Company: JBI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001839839-25-000132
Chunk: 27

Company: Janus International Group, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 7
Chunk 27
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 flow for the periods indicated:(dollar amounts in tables in millions)Three Months EndedMarch 29, 2025March 30, 2024Cash flow from operating activities$48.3 $28.6 Less: purchases of property, plant, and equipment (6.4)(4.6)Free cash flow*$41.9 $24.0 Non-GAAP Adjusted Net Income*$17.7 $36.6 Free cash flow conversion of Non-GAAP Adjusted Net Income*237 %66 %

*Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis.

Net Leverage Ratio 

The Company uses the net leverage ratio as a metric to assess liquidity and the flexibility of its balance sheet. Consistent with other liquidity metrics, the Company monitors the net leverage ratio as a measure to determine the appropriate level of debt the Company believes is optimal to operate its business, and accordingly, to quantify debt capacity available for strengthening the balance sheet for strategic capital allocation and deployment through investments in the business, and for returning capital to the shareholders. The net leverage ratio is the ratio of our consolidated senior secured indebtedness reduced by cash to our trailing four-quarter consolidated EBITDA.

The following table presents a reconciliation of Long-Term Debt to Net Debt and Long-Term Debt to Net Income Ratio to Net Leverage Ratio for the periods indicated:(dollar amounts in tables in millions)March 29, 2025December 28, 2024Note payable - First Lien$557.0 $598.5 Less: Cash140.8 149.3 Net Debt*$416.2 $449.2 Net Income (Trailing Twelve-Month periods ended)(1)$50.5 $70.4 Adjusted EBITDA (Trailing Twelve-Month periods ended)(2)$180.6 $208.5 Long-Term Debt to Net Income11.0 8.5 Non-GAAP Net Leverage Ratio*$2.3 $2.2 

(1) Trailing Twelve-months Net Income for the period ended March 29, 2025 consists of the