Company: JBI
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001839839-25-000032
Chunk: 112

Company: Janus International Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 112
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 increase in operating expenses partially offset by a decrease in cost of revenues.

Adjusted EBITDA

Adjusted EBITDA decreased by $77.1 or 27.0% for the year ended December 28, 2024 compared to the year ended December 30, 2023, primarily due to a decrease in revenue yielding a decline in gross profit of $45.7 with an increase in general and administrative costs largely attributed to the provision of expected credit losses reserves of $15.7 and an increase in costs associated with the opening of the Poland facility.

Segment Results of Operations

We operate in and report financial results for two segments: North America and International. We have the following sales channels: Self-Storage New Construction, Self-Storage R3, and Commercial and Other.

Gross profit and Adjusted EBITDA are the measures of profit and loss that our Chief Operating Decision Maker (“CODM”) uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. 

Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation, amortization, and other non-operational, non-recurring items. The CODM uses Adjusted EBITDA, a non-GAAP financial measure, as a primary performance metric to assess operating performance, develop future operating plans, and make strategic decisions related to operating expenses and resource allocation, among others.

The segment discussion that follows describes the significant factors contributing to the changes in results for each segment included in net earnings.

35

Results of Operations - Janus North America

For the year ended December 28, 2024 compared to the year ended December 30, 2023

(dollar amounts in millions)Year EndedVarianceDecember 28, 2024December 30, 2023$%REVENUEProduct revenues$738.6 $865.1 $(126.5)(14.6)%Services revenues154.0 120.6 33.4 27.7%Total revenue$892.6 $985.7 $(93.1)(9.4)%Product cost of revenues410.5 470.8 (60.3)(12.8)%Service cost of revenues102.3 89.4 12.9 14.4%Cost of revenues$512.8 $560.2 $(47.4)(8.5)%GROSS PROFIT$379.8 $425.5 $(