2022 Q1 Form 10-K Financial Statement

#000183983922000007 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2020 Q4
Revenue $235.4M $750.2M $148.6M
YoY Change 54.0% 0.0%
Cost Of Revenue $158.7M $498.8M $90.40M
YoY Change 59.46% 0.0%
Gross Profit $76.64M $251.4M $58.20M
YoY Change 43.8% 0.0%
Gross Profit Margin 32.56% 33.51% 39.17%
Selling, General & Admin $48.05M $158.3M $2.760M
YoY Change 65.44% 0.0%
% of Gross Profit 62.7% 62.97% 4.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.51M $6.450M $8.400M
YoY Change 681.29% -83.04%
% of Gross Profit 15.02% 2.57% 14.43%
Operating Expenses $48.05M $159.0M $2.760M
YoY Change 65.44% 0.0%
Operating Profit $28.59M $92.40M $55.44M
YoY Change 17.88% 0.0%
Interest Expense -$9.611M $32.88M -$5.760M
YoY Change -218.27% -200.0%
% of Operating Profit -33.62% 35.58% -10.39%
Other Income/Expense, Net -$8.477M -$42.12M $0.00
YoY Change -12.47% 355.77%
Pretax Income $10.50M $50.28M -$8.520M
YoY Change -27.92% 0.0%
Income Tax $215.3K $6.481M $10.00K
% Of Pretax Income 2.05% 12.89%
Net Earnings $10.28M $43.80M -$8.530M
YoY Change -30.14% 0.0%
Net Earnings / Revenue 4.37% 5.84% -5.74%
Basic Earnings Per Share $0.41
Diluted Earnings Per Share $94.35K $0.40 -$197.8K
COMMON SHARES
Basic Shares Outstanding 146.6M shares 107.9M shares
Diluted Shares Outstanding 109.0M shares

Balance Sheet

Concept 2022 Q1 2022 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.19M $13.19M $1.790M
YoY Change -79.55% 0.0%
Cash & Equivalents $13.19M $45.26M
Short-Term Investments
Other Short-Term Assets $4.057M $37.02M $5.192M
YoY Change -86.04% 0.0%
Inventory $56.60M $56.60M $25.28M
Prepaid Expenses $9.843M $5.950M
Receivables $107.0M $107.4M $75.14M
Other Receivables $0.00 $0.00
Total Short-Term Assets $214.2M $214.2M $168.2M
YoY Change 8.13% 0.0%
LONG-TERM ASSETS
Property, Plant & Equipment $41.61M $41.61M $30.97M
YoY Change 31.1% 0.0%
Goodwill $369.3M $259.4M
YoY Change
Intangibles $436.0M
YoY Change
Long-Term Investments $347.5M
YoY Change
Other Assets $1.973M $60.89M $2.415M
YoY Change 7.25% 0.0%
Total Long-Term Assets $907.8M $907.8M $705.3M
YoY Change 29.57% 0.0%
TOTAL ASSETS
Total Short-Term Assets $214.2M $214.2M $168.2M
Total Long-Term Assets $907.8M $907.8M $705.3M
Total Assets $1.122B $1.122B $873.5M
YoY Change 24.84% 0.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.96M $54.96M $29.89M
YoY Change 54.69% 0.0%
Accrued Expenses $53.30M $53.30M $3.850M
YoY Change 18.68% 0.0%
Deferred Revenue $23.21M $21.53M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.067M $8.067M $6.523M
YoY Change 27.12% 0.0%
Total Short-Term Liabilities $140.3M $140.3M $95.10M
YoY Change 29.86% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $703.7M $710.1M $617.6M
YoY Change 13.96% 0.0%
Other Long-Term Liabilities $2.533M $2.533M $4.631M
YoY Change -8.86% 0.0%
Total Long-Term Liabilities $706.3M $712.6M $622.2M
YoY Change 13.86% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $140.3M $140.3M $95.10M
Total Long-Term Liabilities $706.3M $712.6M $622.2M
Total Liabilities $853.7M $853.7M $732.6M
YoY Change 14.92% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings -$8.944M -$48.21M
YoY Change
Common Stock $277.8M $189.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $268.3M $268.3M $140.9M
YoY Change
Total Liabilities & Shareholders Equity $1.122B $1.122B $873.5M
YoY Change 24.84% 0.0%

Cashflow Statement

Concept 2022 Q1 2022 2020 Q4
OPERATING ACTIVITIES
Net Income $10.28M $43.80M -$8.530M
YoY Change -30.14% 0.0%
Depreciation, Depletion And Amortization $11.51M $6.450M $8.400M
YoY Change 681.29% -83.04%
Cash From Operating Activities $15.15M $74.83M -$280.8K
YoY Change -40.74% 0.0%
INVESTING ACTIVITIES
Capital Expenditures -$3.935M $19.87M $1.400M
YoY Change -266.54% 0.0%
Acquisitions $179.7M
YoY Change
Other Investing Activities $9.611M -$170.0M $210.6K
YoY Change -736.71% 0.0%
Cash From Investing Activities $5.676M -$189.9M $210.6K
YoY Change -246.55% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.91M $82.80M -150.0K
YoY Change 578.45% 0.0%
NET CHANGE
Cash From Operating Activities 15.15M $74.83M -280.8K
Cash From Investing Activities 5.676M -$189.9M 210.6K
Cash From Financing Activities -16.91M $82.80M -150.0K
Net Change In Cash 3.916M -$32.06M -220.2K
YoY Change -79.66% -0.61%
FREE CASH FLOW
Cash From Operating Activities $15.15M $74.83M -$280.8K
Capital Expenditures -$3.935M $19.87M $1.400M
Free Cash Flow $19.08M $54.96M -$1.681M
YoY Change -17.74% 0.0%

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Nature of Operations<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Janus International Group, Inc. (“Group” or “Janus” or “Company”) is a holding company. Janus International Group, LLC (“Janus Core”) is a wholly-owned subsidiary of Janus Intermediate, LLC (“Intermediate”). Intermediate is a wholly-owned subsidiary of Janus Midco, LLC (“Midco”) and Midco is a wholly-owned subsidiary of Group. These entities are all incorporated in the state of Delaware. The Group is a global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, United Kingdom, Australia, and Singapore.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Group’s wholly owned subsidiary, Janus International Europe Holdings Ltd. (UK) (“JIE”), owns 100% of the equity of Janus International Europe Ltd. (UK), a company incorporated in England and Wales, and its subsidiary Steel Storage France (s.a.r.l), a company incorporated in France. JIE owns 100% of the equity for Active Supply &amp; Design (CDM) Ltd. (UK) (“AS&amp;D”), a company incorporated in England and Wales and 100% of the equity for Steel Storage Australia &amp; Steel Storage Asia (“Steel Storage”), companies incorporated in Australia and Singapore. AS&amp;D merged with JIE in 2021.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Group’s wholly owned subsidiary, Janus Cobb Holdings, LLC (“Cobb”), owns 100% of the equity of Asta Industries, Inc. (“ASTA”), a company incorporated in Georgia, and its subsidiary Atlanta Door Corporation, a company incorporated in Georgia. Cobb also owns 100% of the equity of Nokē, Inc. (“NOKE”), a company incorporated in Delaware, and Betco, Inc. (“BETCO”), a company also incorporated in Delaware.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On January 2, 2020, JIE purchased 100% of the outstanding shares of Steel Storage.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On January 18, 2021, the Group, through its wholly owned subsidiary Steel Storage acquired 100% of the net assets of G &amp; M Stor-More Pty Ltd (“G&amp;M”) as more fully described in Note 10 Business Combinations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On August 18, 2021, the Group, through its wholly owned subsidiary Janus Core acquired 100% of the equity interests of DBCI, LLC f/k/a Dingo NewCo, LLC (“DBCI”), a company incorporated in Delaware as more fully described in Note 10 Business Combinations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On August 31, 2021, the Group, through its wholly owned subsidiary Janus Core acquired 100% of the equity of Access Control Technologies, LLC (“ACT”), a company incorporated in North Carolina. Through this acquisition, the Group also acquired all assets and certain liabilities of Phoenix Iron Worx, LLC (“Phoenix”), a company incorporated in North Carolina as more fully described in Note 10 Business Combinations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:115%">The Group’s business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. The Janus International segment is comprised of 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, NOKE, ASTA, DBCI, ACT, Janus Door, LLC and Steel Door Depot.com, LLC.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">As of June 7, 2021, Janus Parent, Inc. (“Company”) consummated the business combination (the “Business Combination”) contemplated by the Business Combination Agreement, dated as of December 21, 2020 (as amended from time to time, the “Business Combination Agreement”), by and among Janus International Group, Inc. (f/k/a Janus Parent, Inc.), Juniper Industrial Holdings, Inc. (“Juniper” or “JIH”), a blank check company, JIH Merger Sub, Inc., a wholly-owned subsidiary of the Company (“JIH Merger Sub”), Jade Blocker Merger Sub 1, Inc., Jade Blocker Merger Sub 2, Inc., Jade Blocker Merger Sub 3, Inc., Jade Blocker Merger Sub 4, Inc., Jade Blocker Merger Sub 5, Inc. (collectively referred to as the “Blocker Merger Subs”), Clearlake Capital Partners IV (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners IV (Offshore) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (USTE) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (Offshore) (AIV-Jupiter) Blocker, Inc. (collectively referred to as the “Blockers”), Janus Midco, LLC (“Midco”), Jupiter Management Holdings, LLC, Jupiter Intermediate Holdco, LLC, J.B.I., LLC and Cascade GP, LLC, solely in its capacity as equityholder representative. Pursuant to the Business Combination Agreement, (i) JIH Merger Sub merged with and into Juniper with Juniper being the surviving corporation in the merger and a wholly-owned subsidiary of the Company, (ii) each of the Blocker Merger Subs merged with and into the corresponding Blockers with such Blocker being the surviving corporation in each such merger and a wholly-owned subsidiary of the Company, (iii) each other equityholder of Midco contributed or sold, as applicable, all of its equity interests in Midco to the Company or Juniper, as applicable, in exchange for cash, preferred units and/or shares of the Common Stock, as applicable, and (iv) the Company contributed all of the equity interests in Midco acquired pursuant to the foregoing transactions to Juniper, such that, as a result of the consummation of the Business Combination, Midco became an indirect wholly-owned subsidiary of Juniper. Refer to Note 10 for further discussion on the Business Combination. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Immediately upon the completion of the Business Combination, Juniper and Midco became wholly-owned subsidiaries of Janus International Group, Inc. The Group’s common stock is currently traded on the New York Stock Exchange under the symbol “JBI”.</span></div>Assets held at foreign locations were approximately $58,439 and $53,424 as of January 1, 2022 and December 26, 2020, respectively. Revenues earned at foreign locations totaled approximately $68,579 and $45,490 for the years ended January 1, 2022 and December 26, 2020, respectively.
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Consolidated Financial Statements</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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 fair value of contingent consideration and earnout, the fair value of assets and liabilities related to acquisitions, the derivative warrant liability, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets.</span></div>
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