Delaware |
3442 |
86-1476200 | ||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification No.) |
Large accelerated filer: | ☐ | Accelerated filer: | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company: | ||||
Emerging growth company: |
ii | ||||
iii | ||||
1 | ||||
7 | ||||
8 | ||||
27 | ||||
27 | ||||
27 | ||||
29 | ||||
34 | ||||
41 | ||||
81 | ||||
83 | ||||
87 | ||||
94 | ||||
98 | ||||
102 | ||||
109 | ||||
112 | ||||
114 | ||||
116 | ||||
117 | ||||
117 | ||||
F-1 |
• | Janus’s continued success is dependent upon its ability to hire, retain and utilize qualified personnel. |
• | The coronavirus (COVID-19) pandemic and the global attempt to contain it may harm our industry, business, results of operations and ability to raise additional capital. |
• | Janus engages in a highly competitive business. If Janus is unable to compete effectively, it could lose market share and its business and results of operations could be negatively impacted. |
• | Janus’s business strategy relies in part on acquisitions to sustain its growth. Acquisitions of other companies present certain risks and uncertainties. |
• | Our dependence on, and the price and availability of, raw materials (such as steel coil) as well as purchased components may adversely affect our business, results of operations and financial condition. |
• | The outcome of pending and future claims and litigation could have a material adverse impact on Janus’s business, financial condition and results of operations. |
• | We may be subject to liability if we breach our contracts, and our insurance may be inadequate to cover our losses. |
• | We are potentially subject to taxation related risks in multiple jurisdictions, and changes in U.S. tax laws, in particular, could have a material adverse effect on our business, cash flow, results of operations or financial condition. |
• | Any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, could result in a loss or degradation of service, unauthorized disclosure of data, including user and corporate information, or theft of intellectual property, including digital assets, which could adversely impact our financial condition or harm our reputation. |
• | We face system security risks as we depend upon automated processes and the Internet and we could damage our reputation, incur substantial additional costs and become subject to litigation if our systems are penetrated. |
• | Our brand is integral to our success. If we fail to effectively maintain, promote, and enhance our brand in a cost-effective manner, our business and competitive advantage may be harmed. |
• | Economic uncertainty or downturns, particularly as it impacts specific industries, could adversely affect our business and results of operations. |
• | If we are unable to develop new offerings, achieve increased consumer adoption of those offerings or penetrate new vertical markets, our business and financial results could be materially adversely affected. |
• | Our management team has limited experience managing a public company. |
• | Our corporate culture has contributed to our success and, if we are unable to maintain it as we grow, our business, financial condition and results of operations could be harmed. |
• | Our past growth may not be indicative of our future growth, and our revenue growth rate may decline in the future. |
• | We may require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances. If capital is not available to us, our business, operating results and financial condition may be harmed. |
• | We may not be able to generate sufficient cash to service our obligations and any debt we incur. |
• | We may not be able to adequately protect our proprietary and intellectual property rights in our data or technology. |
• | We may in the future be sued by third parties for various claims, including alleged infringement of proprietary intellectual property rights. |
• | Adverse macroeconomic and business conditions may significantly and negatively affect the self-storage and commercial market, which could have a negative effect on our business and therefore our results of operations. |
• | Rising operating expenses for our customers could indirectly reduce our cash flow and funds available for future distributions. |
• | Certain of our customers have negotiating leverage, which may require that we agree to terms and conditions that result in increased cost of sales, decreased revenue, and lower average selling prices and gross margins, all of which could harm our results of operations. |
• | Privacy concerns could result in regulatory changes that may harm our business. |
• | Extensive environmental regulation to which we are subject creates uncertainty regarding future environmental expenditures and liabilities. |
• | Our only significant asset is ownership of Janus’s business through our ownership interest in Midco. If Janus’s business is not profitably operated, Group may be unable to pay us dividends or make distributions or loans to enable us to pay any dividends on our Common Stock or satisfy our other financial obligations. |
• | Provisions in our amended and restated certificate of incorporation and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Common Stock and could entrench management. |
• | Our amended and restated certificate of incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware is the sole and exclusive forum for certain stockholder litigation matters, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders. |
• | We have and will continue to incur increased costs and obligations as a result of being a public company. |
• | As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and NYSE regarding our internal control over financial reporting. If we fail to establish and maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results, or report them in a timely manner. |
• | We may issue additional shares of common stock or other equity securities without your approval, which would dilute your ownership interest in us and may depress the market price of our Common Stock. |
• | If our performance does not meet market expectations, the price of our securities may decline. |
• | The unaudited pro forma condensed combined financial information included in this prospectus may not be indicative of what our actual financial position or results of operations would have been. |
• | Our ability to successfully operate the Company’s business depends largely upon the efforts of certain key personnel, including Janus’s executive officers. The loss of such key personnel could adversely affect the operations and profitability of our business. |
• | The Company’s ability to meet expectations and projections in any research or reports published by securities or industry analysts, or a lack of coverage by securities or industry analysts, could result in a depressed market price and limited liquidity for our common stock. |
• | Future sales of Common Stock issued to the Selling Stockholders may reduce the market price of the Common Stock that you might otherwise obtain. |
• | We may be substantially influenced by CCG, whose interests may conflict with yours. The concentrated ownership of our Common Stock could prevent you and other shareholders from influencing significant decisions. |
• | The Company’s amended and restated certificate of incorporation renounced any interest or expectancy that the Company has in corporate opportunities that may be presented to the Company’s officers, directors, or shareholders or their respective affiliates, other than those officers, directors, shareholders, or affiliates who are the Company’s or the Company’s subsidiaries’ employees. As a result, these persons are not required to offer certain business opportunities to the Company and may engage in business activities that compete with the Company. |
• | If employees violate our policies or we fail to maintain adequate record-keeping and internal accounting practices to accurately record our transactions, we may be subject to regulatory sanctions. |
• | We have identified material weaknesses in our internal control over financial reporting as of April 2, 2022. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results. |
• | The restatement of our interim financial statements has subjected us to additional risks and uncertainties, including increased professional costs and the increased possibility of legal proceedings. |
Issuer |
Janus International Group, Inc. | |
Shares of Common Stock Offered by the Selling Stockholders |
Up to 114,045,400 shares (including 10,150,000 shares issuable upon exercise of Warrants). | |
Warrants Offered by the Selling Stockholders |
10,150,000 Warrants. | |
Shares of Common Stock Outstanding |
146,561,762 shares (as of June 7, 2022). | |
Use of Proceeds |
We will not receive any proceeds from the sale of shares of Common Stock by the Selling Stockholders. With respect to the shares of Common Stock underlying the Warrants, we will not receive any proceeds from such shares except with respect to amounts received by us upon exercise of such Warrants to the extent such Warrants are exercised for cash. We intend to use any such proceeds for general corporate purposes. See “Use of Proceeds.” | |
Market for Common Stock and Warrants |
Our Common Stock is currently traded, and the Public Warrants were previously traded prior to redemption, on the New York Stock Exchange under the symbols “JBI” and “JBI WS,” respectively. | |
Risk Factors |
See “ Risk Factors |
• | changes adversely affecting the business in which we are engaged; |
• | geopolitical risk and changes in applicable laws or regulations; |
• | the possibility that Janus may be adversely affected by other economic, business, and/or competitive factors; |
• | operational risk; |
• | the possibility that the COVID-19 pandemic, or another major disease, disrupts Janus’s business; |
• | our ability to maintain the listing of our securities on a national securities exchange; |
• | litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Janus’s resources; and |
• | other risks and uncertainties, including those described in this prospectus under the heading “ Risk Factors |
• | increase the number of customers; |
• | further improve the quality of our products and service offerings, and introduce high-quality new products; |
• | timely adjust expenditures in relation to changes in demand for the underlying products and services offered; |
• | maintain brand recognition and effectively leverage our brand; and |
• | attract and retain management and other skilled personnel for our business. |
• | provisions that authorize the board of directors of the Company (the “Board”), without action by our stockholders, to authorize by resolution the issuance of shares of preferred stock and to establish the number of shares to be included in such series, along with the preferential rights determined by the Board; provided that, the Board may also, subject to the rights of the holders of preferred stock, authorize shares of preferred stock to be increased or decreased by the approval of the Board and the affirmative vote of the holders of a majority in voting power of the outstanding shares of capital stock of the corporation; |
• | provisions that impose advance notice requirements and other requirements and limitations on the ability of stockholders to propose matters for consideration at stockholder meetings; and |
• | a staggered board whereby our directors are divided into three classes, with each class subject to retirement and reelection once every three years on a rotating basis. |
• | our existing stockholders’ proportionate ownership interest will decrease; |
• | the amount of cash available per share, including for payment of dividends in the future, may decrease; |
• | the relative voting strength of each previously outstanding share of common stock may be diminished; and |
• | the market price of our Common Stock may decline. |
• | actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to it; |
• | changes in the market’s expectations about its operating results; |
• | success of competitors; |
• | our operating results failing to meet market expectations in a particular period; |
• | changes in financial estimates and recommendations by securities analysts concerning us or the self-storage and commercial industry and market in general; |
• | operating and stock price performance of other companies that investors deem comparable to us; |
• | our ability to market new and enhanced products on a timely basis; |
• | changes in laws and regulations affecting our business; |
• | commencement of, or involvement in, litigation involving us; |
• | changes in our capital structure, such as future issuances of securities or the incurrence of additional debt; |
• | the volume of shares of our Common Stock available for public sale; |
• | any significant change in the Board or management; |
• | sales of substantial amounts of common stock by our directors, executive officers or significant stockholders or the perception that such sales could occur; and |
• | general economic and political conditions such as recessions, interest rates, fuel prices, international currency fluctuations and acts of war or terrorism. |
• | the election of the Board and the appointment and removal of our officers; |
• | mergers and other business combination transactions requiring stockholder approval, including proposed transactions that would result in our stockholders receiving a premium price for their shares; |
• | certain customary negative consent rights in connection with a change in control; and |
• | amendments to our certificate of incorporation or increases or decreases in the size of the Board. |
Ownership |
Shares Outstanding |
% |
||||||
Janus Midco, LLC unitholders |
70,270,400 | 51.5 | % | |||||
Public stockholders |
41,113,850 | 30.1 | % | |||||
PIPE Investors |
25,000,000 | 18.4 | % | |||||
|
|
|
|
|||||
Total |
136,384,250 |
100.0 |
% |
Janus Midco, LLC Twelve Month Ended January 1, 2022 |
Juniper Industrial Holdings, Inc. Three Month Ended March 31, 2021 |
Reclassification Adjustments |
Transaction Accounting Adjustments |
Pro Forma Combined |
||||||||||||||||
Sales of product |
$ | 619,967,424 | $ | — | $ | — | $ | — | $ | 619,967,424 | ||||||||||
Sales of services |
130,182,142 | — | — | — | 130,182,142 | |||||||||||||||
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|
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|
|
|
|
|||||||||||
Total revenue |
750,149,566 |
— | — | — | 750,149,566 |
|||||||||||||||
Cost of Sales |
498,786,846 |
— | — | — | 498,786,846 |
|||||||||||||||
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|
|
|
|||||||||||
GROSS PROFIT |
251,362,720 |
— | — | — | 251,362,720 |
|||||||||||||||
OPERATING EXPENSE |
||||||||||||||||||||
Selling and marketing |
46,294,592 | — | — | — | 46,294,592 | |||||||||||||||
General and administrative |
111,980,992 | 2,641,049 | 50,000 | (E) |
— | 114,672,041 | ||||||||||||||
Contingent consideration and earnout fair value adjustments |
686,700 | — | — | — | 686,700 | |||||||||||||||
Franchise tax expense |
— | 50,000 | (50,000 | ) (E) |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating Expenses |
158,962,284 |
2,691,049 |
— | — | 161,653,333 |
|||||||||||||||
INCOME (LOSS) FROM OPERATIONS |
92,400,436 |
(2,691,049 |
) |
— | — | 89,709,387 |
||||||||||||||
Interest Expense |
(32,876,134 | ) | — | — | 1,413,542 | (C) |
(31,462,592 | ) | ||||||||||||
Change in fair value of derivative warrant liabilities |
(5,917,764 | ) | (27,471,500 | ) | — | 15,697,500 | (G) |
(17,691,764 | ) | |||||||||||
Other income (expense) |
(3,323,717 | ) | — | — | — | (3,323,717 | ) | |||||||||||||
Interest income in operating account |
— | 45 | — | (45 | ) (D) |
— | ||||||||||||||
Interest earned on marketable securities held in Trust Account |
— | 34,479 | — | (34,479 | ) (A) |
— | ||||||||||||||
Unrealized gain on marketable securities held in Trust Account |
— | 1,704 | — | (1,704 | ) (B) |
— | ||||||||||||||
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|
|
|
|
|
|
|
|
|||||||||||
Other Expense, net |
(42,117,615 |
) |
(27,435,272 |
) |
— |
17,074,814 |
(52,478,073 |
) | ||||||||||||
Income (Loss) Before Taxes |
50,282,821 |
(30,126,321 |
) |
— |
17,074,814 |
37,231,314 |
||||||||||||||
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|
|
|||||||||||
Provision (Benefit) for Income Taxes |
6,481,357 | (4,350 | ) | — | 387,176 | (F) |
6,864,183 | |||||||||||||
|
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|
|
|
|
|
|
|
|
|||||||||||
NET INCOME (LOSS) |
$ |
43,801,464 |
$ | (30,121,971 | ) | — | $ | 16,687,638 | $ |
30,367,131 |
||||||||||
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|
|
|
|
|
|
|
|
|||||||||||
Other Comprehensive Loss |
(721,838 |
) |
— | — | — | (721,838 |
) | |||||||||||||
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|
|
|
|
|
|
|
|||||||||||
Comprehensive Income (loss) |
$ |
43,079,626 |
$ | (30,121,971 | ) | — | $ | 16,687,638 | $ |
29,645,293 |
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Weighted-average shares outstanding, basic and diluted |
||||||||||||||||||||
Basic |
107,875,018 | 136,384,250 | ||||||||||||||||||
Diluted |
108,977,811 | 136,384,250 | ||||||||||||||||||
Net income per share, basic and diluted |
||||||||||||||||||||
Basic |
$ | 0.41 | $ | 0.22 | ||||||||||||||||
Diluted |
$ | 0.40 | $ | 0.22 | ||||||||||||||||
Weighted average shares outstanding of Class A Common Stock |
34,500,000 | |||||||||||||||||||
Basic and diluted net loss per share, class A |
$ | (0.70 | ) | |||||||||||||||||
Weighted average shares outstanding of Class B Common Stock |
8,625,000 | |||||||||||||||||||
Basic and diluted net loss per share, class B |
(0.70 | ) |
• | Midco equityholders have the majority ownership and voting rights in the Combined Company. The relative voting rights is equivalent to equity ownership (each share of common stock is one vote). JIH shareholders (IPO investors, founders, PIPE investors) hold 49.2% voting interest compared to Midco’s 50.8% voting interest. |
• | The board of directors of the Combined Company is composed of nine directors, with Midco equity holders having the ability to elect or appoint a majority of the board of directors in the Combined Company. |
• | Midco’s senior management are the senior management of the Combined Company. |
• | The Combined Company has assumed the Janus name. |
• | Janus’ audited Consolidated Statement of Operations and Comprehensive Income for the year ended January 1, 2022 and the related notes for the year ended January 1, 2022; and |
• | JIH’s unaudited statement of operations for the three months ended March 31, 2021 and the related notes for the three months end March 31, 2021. |
• | Business Overview: This section provides a general description of our business, and a discussion of management’s general outlook regarding market demand, our competitive position and product innovation, as well as recent developments we believe are important to understanding our results of operations and financial condition or in understanding anticipated future trends. |
• | Basis of Presentation: This section provides a discussion of the basis on which our unaudited and audited consolidated financial statements were prepared. |
• | Results of Operations: This section provides an analysis of our unaudited results of operations for the three months ended April 2, 2022 and March 27, 2021, respectively, and results of operations for the years ended January 1, 2022 and December 26, 2020, respectively. |
• | Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our unaudited cash flows for the three months ended April 2, 2022 and March 27, 2021, respectively, and cash flows for the years ended January 1, 2022 and December 26, 2020, respectively. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at April 2, 2022, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital. |
• | Critical Accounting Policies and Estimates: This section identifies and summarizes those accounting policies that significantly impact our reported results of operations and financial condition and require significant judgment or estimates on the part of management in their application. |
Three Months Ended |
Variance |
|||||||||||||||
April 2, 2022 |
March 27, 2021 |
$ |
% |
|||||||||||||
Total Revenue |
$ | 229,520 | $ | 152,824 | $ | 76,696 | 50.2 | % | ||||||||
Adjusted EBITDA |
$ | 44,667 | $ | 32,614 | $ | 12,053 | 37.0 | % | ||||||||
Adjusted EBITDA (% of revenue) |
19.5 | % | 21.3 | % | (1.8 | )% |
Year Ended |
Variance |
|||||||||||||||
January 1, 2022 |
December 26, 2020 |
$ |
% |
|||||||||||||
Total Revenue |
$ | 750,150 | $ | 548,973 | $ | 201,176 | 36.6 | % | ||||||||
Adjusted EBITDA |
$ | 148,205 | $ | 126,425 | $ | 21,780 | 17.2 | % | ||||||||
Adjusted EBITDA (% of revenue) |
19.8 | % | 23.0 | % | (3.3 | )% |
• | the three months ended April 2, 2022 compared to the three months ended March 27, 2021; and |
• | year ended January 1, 2022 compared to the year ended December 26, 2020. |
Three Months Ended |
Variance | |||||||||||||||
April 2, 2022 |
March 27, 2021 |
$ |
% |
|||||||||||||
REVENUE |
||||||||||||||||
Sales of products |
$ | 197,306 | $ | 121,696 | $ | 75,610 | 62.1 | % | ||||||||
Sales of services |
32,214 | 31,128 | 1,086 | 3.5 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 229,520 | $ | 152,824 | $ | 76,696 | 50.2 | % | ||||||||
Cost of Sales |
152,950 | 99,531 | 53,419 | 53.7 | % | |||||||||||
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|
|
|
|
|
|||||||||
GROSS PROFIT |
$ | 76,570 | $ | 53,293 | $ | 23,277 | 43.7 | % | ||||||||
OPERATING EXPENSE |
||||||||||||||||
Selling and marketing |
13,349 | 9,458 | 3,891 | 41.1 | % | |||||||||||
General and administrative |
28,106 | 19,586 | 8,520 | 43.5 | % | |||||||||||
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|
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|
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|
|||||||||
Operating Expenses |
$ | 41,455 | $ | 29,044 | $ | 12,411 | 42.7 | % | ||||||||
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|
|
|
|||||||||
INCOME FROM OPERATIONS |
$ | 35,115 | $ | 24,249 | $ | 10,866 | 44.8 | % | ||||||||
Interest expense |
(8,775 | ) | (8,126 | ) | (649 | ) | 8.0 | % | ||||||||
Other expense |
(28 | ) | (1,559 | ) | 1,531 | (98.2 | )% | |||||||||
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|
|||||||||
Other Expense, Net |
$ | (8,804 | ) | $ | (9,685 | ) | $ | 881 | (9.1 | )% | ||||||
|
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|
|
|
|||||||||
INCOME BEFORE TAXES |
$ | 26,311 | $ | 14,564 | $ | 11,747 | 80.7 | % | ||||||||
Provision (benefit) for Income Taxes |
6,607 | (155 | ) | 6,762 | (4362.6 | )% | ||||||||||
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|
|
|
|
|
|
|||||||||
NET INCOME |
$ | 19,704 | $ | 14,719 | $ | 4,985 | 33.9 | % | ||||||||
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|
|
|
|
|
|
Three Months Ended |
Revenue Variance Breakdown |
|||||||||||||||||||||||||||
April 2, 2022 |
March 27, 2021 |
Variance |
Variance % |
Domestic Acquisitions |
Organic Growth |
Organic Growth % |
||||||||||||||||||||||
Sales of products |
$ | 197,306 | $ | 121,696 | $ | 75,610 | 62.1 | % | $ | 20,378 | $ | 55,232 | 45.4 | % | ||||||||||||||
Sales of services |
32,214 | 31,128 | 1,086 | 3.5 | % | 1,698 | (612 | ) | (2.0 | )% | ||||||||||||||||||
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|
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|
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|
|||||||||||||||
Total |
$ |
229,520 |
$ |
152,824 |
$ |
76,696 |
50.2 |
% |
$ |
22,076 |
$ |
54,620 |
35.7 |
% | ||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Three Months Ended |
Variance | ||||||||||||||||||||||
April 2, 2022 |
% of sales |
March 27, 2021 |
% of sales |
$ |
% |
|||||||||||||||||||
New Construction - Self Storage |
$ | 81,001 | 35.3 | % | $ | 56,117 | 36.7 | % | $ | 24,884 | 44.3 | % | ||||||||||||
R3 - Self Storage |
67,328 | 29.3 | % | 42,990 | 28.1 | % | 24,338 | 56.6 | % | |||||||||||||||
Commercial and Other |
81,191 | 35.4 | % | 53,717 | 35.1 | % | 27,474 | 51.1 | % | |||||||||||||||
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|
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Total |
$ |
229,520 |
100.0 |
% |
$ |
152,824 |
100.0 |
% |
$ |
76,696 |
50.2 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Cost of Sales Variance Breakdown | |||||||||||||||||||||||||||
April 2, 2022 |
March 27, 2021 |
Variance |
Variance % |
Domestic Acquisitions |
Organic Growth |
Organic Growth % |
||||||||||||||||||||||
Cost of Sales |
$ | 152,950 | $ | 99,531 | $ | 53,419 | 53.7 | % | $ | 17,677 | $ | 35,743 | 35.9 | % |
Year Ended |
Variance |
|||||||||||||||
January 1, 2022 |
December 26, 2020 |
$ |
% |
|||||||||||||
REVENUE |
||||||||||||||||
Sales of products |
$ | 619,967 | $ | 439,458 | $ | 180,509 | 41.1 | % | ||||||||
Sales of services |
130,182 | 109,516 | 20,666 | 18.9 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 750,150 | $ | 548,973 | $ | 201,177 | 36.6 | % | ||||||||
Cost of Sales |
498,787 | 345,150 | 153,637 | 44.5 | % | |||||||||||
|
|
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|
|
|
|
|
|||||||||
GROSS PROFIT |
$ | 251,363 | $ | 203,823 | $ | 47,540 | 23.3 | % | ||||||||
OPERATING EXPENSE |
||||||||||||||||
Selling and marketing |
$ | 46,295 | 34,532 | 11,763 | 34.1 | % | ||||||||||
General and administrative |
111,981 | 76,946 | 35,035 | 45.5 | % | |||||||||||
Contingent consideration and earnout fair value adjustments |
687 | (2,175 | ) | 2,862 | (131.6 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses |
$ | 158,963 | $ | 109,303 | $ | 49,660 | 45.4 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
INCOME FROM OPERATIONS |
$ | 92,400 | $ | 94,521 | $ | (2,121 | ) | (2.2 | )% | |||||||
Interest expense |
(32,876 | ) | (36,011 | ) | 3,135 | (8.7 | )% | |||||||||
Other income (expense) |
(3,324 | ) | 441 | (3,765 | ) | (853.7 | )% | |||||||||
Change in fair value of derivative warrant liabilities |
(5,918 | ) | — | (5,918 | ) | 100.0 | % | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Expense, Net |
$ | (42,118 | ) | $ | (35,570 | ) | $ | (6,548 | ) | 18.4 | % | |||||
|
|
|
|
|
|
|
|
|||||||||
INCOME BEFORE TAXES |
$ | 50,283 | $ | 58,951 | $ | (8,668 | ) | (14.7 | )% | |||||||
Provision for Income Taxes |
6,481 | 2,114 | 4,367 | 206.6 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCOME |
$ | 43,801 | $ | 56,837 | $ | (13,036 | ) | (22.9 | )% | |||||||
|
|
|
|
|
|
|
|
Year Ended |
|
|
Revenue Variance Breakdown |
|||||||||||||||||||||||||
January 1, 2022 |
December 26, 2020 |
Variance |
Variance % |
Domestic Acquisitions |
Organic Growth |
Organic Growth% |
||||||||||||||||||||||
Sales of products |
$ | 619,967 | $ | 439,458 | $ | 180,510 | 41.1 | % | 33,115 | $ | 147,395 | 33.5 | % | |||||||||||||||
Sales of services |
130,182 | 109,516 | 20,667 | 18.9 | % | 3,495 | 17,172 | 15.7 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ |
750,150 |
$ |
548,973 |
$ |
201,176 |
36.6 |
% |
36,610 |
$ |
164,567 |
30.0 |
% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
Year Ended |
Variance |
||||||||||||||||||||||
January 1, 2022 |
% of sales |
December 26, 2020 |
% of sales |
$ |
% |
|||||||||||||||||||
New Construction - Self Storage |
$ | 286,027 | 38.1 | % | 264,124 | 48.1 | % | 21,904 | 8.3 | % | ||||||||||||||
R3 - Self Storage |
221,397 | 29.5 | % | 151,018 | 27.5 | % | 70,378 | 46.6 | % | |||||||||||||||
Commercial and Other |
242,726 | 32.4 | % | 133,831 | 24.4 | % | 108,895 | 81.4 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
750,150 |
100.0 |
% |
548,973 |
100.0 |
% |
201,177 |
36.6 |
% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
Cost of Sales Variance Breakdown |
|||||||||||||||||||||||||||
January 1, 2022 |
December 26, 2020 |
Variance |
Variance % |
Domestic Acquisitions |
Organic Growth |
Organic Growth % |
||||||||||||||||||||||
Cost of Sales |
$ | 498,787 | $ | 345,150 | $ | 153,637 | 44.5 | % | $ | 26,349 | $ | 127,288 | 36.9 | % |
Three Months Ended |
Variance |
|||||||||||||||
April 2, 2022 |
March 27, 2021 |
$ |
% |
|||||||||||||
REVENUE |
||||||||||||||||
Sales of products |
$ | 200,157 | $ | 120,893 | $ | 79,264 | 65.6 | % | ||||||||
Sales of services |
25,099 | 25,641 | (542 | ) | (2.1 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 225,256 | 146,534 | $ | 78,722 | 53.7 | % | |||||||||
Cost of Sales |
152,970 | 96,772 | 56,198 | 58.1 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
GROSS PROFIT |
$ | 72,286 | 49,762 | $ | 22,524 | 45.3 | % | |||||||||
OPERATING EXPENSE |
||||||||||||||||
Selling and marketing |
12,617 | 8,695 | 3,922 | 45.1 | % | |||||||||||
General and administrative |
24,814 | 17,152 | 7,662 | 44.7 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses |
$ | 37,431 | $ | 25,847 | $ | 11,584 | 44.8 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
INCOME FROM OPERATIONS |
$ | 34,855 | $ | 23,915 | $ | 10,940 | 45.7 | % | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended |
Variances |
Variance % |
Revenue Variance Breakdown |
|||||||||||||||||||||||||
April 2, 2022 |
March 27, 2021 |
Domestic Acquisitions |
Organic Growth |
Organic Growth % |
||||||||||||||||||||||||
Sales of products |
$ | 200,157 | $ | 120,893 | $ | 79,264 | 65.6 | % | $ | 20,378 | $ | 58,886 | 48.7 | % | ||||||||||||||
Sales of services |
25,099 | 25,641 | (542 | ) | (2.1 | )% | 1,698 | (2,240 | ) | (8.7 | )% | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ |
225,256 |
$ |
146,534 |
$ |
78,722 |
53.7 |
% |
$ |
22,076 |
$ |
56,646 |
38.7 |
% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Variance |
|||||||||||||||||||||||
April 2, 2022 |
% of total sales |
March 27, 2021 |
% of total sales |
$ |
% |
|||||||||||||||||||
New Construction - Self Storage |
$ | 75,709 | 33.6 | % | $ | 48,701 | 33.2 | % | $ | 27,008 | 55.5 | % | ||||||||||||
R3 - Self Storage |
61,572 | 27.3 | % | 39,331 | 26.9 | % | 22,241 | 56.5 | % | |||||||||||||||
Commercial and Other |
87,975 | 39.1 | % | 58,502 | 39.9 | % | 29,473 | 50.4 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
225,256 |
100.0 |
% |
$ |
146,534 |
100.0 |
% |
$ |
78,722 |
53.7 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Variance |
Variance % |
Cost of Sales Variance Breakdown |
|||||||||||||||||||||||||
April 2, 2022 |
March 27, 2021 |
Domestic Acquisitions |
Organic Growth |
Organic Growth % |
||||||||||||||||||||||||
Cost of Sales |
$ | 152,970 | $ | 96,772 | $ | 56,198 | 58.1 | % | $ | 17,677 | $ | 38,521 | 39.8 | % |
Year Ended |
Variance |
|||||||||||||||
(dollar amounts in thousands) |
January 1, 2022 |
December 26, 2020 |
$ |
% |
||||||||||||
REVENUE |
||||||||||||||||
Sales of products |
$ | 614,851 | $ | 430,585 | $ | 184,266 | 42.8 | % | ||||||||
Sales of services |
100,093 | 89,534 | 10,559 | 11.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 714,944 | $ | 520,119 | $ | 194,824 | 37.5 | % | ||||||||
Cost of Sales |
481,714 | $ | 330,184 | 151,530 | 45.9 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
GROSS PROFIT |
$ | 233,229 | 189,935 | $ | 43,294 | 22.8 | % | |||||||||
OPERATING EXPENSE |
||||||||||||||||
Selling and marketing |
$ | 42,589 | 31,932 | 10,657 | 33.4 | % | ||||||||||
General and administrative |
94,024 | 68,514 | 25,510 | 37.2 | % | |||||||||||
Contingent consideration and earnout fair value adjustments |
687 | (2,175 | ) | 2,862 | (131.6 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses |
$ | 137,299 | $ | 98,271 | $ | 39,029 | 39.7 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
INCOME FROM OPERATIONS |
$ | 95,930 | $ | 91,665 | $ | 4,266 | 4.7 | % | ||||||||
|
|
|
|
|
|
|
|
Year Ended |
|
|
Revenue Variance Breakdown |
|||||||||||||||||||||||||
January 1, 2022 |
December 26, 2020 |
Variance |
Variance % |
Domestic Acquisitions |
Organic Growth |
Organic Growth% |
||||||||||||||||||||||
Sales of products |
$ | 614,851 | $ | 430,585 | $ | 184,266 | 42.8 | % | $ | 33,115 | $ | 151,151 | 35.1 | % | ||||||||||||||
Sales of services |
100,093 | 89,534 | 10,559 | 11.8 | % | 3,495 | 7,064 | 7.9 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ |
714,944 |
$ |
520,119 |
$ |
194,824 |
37.5 |
% |
$ |
36,610 |
$ |
158,215 |
30.4 |
% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
Year Ended |
Variance |
||||||||||||||||||||||
January 1, 2022 |
% of total sales |
December 26, 2020 |
% of total sales |
$ |
% |
|||||||||||||||||||
New Construction - Self Storage |
$ | 246,670 | 34.5 | % | $ | 246,547 | 47.4 | % | $ | 123 | — | % | ||||||||||||
R3 - Self Storage |
210,180 | 29.4 | % | 132,284 | 25.4 | % | 77,897 | 58.9 | % | |||||||||||||||
Commercial and Other |
258,093 | 36.1 | % | 141,289 | 27.2 | % | 116,805 | 82.7 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
714,944 |
100.0 |
% |
$ |
520,119 |
100.0 |
% |
$ |
194,824 |
37.5 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
Variance |
Variance % |
Cost of Sales Variance Breakdown |
|||||||||||||||||||||||||
January 1, 2022 |
December 26, 2020 |
Domestic Acquisitions |
Organic Growth |
Organic Growth % |
||||||||||||||||||||||||
Cost of Sales |
$ | 481,714 | $ | 330,184 | $ | 151,530 | 45.9 | % | $ | 24,279 | $ | 127,251 | 38.5 | % |
Three Months ended |
Variance |
|||||||||||||||
April 2, 2022 |
March 27, 2021 |
$ |
% |
|||||||||||||
REVENUE |
||||||||||||||||
Sales of products |
$ | 10,798 | $ | 7,073 | $ | 3,725 | 52.7 | % | ||||||||
Sales of services |
7,116 | 5,487 | 1,629 | 29.7 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 17,914 | $ | 12,560 | $ | 5,354 | 42.6 | % | ||||||||
Cost of Sales |
13,641 | 9,055 | 4,586 | 50.6 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
GROSS PROFIT |
$ | 4,273 | 3,505 | $ | 768 | 21.9 | % | |||||||||
OPERATING EXPENSE |
||||||||||||||||
Selling and marketing |
732 | 763 | (31 | ) | (4.1 | )% | ||||||||||
General and administrative |
3,292 | 2,435 | 857 | 35.2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses |
$ | 4,024 | $ | 3,198 | $ | 826 | 25.8 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
INCOME FROM OPERATIONS |
$ | 249 | $ | 307 | $ | (58 | ) | (18.9 | )% | |||||||
|
|
|
|
|
|
|
|
Three Months Ended |
Variances |
Variance % |
Revenue Variance Breakdown |
|||||||||||||||||||||
April 2, 2022 |
March 27, 2021 |
Organic Growth |
Organic Growth |
|||||||||||||||||||||
Sales of products |
$ | 10,798 | $ | 7,073 | $ | 3,725 | 52.7 | % | $ | 3,725 | 52.7 | % | ||||||||||||
Sales of services |
7,116 | 5,487 | 1,629 | 29.7 | % | 1,629 | 29.7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
17,914 |
$ |
12,560 |
$ |
5,354 |
42.6 |
% |
$ |
5,354 |
42.6 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
% of total sales |
Variance |
||||||||||||||||||||||
April 2, 2022 |
% of total sales |
March 27, 2021 |
$ |
% |
||||||||||||||||||||
New Construction - Self Storage |
$ | 11,897 | 66.4 | % | $ | 8,901 | 70.9 | % | $ | 2,996 | 33.7 | % | ||||||||||||
R3 - Self Storage |
6,017 | 33.6 | % | 3,659 | 29.1 | % | 2,358 | 64.4 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
17,914 |
100.0 |
% |
$ |
12,560 |
100.0 |
% |
$ |
5,354 |
42.6 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Variance |
Variance % |
Cost of Sales Variance Breakdown |
|||||||||||||||||||||
April 2, 2022 |
March 27, 2021 |
Organic Growth |
Organic Growth % |
|||||||||||||||||||||
Cost of Sales |
$ | 13,641 | $ | 9,055 | $ | 4,586 | 50.6 | % | $ | 4,586 | 50.6 | % |
Year Ended |
Variance |
|||||||||||||||
(dollar amounts in thousands) |
January 1, 2022 |
December 26, 2020 |
$ |
% |
||||||||||||
REVENUE |
||||||||||||||||
Sales of products |
$ | 38,490 | $ | 25,509 | $ | 12,981 | 50.9 | % | ||||||||
Sales of services |
30,089 | 19,981 | 10,108 | 50.6 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 68,579 | $ | 45,490 | $ | 23,089 | 50.8 | % | ||||||||
Cost of Sales |
50,486 | $ | 31,647 | 18,838 | 59.5 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
GROSS PROFIT |
$ | 18,093 | 13,843 | $ | 4,251 | 30.7 | % | |||||||||
OPERATING EXPENSE |
||||||||||||||||
Selling and marketing |
$ | 3,706 | 2,600 | 1,106 | 42.5 | % | ||||||||||
General and administrative |
17,957 | 8,432 | 9,525 | 113.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses |
$ | 21,663 | $ | 11,032 | $ | 10,631 | 96.4 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
INCOME FROM OPERATIONS |
$ | (3,570 | ) | $ | 2,811 | $ | (6,380 | ) | (227.0 | )% | ||||||
|
|
|
|
|
|
|
|
Year Ended |
|
|
Revenue Variance Breakdown |
|||||||||||||||||||||
January 1, 2022 |
December 26, 2020 |
Variances |
Variance % |
Organic Growth |
Organic Growth% |
|||||||||||||||||||
Sales of products |
$ | 38,490 | $ | 25,509 | $ | 12,981 | 50.9 | % | $ | 12,981 | 50.9 | % | ||||||||||||
Sales of services |
30,089 | 19,981 | 10,108 | 50.6 | % | 10,108 | 50.6 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
68,579 |
$ |
45.490 |
$ |
23,089 |
50.8 |
% |
$ |
23,089 |
50.8 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
Year Ended |
Variance |
||||||||||||||||||||||
January 1, 2022 |
% of total sales |
December 26, 2020 |
% of total sales |
$ |
% |
|||||||||||||||||||
New Construction - Self Storage |
$ | 51,723 | 75.4 | % | $ | 26,701 | 58.7 | % | $ | 25,022 | 93.7 | % | ||||||||||||
R3 - Self Storage |
16,856 | 24.6 | % | 18,735 | 41.2 | % | (1,879 | ) | (10.0 | )% | ||||||||||||||
Commercial and Other |
— | — | % | 54 | 0.1 | % | (54 | ) | (100.0 | %) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
68,579 |
100.0 |
% |
$ |
45,490 |
100.0 |
% |
$ |
23,089 |
50.8 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
Variance |
Variance % |
Cost of Sales Variance Breakdown |
|||||||||||||||||||||
January 1, 2022 |
December 26, 2020 |
Organic Growth |
Organic Growth % |
|||||||||||||||||||||
Cost of Sales |
$ | 50,486 | $ | 31,647 | $ | 18,839 | 59.5 | % | $ | 18,839 | 59.5 | % |
• | exclude depreciation and amortization, and although these are non-cash expenses, the assets being depreciated may be replaced in the future; |
• | do not reflect interest expense, or the cash requirements necessary to service interest on debt, which reduces cash available; |
• | do not reflect the provision for or benefit from income tax that may result in payments that reduce cash available; |
• | exclude non-recurring items which are unlikely to occur again and have not occurred before (e.g., the extinguishment of debt); and |
• | may not be comparable to similar non-GAAP financial measures used by other companies, because the expenses and other items that Janus excludes in the calculation of these non-GAAP financial measures may differ from the expenses and other items, if any, that other companies may exclude from these non-GAAP financial measures when they report their operating results. |
Three Months Ended |
Variance |
|||||||||||||||
(dollar amounts in thousands) |
April 2, 2022 |
March 27, 2021 |
$ |
% |
||||||||||||
Net Income |
$ | 19,704 | $ | 14,719 | $ | 4,985 | 33.9 | % | ||||||||
Interest Expense |
8,775 | 8,126 | 649 | 8.0 | % | |||||||||||
Income Taxes |
6,607 | (155 | ) | 6,762 | (4362.6 | )% | ||||||||||
Depreciation of property and equipment |
1,857 | 1,473 | 384 | 26.1 | % | |||||||||||
Amortization |
7,225 | 6,832 | 393 | 5.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
EBITDA |
$ |
44,168 |
$ |
30,995 |
$ |
13,173 |
42.5 |
% | ||||||||
Loss on extinguishment of debt (1) |
— | 1,421 | (1,421 | ) | (100.0 | )% | ||||||||||
COVID-19 related expenses (2) |
109 | 198 | (89 | ) | (45.1 | )% | ||||||||||
Facility relocation (3) |
103 | — | 103 | — | % | |||||||||||
Acquisition Expense (4) |
287 | — | 287 | — | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
44,667 |
$ |
32,614 |
$ |
12,053 |
37.0 |
% | ||||||||
|
|
|
|
|
|
|
|
(1) | Adjustment for loss on extinguishment of debt regarding the write off of unamortized fees and third-party fees as a result of the debt modification completed in February 2021. |
(2) | Expenses which are one-time and non-recurring related to the COVID-19 pandemic. (See Impact of COVID-19 section). |
(3) | Expenses related to the facility relocation for ASTA. |
(4) | Expenses related to the transition services agreement for the DBCI acquisition which closed August 18, 2021. |
Year Ended |
Variance |
|||||||||||||||
January 1, 2022 |
December 26, 2020 |
$ |
% |
|||||||||||||
Net Income |
$ | 43,801 | $ | 56,837 | $ | (13,035 | ) | (22.9 | )% | |||||||
Interest Expense |
32,876 | 36,011 | (3,135 | ) | (8.7 | )% | ||||||||||
Income Taxes |
6,481 | 2,114 | 4,367 | 206.6 | % | |||||||||||
Depreciation |
6,450 | 5,985 | 465 | 7.8 | % | |||||||||||
Amortization |
31,588 | 27,046 | 4,542 | 16.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
EBITDA |
$ |
121,197 |
$ |
127,992 |
$ |
(6,796 |
) |
(5.3 |
)% | |||||||
BETCO transition fee (1) |
— | 15 | (15 | ) | (100.0 | )% | ||||||||||
Loss (gain) on extinguishment of debt(2) |
2,415 | (258 | ) | 2,672 | (1037.6 | )% | ||||||||||
COVID-19 related expenses(3) |
1,274 | 850 | 424 | 49.9 | % | |||||||||||
Transaction related expenses(4) |
10,398 | — | 10,398 | 100.0 | % | |||||||||||
Facility relocation(5) |
1,106 | — | 1,106 | 100.0 | % | |||||||||||
Share-based compensation(6) |
5,210 | — | 5,210 | 100.0 | % | |||||||||||
Change in fair value of contingent consideration and earnout(7) |
687 | (2,175 | ) | 2,862 | 100.0 | % | ||||||||||
Change in fair value of derivative warrant liabilities(8) |
5,918 | — | 5,918 | 100.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
148,205 |
$ |
126,425 |
$ |
21,780 |
17.2 |
% | ||||||||
|
|
|
|
|
|
|
|
(1) | Retainer fee paid to former BETCO owner, during the transition to a new President to run the business and related one-time-consulting fee. |
(2) | Adjustment for loss (gain) on extinguishment of debt regarding the write off of unamortized fees and third-party fees as a result of the debt modification completed in February 2021 and the prepayment of debt in the amount of $61.6 million that occurred on June 7, 2021 in conjunction with the Business Combination. In July 2020, Janus repurchased approximately $2.0 million of principal amount of the 1st Lien at an approximate $0.3 million discount, resulting in a gain on the extinguishment of debt. See Liquidity and Capital Resources section. |
(3) | Expenses which are one-time and non-recurring related to the COVID-19 pandemic. See Impact of COVID-19 section |
(4) | Transaction related expenses incurred as a result of the Business Combination on June 7, 2021 which consist of employee bonuses and the transaction cost allocation. |
(5) | Expenses related to the facility relocation for Steel Storage and Janus Core. |
(6) | Share-based compensation expense associated with Midco, LLC Class B Common units that fully vested at the date of the Business Combination. |
(7) | Adjustment related to the change in fair value of the earnout of the 2,000,000 common stock shares that were issued and released on June 21, 2021. Contingent consideration adjustment related to the acquisition of NOKE and BETCO for the period ended December 26, 2020. |
(8) | Adjustment related to the change in fair value of derivative warrant liabilities for the private placement warrants prior to the redemption of the warrants in Q4 2021. |
Principal Amount |
Issuance Date |
Maturity Date |
Interest Rate |
Net Carrying Value |
||||||||||||||||||||||||
April 2, 2022 |
January 1, 2022 |
December 26, 2020 |
||||||||||||||||||||||||||
Notes Payable - 1st Lien |
$ | 470,000 | |
February 2018/ August 2019 |
|
|
February 1, 2025 |
4.75 | % 1 |
$ | — | $ | — | $ | 562,363 | |||||||||||||
Notes Payable - 1st Lien B2 |
75,000 | March 1, 2019 | |
February 1, 2025 |
5.50 | % 2 |
— | — | 73,875 | |||||||||||||||||||
Notes Payable - Amendment No. 4 1st Lien |
726,413 | |
February 12, 2021 |
|
|
February 12, 2025 |
4.25 | % 3 |
720,363 | 722,379 | — | |||||||||||||||||
Financing leases |
617 | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Total principal debt |
$ | 720,980 | $ | 722,379 | $ | 636,238 | ||||||||||||||||||||||
Less unamortized deferred finance fees |
9,743 | 10,594 | 12,110 | |||||||||||||||||||||||||
Less: current portion of long-term debt |
8,215 | 8,067 | 6,523 | |||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Long-term debt, net of current portion |
$703,022 |
$ |
703,718 |
$ |
617,604 |
|||||||||||||||||||||||
|
|
|
|
|
|
(1) | The interest rate on the 1st Lien term loan as of December 26, 2020, was 4.75%, which is a variable rate based on LIBOR, subject to a 1.00% floor, plus an applicable margin percent of 3.75% |
(2) | The interest rate on the 1st Lien B2 term loan as of December 26, 2020, was 5.50%, which is a variable rate based on LIBOR, subject to a 1.00% floor, plus an applicable margin percent of 4.50% |
(3) | The interest rate on the Amendment No. 4 1st Lien term loan as of April 2, 2022 and January 1, 2022, was 4.25%, which is a variable rate based on LIBOR, subject to a 1.00% floor, plus an applicable margin percent of 3.25% |
Variance |
||||||||||||||||
April 2, 2022 |
March 27, 2021 |
$ |
% |
|||||||||||||
Net cash provided by operating activities |
$ | 24,777 | $ | 25,560 | $ | (783 | ) | (3.1 | )% | |||||||
Net cash used in investing activities |
(2,880 | ) | (3,873 | ) | 993 | (25.6 | )% | |||||||||
Net cash used in financing activities |
(8,405 | ) | (2,492 | ) | (5,913 | ) | 237.3 | % | ||||||||
Effect of foreign currency rate changes on cash |
(58 | ) | 54 | (112 | ) | (207.4 | )% | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in cash and cash equivalents |
$ |
13,434 |
$ |
19,249 |
$ |
(5,815 |
) |
(30.2 |
)% | |||||||
|
|
|
|
|
|
|
|
Variance |
||||||||||||||||
January 1, 2022 |
December 26, 2020 |
$ |
% |
|||||||||||||
Net cash provided by operating activities |
$ | 74,829 | $ | 100,847 | $ | (26,018 | ) | (25.8 | )% | |||||||
Net cash used in investing activities |
(189,889 | ) | (10,767 | ) | (179,122 | ) | 1663.6 | % | ||||||||
Net cash provided by (used in) financing activities |
82,800 | (64,131 | ) | 146,931 | (229.1 | )% | ||||||||||
Effect of foreign currency rate changes on cash |
197 | (600 | ) | 797 | (132.8 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net (decrease) increase in cash and cash equivalents |
$ |
(32,063 |
) |
$ |
25,349 |
$ |
(57,412 |
) |
(226.5 |
)% | ||||||
|
|
|
|
|
|
|
|
Total |
Less than 1 year |
1-3 years |
3-5 years |
Thereafter |
||||||||||||||||
Long Term Debt Obligations |
$ | 720,980 | $ | 6,170 | $ | 14,435 | $ | 700,353 | $ | 22 | ||||||||||
Long Term Supply Contracts (1) |
38,343 | 38,343 | — | — | — | |||||||||||||||
Other Long Term Liabilities (2) |
60,509 | 5,578 | 13,024 | 10,946 | 30,961 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 819,832 | $ | 50,091 | $ | 27,459 | $ | 711,299 | $ | 30,983 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Long Term Supply Contracts relate to the multiple fixed price agreements. |
(2) | Other Long-Term Liabilities relate to operating lease liabilities and $0.1 million of contingent consideration related to the ACT acquisition. |
Manufacturing machinery and equipment |
3-7 years | |
Office furniture and equipment |
3-7 years | |
Vehicles |
3-5 years | |
Leasehold improvements |
Over the shorter of the lease term or respective useful life |
Trademark and Trade Name |
Indefinite | |
Customer Relationships |
10-15 years | |
Non-Competition Agreement |
3-8 years | |
Software |
10 years | |
Backlog |
Less than 1 year |
• | The income approach (within the income approach, various methods are available such as multi-period excess earnings, with and without, incremental and relief from royalty methods). |
• | In each method, a tax amortization benefit is included, which represents the tax benefit resulting from the amortization of that intangible asset depending on the tax jurisdiction where the intangible asset is held. |
• | The cost approach – this approach estimates the cost to recreate the intangible assets and is used when cash flows about the intangible asset are not easily available. |
• | An individual who is a citizen or resident of the United States; |
• | A corporation created or organized under the laws of the United States or of any state thereof or the District of Columbia; |
• | An estate, the income of which is includable in gross income for U.S. federal income tax purposes regardless of its source; or |
• | A trust if (1) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all of the trust’s substantial decisions or (2) the trust has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person. |
• | The gain is effectively connected with a U.S. trade or business of the non-U.S. holder and, if an applicable income tax treaty so provides, is attributable to a permanent establishment or a fixed base maintained in the U.S. by such non-U.S. holder, in which case the non-U.S. holder generally will be taxed at the regular U.S. federal income tax rates applicable to U.S. persons (as defined in the Code) and be required to file a U.S. federal income tax return. If the non-U.S. holder is treated as a foreign corporation for U.S. federal income tax purposes, the branch profits tax described above in “Distributions on our Common Stock” also may apply; |
• | The non-U.S. holder is an individual who is treated as present in the U.S. for 183 days or more in the taxable year of the disposition and certain other conditions are met, in which case the non-U.S. holder will be subject to a flat 30% tax (or such lower rate as may be specified by an applicable income tax treaty) on the gain derived from the disposition, which may be offset by U.S. source capital losses of the non-U.S. holder, if any (even though the individual is not considered a resident of the U.S.); or |
• | Our Common Stock constitutes a U.S. real property interest because we are, or have been, at any time during the five-year period ending on the date of such disposition (or the non-U.S. holder’s holding period of our Common Stock, if shorter) a “United States real property holding corporation” for U.S. federal income tax purposes. Generally, a corporation is a U.S. real property holding corporation only if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business. Although there can be no assurance, we do not believe that we are, or have been, a U.S. real property holding corporation, or that we are likely to become one in the future. Even if we are or become a U.S. real property holding corporation, provided that our Common Stock is regularly traded, as defined by applicable Treasury Regulations, on an established securities market during the calendar year in which the disposition occurs, only a non-U.S. holder that holds more than 5% of our outstanding Common Stock, directly or indirectly, actually or constructively, during the shorter of the 5-year period ending on the date of the disposition or the period that the non-U.S. holder held our Common Stock will be subject to U.S. federal income tax on the disposition of our Common Stock. In such case, such non-U.S. holder generally will be taxed on its net gain derived from the disposition at the regular U.S. federal income tax rates applicable to U.S. persons (as defined in the Code). No assurance can be provided that our Common Stock will continue to be regularly traded on an established securities market for purposes of the rules described above. |
Name |
Age |
Title | ||
Ramey Jackson | 49 | Chief Executive Officer, Director | ||
Scott Sannes | 49 | Chief Financial Officer | ||
Morgan Hodges | 57 | Executive Vice President | ||
Vic Nettie | 54 | Vice President of Manufacturing | ||
Peter Frayser | 38 | Vice President of Sales and Estimating | ||
José E. Feliciano | 49 | Chairman | ||
Colin Leonard | 40 | Director | ||
Roger Fradin | 68 | Director | ||
Brian Cook | 51 | Director | ||
David Doll | 63 | Director | ||
Xavier Gutierrez | 48 | Director | ||
Thomas Szlosek | 58 | Director |
• | appointing, approving the compensation of, and assessing the qualifications, performance and independence of our independent registered public accounting firm; |
• | pre-approving audit and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm; |
• | review our policies on risk assessment and risk management; |
• | reviewing and discussing with management and the independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us; |
• | reviewing the adequacy of our internal control over financial reporting; |
• | establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; |
• | recommending, based upon the Audit Committee’s review and discussions with management and the independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 10-K; |
• | monitoring our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters; |
• | preparing the Audit Committee report required by the rules of the SEC to be included in our annual proxy statement; |
• | reviewing all related party transactions for potential conflict of interest situations and approving all such transactions; and |
• | reviewing and discussing with management and our independent registered public accounting firm our earnings releases and scripts. |
• | annually reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer; |
• | evaluating the performance of our chief executive officer in light of such corporate goals and objectives and determining and approving the compensation of our chief executive officer; |
• | reviewing and approving the compensation of our other executive officers; |
• | appointing, compensating and overseeing the work of any compensation consultant, legal counsel or other advisor retained by the compensation committee; |
• | conducting the independence assessment outlined in the NYSE rules with respect to any compensation consultant, legal counsel or other advisor retained by the compensation committee; |
• | annually reviewing and reassessing the adequacy of the committee charter in its compliance with the listing requirements of the NYSE; |
• | reviewing and establishing our overall management compensation, philosophy and policy; |
• | overseeing and administering our compensation and similar plans; |
• | reviewing and making recommendations to the Board with respect to director compensation; and |
• | reviewing and discussing with management the compensation discussion and analysis to be included in our annual proxy statement or Annual Report on Form 10-K. |
• | developing and recommending to the Board, criteria for board and committee membership; |
• | developing and recommending to the Board, best practices and corporate governance principles; |
• | developing and recommending to the Board, a set of corporate governance guidelines; and |
• | reviewing and recommending to the Board, the functions, duties and compositions of the committees of the Board. |
• | Ramey Jackson, Chief Executive Officer |
• | Scott Sannes, Chief Financial Officer; and |
• | Morgan Hodges, Executive Vice President |
Name and Principal Position |
Year |
Salary ($) |
Option Awards ($) |
Non-equity incentive plan compensation ($) (1) |
All Other Compensation ($) (2) |
Total |
||||||||||||||||
Ramey Jackson Chief Executive Officer |
2021 |
$ |
425,000 |
$ |
— |
$ |
514,657 |
$ |
22,690 |
$ |
962,347 |
|||||||||||
2020 |
425,000 |
— |
483,316 |
22,812 |
931,128 |
|||||||||||||||||
Scott Sannes Chief Financial Officer |
2021 |
300,000 |
— |
321,661 |
18,575 |
640,236 |
||||||||||||||||
2020 |
300,000 |
— |
302,073 |
32,090 |
634,163 |
|||||||||||||||||
Morgan Hodges Executive Vice President |
2021 |
295,028 |
(3) |
— |
275,709 |
17,748 |
588,485 |
(1) | The amounts reported in the Non-Equity Incentive Plan Compensation column reflect bonuses paid to Messrs. Jackson, Sannes and Hodges under Janus Management Incentive Plan with respect to the fiscal year ended December 26, 2020 and January 1, 2022. Please see the section entitled “Narrative Disclosure to Summary Compensation Table-Management Incentive Plan” below for additional details. |
(2) | The amounts reported in the All Other Compensation column reflect: (i) 401(k) employer matching contributions of $7,811, and $7,854 for each of Messrs. Jackson and Sannes for fiscal year ending December 26, 2020. For fiscal year ending January 1, 2022, Messrs. Jackson, Sannes and Hodges received 401(k) employer matching contributions of $7,690, $7,875 and $5,048, respectively; (ii) employer-paid car allowance of $15,000, $10,200 and $10,200 for each of Messrs. Jackson, Sannes and Hodges, respectively; for the fiscal year ending December 26, 2020. For fiscal year ended January 1, 2022; Messrs. Jackson, Sannes, Frayser and Hodges received an employer paid car allowance of $15,000, $10,200 and $10,200, respectively; (iii) $14,036 reimbursement for moving expenses for Mr. Sannes for fiscal year ended December 26, 2020; and (iii) $500 and $2,500 of HSA contribution for Sannes and Hodges, respectively, for fiscal year ended January 1, 2022. See below under “ Additional Narrative Disclosure-Retirement Benefits |
(3) | The amount reported in the Salary column for Mr. Hodges includes his base salary of $180,200 and his sales commission of $114,828 for fiscal year ended January 1, 2022. |
Name |
Fees Earned or Paid in Cash |
Stock Awards |
Total |
|||||||||
José E. Feliciano |
$ |
— |
$ |
150,000 |
(1)(4) |
$ |
150,000 |
|||||
Colin Leonard |
$ |
— |
$ |
150,000 |
(1)(5) |
$ |
150,000 |
|||||
Roger Fradin |
$ |
34,027 |
$ |
80,000 |
(2) |
$ |
114,027 |
|||||
Brian Cook |
$ |
— |
$ |
140,000 |
(3) |
$ |
140,000 |
|||||
David Doll |
$ |
75,236 |
$ |
80,000 |
(2)(7) |
$ |
155,236 |
|||||
Xavier A. Gutierrez |
$ |
— |
$ |
150,000 |
(1)(6) |
$ |
150,000 |
|||||
Thomas A. Szlosek |
$ |
34,027 |
$ |
80,000 |
(2) |
$ |
114,027 |
(1) | The director received a grant of 12,594 shares of Company common stock. The number of shares is equal to $150,000 divided by the $11.91 share price of the Company’s common stock as of December 21, 2021, the closing price of shares of the Company’s common stock immediately prior to the grant date. |
(2) | The director received a grant of 6,717 shares of Company common stock. The number of shares is equal to $80,000 divided by the $11.91 share price of the Company’s common stock as of December 21, 2021. The director received an additional $60,000 in cash, of which $34,027 represents a pro-rata payment of earned fees from the date of the Business Combination to Fiscal Year End 2021. |
(3) | The director received a grant of 11,754 shares of Company common stock. The number of shares is equal to $140,000 divided by the $11.91 share price of the Company’s common stock as of December 21, 2021. |
(4) | Mr. Feliciano received $10,000 in shares of Company common stock for serving as the chairperson of the compensation committee. |
(5) | Mr. Leonard received $10,000 in shares of Company common stock for serving as the chairperson of the nominating and corporate governance committee. |
(6) | Mr. Gutierrez received $10,000 in shares of Company common stock for serving as the chairperson of the audit committee. |
(7) | Mr. Doll received an additional $41,208 for serving as director of Janus Core prior to the Business Combination. |
Shares Beneficially Owned Prior to this Offering |
Shares Beneficially Owned After this Offering |
|||||||||||||||||||
Number of Shares |
Percentage (1)(2) |
Shares Offered Hereby |
Number of Shares |
Percentage |
||||||||||||||||
Mark Stuart Levy (3) |
244,852 |
* |
244,852 |
— |
— |
% | ||||||||||||||
Clearlake Capital Group, L.P. (4) |
53,999,550 |
36.84 |
% |
53,999,550 |
— |
— |
% | |||||||||||||
Norman V. Nettie (5) |
1,146,308 |
* |
1,146,308 |
— |
— |
% | ||||||||||||||
Morgan Hodges (6) |
1,117,731 |
* |
1,117,731 |
— |
— |
% | ||||||||||||||
Nicholas Curtis (7) |
462,934 |
* |
462,934 |
— |
— |
% | ||||||||||||||
Ramey Jackson (8) |
1,614,510 |
1.10 |
% |
1,614,510 |
— |
— |
% | |||||||||||||
Adam David Nyman (9) |
101,170 |
* |
101,170 |
— |
— |
% | ||||||||||||||
Robert Hadden (10) |
101,170 |
* |
101,170 |
— |
— |
% | ||||||||||||||
Scott Sannes (11) |
1,042,805 |
* |
1,042,805 |
— |
— |
% | ||||||||||||||
Colin Jeromson (12) |
322,589 |
* |
322,589 |
— |
— |
% | ||||||||||||||
Terrence Bagley (13) |
160,949 |
* |
160,949 |
— |
— |
% | ||||||||||||||
Rachel Steed (14) |
97,474 |
* |
97,474 |
— |
— |
% |
Shares Beneficially Owned Prior to this Offering |
Shares Beneficially Owned After this Offering |
|||||||||||||||||||
Number of Shares |
Percentage (1)(2) |
Shares Offered Hereby |
Number of Shares |
Percentage |
||||||||||||||||
Adrian Starling (15) |
97,474 |
* |
97,474 |
— |
— |
% | ||||||||||||||
Charles T. Prybyloski (16) |
103,941 |
* |
103,941 |
— |
— |
% | ||||||||||||||
James Charles French III (17) |
100,594 |
* |
100,594 |
— |
— |
% | ||||||||||||||
Troy Bix (18) |
100,594 |
* |
100,594 |
— |
— |
% | ||||||||||||||
David Doll (19) |
53,650 |
* |
53,650 |
— |
— |
% | ||||||||||||||
Peter Frayser (20) |
231,367 |
* |
231,367 |
— |
— |
% | ||||||||||||||
Baron Funds (21) |
3,000,000 |
2.05 |
% |
3,000,000 |
— |
— |
% | |||||||||||||
JFI-SPAC, LLC(22) |
650,000 |
* |
650,000 |
— |
— |
% | ||||||||||||||
The Fradin Community Property Revocable Trust (23) |
2,545,499 |
1.74 |
% |
2,545,499 |
— |
— |
% | |||||||||||||
Peachtree Battle LLC (24) |
250,000 |
* |
250,000 |
— |
— |
% | ||||||||||||||
Ridge Valley LLC (25) |
250,000 |
* |
250,000 |
— |
— |
% | ||||||||||||||
Brian Cook (26) |
2,172,601 |
1.48 |
% |
2,172,601 |
— |
— |
% | |||||||||||||
Brian S. Cook 2019 Nevada Trust (27) |
543,150 |
* |
543,150 |
— |
— |
% | ||||||||||||||
Juniper GRAT (by Roger Fradin, Trustee) (28) |
636,374 |
* |
636,374 |
— |
— |
% | ||||||||||||||
Northvale Capital Partners, LLC (29) |
359,852 |
* |
359,852 |
— |
— |
% | ||||||||||||||
Thomas A. Szlosek (30) |
89,963 |
* |
89,963 |
— |
— |
% |
* | Less than 1%. |
(1) | Based upon 146,561,762 shares of Common Stock. |
(2) | Ownership percentages do not include shares of Common Stock issuable pursuant to the Omnibus Plan. |
(3) | Consists of 244,852 shares of Common Stock held by Mark Stuart Levy, a U.S. citizen. Mr. Levy served as a Director on Juniper’s board of directors from the company’s inception in August 2019 until the closing of the Business Combination. The address for Mr. Levy is 500 South Ocean Boulevard, Palm Beach, FL 33480. |
(4) | Consists of (i) 11,441,601 shares of Common Stock held by shares of Common Stock held by Clearlake Capital Partners IV (AIV-Jupiter), L.P., a Cayman Islands limited partnership (“CCPIV”), (ii) 424,247 shares of Common Stock held by Clearlake Capital Partners IV (AIV-Jupiter) USTE, L.P., a Cayman Islands limited partnership (“CCPIV USTE”), (iii) 1,144,388 shares of Common Stock held by Clearlake Capital Partners IV (Offshore), L.P., a Cayman Islands limited partnership (“CCPIV Offshore”), (iv) 26,176,195 shares of Common Stock held by Clearlake Capital Partners V, L.P., a Delaware limited partnership (“CCPV”), (v) 1,755,363 shares of Common Stock held by Clearlake Capital Partners V (USTE), L.P., a Delaware limited partnership (“CCPV USTE”), and (vi) 13,057,756 shares of Common Stock held by Clearlake Capital Partners V (Offshore), L.P., a Cayman Islands limited partnership (“CCPV Offshore”). CCPIV, CCPIV USTE, and CCPIV Offshore are managed by Clearlake Capital Management IV, L.P., a Delaware limited partnership (“CCMIV”). CCMIV’s general partner is Clearlake Capital Group, L.P., a Delaware limited partnership (“CCG”), whose general partner is CCG Operations, L.L.C., a Delaware limited liability company (“CCG Ops”). The general partner for each of CCPIV, CCPIV USTE and CCPIV Offshore is Clearlake Capital Partners IV GP, L.P., a Delaware limited partnership (“CCPIV GP”). CCPIV GP’s general partner is Clearlake Capital Partners, LLC, a Delaware limited liability company (“CCP”). CCPV, CCPV USTE, and CCPV Offshore are managed by Clearlake Capital Management V, L.P., a Delaware limited partnership (“CCMV”). CCMV’s general partner is CCG, whose general partner is CCG Ops. The general partner for each of CCPV, CCPV USTE and CCPV Offshore is Clearlake Capital Partners V GP, L.P., a Delaware limited partnership (“CCPV GP”). CCPV GP’s general partner is CCP. CCP’s managing member is CCP MM, LLC, a Delaware limited liability company (“CCP MM”). CCP MM’s managing member is CCG Ops. CCG Global LLC, a Delaware |
liability company (“CCG Global”), is the managing member of CCG Ops. The address of the principal business office of CCG is c/o Clearlake Capital Group, L.P., 233 Wilshire Blvd., Suite 800, Santa Monica, California 90401. |
(5) | Consists of 1,146,308 shares of Common Stock held by Norman V. Nettie, a U.S. citizen. Mr. Nettie serves as the Vice President of Manufacturing of Janus. Mr. Nettie has been employed by Janus since 2002. The address of Mr. Nettie is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(6) | Consists of 1,117,731 shares of Common Stock held by Morgan Hodges, a U.S. citizen. Mr. Hodges serves as Executive Vice President of Janus. Mr. Hodges has been employed by Janus since 2002. The address of Mr. Hodges is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(7) | Consists of 462,934 shares of Common Stock held by Nicholas Curtis, a U.S. citizen. The address of Mr. Curtis is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(8) | Consists of 1,614,510 shares of Common Stock held by Ramey Jackson, a U.S. citizen. Mr. Jackson serves as Janus’s Chief Executive Officer and as a Director on Janus’s Board. Mr. Jackson has been employed by Janus since 2002. The address of Mr. Jackson is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(9) | Consists of 101,170 shares of Common Stock held by Adam David Nyman, a U.S. citizen. The address of Mr. Nyman is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(10) | Consists of 101,170 shares of Common Stock held by Robert Hadden, a U.S. citizen. The address of Mr. Hadden is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(11) | Consists of 1,042,805 shares of Common Stock by Scott Sannes, a U.S. citizen. Mr. Sannes has served as Janus’s Chief Financial Officer since 2015. The address of Mr. Sannes is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(12) | Consists of 322,589 shares of Common Stock held by Colin Jeromson, a U.S. citizen. The address of Mr. Jeromson is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(13) | Consists of 160,949 shares of Common Stock held by Terrence Bagley, a U.S. citizen. The address of Mr. Bagley is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(14) | Consists of 97,474 shares of Common Stock held by Rachel Steed, a U.S. citizen. The address of Ms. Steed is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(15) | Consists of 97,474 shares of Common Stock held by Adrian Starling, a U.S. citizen. The address of Mr. Staring is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(16) | Consists of 103,941 shares of Common Stock held by Charles T. Prybyloski, a U.S. citizen. The address of Mr. Prybyloski is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(17) | Consists of 100,594 shares of Common Stock held by James Charles French III, a U.S. citizen. The address of Mr. French is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(18) | Consists of 100,594 shares of Common Stock held by Troy Bix, a U.S. citizen. The address of Mr. Bix is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(19) | Consists of 53,650 shares of Common Stock held by David Doll, a U.S. citizen. Mr. Doll serves as a Director on the Janus board of directors. The address of Mr. Doll is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(20) | Consists of 231,367 shares of Common Stock held by Peter Frayser, a U.S. citizen. Mr. Frayser serves as the Vice President of Sales and Estimating of Janus. Mr. Frayser has been employed by Janus since 2016. The address of Mr. Frayser is c/o Janus International Group, Inc., 135 Janus International Blvd., Temple, Georgia 30179. |
(21) | Consists of 3,000,000 shares of Common Stock held by Baron Small Cap Fund. Mr. Ronald Baron is a Trustee of Baron Investment Funds Trust of which Baron Small Cap Fund is a series and is a Director of Baron Capital Group, Inc. and its subsidiaries. Mr. Baron has voting and/or investment control over the |
shares held by Baron Small Cap Fund. Mr. Baron disclaims beneficial ownership of the shares held by Baron Small Cap Fund. The address of the entities named in this footnote is 767 Fifth Avenue, 49th Floor, New York, NY 10153. |
(22) | Consists of 650,000 shares of Common Stock shares of Common Stock held by JFI-SPAC, LLC. Jacobson Family Investments, Inc. (the “Manager”) serves as the manager of JFI-SPAC, LLC. J. Robert Small is the President of the Manager. The address of each of JFI-SPAC, LLC, the Manager and Mr. Small is 410 Park Avenue, Suite 620, New York, NY 10022. |
(23) | Consists of 2,545,499 shares of Common Stock held by The Fradin Community Property Revocable Trust (“The Fradin Community Property Revocable Trust”). Roger Fradin is a trustee of and beneficiary to The Fradin Community Property Revocable Trust. The address for the entity listed in this footnote is 14 Fairmount Avenue, Chatham, NJ 07928. |
(24) | Consists of 250,000 shares of Common Stock held by Peachtree Battle LLC (“Peachtree”). David M. Cote is the sole member of Peachtree. The address of Peachtree is 101 Park Ave, PO Box 0781, Anna Maria, FL 34216-0781. |
(25) | Consists of 250,000 shares of Common Stock held by Ridge Valley LLC (“Ridge Valley”). David M. Cote is the sole member of Ridge Valley. The address of Ridge Valley is 101 Park Ave, PO Box 0781, Anna Maria, FL 34216-0781. |
(26) | Consists of 2,172,601 shares of Common Stock held by Brian Cook. Mr. Cook served as Chief Financial Officer of Juniper from the company’s inception in August 2019 until the closing of the Business Combination and as Chief Executive Officer of Juniper from January 2020 until the closing of the Business Combination. Mr. Cook serves as a Director on the Janus board of directors. The address for Mr. Cook is c/o Chiesa Shahinian & Giantomasi PC, One Boland Drive West Orange, New NJ 07052, Attn: Steven Loeb, Esq. |
(27) | Consists of 543,151 shares of Common Stock held by Brian S. Cook 2019 Nevada Trust. Adam S. Cook is the sole trustee of the Brian S. Cook 2019 Nevada Trust. The address for the entity listed in this footnote is Adam S. Cook, Trustee 394 Summit Street Norwood, NJ 07648. |
(28) | Consists of 636,374 shares of Common Stock held by Juniper GRAT (by Roger Fradin, Trustee) (the “Juniper GRAT Trust”). Roger Fradin is the sole trustee of the Juniper GRAT Trust. The address for the entity listed in this footnote is 72 Juniper Drive, Atherton CA 94027. |
(29) | Consists of 359,852 shares of Common Stock held by Northvale Capital Partners, LLC. The address for the entity listed in this footnote is c/o Chiesa Shahinian & Giantomasi PC, One Boland Drive West Orange, New NJ 07052, Attn: Steven Loeb, Esq. |
(30) | Consists of 89,963 shares of Common Stock held by Thomas A. Szlosek. Mr. Szlosek serves as a Director on the Janus board of directors. The address for Mr. Szlosek is 2 Charles Lane, Green Brook, NJ 08812. |
• | the provision requiring a 66 2 /3 % supermajority vote for stockholders to amend our bylaws; |
• | the provisions providing for a classified board of directors (the election and term of our directors); |
• | the provisions regarding resignation and removal of directors; |
• | the provisions regarding filling vacancies on the Board and newly created directorships; |
• | the provisions regarding stockholder action by written consent; |
• | the provisions regarding calling special meetings of stockholders; |
• | the provisions eliminating monetary damages for breaches of fiduciary duty by a director; |
• | the provision requiring exclusive forum in Delaware; and |
• | the amendment provision requiring that the above provisions be amended only with a 66 2 /3 % supermajority vote. |
• | the issuer of the securities that was formerly a shell company has ceased to be a shell company; |
• | the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; |
• | the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and |
• | at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. |
• | 1% of the total number of shares of Common Stock then outstanding, which was 146,561,762 shares as of June 7, 2022; or |
• | the average weekly reported trading volume of the Common Stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale. |
• | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
• | block trades in which the broker-dealer so engaged will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction; |
• | purchases by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus; |
• | an over-the-counter |
• | through trading plans entered into by a Selling Stockholder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans; |
• | directly to purchasers, including through a specific bidding, auction or other process or in privately negotiated transactions; |
• | in underwritten transactions or through one or more underwritten offerings on a firm commitment or best efforts basis; |
• | settlement of short sales entered into after the date of this prospectus; |
• | through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
• | broker-dealers may enter into agreements with the Selling Stockholders to sell a specified number of such securities at a stipulated price; |
• | through the distributions by and Selling Stockholder or its affiliates to members, limited partners or stockholders; |
• | in “at the market” offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange, sales made into an existing market for the shares, or sales made through a market maker other than on an exchange or other similar offerings through sales agents; |
• | through a combination of any of the above methods of sale; and |
• | any other method permitted pursuant to applicable law. |
• | each person or “group” (as such term is used in Section 13(d)(3) of the Exchange Act) who is or expected to be the beneficial owner of more than 5% of the Company’s outstanding shares of Common Stock; |
• | each director and each of the Company’s principal executive officers and two other most highly compensated executive officers; and |
• | all of our current executive officers and directors as a group. |
Name and Address of Beneficial Owner (1) |
Amount and Nature of Beneficial Ownership |
Approximate Percentage of Outstanding Shares of Common Stock |
||||||
Directors and Executive Officers Post-Business Combination: |
||||||||
Ramey Jackson |
1,614,510 | 1.10 | % | |||||
Scott Sannes |
1,042,805 | * | ||||||
Morgan Hodges |
1,117,731 | * | ||||||
Vic Nettie |
1,146,308 | * | ||||||
Peter Frayser |
231,637 | * | ||||||
José E. Feliciano (2) |
54,012,144 | 36.85 | % | |||||
Colin Leonard |
12,594 | — | ||||||
Roger Fradin (3) |
3,188,590 | 2.18 | % | |||||
Brian Cook (4) |
3,087,357 | 2.11 | % | |||||
David Doll |
60,367 | * | ||||||
Xavier Gutierrez |
12,594 | — | ||||||
Thomas Szlosek |
96,680 | * | ||||||
All directors and executive officers post-Business Combination as a group (twelve individuals) |
65,623,317 | 44.75 | % | |||||
Five Percent Holders: |
||||||||
Clearlake Capital Group, L.P. (2) |
53,999,550 | 36.84 | % | |||||
José E. Feliciano (2) |
54,012,144 | 36.85 | % | |||||
Wasatch Advisors, Inc. (5) |
14,722,897 | 10.05 | % |
* | less than 1% |
(1) | Unless otherwise noted, the business address of each of the directors and executive officers is: 135 Janus International Blvd., Temple, GA 30179. |
(2) | Consists of (i) 11,441,601 shares of Common Stock held by Clearlake Capital Partners IV (AIV-Jupiter), L.P., a Delaware limited partnership (“CCPIV”), (ii) 424,247 shares of Common Stock held by Clearlake Capital Partners IV (AIV-Jupiter) USTE, L.P., a Delaware limited partnership (“CCPIV USTE”), (iii) 1,144,388 shares of Common Stock held by Clearlake Capital Partners IV (Offshore), L.P., a Cayman Islands limited partnership (“CCPIV Offshore”), (iv) 26,176,195 shares of Common Stock held by Clearlake Capital Partners V, L.P., a Delaware limited partnership (“CCPV”), (v) 1,755,363 shares of Common Stock held by Clearlake Capital Partners V (USTE), L.P., a Delaware limited partnership (“CCPV USTE”), and (vi) 13,057,756 shares of Common Stock held by Clearlake Capital Partners V (Offshore), L.P., a Cayman Islands limited partnership (“CCPV Offshore”). CCPIV, CCPIV USTE and CCPIV Offshore are managed by Clearlake Capital Management IV, L.P., a Delaware limited partnership (“CCMIV”). CCMIV’s general partner is Clearlake Capital Group, L.P., whose general partner is CCG Operations, L.L.C., a Delaware limited liability company (“CCG Ops”). The general partner for each of CCPIV, CCPIV USTE and CCPIV is Clearlake Capital Partners IV GP, L.P., a Delaware limited partnership (“CCPIV GP”). CCPIV GP’s general partner is Clearlake Capital Partners, LLC, a Delaware limited liability company (“CCP”). CCPV, CCPV USTE and CCPV Offshore are managed by Clearlake Capital Management V, L.P., a Delaware limited partnership (“CCMV”). CCMV’s general partner is Clearlake Capital Group, L.P., whose general partner is CCG Ops. The general partner for each of CCPIV, CCPIV USTE and CCPIV is Clearlake Capital Partners V GP, L.P., a Delaware limited partnership (“CCPV GP”). CCPV GP’s general partner is CCP. CCP’s managing member is CCP MM, LLC, a Delaware limited liability company (“CCP MM”). CCPMM’s managing member is CCG Ops. CCG Global LLC, a Delaware liability company (“CCG Global”), is the managing member of CCG Ops. José E. Feliciano and Behdad Eghbali are managers of CCG Global and may be deemed to share voting and investment power of the shares held of record by CCPIV, CCPIV USTE, CCPIV OFFSHORE, CCPV, CCPV USTE AND CCPV Offshore. The address of Messrs. Feliciano and Eghbali and the entities named in this footnote is c/o Clearlake Capital Group, 233 Wilshire Blvd., Suite 800, Santa Monica, California 90401. |
(3) | Consists of (i) 2,545,299 shares of Common Stock held by The Fradin Community Property Revocable Trust (the “Fradin Community Property Trust”), (ii) 636,374 shares of Common Stock held by Juniper GRAT Trust (the “Juniper GRAT Trust”), and (iii) 6,717 shares of Common Stock held directly by Roger Fradin. Roger Fradin is a trustee of the Community Property Trust and of the Juniper GRAT Trust. The address for the Fradin Community Property Trust is 72 Juniper Drive, Atherton, CA 94027 and the Juniper GRAT Trust is 72 Juniper Drive, Atherton, CA 94027. Mr. Fradin served as Chief Executive Officer of Juniper from its inception in August 2019 until January 2020 and as Chairman of Juniper’s board of directors from the Company’s inception in August 2019 until the closing of the Business Combination. Mr. Fradin serves as a Director on the Janus Board of Directors. |
(4) | Consists of (i) 2,172,601 shares of Common Stock held directly by Brian Cook, (ii) 543,150 shares of Common Stock held by the Brian S. Cook 2019 Nevada Trust, (iii) 359,852 shares of Common Stock held by Northvale Capital Partners, LLC, and (iv) 11,754 shares of Common Stock held directly by Brian Cook . The address for Mr. Cook and for Northvale Capital Partners, LLC is c/o Chiesa Shahinian & Giantomasi PC, One Boland Drive West Orange, NJ 07052, Attn: Steven Loeb, Esq. Adam S. Cook is the sole trustee of the Brian S. Cook 2019 Nevada Trust. The address for the Brian S. Cook 2019 Nevada Trust is Adam S. Cook, Trustee 394 Summit Street, Norwood, NJ 07648. Mr. Cook served as Chief Financial Officer of Juniper from the Company’s inception in August 2019 until the closing of the Business Combination and as Chief Executive Officer of Juniper from January 2020 until the closing of the Business Combination. Mr. Cook serves as a Director on the Janus Board of Directors. |
(5) | The information is based on a Schedule 13G/A filed with the SEC on February 9, 2022, reporting ownership of shares of Common Stock as of January 31, 2022. Amount reported represents shares of our Common Stock directly held by Wasatch Advisors, Inc., and Wasatch Advisors, Inc. has sole voting power and sole dispositive power over such shares of Common Stock. The address for Wasatch Advisors, Inc. is 505 Wakara Way, Salt Lake City, UT 84108. |
Unaudited Consolidated Financial Statements of Janus International Group, Inc. as of April 2, 2022 and for the three months ended April 2, 2022 and March 27, 2021 |
||||
F-2 |
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F-3 |
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F-4 |
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F-5 |
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F-6 |
||||
Audited Financial Statements of Janus International Group, Inc. as of January 1, 2022 and December 26, 2020 and for the years ended January 1, 2022, December 26, 2020 and December 28, 2019 |
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F-27 |
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F-28 |
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F-29 |
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F-30 |
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F-31 |
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F-32 |
April 2, |
January 1, |
|||||||
2022 |
2022 |
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, less allowance for credit losses; $ |
||||||||
Costs and estimated earnings in excess of billing on uncompleted contracts |
||||||||
Inventory, net |
||||||||
Prepaid expenses |
||||||||
Other current assets |
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|
|
|
|
|||||
Total current assets |
$ |
$ |
||||||
Right-of-use |
||||||||
Property and equipment, net |
||||||||
Customer relationships, net |
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Tradename and trademarks |
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Other intangibles, net |
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Goodwill |
||||||||
Deferred tax asset, net |
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Other assets |
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|
|
|
|
|||||
Total assets |
$ |
$ |
||||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts payable |
$ | $ | ||||||
Billing in excess of costs and estimated earnings on uncompleted contracts |
||||||||
Current maturities of long-term debt |
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Other accrued expenses |
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|
|
|
|
|||||
Total current liabilities |
$ |
$ |
||||||
Line of credit |
||||||||
Long-term debt, net |
||||||||
Deferred tax liability, net |
||||||||
Other long-term liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
$ |
$ |
||||||
|
|
|
|
|||||
STOCKHOLDERS’ EQUITY |
||||||||
Common Stock, |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Accumulated surplus (deficit) |
( |
) | ||||||
|
|
|
|
|||||
Total stockholders’ equity |
$ |
$ |
||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ |
$ |
||||||
|
|
|
|
Three Months Ended |
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April 2, 2022 |
March 27, 2021 |
|||||||
(Unaudited) |
(Unaudited) |
|||||||
REVENUE |
||||||||
Sales of product |
$ | $ | ||||||
Sales of services |
||||||||
|
|
|
|
|||||
Total revenue |
$ | $ | ||||||
Cost of Sales |
||||||||
|
|
|
|
|||||
GROSS PROFIT |
$ | $ | ||||||
OPERATING EXPENSE |
||||||||
Selling and marketing |
||||||||
General and administrative |
||||||||
|
|
|
|
|||||
Operating Expenses |
$ | $ | ||||||
|
|
|
|
|||||
INCOME FROM OPERATIONS |
$ | $ | ||||||
Interest expense |
( |
) | ( |
) | ||||
Other expense |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Other Expense, Net |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
|||||
INCOME BEFORE TAXES |
$ | $ | ||||||
Provision (benefit) for Income Taxes |
( |
) | ||||||
|
|
|
|
|||||
NET INCOME |
$ | $ | ||||||
|
|
|
|
|||||
Other Comprehensive Income (Loss) |
( |
) | ||||||
|
|
|
|
|||||
COMPREHENSIVE INCOME |
$ | $ | ||||||
|
|
|
|
|||||
Net income attributable to common stockholders |
$ | $ | ||||||
|
|
|
|
|||||
Weighted-average shares outstanding, basic and diluted (Note 16) |
||||||||
Basic |
||||||||
Diluted |
||||||||
Net income per share, basic and diluted (Note 16) |
||||||||
Basic |
$ | $ | ||||||
Diluted |
$ | $ |
Class B Common Units |
Class A Preferred Units |
Common Stock |
Additional paid-in capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Surplus (Deficit) |
Total |
||||||||||||||||||||||||||||||||||
Unit |
Amount |
Unit |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||
Balance as of December 26, 2020 |
$ |
$ |
— |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Retroactive application of the recapitalization |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
— |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance as of December 26, 2020, as adjusted |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Vesting of Midco LLC class B units |
— |
— |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
||||||||||||||||||||||||||||
Distributions to Janus Midco LLC Class A unitholders |
— |
— |
— |
— |
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Cumulative translation adjustment |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance as of March 27, 2021 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Class B Common Units |
Class A Preferred Units |
Common Stock |
Additional paid-in capital |
Accumulated Other Comprehensive Loss |
Accumulated Surplus (Deficit) |
Total |
||||||||||||||||||||||||||||||||||
Unit |
Amount |
Unit |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Share based compensation |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle (a) |
— |
— |
— |
— |
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Cumulative translation adjustment |
— |
— |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance as of April 2, 2022 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Effective January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) and ASU 2016-02, Leases (Topic 842). We have elected to adopt each of the two standards using the modified retrospective approach through a cumulative-effect adjustment to the opening balance of accumulated deficit for both. See Note 2 for further details of the impact of each standard. |
Three Months Ended |
||||||||
April 2, 2022 |
March 27, 2021 |
|||||||
(Unaudited) | (Unaudited) | |||||||
Cash Flows Provided By Operating Activities |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||
Depreciation of property and equipment |
||||||||
Reduction in carrying amount of right-of-use |
||||||||
Intangible amortization |
||||||||
Deferred finance fee amortization |
||||||||
Share based compensation |
||||||||
Loss on extinguishment of debt |
||||||||
Loss on sale of assets |
||||||||
Loss on abandonment of PP&E |
||||||||
Undistributed earnings of affiliate |
( |
) | ( |
) | ||||
Deferred income taxes |
( |
) | ||||||
Changes in operating assets and liabilities |
||||||||
Accounts receivable |
( |
) | ||||||
Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts |
( |
) | ( |
) | ||||
Prepaid expenses and other current assets |
( |
) | ||||||
Inventory |
( |
) | ( |
) | ||||
Accounts payable |
||||||||
Other accrued expenses |
||||||||
Other assets and long-term liabilities |
( |
) | ||||||
|
|
|
|
|||||
Net Cash Provided By Operating Activities |
$ | $ | ||||||
|
|
|
|
|||||
Cash Flows Used In Investing Activities |
||||||||
Proceeds from sale of equipment |
||||||||
Purchases of property and equipment |
( |
) | ( |
) | ||||
Cash paid for acquisitions, net of cash acquired |
( |
) | ||||||
|
|
|
|
|||||
Net Cash Used In Investing Activities |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
|||||
Cash Flows Used In Financing Activities |
||||||||
Net repayments on line of credit |
( |
) | ||||||
Distributions to Janus Midco LLC unitholders |
( |
) | ||||||
Principal payments on long-term debt |
( |
) | ( |
) | ||||
Principal payments under financing lease obligations |
( |
) | ||||||
Payments for deferred financing fees |
( |
) | ||||||
|
|
|
|
|||||
Cash Used In Financing Activities |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) | ||||||
|
|
|
|
|||||
Net Increase in Cash and Cash Equivalents |
$ |
$ |
||||||
|
|
|
|
|||||
Cash and Cash Equivalents, Beginning of Period |
||||||||
|
|
|
|
|||||
Cash and Cash Equivalents, End of Period |
$ |
$ |
||||||
|
|
|
|
|||||
Supplemental Cash Flow Information |
||||||||
Interest paid |
$ | $ | ||||||
Income taxes paid |
$ | $ | ||||||
Cash paid for operating leases |
$ | $ | ||||||
Non-cash investing and financing activities: |
||||||||
Right-of-use |
$ | $ | ||||||
Right-of-use |
$ | $ | ||||||
Deferred transaction costs related to Juniper merger |
$ | $ |
• | Midco equityholders have the majority ownership and voting rights in the Combined Company. The relative voting rights is equivalent to equity ownership (each share of common stock is one vote). JIH shareholders (IPO investors, founders, PIPE investors) hold |
• | The board of directors of the Combined Company is composed of nine directors, with Midco equity holders having the ability to elect or appoint a majority of the board of directors in the Combined Company. |
• | Midco’s senior management are the senior management of the Combined Company. |
• | The Combined Company has assumed the Janus name. |
Manufacturing machinery and equipment |
||||
Office furniture and equipment |
7 |
|||
Vehicles |
||||
Leasehold improvements |
20 |
Three Months Ended April 2, 2022 |
||||||||||||||||||||
Beginning Balance |
ASC 326 Impact |
Write-offs |
Provision (Reversal) |
Ending Balance |
||||||||||||||||
Allowance for credit losses |
( |
) | ||||||||||||||||||
Three Months Ended March 27, 2021 |
||||||||||||||||||||
Beginning Balance |
Recoveries |
Write-offs |
Provision (Reversal) |
Ending Balance |
||||||||||||||||
Allowance for credit losses |
( |
) |
• | Level 1, observable inputs such as quoted prices in active markets; |
• | Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and |
• | Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions. |
January 2, 2022 |
||||||||||||
Pre-ASC 326 Adoption |
Impact of ASC 326 Adoption |
As Reported Under ASC 326 |
||||||||||
Accounts Receivable, net |
( |
) | ||||||||||
Cost in Excess of Billings |
— | |||||||||||
Accumulated Deficit |
( |
) | ( |
) | ( |
) |
April 2, |
January 1, |
|||||||
2022 |
2022 |
|||||||
Raw materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
$ |
$ |
|||||||
|
|
|
|
April 2, |
January 1, |
|||||||
2022 |
2022 |
|||||||
Land |
$ | $ | ||||||
Manufacturing machinery and equipment |
||||||||
Leasehold improvements |
||||||||
Construction in progress |
||||||||
Other |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
Less accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
$ |
$ |
|||||||
|
|
|
|
April 2, |
January 1, |
|||||||||||||||||||
2022 |
2022 |
|||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Average Remaining Life in Years |
Gross Carrying Amount |
Accumulated Amortization |
||||||||||||||||
Intangible Assets |
||||||||||||||||||||
Customer relationships |
$ | $ | $ | $ | ||||||||||||||||
Noncompete agreements |
||||||||||||||||||||
Tradenames and trademarks |
— | Indefinite | — | |||||||||||||||||
Other intangibles |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||||||
|
|
|
|
|
|
|
|
Balance as of January 1, 2022 |
$ |
|||
|
|
|||
Changes due to foreign currency fluctuations |
( |
) | ||
|
|
|||
Balance as of April 2, 2022 |
$ |
|||
|
|
April 2, |
January 1, |
|||||||
2022 |
2022 |
|||||||
Sales tax payable |
$ | $ | ||||||
Interest payable |
||||||||
Other accrued liabilities |
||||||||
Employee compensation |
||||||||
Customer deposits and allowances |
||||||||
Income taxes |
||||||||
Short term lease liabilities |
||||||||
Other |
||||||||
|
|
|
|
|||||
Total |
$ |
$ |
||||||
|
|
|
|
April 2, |
January 1, |
|||||||
2022 |
2022 |
|||||||
Note payable - Amendment No. 4 First Lien |
||||||||
Financing leases |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
Less unamortized deferred finance fees |
||||||||
Less current maturities |
||||||||
|
|
|
|
|||||
Total long-term debt |
$ |
$ |
||||||
|
|
|
|
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
— | |||
|
|
|||
Total |
$ |
|||
|
|
Three Months Ended April 2, 2022 |
||||||||
RSUs |
Weighted-Average Grant Date Fair Value |
|||||||
Outstanding at January 1, 2022 |
$ | |||||||
Granted |
||||||||
Vested |
||||||||
Forfeited |
( |
) | ||||||
Outstanding at April 2, 2022 |
$ | |||||||
Unvested at April 2, 2022 |
$ |
Shares |
% |
|||||||
Janus Midco, LLC unitholders |
% | |||||||
Public stockholders |
% | |||||||
PIPE Investors |
% | |||||||
Total |
% | |||||||
April 2, 2022 |
||||
Contract assets, beginning of the period |
$ | |||
Contract assets, end of the period |
$ | |||
Contract liabilities, beginning of the period |
$ | |||
Contract liabilities, end of the period |
$ | |||
Three Months Ended |
||||||||
Reportable Segments by Timing of Revenue Recognition |
April 2, 2022 |
March 27, 2021 |
||||||
Janus North America |
||||||||
Goods transferred at a point in time |
$ | $ | ||||||
Services transferred over time |
||||||||
$ | $ | |||||||
Janus International |
||||||||
Goods transferred at a point in time |
||||||||
Services transferred over time |
||||||||
$ | $ | |||||||
Eliminations |
( |
) | ( |
) | ||||
Total Revenue |
$ |
$ |
||||||
Three Months Ended |
||||||||
Reportable Segments by Sales Channel Revenue Recognition |
April 2, 2022 |
March 27, 2021 |
||||||
Janus North America |
||||||||
Self Storage-New Construction |
$ | $ | ||||||
Self Storage-R3 |
||||||||
Commercial and Others |
||||||||
$ | $ | |||||||
Janus International |
||||||||
Self Storage-New Construction |
$ | $ | ||||||
Self Storage-R3 |
||||||||
$ | $ | |||||||
Eliminations |
( |
) | ( |
) | ||||
Total Revenue |
$ |
$ |
||||||
(in thousands) |
Balance Sheet Classification |
April 2, 2022 |
||||
Assets: |
||||||
Operating lease assets |
Right-of-use |
$ | ||||
Finance lease assets |
Right-of-use |
$ | ||||
Total leased assets |
$ | |||||
Liabilities: |
||||||
Current: |
||||||
Operating |
expenses | $ | ||||
Financing |
maturities of long-term debt | $ | ||||
Noncurrent: |
||||||
Operating |
long-term liabilities | $ | ||||
Financing |
Long-term | $ | ||||
Total lease liabilities |
$ | |||||
(in thousands) |
Three Months Ended April 2, 2022 |
|||||
Operating lease cost |
$ | |||||
Short-term lease cost |
$ | |||||
Financial lease cost: |
||||||
Amortization of right-of-use |
$ | |||||
Interest on lease liabilities |
$ | |||||
Total lease cost |
$ | |||||
Three Months Ended April 2, 2022 |
||||
Weighted Average Remaining Lease Term |
||||
Operating Leases |
||||
Finance Leases |
||||
Weighted Average Discount Rate |
||||
Operating Leases |
||||
Finance Leases |
(in thousands) |
||||
2022 |
$ | |||
2023 |
$ | |||
2024 |
$ | |||
2025 |
$ | |||
2026 |
$ | |||
Later years |
$ | |||
Total future lease payments |
$ | |||
Less imputed interest |
$ | ( |
) | |
Present value of future lease payments |
$ | |||
(in thousands) |
||||
2022 |
$ | |||
2023 |
$ | |||
2024 |
$ | |||
2025 |
$ | |||
2026 |
$ | |||
Later years |
$ | |||
Total future lease payments |
$ | |||
Less imputed interest |
$ | ( |
) | |
Present value of future lease payments |
$ | |||
Three Months Ended |
||||||||
April 2, 2022 |
March 27, 2021 |
|||||||
Numerator: |
||||||||
Net income attributable to common stockholders |
$ | $ | ||||||
Denominator: |
||||||||
Weighted average number of shares: |
||||||||
Basic |
||||||||
Adjustment for Restricted Stock Units |
$ | |||||||
Diluted |
||||||||
Basic net income per share attributable to common stockholders |
$ | $ | ||||||
Diluted net income per share attributable to common stockholders |
$ | $ | ||||||
Three Months Ended |
||||||||
April 2, |
March 27, |
|||||||
2022 |
2021 |
|||||||
Revenue |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Intersegment |
( |
) | ( |
) | ||||
Consolidated Revenue |
$ | $ | ||||||
Income From Operations |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Eliminations |
||||||||
Total Segment Operating Income |
$ | $ | ||||||
Depreciation of Property and Equipment Expense |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Consolidated Depreciation of Property and Equipment Expense |
$ | $ | ||||||
Amortization of Intangible Assets |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Consolidated Amortization Expense |
$ | $ | ||||||
Capital Expenditures |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Consolidated Capital Expenditures |
$ | $ | ||||||
Identifiable Assets |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
$ | $ | ||||||
Consolidated Assets |
$ | $ | ||||||
January 1, |
December 26, |
|||||||
2022 |
2020 |
|||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, less allowance for doubtful accounts; $ |
||||||||
Costs and estimated earnings in excess of billing on uncompleted contracts |
||||||||
Inventory, net |
||||||||
Prepaid expenses |
||||||||
Other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
$ |
$ |
||||||
Property and equipment, net |
||||||||
Customer relationships, net |
||||||||
Tradename and trademarks |
||||||||
Other intangibles, net |
||||||||
Goodwill |
||||||||
Deferred tax asset, net |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total assets |
$ |
$ |
||||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts payable |
$ | $ | ||||||
Billing in excess of costs and estimated earnings on uncompleted contracts |
||||||||
Current maturities of long-term debt |
||||||||
Other accrued expenses |
||||||||
|
|
|
|
|||||
Total current liabilities |
$ |
$ |
||||||
Line of credit |
||||||||
Long-term debt, net |
||||||||
Deferred tax liability, net |
||||||||
Other long-term liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
$ |
$ |
||||||
|
|
|
|
|||||
Commitments and Contingencies (Notes 7 and 21) |
||||||||
STOCKHOLDERS’ EQUITY |
||||||||
Common Stock, |
||||||||
Additional paid in capital |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
$ |
$ |
||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ |
$ |
||||||
|
|
|
|
Year Ended |
||||||||||||
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
||||||||||
REVENUE |
||||||||||||
Sales of product |
$ | $ | $ |
|||||||||
Sales of services |
||||||||||||
|
|
|
|
|
|
|||||||
Total Revenue |
$ | $ | $ |
|||||||||
Cost of Sales |
||||||||||||
|
|
|
|
|
|
|||||||
GROSS PROFIT |
$ | $ | $ |
|||||||||
OPERATING EXPENSE |
||||||||||||
Selling and marketing |
||||||||||||
General and administrative |
||||||||||||
Contingent consideration and earnout fair value adjustments |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Operating Expenses |
$ | $ | $ |
|||||||||
|
|
|
|
|
|
|||||||
INCOME FROM OPERATIONS |
$ | $ | $ |
|||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ||||||
Other income (expense) |
( |
) | ( |
) | ||||||||
Change in fair value of derivative warrant liabilities |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Other Expense, Net |
$ | ( |
) | $ | ( |
) | $ |
( |
) | |||
|
|
|
|
|
|
|||||||
INCOME BEFORE TAXES |
$ | $ | $ |
|||||||||
Provision for Income Taxes |
||||||||||||
|
|
|
|
|
|
|||||||
NET INCOME |
$ | $ | $ |
|||||||||
|
|
|
|
|
|
|||||||
Other Comprehensive Income (Loss) |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
COMPREHENSIVE INCOME |
$ | $ | $ |
|||||||||
|
|
|
|
|
|
|||||||
Net income attributable to common stockholders |
$ | $ | $ |
|||||||||
|
|
|
|
|
|
|||||||
Weighted-average shares outstanding, basic and diluted (Note 19) |
||||||||||||
Basic |
||||||||||||
Diluted |
||||||||||||
Net income per share, basic and diluted (Note 19) |
||||||||||||
Basic |
$ | $ | $ |
|||||||||
Diluted |
$ | $ | $ |
Class B Common Units |
Class A Preferred Units |
Common Stock |
Additional paid-in capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Equity (deficit) |
Total |
||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||
Balance as of December 29, 2018 |
|
|
— |
|
$ |
|
|
|
|
|
|
|
|
$ |
|
|
— |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||
Retroactive application of the recapitalization |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
— |
— |
$ |
— |
||||||||||||||||||||
Balance as of December 29, 2018, as adjusted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
( |
) |
( |
) |
||||||||||||||||||||
Vesting of common shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Distributions to members |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||
Cumulative translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance as of December 28, 2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Vesting of common shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
||||||||||||||||
Distributions to members |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||
Cumulative translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance as of December 26, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Vesting of common shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
|||||||||||||||||||||
Issuance of PIPE Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
||||||||||||||||||||||
Issuance of common stock upon merger, net of transaction costs, earn out, and merger warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
||||||||||||||||||||||
Issuance of earn out shares to common stockholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
|||||||||||||||||||||
Distributions to members |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||
Distributions to Janus Midco, LLC Class A preferred units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||
Deferred tax asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
Warrant redemption |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
||||||||||||||||||||||
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
Cumulative translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
— |
— |
— |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance as of January 1, 2022 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||||||
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
||||||||||
Cash Flows Provided By Operating Activities |
||||||||||||
Net income |
$ | $ | $ |
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||||||
Depreciation |
||||||||||||
Intangible amortization |
||||||||||||
Deferred finance fee amortization |
||||||||||||
Share based compensation |
||||||||||||
Gain (loss) on extinguishment of debt |
( |
) | ||||||||||
Change in fair value of contingent consideration and earnout |
( |
) | ||||||||||
(Gain) Loss on sale of assets |
( |
) | ||||||||||
Loss on abandonment of PP&E |
||||||||||||
Change in fair value of derivative warrant liabilities |
||||||||||||
Undistributed (earnings) losses of affiliate |
( |
) | ( |
) | ||||||||
Deferred income taxes |
( |
) | ||||||||||
Changes in operating assets and liabilities |
||||||||||||
Accounts receivable |
( |
) | ( |
) | ||||||||
Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts |
( |
) | ( |
) | ( |
) | ||||||
Prepaid expenses and other current assets |
( |
) | ( |
) | ( |
) | ||||||
Inventory |
( |
) | ( |
) | ||||||||
Accounts payable |
( |
) | ||||||||||
Other accrued expenses |
||||||||||||
Other assets and long-term liabilities |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net Cash Provided By Operating Activities |
$ | $ | $ |
|||||||||
|
|
|
|
|
|
|||||||
Cash Flows Used In Investing Activities |
||||||||||||
Proceeds from sale of equipment |
||||||||||||
Purchases of property and equipment |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from sale leaseback transaction |
||||||||||||
Cash paid for acquisitions, net of cash acquired |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Net Cash Used In Investing Activities |
$ | ( |
) | $ | ( |
) | $ |
( |
) | |||
|
|
|
|
|
|
|
|
|
|
|
||
Cash Flows Provided by (Used In) Financing Activities |
||||||||||||
Net borrowings on line of credit |
( |
) | ||||||||||
Distributions to Janus Midco LLC unitholders |
( |
) | ( |
) | ( |
) | ||||||
Principal payments on long-term debt |
( |
) | ( |
) | ( |
) | ||||||
Principal payments on long-term debt, related part y |
|
|
|
|
|
|
|
|
|
|
( |
) |
Proceeds from issuance of long-term debt |
||||||||||||
Proceeds from merger |
||||||||||||
Proceeds from PIPE |
||||||||||||
Payments for transaction costs |
( |
) | ||||||||||
Payments to Janus Midco, LLC unitholders at the business combination |
( |
) | ||||||||||
Proceeds from warrant exercise, net of redemptions |
||||||||||||
Payment of contingent consideration |
( |
) | ||||||||||
Payments for deferred financing fees |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Cash Provided By (Used In) Financing Activities |
$ | $ | ( |
) | $ |
( |
) | |||||
|
|
|
|
|
|
|||||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net (Decrease) Increase in Cash and Cash Equivalents |
$ |
( |
) |
$ |
$ |
|||||||
|
|
|
|
|
|
|||||||
Cash and Cash Equivalents, Beginning of Fiscal Year |
||||||||||||
|
|
|
|
|
|
|||||||
Cash and Cash Equivalents, End of Fiscal Year |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Supplemental Cash Flows Information |
||||||||||||
Interest paid |
$ | $ | $ |
|||||||||
Income taxes paid |
$ | $ | $ |
• | Janus Midco equityholders have the majority ownership and voting rights in the Combined Company. The relative voting rights is equivalent to equity ownership (each share of common stock is one vote). JIH shareholders (IPO investors, founders, PIPE investors) hold |
• | The board of directors of the Combined Company is composed of nine directors, with Janus Midco equity holders having the ability to elect or appoint a majority of the board of directors in the Combined Company. |
• | Janus Midco’s senior management are the senior management of the Combined Company. |
• | The Combined Company has assumed the Janus name. |
Manufacturing machinery and equipment |
||||
Office furniture and equipment |
||||
Vehicles |
||||
Leasehold improvements |
• | Level 1, observable inputs such as quoted prices in active markets; |
• | Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and |
• | Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions. |
Warrant term (yrs.) |
||||
Volatility |
% | |||
Risk-free rate |
% | |||
Dividend yield |
% |
Balance assumed in the Business Combination at June 7, 2021 |
$ | |||
Conversion of Private warrants to Public warrants |
( |
) | ||
Redeemed/exercised warrants |
( |
) | ||
Change in fair value of warrants |
||||
|
|
|||
Balance at January 1, 2022 |
$ | |||
|
|
January 1, |
December 26, |
|||||||
2022 |
2020 |
|||||||
Raw materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
$ |
$ |
|||||||
|
|
|
|
January 1, |
December 26, |
|||||||
2022 |
2020 |
|||||||
Land |
$ | $ | ||||||
Manufacturing machinery and equipment |
||||||||
Leasehold improvements |
||||||||
Construction in progress |
||||||||
Other |
||||||||
|
|
|
|
|||||
$ |
$ |
|||||||
Less accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
$ |
$ |
|||||||
|
|
|
|
January 1, |
December 26, |
|||||||||||||||||||
2022 |
2020 |
|||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Average Remaining Life in Years |
Gross Carrying Amount |
Accumulated Amortization |
||||||||||||||||
Intangible Assets |
||||||||||||||||||||
Customer relationships |
$ | $ | $ | $ | ||||||||||||||||
Noncompete agreements |
||||||||||||||||||||
Tradenames and trademarks |
— | Indefinite | — | |||||||||||||||||
Other intangibles |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||||||
|
|
|
|
|
|
|
|
Balance as of December 28, 2019 |
$ |
|||
|
|
|||
Goodwill acquired during the period |
$ |
|||
Changes due to foreign currency fluctuations |
$ |
|||
Balance as of December 26, 2020 |
$ |
|||
|
|
|||
Goodwill acquired during the period |
||||
Changes due to foreign currency fluctuati o ns |
( |
) | ||
|
|
|||
Balance as of January 1, 2022 |
$ |
|||
|
|
January 1, |
December 26, |
|||||||
2022 |
2020 |
|||||||
Sales tax payable |
$ | $ | ||||||
Interest payable |
||||||||
Contingent consideration payable - short term |
||||||||
Other accrued liabilities |
||||||||
Employee compensation |
||||||||
Customer deposits and allowances |
||||||||
Income taxes |
||||||||
Other |
||||||||
|
|
|
|
|||||
Total |
$ |
$ |
||||||
|
|
|
|
January 1, |
December 26, |
|||||||
2022 |
2020 |
|||||||
Note payable - First Lien |
$ | $ | ||||||
Note payable - First Lien B2 |
||||||||
Note payable - Amendment No. 4 First Lien |
||||||||
|
|
|
|
|||||
$ |
$ |
|||||||
Less unamortized deferred finance fees |
||||||||
Less current maturities |
||||||||
|
|
|
|
|||||
Total long-term debt |
$ |
$ |
||||||
|
|
|
|
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
|
|
|||
Total |
$ |
|||
|
|
Fair Value of Consideration Transferred |
||||
Cash |
$ | |||
Hold Back Liability |
||||
|
|
|||
Total Fair Value of Consideration Transferred |
$ |
|||
|
|
|||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed |
||||
Cash |
||||
Accounts receivable |
||||
Other current assets |
||||
Property and equipment |
||||
Identifiable intangible assets |
||||
Customer relationships |
||||
Backlog |
||||
Trademark |
||||
Recognized amounts of identifiable liabilities assumed |
||||
Accounts payable |
( |
) | ||
Accrued expenses |
( |
) | ||
Other liabilities |
( |
) | ||
|
|
|||
Total identifiable net assets |
$ |
|||
|
|
|||
Goodwill |
$ |
|||
|
|
Fair Value |
Useful Lives |
|||||||
Customer Relationships |
$ | |||||||
Backlog |
||||||||
Trade Name |
Indefinite | |||||||
|
|
|||||||
Identifiable Intangible Assets |
$ |
|||||||
|
|
Periods from September 1, 2021 through January 1, 2022 |
||||
Revenue |
$ | |||
Net Income |
( |
) |
Fair Value of Consideration Transferred |
||||
Cash |
$ |
|||
|
|
|||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed |
||||
Cash |
||||
Accounts receivable |
||||
Inventories |
||||
Property and equipment |
||||
Other assets |
||||
Identifiable intangible assets |
||||
Customer relationships |
||||
Backlog |
||||
Trademark |
||||
Recognized amounts of identifiable liabilities assumed |
||||
Accounts payable |
( |
) | ||
Accrued expenses |
( |
) | ||
Other liabilities |
( |
) | ||
|
|
|||
Total identifiable net assets |
$ |
|||
|
|
|||
Goodwill |
$ |
|||
|
|
Fair Value |
Useful Lives |
|||||||
Customer Relationships |
$ | |||||||
Backlog |
||||||||
Trade Name |
Indefinite | |||||||
Identifiable Intangible Assets |
$ |
|||||||
Periods from August 18, 2021 through January 1, 2022 |
||||
Revenue |
$ |
|||
Net Income |
Year Ended |
||||||||
January 1, 2022 |
December 26, 2020 |
|||||||
Revenue |
$ |
$ |
||||||
Net Income |
Fair Value of Consideration Transferred |
2020 |
|||
Cash Plus Restricted Cash to be Provided to the Seller |
$ |
|||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed |
||||
Cash |
||||
Accounts receivable |
||||
Inventories |
||||
Prepaid expenses and other current assets |
||||
Property and equipment |
||||
Identifiable intangible assets |
||||
Customer relationships |
||||
Noncompete |
||||
Other assets |
||||
Recognized amounts of identifiable liabilities assumed |
||||
Accounts payable |
( |
) | ||
Accrued expenses |
( |
) | ||
Other liabilities |
( |
) | ||
Total identifiable net assets |
$ |
|||
Deferred tax liability |
||||
Goodwill |
$ |
|||
Fair value of consideration transferred |
2019 |
|||
Cash |
$ |
|||
Contingent Consideration |
||||
Total Consideration |
$ |
|||
Recognized amounts of identifiable assets acquired |
||||
Cash |
$ |
|||
Accounts receivable |
||||
Inventories |
||||
Prepaid expenses and other current assets |
||||
Property and equipment |
||||
Identifiable intangible assets |
||||
Customer relationships |
||||
Trademark |
||||
Backlog |
||||
Other assets |
||||
Recognized amounts of identifiable liabilities assumed |
||||
Accounts payable |
( |
) | ||
Accrued expenses |
||||
Other liabilities |
( |
) | ||
Total identifiable net assets |
$ |
|||
Deferred tax liability |
$ |
( |
) | |
Goodwill |
$ |
Periods from March 1, 2019 through December 28, 2019 |
||||
Revenue |
$ |
|||
Net Income (loss) |
( |
) |
Year Ended December 28, 2019 |
||||
Revenue |
$ |
|||
Net Income (loss) |
$ |
Year Ended January 1, 2022 |
||||||||
RSUs |
Weighted-Average Grant Date Fair Value |
|||||||
Outstanding at December 26, 2020 |
$ | |||||||
Granted |
||||||||
Vested |
||||||||
Forfeited |
||||||||
Outstanding at January 1, 2022 |
$ | |||||||
Unvested at January 1, 2022 |
$ | |||||||
Vested and payable at January 1, 2022 |
Shares |
% |
|||||||
Janus Midco, LLC unitholders |
% | |||||||
Public stockholders |
% | |||||||
PIPE Investors |
% | |||||||
Total |
% | |||||||
January 1, 2022 |
December 26, 2020 |
|||||||
Contract assets, beginning of the period |
$ | $ |
||||||
Contract assets, end of the period |
$ | $ |
||||||
Contract liabilities, beginning of the period |
$ | $ |
||||||
Contract liabilities, end of the period |
$ | $ |
||||||
Year Ended |
||||||||||||
Reportable Segments by Sales Channel Revenue Recognition |
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
|||||||||
Janus North America |
||||||||||||
Goods transferred at a point in time |
$ | $ | $ |
|||||||||
Services transferred over time |
||||||||||||
$ | $ | $ |
||||||||||
Janus International |
||||||||||||
Goods transferred at a point in time |
||||||||||||
Services transferred over time |
||||||||||||
$ | $ | $ |
||||||||||
Eliminations |
( |
) | ( |
) |
( |
) | ||||||
Total Revenue |
$ |
$ |
$ |
|||||||||
Year Ended |
||||||||||||
Reportable Segments by Sales Channel Revenue Recognition |
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
|||||||||
Janus North America |
||||||||||||
Self Storage-New Construction |
$ | $ | $ |
|||||||||
Self Storage-R3 |
||||||||||||
Commercial and Others |
||||||||||||
$ | $ | $ |
||||||||||
Janus International |
||||||||||||
Self Storage-New Construction |
$ | $ | $ |
|||||||||
Self Storage-R3 |
||||||||||||
Commercial and Others |
||||||||||||
$ | $ | $ |
||||||||||
Eliminations |
( |
) | ( |
) | ( |
) | ||||||
Total Revenue |
$ |
$ |
$ |
|||||||||
Leasing Entity |
Property Address |
Term End Date |
Monthly Rate |
|||||||||
Janus International Group, LLC |
Surprise, AZ | 4/30/2034 | $ | |||||||||
Janus International Group, LLC |
Temple, GA | 12/31/2036 | ||||||||||
Janus International Group, LLC |
Houston, TX | 12/31/2036 | ||||||||||
Janus International Group, LLC |
Anaheim, CA | 6/30/2024 | ||||||||||
Janus International Group, LLC |
Butler, IN | 10/31/2026 | ||||||||||
Janus International Group, LLC |
Orlando, FL | 10/31/2023 | ||||||||||
Janus International Group, LLC |
Temple, GA | 11/30/2031 | ||||||||||
Janus International Group, LLC |
Houston, TX | 1/31/2023 | ||||||||||
Janus International Group, LLC |
Sumner, WA | 6/30/2026 | ||||||||||
Janus International Group, LLC |
Douglasville, GA | 4/30/2024 | ||||||||||
Janus International Group, LLC |
Douglasville, GA | 4/1/2027 | ||||||||||
Asta Industries, Inc. |
Cartersville, GA | 3/1/2030 | ||||||||||
Asta Industries, Inc. |
Fayetteville, GA | 7/31/2022 | ||||||||||
Asta Industries, Inc. |
Houston, TX | 1/31/2023 | ||||||||||
Janus International Europe Ltd. (UK) |
Peterlee, UK | 6/30/2026 | ||||||||||
Janus International Europe Ltd. (UK) |
Twickenham, UK | 4/29/2028 | ||||||||||
Active Supply and Design (UK) |
Cheshire, UK | 12/31/2025 | ||||||||||
Steel Storage Australia Pty Ltd. |
Hendra, Queensland | 2/28/2026 | ||||||||||
Steel Storage Australia Pte Ltd. |
Singapore | 6/30/2023 | ||||||||||
Noke, Inc. |
Lehi, UT | 10/31/2022 | ||||||||||
Betco, Inc. |
Statesville, NC | 3/31/2024 | ||||||||||
Betco, Inc. |
Charlotte, NC | 1/31/2023 | ||||||||||
DBCI, LLC |
Chandler, AZ | 11/23/2022 | ||||||||||
DBCI, LLC |
Houston, TX | 2/18/2022 | ||||||||||
ACT, LLC |
Salisbury, NC | 8/31/2026 | ||||||||||
ACT, LLC |
Las Vegas, NV | 6/30/2024 | ||||||||||
ACT, LLC |
Cary, NC | 8/31/2022 | ||||||||||
ACT, LLC |
Greer, SC | 9/30/2024 |
2021 |
||||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
Total |
$ |
|||
2021 |
||||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
Total |
$ |
|||
Year Ended |
||||||||||||
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
||||||||||
US operations |
$ | $ | $ |
|||||||||
Foreign operations |
( |
) | ||||||||||
Total |
$ |
$ |
$ |
|||||||||
Current |
Deferred |
Total |
||||||||||
Year ended January 1, 2022: |
||||||||||||
U.S. federal |
$ | $ | $ | |||||||||
State and local |
||||||||||||
Foreign jurisdiction |
( |
) | ( |
) | ||||||||
Total |
$ |
$ |
$ |
|||||||||
Current |
Deferred |
Total |
||||||||||
Year ended December 26, 2020: |
||||||||||||
U.S. federal |
$ | ( |
) | $ | $ | |||||||
State and local |
( |
) | ||||||||||
Foreign jurisdiction |
( |
) | ||||||||||
Total |
$ |
$ |
$ |
|||||||||
Current |
Deferred |
Total |
||||||||||
Year ended December 28, 2019: |
||||||||||||
U.S. federal |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
State and local |
( |
) |
||||||||||
Foreign jurisdiction |
||||||||||||
Total |
$ |
$ |
( |
) |
$ |
|||||||
Year Ended |
||||||||||||
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
||||||||||
Income before taxes |
$ | $ | $ |
|||||||||
Computed “expected” tax expense |
||||||||||||
Increase (reduction) in income taxes resulting from: |
||||||||||||
Statutory rate differential |
( |
) | ||||||||||
Permanent difference |
||||||||||||
State income taxes, net of federal benefit |
||||||||||||
Change in tax rates |
( |
) | ( |
) | ||||||||
Change in estimate |
( |
) | ( |
) | ||||||||
Change in valuation allowance |
( |
) | ||||||||||
Other, net |
||||||||||||
Total |
$ |
$ |
$ |
|||||||||
January 1, |
December 26, |
|||||||
2022 |
2020 |
|||||||
Deferred tax assets |
||||||||
Allowance for doubtful accounts |
$ | $ | ||||||
Other accrued expenses |
||||||||
Inventories |
||||||||
Interest expense |
— |
— |
||||||
Leases |
||||||||
Tax incentives |
||||||||
Intangibles |
||||||||
Net operating loss carryforward |
||||||||
Other |
||||||||
Total gross deferred tax assets |
||||||||
Less: valuation allowance |
( |
) | ||||||
Net deferred tax assets |
||||||||
Deferred tax liabilities |
||||||||
Intangibles |
( |
) | ||||||
Property and equipment |
( |
) | ( |
) | ||||
Prepaids |
( |
) | ||||||
Other |
( |
) | ||||||
Total gross deferred liabilities |
( |
) | ( |
) | ||||
Net deferred tax asset (liability) |
$ |
$ |
( |
) | ||||
Year Ended |
||||||||||||
January 1, 2022 |
December 26, 2020 |
December 28, 2019 |
||||||||||
Numerator: |
||||||||||||
Net income attributable to common stockholders |
$ | $ | $ |
|||||||||
Denominator: |
||||||||||||
Weighted average number of shares: |
||||||||||||
Basic |
||||||||||||
Adjustment for Public Warrants - Treasury stock method |
||||||||||||
Diluted |
$ | $ | $ |
|||||||||
Basic net income per share attributable to common stockholders |
$ | $ | $ |
|||||||||
Diluted net income per share attributable to common stockholders |
$ | $ | $ |
|||||||||
Year Ended |
||||||||||||
January 1, |
December 26, |
December 28, |
||||||||||
2022 |
2020 |
2019 |
||||||||||
Revenue |
||||||||||||
Janus North America |
$ | $ | $ |
|||||||||
Janus International |
||||||||||||
Intersegment |
( |
) | ( |
) | ( |
) | ||||||
Consolidated Revenue |
$ | $ | $ |
|||||||||
Income From Operations |
||||||||||||
Janus North America |
$ | $ | $ |
|||||||||
Janus International |
||||||||||||
Eliminations |
( |
) | ||||||||||
Total Segment Operating Income |
$ | $ | $ |
|||||||||
Depreciation Expense |
||||||||||||
Janus North America |
$ | $ | $ |
|||||||||
Janus International |
||||||||||||
Consolidated Depreciation Expense |
$ | $ | $ |
|||||||||
Amortization of Intangible Assets |
||||||||||||
Janus North America |
$ | $ | $ |
|||||||||
Janus International |
||||||||||||
Consolidated Amortization Expense |
$ | $ | $ |
|||||||||
January 1, |
December 26 |
|||||||
2022 |
2020 |
|||||||
Capital Expenditures |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Consolidated Capital Expenditures |
$ | $ | ||||||
Identifiable Assets |
||||||||
Janus North America |
$ | $ | ||||||
Janus International |
||||||||
Consolidated Assets |
$ | $ | ||||||
Securities and Exchange Commission registration fee |
$ | 185,745.62 | (1) | |
Accounting fees and expenses |
50,000.00 | |||
Legal fees and expenses |
225,000.00 | |||
Financial printing and miscellaneous expenses |
150,000.00 | |||
|
|
|||
Total |
$ | 610,745.62 | ||
|
|
(1) | Previously paid. |
No. |
Description | |
24.1** | Power of Attorney (included on the signature page to the initial filing of this Registration Statement). | |
101.INS* | Inline XBRL Instance Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
107** | |
* | Filed Herewith. |
** | Previously filed. |
+ | Management contract or compensatory plan or arrangement. |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(a) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
(b) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the “Commission”) pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(c) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(a) | Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424; |
(b) | Any “free writing prospectus” relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(c) | The portion of any other “free writing prospectus” relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned registrant; and |
(d) | Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. |
(5) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
(6) | The undersigned registrant hereby undertakes that: |
(a) | For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 407(h) under the Securities Act hall be deemed to be part of this registration statement as of the time it was declared effective. |
(b) | For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(7) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. |
JANUS INTERNATIONAL GROUP, INC. | ||
By: | /s/ Scott Sannes | |
Name: Scott Sannes | ||
Title: Chief Financial Officer |
Name |
Position |
Date | ||
* Ramey Jackson |
Chief Executive Officer and Director (Principal Executive Officer) |
June 10, 2022 | ||
/s/ Scott Sannes Scott Sannes |
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
June 10, 2022 | ||
* José E. Feliciano |
Chairman | June 10, 2022 | ||
* Brian Cook |
Director | June 10, 2022 | ||
* David Doll |
Director | June 10, 2022 | ||
* Roger Fradin |
Director | June 10, 2022 | ||
* Xavier A. Gutierrez |
Director | June 10, 2022 | ||
* Colin Leonard |
Director | June 10, 2022 | ||
* Thomas A. Szlosek |
Director | June 10, 2022 |
*By: | /s/ Scott Sannes | |
Name: | Scott Sannes Attorney-in-Fact |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
Janus International Group, Inc.
Temple, Georgia
We hereby consent to the use in the Prospectus constituting a part of this Registration Statement of our report dated March 15, 2022, except for the effects of the recapitalization described in Note 1 on the year ended December 28, 2019, as to which the date is June 10, 2022, relating to the consolidated financial statements of Janus International Group, Inc., which is contained in that Prospectus.
We also consent to the reference to us under the caption Experts in the Prospectus.
/s/BDO USA, LLP
Atlanta, Georgia
June 10, 2022
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Cover Page |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
Cover [Abstract] | |
Document Type | POS AM |
Entity Registrant Name | Janus International Group, Inc. |
Entity Central Index Key | 0001839839 |
Amendment Flag | true |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Description | This Post-Effective Amendment No. 1 (“Post-Effective Amendment No. 1”) to the Registration Statement on Form S-1, as amended (File No. 333-257731) (the “Registration Statement”), as originally declared effective by the Securities and Exchange Commission (the “SEC”) on August 6, 2021, is being filed to include information contained in the registrant’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022, which was filed with the SEC on March 15, 2022 and in the registrant’s Quarterly Report on Form 10-Q for the quarterly period ended April 2, 2022, which was filed with the SEC on May 17, 2022, and to update certain other information in the Registration Statement. The information contained in this filing amends the Registration Statement and the prospectus contained therein. No additional securities are being registered under this Post-Effective Amendment No. 1. All applicable registration fees were paid at the time of the original filing of the Registration Statement on July 16, 2021. |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts receivable | $ 5,733 | $ 5,449 | $ 4,485 |
Common stock, shares authorized (in shares) | 825,000,000 | 825,000,000 | 825,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 146,561,717 | 146,561,717 | 66,145,633 |
Common stock, shares outstanding (in shares) | 146,561,717 | 146,561,717 | 66,145,633 |
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
REVENUE | |||||
Total Revenue | $ 229,520 | $ 152,824 | $ 750,150 | $ 548,973 | $ 565,292 |
Cost of sales | 152,950 | 99,531 | 498,787 | 345,150 | 368,395 |
GROSS PROFIT | 76,570 | 53,293 | 251,363 | 203,823 | 196,898 |
OPERATING EXPENSE | |||||
Selling and marketing | 13,349 | 9,458 | 46,295 | 34,532 | 34,545 |
General and administrative | 28,106 | 19,586 | 111,981 | 76,946 | 75,693 |
Contingent consideration and earnout fair value adjustments | 687 | (2,175) | 0 | ||
Operating Expenses | 41,455 | 29,044 | 158,963 | 109,303 | 110,237 |
INCOME FROM OPERATIONS | 35,115 | 24,249 | 92,400 | 94,521 | 86,660 |
Interest expense | (8,775) | (8,126) | (32,876) | (36,011) | (42,576) |
Other expense | (28) | (1,559) | (3,324) | 441 | (4,050) |
Change in fair value of derivative warrant liabilities | (5,918) | 0 | 0 | ||
Other Expense, Net | (8,804) | (9,685) | (42,118) | (35,570) | (46,625) |
INCOME BEFORE TAXES | 26,311 | 14,564 | 50,283 | 58,951 | 40,035 |
Provision (benefit) for Income Taxes | 6,607 | (155) | 6,481 | 2,114 | 636 |
NET INCOME | 19,704 | 14,719 | 43,801 | 56,837 | 39,399 |
Other Comprehensive Income (Loss) | (516) | 311 | (722) | 1,926 | 481 |
COMPREHENSIVE INCOME | 19,188 | 15,030 | 43,080 | 58,762 | 39,881 |
Net income attributable to common stockholders | $ 19,704 | $ 14,719 | $ 43,801 | $ 56,837 | $ 39,399 |
Weighted-average shares outstanding, basic and diluted (Note 16) | |||||
Basic | 146,561,717 | 66,145,633 | 107,875,018 | 65,843,575 | 65,271,283 |
Diluted | 146,832,889 | 66,145,633 | 108,977,811 | 65,843,575 | 65,271,283 |
Net income per share, basic and diluted (Note 16) | |||||
Basic | $ 0.13 | $ 0.22 | $ 0.41 | $ 0.86 | $ 0.6 |
Diluted | $ 0.13 | $ 0.22 | $ 0.4 | $ 0.86 | $ 0.6 |
Sales of product | |||||
REVENUE | |||||
Total Revenue | $ 197,306 | $ 121,696 | $ 619,967 | $ 439,458 | $ 460,071 |
Sales of services | |||||
REVENUE | |||||
Total Revenue | $ 32,214 | $ 31,128 | $ 130,182 | $ 109,516 | $ 105,221 |
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
[1] | Revision of Prior Period, Adjustment [Member] |
Preferred Stock
Class A Preferred Units
|
Preferred Stock
Class A Preferred Units
Effect of Retrospective Application of Accounting Standards Update 2018-12
|
Common Stock |
Common Stock
Effect of Retrospective Application of Accounting Standards Update 2018-12
|
Common Stock
Revision of Prior Period, Adjustment [Member]
|
Common Stock
Class B Common Units
|
Common Stock
Class B Common Units
Effect of Retrospective Application of Accounting Standards Update 2018-12
|
Additional paid-in capital |
Additional paid-in capital
Effect of Retrospective Application of Accounting Standards Update 2018-12
|
Additional paid-in capital
Revision of Prior Period, Adjustment [Member]
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Revision of Prior Period, Adjustment [Member]
|
Accumulated (deficit) |
Accumulated (deficit)
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
[1] |
Accumulated (deficit)
Revision of Prior Period, Adjustment [Member]
|
||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 29, 2018 | 189,044 | (189,044) | 65,027,998 | 65,027,998 | ||||||||||||||||||
Beginning balance at Dec. 29, 2018 | $ 162,370 | $ 162,370 | $ 189,044 | $ (189,044) | $ 7 | $ 7 | $ 26 | $ (26) | $ 189,063 | $ 189,063 | $ (2,634) | $ (2,634) | $ (24,066) | $ (24,066) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Vesting of common shares (in shares) | 648,759 | |||||||||||||||||||||
Vesting of common shares | 65 | $ 65 | ||||||||||||||||||||
Distributions to Janus Midco LLC Class A unitholders | (71,421) | (71,421) | ||||||||||||||||||||
Cumulative translation adjustment | 481 | 481 | ||||||||||||||||||||
Net income | 39,399 | 39,399 | ||||||||||||||||||||
Ending balance (in shares) at Dec. 28, 2019 | 65,676,757 | |||||||||||||||||||||
Ending balance at Dec. 28, 2019 | 130,894 | $ 7 | 189,128 | (2,153) | (56,088) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Vesting of common shares (in shares) | 468,876 | |||||||||||||||||||||
Vesting of common shares | 171 | 171 | ||||||||||||||||||||
Distributions to Janus Midco LLC Class A unitholders | (48,954) | (48,954) | ||||||||||||||||||||
Cumulative translation adjustment | 1,926 | 1,926 | ||||||||||||||||||||
Net income | 56,837 | 56,837 | ||||||||||||||||||||
Ending balance (in shares) at Dec. 26, 2020 | 189,044 | (189,044) | 66,145,633 | 66,145,633 | 4,478 | (4,478) | ||||||||||||||||
Ending balance at Dec. 26, 2020 | 140,874 | $ 189,044 | $ (189,044) | $ 7 | $ 7 | $ 261 | $ (261) | 189,299 | 189,299 | (227) | (48,205) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Vesting of common shares (in shares) | 111,895 | |||||||||||||||||||||
Vesting of common shares | 52 | 52 | ||||||||||||||||||||
Distributions to Janus Midco LLC Class A unitholders | (96) | (96) | ||||||||||||||||||||
Cumulative translation adjustment | 311 | 311 | ||||||||||||||||||||
Net income | 14,719 | 14,719 | ||||||||||||||||||||
Ending balance (in shares) at Mar. 27, 2021 | 66,257,528 | |||||||||||||||||||||
Ending balance at Mar. 27, 2021 | 155,860 | $ 7 | 189,351 | 84 | (33,582) | |||||||||||||||||
Beginning balance (in shares) at Dec. 26, 2020 | 189,044 | (189,044) | 66,145,633 | 66,145,633 | 4,478 | (4,478) | ||||||||||||||||
Beginning balance at Dec. 26, 2020 | 140,874 | $ 189,044 | $ (189,044) | $ 7 | $ 7 | $ 261 | $ (261) | 189,299 | $ 189,299 | (227) | (48,205) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Vesting of common shares (in shares) | 4,124,767 | |||||||||||||||||||||
Vesting of common shares | 5,261 | 5,261 | ||||||||||||||||||||
Issuance of PIPE Shares (in shares) | 25,000,000 | |||||||||||||||||||||
Issuance of PIPE Shares | 250,000 | $ 3 | 249,997 | |||||||||||||||||||
Issuance of common stock upon merger, net of transaction costs, earn out, and merger warrant liability (in shares) | 41,113,850 | |||||||||||||||||||||
Issuance of common stock upon merger, net of transaction costs, earn out, and merger warrant liability | 226,943 | $ 4 | 226,939 | |||||||||||||||||||
Issuance of earn out shares to common stockholders (in shares) | 2,000,000 | |||||||||||||||||||||
Issuance of earn out shares to common stockholders | 26,481 | 26,481 | ||||||||||||||||||||
Distributions to Janus Midco LLC Class A unitholders | (541,710) | (541,710) | ||||||||||||||||||||
Distributions to Janus Midco, LLC Class A preferred units | (4,174) | (4,174) | ||||||||||||||||||||
Deferred tax asset | 78,291 | 78,291 | ||||||||||||||||||||
Warrant redemption (in shares) | 8,177,467 | |||||||||||||||||||||
Warrant redemption | 43,176 | $ 1 | 43,175 | |||||||||||||||||||
Cumulative translation adjustment | (722) | (722) | ||||||||||||||||||||
Share-based compensation | 66 | 66 | ||||||||||||||||||||
Net income | 43,801 | 43,801 | ||||||||||||||||||||
Ending balance (in shares) at Jan. 01, 2022 | 146,561,717 | |||||||||||||||||||||
Ending balance at Jan. 01, 2022 | 268,287 | $ (924) | $ 15 | 277,799 | (949) | (8,578) | $ (924) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Cumulative translation adjustment | (516) | (516) | ||||||||||||||||||||
Share-based compensation | 600 | 600 | ||||||||||||||||||||
Net income | 19,704 | 19,704 | ||||||||||||||||||||
Ending balance (in shares) at Apr. 02, 2022 | 146,561,717 | |||||||||||||||||||||
Ending balance at Apr. 02, 2022 | $ 287,151 | $ 15 | $ 278,399 | $ (1,465) | $ 10,202 | |||||||||||||||||
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Nature of Operations |
3 Months Ended | 12 Months Ended |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Nature of Operations | 1 . Nature of Operations Janus International Group, Inc. (f/k/a Janus Parent, Inc.) (“Group” or “Janus” or “Company”) is a holding company. Janus International Group, LLC (“Janus Core”) is a wholly-owned subsidiary of Janus Intermediate, LLC (“Intermediate”). Intermediate is a wholly-owned subsidiary of Janus Midco, LLC (“Midco”) and Midco is a wholly-owned subsidiary of Group. These entities are all incorporated in the state of Delaware. The Group is a global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, United Kingdom, Australia, and Singapore. The Group’s wholly owned subsidiary, Janus International Europe Holdings Ltd. (UK) (“JIEH”), owns 100% of the equity of Janus International Europe Ltd. (UK) (“JIE”), a company incorporated in England and Wales, and its subsidiary Steel Storage France (s.a.r.l), a company incorporated in France. JIEH owns 100% of the equity for Active Supply & Design (CDM) Ltd. (UK) (“AS&D”), a company incorporated in England and Wales and 100% of the equity of Steel Storage Australia & Steel Storage Asia (“Steel Storage”), companies incorporated in Australia and Singapore. Steel Storage Asia changed its legal entity name to Janus International (Storage Solutions) Asia Pte, Ltd. AS&D merged with JIE in 2021. The Group’s wholly owned subsidiary, Janus Cobb Holdings, LLC (“Cobb”), owns 100% of the equity of Asta Industries, Inc. (“ASTA”), a company incorporated in Georgia, and its subsidiary Atlanta Door Corporation, a company incorporated in Georgia. Cobb also owns 100% of the equity of Nokē, Inc. (“NOKE”), a company incorporated in Delaware, and Betco, Inc. (“BETCO”), a company also incorporated in Delaware. On January 2, 2020, JIEH purchased 100% of the outstanding shares of Steel Storage. On January 18, 2021, the Group, through its wholly owned subsidiary Steel Storage acquired 100% of the net assets of G&M Stor-More Pty Ltd (“G&M”). On August 18, 2021, the Group, through its wholly owned subsidiary Janus Core, acquired 100% of the equity interests of DBCI, LLC f/k/a Dingo NewCo, LLC (“DBCI”), a company incorporated in Delaware. On August 31, 2021, the Group, through its wholly owned subsidiary Janus Core, acquired 100% of the equity of Access Control Technologies, LLC (“ACT”), a company incorporated in North Carolina. Through this acquisition, the Group also acquired all assets and certain liabilities of Phoenix Iron Worx, LLC (“Phoenix”), a company incorporated in North Carolina. The Group’s business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. The Janus International segment is comprised of JIEH, whose production and sales are largely in Europe and Australia. The Janus North America segment is comprised of all the other entities including Janus Core together with each of its operating subsidiaries, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door, LLC (“Janus Door”) and Steel Door Depot.com, LLC (“Steel Door Depot”). As of June 7, 2021, the Company consummated the business combination (the “Business Combination”) contemplated by the Business Combination Agreement, dated as of December 21, 2020 (as amended from time to time, the “Business Combination Agreement”), by and among the Company, Juniper Industrial Holdings, Inc. (“Juniper” or “JIH”), a blank check company, JIH Merger Sub, Inc., a wholly-owned subsidiary of the Company (“JIH Merger Sub”), Jade Blocker Merger Sub 1, Inc., Jade Blocker Merger Sub 2, Inc., Jade Blocker Merger Sub 3, Inc., Jade Blocker Merger Sub 4, Inc., Jade Blocker Merger Sub 5, Inc. (collectively referred to as the “Blocker Merger Subs”), Clearlake Capital Partners IV (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners IV (Offshore) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (USTE) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (Offshore) (AIV-Jupiter) Blocker, Inc. (collectively referred to as the “Blockers”), Midco, Jupiter Management Holdings, LLC, Jupiter Intermediate Holdco, LLC, J.B.I., LLC and Cascade GP, LLC, solely in its capacity as equityholder representative. Pursuant to the Business Combination Agreement, (i) JIH Merger Sub merged with and into Juniper with Juniper being the surviving corporation in the merger and a wholly-owned subsidiary of the Company, (ii) each of the Blocker Merger Subs merged with and into the corresponding Blockers with such Blocker being the surviving corporation in each such merger and a wholly-owned subsidiary of the Company, (iii) each other equityholder of Midco contributed or sold, as applicable, all of its equity interests in Midco to the Company or Juniper, as applicable, in exchange for cash, preferred units and/or shares of the common stock, as applicable, and (iv) the Company contributed all of the equity interests in Midco acquired pursuant to the foregoing transactions to Juniper, such that, as a result of the consummation of the Business Combination, Midco became an indirect wholly-owned subsidiary of Juniper. Immediately upon the completion of the Business Combination, Juniper and Midco became wholly-owned subsidiaries of the Group. The Group’s common stock is currently traded on the New York Stock Exchange under the symbol “JBI”. Assets held at foreign locations were approximately $64,422 and $58,439 as of April 2, 2022 and January 1, 2022, respectively. Revenues earned at foreign locations totaled approximately $17,914 and $12,560 for the three months ended April 2, 2022 and March 27, 2021, respectively. |
1 . Nature of Operations Janus International Group, Inc. (“Group” or “Janus” or “Company”) is a holding company. Janus International Group, LLC (“Janus Core”) is a wholly-owned subsidiary of Janus Intermediate, LLC (“Intermediate”). Intermediate is a wholly-owned subsidiary of Janus Midco, LLC (“Midco”) and Midco is a wholly-owned subsidiary of Group. These entities are all incorporated in the state of Delaware. The Group is a global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, United Kingdom, Australia, and Singapore. The Group’s wholly owned subsidiary, Janus International Europe Holdings Ltd. (UK) (“JIE”), owns 100% of the equity of Janus International Europe Ltd. (UK), a company incorporated in England and Wales, and its subsidiary Steel Storage France (s.a.r.l), a company incorporated in France. JIE owns 100% of the equity for Active Supply & Design (CDM) Ltd. (UK) (“AS&D”), a company incorporated in England and Wales and 100% of the equity for Steel Storage Australia & Steel Storage Asia (“Steel Storage”), companies incorporated in Australia and Singapore. AS&D merged with JIE in 2021. The Group’s wholly owned subsidiary, Janus Cobb Holdings, LLC (“Cobb”), owns 100% of the equity of Asta Industries, Inc. (“ASTA”), a company incorporated in Georgia, and its subsidiary Atlanta Door Corporation, a company incorporated in Georgia. Cobb also owns 100% of the equity of Nokē, Inc. (“NOKE”), a company incorporated in Delaware, and Betco, Inc. (“BETCO”), a company also incorporated in Delaware. On January 2, 2020, JIE purchased 100% of the outstanding shares of Steel Storage. On January 18, 2021, the Group, through its wholly owned subsidiary Steel Storage acquired 100% of the net assets of G&M Stor-More Pty Ltd (“G&M”) as more fully described in Note 10 Business Combinations. On August 18, 2021, the Group, through its wholly owned subsidiary Janus Core acquired 100% of the equity interests of DBCI, LLC f/k/a Dingo NewCo, LLC (“DBCI”), a company incorporated in Delaware as more fully described in Note 10 Business Combinations. On August 31, 2021, the Group, through its wholly owned subsidiary Janus Core acquired 100% of the equity of Access Control Technologies, LLC (“ACT”), a company incorporated in North Carolina. Through this acquisition, the Group also acquired all assets and certain liabilities of Phoenix Iron Worx, LLC (“Phoenix”), a company incorporated in North Carolina as more fully described in Note 10 Business Combinations. The Group’s business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. The Janus International segment is comprised of JIE, whose production and sales are largely in Europe and Australia. The Janus North America segment is comprised of all the other entities including Janus Core together with each of its operating subsidiaries, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door, LLC and Steel Door Depot.com, LLC. As of June 7, 2021, Janus Parent, Inc. (“Company”) consummated the business combination (the “Business Combination”) contemplated by the Business Combination Agreement, dated as of December 21, 2020 (as amended from time to time, the “Business Combination Agreement”), by and among Janus International Group, Inc. (f/k/a Janus Parent, Inc.), Juniper Industrial Holdings, Inc. (“Juniper” or “JIH”), a blank check company, JIH Merger Sub, Inc., a wholly-owned subsidiary of the Company (“JIH Merger Sub”), Jade Blocker Merger Sub 1, Inc., Jade Blocker Merger Sub 2, Inc., Jade Blocker Merger Sub 3, Inc., Jade Blocker Merger Sub 4, Inc., Jade Blocker Merger Sub 5, Inc. (collectively referred to as the “Blocker Merger Subs”), Clearlake Capital Partners IV (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners IV (Offshore) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (USTE) (AIV-Jupiter) Blocker, Inc., Clearlake Capital Partners V (Offshore) (AIV-Jupiter) Blocker, Inc. (collectively referred to as the “Blockers”), Janus Midco, LLC (“Midco”), Jupiter Management Holdings, LLC, Jupiter Intermediate Holdco, LLC, J.B.I., LLC and Cascade GP, LLC, solely in its capacity as equityholder representative. Pursuant to the Business Combination Agreement, (i) JIH Merger Sub merged with and into Juniper with Juniper being the surviving corporation in the merger and a wholly-owned subsidiary of the Company, (ii) each of the Blocker Merger Subs merged with and into the corresponding Blockers with such Blocker being the surviving corporation in each such merger and a wholly-owned subsidiary of the Company, (iii) each other equityholder of Midco contributed or sold, as applicable, all of its equity interests in Midco to the Company or Juniper, as applicable, in exchange for cash, preferred units and/or shares of the Common Stock, as applicable, and (iv) the Company contributed all of the equity interests in Midco acquired pursuant to the foregoing transactions to Juniper, such that, as a result of the consummation of the Business Combination, Midco became an indirect wholly-owned subsidiary of Juniper. Refer to Note 10 for further discussion on the Business Combination. Immediately upon the completion of the Business Combination, Juniper and Midco became wholly-owned subsidiaries of Janus International Group, Inc. The Group’s common stock is currently traded on the New York Stock Exchange under the symbol “JBI”. Assets held at foreign locations were approximately $58,439 and $53,424 as of January 1, 2022 and December 26, 2020 respectively. Revenues earned at foreign locations totaled approximately $68,579 , $45,490, and $43,543, for the years ended January 1, 2022, December 26, 2020 and December 28, 2019, respectively. |
Summary of Significant Accounting Policies |
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Jan. 01, 2022 |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying consolidated balance sheet as of April 2, 2022, and the consolidated statements of operations and comprehensive income, changes in stockholders’ equity and cash flows for the three months ended April 2, 2022 and March 27, 2021, are unaudited. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. However, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the unaudited consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of April 2, 2022, and its results of operations, including its comprehensive income and stockholders’ equity for the three months ended April 2, 2022 and March 27, 2021. The results for the three months ended April 2, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2022. Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. GAAP and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Business Combination, completed as of June 7, 2021, was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, JIH is treated as the acquired company and Midco is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Midco has been determined to be the accounting acquirer based on an evaluation of the following facts and circumstances:
Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Midco with the acquisition being treated as the equivalent of Midco issuing stock for the net assets of JIH, accompanied by a recapitalization. The net assets of JIH were stated at historical cost, with no goodwill or other intangible assets recorded. Midco is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date, for the three months ended March 27, 2021 are those of Midco. The shares and corresponding capital amounts and net income per share available to common stockholders, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. The costs relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid-in capital, while all costs related to the warrants and contingent consideration were estimated and charged to expense. Principles of Consolidation The consolidated financial statements include the accounts of the Group and its wholly owned subsidiaries. The Company’s joint venture is accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. Reorganization As of June 7, 2021, Midco transferred its wholly owned direct subsidiary Janus International Group, LLC to the Group, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by Midco. Use of Estimates in the Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, the fair value of assets and liabilities related to acquisitions, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. Coronavirus Outbreak The COVID-19 outbreak may continue to have a negative impact on our operations, supply chain, transportation networks and customers. In addition, the ability of our employees and our suppliers’ and customers’ employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper our production throughout the supply chain and constrict sales channels. The extent of these factors are uncertain and cannot be predicted. Our consolidated financial statements reflect estimates and assumptions made by management as of April 2, 2022. Events and changes in circumstances arising after April 2, 2022, including those resulting from the impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. Shipping and Handling (Revenue & Cost of Sales) The Company records all amounts billed to customers in sales transactions related to shipping and handling as revenue earned for the goods provided. Shipping and handling costs are included in cost of sales. Shipping and handling costs were approximately $9,934 and $7,104 for the three months ended April 2, 2022 and March 27, 2021, respectively. Inventories Inventories are measured using the first-in, first-out (FIFO) method. Labor and overhead costs associated with inventory produced by the Company are capitalized. Inventories are stated at the lower of cost or net realizable value as of April 2, 2022 and January 1, 2022. The Company has recorded a reserve for inventory obsolescence as of April 2, 2022 and January 1, 2022, of approximately $1,308 and $1,295, respectively. Property and Equipment Property and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Property and equipment otherwise acquired are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred. The estimated useful lives for each major depreciable classification of property and equipment are as follows
Allowance for Credit Losses On January 2, 2022, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“CECL”), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. Refer to Recently Adopted Accounting Pronouncements The Company gathered information about its current bad debt reserve and write-off practices and loss methodology, in-scope assets, historical credit losses, proposed pooling approach and expected changes to business practices under CECL. Accounts receivables are stated at estimated net realizable value from the sale of products and services to established customers. The Company determined that pooling accounts receivable by business units was the most appropriate because of the similarity of risk characteristics within each line such as customers and services offered. Historical losses and customer-specific reserve information that are used to calculate the historical loss rates are available for each business unit. During the pooling process, the Company identified two distinct customer types: commercial and self-storage. As these customer types have different risk characteristics, the Company concludes to pool the financial assets at this level within each business unit. Commercial customers typically are customers contracting with the Company on short-term projects with smaller credit limits and overall, smaller project sizes. Due to the short-term nature and smaller scale of these types of projects, the Company expects minimal write-offs of its receivables at the Commercial pool. Self-storage projects typically involve general contractors and make up the largest portion of the Company’s accounts receivable balance. These projects are usually longer-term construction projects and billed over the course of construction. Credit limits are larger for these projects given the overall project size and duration. Due to the longer-term nature and larger scale of these types of projects, the Company expects a potential for more write-offs of its receivable balances within the Self-Storage pool. The Company reviewed methods provided by the guidance and determined the loss-rate method to be used in the CECL analysis for trade receivables and contract assets. This loss-rate method was selected as there is reliable historical information available by business unit, and this historical information was determined to be representative of the Company’s current customers, products, services, and billing practices. The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows:
(1) On January 2, 2022, the Company adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. Other Current Assets Other current assets as of April 2, 2022 and January 1, 2022 of $2,922 and $4,057, respectively, consists primarily of other receivables and net VAT taxes. Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:
The fair value of the Company’s debt approximates its carrying amount as of April 2, 2022 and January 1, 2022 due to its variable interest rate that is tied to the current London Interbank Offered Rate (“LIBOR”) rate plus an applicable margin and consistency in our credit rating. To estimate the fair value of the Company’s long term debt, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that falls within Level 2 of the Fair Value hierarchy. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for Emerging Growth Companies in fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) which deferred the effective date for ASC 842, Leases, for one year. The leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted the leasing standard effective January 2, 2022 and has elected to adopt the new standard at the adoption date using the modified retrospective method and recognized a cumulative-effect adjustment to accumulated deficit in the amount of $557. Under this approach, we will continue to report comparative period financial information under ASC 840. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. We also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As part of this adoption, we have implemented internal controls and key system functionality to enable the preparation of financial information. The adoption of the standard resulted in recording right-of-use right-of-use right-of-use In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective and may be applied beginning March 12, 2020, and will apply through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. The Company is currently evaluating the impact this adoption will have on Janus’s consolidated financial statements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company does not expect a significant impact of the standard on the consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Group’s consolidated financial position or results of operations. |
2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. GAAP and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Business Combination, completed as of June 7, 2021, was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, JIH is treated as the acquired company and Midco is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Midco has been determined to be the accounting acquirer based on an evaluation of the following facts and circumstances:
Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Midco with the acquisition being treated as the equivalent of Midco issuing stock for the net assets of JIH, accompanied by a recapitalization. The net assets of JIH were stated at historical cost, with no goodwill or other intangible assets recorded. Midco is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date, for the year ended December 26, 2020 are those of Midco. The shares and corresponding capital amounts and net income per share available to common stockholders, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. The costs relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid in capital, while all costs related to the warrants and contingent consideration were estimated and charged to expense. Principles of Consolidation The consolidated financial statements include the accounts of the Group and its wholly owned subsidiaries. The Company’s joint venture is accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. Reorganization As of June 7, 2021, Midco transferred its wholly owned direct subsidiary Janus International Group, LLC to the Group, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by Midco. Reclassification The Group reclassified certain prior year amounts within changes in operating assets and liabilities in the Consolidated Statement of Cash Flows to conform to the current year presentation. Use of Estimates in the Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, reserves for inventory obsolescence, the fair value of contingent consideration and earnout, the fair value of assets and liabilities related to acquisitions, the derivative warrant liability, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. Coronavirus Outbreak The COVID-19 outbreak will continue to have a negative impact on our operations, supply chain, transportation networks and customers. The impact on our business and the results of operations included temporary closure of our operating locations, or those of our customers or suppliers, among others. In addition, the ability of our employees and our suppliers’ and customers’ employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper our production throughout the supply chain and constrict sales channels. The extent of these factors are uncertain and cannot be predicted. Our consolidated financial statements reflect estimates and assumptions made by management as of January 1, 2022. Events and changes in circumstances arising after January 1, 2022, including those resulting from the impacts of COVID-19 pandemic, will be reflected in management’s estimates for future periods.Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. Shipping and Handling (Revenue & Cost of Sales) The Company records all amounts billed to customers in sales transactions related to shipping and handling as revenue earned for the goods provided. Shipping and handling costs are included in cost of sales. Shipping and handling costs were approximately $35,241 , $24,061 and $26,285 for the years ended January 1, 2022, December 26, 2020 and December 28, 2019, respectively. Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At January 1, 2022 and December 26, 2020, cash equivalents consisted primarily of money market accounts. At January 1, 2022 and December 26, 2020, the Company’s domestic cash accounts exceeded federally insured limits by approximately $10,226 and $28,102 , respectively. At January 1, 2022 and December 26, 2020, cash balances of approximately $4,832 and $8,366, respectively, were held outside of the United States of America. At January 1, 2022 and December 26, 2020, the Company’s foreign accounts exceeded foreign insured limits by approximately $2,272 and $6,329, respectively. Inventories Inventories are measured using the first-in, first-out (FIFO) method. Labor and overhead costs associated with inventory produced by the Company are capitalized. Inventories are stated at the lower of cost or net realizable value as of January 1, 2022 and December 26, 2020, The Company has recorded a reserve for inventory obsolescence as of January 1, 2022 and December 26, 2020 of approximately $1,295 and $1,964, respectively. Property and Equipment Property and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Property and equipment otherwise acquired are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred. The estimated useful lives for each major depreciable classification of property and equipment are as follows
Other Current Assets Other current assets as of January 1, 2022 consists primarily of other receivables and net VAT taxes of $3,906. As of December 26, 2020, other current assets consists primarily of other receivables, net VAT taxes and deferred transaction costs associated with the Business Combination with Juniper of $3,444. Deferred Finance Fees Deferred financing fees consist of loan costs, which are being amortized on the effective interest method over the life of the related debt. During the year ended January 1, 2022, the Company incurred approximately $4,321 in deferred finance fees in connection with the June, 2021 debt transaction. There were no additional deferred finance fees capitalized for the year ended December 26, 2020. During the year ended December 28, 2019, the Company incurred approximately $5,516 in deferred finance fees in connection with the March 1, 2019 and August 9, 2019 debt transactions. Debt issuances are more fully described in Note 8 Line of Credit and Note 9 Long-Term Debt. Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:
The fair value of the Company’s debt approximates its carrying amount as of January 1, 2022 and December 26, 2020 due to its variable interest rate that is tied to the current London Interbank Offered Rate (“LIBOR”) rate plus an applicable margin and consistency in our credit rating. To estimate the fair value of the Company’s long term debt, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that falls within Level 2 of the Fair Value hierarchy. For the year ended January 1, 2022, the public warrants were valued at market price. The fair value of the private warrants contains significant unobservable inputs including the expected term and volatility. Therefore, the private warrant liabilities were evaluated to be a Level 3 fair value measurement. The fair value of private warrants is estimated using a Binomial Lattice in a risk-neutral framework. Specifically, the future stock price of the Company is modeled assuming a Geometric Brownian Motion (GBM) in a risk-neutral framework. For each modeled future price, the warrant payoff is calculated based on the contractual terms, and then discounted at the term-matched risk-free rate. Finally, the fair value of the private warrants was calculated as the probability-weighted present value over all future modeled payoffs. The following assumptions were used for the valuation of the private warrants:
The change in the fair value of warrant liabilities is as follows:
Warrant Liability The Company classifies Private Placement Warrants (defined and discussed in Note 13 - paid-in capital. On October 13, 2021, Janus announced that it would redeem all of its outstanding Private and Public warrants to purchase shares of Janus’s common stock that were issued pursuant to the Warrant Agreement, dated as of June 7, 2021 by and between Janus and Continental Stock Transfer & Trust Company (the “Warrant Agent”) and the Warrant Agreement, dated as of July 15, 2021, by and between Janus and the Warrant Agent, for a redemption price of $0.10 per Warrant (the “Redemption Price”), that remain outstanding at 5:00 p.m. New York City time on November 1 2 paid-in capital. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board “(FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. The Company is currently evaluating the impact of this standard to the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for Emerging Growth Companies in fiscal years beginning after December 15, 2021. with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the adoption of .ASU 2017-04 on the consolidated financial statements and does not expect a significant impact of the standard on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective and may be apphed beginning March 12, 2020, and will apply through December 31, 2022. Janus iscurrently evaluating the impact this adoption will have on Janus’s consolidated financial statements. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the LIBOR, or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) which deferred the effective date for ASC 842, Leases, for one year. The leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption would continue to be allowed. The Company is evaluating the impact the standard will have on the consolidated financial statements: however, the standard is expected to have a material impact on the consolidated financial statements due to the recognition of additional assets and liabilities for operating leases. The Company expects the impact for Topic 842 to be additional right of use assets between 541.0 million and 543.0 million with a corresponding lease liability for similar amounts. The Company does not expect any material impact to our consolidate statements of operations and comprehensive income and cash flows. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies die accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. Janus is currently evaluating the impact of this standard on Janus’s consolidated financial statements . In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718). and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Group does not expect adoption of the new guidance to have a significant impact on the consolidated financial statements. |
Inventories |
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Inventories | 3. Inventories The major components of inventories as of April 2, 2022 and January 1, 2022 are as follows:
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3. Inventories The major components of inventories are detailed below at:
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Property, Plant, and Equipment |
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Property and Equipment | 4. Property and Equipment Property, equipment, and other fixed assets as of April 2, 2022 and January 1, 2022 are as follows:
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4. Property and Equipment Property, equipment, and other fixed assets as of January 1, 2022 and December 26, 2020 are as follows:
For the years ended January 1, 2022, December 26, 2020, and December 28, 2019, the Company incurred depreciation expense of $6,450 , $5,985, and $4,812, respectively. |
Acquired Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Intangible Assets and Goodwill | 5. Acquired Intangible Assets and Goodwill Intangible assets acquired in a business combination are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at April 2, 2022 and January 1, 2022, are as follows:
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $566 and $270 loss for the period ended April 2, 2022 and January 1, 2022, respectively. Amortization expense was approximately $7,225 and $6,832 for the three months ended April 2, 2022 and March 27, 2021, respectively. The changes in the carrying amounts of goodwill for the period ended April 2, 2022 were as follows:
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5. Acquired Intangible Assets and Goodwill Intangible assets acquired in a business combination (See Note 10 Business Combinations) are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at January 1, 2022 and December 26, 2020 are as follows:
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $270 and $997 loss , for the years ended January 1, 2022 and December 26, 2020, respectively. Amortization expense was approximately $31,588, $27,046, and $30,511 for the years ended January 1, 2022, December 26, 2020 and December 28, 2019, respectively. The changes in the carrying amounts of goodwill for the periods ended January 1, 2022 and December 26, 2020 were as follows:
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Investment in Joint Venture |
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Jan. 01, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | 6. Investment in Joint Venture The Company holds a 45% interest in a joint venture with a foreign corporation. The joint venture, located in Mexico, manufactures and distributes steel rolling doors in Mexico and South America. The Company originally contributed $637 of machinery and equipment. The Company accounts for its investment in the joint venture by using the equity method of accounting under which the Company’s share of the net income of the joint venture is recognized as income in the Company’s consolidated statements of operations and comprehensive income and added to the investment account. Distributions received from the joint venture are treated as a reduction of the investment account. As of January 1, 2022 and December 26, 2020, the Company’s investment in the joint venture was approximately $851 and $1,002 , respectively. The investment in joint venture is included within other assets on the consolidated balance sheets. For the year s ended January 1, 2022, December 26, 2020, and December 28, 2019, approximately ($151) , $61, and $89 of undistributed (losses) and earnings are included in other income (expense), respectively. |
Accrued Expenses |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | 6. Accrued Expenses Accrued expenses are summarized as follows:
Other as of April 2, 2022 and January 1, 2022 consists primarily of property tax, freight accrual, legal, accounting and other professional fee accruals. |
7. Accrued Expenses Accrued expenses are summarized as follows:
Other accrued liabilities consist primarily of deferred transaction costs of $3,337 as of December 26, 2020. Other , as of January 1, 2022 and December 26, 2020 consists primarily of property tax, freight accrual, legal, accounting and other professional fee accruals. |
Line of Credit |
3 Months Ended | 12 Months Ended |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Line of Credit Facility [Abstract] | ||
Line of Credit | 7. Line of Credit On February 12, 2018, the Company, through Intermediate and Janus Core, entered into a revolving line of credit facility with a financial institution. In August 2021, the Company increased the available line of credit from $50,000 to $80,000, incurred additional fees for this amendment of $425 and extended the maturity date from February 18, 2023 to August 12, 2024. The current line of credit facility is for $80,000 with interest payments due in arrears. The interest rate on the facility is based on a base rate, unless a LIBOR Rate option is chosen by the Company. If the LIBOR Rate is elected, the interest computation is equal to the LIBOR Rate plus the LIBOR Rate Margin. If the Base Rate is elected, the interest computation is equal to the Base Rate plus the Base Rate Margin. At the beginning of each quarter the applicable margin is set and determined by the administrative agent based on the average net availability on the line of credit for the previous quarter. As of April 2, 2022 and January 1, 2022, the interest rate in effect for the facility was 3.8% and 3.5%, respectively. The line of credit is collateralized by accounts receivable and inventories. The Company has incurred deferred loan costs in the amount of $1,483 which are being amortized over the term of the facility that expires on August 12, 2024, using the effective interest method, and are presented as part of other assets within our consolidated balance sheet. The amortization of the deferred loan costs is included in interest expense on the consolidated statements of operations and comprehensive income. The unamortized portion of the fees as of April 2, 2022 and January 1, 2022 was approximately $586 and $648, respectively. There was $0 and $6,369 outstanding balance on the line of credit as of April 2, 2022 and January 1, 2022, respectively. |
8. Line of Credit On February 12, 2018, the Company, through Intermediate and Janus Core, entered into a revolving line of credit facility with a financial institution. In August 2021, the Company increased the available line of credit from $50,000 to $80,000, incurred additional fees for this amendment of $425 and extended the maturity date from February 18, 2023 to August 12, 2024. The current line of credit facility is for $80,000 with interest payments due in arrears. The interest rate on the facility is based on a base rate, unless a LIBOR Rate option is chosen by the Company. If the LIBOR Rate is elected, the interest computation is equal to the LIBOR Rate plus the LIBOR Rate Margin. If the Base Rate is elected, the interest computation is equal to the Base Rate plus the Base Rate Margin. At the beginning of each quarter the applicable margin is set and determined by the administrative agent based on the average net availability on the line of credit for the previous quarter. As of January 1, 2022 and December 26, 2020, the interest rate in effect for the facility was 3.5%. The line of credit is collateralized by accounts receivable and inventories. The Company has incurred deferred loan costs in the amount of $1,483 which are being amortized over the term of the facility that expires on August 12, 2024, using the straight line method. The amortization of the deferred loan costs is included in interest expense on the consolidated statements of operations and comprehensive income. The unamortized portion of the fees included in other assets as of January 1, 2022 and December 26, 2020, was approximately $648 and $448, respectively. There was $6,369 and no outstanding balance on the line of credit as of January 1, 2022 and December 26, 2020, respectively. |
Long-Term Debt |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | 8. Long-Term Debt Long-term debt consists of the following:
Notes Payable - Amendment No.4 First Lien - As of April 2, 2022 and January 1, 2022, the Company maintained one letter of credit totaling approximately $400 on which there were no balances due. In connection with the Company entering into the debt agreement discussed above, deferred finance fees were capitalized. These costs are being amortized over the terms of the associated debt under the effective interest rate method. Amortization of approximately $912 and $754 was recognized for the three months ended April 2, 2022 and March 27, 2021, respectively, as a component of interest expense, including those amounts amortized in relation to the deferred finance fees associated with the outstanding line of credit. Aggregate annual maturities of long-term debt at April 2, 2022, are:
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9. Long-Term Debt Long-term debt consists of the following:
Notes Payable – First Lien and First Lien B2 – The First Lien B2 was comprised of a syndicate of lenders that originated on March 1, 2019, in the amount of $75,000 with interest payable in arrears. The outstanding loan balance was to be repaid on a quarterly basis of 0.25% of the original balance beginning the last day of June 2019 with the remaining principal due on the maturity date of February 12, 2025. As chosen by the Company, the First Lien B2 notes payable bore interest at a floating rate per annum consisting of LIBOR plus an applicable margin percent (total rate of 5.50% ) as of December 26, 2020.) The debt was secured by substantially all business assets. Unamortized debt issuance costs were approximately $1,806 as of December 26, 2020. Notes Payable - Amendment No. 3 First Lien - outstanding loan balance was to be repaid on a quarterly basis of 0.25% of the original balance beginning the last day of September 2021 with the remaining principal due on the maturity date of February 12, 2025. As chosen by the Company, the amended loan bears interest at a floating rate per annum consisting of LIBOR, plus an applicable margin percent (total rate of 4.25% as of January 1, 2022). The debt was secured by substantially all business assets. As a result of the repricing transaction, the Company recognized a loss on extinguishment of approximately $1,421. The loss is included in Other income (expense) on the Consolidated Statements of Operations and Comprehensive Income. As of June 7, 2021 and as a result of the Business Combination, the Company repaid approximately $61,600 of debt and recognized a loss on extinguishment of approximately $994. The loss is included in Other income (expense) on the Consolidated Statements of Operations and Comprehensive Income. Notes Payable - Amendment No.4 First Lien - As of January 1, 2022, and December 26, 2020, the Company maintained one letter of credit totaling approximately $400 and $295, on which there were no balances due. In connection with the Company entering into the debt agreements discussed above, deferred finance fees were capitalized. These costs are being amortized over the terms of the associated debt under the effective interest rate method. Amortization of approximately $2,951, $2,419 and $2,684, was recognized for the years ended January 1, 2022, December 26, 2020 and December 28, 2019, respectively, as a component of interest expense, including those amounts amortized in relation to the deferred finance fees associated with the outstanding line of credit. Aggregate annual maturities of long-term debt at January 1, 2022, are:
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Business Combinations |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | 9. Business Combinations Business Combination with Juniper Industrial Holdings, Inc. On June 7, 2021, Juniper consummated a business combination with Midco pursuant to the Business Combination Agreement. Pursuant to ASC 805, for financial accounting and reporting purposes, Midco was deemed the accounting acquirer and Juniper was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Accordingly, the Business Combination was treated as the equivalent of Midco issuing equity for the net assets of Juniper, accompanied by a recapitalization. Under this method of accounting, the consolidated financial statements of Midco are the historical financial statements of Janus International Group, Inc. The net assets of Juniper were stated at historical costs, with no goodwill or other intangible assets recorded in accordance with U.S. GAAP, and are consolidated with Midco’s financial statements on the Closing Date. The shares and net income (loss) per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. As a result of the Business Combination, Midco’s unitholders received aggregate consideration of approximately $1,200,000, which consisted of (i) $541,700 in cash at the closing of the Business Combination and (ii) 70,270,400 shares of common stock valued at $10.00 per share, totaling $702,700. In connection with the closing of the Business Combination, the Sponsor received 2,000,000 shares of Janus’s Common Stock (pro rata among the Sponsor shares and shares held by certain affiliates) (the “Earnout Shares”) contingent upon achieving certain market share price milestone as outlined in the Business Combination Agreement. The vesting of the Earnout Shares occurred automatically as of the close of the trading on June 21, 2021 in accordance with the terms of the Earnout Agreement, entered into by and between the Company and the Sponsor at the closing of the Transaction. Concurrently with the execution and delivery of the Business Combination Agreement, certain institutional accredited investors (the “PIPE Investors”), entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors purchased an aggregate of 25,000,000 shares of Common Stock (the “PIPE Shares”) at a purchase price per share of $10.00 (the “PIPE Investment”). One of the Company’s directors also purchased an aggregate of 1,000,000 of the PIPE Shares as part of the PIPE Investment. The PIPE Investment was closed on June 7, 2021 and the issuance of an aggregate of 25,000,000 shares of Common Stock occurred concurrently with the consummation of the Business Combination. In connection with the Business Combination, the Group incurred direct and incremental costs of approximately $44,500 related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees. In addition, the Company incurred $4,468 in transaction bonuses paid to key employees and $5,210 in non-cash share-based compensation expense due to the accelerated vesting of Midco’s legacy share-based compensation plan. See Note 10 - “Equity Incentive Plan and Unit Option Plan” for additional information. G&M Stor-More Pty Ltd Acquisition On January 19, 2021, the Company, through its wholly owned subsidiary Steel Storage Australia Pty Ltd. acquired 100% of the net assets of G&M Stor-More Pty Ltd. for total cash consideration of approximately $1,739. In aggregate, approximately $814 was attributed to intangible assets, approximately $929 was attributable to goodwill, and approximately $(4) was attributable to net liabilities assumed. The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Steel Storage. All of the goodwill was assigned to the Janus International segment of the business and is not deductible for income tax purposes. The weighted-average amortization of acquired intangibles is 11.6 years. During 2021, the Company incurred approximately $105 of third-party acquisition costs. These expenses are included in general and administrative expense of the Company’s Consolidated Statement of Operations and Comprehensive Income for the three months ended March 27, 2021. Pro forma results of operations for this acquisition have not been presented as the historical results of operations for G&M Stor-More Pty Ltd. are not material to the consolidated results of operations. |
10. Business Combinations Access Control Technologies, LLC Acquisition On August 31, 2021, Janus Core acquired 100% of the equity interests of ACT and all assets and certain liabilities of Phoenix for total consideration of approximately $10,333 which was comprised of approximately $9,383 cash plus $950 of hold back liability. The closing statement was finalized in the fourth quarter of 2021. The assets and liabilities of this acquisition have been recorded based upon management’s estimates of their fair market values as of the date of acquisition. The following tables summarize the fair values of consideration transferred and the fair values of identified assets acquired, and liabilities assumed at the date of acquisition:
The fair values of assets acquired and liabilities assumed, including current and noncurrent income taxes payable and deferred taxes, may be subject to change as additional information is received and certain tax returns are finalized. Accordingly, the provisional measurements of fair value of income taxes payable and deferred taxes are subject to change. We expect to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The goodwill balance of approximately $6,584 is attributable to the expansion of our product offerings and expected synergies of the combined workforce, products and technologies with ACT. All of the goodwill was assigned to the Janus North America segment of the business and is deductible for income tax purposes. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
Customer relationships represent the fair values of the underlying relationships with ACT’s customers. Unbilled contracts (“Backlog”) represent the fair value of ACT’s contracts that have yet to be billed. Trade names represent ACT’s trademarks, which consumers associate with the source and quality of the products and services they provide. The weighted-average amortization of acquired intangibles is 8.84 During the year ended January 1, 2022, the Company incurred approximately $ 284 of third-party acquisition costs. These expenses are included in general and administrative expense in the Company’s Consolidated Statement of Operations and Comprehensive Income for the year ended January 1, 2022. The amounts of revenue and net income of ACT included in the results from the transaction date of August 31, 2021 through January 1, 2022 are as follows:
DBCI, LLC Acquisition On August 17, 2021, Janus Core acquired 100% of the equity interests of DBCI for total cash consideration of approximately $169,173. The Company is working with the seller to finalize the net working capital adjustment which is expected to be finalized as soon as practicabl e . The assets and liabilities of this acquisition have been recorded based upon management’s estimates of their fair market values as of the date of acquisition. The following tables summarize the fair value of consideration transferred and the fair value of identified assets acquired, and liabilities assumed at the date of acquisition:
The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of DBCI and Janus Core. All of the goodwill was assigned to Janus North America segment and is deductible for income tax purposes. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
Customer relationships represent the fair values of the underlying relationships with DBCI’s customers. Unbilled contracts (“Backlog”) represent the fair value of DBCI’s contracts that have yet to be billed. Trade names represent DBCI’s trademarks, which consumers associate with the source and quality of the products and services they provide. The weighted-average amortization of acquired intangibles is 5.25. During the year ended January 1, 2022, the Company incurred approximately $2,685 of third-party acquisition costs. These expenses are included in general and administrative expense in the Company’s Consolidated Statement of Operations and Comprehensive Income for year ended January 1, 2022. The amounts of revenue and net income of DBCI included in the Consolidated Statements of Operations and Comprehensive Income from the transaction date of August 17, 2021 through January 1, 2022 are as follows:
Pro Forma Financial Information The following unaudited pro forma information is based on estimates and assumptions that the Company believes to be reasonable. However, this information is not necessarily indicative of the Company’s consolidated results of income in future periods or the results that actually would have been realized had the Company and DBCI and ACT been combined companies during the periods presented. These pro forma results exclude any savings or synergies that would have resulted from these business combinations had they occurred on December 2 9 , 2019. This unaudited pro forma supplemental information includes incremental asset amortization, accounting policy alignment, nonrecurring transaction costs, and other charges as a result of the acquisitions, net of the related tax effects. The following unaudited pro forma information has been prepared as if the DBCI and ACT acquisitions had taken place on December 29, 2019. The Company prepared the table based on certain estimates and assumptions. These estimates and assumptions were made solely for the purposes of developing such unaudited pro forma information and have not been adjusted to provide period over period comparability.
Business Combination with Juniper Industrial Holdings, Inc. On June 7, 2021, Juniper consummated a business combination with Midco pursuant to the Business Combination Agreement. Pursuant to ASC 805, for financial accounting and reporting purposes, Midco was deemed the accounting acquirer and Juniper was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Accordingly, the Business Combination was treated as the equivalent of Midco issuing equity for the net assets of Juniper, accompanied by a recapitalization. Under this method of accounting, the consolidated financial statements of Midco are the historical financial statements of Janus International Group, Inc. The net assets of Juniper were stated at historical costs, with no goodwill or other intangible assets recorded in accordance with U.S. GAAP, and are consolidated with Midco’s financial statements on the Closing Date. The shares and net income (loss) per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. As a result of the Business Combination, Midco’s unitholders received aggregate consideration of approximately $1,200,000, which consisted of (i) $541,700 in cash at the closing of the Business Combination and (ii) 70,270,400 shares of common stock valued at $10.00 per share, totaling $702,700. In connection with the closing of the Business Combination, the Sponsor received 2,000,000 shares of Janus’s Common Stock (pro rata among the Sponsor shares and shares held by certain affiliates) (the “Earnout Shares”) contingent upon achieving certain market share price milestone as outlined in the Business Combination Concurrently with the execution and delivery of the Business Combination Agreement, certain institutional accredited investors (the “PIPE Investors”), entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors purchased an aggregate of 25,000,000 shares of Common Stock (the “PIPE Shares”) at a purchase price per share of $10.00 (the “PIPE Investment”). One of the Company’s directors also purchased an aggregate of 1,000,000 of the PIPE Shares as part of the PIPE Investment. The PIPE Investment was closed on June 7, 2021 and the issuance of an aggregate of 25,000,000 shares of Common Stock occurred concurrently with the consummation of the Business Combination. In connection with the Business Combination, the Group incurred direct and incremental costs of approximately $50,600 related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees. In addition, the Company incurred $4,468 in transaction bonuses paid to key employees and $2,059 in non-cash share-based compensation expense due to the accelerated vesting of Midco’s legacy share-based compensation plan. The transaction bonuses and share-based compensation are included in general and administrative expense on the Company’s Consolidated Statement of Operations and Comprehensive Income for year ended January 1, 2022. See Note 12 - “Equity Incentive Plan and Unit Option Plan” for additional information. G&M Stor-More Pty Ltd Acquisition On January 19, 2021, the Company, through its wholly owned subsidiary Steel Storage Australia Pty Ltd. acquired 100% of the net assets of G&M Stor-More Pty Ltd. for total cash consideration of approximately $1,739. In aggregate, approximately $814 was attributed to intangible assets, approximately $929 was attributable to goodwill, and approximately $(4) was attributable to net liabilities assumed. The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Steel Storage. All of the goodwill was assigned to the Janus International segment of the business and is not deductible for income tax purposes. The weighted-average amortization of a cq uired intangibles is 11.6 years. During the year ended January 1, 2022, the Company incurred approximately $105 of third-party acquisition costs. These expenses are included in general and administrative expense of the Company’s Consolidated Statement of Operations and Comprehensive Income for the year ended January 1, 2022. Pro forma results of operations for this acquisition have not been presented as the historical results of operations for G&M Stor-More Pty Ltd. are not material to the consolidated results of operations in the prior years. SSA Acquisition On January 2, 2020, the Company, through its wholly owned subsidiary JIE acquired 100% of the outstanding common stock of SSA. In 2020, the Company incurred approximately $205 of third-party acquisition costs. The expenses are included in general and administrative expense in the Company’s Consolidated Statement of Operations and Comprehensive Income for the year ended December 26, 2020. The goodwill of approximately $2,402 arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and SSA. All of the goodwill was assigned to the Janus International segment of the business. The goodwill is not deductible for income tax purposes. The following table summarizes the consideration paid for SSA and the amounts of the assets acquired and liabilities assumed at the acquisition date.
The weighted-average amortization of acquired intangible assets is 9.8 years. The amounts of approximately $9,511 of revenue and $205 of net loss of SSA included in the results from the transaction date of January 2, 2020 through December 26, 2020 are included in the Consolidated Statement of Operations and Comprehensive Income. Supplemental pro forma information has not been provided as this acquisition did not have a material impact on the Company’s Consolidated Statements of Operations and Comprehensive Income BETCO Acquisition On March 1, 2019, the Company, through its wholly owned subsidiary Cobb acquired 100% of the outstanding common stock of BETCO. BETCO is in the business of manufacturing and installing steel building structures for self-storage customers. As a result of the acquisition, the Company will be able to expand its product offerings. The Company also expects to reduce costs through economies of scale. In 2019, the Company incurred approximately $736 of third-party acquisition-related costs. The expenses are included in general and administrative expense in the Company’s Consolidated Statement of Operations and Comprehensive Income for the year ended December 28, 2019. The goodwill of approximately $22,685 arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and BETCO. All of the goodwill was assigned to the Janus North America segment of the business. The goodwill is not deductible for income tax purposes During year ended December 26, 2020, the final settlement of the contingent consideration occurred. The total contingent consideration paid was less than the original estimate. As such, an approximate $2,875 adjustment to the liability was recorded in the period. The following table summarizes the consideration paid for BETCO and the amounts of the assets acquired and liabilities assumed at the acquisition date.
The weighted-average amortization period of acquired intangible assets is 12.8 years. The amounts of revenue and net loss of BETCO included in the results from the transaction date of March 1, 2019 through December 28, 2019 are as follows:
The following unaudited pro forma information has been prepared as if the BETCO acquisition had taken place on January 1, 2019. The Company prepared the table based on certain estimates and assumptions. These estimates and assumptions were made solely for the purposes of developing such unaudited pro forma information and have not been adjusted to provide period over period comparability.
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Profit Sharing Plan |
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Jan. 01, 2022 | |
Retirement Benefits [Abstract] | |
Profit Sharing Plan | 11. Profit Sharing Plan The Company has one 401(k) plan for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, covering substantially all U.S. employees for Janus International Group, LLC, BETCO, NOKE, ASTA and DBCI. Eligible employees may contribute up to the limits established by applicable income tax regulations. The Company made employer matching contributions of approximately $1,092 , $901, and $867 for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, respectively. The Company may also make discretionary matching contributions to the plans. The Company did not make a discretionary contribution for the years ended January 1, 2022, December 26, 2020 and December 28, 2019. |
Equity Incentive Plan and Unit Option Plan |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan and Unit Option Plan | 10. Equity Incentive Plan and Unit Option Plan 2021 Omnibus Incentive Plan Effective June 7, 2021, the Group implemented an equity incentive program designed to enhance the profitability and value of its investment for the benefit of its stockholders by enabling Group to offer eligible directors, officers and employees equity-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interest between such individuals and the Group’s stockholders. The Company measures compensation expense for restricted stock units (“RSUs”) issued under the 2021 Omnibus Incentive Plan (the “Plan”) in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Stock-based compensation is measured at fair value on the grant date and recognized as compensation expense over the requisite service period. The Company records compensation cost for these awards using the straight-line method. Forfeitures are recognized as they occur. The following table summarizes all restricted stock unit activity:
Total compensation expense related to the above awards was approximately $600 for the three months ended April 2, 2022. At April 2, 2022, total unrecognized compensation expense for nonvested equity awards granted was approximately $2.6 million. This expense is expected to be recorded over a weighted-average period of 3.29 years. Midco - Class B Unit Incentive Plan Prior to the Business Combination, commencing on March 15, 2018, the Board of Directors of Midco approved the Class B Unit Incentive Plan (the “Class B Plan”), which was a form of long-term compensation that provided for the issuance of ownership units to employees for purposes of retaining them and enabling such individuals to participate in the long-term growth and financial success of Midco. As a result of the Business Combination, the Board of Directors approved an acceleration of the awards granted in connection with the Class B Plan, to allow accelerated vesting of the units upon consummation of the Business Combination. Effective June 7, 2021, the Class B Plan was terminated as a result of the Business Combination. |
12. Equity Incentive Plan and Unit Option Plan 2021 Omnibus Incentive Plan Effective June 7, 2021, Group implemented an equity incentive program designed to enhance the profitability and value of its investment for the benefit of its shareholders by enabling Group to offer eligible directors, officers and employees equity-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interest between such individuals and the Group’s shareholders. The Company measures compensation expense for restricted stock units (“RSUs”) issued under the 2021 Omnibus Incentive Plan (the “Plan”) in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Stock-based compensation is measured at fair value on the grant date and recognized as compensation expense over the requisite service period. The Company records compensation cost for these awards using the straight-line method. Forfeitures are recognized as they occur. During the year ended January 1, 2022, Group granted to certain employees and board members RSUs. As of January 1, 2022, RSUs granted to individuals under the Plan totaled 275,370. RSUs granted to employees are subject to continued employment and vest ratably over four years while RSUs granted to board members are subject to continued service and vest on the first anniversary of the grant date. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at the grant date. The following table summarizes all restricted stock unit activity:
Total compensation expense related to the above awards was approximately $ 66 for the year ended January 1, 2022. At January 1, 2022, total unrecognized compensation expense for nonvested equity awards granted was approximately $3.2 million. This expense is expected to be recorded over a weighted-average period of 3.24 years. Midco - Class B Unit Incentive Plan Prior to the Business Combination, commencing on March 15, 2018, the Board of Directors of Midco approved the Class B Unit Incentive Plan (the “Class B Plan”), which was a form of long-term compensation that provided for the issuance of ownership units to employees for purposes of retaining them and enabling such individuals to participate in the long-term growth and financial success of Midco. As a result of the Business Combination, the Board of Directors approved an acceleration of the awards granted in connection with the Class B Plan, to allow accelerated vesting of the unit consummation of the Business Combination. Effective June 7, 2021, the Class B Plan was terminated as a result of the Business Combination. On the date of the Closing, the accelerated vesting for 16,079 units (equivalent to 4,012,873 shares of Group common stock) resulted in $2,100 of non-cash share-based compensation expense recorded to general and administrative expense in the Company’s consolidated statement of operations and comprehensive income for the year ended January 1, 2022. |
Stockholders' Equity |
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Apr. 02, 2022 |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 11. Stockholders’ Equity wa s 146,561,717. The increase in outstanding shares is a result of warrant exercise and redemptions during the year ended January 1, 2022.Preferred Stock Our certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of April 2, 2022, zero shares of preferred stock were issued and outstanding, and no designation of rights and preferences of preferred stock had been adopted. Our preferred stock is not quoted on any market or system, and there is not currently a market for our preferred stock. Rollover Equity At the closing date of the Business Combination, each outstanding unit of Midco’s Class A Preferred and Class B Common converted into our common stock at the then-effective conversion rate. Each unit of Midco Class A Preferred was converted into approximately 343.983 shares of our common stock, and each unit of Midco Class B Common was converted into approximately 249.585 shares of our common stock. PIPE Investment Concurrently with the execution and delivery of the Business Combination Agreement, certain institutional accredited investors (the “PIPE Investors”) entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors purchased an aggregate of 25,000,000 shares of common stock (the “PIPE Shares”) at a purchase price per share of $10.00 (the “PIPE Investment”). One of the Company’s directors purchased an aggregate of 1,000,000 of the PIPE Shares as part of the PIPE Investment. The PIPE Investment was closed on June 7, 2021 and the issuance of an aggregate of 25,000,000 shares of common stock occurred concurrently with the consummation of the Business Combination. The sale and issuance was made to accredited investors in reliance on Rule 506 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). Founder Shares In August 2019, Juniper Industrial Sponsor, LLC (the “Sponsor”) purchased 8,625,000 shares of Class B common stock (the “founder shares”) of JIH for an aggregate purchase price of $25,000 in cash, or approximately $0.003 per founder share. By virtue of the consummation of the Business Combination, the Sponsor’s Class B common stock was converted into the right to receive an equivalent number of shares of common stock, 2,000,000 of which (pro rata among the Sponsor shares and shares held by certain affiliates) (the “Earnout Shares”) were contingent upon achieving certain market share price milestones as outlined in the Business Combination Agreement (the “Earnout Agreement”). The vesting of the Earnout Shares occurred automatically as of the close of the trading on June 21, 2021 in accordance with the terms of the Earnout Agreement. The table below represents the approximate common stock holdings of Group immediately following the Business Combination.
Warrants The Sponsor purchased 10,150,000 warrants to purchase Class A common stock of JIH (the “private placement warrants”) for a purchase price of $1.00 per whole private placement warrant, or $10,150,000 in the aggregate, in private placement transactions that occurred simultaneously with the closing of the Juniper IPO and the closing of the over-allotment option for the Juniper IPO (the “private placement”). Each private placement warrant entitled the holder to purchase one share of Class A common stock of JIH at $11.50 per share. The private placement warrants were only exercisable for a whole number of shares of Class A common stock of JIH. The Sponsor transferred 5,075,000 of its private placement warrants to Midco’s equityholders as part of the consideration for the Business Combination. Immediately after giving effect to the Business Combination, there were 10,150,000 issued and outstanding private placement warrants. The private placement warrants were liability classified. Immediately after giving effect to the Business Combination, there were 17,249,995 issued and outstanding public warrants. The public warrants were equity classified. The private placement warrants and public warrants were all exercised or redeemed on November 18, 2021. Dividend Policy We have never declared or paid, and do not anticipate declaring or paying, any cash dividends on our common or preferred stock in the foreseeable future. It is presently intended that we will retain our earnings for use in business operations and, accordingly, it is not anticipated that the Board of Directors will declare dividends in the foreseeable future. In addition, the terms of our credit facilities include restrictions on our ability to issue and pay dividends. |
13. Stockholders’ Equity On June 7, 2021, the Group’s common stock began trading on the NYSE under the symbol “JBI”. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized and has available 825,000,000 shares of common stock with a par value of $0.0001 per share. Immediately following the Business Combination on June 7, 2021, there were 138,384,250 shares of common stock with a par value of $0.0001 outstanding. As discussed in Note 10 Business Combinations, the Company has retroactively adjusted the shares issued and outstanding prior to June 7, 2021 to give effect to the exchange ratio established in the Business Combination Agreement to determine the number of shares of common stock into which they were converted. As of January 1, 2022, the number of outstanding shares was 146,561,717. The increase in outstanding shares is a result of warrant exercise and redemptions during the year ended January 1, 2022.Preferred Stock Our certificate of incorporation authorizes the issuance of 1,000,000 shares of Preferred Stock with a par value of $0.0001 per share. As of January 1, 2022, zero shares of Preferred Stock were issued and outstanding, and no designation of rights and preferences of preferred stock had been adopted. Our preferred stock is not quoted on any market or system, and there is not currently a market for our preferred stock. Rollover Equity At the Closing Date of the business combination, each outstanding unit of Midco’s Class A Preferred and Class B Common converted into the Company’s common stock at the then-effective conversion rate. Each unit of Midco Class A Preferred was converted into approximately 343.983 shares of our common stock, and each unit of Midco Class B Common was converted into approximately 249.585 shares of our common stock. As of June 7, 2021 there are 70,270,400 shares held by Midco equityholders. PIPE Investment Concurrently with the execution and delivery of the Business Combination Agreement, the PIPE Investors entered into the PIPE Subscription Agreements pursuant to which the PIPE Investors purchased an aggregate of 25,000,000 PIPE Shares at a purchase price per share of $10.00. One of the Company’s directors purchased an aggregate of 1,000,000 of the PIPE Shares as part of the PIPE Investment. The PIPE Investment was closed on June 7, 2021 and the issuance of an aggregate of 25,000,000 shares of Common Stock occurred concurrently with the consummation of the Business Combination. The sale and issuance was made to accredited investors in reliance on Rule 506 of Regulation D under the Securities Act of 1933, as amended. Founder Shares In August 2019, the Sponsor purchased 8,625,000 shares of Class B common stock (the “founder shares”) of Juniper Industrial Holdings, Inc. (“JIH”) for an aggregate purchase price of $25,000 in cash, or approximately $0.003 per founder share. By virtue of the consummation of the Business Combination, the Sponsor’s Class B common stock was converted into the right to receive an equivalent number of shares of Common Stock, 2,000,000 of which (pro rata among the Sponsor shares and shares held by certain affiliates) was subject to the terms of the Earnout Agreement. The vesting of the Earnout Shares occurred automatically as of the close of the trading on June 21, 2021 in accordance with the terms of the Earnout Agreement. The table below represents the approximate common stock holdings of Group immediately following the Business Combination.
Warrants The Sponsor purchased 10,150,000 warrants to purchase Class A common stock of JIH (the “private placement warrants”) for a purchase price of $1.00 per whole private placement warrant, or $10,150,000 in the aggregate, in private placement transactions that occurred simultaneously with the closing of the Juniper IPO and the closing of the over-allotment option for the Juniper IPO (the “private placement”). Each private placement warrant entitled the holder to purchase one share of Class A common stock of JIH at $11.50 per share. The private placement warrants were only exercisable for a whole number of shares of Class A common stock of JIH. The Sponsor transferred 5,075,000 of its private placement warrants to Midco’s equityholders as part of the consideration for the Business Combination. Immediately after giving effect to the Business Combination, there were 10,150,000 issued and outstanding private placement warrants. The private placement warrants were liability classified. Immediately after giving effect to the Business Combination, there were 17,249,995 issued and outstanding public warrants. The public warrants are equity classified. All of the private and public warrants were exercised or redeemed on November 18, 2021 and therefore there are no warrants issued and outstanding as of January 1, 2022. Dividend Policy We have never declared or paid, and do not anticipate declaring or paying, any cash dividends on our Common or Preferred Stock in the foreseeable future. It is presently intended that we will retain our earnings for use in business operations and, accordingly, it is not anticipated that the Board of Directors will declare dividends in the foreseeable future. In addition, the terms of our credit facilities include restrictions on our ability to issue and pay dividends. |
Related Party Transactions |
3 Months Ended | 12 Months Ended |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Related Party Transactions [Abstract] | ||
Related Party Transactions | 12. Related Party Transactions Prior to the Business Combination, Jupiter Intermediate Holdco, LLC, on behalf of the Janus Core, entered into a Management and Monitoring Services Agreement (“MMSA”) with the Class A Preferred Unit holders group. As a result of the Business Combination the MMSA was terminated effective June 7, 2021. Janus Core paid management fees of $2,615 to the Class A Preferred Unit holders group for the three months ended March 27, 2021. There were no Class A Preferred Unit holders group management fees accrued and unpaid as of April 2, 2022 and January 1, 2022, respectively. Janus Core leases a manufacturing facility in Butler, Indiana, from Janus Butler, LLC, an entity wholly owned by a former member of the board of directors of the Group. Effective October 20, 2021 the member resigned from the board of directors of Janus Core. Rent payments paid to Janus Butler, LLC for the three months ended April 2, 2022 and March 27, 2021 were approximately $37 and $49, respectively. The original lease extended through October 31, 2021 and on November 1, 2021 the lease was extended to October 31, 2026, with monthly payments of approximately $13 with an annual escalation of 1.5%. Janus Core was previously a party to a lease agreement with 134 Janus International, LLC, which is an entity majority owned by a former member of the board of directors of the Company. In December 2021, the leased premises in Temple, Georgia were sold by the former director to a third party buyer, resulting in an assignment of the lease to said third-party buyer and an extension of the lease to November 30, 2031. Rent payments paid to 134 Janus International, LLC in the three months ended April 2, 2022 and March 27, 2021 were approximately and $0 and $114, respectively. The Group is a party to a lease agreement with ASTA Investment, LLC, for a manufacturing facility in Cartersville, Georgia an entity partially owned by a stockholder of the Company. The original lease term began on April 1, 2018 and extended through March 31, 2028 and was amended in March 2021 to extend the term until March 1, 2030, with monthly lease payments of $66 per month with an annual escalation of 2.0%. Rent payments to ASTA Investment, LLC for the three months ended April 2, 2022 and March 27, 2021 were approximately $203 and $198, respectively.
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14. Related Party Transactions Prior to the Business Combination, Jupiter Intermediate Holdco, LLC, on behalf of Janus Core, entered into a Management and Monitoring Services Agreement (MMSA) with the Class A Preferred Unit holders group. Janus Core paid management fees to the Class A Preferred Unit holders group for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, of approximately $1,124 , $7,101, and $6,947, respectively. Approximately $896 and $679 of the Class A Preferred Unit holders group management fees were accrued and unpaid as of December 26, 2020 and December 28, 2019, respectively. There were no fees accrued and unpaid as of January 1, 2022. As a result of the Business Combination the MMSA was terminated effective June 7, 2021. On July 21, 2020, Janus entered into an Assignment and Assumption Agreement with the private equity group that owns a majority of the Company, in which private equity group acted as the assignor to sell and assign to us the rights and obligations under the First Lien Term Loan Credit Agreement for the principal amount of $ 1,988,582 in exchange for consideration of $ 1,731,037. Janus Core leases a manufacturing facility in Butler, Indiana, from Janus Butler, LLC, an entity wholly owned by a former member of the board of directors of Group. Effective October 20, 2021 the member resigned from the board of Janus Core. Rent payments paid to Janus Butler, LLC for the years ended January 1, 2022, December 26, 2020, and December 28, 2019 were approximately $ , $, and $132, respectively. The original lease extends through October 31, 2021 and on November 1, 2021 the lease was extended to October 31, 2026, with monthly payments of approximately $ with an annual escalation of 1.5%. Janus Core was previously a party to a lease agreement with 134 Janus International, LLC, which is an entity majority owned by a former member of the board of directors of the Company. In December, 2021 the leased premises in Temple, Georgia were sold by the former director to a third party buyer, resulting in an assignment of the lease to said third-party buyer and an extension of the lease to November 30, 2031. Rent payments paid to 134 Janus International, LLC in the years ended January 1, 2022, December 26, 2020, and December 28, 2019, were approximately $ 343 and $446 , and $417, respectively. The Group is a party to a lease agreement with ASTA Investment, LLC, for a manufacturing facility in Cartersville, Georgia an entity partially owned by a shareholder of the Company. The original lease term began on April 1, 2018 and extended through March 31, 2028 and was amended in December 2020 to extend the term until March 1, 2030, with monthly lease payments of $66 per month with an annual escalation of 2.0%. Rent payments to ASTA Investment, LLC for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, were approximately $ 801 and $837 , and $541 respectively. |
Revenue Recognition |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | 13. Revenue Recognition The Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. Contract Balances Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets primarily result from contracts that include installation which are billed via payment requests that are submitted in the month following the period during which revenue was recognized. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. Contract assets are disclosed as costs and estimated earnings in excess of billings on uncompleted contracts, and contract liabilities are disclosed as billings in excess of costs and estimated earnings on uncompleted contracts in the consolidated balance sheet. Contract balances as of April 2, 2022 were as follows:
During the three months ended April 2, 2022, the Company recognized revenue of approximately $12,455 related to contract liabilities at January 1, 2022. There were new billings of approximately $17,301 for product and services for which there were unsatisfied performance obligations to customers and revenue had yet been recognized as of April 2, 2022. Disaggregation of Revenue The principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three months ended April 2, 2022 and March 27, 2021: Revenue by Timing of Revenue Recognition
Revenue by Sales Channel Revenue Recognition
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15. Revenue Recognition The Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it is entitled. The Company’s customer terms of sale are generally on an open account basis with standard commercial terms of net 30 days. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. The Company recognizes material revenue when the goods are shipped and received by the customer, installation revenue is recognized over time as the services are performed and the benefit is transferred to the customer and services related revenue is recognized when the services are performed or over time if needed based upon the approved contract terms. Contract Balances Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets primarily result from contracts that include installation which are billed via payment requests that are submitted in the month following the period during which revenue was recognized. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. Contract assets are disclosed as costs and estimated earnings in excess of billings on uncompleted contracts, and contract liabilities are disclosed as billings in excess of costs and estimated earnings on uncompleted contracts in the consolidated balance sheet. Contract balances as of January 1, 2022 were as follows:
During the year ended January 1, 2022, the Company recognized revenue of approximately $19,338 related to contract liabilities at December 26, 2020. There were new billings of approximately $21,020 for product and services for which there were unsatisfied performance obligations to customers and revenue had yet been recognized as of January 1, 2022. Disaggregation of Revenue The principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the years ended January 1, 2022, December 26, 2020 and December 28, 2019: Revenue by Timing of Revenue Recognition
Revenue by Sale Channel Revenue Recognition
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Operating Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | 16. Operating Leases The Company is party to various leases all of which are illustrated in the table below:
The Company also leases certain equipment under various noncancellable operating lease agreements expiring through 2024. Total rent expense under operating leases was approximately $6,771 , $5,533, and $5,154 for the years ended January 1, 2022, December 26, 2020, and December 28, 2019 respectively. Rent expense of approximately , $211, and $347 was recognized for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, respectively, in excess of cash paid for straight-line rent considerations. This amount is included in deferred rent as a part of other long-term liabilities at year-end. Future minimum lease payments under these noncancellable operating leases are as follows:
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Leases - Sale-Leasebacks |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases - Sale-Leasebacks | 17. Leases - Sale-Leasebacks For the year ended January 1, 2022, the Company entered into a Sale Leaseback transaction, accounted for under ASC 840, related to a production, warehousing and distribution facility in Houston, Texas. The Company purchased the facility in September of 2021 for approximately $9.2 million and incurred initial improvements of approximately $0.4 million that were made prior to the facility being sold and immediately leased back to a third party for approximately $9.6 million in December 2021. Due to the nature and timing of this transaction there was no gain or loss recognized by the Company for the year ended January 1, 2022. The resulting lease entered into by the Company is for an initial term of 15 years with an option to renew for 2 additional 10 year periods. The monthly rental payments escalate each year by a market based index or a flat percentage, whichever is higher. The seller has no continuing involvement related to this transaction for the property in question. The future minimum lease payments related to the sale-lease are summarized in the following table:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 14. Leases On January, 2 2022, the Group adopted ASU 2016-02, Leases, using the optional transition method. Under this method, the Group has recognized the cumulative effect adjustment to the opening balance of retained earnings. The Group has elected to adopt the package of practical expedients which apply to leases that commenced before the adoption date. By electing the package of practical expedients, the Group did not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and the initial direct costs for any existing leases. At lease commencement, a right-of-use In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar service, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. Furthermore, for all other types of leases the practical expedient was also elected whereby lease and non-lease components have been combined. The Group uses the non-cancellable lease term unless it is reasonably certain that a renewal or termination option will be exercised. When available, the Group will use the rate implicit in the lease to discount lease payments to present value, however as most leases do not provide an implicit rate, the Group will estimate the incremental borrowing rate to discount the lease payments. The Group estimates the incremental borrowing rate based on the rates of interest that the Group would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. The ROU asset also includes any lease prepayments and initial direct costs, offset by lease incentives. The Group does not consider renewal periods or early terminations to be reasonably certain and are thus not included in the lease term for real estate or equipment assets. The components of ROU assets and lease liabilities were as follows:
The components of lease expense were as follows:
Other information related to leases was as follows:
As of April 2, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
As of April 2, 2022, minimum repayments of long-term debt under financing leases were as follows:
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Income Taxes |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Income Taxes | 15. Income Taxes Prior to June 7, 2021, the Company was a limited liability company taxed as a partnership for U.S. federal income tax purposes. The Company was generally not directly subject to income taxes under the provisions of the Internal Revenue Code and most applicable state laws. Therefore, taxable income or loss was reported to the members for inclusion in their respective tax returns. After June 7, 2021, the Group is taxed as a Corporation for U.S. income tax purposes and similar sections of the state income tax laws. The Group’s effective tax rate is based on pre-tax earnings, enacted U.S. statutory tax rates, non-deductible expenses, and certain tax rate differences between U.S. and foreign jurisdictions. The foreign subsidiaries file income tax returns in the United Kingdom, France, Australia, and Singapore as necessary. For tax reporting purposes, the taxable income or loss with respect to the 45% ownership in the joint venture operating in Mexico will be reflected in the income tax returns filed under that country’s jurisdiction. The Group’s provision for income taxes consists of provisions for federal, state, and foreign income taxes. The provision for income taxes for the three months ended April 2, 2022 and March 27, 2021 includes amounts related to entities within the group taxed as corporations in the United States, United Kingdom, France, Australia, and Singapore. The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate on year to date ordinary income and records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs. Additionally, the income tax effects of significant unusual or infrequently occurring items are recognized entirely within the period in which the event occurs. During the three months ended April 2, 2022 and March 27, 2021, the Company recorded a total income tax provision (benefit) of approximately $6,607 and $(155) on
pre-tax income of approximately $26,311 and $14,564 resulting in an effective tax rate of 25.1% and (1.1)%, respectively. The effective tax rates for these periods were primarily impacted by the change in tax status of the Group, statutory rate differentials, changes in estimated tax rates, and permanent differences. |
18. Income Taxes Prior to June 7, 2021, the Company was a limited liability company taxed as a partnership for U.S. federal income tax purposes. The Company was generally not directly subject to income taxes under the provisions of the Internal Revenue Code and most applicable state laws. Therefore, taxable income or loss was reported to the members for inclusion in their respective income tax returns. After June 7, 2021, the Group is taxed as a Corporation for U.S. income tax purposes and similar sections of the state income tax laws. The Group’s effective tax rate is based on pre-tax earnings, enacted U.S. statutory tax rates, non-deductible expenses, and certain tax rate differences between U.S. and foreign jurisdictions. The foreign subsidiaries file income tax returns in the United Kingdom, France, Australia, and Singapore as necessary. For tax reporting purposes, the taxable income or loss with respect to the 45% ownership in the joint venture operating in Mexico will be reflected in the income tax returns filed under that country’s jurisdiction. The Group’s provision for income taxes consists of provisions for federal, state, and foreign income taxes. The provision for income taxes for the years ended January 1, 2022, December 26, 2020 and December 28, 2019, includes amounts related to entities within the group taxed as corporations in the United States, United Kingdom, France, Australia, and Singapore. The Company determines its provision for income taxes for interim periods and annual periods using an estimate of its annual effective tax rate on year to date ordinary income and records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs. Additionally, the income tax effects of significant unusual or infrequently occurring items are recognized entirely within the period in which the event occurs. During the years ended January 1, 2022, December 26, 2020, and December 28, 2019, the Company recorded a total income tax provision of approximately , $2,114, and $636, on $50,283pre-tax income of approximately , $58,951, and $40,035 resulting in an , 3.6%, and 1.6%, respectively. The effective tax rates for the year ended January 1, 2022 were primarily impacted by the change in tax status of the Group from partnership to corporation, statutory rate differentials, changes in estimated tax rates, valuation allowances and permanent differences and for the year ended December 26, 2020, were primarily impacted by the tax status of the Group being a partnership and permanent differences. For the years ended January 1, 2022, December 26, 2020, and December 28, 2019, income (loss) from continuing operations before taxes consist of the following:
Income tax expense (benefit) attributable to income from continuing operations consists of:
Income tax expense (benefit) attributable to income from continuing operations was approximately $6,481 , $2,114 and $636 for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, respectively, and differed from the amounts computed by applying the partnership’s U.S. federal income tax rate of zero for the year ended December 26, 2020 and for the partial period up to the Business Combination date of June 7, 2021, presented to pretax income from continuing operations as a result of the following:
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 1, 2022 and December 26, 2020 are presented below:
The difference between income tax expense recorded in our consolidated statements of operations and comprehensive income and income taxes computed by applying the corporate statutory federal income tax rate (21% for the year ended January 1, 2022 , December 26, 2020, and December 28 , 2019 ) to income before income tax expense is due to the fact that the majority of our income was not subject to federal income tax due to our status as a limited liability company prior to June 7, 2021. In general, only the corporate entities in our structure are subject tofederal tax at 21%. The Company realized a current tax benefit of $6,901 from the utilization of net operating loss carryforwards. We record a tax provision related to the amount of undistributed earnings of our foreign subsidiaries expected to be repatriated. At January 1, 2022 and December 26, 2020, the Company has net operating loss carryforwards for Federal income tax purposes of $ 0and $6,901, respectively, which are available to offset future federal taxable income, if any, and are not subject to expiration. At January 1, 2022 and December 26, 2020, the Company has net operating loss carryforwards for state income tax purposes of $ 5,382 and $ 4,961 , which are available to offset future state taxable income, of which $ 2,018 and $1,950are subject to expiration beginning in 2024 and 2036, respectively. In evaluating its ability to realize its net deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. As of January 1, 2022, the Company has set up a valuation allowance against state net operating loss in the amount of $256 due to losses incurred in a subsidiary which does not generate operating income, thus the Company does not believe a tax benefit is more likely than not to be realized for that subsidiary’s state net operating losses. The Company recognizes accrued interest associated with unrecognized tax benefits as part of interest expense and penalties associated with unrecognized tax benefits as part of other expenses. As of January 1 , 2022 and December 26 , 2020 , there were no accrued interest and penalties associated with unrecognized tax benefits. Management believes there are no material amounts of tax positions for which there is uncertainty as of January 1 , 2022 and December 26 , 2020 . There are no changes expected in the next 12 months. Management of Janus is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states. For the years before 2017, the Company is no longer subject to U.S. federal or state income tax examinations. For the years before 2017, the Company is no longer subject to examination by the United Kingdom, French, Australia, and Singapore taxing authorities in those jurisdictions. |
Net Income Per Share |
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Apr. 02, 2022 |
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Net Income Per Share | 16. Net Income Per Share Prior to the Business Combination, and prior to effecting the reverse recapitalization, the Company’s pre-merger LLC membership structure included two classes of units: Class A preferred units and Class B common units. The Class A preferred units were entitled to receive distributions prior and in preference on Class A preferred unit unpaid cumulative dividends (“Unpaid Preferred Yield”) followed by Class A preferred unit capital contributions that have not been paid back to the holders (the “Unreturned Capital”). Vested Class B common units participate in the remaining distribution on a pro-rata basis with Class A preferred units if they have met the respective Participation Threshold and, if applicable, the Target Value defined in the respective Unit Grant Agreement. The Class A preferred and Class B common units fully vested at the Business Combination date. Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 7, 2021 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three months ended April 2, 2022 and March 27, 2021 (in thousands except share data):
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19. Net Income Per Share Prior to the Business Combination, and prior to effecting the reverse recapitalization, the Company’s pre-merger LLC membership structure included two classes of units: Class A preferred units and Class B common units. The Class A preferred units were entitled to receive distributions prior and in preference on Class A preferred unit unpaid cumulative dividends (“Unpaid Preferred Yield”) followed by Class A preferred unit capital contributions that have not been paid back to the holders (the “Unreturned Capital”). Vested Class B common units participate in the remaining distribution on a pro-rata basis with Class A preferred units if they have met the respective Participation Threshold and, if applicable, the Target Value defined in the respective Unit Grant Agreement. The Class A preferred and Class B common units fully vested at the Business Combination date. Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 7, 2021 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include stock purchase warrants and contingently issuable shares attributable to the earn-out consideration. Dilutive EPS excludes private placement warrants as the impact is antidilutive. The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the years ended January 1, 2022, December 26, 2020 and December 28, 2019:
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments Information | 17. Segments Information The Company operates its business and reports its results through two reportable segments: Janus North America and Janus International, in accordance with ASC Topic 280, Segment Reporting. The Janus International segment is comprised of JIEH with its production and sales located largely in Europe and Australia. The Janus North America segment is comprised of all the other entities including Janus Core, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door and Steel Door Depot. Summarized financial information for the Company’s segments is shown in the following tables:
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20. Segments Information The Company operates its business an d reports its results through two reportable segments: Janus North America and Janus International, in accordance with ASC Topic 280, Segment Reporting. The Janus International segment is comprised of JIE with its production and sales located largely in Europe. The Janus North America segment is comprised of all the other entities including Janus Core, BETCO, NOKE, ASTA, DBCI, ACT, Janus Door and Steel Door Depot. Summarized financial information for the Company’s segments is shown in the following tables:
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Significant Estimates and Concentrations |
3 Months Ended | 12 Months Ended |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Commitments and Contingencies Disclosure [Abstract] | ||
Significant Estimates and Concentrations | 18. Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Those matters include the following: General Litigation From time to time, we are involved in various lawsuits, claims, and legal proceedings that arise in the ordinary course of business. These matters involve, among other things, disputes with vendors or customers, personnel and employment matters, and personal injury. We assess these matters on a case-by-case Self-Insurance Under the Company’s workers’ compensation insurance program, coverage is obtained for catastrophic exposures under which the Company retains a portion of certain expected losses. The Company has stop loss workers’ compensation insurance for claims in excess of $200 as of April 2, 2022 and January 1, 2022, respectively. Provision for losses expected under this program is recorded based upon the Company’s estimates of the aggregate liability for claims incurred and totaled approximately $467 and $383 as of April 2, 2022, and January 1, 2022, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these consolidated financial statements. Under the Company’s health insurance program, coverage is obtained for catastrophic exposures under which the Company retains a portion of certain expected losses. The Company has stop loss insurance for claims in excess of $250 and $250 as of April 2, 2022 and January 1, 2022, respectively. Provision for losses expected under this program is recorded based upon the Company’s estimates of the aggregate liability for claims incurred and totaled approximately $1,710 and $1,539 as of April 2, 2022 and January 1, 2022, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these consolidated financial statements. |
21. Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Those matters include the following: General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company. Self-Insurance Under the Company’s workers’ compensation insurance program, coverage is obtained for catastrophic exposures under which the Company retains a portion of certain expected losses. The Company has stop loss workers’ compensation insurance for claims in excess of $200 as of January 1, 2022 and December 26, 2020, respectively. Provision for losses expected under this program is recorded based upon the Company’s estimates of the aggregate liability for claims incurred and totaled approximately $383 and $391 as of January 1, 2022 and December 26, 2020, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these consolidated financial statements. Under the Company’s health insurance program, coverage is obtained for catastrophic exposures under which the Company retains a portion of certain expected losses. The Company has stop loss insurance for claims in excess of $250 and $250 as of January 1, 2022 and December 26, 2020, respectively. Provision for losses expected under this program is recorded based upon the Company’s estimates of the aggregate liability for claims incurred and totaled approximately $1,539 and $916 as of January 1, 2022 and December 26, 2020, respectively. The amount of actual losses incurred could differ materially from the estimates reflected in these consolidated financial statements. |
Subsequent Events |
3 Months Ended | 12 Months Ended |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Subsequent Events [Abstract] | ||
Subsequent Events | 19. Subsequent Events For the interim consolidated financial statements as of April 2, 2022, the Company has evaluated subsequent events through the issuance date of the financial statements. |
22. Subsequent Events For the consolidated financial statements as of January 1, 2022, the Company has evaluated subsequent events through the issuance date of the financial statements. |
Summary of Significant Accounting Policies (Policies) |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. GAAP and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Business Combination, completed as of June 7, 2021, was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, JIH is treated as the acquired company and Midco is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Midco has been determined to be the accounting acquirer based on an evaluation of the following facts and circumstances:
Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Midco with the acquisition being treated as the equivalent of Midco issuing stock for the net assets of JIH, accompanied by a recapitalization. The net assets of JIH were stated at historical cost, with no goodwill or other intangible assets recorded. Midco is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date, for the three months ended March 27, 2021 are those of Midco. The shares and corresponding capital amounts and net income per share available to common stockholders, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. The costs relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid-in capital, while all costs related to the warrants and contingent consideration were estimated and charged to expense. |
Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. GAAP and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Business Combination, completed as of June 7, 2021, was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, JIH is treated as the acquired company and Midco is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Midco has been determined to be the accounting acquirer based on an evaluation of the following facts and circumstances:
Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Midco with the acquisition being treated as the equivalent of Midco issuing stock for the net assets of JIH, accompanied by a recapitalization. The net assets of JIH were stated at historical cost, with no goodwill or other intangible assets recorded. Midco is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date, for the year ended December 26, 2020 are those of Midco. The shares and corresponding capital amounts and net income per share available to common stockholders, prior to the Business Combination, have been retroactively restated to reflect the exchange ratio established in the Business Combination Agreement. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. The costs relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid in capital, while all costs related to the warrants and contingent consideration were estimated and charged to expense. |
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Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Group and its wholly owned subsidiaries. The Company’s joint venture is accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Principles of Consolidation The consolidated financial statements include the accounts of the Group and its wholly owned subsidiaries. The Company’s joint venture is accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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Reorganization | Reorganization As of June 7, 2021, Midco transferred its wholly owned direct subsidiary Janus International Group, LLC to the Group, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by Midco. |
Reorganization As of June 7, 2021, Midco transferred its wholly owned direct subsidiary Janus International Group, LLC to the Group, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by Midco. |
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Reclassification | Reclassification The Group reclassified certain prior year amounts within changes in operating assets and liabilities in the Consolidated Statement of Cash Flows to conform to the current year presentation. |
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Use of Estimates in the Consolidated Financial Statements | Use of Estimates in the Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, the fair value of assets and liabilities related to acquisitions, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. |
Use of Estimates in the Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, reserves for inventory obsolescence, the fair value of contingent consideration and earnout, the fair value of assets and liabilities related to acquisitions, the derivative warrant liability, the recognition and valuation of unit-based compensation arrangements, the useful lives of property and equipment, revenue recognition, allowances for uncollectible receivable balances, fair values and impairment of intangible assets and goodwill and assumptions used in the recognition of contract assets. |
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Coronavirus Outbreak | Coronavirus Outbreak The
COVID-19 outbreak may continue to have a negative impact on our operations, supply chain, transportation networks and customers. In addition, the ability of our employees and our suppliers’ and customers’ employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper our production throughout the supply chain and constrict sales channels. The extent of these factors are uncertain and cannot be predicted. Our consolidated financial statements reflect estimates and assumptions made by management as of April 2, 2022. Events and changes in circumstances arising after April 2, 2022, including those resulting from the impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods. |
Coronavirus Outbreak The
COVID-19 outbreak will continue to have a negative impact on our operations, supply chain, transportation networks and customers. The impact on our business and the results of operations included temporary closure of our operating locations, or those of our customers or suppliers, among others. In addition, the ability of our employees and our suppliers’ and customers’ employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper our production throughout the supply chain and constrict sales channels. The extent of these factors are uncertain and cannot be predicted. Our consolidated financial statements reflect estimates and assumptions made by management as of January 1, 2022. Events and changes in circumstances arising after January 1, 2022, including those resulting from the impacts of COVID-19 pandemic, will be reflected in management’s estimates for future periods. |
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Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. |
Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an “Emerging Growth Company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to adopt the new or revised standard at the same time periods as private companies. |
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Shipping and Handling (Revenue & Cost of Sales) | Shipping and Handling (Revenue & Cost of Sales) The Company records all amounts billed to customers in sales transactions related to shipping and handling as revenue earned for the goods provided. Shipping and handling costs are included in cost of sales. Shipping and handling costs were approximately $9,934 and $7,104 for the three months ended April 2, 2022 and March 27, 2021, respectively. |
Shipping and Handling (Revenue & Cost of Sales) The Company records all amounts billed to customers in sales transactions related to shipping and handling as revenue earned for the goods provided. Shipping and handling costs are included in cost of sales. Shipping and handling costs were approximately $35,241 , $24,061 and $26,285 for the years ended January 1, 2022, December 26, 2020 and December 28, 2019, respectively. |
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At January 1, 2022 and December 26, 2020, cash equivalents consisted primarily of money market accounts. At January 1, 2022 and December 26, 2020, the Company’s domestic cash accounts exceeded federally insured limits by approximately $10,226 and $28,102 , respectively. At January 1, 2022 and December 26, 2020, cash balances of approximately $4,832 and $8,366, respectively, were held outside of the United States of America. At January 1, 2022 and December 26, 2020, the Company’s foreign accounts exceeded foreign insured limits by approximately $2,272 and $6,329, respectively. |
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Inventories | Inventories Inventories are measured using the
first-in, first-out (FIFO) method. Labor and overhead costs associated with inventory produced by the Company are capitalized. Inventories are stated at the lower of cost or net realizable value as of April 2, 2022 and January 1, 2022. The Company has recorded a reserve for inventory obsolescence as of April 2, 2022 and January 1, 2022, of approximately $1,308 and $1,295, respectively. |
Inventories Inventories are measured using the
first-in, first-out (FIFO) method. Labor and overhead costs associated with inventory produced by the Company are capitalized. Inventories are stated at the lower of cost or net realizable value as of January 1, 2022 and December 26, 2020, The Company has recorded a reserve for inventory obsolescence as of January 1, 2022 and December 26, 2020 of approximately $1,295 and $1,964, respectively. |
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Property and Equipment | Property and Equipment Property and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Property and equipment otherwise acquired are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred. The estimated useful lives for each major depreciable classification of property and equipment are as follows
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Property and Equipment Property and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Property and equipment otherwise acquired are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred. The estimated useful lives for each major depreciable classification of property and equipment are as follows
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Allowance for Credit Losses | Allowance for Credit Losses On January 2, 2022, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“CECL”), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. Refer to Recently Adopted Accounting Pronouncements The Company gathered information about its current bad debt reserve and write-off practices and loss methodology, in-scope assets, historical credit losses, proposed pooling approach and expected changes to business practices under CECL. Accounts receivables are stated at estimated net realizable value from the sale of products and services to established customers. The Company determined that pooling accounts receivable by business units was the most appropriate because of the similarity of risk characteristics within each line such as customers and services offered. Historical losses and customer-specific reserve information that are used to calculate the historical loss rates are available for each business unit. During the pooling process, the Company identified two distinct customer types: commercial and self-storage. As these customer types have different risk characteristics, the Company concludes to pool the financial assets at this level within each business unit. Commercial customers typically are customers contracting with the Company on short-term projects with smaller credit limits and overall, smaller project sizes. Due to the short-term nature and smaller scale of these types of projects, the Company expects minimal write-offs of its receivables at the Commercial pool. Self-storage projects typically involve general contractors and make up the largest portion of the Company’s accounts receivable balance. These projects are usually longer-term construction projects and billed over the course of construction. Credit limits are larger for these projects given the overall project size and duration. Due to the longer-term nature and larger scale of these types of projects, the Company expects a potential for more write-offs of its receivable balances within the Self-Storage pool. The Company reviewed methods provided by the guidance and determined the loss-rate method to be used in the CECL analysis for trade receivables and contract assets. This loss-rate method was selected as there is reliable historical information available by business unit, and this historical information was determined to be representative of the Company’s current customers, products, services, and billing practices. The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows:
(1) On January 2, 2022, the Company adopted the provisions of ASU
2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. |
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Other Current Assets | Other Current Assets Other current assets as of April 2, 2022 and January 1, 2022 of $2,922 and $4,057, respectively, consists primarily of other receivables and net VAT taxes. |
Other Current Assets Other current assets as of January 1, 2022 consists primarily of other receivables and net VAT taxes of $3,906. As of December 26, 2020, other current assets consists primarily of other receivables, net VAT taxes and deferred transaction costs associated with the Business Combination with Juniper of $3,444. |
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Deferred Finance Fees | Deferred Finance Fees Deferred financing fees consist of loan costs, which are being amortized on the effective interest method over the life of the related debt. During the year ended January 1, 2022, the Company incurred approximately $4,321 in deferred finance fees in connection with the June, 2021 debt transaction. There were no additional deferred finance fees capitalized for the year ended December 26, 2020. During the year ended December 28, 2019, the Company incurred approximately $5,516 in deferred finance fees in connection with the March 1, 2019 and August 9, 2019 debt transactions. Debt issuances are more fully described in Note 8 Line of Credit and Note 9 Long-Term Debt. |
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Fair Value Measurement | Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:
The fair value of the Company’s debt approximates its carrying amount as of April 2, 2022 and January 1, 2022 due to its variable interest rate that is tied to the current London Interbank Offered Rate (“LIBOR”) rate plus an applicable margin and consistency in our credit rating. To estimate the fair value of the Company’s long term debt, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that falls within Level 2 of the Fair Value hierarchy. |
Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:
The fair value of the Company’s debt approximates its carrying amount as of January 1, 2022 and December 26, 2020 due to its variable interest rate that is tied to the current London Interbank Offered Rate (“LIBOR”) rate plus an applicable margin and consistency in our credit rating. To estimate the fair value of the Company’s long term debt, the Company utilized fair value based risk measurements that are indirectly observable, such as credit risk that falls within Level 2 of the Fair Value hierarchy. For the year ended January 1, 2022, the public warrants were valued at market price. The fair value of the private warrants contains significant unobservable inputs including the expected term and volatility. Therefore, the private warrant liabilities were evaluated to be a Level 3 fair value measurement. The fair value of private warrants is estimated using a Binomial Lattice in a risk-neutral framework. Specifically, the future stock price of the Company is modeled assuming a Geometric Brownian Motion (GBM) in a risk-neutral framework. For each modeled future price, the warrant payoff is calculated based on the contractual terms, and then discounted at the term-matched risk-free rate. Finally, the fair value of the private warrants was calculated as the probability-weighted present value over all future modeled payoffs. The following assumptions were used for the valuation of the private warrants:
The change in the fair value of warrant liabilities is as follows:
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Warrant Liability | Warrant Liability The Company classifies Private Placement Warrants (defined and discussed in Note 13 - paid-in capital. On October 13, 2021, Janus announced that it would redeem all of its outstanding Private and Public warrants to purchase shares of Janus’s common stock that were issued pursuant to the Warrant Agreement, dated as of June 7, 2021 by and between Janus and Continental Stock Transfer & Trust Company (the “Warrant Agent”) and the Warrant Agreement, dated as of July 15, 2021, by and between Janus and the Warrant Agent, for a redemption price of $0.10 per Warrant (the “Redemption Price”), that remain outstanding at 5:00 p.m. New York City time on November 1
2 paid-in capital. |
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Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for Emerging Growth Companies in fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) which deferred the effective date for ASC 842, Leases, for one year. The leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted the leasing standard effective January 2, 2022 and has elected to adopt the new standard at the adoption date using the modified retrospective method and recognized a cumulative-effect adjustment to accumulated deficit in the amount of $557. Under this approach, we will continue to report comparative period financial information under ASC 840. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. We also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As part of this adoption, we have implemented internal controls and key system functionality to enable the preparation of financial information. The adoption of the standard resulted in recording right-of-use right-of-use right-of-use In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Company has adopted this standard effective January 2, 2022. The standard had no impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective and may be applied beginning March 12, 2020, and will apply through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. The Company is currently evaluating the impact this adoption will have on Janus’s consolidated financial statements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company does not expect a significant impact of the standard on the consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Group’s consolidated financial position or results of operations. |
Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board “(FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. The Company is currently evaluating the impact of this standard to the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for Emerging Growth Companies in fiscal years beginning after December 15, 2021. with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the adoption of .ASU 2017-04 on the consolidated financial statements and does not expect a significant impact of the standard on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective and may be apphed beginning March 12, 2020, and will apply through December 31, 2022. Janus iscurrently evaluating the impact this adoption will have on Janus’s consolidated financial statements. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the LIBOR, or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) which deferred the effective date for ASC 842, Leases, for one year. The leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption would continue to be allowed. The Company is evaluating the impact the standard will have on the consolidated financial statements: however, the standard is expected to have a material impact on the consolidated financial statements due to the recognition of additional assets and liabilities for operating leases. The Company expects the impact for Topic 842 to be additional right of use assets between 541.0 million and 543.0 million with a corresponding lease liability for similar amounts. The Company does not expect any material impact to our consolidate statements of operations and comprehensive income and cash flows. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies die accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. Janus is currently evaluating the impact of this standard on Janus’s consolidated financial statements . In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718). and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Group does not expect adoption of the new guidance to have a significant impact on the consolidated financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | The estimated useful lives for each major depreciable classification of property and equipment are as follows
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The estimated useful lives for each major depreciable classification of property and equipment are as follows
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Schedule of Valuation Techniques | The following assumptions were used for the valuation of the private warrants:
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Schedule of Change in Fair Value | The change in the fair value of warrant liabilities is as follows:
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Schedule of Allowance for Credit Loss | The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows:
(1) On January 2, 2022, the Company adopted the provisions of ASU
2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL. |
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Accounting Standards Update and Change in Accounting Principle | The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366.
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | The major components of inventories as of April 2, 2022 and January 1, 2022 are as follows:
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The major components of inventories are detailed below at:
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Property, Plant, and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property, equipment, and other fixed assets as of April 2, 2022 and January 1, 2022 are as follows:
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Property, equipment, and other fixed assets as of January 1, 2022 and December 26, 2020 are as follows:
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Acquired Intangible Assets and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | The carrying basis and accumulated amortization of recognized intangible assets at April 2, 2022 and January 1, 2022, are as follows:
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The carrying basis and accumulated amortization of recognized intangible assets at January 1, 2022 and December 26, 2020 are as follows:
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Schedule of Goodwill | The changes in the carrying amounts of goodwill for the period ended April 2, 2022 were as follows:
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The changes in the carrying amounts of goodwill for the periods ended January 1, 2022 and December 26, 2020 were as follows:
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Accrued Expenses (Tables) |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses are summarized as follows:
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Accrued expenses are summarized as follows:
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Long-Term Debt (Tables) |
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following:
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Long-term debt consists of the following:
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Schedule of Maturities of Long-term Debt | Aggregate annual maturities of long-term debt at April 2, 2022, are:
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Aggregate annual maturities of long-term debt at January 1, 2022, are:
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Business Combinations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following tables summarize the fair values of consideration transferred and the fair values of identified assets acquired, and liabilities assumed at the date of acquisition:
The following table summarizes the consideration paid for SSA and the amounts of the assets acquired and liabilities assumed at the acquisition date.
The following table summarizes the consideration paid for BETCO and the amounts of the assets acquired and liabilities assumed at the acquisition date.
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Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
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Schedule of Pro Forma Information | The amounts of revenue and net income of ACT included in the results from the transaction date of August 31, 2021 through January 1, 2022 are as follows:
The amounts of revenue and net loss of BETCO included in the results from the transaction date of March 1, 2019 through December 28, 2019 are as follows:
The following unaudited pro forma information has been prepared as if the BETCO acquisition had taken place on January 1, 2019. The Company prepared the table based on certain estimates and assumptions. These estimates and assumptions were made solely for the purposes of developing such unaudited pro forma information and have not been adjusted to provide period over period comparability.
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Equity Incentive Plan and Unit Option Plan (Tables) |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Unit Activity | The following table summarizes all restricted stock unit activity:
Total compensation expense related to the above awards was approximately $600 for the three months ended April 2, 2022. |
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Stockholders' Equity (Tables) |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | The table below represents the approximate common stock holdings of Group immediately following the Business Combination.
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The table below represents the approximate common stock holdings of Group immediately following the Business Combination.
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Revenue Recognition (Tables) |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | Contract balances as of April 2, 2022 were as follows:
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Contract assets are disclosed as costs and estimated earnings in excess of billings on uncompleted contracts, and contract liabilities are disclosed as billings in excess of costs and estimated earnings on uncompleted contracts in the consolidated balance sheet. Contract balances as of January 1, 2022 were as follows:
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Disaggregation of Revenue | The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three months ended April 2, 2022 and March 27, 2021: Revenue by Timing of Revenue Recognition
Revenue by Sales Channel Revenue Recognition
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The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the years ended January 1, 2022, December 26, 2020 and December 28, 2019: Revenue by Timing of Revenue Recognition
Revenue by Sale Channel Revenue Recognition
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Operating Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Leases | The Company is party to various leases all of which are illustrated in the table below:
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Schedule of Future Minimum Lease Payments | Future minimum lease payments under these noncancellable operating leases are as follows:
|
Leases - Sale-Leasebacks (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sale Leaseback Transactions | The future minimum lease payments related to the sale-lease are summarized in the following table:
|
Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summmary of Balance Sheet Information | The components of ROU assets and lease liabilities were as follows:
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Summary of Lease Cost | The components of lease expense were as follows:
Other information related to leases was as follows:
|
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Schedule of Operating Lease Maturity | As of April 2, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Lease Maturity | As of April 2, 2022, minimum repayments of long-term debt under financing leases were as follows:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | For the years ended January 1, 2022, December 26, 2020, and December 28, 2019, income (loss) from continuing operations before taxes consist of the following:
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Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to income from continuing operations consists of:
|
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Schedule of Effective Income Tax Rate Reconciliation | Income tax expense (benefit) attributable to income from continuing operations was approximately $6,481 , $2,114 and $636 for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, respectively, and differed from the amounts computed by applying the partnership’s U.S. federal income tax rate of zero for the year ended December 26, 2020 and for the partial period up to the Business Combination date of June 7, 2021, presented to pretax income from continuing operations as a result of the following:
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Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 1, 2022 and December 26, 2020 are presented below:
|
Net Income Per Share (Tables) |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three months ended April 2, 2022 and March 27, 2021 (in thousands except share data):
|
The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the years ended January 1, 2022, December 26, 2020 and December 28, 2019:
|
Segments Information (Tables) |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 |
Jan. 01, 2022 |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized financial information for the Company’s segments is shown in the following tables:
|
Summarized financial information for the Company’s segments is shown in the following tables:
|
Summary of Significant Accounting Policies - Property and Equipment (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Apr. 02, 2022 |
Jan. 01, 2022 |
|
Manufacturing machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 3 years | 3 years |
Manufacturing machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 7 years | 7 years |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 3 years | 3 years |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 7 years | 7 years |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 3 years | 3 years |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 10 years | 10 years |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 3 years | 3 years |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 20 years | 20 years |
Summary of Significant Accounting Policies - Valuation Techniques (Details) |
Jan. 01, 2022
yr
|
---|---|
Warrant term (yrs.) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant measurement input | 4.7 |
Volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant measurement input | 30,400 |
Risk-free rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant measurement input | 910 |
Dividend yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant measurement input | 0 |
Summary of Significant Accounting Policies - Change in Fair Value (Details) - Warrant $ in Thousands |
7 Months Ended |
---|---|
Jan. 01, 2022
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 37,149 |
Conversion of Private warrants to Public warrants | (11,091) |
Redeemed/exercised warrants | (31,976) |
Change in fair value of warrants | 5,918 |
Ending balance | $ 0 |
Summary Of Significant Accounting Policies - Allowance For Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 5,449 | $ 4,485 |
Recoveries | 0 | |
Write-offs | (1,017) | 0 |
Provision (Reversal) | 975 | (597) |
Ending balance | 5,773 | $ 3,888 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 366 |
Inventories (Details) - USD ($) $ in Thousands |
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Raw materials | $ 46,195 | $ 41,834 | $ 17,432 |
Work-in-process | 772 | 671 | 637 |
Finished goods | 17,259 | 14,091 | 7,213 |
Total | $ 64,226 | $ 56,596 | $ 25,282 |
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | $ 64,386 | $ 61,646 | $ 45,190 | ||
Less accumulated depreciation | (21,802) | (20,039) | (14,219) | ||
Total property and equipment | 42,584 | 41,607 | 30,971 | ||
Depreciation Expense | 1,857 | $ 1,473 | 6,450 | 5,985 | $ 4,812 |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 4,501 | 4,501 | 3,361 | ||
Manufacturing machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 36,099 | 35,688 | 26,447 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 4,873 | 4,599 | 5,127 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 4,974 | 3,571 | 2,170 | ||
Other | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | $ 13,939 | $ 13,287 | $ 8,084 |
Acquired Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Goodwill [Roll Forward] | |||
Beginning balance | $ 369,286 | $ 259,423 | $ 256,227 |
Goodwill acquired during the period | 110,240 | 2,607 | |
Changes due to foreign currency fluctuations | (7) | (376) | 589 |
Ending balance | $ 369,279 | $ 369,286 | $ 259,423 |
Investment in Joint Venture (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Undistributed (losses) earnings | $ 22 | $ 40 | $ (151) | $ 61 | $ 89 |
Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 45.00% | 45.00% | |||
Contributed capital | $ 637 | ||||
Carrying amount | 851 | 1,002 | |||
Undistributed (losses) earnings | $ (151) | $ 61 | $ 89 |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
---|---|---|---|
Payables and Accruals [Abstract] | |||
Sales tax payable | $ 4,376 | $ 3,606 | $ 1,325 |
Interest payable | 5,189 | 2,741 | 4,833 |
Contingent consideration payable - short term | 0 | 4,000 | |
Other accrued liabilities | 1,082 | 1,766 | 5,511 |
Employee compensation | 12,300 | 13,857 | 6,703 |
Customer deposits and allowances | 25,729 | 24,555 | 10,781 |
Income taxes | 6,797 | 810 | 949 |
Short term lease liabilities | 4,762 | 0 | |
Other | 5,632 | 6,777 | 3,064 |
Total | $ 65,867 | $ 54,111 | 37,165 |
Deferred transaction costs | $ 3,337 |
Line of Credit (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Aug. 31, 2021 |
Aug. 31, 2021 |
Apr. 02, 2022 |
Jan. 01, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
Feb. 12, 2018 |
|
Line of Credit Facility [Line Items] | ||||||||
Deferred finance fees | $ 4,321,000 | $ 4,321,000 | $ 0 | $ 5,516,000 | ||||
Unamortized loan costs | $ 9,743,000 | 10,594,000 | 10,594,000 | 12,110,000 | ||||
Debt outstanding | 0 | 6,369,000 | 6,369,000 | $ 0 | ||||
Revolving Credit Facility | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Borrowing capacity | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | $ 50,000,000 | ||
Interest rate | 3.80% | 3.50% | 3.50% | 3.50% | ||||
Amendment fees | $ 425,000 | $ 425,000 | ||||||
Deferred finance fees | $ 1,483,000 | $ 1,483,000 | $ 1,483,000 | |||||
Unamortized loan costs | 586,000 | 648,000 | 648,000 | $ 448,000 | ||||
Debt outstanding | $ 0 | $ 6,369,000 | $ 6,369,000 | $ 0 |
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Jul. 21, 2020 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Gross long-term debt | $ 720,980 | $ 722,379 | $ 636,238 | |
Less unamortized deferred finance fees | 9,743 | 10,594 | 12,110 | |
Less current maturities | 8,215 | 8,067 | 6,523 | |
Total long-term debt | 703,022 | 703,718 | 617,604 | |
Financing Leases [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 617 | 0 | ||
Notes Payable | Note payable - First Lien | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 0 | 562,363 | $ 573,000 | |
Less unamortized deferred finance fees | 10,304 | |||
Notes Payable | Note payable - First Lien B2 | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 0 | 73,875 | ||
Less unamortized deferred finance fees | 1,806 | |||
Notes Payable | Note payable - Amendment No. 4 First Lien | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 720,363 | 722,379 | $ 0 | |
Less unamortized deferred finance fees | $ 9,743 | $ 10,594 |
Long-Term Debt - Maturities of Debt (Details) - USD ($) $ in Thousands |
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
---|---|---|---|
Debt Disclosure [Abstract] | |||
2022 | $ 6,170 | $ 8,067 | |
2023 | 8,226 | 8,067 | |
2024 | 6,209 | 6,051 | |
2025 | 700,353 | 700,194 | |
2026 | 22 | 0 | |
Total | $ 720,980 | $ 722,379 | $ 636,238 |
Business Combinations - Pro Forma (Details) - USD ($) $ in Thousands |
4 Months Ended | 10 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 01, 2022 |
Jan. 01, 2022 |
Dec. 28, 2019 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Access Control Technologies, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Revenue | $ 3,572 | |||||
Net Income (Loss) | $ (869) | |||||
DBCI, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Revenue | $ 33,037 | |||||
Net Income (Loss) | $ 2,820 | |||||
Revenue | $ 809,647 | $ 637,239 | ||||
Net Income (Loss) | $ 44,574 | $ 59,232 | ||||
BETCO Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Revenue | $ 50,468 | $ 574,284 | ||||
Net Income (Loss) | $ (464) | $ 35,777 |
Profit Sharing Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Retirement Benefits [Abstract] | |||
Contribution cost | $ 1,092 | $ 901 | $ 867 |
Equity Incentive Plan and Unit Option Plan - Rollforward (Details) - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Apr. 02, 2022 |
Jan. 01, 2022 |
|
RSUs | ||
Vested and payable (in shares) | 0 | |
Weighted-Average Grant Date Fair Value | ||
Granted (in dollars per share) | $ 0 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | $ 0 | |
Vested and payable (in dollars per share) | $ 0 | |
RSUs | ||
RSUs | ||
Beginning balance (in shares) | 275,370 | 0 |
Granted (in shares) | 0 | 275,370 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | (4,198) | 0 |
Ending balance (in shares) | 271,172 | 275,370 |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in dollars per share) | $ 11.91 | $ 0 |
Granted (in dollars per share) | 11.91 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 0 | |
Ending balance (in dollars per share) | $ 11.91 | $ 11.91 |
Equity Incentive Plan and Unit Option Plan - Additional Information (Details) - RSUs - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 15, 2018 |
Apr. 02, 2022 |
Jan. 01, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | 275,370 | |
Award vesting period | 4 years | ||
Total compensation expense | $ 600 | $ 66 | |
Unrecognized compensation expense | $ 2,600 | $ 3,200 | |
Unrecognized compensation period | 3 years 3 months 14 days | 3 years 2 months 26 days | |
Common B Unit Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 2,100 | ||
Accelerated vesting (in shares) | 16,079 | ||
Common B Unit Incentive Plan | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accelerated vesting (in shares) | 4,012,873 |
Stockholders' Equity - Common Stock Holdings (Details) - shares |
Apr. 02, 2022 |
Jan. 01, 2022 |
Jun. 07, 2021 |
Dec. 26, 2020 |
---|---|---|---|---|
Class of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | 146,561,717 | 146,561,717 | 138,384,250 | 66,145,633 |
Common stock, shares outstanding, percent | 100.00% | |||
Janus Midco, LLC Unitholders | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | 70,270,400 | |||
Common stock, shares outstanding, percent | 50.80% | |||
Public Stockholders | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | 43,113,850 | |||
Common stock, shares outstanding, percent | 31.20% | |||
PIPE Investors | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | 25,000,000 | |||
Common stock, shares outstanding, percent | 18.00% |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Revenue from Contract with Customer [Abstract] | ||||
Contract assets | $ 30,286 | $ 23,121 | $ 11,399 | $ 11,324 |
Contract liabilities | 28,053 | 23,207 | $ 21,525 | $ 22,444 |
Revenue recognized | 12,455 | 19,338 | ||
Unsatisfied performance obligations | $ 17,301 | $ 21,020 |
Operating Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands |
Jan. 01, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
2022 | $ 6,972 |
2023 | 6,225 |
2024 | 5,285 |
2025 | 4,882 |
2026 | 4,128 |
Thereafter | 19,901 |
Total | $ 47,393 |
Leases - Sale-Leasebacks (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Apr. 02, 2022
USD ($)
|
Mar. 27, 2021
USD ($)
|
Jan. 01, 2022
USD ($)
renewal_option
|
Dec. 26, 2020
USD ($)
|
Dec. 28, 2019
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Sale Leaseback Transaction [Line Items] | |||||||
Purchase of facility | $ 2,880 | $ 2,363 | $ 19,866 | $ 6,338 | $ 8,843 | ||
2022 | 779 | ||||||
2023 | 795 | ||||||
2024 | 810 | ||||||
2025 | 827 | ||||||
2026 | 843 | ||||||
Thereafter | 9,419 | ||||||
Total | $ 13,473 | ||||||
Production, Warehousing and Distribution Facility | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Purchase of facility | $ 9,200 | ||||||
Payment for improvements | $ 400 | ||||||
Term of lease | 15 years | ||||||
Number of renewal options | renewal_option | 2 | ||||||
Renewal term | 10 years | ||||||
Amount of leaseback | $ 9,600 |
Leases - Summary of Lease Cost (Detail) $ in Thousands |
Apr. 02, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
Operating lease cost | $ 1,986 |
Short-term lease cost | 60 |
Financial lease cost, Amortization of right-of-use assets | 17 |
Financial lease cost, Interest on lease liabilities | 3 |
Total lease cost | $ 2,066 |
Operating Lease, Weighted Average Remaining Lease Term | 10 years |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate | 6.50% |
Finance Lease, Weighted Average Discount Rate | 5.00% |
Leases - Schedule of Operating Lease Maturity (Detail) $ in Thousands |
Apr. 02, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
2022 | $ 5,577 |
2023 | 6,957 |
2024 | 6,068 |
2025 | 5,680 |
2026 | 5,265 |
Later years | 30,961 |
Total future lease payments | 60,508 |
Less imputed interest | (17,505) |
Present value of future lease payments | $ 43,003 |
Leases - Schedule of Finance Lease Maturity (Detail) $ in Thousands |
Apr. 02, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
2022 | $ 130 |
2023 | 174 |
2024 | 174 |
2025 | 174 |
2026 | 25 |
Later years | 0 |
Total future lease payments | 677 |
Less imputed interest | (60) |
Present value of future lease payments | $ 617 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Examination [Line Items] | |||||
Income tax provision | $ 6,607 | $ (155) | $ 6,481 | $ 2,114 | $ 636 |
Pre-tax income | $ 26,311 | $ 14,564 | $ 50,283 | $ 58,951 | $ 40,035 |
Effective income tax rate | 25.10% | (1.10%) | 12.90% | 3.60% | 1.60% |
Tax rate | 21.00% | ||||
Current tax benefit | $ (1,632) | $ (1,765) | $ (1,324) | ||
Joint Venture [Member] | |||||
Income Tax Examination [Line Items] | |||||
Ownership percentage | 45.00% | 45.00% | |||
Domestic Tax Authority | |||||
Income Tax Examination [Line Items] | |||||
Current tax benefit | $ 6,901 | ||||
Net operating loss carryforwards | 0 | 6,901 | |||
State and Local Jurisdiction | |||||
Income Tax Examination [Line Items] | |||||
Net operating loss carryforwards | 5,382 | 4,961 | |||
Net operating loss carryforwards, subject to expiration | 2,018 | $ 1,950 | |||
Net operating loss valuation allowance | $ 256 |
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
US operations | $ 54,067 | $ 56,019 | $ 35,179 | ||
Foreign operations | (3,784) | 2,932 | 4,856 | ||
INCOME BEFORE TAXES | $ 26,311 | $ 14,564 | $ 50,283 | $ 58,951 | 40,035 |
Previously Reported [Member] | |||||
INCOME BEFORE TAXES | $ 40,035 |
Income Taxes - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Current | |||||
Federal | $ 629 | $ (2) | $ (223) | ||
State and local | 1,529 | 612 | 313 | ||
Foreign jurisdiction | (526) | 1,155 | 1,234 | ||
Current | 1,632 | 1,765 | 1,324 | ||
Deferred | |||||
U.S. federal | 4,376 | 823 | (569) | ||
State and local | 10 | (473) | (194) | ||
Foreign jurisdiction | 463 | (1) | 73 | ||
Deferred | $ 0 | $ (768) | 4,849 | 349 | (689) |
Deferred | (690) | ||||
Total | 5,005 | 821 | (791) | ||
Total | 1,539 | 139 | 120 | ||
Total | (63) | 1,154 | 1,307 | ||
Income tax (benefit) expense | $ 6,607 | $ (155) | $ 6,481 | $ 2,114 | $ 636 |
Income Taxes - Differences in Statutory Rate and Effective Rate (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||||
Income From Operations | $ 26,311 | $ 14,564 | $ 50,283 | $ 58,951 | $ 40,035 |
Computed "expected" tax expense | $ 10,559 | $ 0 | $ 0 | ||
Statutory rate differential | (5606.00%) | 1281.00% | 13.00% | ||
Permanent difference | $ 1,776 | $ 697 | $ 364 | ||
State income taxes, net of federal benefit | 1,284 | 519 | 154 | ||
Change in tax rates | (1,342) | (421) | 172 | ||
Change in estimate | 175 | (146) | (152) | ||
Change in valuation allowance | (938) | 0 | 0 | ||
Other, net | 573 | 184 | 85 | ||
Income tax (benefit) expense | $ 6,481 | $ 2,114 | $ 636 |
Income Taxes - Components of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Dec. 26, 2020 |
---|---|---|
Deferred tax assets | ||
Allowance for doubtful accounts | $ 101 | $ 15 |
Other accrued expenses | 863 | 222 |
Inventories | 210 | 66 |
Leases | 3 | 9 |
Tax incentives | 113 | 0 |
Intangibles | 61,465 | 0 |
Net operating loss carryforward | 1,095 | 1,670 |
Other | 17 | 83 |
Total gross deferred tax assets | 63,867 | 2,065 |
Less: valuation allowance | (256) | 0 |
Net deferred tax assets | 63,611 | 2,065 |
Deferred tax liabilities | ||
Intangibles | 0 | (15,200) |
Property and equipment | (4,360) | (2,134) |
Prepaids | (816) | 0 |
Other | (269) | 0 |
Total gross deferred liabilities | (5,445) | (17,334) |
Net deferred tax asset (liability) | $ (15,269) | |
Net deferred tax asset (liability) | $ 58,166 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022 |
Mar. 27, 2021 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Earnings Per Share [Abstract] | |||||
Net income attributable to common stockholders | $ 19,704 | $ 14,719 | $ 43,801 | $ 56,837 | $ 39,399 |
Weighted average number of shares: | |||||
Basic (in shares) | 146,561,717 | 66,145,633 | 107,875,018 | 65,843,575 | 65,271,283 |
Adjustment for Warrants - Treasury stock method (in shares) | 1,102,793 | 0 | 0 | ||
Adjustment for Restricted Stock Units (in shares) | 271,172 | 0 | |||
Diluted (in shares) | 146,832,889 | 66,145,633 | 108,977,811 | 65,843,575 | 65,271,283 |
Basic net income per share attributable to common stockholders (in dollars per share) | $ 0.13 | $ 0.22 | $ 0.41 | $ 0.86 | $ 0.6 |
Diluted net income per share attributable to common stockholders (in dollars per share) | $ 0.13 | $ 0.22 | $ 0.4 | $ 0.86 | $ 0.6 |
Segments Information (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 02, 2022
USD ($)
segment
|
Mar. 27, 2021
USD ($)
|
Jan. 01, 2022
USD ($)
segment
|
Dec. 26, 2020
USD ($)
|
Dec. 28, 2019
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | 2 | |||
Revenue | $ 229,520 | $ 152,824 | $ 750,150 | $ 548,973 | $ 565,292 |
Income From Operations | 35,115 | 24,249 | 92,400 | 94,521 | 86,660 |
Depreciation Expense | 1,857 | 1,473 | 6,450 | 5,985 | 4,812 |
Intangible amortization | 7,225 | 6,832 | 31,588 | 27,046 | 30,511 |
Capital Expenditures | 2,880 | 2,363 | 19,866 | 6,338 | |
Assets | 1,198,708 | 898,746 | 1,122,002 | 873,480 | |
Previously Reported [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Intangible amortization | 30,512 | ||||
Janus North America | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation Expense | 1,673 | 1,367 | 5,977 | 5,390 | 4,533 |
Intangible amortization | 6,886 | 6,414 | 30,081 | 25,661 | 29,415 |
Capital Expenditures | 2,553 | 1,419 | 16,170 | 6,002 | |
Assets | 1,134,286 | 843,686 | 1,063,563 | 820,261 | |
Janus International | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation Expense | 184 | 106 | 472 | 594 | 279 |
Intangible amortization | 339 | 418 | 1,507 | 1,385 | 1,097 |
Capital Expenditures | 327 | 944 | 3,696 | 336 | |
Assets | 64,422 | 55,060 | 58,439 | 53,219 | |
Operating Segments | Janus North America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 225,256 | 146,534 | 714,944 | 520,119 | 532,769 |
Income From Operations | 34,855 | 23,915 | 70,697 | 91,665 | 81,824 |
Operating Segments | Janus International | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 17,914 | 12,560 | 68,579 | 45,490 | 43,543 |
Income From Operations | 249 | 307 | 21,663 | 2,811 | 5,013 |
Intersegment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (13,650) | (6,270) | (33,373) | (16,636) | (11,020) |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (13,650) | (6,270) | (33,373) | (16,636) | (11,020) |
Income From Operations | $ 11 | $ 27 | $ 40 | $ 45 | $ (177) |
Significant Estimates and Concentrations (Details) - Insurance Claims - USD ($) $ in Thousands |
Apr. 02, 2022 |
Jan. 01, 2022 |
Dec. 26, 2020 |
---|---|---|---|
Workers' Compensation Insurance Program | |||
Loss Contingencies [Line Items] | |||
Claims in excess | $ 200 | $ 200 | $ 200 |
Estimate of possible loss | 467 | 383 | 391 |
Health Insurance Program | |||
Loss Contingencies [Line Items] | |||
Claims in excess | 250 | 250 | 250 |
Estimate of possible loss | $ 1,710 | $ 1,539 | $ 916 |
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