Janus International Group Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 10, 2023

There are 10 speakers on the call.

Operator

Hello, and welcome to Janus International Second Quarter 2023 Earnings Conference Call. Currently, all participants are in a listen only mode. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. John Rolling, Vice President of Investor Relations and FP and A.

Operator

Thank you. You may begin, Mr. Rolling.

Speaker 1

Thank you, operator, and thank you all for joining Our Q2 2023 earnings conference call. We hope that you have seen our earnings release issued this morning. Please note that we have also posted a presentation in As a reminder, today's conference call may include forward looking statements regarding the company's future plans and prospects. These statements are based on our current expectations, and we undertake no duty to update them. It is important to note that the company's actual results may differ materially from those anticipated.

Speaker 1

Factors that could cause actual results to differ from anticipated results Are contained in the company's latest earnings release and periodic filings with the Securities and Exchange Commission, and we encourage you to review those factors carefully. In addition, we will be discussing or providing Certain non GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margins, adjusted net income and adjusted EPS. Please see our earnings release and filings for a reconciliation of these non GAAP measures to their most directly comparable GAAP measures. I'm joined today by our Chief Executive Officer, Ramy Jackson, who will provide an overview of our business and give an operations update And our Chief Financial Officer, Anton Wong, who will continue with a discussion of our financial results and outlook before we open up the call for your questions. At this point, I'll turn the call over to Randy.

Speaker 2

Thank you, John, and good morning, everyone. The momentum we established to start the year accelerated in the Q2, resulting in record financial results that position us to Let's deliver another year of outstanding performance across the platform. Customer demand for our products and solutions continue to be robust As the long term bullish fundamentals we see across our end markets show resilience against an uncertain economic backdrop. Specifically, the demand from facility owners driven by high occupancy rates and fundamental shifts in their customers' behavior Continues on both the new construction and R3 side of the business. Our backlog and visibility into our end markets gives us the confidence to once again raise our outlook for the year and positions us to achieve our longer term goals For revenue growth and margin, I would like to thank all of our employees without whom our continued strong performance Success wouldn't be possible.

Speaker 2

Now turning to some specific thoughts around the quarter. Janus' record 2nd quarter operational Financial results included solid year over year gains in revenues, dramatic margin improvement, further deleveraging and solid cash generation. The fundamentals inherent throughout the industry that fuel investment decisions by our customers to add much needed capacity Are happening both through new construction and conversions and expansions. Our Nokia Smart Entry system had another strong quarter as we continue to ramp our capabilities and expand our market penetration. We ended 2nd quarter with approximately 230,000 total installed units, representing nearly 39% growth year to date.

Speaker 2

Our Smart Access solution headlined by Nokia represent the best our industry has to offer And we are excited by both the accelerating adoption of its use and the future it has in store. Now shifting to the financial highlights for the quarter. We delivered consolidated revenue of $270,600,000 an increase of approximately 9.2% as compared to the same period last year. This growth included particular strength in new construction up 33.9%, while R3 was up 7.6% and commercial and other was 9.3% lower. Our adjusted EBITDA of $74,000,000 came in approximately 46% higher than q222, which represents an adjusted EBITDA margin of 27.3%, an improvement of 6.80 basis points year over year.

Speaker 2

During the quarter, favorable mix, productivity initiatives and commercial actions more than offset higher costs we continue to experience in many parts of the business, particularly labor and logistics. Our company continues to generate strong cash flows, which Janssen will discuss in further detail shortly. Over the past 12 months through the end of Q2, our free cash flow conversion of adjusted net income was 100%. We expect cash conversion to remain solid over time, putting us in a strong position to focus on maintaining a robust balance sheet, Also maintaining the firepower to respond to value enhancing M and A opportunities as we identify them. Speaking of the balance sheet, our net leverage remains a key focus of our Board and our management team.

Speaker 2

I am extremely proud that we were able to reduce our net leverage this quarter by another 30 basis points, putting us at 2.1 times net debt to trailing 12 month adjusted EBITDA at quarter end and comfortably within our target range of 2 to 3 times. Before I hand it over to Anselm, I'd like to talk about our progress towards our longer term objective Laid out in our Q4 2022 earnings call. We are on pace to achieve all these targets by expanding our industry leading position in our end Growing Nokia adoption with our self storage customers, driving efficiencies across the platform and when appropriate executing value accretive M and A. With respect to our stated longer term goals, our top line growth For the first half of this year, it puts us on track to achieve our full year target range of 4% to 6% organic revenue growth. Our EBITDA margins for the quarter in the first half of twenty twenty three positions us well towards achieving our longer term target range of 25% to 7%.

Speaker 2

Our strong conversion of adjusted net income to free cash flow in the first half of twenty twenty three sets us up to achieve our target conversion range of 75% to 100% for the full year. Our end markets remain strong and resilient. We continue to look at ways to leverage our leadership position to capture additional share and create long term value for all of our stakeholders. With that, I'll turn the call over to Anson for an overview of the financials and our updated outlook for the full year.

Speaker 3

Thanks, Raimi, and good morning, everyone. In the Q2, revenue of $270,600,000 was up 9.2% compared to the prior year quarter. New construction led the way and is up 33.9%, while R through is up 7.6% And commercial and other was 9.3% lower versus the prior year quarter. We continue to show a good mix of diversity and stability from our offering as evidenced by our revenue mix for the quarter, which continues to be well balanced across our 3 sales channels. Now diving deeper into the sales channels.

Speaker 3

Our overall strength in the quarter came primarily from new construction, which was up 33.9% year over year. This improvement was a result of the combined impact of commercial actions taken in 2021 early 2022 To offset inflationary pressures on many of our key inputs as well as volume growth. This quarter, we saw catch up spending by our customers who experienced permitting delays. Our R3 segment grew 7.6% in the quarter, bolstered by continued new capacity additions in the form of conversions and expansions And the positive impact of commercial action. The availability of idle brick and mortar retail is helping our customers focus on rapidly adding new capacity persistent demand, which continues to drive growth in our R3 offerings.

Speaker 3

Additionally, our customer continue to retrofit and upgrade their facilities In commercial and other, we came up against difficult comparisons to a particularly strong 2022 quarter, which resulted in a year over year decline of 9.3%. As we've discussed before, during the pandemic, we stopped up on steel, which allowed us to take advantage of quicker lead times And increase our market share at a faster pace than anticipated. As markets have begun to normalize, we have seen a shift in demand for certain product lines, We're at an all time high during the pandemic. Our products are used in a broad range of end markets, including hotels, warehouses, pharmacy, schools and many others. We see continued potential for increased share gains in commercial and other as well as margin improvement over time.

Speaker 3

Adjusted EBITDA of $74,000,000 was up 46% compared to the year ago quarter. The combination of solid demand, commercial actions and cost savings initiatives continues to help offset increases in labor as we work to scale the business for continued growth, including additional investments in our Nokia Smart Entry system. Adjusted EBITDA margin for the quarter was 27.3%, an increase of roughly 6.80 basis points from the year ago quarter. As a reminder, our margin profile for new construction in R3 is roughly similar, And these two sales channels produce higher margins than our commercial and other sales channel. The relative outperformance in new construction versus the decline in commercial in the quarter Drive overall higher margin.

Speaker 3

In addition, the quarter we saw particularly strong contributions from some of our highest margin work New construction and R3 due to the nature and timing of certain projects along with favorable product mix, we expect the revenue mix to revert to more normalized levels over time consistent with our long term margin outlook. For the Q2 2023, we've reduced adjusted net income of $37,200,000 which is up 54.9% from Q2 2022. Adjusted diluted earnings per share of $0.25 compares to $0.16 in the year ago quarter. We had another solid quarter of cash flow generation. 2nd quarter cash from operating activities was approximately $46,400,000 And free cash flow was approximately $42,800,000 driven by volume growth, productivity and working capital.

Speaker 3

This adds to our multiyear trend Strong conversion of adjusted net income to free cash flow, representing a trailing 12 month free cash flow conversion of 100% of adjusted net income. In the coming months, we have incremental growth CapEx in Europe and on the West Coast to expand production capacity to better serve our customers on lead times in the Sol for Brexit issues, providing additional cost savings and growth opportunities for the West Coast and in Europe. The strong first half results and outlook for the remainder of the year position us to deliver on our target of 75% to 100% free cash flow conversion for our long term guidance. We also continue to focus on initiatives to improve working capital and strengthen our metrics. From a balance sheet perspective, we ended the quarter with 650 $8,100,000 of total debt, dollars 110,700,000 of cash and equivalents and a net leverage of 2.1 times net debt to adjusted Trailing 12 months EBITDA, down from 2.8 times at the end of 2022 and 2.4 times at the end of the first quarter.

Speaker 3

Subsequent to quarter end, we paid down an additional $35,000,000 of debt, bringing our year to date pay down to 85,000,000 We refinanced our 1st lien term loan facility to $625,000,000 in a 7 year term. The refinance was strongly supported by a diverse syndicate of National Bank and the terms include a floating rate of SOFR plus 3.25 basis points along with the step down to 25 basis point contingent on the rating Upgrade. We also entered into a new $125,000,000 asset backed lending revolving credit facility, which was upside from the Existing $80,000,000 ABL revolving credit facility. This is reflective of the strength of the business and that the spread has not changed from the previous facility despite Titan of credit markets. Our performance demonstrates our ability to delever quickly and we remain focused on maintaining our leverage within our long term target range of 2 point 0 to 3.0 times.

Speaker 3

Now turning to our 2023 outlook. Based on our solid second quarter and year to date results, Continued strong backlog and current visibility of end markets. We are pleased to once again raise our full year 2023 outlook for revenue and adjusted EBITDA. We now expect revenue to be in the range of $1,070,000,000 to $1,090,000,000 a 5.9% increase at the midpoint compared to our full year 2022 results, driven primarily by a combination of commercial actions and volume related organic growth. We expect growth in 2023 to reflect the Strong underlying fundamentals we see across all three sales channels.

Speaker 3

We are raising our expectation for adjusted EBITDA to be in the range of 269,500,000 The $289,500,000 representing a 23.2% increase at the midpoint versus our full year 2022 results and a 25.9 percent EBITDA margin for the year. Overall, we expect our full year results reflect a solid year of margin improvement in our business as we pursue our long term objective to deliver healthy adjusted EBITDA margin in the range of 25% to 27% over the next several years. Thank you. I will now turn the call back to Rainey for closing remarks.

Speaker 2

Great. Thank you again, Anselm. The focused effort of our entire team and the strength in our end markets helped us deliver financial results for the quarter that once again exceeded our expectations. Our backlog and pipeline remains solid, a continued testament to the resiliency of our business model. We believe we are in the early innings of a strong multiyear demand environment, one that should continue to drive solid revenues, Robust EBITDA margins and strong cash flow generation, while all maintaining a fortress balance sheet that affords us a broad range of strategic options.

Speaker 2

I'd like to once again thank the entire Janus team for their unwavering focus and relentless execution as we continue

Operator

Thank you. We will now be conducting a question and answer session. Our first question comes from Jeff Hammond with KeyBanc Capital Markets. Please proceed with your question.

Speaker 4

Maybe just to start, can you just speak to qualitatively to how backlog is trending, what you're seeing from an order activity standpoint, Just given some of the more mixed results from some of the big self storage customers and it sounds like you had some catch up In new construction, so I'm just wondering how that impacted backlog. Thanks.

Speaker 2

Yes, great question. Look, I think, As you

Speaker 4

know Sorry about that. Go ahead.

Speaker 2

Sorry, Jeff. Yes, look, our top 10 accounts represent less than 15% of our total revenue. I think there was some decent print with our customers. They had a good quarter. As it relates to our Dashboard, everything looks great.

Speaker 2

Notwithstanding, like I mentioned in the opening, the Kind of economic backdrop, we're certainly conscientious of that and we're optimistic around kind of what we're seeing with our internal data. So You are correct. There was some kind of pent up demand from a permitting perspective and timing on new construction and same applies for our 3.

Speaker 4

Okay. And then, Commercial or if there was something else within that that drove the better margins? And maybe just speak to the normalization dynamic into the

Speaker 2

Yes, I'll start. But yes, so when we talk about product mix, Yes, less revenue in commercial. As you know, the margins are slightly dilutive. And then kind of our internal components Some of the new construction with the hallway systems and things of that nature tend to be higher margin. So that's really the product mix we speak of.

Speaker 2

Ansel, do you want to

Speaker 3

Yes, that's exactly right, Rami. So it's 2 mixes. It's that commercial mix of the total and then the product piece. We just had a really tremendous Quarter of products that are higher margin in the self storage side that should normalize a bit in the second half. Not a lot as you can see what we're Forecasting, but just a little because of that.

Speaker 4

Okay. Just last Leverage, great job delevering quickly here. You're kind of at the low end. Just wondering at what point you kind of turn the attention back to M and A or Consider buyback to take out some of the Clear Lake shares just given the strong free cash flow and where the leverage is? Thanks.

Speaker 2

Yes, I appreciate it. We've worked really hard. I think we've done a great job deleveraging. Can't really comment on the Clear Lake. Those are Certainly, it's not up to us.

Speaker 2

It's their shares, but I think you saw some movement last quarter. And as it relates to M and A, Jeff, you know the situation here, it's part of who we are. We'll continue to It's part of who we are. We'll continue to find assets that add value to the shareholder base. So again, when you look at the balance sheet, it gives us a lot of optionality into what triggers what levers we want to pull, so to speak.

Speaker 3

Yes, I agree with Rami. I think the big thing is we're definitely actively looking for targets that are accretive to the business and we're Proud of where we landed on the net leverage. But again, this company was built on a lot of M and A. So we want to make sure that we continue to find Partnering set are accretive for us.

Speaker 4

Okay. Thanks, guys.

Operator

Our next question comes from Brad Hewett with Wolfe Research. Please proceed with your question.

Speaker 5

Obviously, from a top line perspective, very strong results in new construction in Q2. Obviously, some catch up from Customers who had experienced permanent delays in prior quarters. How do you think about where we are in the cycle for new construction and the outlook for industry Square footage

Speaker 2

ads. Yes. I think when you look at our metrics internally, it shows a tremendous amount of strength in adding capacity. But we really don't dictate that, right? It can come kind of our 3 with We're still very optimistic there.

Speaker 2

I think when you look at the growth rates quarter to quarter, it's really around timing.

Speaker 5

Okay. That's helpful. And then maybe switching over to mix. Obviously, you mentioned that mix was Favorable in Q2 and is expected to normalize in the coming quarters. Would you be able to quantify the mix benefit that you saw in Q2?

Speaker 5

And then how should we think about the puts and takes driving kind of the implied deceleration in margins in the second half given the deflation we've seen Deal quarter to date.

Speaker 3

Yes. The way that we again, I wouldn't put a number, we haven't disclosed anything like that, but I just think about That high level mix between self storage and commercial, that will be kind of your easier way to kind of do a calculation. When that normalizes a bit more, you'll see kind of that piece. And That's why we said if you look at what we printed in Q2, it's not a really drastic change into the second half in terms of margin rate point of view. I think in terms of looking at kind of how it will play out for the rest of the year for the mix, I think it will normalize a little.

Speaker 3

And again, it's timely, like Remi said, We perform and we deliver to what our customers need from a time point of view. So it wouldn't surprise me if we had some time where the mix changed And stayed where it is here, but again, it's timing. We can't always predict exactly how they wanted us to deliver the solution for them.

Operator

Thank you. Our next question comes from Daniel Moore with CJS Securities. Please proceed with your question.

Speaker 6

Thank you. Good

Speaker 7

morning. Congrats on obviously great progress. Maybe just a little bit of color. The Customers in new construction, I think you mentioned a little bit in R32 that are experiencing some catch up. Do you expect that to spill into Q3 or is that largely customers largely been caught up from those prior permitting delays?

Speaker 2

No, I think the permitting issue is something that we'll have to deal with the rest of this year. I think you hear some of our listed customers speak to that issue. So I really don't Going away anytime soon. As it relates to new construction, you've heard us say in previous quarters that it's still strong As it relates to the prints that we have coming in that we call our pipeline and then our backlog as well.

Speaker 3

Yes. I think, Dan, just a reminder, if you look at what our obviously our REIT customers printed, they all still had occupancy rates in that low 90s, Which is again significantly higher than what the study say 85% is. So again, we still have to Build out to actually get that back down. But again, I know they had some comments about a bit of slowdown. But again, the data they provided, these shield all Pretty much in that low 90s range for occupancy rates this quarter.

Speaker 2

Yes. And one more comment there is, Most of our listed customers deal in the top MSAs. As you know, we're everywhere. We're in the Secondary markets, tertiary markets. So when you hear information from them quarter to quarter, it really stands those markets that

Speaker 6

Helpful.

Speaker 7

And Anselm, any color as or is there any discernible cadence that you in terms of operating margin Q3 versus Q4 embedded in the adjusted full year guide. And as we think about kind of that full year 2023 margin, is that a good jumping off point for fiscal 2024?

Speaker 3

Yes. I think that's kind of how I would lay it out the way you just said it there. It's a decent jumping off point the full year kind of look and then what is implied for the second half Right. I think again, what we'll see is that we'll see some normalization on what the mix of products they buy as well as commercial So I think what you see what we're implying in the forecast is pretty good for it to use.

Speaker 7

Nothing no discernible difference between the quarters and just kind of thinking about seasonality, if there is any?

Speaker 3

Yes. We don't disclose it, but I would say your assumption there is probably a valid one in terms of about there. I think there's as we said before in our business, the only quarter that has a bit Seasonality is Q1 because of January and all the other ones are a bit more consistent.

Speaker 7

Very good. And obviously, good to see penetration continue to Risa, Noki, any color as to what types of customers are Thanks again.

Speaker 2

Yes. Look, we're very proud of the growth. I think it's a testament of the investment that we've made To really shore up the back end, we're investing a lot there to continue to make it robust. In terms of the customer profile, what I'll say there is you'll see you're seeing customers expand their existing portfolio, you're seeing new customers come in. And I think it's really you've heard us talk about in the past, the pandemic put it at center stage, this type of access control, the smart access control.

Speaker 2

What we're seeing right now is the shortage of labor and the nuance around labor productivity is really forcing our customers to get smart on trying to minimize that. And so you're seeing acceleration on interest and not only interest, but Sales because of that issue.

Speaker 7

Very helpful. Appreciate the color again.

Speaker 2

Thanks, Dan. Thanks, Dan.

Operator

Thank you. Our next question comes from Reuben Garner with Benchmark Company. Please proceed with your question.

Speaker 8

Thank you. Good morning, everybody.

Speaker 3

Good morning, Ben.

Speaker 8

So I hate to beat on the same drum as others, but a couple of clarifying questions here. The mix impact, specifically the commercial versus the self storage space, is that Specifically, a gross margin comment, meaning the gross margins are higher in the self storage And commercial and they kind of net out to the same place from EBITDA or operating standpoint or are the margins in storage now higher altogether.

Speaker 2

No, it's the

Speaker 3

first that we said, the gross margin for commercial has always been slightly lower than self storage, Leading to the EBITDA margin to be slightly lower. I think it's always been there. I think it's improved, but it's always been

Speaker 2

lower. Yes. It's just a follow-up there. It certainly has been improving and will continue to improve. It's more of a product sale on that commercial segment, Ruben.

Speaker 2

On the self storage, you have the value added Proposition that we have with detailing design and installation, to show enhanced margins on the self storage side.

Speaker 8

Okay. And then the R3 deceleration on guest and growth, Is that kind of a one off? Was the deceleration on the I know the conversions, which is technically new square Within that R3 base, was it just the mix between conversions and new construction was Different this quarter and the growth rates will kind of revert to more normalized as the year goes along?

Speaker 2

Yes, I think they will. I think you'll see normalization there. And more than anything this quarter, it's timing, right? We don't like Ansel mentioned, we don't really dictate in terms of when Sites are ready, but we have no concern with the growth in R3, I think. We talk about our listed customers.

Speaker 2

They're all talking about picking up the spin regardless if it's remix or CapEx and the redevelopment and things of that nature. So we're still very bullish on the R3 secondtor.

Speaker 8

Okay. I'm going to sneak one more in if I can. So, going kind of beyond this year, G and A, is that where the most opportunity for kind of leverage and margin Expansion would come from now that gross margins have kind of recovered and reached the levels they are today?

Speaker 2

I wouldn't say the biggest opportunity. You can answer them if you want to Yes.

Speaker 3

No, I think, like we said, volume leverage obviously is an opportunity there. But I think there's This business has a nice productivity management in terms of constantly looking at our product lines and how to improve and get more productivity out there. So I wouldn't say it's only one major lever. I think we look at everything. And so I think there's opportunity everywhere.

Speaker 2

Okay,

Operator

Our next question comes from Stanley Elliott with Stifel. Please proceed with your question.

Speaker 6

Hey, good morning, everyone. Thank you for the question. Hey, turning back to Nokia, Are you seeing this more right now, existing customers retrofitting it? Or is your existing customers adding it to new units? Any color there would be helpful.

Speaker 6

And then also, you guys have done a lot of work on the back end. Do you feel like you're in a place now I think you said 39% growth, which is great, but continue to scale at that and maybe even higher levels on a go forward basis?

Speaker 2

Yes. So, yes, the first part, the best way to describe it, it's a good mix of new construction and renovation. Obviously, when we get a new construction project and that customer has an existing portfolio and they have success with that new construction, What we're seeing is kind of adoption among the existing portfolio. But in terms of the breakout, it's around fifty-fifty. And then on the back end, look, it's that's ever evolving.

Speaker 2

We will continue to Refine and enhance the back end. But as you know, you've heard us talk about we are still in the very, very early innings of This opportunity, yes, we're happy with the growth rates, but we're certainly not satisfied in terms of what The total opportunity is and where we think the market is ultimately going long term.

Speaker 3

Yes. I think the only additional add there is just I think the back end as we had talked in prior discussions is really to make sure we have the system that can scale That's why we've got to focus our investment and make sure that we know the based on our backlog, acre pipeline that we know the growth is going to be there. So We want to make sure that our customers get the robust solution that they should be.

Speaker 6

Great. And then the industry has seen larger M and A deals here recently with some of your larger Institutional customers, does that improve your forward visibility all else being equal?

Speaker 2

Yes. Specifically on the R3 side, obviously, there's rebranding opportunities that exist. Not going to comment or quantify, excuse me, what that looks like based off of the acquisition. But it's certainly look, there are customers, they rely on us for our solutions and we really just stand ready to help them whichever direction They go with either running dual brands or consolidating into 1. We certainly don't have that information, but Dan, ready to help them with the R3 side of the business.

Speaker 6

Great. And then lastly, you know, utilization is coming down in the industry. Does that allow you all to accelerate your R3 Position kind of given the age of the fleet and how conversations going with some of your existing customers around that?

Speaker 2

That's a great way to think about it. Look, I think When new construction look, I think the peak of new construction was 2019. We continue to print great growth In spite of that, I think when folks that they have a tendency, when they're less Busy with new construction to focus on existing portfolio. With a lot of the new capacity coming online, there's a lot of competition. And so, they're smart and they're going to renovate, they're going to stay relevant, stay safe and invest money into that into their existing

Operator

Our next question comes from John Lovallo with UBS. Please proceed with your question.

Speaker 9

Hey, guys. Good morning. This is actually Spencer Coffman on for John. Thank you for the questions. Maybe the first one, you guys have a pretty broad exposure to different end markets in the commercial side of the business.

Speaker 9

Can you just provide a little bit of color as to what you're seeing from your various end markets which ones are doing better and which ones are a little bit more challenged?

Speaker 2

Yes. Look, we don't have great visibility In terms of where the product is going other than the feedback we're getting from our customers is the lion's share of the revenue is in the R and R space. So that's a good data point for us. There are some segments within the commercial sector that have Pull back or should I say normalized that we're kind of pandemic darling. So when you think about outdoor sheds and outdoor carports, That segment of the business is starting to normalize.

Speaker 2

So we do have some visibility onto that. But just The sheer fact that the R and R is most of the revenue is very comforting to us. And from here, it's a market share play for us.

Speaker 9

Okay, got it. And good to see you guys refinance the term loan, which now matures in 2,030 I think. Should we expect you guys to continue utilizing excess cash to voluntarily prepay some of that debt earlier or how should we think about the capital allocation side of that?

Speaker 3

Yes, I think that's one of the options. But if I put it prior, like Remi said earlier, we want to make sure that we're still proactively looking, which we are in terms of Meaningful acquisitions that are accretive to the business. So I think, thinking about it is, yes, we have a lot of optionality here, but if I would prioritize, think we've got ourselves in a good position from the debt side and the leverage side. Priority would be to get an acquisition if we could that's out there that's accretive for the business.

Operator

Thank you. There are no further questions at this time. I would like to turn the floor back over to Raimi for closing comments.

Speaker 2

Great. Thank you everyone for joining us today. We appreciate your support of Janus International and look forward to updating you on our progress. Have a great day.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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Earnings Conference Call
Janus International Group Q2 2023
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