Company: JBI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001839839-25-000132
Chunk: 56

Company: Janus International Group, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 three month periods ended March 29, 2025 and March 30, 2024, the Company recorded a total income tax provision of approximately $4.6 and $10.5 on pre-tax income of $15.4 and $41.2 resulting in an effective tax rate of 29.9% and 25.5%, respectively. For the three month period ended March 29, 2025, the effective tax rate was primarily impacted by state income taxes, nondeductible executive compensation, the discrete impact of RSU vesting, offset by the benefit of the R&D credit and the U.S. tax benefit derived from U.S. exports. For the three month period ended March 30, 2024, the effective rate was primarily impacted by statutory rate differentials, changes in estimated tax rates, and permanent differences.

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

12. Revenue Recognition

Contract balances as of March 29, 2025 were as follows:(dollar amounts in millions)Revenues in excess of billings at March 29, 2025$17.7 Unbilled receivables at March 29, 202510.5 Contract assets at March 29, 2025$28.2 Revenues in excess of billings at December 28, 2024$16.2 Unbilled receivables at December 28, 20247.0 Contract assets at December 28, 2024 $23.2 Contract liabilities at December 28, 2024$17.9 Contract liabilities at March 29, 2025$17.9 During the quarter ended March 29, 2025, the Company recognized revenue of approximately $9.0 related to contract liabilities at December 28, 2024.  Disaggregation of RevenueThe principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depicts the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three month periods ended March 29, 2025 and March 30, 2024:Revenue by Timing of Revenue Recognition(dollar amounts in millions)Three Months EndedReportable Segments by Timing of Revenue RecognitionMarch 29, 2025March 30, 2024Janus North AmericaProduct revenues transferred at a point in time$143.1