Company: JBI
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001839839-25-000032
Chunk: 111

Company: Janus International Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 111
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 December 30, 2023. This was primarily driven by a $15.7 increase in the provision of expected credit losses based on a number of customers that have an elevated risk of not making payment. In addition, there is a higher cost structure as a result of the T.M.C. Acquisition as well as $2.6 of post acquisition expenditures related to the T.M.C. business. Stock-based compensation increased $3.6 as a result of the inclusion of expense associated with three fiscal years of grants in 2024 compared to two years of grant expense in fiscal year 2023. There was also an increase in restructuring charges of $0.9 to support strategic initiatives. Lastly, there was a net $4.9 increase in one-time acquisition charges, relating to various non-recurring professional fees.

34

Intangible Asset Impairment

For the year ended December 28, 2024, the Company recognized a non-cash impairment of $12.0 on our DBCI tradename primarily due to an overall change in brand strategy for the DBCI tradename. Therefore, we have a lowered expected future revenue, earnings, and cash flow stream associated with the tradename.

Interest Expense, net

Interest expense, net decreased $10.4 to $49.6 or 17.3% for the year ended December 28, 2024 compared to the year ended December 30, 2023 primarily due to a voluntary debt repayment of $21.9 million during the 2024 fiscal year and a voluntary repayment of $85.3 throughout the 2023 fiscal year. The decrease in interest expense is also due to the April 2024 Repricing Agreement, which lowered the overall interest rate, partially offset by the investment in cash equivalents, which resulted in interest income of $2.1 for the year ended December 28, 2024. (See “Liquidity and Capital Resources” section).

Income Taxes

Income tax expense decreased by $17.2 or 36.5% to $29.9 for the year ended December 28, 2024 from $47.1 for the year ended December 30, 2023, due to the year over year decrease of income before taxes.

Net Income

The $65.3 or 48.1% decrease in net income for the year ended December 30, 2023 compared to the year ended December 28, 2024 is largely due to a decrease in revenues and