Company: JBI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001839839-25-000141
Chunk: 63

Company: Janus International Group, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 63
---
 are subject to a two-year or three-year performance cliff-vesting period. PSUs activity for the six month period ended June 28, 2025 is as follows:(amounts in millions, except share and per share data)PSUsWeighted Average Grant Date Fair ValueUnvested, outstanding at December 28, 20241,273,451 $9.85 Granted 341,326 8.30 Incremental units granted based on performance242,353 9.40 Vested(484,708)9.40 Forfeited(33,411)11.22 Unvested, outstanding at June 28, 2025(1)1,339,011 $9.50 (1) This number includes 431,355 performance stock units, which are projected to payout at 0% due to performance results from previously-granted PSU awards.Share-based compensation expense for PSUs is recognized straight line over the requisite vesting period, reduced for actual forfeitures, and included in general and administrative expense in the accompanying Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. Total compensation expense related to the PSUs was approximately $0.9 and $0.7 for the three month periods ended June 28, 2025 and June 29, 2024, respectively, and $1.9 and $1.3 for the six month periods ended June 28, 2025 and June 29, 2024, respectively. As of June 28, 2025, there was an aggregate of $6.0 of unrecognized expense related to the PSUs granted, which the Company expects to amortize over a weighted average period of 1.7 years.     The above table represents PSUs assuming 100% of target payout at the time of the grant for the unvested units. The incremental units in the above table represent a 200% target payout based on achievement of certain performance metrics.

20

Janus International Group, Inc.Notes to Unaudited Condensed Consolidated Financial Statements

12. Revenue Recognition

Contract balances as of June 28, 2025 and December 28, 2024 were as follows:(dollar amounts in millions)Revenues in excess of billings at June 28, 2025$17.6 Unbilled receivables at June 28, 202511.3 Contract assets at June 28,