $ 4.5 |
Common stock, shares authorized (in shares) | 825,000,000 | 825,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 146,828,032 | 146,703,894 |
Common stock, shares outstanding (in shares) | 146,828,032 | 146,703,894 |
Treasury stock (in shares) | 19,833 | 0 |
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
REVENUES | ||||
Total Revenues | $ 280.1 | $ 262.5 | $ 802.6 | $ 739.8 |
Cost of Revenues | 161.0 | 165.8 | 467.3 | 482.4 |
GROSS PROFIT | 119.1 | 96.7 | 335.3 | 257.4 |
OPERATING EXPENSE | ||||
Selling and marketing | 17.7 | 14.5 | 49.2 | 42.2 |
General and administrative | 34.9 | 28.4 | 104.3 | 86.3 |
Operating Expenses | 52.6 | 42.9 | 153.5 | 128.5 |
INCOME FROM OPERATIONS | 66.5 | 53.8 | 181.8 | 128.9 |
Interest expense | (14.5) | (11.0) | (45.3) | (28.6) |
Loss on extinguishment and modification of debt | (3.9) | 0.0 | (3.9) | 0.0 |
Other income (expense) | 1.3 | 0.2 | 1.1 | (0.3) |
INCOME BEFORE TAXES | 49.4 | 43.0 | 133.7 | 100.0 |
Provision for Income Taxes | 12.4 | 10.6 | 33.7 | 25.0 |
NET INCOME | 37.0 | 32.4 | 100.0 | 75.0 |
Other Comprehensive Loss | (1.7) | (3.0) | (0.4) | (6.9) |
COMPREHENSIVE INCOME | 35.3 | 29.4 | 99.6 | 68.1 |
Net income attributable to common stockholders, basic | 37.0 | 32.4 | 100.0 | 75.0 |
Net income attributable to common stockholders, diluted | $ 37.0 | $ 32.4 | $ 100.0 | $ 75.0 |
Weighted-average shares outstanding, basic and diluted (Note 12) | ||||
Basic (in shares) | 146,827,175 | 146,639,452 | 146,765,567 | 146,592,296 |
Diluted (in shares) | 146,993,865 | 146,717,917 | 146,839,308 | 146,671,509 |
Net income per share, basic and diluted (Note 12) | ||||
Basic (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.68 | $ 0.51 |
Diluted (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.68 | $ 0.51 |
Product revenues | ||||
REVENUES | ||||
Total Revenues | $ 237.8 | $ 233.7 | $ 686.0 | $ 654.5 |
Cost of Revenues | 129.7 | 144.7 | 380.4 | 418.8 |
Service revenues | ||||
REVENUES | ||||
Total Revenues | 42.3 | 28.8 | 116.6 | 85.3 |
Cost of Revenues | $ 31.3 | $ 21.1 | $ 86.9 | $ 63.6 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - Class A Preferred - Preferred Stock |
Sep. 30, 2023
$ / shares
shares
|
---|---|
Preferred stock, shares authorized (in shares) | shares | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Cash Flows Provided By Operating Activities | ||
Net income | $ 100.0 | $ 75.0 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation of property, plant and equipment | 6.6 | 5.8 |
Noncash lease expense | 4.7 | 4.0 |
Provision (reversal) for inventory obsolescence | 1.4 | (0.7) |
Amortization of intangibles | 22.3 | 22.3 |
Deferred finance fee amortization | 3.1 | 2.8 |
Provision (reversal) for losses on accounts receivable | (0.7) | 1.2 |
Share-based compensation | 5.4 | 2.1 |
Loss on extinguishment of debt | 1.6 | 0.0 |
Loss on sale of equipment | 0.1 | 0.0 |
Loss on abandonment of lease | 0.0 | 0.6 |
Loss (gain) on equity method investment | 0.1 | (0.1) |
Changes in operating assets and liabilities | ||
Accounts receivable | (14.9) | (45.9) |
Contract assets | (12.1) | (7.7) |
Prepaid expenses and other current assets | 9.8 | (0.5) |
Inventory | 12.0 | (11.8) |
Other assets | 0.1 | 0.0 |
Accounts payable | 3.6 | 0.8 |
Billings in excess of costs | (3.6) | 4.0 |
Accrued expenses and other current liabilities | 11.0 | 13.6 |
Other long-term liabilities | (4.0) | (2.8) |
Net Cash Provided By Operating Activities | 146.5 | 62.7 |
Cash Flows Used In Investing Activities | ||
Proceeds from sale of equipment | 0.1 | 0.1 |
Purchases of property and equipment | (13.5) | (7.9) |
Cash paid for acquisitions, net of cash acquired | (1.0) | 0.0 |
Net Cash Used In Investing Activities | (14.4) | (7.8) |
Cash Flows Used In Financing Activities | ||
Payments on line of credit | 0.0 | (6.4) |
Proceeds from long-term debt | 337.6 | 0.0 |
Principal payments on long-term debt | (426.9) | (6.1) |
Principal payments under finance lease obligations | (0.5) | (0.1) |
Payments for deferred financing fees | (11.2) | 0.0 |
Cash Used In Financing Activities | (101.0) | (12.6) |
Effect of exchange rate changes on cash | 0.2 | (0.1) |
Net Increase in Cash | 31.3 | 42.2 |
Cash, Beginning of Period | 78.4 | 13.2 |
Cash, End of Period | 109.7 | 55.4 |
Supplemental Cash Flows Information | ||
Interest paid | 38.9 | 28.4 |
Income taxes paid | 22.5 | 21.7 |
Cash paid for operating leases included in operating activities | 6.2 | 5.8 |
Non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease obligations | 4.5 | 48.0 |
Right-of-use assets obtained in exchange for finance lease obligations | 2.4 | 1.4 |
RSU Shares withheld related to employee taxes | $ 0.2 | $ 0.0 |
Nature of Operations |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
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 facility and door automation and access control technologies, 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 spanning from facility planning and design, construction, technology, and the restoration, rebuilding, and replacement (“R3”) of damaged or end-of-life products. The Company is headquartered in Temple, GA with operations in the United States of America (“United States”) (“U.S.”), United Kingdom (“U.K.”), Australia, Singapore, 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”), Janus Door, LLC and Steel Door Depot.com, LLC. The Company’s common stock is currently traded on the New York Stock Exchange under the symbol “JBI”. The dollar amounts in the notes are shown in millions of dollars, unless otherwise noted, and rounded to the nearest million except for share and per share amounts. Assets held at foreign locations were approximately $65.0 and $61.1 as of September 30, 2023 and December 31, 2022, respectively. Revenues earned at foreign locations totaled approximately $20.4 and $17.0 for the three month periods ended September 30, 2023 and October 1, 2022, respectively, and $63.2 and $55.2 for the nine month periods ended September 30, 2023 and October 1, 2022, respectively.
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Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2023, and its results of operations, including its comprehensive income and stockholders’ equity for the three and nine month periods ended September 30, 2023 and October 1, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does 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 31, 2022. 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 13 to the Unaudited Condensed Consolidated Financial Statements for the three and nine month periods ended October 1, 2022, as illustrated in the table below. 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 Statements for the three and nine month periods ended September 30, 2023 is shown in the following table:
Use of Estimates 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. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, reserves for inventory obsolescence, the recognition and valuation of unit-based compensation arrangements, the useful lives of property, plant and equipment, estimated progress toward completion for certain revenue contracts, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act, or JOBS Act, exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. 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 September 30, 2023 and December 31, 2022 due to its variable interest rate that is tied to the current SOFR rate plus an applicable margin and consistency in our credit rating. 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 31, 2022. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable are stated at estimated net realizable value from the sale of products and services to established customers. All trade receivables are due in one year or less. The Company pools accounts receivable by customer type, commercial and self-storage, and by business units due to the similarity of risk characteristics within each group. Commercial customers typically are customers contracting with the Company on short-term projects with smaller credit limits and overall, smaller project sizes. Due to the short-term nature and smaller scale of these types of projects, the Company expects minimal write-offs of its receivables at the commercial pool. Self-storage projects typically involve general contractors and make up the largest portion of the Company’s accounts receivable balance. These projects are usually longer-term construction projects and billed over the course of construction. Credit limits are larger for these projects given the overall project size and duration. Due to the longer-term nature and larger scale of these types of projects, the Company expects a potential for more write-offs of its receivable balances within the self-storage pool. At inception, we evaluate credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, we monitor credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, we consider the receivable past due when any installment is over 30 days past due. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Revolving charge accounts are generally deemed to be uncollectible and written off to the allowance for credit losses when delinquency reaches 120 days, taking into consideration the financial condition of the customer. The Company uses the loss-rate method in the CECL analysis for trade receivables and contract assets. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance. The activity for the allowance for credit losses during the nine month period ended September 30, 2023 and the fiscal year ended December 31, 2022, is as follows:
(1) On January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. 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 1-3 years for our products with the exception of roofing at one of our business units which is up to 10 years. The activity related to product warranty liabilities recorded in Accrued expenses and other current liabilities, during the nine month period ended September 30, 2023 and the fiscal year ended December 31, 2022, is as follows:
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 September 30, 2023 and December 31, 2022, no customer accounted for more than 10% of the accounts receivable balance. 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 Executive Officer, its 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 14, Segments, 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 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 Secured Overnight Financing Rate ("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 In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718), which amends or supersedes various SEC paragraphs within the Codification to conform to past SEC announcements and guidance issued by the SEC. The ASU does not provide any new guidance, so there is no transition or effective date associated with it. The Company does not believe this will have a material impact on the Company’s consolidated financial position or results of operations. Although there are several other new accounting pronouncements issued or proposed by the FASB, which will be adopted as applicable, management does not believe any of these accounting pronouncements will have a material impact on the Company’s consolidated financial position or results of operations.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value utilizing the first-in, first-out (FIFO) and average cost method. The major components of inventories as of September 30, 2023 and December 31, 2022 are as follows:
The Company has recorded a reserve for inventory obsolescence as of September 30, 2023 and December 31, 2022, of approximately $3.4 and $2.0, respectively.
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Property Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant and Equipment | Property, Plant and Equipment Property, plant, and equipment as of September 30, 2023 and December 31, 2022 are as follows:
Depreciation expense was approximately $2.2 and $2.0 for the three month periods ended September 30, 2023 and October 1, 2022, respectively, and $6.6 and $5.8 for the nine month periods ended September 30, 2023 and October 1, 2022, respectively.
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Acquired Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Intangible Assets and Goodwill | Acquired Intangible Assets and Goodwill Intangible assets acquired in a business combination are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at September 30, 2023 and December 31, 2022, are as follows:
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an immaterial gain and $2.0 loss for the periods ended September 30, 2023 and December 31, 2022, 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 the three month periods ended September 30, 2023 and October 1, 2022, and $22.3 for the nine month periods ended September 30, 2023 and October 1, 2022. The changes in the carrying amounts of goodwill for the period ended September 30, 2023 were as follows:
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Accrued Expenses and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are summarized as follows:
Other liabilities as of September 30, 2023 and December 31, 2022 consists of property tax, credit card and various other accruals.
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Line of Credit |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Secured Overnight Financing Rate (“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. If the SOFR Rate is elected, the interest computation is equal to the SOFR Rate plus the SOFR Margin (as defined in the LOC Agreement) of either 1.25% or 1.50%. If the Base Rate (as defined in the LOC Agreement) is elected, the interest computation is equal to the Base Rate of the greatest of (a) the federal funds rate plus 0.5%, (b) the SOFR rate for a one month tenor plus 1%, (c) the floor (i.e., zero), or (d) the financial institution’s Prime Rate (as defined in the LOC Agreement), plus the Base Rate Margin (as defined in the LOC Agreement) of either 0.25% or 0.50%. At the beginning of each quarter, the applicable margin is set and determined based on the average net availability on the line of credit for the previous quarter. 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 10bps 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 September 30, 2023, the SOFR Margin Rate was 1.25%). If the Alternate Base Rate (as defined in the 2023 LOC Agreement) is elected, the interest computation is equal to the Alternate Base Rate of the greatest of (a) the federal funds rate plus 0.50%, (b) the Adjusted Term SOFR Rate for a one month tenor plus 1.00%, or (c) the financial institution’s Prime Rate (as defined in the 2023 LOC Agreement), plus the Base Rate Margin (as defined in the 2023 LOC Agreement) of either 0.25%, 0.50%, or 0.75% (as of September 30, 2023, the Base Rate Margin was 0.25%). At the beginning of each quarter, the applicable margin is set and determined based on the average net availability on the line of credit for the previous quarter. As of September 30, 2023 and December 31, 2022, the interest rate in effect for the facility was 7.3% and 7.8%, 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. This refinancing amendment was accounted for as a debt extinguishment and a $0.2 loss on debt extinguishment was recognized for this transaction within “Loss on extinguishment and modification of debt” on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. The Company incurred $1.7 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 September 30, 2023 and October 1, 2022, and $0.2 was recognized for both the nine month periods ended September 30, 2023 and October 1, 2022. The unamortized portion of the fees as of September 30, 2023 and December 31, 2022 was approximately $1.6 and $0.4, respectively. There were no borrowings outstanding on the line of credit as of September 30, 2023 and December 31, 2022.Long-Term DebtLong-term debt consists of the following:
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. On July 19, 2023, the Company made a voluntary prepayment of $35.0 toward the principal balance of the First Lien Term Loan. The Company used cash on hand to make the voluntary prepayment. Prior to the Amendment No 6, the Company paid off an additional $0.3 on August 3, 2023 to get the balance $625.0 for the refinancing discussed below. For the nine month period ended September 30, 2023, the Company has made payments of $85.3 toward the First Lien Term Loan. 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 (effective rate of 8.7% as of September 30, 2023). The amendment was accounted for in accordance with ASC 470-50, “Debt - Modification and Extinguishment.” As discussed above, the amended First Lien Term Loan consists of a syndicate of lenders which were evaluated, for accounting purposes, as individual lenders. Certain lenders exited the Term Loan credit facility, which resulted in extinguishment accounting. There were $287.4 of borrowings held by lenders in the new agreement, that were also held by lenders in the previous agreement. As a result, the Company wrote off a portion of unamortized debt financing costs associated with the prior First Lien Agreement, that was deemed extinguished and recognized a loss on debt extinguishment of $1.4 for the three month and nine month periods ended September 30, 2023, recognized within “Loss on extinguishment and modification of debt” on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. In conjunction with the Amendment No 6, the Company incurred $2.3 of costs from 3rd parties that did not qualify for capitalization of deferred finance costs, and were expensed within “Loss on extinguishment and modification of debt” on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. The Company also incurred $9.5 of additional deferred finance costs, which will be amortized over the remaining term of the modified loan. Deferred finance costs are being amortized using the effective interest method. Amortization of approximately $0.8 and $0.9 was recognized for the three month period ended September 30, 2023 and October 1, 2022, respectively, and $2.9 and $2.6 was recognized for the nine month periods ended September 30, 2023 and October 1, 2022, respectively, as a component of interest expense. As of September 30, 2023 and December 31, 2022, the Company maintained one letter of credit totaling approximately $0.4 on which there were no balances due.
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Long-Term Debt |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Secured Overnight Financing Rate (“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. If the SOFR Rate is elected, the interest computation is equal to the SOFR Rate plus the SOFR Margin (as defined in the LOC Agreement) of either 1.25% or 1.50%. If the Base Rate (as defined in the LOC Agreement) is elected, the interest computation is equal to the Base Rate of the greatest of (a) the federal funds rate plus 0.5%, (b) the SOFR rate for a one month tenor plus 1%, (c) the floor (i.e., zero), or (d) the financial institution’s Prime Rate (as defined in the LOC Agreement), plus the Base Rate Margin (as defined in the LOC Agreement) of either 0.25% or 0.50%. At the beginning of each quarter, the applicable margin is set and determined based on the average net availability on the line of credit for the previous quarter. 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 10bps 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 September 30, 2023, the SOFR Margin Rate was 1.25%). If the Alternate Base Rate (as defined in the 2023 LOC Agreement) is elected, the interest computation is equal to the Alternate Base Rate of the greatest of (a) the federal funds rate plus 0.50%, (b) the Adjusted Term SOFR Rate for a one month tenor plus 1.00%, or (c) the financial institution’s Prime Rate (as defined in the 2023 LOC Agreement), plus the Base Rate Margin (as defined in the 2023 LOC Agreement) of either 0.25%, 0.50%, or 0.75% (as of September 30, 2023, the Base Rate Margin was 0.25%). At the beginning of each quarter, the applicable margin is set and determined based on the average net availability on the line of credit for the previous quarter. As of September 30, 2023 and December 31, 2022, the interest rate in effect for the facility was 7.3% and 7.8%, 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. This refinancing amendment was accounted for as a debt extinguishment and a $0.2 loss on debt extinguishment was recognized for this transaction within “Loss on extinguishment and modification of debt” on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. The Company incurred $1.7 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 September 30, 2023 and October 1, 2022, and $0.2 was recognized for both the nine month periods ended September 30, 2023 and October 1, 2022. The unamortized portion of the fees as of September 30, 2023 and December 31, 2022 was approximately $1.6 and $0.4, respectively. There were no borrowings outstanding on the line of credit as of September 30, 2023 and December 31, 2022.Long-Term DebtLong-term debt consists of the following:
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. On July 19, 2023, the Company made a voluntary prepayment of $35.0 toward the principal balance of the First Lien Term Loan. The Company used cash on hand to make the voluntary prepayment. Prior to the Amendment No 6, the Company paid off an additional $0.3 on August 3, 2023 to get the balance $625.0 for the refinancing discussed below. For the nine month period ended September 30, 2023, the Company has made payments of $85.3 toward the First Lien Term Loan. 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 (effective rate of 8.7% as of September 30, 2023). The amendment was accounted for in accordance with ASC 470-50, “Debt - Modification and Extinguishment.” As discussed above, the amended First Lien Term Loan consists of a syndicate of lenders which were evaluated, for accounting purposes, as individual lenders. Certain lenders exited the Term Loan credit facility, which resulted in extinguishment accounting. There were $287.4 of borrowings held by lenders in the new agreement, that were also held by lenders in the previous agreement. As a result, the Company wrote off a portion of unamortized debt financing costs associated with the prior First Lien Agreement, that was deemed extinguished and recognized a loss on debt extinguishment of $1.4 for the three month and nine month periods ended September 30, 2023, recognized within “Loss on extinguishment and modification of debt” on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. In conjunction with the Amendment No 6, the Company incurred $2.3 of costs from 3rd parties that did not qualify for capitalization of deferred finance costs, and were expensed within “Loss on extinguishment and modification of debt” on the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. The Company also incurred $9.5 of additional deferred finance costs, which will be amortized over the remaining term of the modified loan. Deferred finance costs are being amortized using the effective interest method. Amortization of approximately $0.8 and $0.9 was recognized for the three month period ended September 30, 2023 and October 1, 2022, respectively, and $2.9 and $2.6 was recognized for the nine month periods ended September 30, 2023 and October 1, 2022, respectively, as a component of interest expense. As of September 30, 2023 and December 31, 2022, the Company maintained one letter of credit totaling approximately $0.4 on which there were no balances due.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases At lease commencement, a right-of-use (“ROU”) asset and lease liability is recorded based on the present value of the future lease payments over the lease term. The Company has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. The Company leases facilities, vehicles, and other equipment under long-term operating and financing leases with varying terms. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar service, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. Furthermore, for all other types of leases, the practical expedient was also elected whereby lease and non-lease components have been combined. The Company uses the non-cancellable lease term unless it is reasonably certain that a renewal or termination option will be exercised. When available, the Company will use the rate implicit in the lease to discount lease payments to present value, however as most leases do not provide an implicit rate, the Company will estimate the incremental borrowing rate to discount the lease payments. The Company estimates the incremental borrowing rate based on the rates of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. The ROU asset also includes any lease prepayments and initial direct costs, offset by lease incentives. The Company does not consider renewal periods or early terminations to be reasonably certain and are thus not included in the lease term for real estate or equipment assets. The components of ROU assets and lease liabilities were as follows:
The components of lease expense were as follows:
Other information related to leases was as follows:
As of September 30, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
As of September 30, 2023, future minimum repayments of finance leases were as follows:
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Leases | Leases At lease commencement, a right-of-use (“ROU”) asset and lease liability is recorded based on the present value of the future lease payments over the lease term. The Company has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. The Company leases facilities, vehicles, and other equipment under long-term operating and financing leases with varying terms. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar service, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. Furthermore, for all other types of leases, the practical expedient was also elected whereby lease and non-lease components have been combined. The Company uses the non-cancellable lease term unless it is reasonably certain that a renewal or termination option will be exercised. When available, the Company will use the rate implicit in the lease to discount lease payments to present value, however as most leases do not provide an implicit rate, the Company will estimate the incremental borrowing rate to discount the lease payments. The Company estimates the incremental borrowing rate based on the rates of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. The ROU asset also includes any lease prepayments and initial direct costs, offset by lease incentives. The Company does not consider renewal periods or early terminations to be reasonably certain and are thus not included in the lease term for real estate or equipment assets. The components of ROU assets and lease liabilities were as follows:
The components of lease expense were as follows:
Other information related to leases was as follows:
As of September 30, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
As of September 30, 2023, future minimum repayments of finance leases were as follows:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is taxed as a Corporation 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, Australia, and Singapore as necessary. For tax reporting purposes, the Company includes the taxable income or loss with respect to the 45% ownership in the joint venture operating in Mexico. 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. The provision for income taxes for the three and nine month periods ended September 30, 2023 and October 1, 2022 includes amounts related to entities within the Company taxed as corporations in the United States of America, United Kingdom, France, Australia, and Singapore. The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate on year to date ordinary income and records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs. Additionally, the income tax effects of significant unusual or infrequently occurring items are recognized entirely within the interim period in which the event occurs. During the three month period ended September 30, 2023 and October 1, 2022, the Company recorded a total income tax provision of approximately $12.4 and $10.6 on pre-tax income of $49.4 and $43.0 resulting in an effective tax rate of 25.1% and 24.6%, respectively. During the nine month periods ended September 30, 2023 and October 1, 2022, the Company recorded a total income tax provision of approximately $33.7 and $25.0 on pre-tax income of $133.7 and $100.0 resulting in an effective tax rate of 25.2% and 25.0%, respectively. For the three and nine month periods ended September 30, 2023, effective tax rates were primarily impacted by the change in statutory rate differentials, changes in estimated state income tax and apportionment rates, and permanent differences. For the three and nine month periods ended October 1, 2022, effective rates were primarily impacted by statutory rate differentials, changes in estimated tax rates, and permanent differences.
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Equity Compensation |
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Equity Compensation | Equity Compensation 2021 Omnibus Incentive Plan The Company maintains its 2021 Omnibus Incentive Plan (the “Plan”) under which it grants stock-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 stock-based awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). During the nine month period ended September 30, 2023, the Company granted stock-based awards including restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and stock options 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. Restricted Stock Unit Grants RSUs are subject to a vesting period between and four years. RSU activity for the nine month period ended September 30, 2023 is as follows:
Stock-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 $1.0 and $0.6 for the three month period ended September 30, 2023 and October 1, 2022, respectively. Total compensation expense related to the above awards was approximately $2.6 and $1.9 for the nine month periods ended September 30, 2023 and October 1, 2022, respectively. As of September 30, 2023, there was an aggregate of $9.0 of unrecognized expense related to the RSUs granted, which the Company expects to amortize over a weighted-average period of 2.5 years. Performance-based Restricted Stock Unit Grants PSU awards are based on the satisfaction of the Company’s performance metrics. The number of PSUs that become earned can range between 0% and 200% of the original target number of PSUs awarded for the 2022 and 2023 awards. PSUs are subject to a three-year performance cliff-vesting period. PSUs activity for the nine month period ended September 30, 2023 is as follows: (dollar amounts in millions, except share and per share data)
Stock-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 $0.6 and $— for the three month periods ended September 30, 2023 and October 1, 2022, respectively. Total compensation expense related to the performance-based awards was approximately $2.2 and $— for the nine month periods ended September 30, 2023 and October 1, 2022, respectively. As of September 30, 2023, there was an aggregate of $3.8 of unrecognized expense related to the PSUs granted, which the Company expects to amortize over a weighted-average period of 1.7. 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 September 30, 2023, 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 September 30, 2023, the Company deemed the estimate of the PSUs granted in the nine month periods ended September 30, 2023 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 or four years. Stock option awards typically vest in 33% or 25% annual installments on each annual anniversary of the vesting commencement date for the duration of the vesting period, and expire ten years from the grant date. 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. A summary of the assumptions used in determining the fair value of stock options is as follows: (dollar amounts in millions, except share and per share data)
Stock option activity for the nine month period ended September 30, 2023 is as follows:
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Net Income Per Share |
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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 and nine month periods ended September 30, 2023 and October 1, 2022, dilutive potential common shares include stock options and unvested restricted stock units. Dilutive 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 and nine month periods ended September 30, 2023 and October 1, 2022 (in millions, except share and per share data):
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Revenue Recognition |
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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. Contract Balances Contract assets are the rights to consideration in exchange for goods and services that the Company has transferred to a customer. Unbilled receivables result from revenues recognized at a point-in-time and represent an unconditional right to payment subject primarily to the passage of time. Unbilled receivables are recognized as accounts receivable when they are billed. Costs in excess of billings result from revenues recognized over time and represent the net balance of billings that already occurred. Contract liabilities (billings in excess of costs) represent billings to a customer in excess of revenue that has been recognized over time. Contract balances as of September 30, 2023 were as follows:
During the three and nine month periods ended September 30, 2023, the Company recognized revenue of approximately $1.4 and $18.6 related to contract liabilities at December 31, 2022. 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 September 30, 2023 and October 1, 2022 was $1.2 and $0.4, respectively. The recurring revenue recognized from the Nokē Smart Entry System, included in service revenues, for the nine month periods ended September 30, 2023 and October 1, 2022 was $2.4 and $1.0, 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 and nine month periods ended September 30, 2023 and October 1, 2022: Revenue by Timing of Revenue Recognition
(1) These numbers have been revised for the three and nine month periods ended October 1, 2022. See Note 2 to our Unaudited Condensed Consolidated Financial Statements for additional information. Revenue by Sales Channel
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Segments Information |
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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:
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring During fiscal year 2022 and 2023, the Company initiated a restructuring plan to relocate one of its international facilities and align its ongoing corporate strategy. The Company incurs 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:
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.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022. 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 $0.4 as of September 30, 2023, and December 31, 2022. 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 September 30, 2023 and December 31, 2022. 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 $2.4 and $2.1 as of September 30, 2023 and December 31, 2022, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these Unaudited Condensed Consolidated Financial Statements.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Certain relatives of John Morgan Hodges (an Executive Vice President of the Company) and Elliot Kahler (General Counsel of the Company), each of whom is an executive officer, are related parties. Mr. Hodges has been an executive officer of the Company since it went public in June 2021 and all of his compensation was approved by the Compensation Committee. Mr. Kahler became an executive officer in February 2023. Seth Powell is a Project Manager in the Company’s Estimating Department and the son-in-law of Mr. Hodges. Mr. Powell is expected to earn approximately $0.2 in total compensation for the 2023 fiscal year, consisting of base salary, commission, and share-based compensation that is subject to a three year vesting. Mr. Powell was paid compensation of $0.17, $0.12, and $0.12 in fiscal years 2022, 2021 and 2020, respectively, consisting of base salary, bonus, and commissions. Mr. Powell also participates in the Company’s benefit programs available to all other employees in similar positions. Mr. Kahler is expected to earn approximately $0.7 in total compensation for the 2023 fiscal year, consisting of a base salary, target bonus, and share-based compensation that is subject to a three year vesting period. Mr. Kahler also participates in the Company’s benefit programs available to all other employees in similar positions. Megan Kahler is the Chief Financial Officer of Janus International Group, LLC (“Janus Core”), our wholly owned subsidiary, and the spouse of Mr. Kahler. Ms. Kahler is expected to earn $0.4 in total compensation for the 2023 fiscal year, consisting of a base salary, target bonus, and share-based compensation that is subject to a three year vesting period. Ms. Kahler also participates in the Company’s benefit programs available to all other employees in similar positions. The Audit Committee of the Company’s board of directors approved the above related party transactions.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsFor the interim Unaudited Condensed Consolidated Financial Statements as of September 30, 2023, the Company has evaluated subsequent events through the issuance date of the financial statements. |
Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
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Sep. 30, 2023 |
Jul. 01, 2023 |
Apr. 01, 2023 |
Oct. 01, 2022 |
Jul. 02, 2022 |
Apr. 02, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
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Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ 37.0 | $ 37.0 | $ 26.0 | $ 32.4 | $ 22.8 | $ 19.7 | $ 100.0 | $ 75.0 |
Insider Trading Arrangements |
3 Months Ended | 9 Months Ended |
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Sep. 30, 2023
shares
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Sep. 30, 2023
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Ray Pierce Jackson, Jr [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On September 11, 2023, Ray Pierce Jackson, Jr., CEO and Director, 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 725,000 shares of the Company’s common stock until June 14, 2024. | |
Name | Ray Pierce Jackson, Jr | |
Title | CEO and Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 11, 2023 | |
Arrangement Duration | 277 days | |
Aggregate Available | 725,000 | 725,000 |
John Morgan Hodges [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On September 11, 2023, John Morgan Hodges, EVP, 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 450,000 shares of the Company’s common stock until June 14, 2024. | |
Name | John Morgan Hodges | |
Title | EVP | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 11, 2023 | |
Arrangement Duration | 277 days | |
Aggregate Available | 450,000 | 450,000 |
Norman Nettie [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On September 11, 2023, Norman Nettie, VP - Manufacturing, 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 270,000 shares of the Company’s common stock until June 14, 2024. | |
Name | Norman Nettie | |
Title | VP - Manufacturing | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 11, 2023 | |
Arrangement Duration | 277 days | |
Aggregate Available | 270,000 | 270,000 |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe 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 September 30, 2023, and its results of operations, including its comprehensive income and stockholders’ equity for the three and nine month periods ended September 30, 2023 and October 1, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does 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 31, 2022. |
Principles of Consolidation | Principles of ConsolidationThe 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 | ReclassificationCertain 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. |
Use of Estimates | Use of Estimates 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. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, reserves for inventory obsolescence, the recognition and valuation of unit-based compensation arrangements, the useful lives of property, plant and equipment, estimated progress toward completion for certain revenue contracts, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets.
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Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act, or JOBS Act, exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies.
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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 September 30, 2023 and December 31, 2022 due to its variable interest rate that is tied to the current SOFR rate plus an applicable margin and consistency in our credit rating. 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
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Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable are stated at estimated net realizable value from the sale of products and services to established customers. All trade receivables are due in one year or less. The Company pools accounts receivable by customer type, commercial and self-storage, and by business units due to the similarity of risk characteristics within each group. Commercial customers typically are customers contracting with the Company on short-term projects with smaller credit limits and overall, smaller project sizes. Due to the short-term nature and smaller scale of these types of projects, the Company expects minimal write-offs of its receivables at the commercial pool. Self-storage projects typically involve general contractors and make up the largest portion of the Company’s accounts receivable balance. These projects are usually longer-term construction projects and billed over the course of construction. Credit limits are larger for these projects given the overall project size and duration. Due to the longer-term nature and larger scale of these types of projects, the Company expects a potential for more write-offs of its receivable balances within the self-storage pool. At inception, we evaluate credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, we monitor credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, we consider the receivable past due when any installment is over 30 days past due. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Revolving charge accounts are generally deemed to be uncollectible and written off to the allowance for credit losses when delinquency reaches 120 days, taking into consideration the financial condition of the customer. The Company uses the loss-rate method in the CECL analysis for trade receivables and contract assets. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance.
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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 1-3 years for our products with the exception of roofing at one of our business units which is up to 10 years.
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Concentrations of Risk | 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 September 30, 2023 and December 31, 2022, no customer accounted for more than 10% of the accounts receivable balance.
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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 Executive Officer, its 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 14, Segments, for further detail.
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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 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 Secured Overnight Financing Rate ("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 In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718), which amends or supersedes various SEC paragraphs within the Codification to conform to past SEC announcements and guidance issued by the SEC. The ASU does not provide any new guidance, so there is no transition or effective date associated with it. The Company does not believe this will have a material impact on the Company’s consolidated financial position or results of operations. Although there are several other new accounting pronouncements issued or proposed by the FASB, which will be adopted as applicable, management does not believe any of these accounting pronouncements will have a material impact on the Company’s consolidated financial position or results of operations.
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Treasury Stock, Policy | 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.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The effect of correcting the immaterial error in the Unaudited Condensed Consolidated Financial Statements for the three and nine month periods ended September 30, 2023 is shown in the following table:
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Schedule of Accounts Receivable, Allowance for Credit Loss | The activity for the allowance for credit losses during the nine month period ended September 30, 2023 and the fiscal year ended December 31, 2022, is as follows:
(1) On January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL.
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Schedule of Product Warranty Liability | The activity related to product warranty liabilities recorded in Accrued expenses and other current liabilities, during the nine month period ended September 30, 2023 and the fiscal year ended December 31, 2022, is as follows:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Major Components of Inventories | The major components of inventories as of September 30, 2023 and December 31, 2022 are as follows:
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Property Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Equipment, and Other Fixed Assets | Property, plant, and equipment as of September 30, 2023 and December 31, 2022 are as follows:
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Acquired Intangible Assets and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | The carrying basis and accumulated amortization of recognized intangible assets at September 30, 2023 and December 31, 2022, are as follows:
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Schedule of Finite-Lived Intangible Assets | The carrying basis and accumulated amortization of recognized intangible assets at September 30, 2023 and December 31, 2022, are as follows:
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Schedule of Goodwill | The changes in the carrying amounts of goodwill for the period ended September 30, 2023 were as follows:
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Accrued Expenses and Other Current Liabilities (Tables) |
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Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are summarized as follows:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt consists of the following:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Balance Sheet Information | The components of ROU assets and lease liabilities were as follows:
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Schedule of Lease Costs | The components of lease expense were as follows:
Other information related to leases was as follows:
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Schedule of Operating Lease Maturity | As of September 30, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
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Schedule of Finance Lease Maturity | As of September 30, 2023, future minimum repayments of finance leases were as follows:
|
Equity Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Unit Activity | RSUs are subject to a vesting period between and four years. RSU activity for the nine month period ended September 30, 2023 is as follows:
PSUs activity for the nine month period ended September 30, 2023 is as follows: (dollar amounts in millions, except share and per share data)
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Schedule of Valuation Assumptions | A summary of the assumptions used in determining the fair value of stock options is as follows: (dollar amounts in millions, except share and per share data)
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Schedule of Stock Option Activity | Stock option activity for the nine month period ended September 30, 2023 is as follows:
|
Net Income Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and nine month periods ended September 30, 2023 and October 1, 2022 (in millions, except share and per share data):
|
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | Contract balances as of September 30, 2023 were as follows:
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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 and nine month periods ended September 30, 2023 and October 1, 2022: Revenue by Timing of Revenue Recognition
(1) These numbers have been revised for the three and nine month periods ended October 1, 2022. See Note 2 to our Unaudited Condensed Consolidated Financial Statements for additional information. Revenue by Sales Channel
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Segments Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized financial information for the Company’s segments is shown in the following tables:
|
Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Expenses | The Company’s restructuring expenses are comprised of the following:
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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.
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Nature of Operations (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Oct. 01, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Oct. 01, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
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Schedule of Equity Method Investments [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
Number of reportable segments | segment | 2 | ||||
Identifiable Assets | $ 1,296.9 | $ 1,296.9 | $ 1,270.6 | ||
Revenue | 280.1 | $ 262.5 | 802.6 | $ 739.8 | |
Non-U.S. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Identifiable Assets | 65.0 | 65.0 | $ 61.1 | ||
Revenue | $ 20.4 | $ 17.0 | $ 63.2 | $ 55.2 |
Summary of Significant Accounting Policies - Schedule of Error Correction (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | $ 280.1 | $ 262.5 | $ 802.6 | $ 739.8 |
Janus North America | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 272.1 | 256.7 | 771.7 | 723.5 |
As previously reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 262.5 | 739.8 | ||
As previously reported | Janus North America | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 256.7 | 723.5 | ||
Correction | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 0.0 | 0.0 | ||
Correction | Janus North America | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 0.0 | 0.0 | ||
Product revenues | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 237.8 | 233.7 | 686.0 | 654.5 |
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 | 210.4 | 214.5 | 592.3 | 587.4 |
Product revenues | Janus North America | Service revenues transferred over time | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 28.9 | 20.5 | 89.5 | 73.2 |
Product revenues | As previously reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 230.8 | 642.1 | ||
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 | 232.2 | 648.2 | ||
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 | 0.0 | 0.0 | ||
Product revenues | Correction | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 2.9 | 12.4 | ||
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 | (17.7) | (60.8) | ||
Product revenues | Correction | Janus North America | Service revenues transferred over time | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 20.5 | 73.2 | ||
Service revenues | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 42.3 | 28.8 | 116.6 | 85.3 |
Service revenues | Janus North America | Service revenues transferred over time | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | $ 32.8 | 21.7 | $ 89.9 | 62.9 |
Service revenues | As previously reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | 31.7 | 97.7 | ||
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 | 24.5 | 75.3 | ||
Service revenues | Correction | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | (2.9) | (12.4) | ||
Service revenues | Correction | Janus North America | Service revenues transferred over time | Operating Segments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue | $ (2.8) | $ (12.4) |
Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 4.5 | $ 5.4 |
Write-offs | 0.0 | (3.0) |
Provision (reversal), net | (0.7) | 1.7 |
Balance at end of period | $ 3.8 | 4.5 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 0.4 |
Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 0.9 | $ 0.7 |
Aggregate changes in the product warranty liability | 1.0 | 0.2 |
Balance at end of period | $ 1.9 | $ 0.9 |
Summary of Significant Accounting Policies - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 36.4 | $ 49.8 |
Work-in-process | 0.7 | 1.6 |
Finished goods | 17.2 | 16.3 |
Inventories | 54.3 | 67.7 |
Inventory valuation reserves | $ 3.4 | $ 2.0 |
Property Plant and Equipment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Dec. 31, 2022 |
|
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 81.1 | $ 81.1 | $ 69.2 | ||
Less: accumulated depreciation | (32.5) | (32.5) | (27.1) | ||
Property, plant and equipment, net | 48.6 | 48.6 | 42.1 | ||
Depreciation of property, plant and equipment | 2.2 | $ 2.0 | 6.6 | $ 5.8 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 4.5 | 4.5 | 4.5 | ||
Building | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 2.5 | $ 2.5 | 2.5 | ||
Property plant and equipment, useful life | 39 years | 39 years | |||
Manufacturing machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 41.5 | $ 41.5 | 38.8 | ||
Manufacturing machinery and equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment, useful life | 3 years | 3 years | |||
Manufacturing machinery and equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment, useful life | 7 years | 7 years | |||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 10.3 | $ 10.3 | 8.3 | ||
Computer and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 9.7 | $ 9.7 | 9.6 | ||
Property plant and equipment, useful life | 3 years | 3 years | |||
Furniture and fixtures, and vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 4.1 | $ 4.1 | 3.6 | ||
Furniture and fixtures, and vehicles | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment, useful life | 3 years | 3 years | |||
Furniture and fixtures, and vehicles | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment, useful life | 7 years | 7 years | |||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 8.5 | $ 8.5 | $ 1.9 |
Acquired Intangible Assets and Goodwill - Schedule of Indefinite-Lived and Finite-Lived Intangible Assets (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Dec. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated Amortization | $ 154,000,000.0 | $ 154,000,000.0 | $ 173,300,000 | ||
Total gross carrying amount | 536,200,000 | 536,200,000 | 577,700,000 | ||
Total net amount | 382,200,000 | 382,200,000 | 404,400,000 | ||
Foreign currency translation | 0 | (2,000,000.0) | |||
Amortization of intangibles | 7,400,000 | $ 7,400,000 | 22,300,000 | $ 22,300,000 | |
Tradenames and trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount, indefinite-lived | 107,400,000 | 107,400,000 | 107,400,000 | ||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 408,200,000 | 408,200,000 | 408,200,000 | ||
Accumulated Amortization | 146,700,000 | 146,700,000 | 125,600,000 | ||
Net Amount | $ 261,500,000 | $ 261,500,000 | 282,600,000 | ||
Customer relationships | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 10 years | 10 years | |||
Customer relationships | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 15 years | 15 years | |||
Software development | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 20,300,000 | $ 20,300,000 | 20,300,000 | ||
Accumulated Amortization | 7,100,000 | 7,100,000 | 6,100,000 | ||
Net Amount | $ 13,200,000 | $ 13,200,000 | 14,200,000 | ||
Software development | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 10 years | 10 years | |||
Software development | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 15 years | 15 years | |||
Noncompete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 300,000 | $ 300,000 | 400,000 | ||
Accumulated Amortization | 200,000 | 200,000 | 200,000 | ||
Net Amount | $ 100,000 | $ 100,000 | 200,000 | ||
Noncompete agreements | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 3 years | 3 years | |||
Noncompete agreements | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 8 years | 8 years | |||
Backlog | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average Remaining Life in Years | 1 year | 1 year | |||
Gross Carrying Amount | $ 0 | $ 0 | 41,400,000 | ||
Accumulated Amortization | 0 | 0 | 41,400,000 | ||
Net Amount | $ 0 | $ 0 | $ 0 |
Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 368.2 |
Foreign Currency Translation Adjustment | (0.1) |
Ending balance | $ 368.1 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Customer deposits | $ 33.9 | $ 29.6 |
Employee compensation | 17.6 | 16.5 |
Current operating lease liabilities | 5.3 | 5.3 |
Sales tax payable | 4.9 | 5.1 |
Current income taxes | 2.3 | 0.8 |
Accrued professional fees | 1.1 | 3.6 |
Product warranties | 1.9 | 0.9 |
Accrued freight | 0.9 | 1.2 |
Interest payable | 3.6 | 0.2 |
Indemnity holdback liability | 0.0 | 1.0 |
Other liabilities | 8.7 | 6.4 |
Total | $ 80.2 | $ 70.6 |
Line of Credit (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Aug. 03, 2023 |
Apr. 10, 2023 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Dec. 31, 2022 |
|
Line of Credit Facility [Line Items] | |||||||
Loss on extinguishment of debt | $ 1,600,000 | $ 0 | |||||
Unamortized debt issuance costs | $ 12,400,000 | 12,400,000 | $ 7,200,000 | ||||
Deferred finance fee amortization | $ 3,100,000 | 2,800,000 | |||||
Revolving Credit Facility | SOFR | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.00% | 1.00% | |||||
Revolving Credit Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity | $ 125,000,000.0 | $ 80,000,000.0 | |||||
Interest rate | 7.30% | 7.80% | |||||
Loss on extinguishment of debt | 200,000 | ||||||
Deferred finance fees | $ 1,700,000 | ||||||
Unamortized debt issuance costs | 1,600,000 | $ 1,600,000 | $ 400,000 | ||||
Deferred finance fee amortization | 100,000 | $ 100,000 | 200,000 | $ 200,000 | |||
Outstanding line of credit | $ 0 | $ 0 | $ 0 | ||||
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 | SOFR | Scenario 1 | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.25% | 1.25% | |||||
Revolving Credit Facility | Line of Credit | SOFR | Scenario 2 | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.50% | 1.50% | |||||
Revolving Credit Facility | Line of Credit | SOFR | Scenario 3 | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.75% | ||||||
Revolving Credit Facility | Line of Credit | Federal Funds Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.50% | 0.50% | |||||
Revolving Credit Facility | Line of Credit | Base Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.25% | ||||||
Revolving Credit Facility | Line of Credit | Base Rate | Scenario 1 | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.25% | 0.25% | |||||
Revolving Credit Facility | Line of Credit | Base Rate | Scenario 2 | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.50% | 0.50% | |||||
Revolving Credit Facility | Line of Credit | Base Rate | Scenario 3 | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.75% |
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Financing leases | $ 3.0 | $ 1.1 |
Total | 628.0 | 715.4 |
Less: unamortized deferred finance fees | 12.4 | 7.2 |
Less: current maturities | 7.1 | 8.3 |
Total long-term debt | 608.5 | 699.9 |
Notes Payable | Note payable - Amendment No.6 First Lien | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 625.0 | $ 714.3 |
Less: unamortized deferred finance fees | $ 9.5 |
Long-Term Debt - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Aug. 03, 2023 |
Jul. 19, 2023 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Jun. 20, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 1,600,000 | $ 0 | ||||||
Unamortized debt issuance costs | $ 12,400,000 | 12,400,000 | $ 7,200,000 | |||||
Deferred finance fee amortization | 3,100,000 | 2,800,000 | ||||||
Letters of credit outstanding | 400,000 | 400,000 | $ 400,000 | |||||
Notes Payable | Note payable, Amendment No. 5 First Lien | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 726,400,000 | |||||||
Periodic repayment, percent | 0.28% | |||||||
Prepayment of debt | $ 300,000 | $ 35,000,000.0 | $ 85,300,000 | |||||
Notes Payable | Note payable - Amendment No.6 First Lien | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 625,000,000.0 | |||||||
Periodic repayment, percent | 0.25% | |||||||
Interest rate | 8.70% | |||||||
Loss on extinguishment of debt | 1,400,000 | $ 1,400,000 | ||||||
Debt related commitment fees and debt issuance costs | 2,300,000 | |||||||
Unamortized debt issuance costs | 9,500,000 | 9,500,000 | ||||||
Deferred finance fee amortization | $ 800,000 | $ 900,000 | $ 2,900,000 | $ 2,600,000 | ||||
Notes Payable | Note payable - Amendment No.6 First Lien | Lenders, New And Previous Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt outstanding | $ 287,400,000 |
Leases - Schedule of Balance Sheet Information (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Operating lease assets | $ 46.8 | $ 43.3 |
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Total leased assets | Total leased assets |
Finance lease assets | $ 2.9 | $ 1.0 |
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Total leased assets | Total leased assets |
Total leased assets | $ 49.7 | $ 44.3 |
Liabilities: | ||
Operating, current | $ 5.3 | $ 5.3 |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Financing, current | $ 0.9 | $ 0.3 |
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Less: current maturities | Less: current maturities |
Operating, noncurrent | $ 45.4 | $ 40.9 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Financing, noncurrent | $ 2.1 | $ 0.8 |
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Total long-term debt | Total long-term debt |
Total lease liabilities | $ 53.7 | $ 47.3 |
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 2.2 | $ 2.1 | $ 6.5 | $ 6.1 |
Variable lease cost | 0.2 | 0.1 | 0.5 | 0.3 |
Short-term lease cost | 0.0 | 0.0 | 0.0 | 0.1 |
Amortization of right-of-use assets | 0.2 | 0.1 | 0.5 | 0.1 |
Interest on lease liabilities | 0.1 | 0.0 | 0.1 | 0.0 |
Total lease cost | $ 2.7 | $ 2.3 | $ 7.6 | $ 6.6 |
Leases - Schedule of Supplemental Cash Flow (Details) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Weighted Average Remaining Lease Term (in years) | ||
Operating Leases | 9 years 25 days | 9 years 7 months 28 days |
Finance Leases | 3 years 4 months 2 days | 3 years 4 months 13 days |
Weighted Average Discount Rate | ||
Operating Leases | 7.50% | 7.10% |
Finance Leases | 8.40% | 6.60% |
Leases - Schedule of Operating Lease Maturity (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
2023 | $ 2.2 |
2024 | 8.7 |
2025 | 8.2 |
2026 | 7.7 |
2027 | 7.0 |
Thereafter | 37.8 |
Total future lease payments | 71.6 |
Less: imputed interest | (20.9) |
Present value of future lease payments | $ 50.7 |
Leases - Schedule of Finance Lease Maturity (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
2023 | $ 0.3 | |
2024 | 1.1 | |
2025 | 1.1 | |
2026 | 0.5 | |
2027 | 0.3 | |
Thereafter | 0.1 | |
Total future lease payments | 3.4 | |
Less: imputed interest | (0.4) | |
Present value of future lease payments | $ 3.0 | $ 1.1 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Income Tax Examination [Line Items] | ||||
Income tax provision | $ 12.4 | $ 10.6 | $ 33.7 | $ 25.0 |
Income from operations | $ 49.4 | $ 43.0 | $ 133.7 | $ 100.0 |
Effective income tax rate | 25.10% | 24.60% | 25.20% | 25.00% |
Joint Venture | ||||
Income Tax Examination [Line Items] | ||||
Ownership percentage | 45.00% | 45.00% |
Equity Compensation - 2021 Omnibus Incentive Plan (Narrative) (Details) |
Oct. 01, 2022
shares
|
---|---|
2021 Omnibus Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant (in shares) | 15,125,000 |
Equity Compensation - Schedule of Restricted Stock Unit Activity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
RSUs | |
Units | |
Unvested, beginning balance (in shares) | 465,064 |
Granted (in shares) | 748,198 |
Vested (in shares) | (143,971) |
Forfeited (in shares) | (34,901) |
Unvested, ending balance (in shares) | 1,034,390 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 10.5 |
Granted (in dollars per share) | $ / shares | 10.6 |
Vested (in dollars per share) | $ / shares | 10.5 |
Forfeited (in dollars per share) | $ / shares | 10.3 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 10.6 |
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) | 252,923 |
Granted (in shares) | 229,091 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Unvested, ending balance (in shares) | 482,014 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 9.5 |
Granted (in dollars per share) | $ / shares | 10.6 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 10.0 |
Incremental shares (in shares) | 252,923 |
Performance vesting percentage | 100.00% |
PSUs | Minimum | |
Weighted-Average Grant Date Fair Value | |
Performance vesting percentage | 0.00% |
PSUs | Maximum | |
Weighted-Average Grant Date Fair Value | |
Performance vesting percentage | 200.00% |
Equity Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 2.1 | $ 2.1 | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1.0 | $ 0.6 | 2.6 | $ 1.9 |
Unrecognized compensation expense | 9.0 | $ 9.0 | ||
Unrecognized compensation period | 2 years 6 months | |||
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 | 0.6 | 0.0 | $ 2.2 | 0.0 |
Unrecognized compensation expense | $ 3.8 | $ 3.8 | ||
Unrecognized compensation period | 1 year 8 months 12 days | |||
Performance vesting percentage | 100.00% | 100.00% | ||
Vesting period | 3 years | |||
PSUs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance vesting percentage | 0.00% | 0.00% | ||
PSUs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance vesting percentage | 200.00% | 200.00% | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0.2 | $ 0.2 | $ 0.6 | $ 0.3 |
Unrecognized compensation period | 2 years 7 months 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 | 33.00% | |||
Stock Options | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting percentage | 25.00% |
Equity Compensation - Schedule of Valuation Assumptions (Details) - Stock Options |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield on the Company’s stock | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life of option (years) | 6 years |
Risk-free interest rate | 2.90% |
Expected volatility of the Company’s stock | 45.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life of option (years) | 6 years 3 months |
Risk-free interest rate | 3.70% |
Expected volatility of the Company’s stock | 48.00% |
Equity Compensation - Schedule of Stock Option Activity (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Stock Options | ||
Unvested, beginning balance outstanding (in shares) | 700,729 | |
Granted (in shares) | 18,796 | |
Exercised (in shares) | 0 | |
Vested (in shares) | (175,175) | |
Forfeited (in shares) | 0 | |
Unvested, ending balance outstanding (in shares) | 544,350 | 700,729 |
Vested not exercised (in shares) | 175,175 | |
Weighted-Average Grant Date Fair Value | ||
Unvested, beginning balance outstanding (in dollars per share) | $ 4.5 | |
Granted (in dollars per share) | 5.3 | |
Exercised (in dollars per share) | 0 | |
Vested (in dollars per share) | 4.5 | |
Forfeited (in dollars per share) | 0 | |
Unvested, ending balance outstanding (in dollars per share) | 4.5 | $ 4.5 |
Vested not exercised (in dollars per share) | $ 4.5 | |
Weighted Average Remaining Contractual Life (in years) | 8 years 7 months 6 days | 9 years 9 months 18 days |
Weighted average remaining contractual life, granted (in years) | 9 years 6 months | |
Weighted average remaining contractual life, vested (in years) | 8 years 6 months | |
Weighted average remaining contractual life, vested not exercised (in years) | 8 years 6 months | |
Granted Intrinsic value | $ 0.2 | |
Vested Intrinsic value | 1.2 | |
Intrinsic value | 0 | $ 0.2 |
Vested not exercised, intrinsic value | $ 1.2 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders, basic | $ 37.0 | $ 32.4 | $ 100.0 | $ 75.0 |
Net income attributable to common stockholders, diluted | $ 37.0 | $ 32.4 | $ 100.0 | $ 75.0 |
Weighted average number of shares: | ||||
Basic (in shares) | 146,827,175 | 146,639,452 | 146,765,567 | 146,592,296 |
Adjustment for dilutive securities (in shares) | 166,690 | 78,465 | 73,741 | 79,213 |
Diluted (in shares) | 146,993,865 | 146,717,917 | 146,839,308 | 146,671,509 |
Basic net income per share attributable to common stockholders (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.68 | $ 0.51 |
Diluted net income per share attributable to common stockholders (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.68 | $ 0.51 |
Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Costs in excess of billings | $ 31.9 | $ 17.0 |
Unbilled receivables | 19.4 | 22.2 |
Contract assets | 51.3 | 39.3 |
Billing in excess of costs | $ 17.9 | $ 21.4 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 1.4 | $ 18.6 | ||
Nokē Smart Entry System | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 1.2 | $ 0.4 | $ 2.4 | $ 1.0 |
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 280.1 | $ 262.5 | $ 802.6 | $ 739.8 |
Product revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 237.8 | 233.7 | 686.0 | 654.5 |
Service revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 42.3 | 28.8 | 116.6 | 85.3 |
Operating Segments | Janus North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 272.1 | 256.7 | 771.7 | 723.5 |
Operating Segments | Janus North America | Self Storage-New Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 90.7 | 65.8 | 247.5 | 212.2 |
Operating Segments | Janus North America | Self Storage-R3 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 85.4 | 84.9 | 245.7 | 215.9 |
Operating Segments | Janus North America | Commercial and Others | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 96.0 | 106.0 | 278.5 | 295.4 |
Operating Segments | Janus North America | Product revenues transferred at a point in time | Product revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 210.4 | 214.5 | 592.3 | 587.4 |
Operating Segments | Janus North America | Service revenues transferred over time | Product revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 28.9 | 20.5 | 89.5 | 73.2 |
Operating Segments | Janus North America | Service revenues transferred over time | Service revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32.8 | 21.7 | 89.9 | 62.9 |
Operating Segments | Janus International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20.4 | 17.0 | 63.2 | 55.2 |
Operating Segments | Janus International | Self Storage-New Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 18.8 | 13.2 | 55.9 | 40.0 |
Operating Segments | Janus International | Self Storage-R3 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.6 | 3.8 | 7.3 | 15.2 |
Operating Segments | Janus International | Product revenues transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10.5 | 9.8 | 35.7 | 32.8 |
Operating Segments | Janus International | Service revenues transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9.9 | 7.2 | 27.5 | 22.4 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (12.4) | $ (11.2) | $ (32.3) | $ (38.9) |
Segments Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Oct. 01, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Oct. 01, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
Revenue | $ 280.1 | $ 262.5 | $ 802.6 | $ 739.8 | |
Income From Operations | 66.5 | 53.8 | 181.8 | 128.9 | |
Depreciation Expense | 2.2 | 2.0 | 6.6 | 5.8 | |
Amortization of Intangible Assets | 7.4 | 7.4 | 22.3 | 22.3 | |
Capital Expenditures | 3.9 | 2.6 | 13.5 | 7.9 | |
Identifiable Assets | 1,296.9 | 1,296.9 | $ 1,270.6 | ||
Janus North America | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation Expense | 2.0 | 1.8 | 5.9 | 5.3 | |
Amortization of Intangible Assets | 7.1 | 7.1 | 21.3 | 21.3 | |
Capital Expenditures | 3.8 | 2.1 | 12.1 | 6.8 | |
Identifiable Assets | 1,232.2 | 1,232.2 | 1,209.9 | ||
Janus International | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation Expense | 0.2 | 0.2 | 0.7 | 0.5 | |
Amortization of Intangible Assets | 0.3 | 0.3 | 1.0 | 1.0 | |
Capital Expenditures | 0.1 | 0.5 | 1.4 | 1.1 | |
Identifiable Assets | 64.7 | 64.7 | $ 60.7 | ||
Operating Segments | Janus North America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 272.1 | 256.7 | 771.7 | 723.5 | |
Income From Operations | 64.5 | 53.1 | 175.0 | 126.1 | |
Operating Segments | Janus International | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 20.4 | 17.0 | 63.2 | 55.2 | |
Income From Operations | 1.9 | 0.7 | 7.0 | 2.8 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (12.4) | (11.2) | (32.3) | (38.9) | |
Income From Operations | $ 0.1 | $ 0.0 | $ (0.2) | $ 0.0 |
Restructuring - Schedule of Restructuring Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring Charges | $ 0.2 | $ 0.0 | $ 1.0 | $ 1.2 |
Severance and termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring Charges | 0.1 | 0.0 | 0.2 | 0.3 |
Facility related charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring Charges | 0.0 | 0.0 | 0.1 | 0.6 |
Legal, consulting, and other costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring Charges | $ 0.1 | $ 0.0 | $ 0.7 | $ 0.3 |
Restructuring - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
|
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 0.0 | |||
Restructuring charges | $ 0.2 | $ 0.0 | 1.0 | $ 1.2 |
Payments | (1.0) | |||
Restructuring reserve, ending balance | $ 0.0 | $ 0.0 |
Commitments and Contingencies (Details) - Insurance Claims - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Workers' Compensation Insurance Program | ||
Loss Contingencies [Line Items] | ||
Claims in excess | $ 0.2 | $ 0.2 |
Estimate of possible loss | 0.4 | 0.4 |
Health Insurance Program | ||
Loss Contingencies [Line Items] | ||
Claims in excess | 0.3 | 0.3 |
Estimate of possible loss | $ 2.4 | $ 2.1 |
Related Party Transactions (Details) - Base Salary, Commission, and Share-Based Compensation - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Seth Powell | ||||
Related Party Transaction [Line Items] | ||||
Related party transactions | $ 200 | $ 170 | $ 120 | $ 120 |
Vesting period | 3 years | |||
Elliot Kahler | ||||
Related Party Transaction [Line Items] | ||||
Related party transactions | $ 700 | |||
Vesting period | 3 years | |||
Megan Kahler | ||||
Related Party Transaction [Line Items] | ||||
Related party transactions | $ 400 | |||
Vesting period | 3 years |
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