Janus International Group (JBI) Q4 2024 earnings summary

Executive summary

• 2024 revenue declined 9.6% year-over-year to $963.8 million, with net income down 48.1% to $70.4 million and adjusted EPS of $0.57.

• Adjusted EBITDA fell 27.0% to $208.5 million, with margin decreasing to 21.6%.

• Free cash flow conversion of adjusted net income was 163% for the year, with free cash flow at $133.9 million and operating cash flow of $154.0 million.

• 7.1 million shares were repurchased, representing 4.9% of shares outstanding, for $79.6 million.

• TMC acquisition contributed $27.2 million to annual revenue and expanded terminal maintenance services.

Financial highlights

• Q4 2024 revenue was $230.8 million, down 12.5% year-over-year; self-storage revenue fell 17.3%, commercial and other declined 1.0%.

• Q4 Adjusted EBITDA was $34.6 million, down 53.4% year-over-year; margin was 15% (19% excluding one-time items).

• Q4 Adjusted Net Income was $7.7 million ($0.05/share), compared to $35.9 million ($0.24/share) a year ago.

• Full-year adjusted net income was $82.1 million, down 40.4%.

• Year-end liquidity was $231.3 million, with $149.3 million in cash and net leverage at 2.2x.

Outlook and guidance

• 2025 revenue guidance: $860–$890 million; adjusted EBITDA guidance: $175–$195 million.

• First half of 2025 expected to be softer, with improvement in the back half as project timing normalizes.

• Capital expenditures projected at $43–$46 million; effective tax rate estimated at 26–27%.

• Long-term targets reaffirmed: 4–6% annual organic revenue growth, 25–27% adjusted EBITDA margin, 75–100% free cash flow conversion, net leverage ratio of 2.0x–3.0x.

• Free cash flow conversion expected near the high end of the 75–100% target range.