Janus International Group Inc (JBI) 2022 Q4 法說會逐字稿

Hello, and welcome to the Janus International Group Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到駿利國際集團 2022 年第四季度和全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the call over to your host, Mr. John Rohlwing, Vice President, Investor Relations and FP&A for Janus. Thank you. You may begin.

我現在想把電話轉給你的主持人，Janus 投資者關係和 FP&A 副總裁 John Rohlwing 先生。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining our earnings conference call. I'm joined today by our Chief Executive Officer, Ramey Jackson; and our Chief Financial Officer, Anselm Wong.

謝謝接線員，也感謝大家參加我們的收益電話會議。今天，我們的首席執行官 Ramey Jackson 加入了我的行列；以及我們的首席財務官 Anselm Wong。

Before we begin, I would like to remind you that today's call may include forward-looking statements. Any statements made describing our beliefs, goals, plans, strategies, expectations, projections, forecasts and assumptions are forward-looking statements. Please note that the company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control. Please see our recent filings with the Securities and Exchange Commission, which identify the principal risks and uncertainties that could affect our business, prospects and future results.

在我們開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述。任何描述我們的信念、目標、計劃、戰略、期望、預測、預測和假設的陳述都是前瞻性陳述。請注意，由於各種原因，公司的實際結果可能與此類前瞻性陳述所預期的結果不同，其中許多原因是我們無法控制的。請參閱我們最近向美國證券交易委員會提交的文件，其中確定了可能影響我們的業務、前景和未來結果的主要風險和不確定性。

We assume no obligation to update publicly any forward-looking statements, and any forward-looking statement made by us during this call is based only on information currently available to us and speaks only as of the date when it is made. 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 earnings per share. Please see our release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure.

我們沒有義務公開更新任何前瞻性陳述，並且我們在本次電話會議期間所做的任何前瞻性陳述僅基於我們當前可獲得的信息，並且僅在發表之日發表。此外，我們今天將討論或提供某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的淨收入和調整後的每股收益。請參閱我們的發布和文件，了解這些非 GAAP 措施與其最直接可比的 GAAP 措施的對賬情況。

We hope that you have seen our earnings release issued this morning. Please note that we have also posted a presentation in support of this call, which can be found in the Investors section of our website. In addition, after the close of the market today, we will file an 8-K providing a 15-day extension for the filing of our 10-K for the full year 2022. The company is unable to file its Form 10-K within the prescribed time period without unreasonable effort or expense because it requires additional time to complete its procedures relating to its year-end financial reporting and auditing process. Importantly, the extension is not expected to have any impact to our 2022 financial results in the release or any historical period.

我們希望您已經看到我們今天上午發布的收益報告。請注意，我們還發布了支持此次電話會議的演示文稿，可在我們網站的“投資者”部分找到。此外，今天收市後，我們將提交一份 8-K 表，為 2022 年全年的 10-K 表的提交提供 15 天的延期。公司無法在 2022 年內提交其 10-K 表規定的時間段內沒有不合理的努力或費用，因為它需要額外的時間來完成與年終財務報告和審計過程有關的程序。重要的是，延期預計不會對我們發布的 2022 年財務業績或任何歷史時期產生任何影響。

On today's call, Ramey will provide an overview of our business, Anselm will continue with a discussion of our financial results and introduce our 2023 guidance. Ramey and Anselm will then discuss our long-term strategy and financial objectives before we open up the call for your questions.

在今天的電話會議上，Ramey 將概述我們的業務，Anselm 將繼續討論我們的財務業績並介紹我們的 2023 年指導方針。 Ramey 和 Anselm 隨後將討論我們的長期戰略和財務目標，然後再開始徵求您的問題。

At this point, I will turn the call over to Ramey.

在這一點上，我會把電話轉給 Ramey。

Thank you, John. Before I get into a discussion about our record results, I'd like to take a minute to recap Janus' highlights and accomplishments in 2022, a year of accelerating momentum, improving profitability, rapid deleveraging and most importantly, outstanding execution. We could not be prouder of our employees' dedication, hard work and contributions to our fantastic results.

謝謝你，約翰。在開始討論我們創紀錄的業績之前，我想花一點時間回顧一下 Janus 在 2022 年的亮點和成就，這一年勢頭加速，盈利能力提高，去槓桿化迅速，最重要的是，執行力出色。我們為員工的奉獻精神、辛勤工作和對我們出色業績所做的貢獻感到無比自豪。

Early '22 presented a challenging operational backdrop. We were experiencing rapid increases in our steel prices and other inflationary pressures on our inputs. While the lagging nature of our order book meant that commercial actions we put in place to address such pressures took time to offset. We took steps that yielded improvements in revenues and EBITDA margins each quarter of 2022. The results were driven by a combination of organic and acquired top line growth, commercial actions, working off legacy price contracts and relentless focus on cost control.

22 年初提出了具有挑戰性的運營背景。我們正在經歷鋼鐵價格的快速上漲以及對我們投入的其他通脹壓力。雖然我們訂單簿的滯後性意味著我們為應對此類壓力而採取的商業行動需要時間來抵消。我們採取了一些措施，在 2022 年每個季度都實現了收入和 EBITDA 利潤率的改善。結果是由有機和收購的收入增長、商業行動、處理遺留價格合同以及對成本控制的不懈關注共同推動的。

We have built this organization through a combination of outstanding organic growth and smart strategic M&A. One of our 4 key focus areas in 2022 was the integration of DBCI and ACT, which we acquired in the second half of 2021. Both operations immediately began to contribute to our consolidated results, and I'm happy to report that the integration process is now complete, coming in faster with greater overall synergies than we had originally forecasted.

我們通過出色的有機增長和明智的戰略併購相結合建立了這個組織。我們在 2022 年的 4 個重點領域之一是 DBCI 和 ACT 的整合，我們在 2021 年下半年收購了這兩家公司。這兩項業務立即開始為我們的綜合業績做出貢獻，我很高興地報告整合過程正在現在已經完成，比我們最初預測的更快，整體協同效應更大。

In 2022, we celebrated our 20-year anniversary, growing from a small office space in Temple, Georgia, to what is now a scale of operations that include 17 manufacturing and distribution plants, over 10,000 active customers, over 1,500 employees around the world and revenues in excess of $1 billion annually. We continue to enhance our capabilities of our Noke Smart Entry offering and to expand our go-to-market strategy. Noke is a growing part of the suite of overall solutions we provide to the self-storage industry, and we look forward to providing a few updates on our progress later on this call.

2022 年，我們慶祝了成立 20 週年，從佐治亞州坦普爾的一個小型辦公空間發展到現在的運營規模，包括 17 家製造和分銷工廠、超過 10,000 名活躍客戶、全球 1,500 多名員工以及年收入超過 10 億美元。我們繼續增強我們的 Noke Smart Entry 產品的能力，並擴展我們的上市戰略。 Noke 是我們為自助存儲行業提供的整體解決方案套件中不斷增長的一部分，我們期待在本次電話會議稍後提供有關我們進展的一些更新。

And finally, we delivered strong financial results, raising and exceeding financial guidance throughout the year and delivering full year revenues that was up 36% in just over $1 billion and adjusted EBITDA growing 53% to $227 million. This drove our year-end net leverage to a record since going public of 2.8x, down over 1.5x versus the end of 2021 and comfortably within our previous target range.

最後，我們實現了強勁的財務業績，提高並超過了全年的財務指導，全年收入增長了 36%，略高於 10 億美元，調整後的 EBITDA 增長了 53%，達到 2.27 億美元。這將我們的年終淨槓桿率推至上市以來的 2.8 倍創紀錄水平，比 2021 年底下降了 1.5 倍以上，並且輕鬆處於我們之前的目標範圍內。

We are excited that in 2022, we were able to build on the momentum with record results, strong cash flow, while significantly and rapidly deleveraging the company. We look forward to expanding our strong market position to capture additional share and create long-term value for all of our stakeholders in 2023 and beyond.

我們很高興，在 2022 年，我們能夠以創紀錄的業績、強勁的現金流繼續保持勢頭，同時大幅和迅速地對公司進行去槓桿化。我們期待在 2023 年及以後擴大我們強大的市場地位，以獲取更多份額並為我們所有的利益相關者創造長期價值。

With that, I will turn the call over to Anselm for an overview of our results for the quarter and the full year along with our initial 2023 guidance. Anselm.

有了這個，我將把電話轉給 Anselm，以概述我們本季度和全年的業績以及我們最初的 2023 年指導。安瑟倫。

Thanks, Ramey, and good morning, everyone. I am proud of our record results and our success during 2022 in growing our business, generating healthy cash flow and deleveraging our balance sheet to position us for success. I will focus my comments on our fourth quarter performance, which exceeded our expectations for revenue and adjusted EBITDA.

謝謝，Ramey，大家早上好。我為我們創紀錄的業績和我們在 2022 年在發展業務、產生健康的現金流和去槓桿化我們的資產負債表以取得成功方面取得的成功感到自豪。我將重點關注我們第四季度的業績，這超出了我們對收入和調整後 EBITDA 的預期。

In the fourth quarter, consolidated revenue of $279.7 million was up 18.9% as compared to the fourth quarter of 2021, driven primarily by increased volume as a result of favorable industry dynamics across all of our sales channels, share gains, commercial actions taken to offset inflationary pressures and solid execution.

第四季度，合併收入為 2.797 億美元，與 2021 年第四季度相比增長 18.9%，這主要是由於我們所有銷售渠道的有利行業動態導致銷量增加、股票收益、採取商業行動抵消通脹壓力和穩健的執行力。

Now let me give you additional color around our sales channel results for the fourth quarter. R3 in Commercial and Other continued to generate strong growth consistent with prior quarters, while new construction saw a year-over-year decline. Specifically, R3 led the way with year-over-year growth in the fourth quarter of 42.7% driven primarily by continued growth in conversions and expansions. Commercial and Other rounded out an outstanding year with fourth quarter year-over-year growth of 34.3%, primarily due to higher volume through our distributor network with the impact of the commercial actions taken in the year.

現在讓我為您提供有關第四季度銷售渠道業績的更多信息。商業和其他領域的 R3 繼續產生與前幾個季度一致的強勁增長，而新建築同比下降。具體而言，R3 在第四季度以 42.7% 的同比增長率領先，主要受轉化和擴張的持續增長推動。商業和其他業務表現出色，第四季度同比增長 34.3%，這主要是由於我們的分銷商網絡的銷量增加以及年內採取的商業行動的影響。

Our self-storage new construction segment saw a year-over-year decline of 8.1% in the quarter attributable to the difficult comps in 2021 quarter when delays that had occurred in project permitting earlier in the pandemic eased and customers accelerated their spending to catch up. Adjusted EBITDA of $68.3 million was up 57.5% compared to the fourth quarter of 2021, largely the result of higher revenues and efficiency gains, partially offset by higher cost of sales.

我們的自助倉儲新建築部門在本季度同比下降 8.1%，這歸因於 2021 年季度的艱難補償，當時大流行早期項目許可中發生的延誤有所緩解，客戶加快了支出以趕上進度.調整後的 EBITDA 為 6830 萬美元，與 2021 年第四季度相比增長了 57.5%，這主要是由於收入增加和效率提高，但部分被銷售成本增加所抵消。

Adjusted EBITDA margin for the quarter was 24.4% and which was up 600 basis points from the prior year level, driven primarily by the positive impact of commercial actions and some easing in raw material costs, partially offset by continued inflationary pressures in other areas such as labor and logistics.

本季度調整後的 EBITDA 利潤率為 24.4%，較上年同期上升 600 個基點，這主要是受商業行為的積極影響和原材料成本有所下降的推動，部分被其他領域的持續通脹壓力所抵消，例如勞動力和物流。

For the fourth quarter of 2022, we produced adjusted net income of $32.7 million and adjusted diluted earnings per share of $0.22. Adjusted net income was impacted during the quarter by drivers already covered, including increased volume, commercial actions and integration of our acquisitions. For the full year, we generated cash from operating activities of $88.5 million, including $25.9 million in the fourth quarter. Capital expenditures for the year were $8.8 million, down from $19.9 million in 2021 and continue to highlight the CapEx-light nature of the business. We are proud of our free cash flow profile, which reflects the financial strength of our results. In the fourth quarter, our free cash flow conversion of adjusted net income was 76%, while for the full year, that conversion was 73%.

2022 年第四季度，我們產生了 3270 萬美元的調整後淨收入和 0.22 美元的調整後攤薄每股收益。本季度調整後的淨收入受到已經涵蓋的驅動因素的影響，包括銷量增加、商業行為和我們收購的整合。全年，我們從經營活動中獲得了 8850 萬美元的現金，其中第四季度為 2590 萬美元。這一年的資本支出為 880 萬美元，低於 2021 年的 1990 萬美元，並繼續凸顯了該業務的輕資本支出性質。我們為我們的自由現金流狀況感到自豪，這反映了我們業績的財務實力。第四季度，我們調整後淨收入的自由現金流轉換率為 76%，而全年的轉換率為 73%。

We finished the year with $158.4 million of total liquidity, including $78.4 million of cash and equivalents on the balance sheet. Our total outstanding debt at year-end was $708.2 million, and our net leverage was 2.8x at December 31.

我們以 1.584 億美元的總流動資金結束了這一年，其中包括資產負債表上的 7840 萬美元現金和等價物。我們年底的未償債務總額為 7.082 億美元，截至 12 月 31 日，我們的淨槓桿率為 2.8 倍。

Now moving to our 2023 guidance on Slide 9. Building off of the momentum we produced last year, full year 2023 revenue is expected to be in the range of $1.05 billion to $1.07 billion. This increase compared to 2022 is mainly attributed to the organic growth and commercial actions we have taken in the last 3 quarters to combat cost inflation. Adjusted EBITDA is expected to be in the range of $250 million to $275 million. At the midpoint, this represents a double-digit increase versus prior year and reflects an adjusted EBITDA margin range of 24% to 26%.

現在轉向我們在幻燈片 9 上的 2023 年指導。在我們去年產生的勢頭的基礎上，預計 2023 年全年收入將在 10.5 億美元至 10.7 億美元之間。與 2022 年相比的這一增長主要歸功於有機增長和我們在過去 3 個季度為應對成本通脹而採取的商業行動。調整後的 EBITDA 預計在 2.5 億美元至 2.75 億美元之間。從中點來看，這比上一年增長了兩位數，反映了調整後的 EBITDA 利潤率範圍為 24% 至 26%。

We expect our margin profile to be stronger in the second half of the year than the first half. And for our margins in the second half of 2022 to be a good jumping off point for the beginning of 2023. We expect to produce another year of strong cash flow conversion of adjusted net income and having achieved our previous leverage target range and are focused on maintaining our net leverage within our new target range of 2 to 3x. Finally, we are off to a good start in the first quarter with revenue and profits in line with this outlook. Thank you.

我們預計下半年我們的利潤率狀況將強於上半年。為了讓我們在 2022 年下半年的利潤率成為 2023 年初的良好起點。我們預計將產生又一年的調整後淨收入的強勁現金流轉換，並且已經達到我們之前的槓桿目標範圍，並專注於將我們的淨槓桿率維持在 2 至 3 倍的新目標範圍內。最後，我們在第一季度開局良好，收入和利潤符合這一前景。謝謝。

I will now turn the call over to Ramey to discuss our longer-term strategic goals. Ramey?

我現在將把電話轉給 Ramey 來討論我們的長期戰略目標。拉米？

Thank you, Anselm. Coming off this impressive record year at Janus, I'm pleased today to lay out for you beginning on Slide 10, our first longer-term vision for the company since becoming public almost 2 years ago. Over the last 20 years, we have built the industry leader in self-storage solutions that also both newer and rapidly growing offerings in the commercial, industrial and remote access sectors. That journey has resulted in strong market share particularly with the largest and most well-capitalized owners of facilities. We have plenty of room to grow across all of our sales channels and into new market segments.

謝謝你，安瑟姆。在 Janus 度過了這個令人印象深刻的創紀錄的一年後，我今天很高興從幻燈片 10 開始為您展示，這是自近 2 年前上市以來我們對公司的第一個長期願景。在過去的 20 年裡，我們已經成為自助存儲解決方案的行業領導者，同時也在商業、工業和遠程訪問領域提供更新和快速增長的產品。這一旅程帶來了強大的市場份額，尤其是在最大和資本最充足的設施所有者中。我們在所有銷售渠道和進入新的細分市場方面都有很大的發展空間。

Here are the important takeaways I would like you all to understand from this call. First, we are focused on expanding our industry leadership position in a well-structured, resilient markets that are not overly influenced by economic cycles. Second, we have positioned the company to deliver strong revenue growth with a number of key drivers that I will discuss in more detail in a moment. Third, we are executing against our plan to deliver enhanced profitability, driving our adjusted EBITDA margins meaningfully higher. Fourth, our strong free cash flow generation, driven by a solid conversion of adjusted net income provides us with capital deployment optionality to drive shareholder value. And finally, we look to continue our proven ability of executing value-accretive acquisitions with a focus on bolt-on opportunities and adjacent categories that complement and benefit from our market-leading position in our core competencies.

以下是我希望大家從這次電話會議中了解的重要要點。首先，我們專注於在一個不受經濟周期過度影響的結構良好、有彈性的市場中擴大我們的行業領導地位。其次，我們已將公司定位為通過一些關鍵驅動因素實現強勁的收入增長，我稍後將更詳細地討論這些驅動因素。第三，我們正在執行提高盈利能力的計劃，從而顯著提高調整後的 EBITDA 利潤率。第四，在調整後淨收入穩健轉換的推動下，我們強大的自由現金流產生為我們提供了資本配置選擇權，以推動股東價值。最後，我們希望繼續我們執行增值收購的成熟能力，重點關注補充機會和相鄰類別，這些機會補充並受益於我們在核心競爭力方面的市場領先地位。

Let me recap where we are today to set the table for where we are going. Today, we have a robust company that delivers strong top line at over $1 billion annually, EBITDA margins rising through the low 20s, a solid balance sheet that is only 2.8x leveraged, a track record of solid conversion of adjusted net income to free cash flow. Over the course of the next 3 to 5 years, we expect annual revenues to grow organically at a 4% to 6% rate. Adjusted EBITDA margin to rise to a 25% to 27% range, net leverage to be in a range of 2 to 3x and free cash flow to be 75% to 100% of adjusted net income. We expect to accomplish this by expanding our leadership position in self-storage and growing share in commercial, industrial and other adjacent areas, all while maintaining a relentless focus on cost control and strong balance sheet.

讓我回顧一下我們今天所處的位置，為我們的前進方向鋪平道路。今天，我們擁有一家穩健的公司，年收入超過 10 億美元，EBITDA 利潤率上升到 20 多歲以下，穩健的資產負債表，槓桿率僅為 2.8 倍，調整後的淨收入穩健轉換為自由現金的良好記錄流動。在接下來的 3 到 5 年裡，我們預計年收入將以 4% 到 6% 的速度有機增長。調整後的 EBITDA 利潤率上升至 25% 至 27%，淨槓桿率上升至 2 至 3 倍，自由現金流佔調整後淨收入的 75% 至 100%。我們希望通過擴大我們在自助倉儲領域的領導地位並增加在商業、工業和其他鄰近領域的份額來實現這一目標，同時繼續不懈地關注成本控制和穩健的資產負債表。

Now let me dive a little deeper into the factors that will influence that growth. On the self-storage side, end-user demand has and will continue to come from life events, which are referred to in our industry as the 6 Ds, dislocation, divorce, disaster, death, decluttering and distribution. These life events often occur regardless of macroeconomic environment, making demand for capacity resilient. Today, continued high occupancy rates across self-storage mean we are still a long way off from equilibrium. So demand for new capacity continues to come from a combination of new construction, refurbishments and repurposing.

現在讓我更深入地探討影響這種增長的因素。在自助存儲方面，終端用戶的需求已經並將繼續來自生活事件，這在我們的行業中被稱為 6D、錯位、離婚、災難、死亡、整理和分發。無論宏觀經濟環境如何，這些生活事件經常發生，使對容量的需求具有彈性。今天，自助倉儲的持續高佔用率意味著我們離平衡還有很長的路要走。因此，對新產能的需求繼續來自新建、翻新和重新利用的組合。

Our margin profile was similar for any of those routes, allowing us to be agnostic as to the source of our growth. Our customer base today is better capitalized and more strategic than any point in our history. And our share with the leaders in that group like the REITs is second to none. We are continuously expanding our portfolio of solutions to grow that side of the business, including increasing upfront design build capabilities like we have at BETCO, enhancing our smart entry offering like Noke and further increasing our dollar per square foot content.

對於這些航線中的任何一條，我們的利潤率概況都相似，這使我們能夠對增長的來源保持不可知論。我們今天的客戶群比我們歷史上的任何時候都更資本化，更具戰略意義。我們與房地產投資信託基金等該集團的領導者的份額是首屈一指的。我們正在不斷擴展我們的解決方案組合以發展這方面的業務，包括像我們在 BETCO 那樣增加前期設計構建能力，增強我們像 Noke 這樣的智能入口產品，並進一步增加我們的每平方英尺價值。

We have tremendous untapped potential on the commercial side as we continue to innovate and broaden our reach to various end markets as the need for commercial warehousing and distribution capabilities grow. Commercial customers also have a shorter life cycle as their doors are generally larger and used much more frequently as compared to self-storage, representing a recurring business for Janus. And while the outsized growth we saw in 2022 in our Commercial and Other segment may result in challenging comps near term, we are very excited about our opportunities there. We continue to be excited about our Noke Smart Entry system business. Its open orders have more than doubled over the last 12 months and the pipeline of opportunities continue to grow. The build-out for the Noke ground game is ongoing, and we expect the addition of ACT to be a more important part of supporting this growth strategy.

隨著對商業倉儲和配送能力需求的增長，我們不斷創新並擴大我們對各個終端市場的影響力，因此我們在商業方面擁有巨大的未開發潛力。商業客戶的生命週期也較短，因為與自助存儲相比，他們的門通常更大且使用頻率更高，這代表了 Janus 的經常性業務。雖然我們在 2022 年看到的商業和其他部門的超額增長可能會在短期內帶來具有挑戰性的競爭，但我們對那裡的機會感到非常興奮。我們繼續對我們的 Noke 智能門禁系統業務感到興奮。在過去的 12 個月裡，它的未結訂單增加了一倍多，機會的渠道也在繼續增長。 Noke 地面遊戲的擴建正在進行中，我們預計 ACT 的加入將成為支持這一增長戰略的更重要部分。

We are thrilled by our early success as well as the current trajectory of Noke as it becomes an increasing part of our offering to customers and contributor to our financial results. We expect to continue moving into adjacent verticals where we can create synergies and unlock value, potentially growing into new geographies as we move down that path. In partnership with our customers to better serve the needs, we will continue to evolve our portfolio with new, innovative solutions, keeping us at the forefront of our industry.

我們對早期的成功以及 Noke 目前的發展軌跡感到興奮，因為它已成為我們向客戶提供的服務中越來越重要的一部分，並為我們的財務業績做出了貢獻。我們希望繼續進入相鄰的垂直領域，在那裡我們可以創造協同效應並釋放價值，隨著我們沿著這條道路前進，可能會發展到新的地區。為了更好地滿足客戶的需求，我們將與客戶合作，通過新的創新解決方案繼續發展我們的產品組合，使我們始終處於行業的前沿。

Along with the solid fundamentals and organic growth we have seen to date, M&A has been a big part of our journey. We have established a legacy of excellence with regards to identifying and acquiring assets and companies that bolster our solutions offerings and are accretive to our earnings. We expect opportunistic M&A to continue to play a role in our growth and we are continually evaluating potential opportunities for adjacent or bolt-on targets as well as technology and transformative targets. You saw us take a big step forward in our offerings with the additions of DBCI and ACT in 2021. And with their successful integration ahead of schedule and with greater-than-expected synergies, we are well positioned to tackle the next attractive opportunity that we uncover. Areas of focus for us and potential M&A include self-storage interiors, warehousing systems, commercial and loading docks, exterior doors and technology and wireless solutions.

除了我們迄今為止看到的堅實的基本面和有機增長外，併購一直是我們旅程的重要組成部分。我們在識別和收購資產和公司方面建立了卓越的傳統，這些資產和公司可以增強我們的解決方案產品並增加我們的收益。我們預計機會主義併購將繼續在我們的增長中發揮作用，我們正在不斷評估相鄰或補強目標以及技術和轉型目標的潛在機會。您看到我們在 2021 年增加了 DBCI 和 ACT，在我們的產品方面向前邁出了一大步。隨著他們提前成功整合併產生超出預期的協同效應，我們已做好準備迎接下一個有吸引力的機會揭露。我們關注的領域和潛在的併購包括自助存儲內部、倉儲系統、商業和裝卸碼頭、外門和技術以及無線解決方案。

So what does that mean in the aggregate? Simple. We will expand our leadership across our sales channels to drive top line growth and improving profitability. We will accomplish this by partnering with our customers to deliver an expanded suite of offerings while also having the balance sheet strength and integration expertise to be opportunistic both tactically and strategically as opportunities arise.

那麼這在總體上意味著什麼？簡單的。我們將擴大我們在銷售渠道中的領導地位，以推動收入增長和提高盈利能力。我們將通過與客戶合作提供擴展的產品套件來實現這一目標，同時還擁有資產負債表實力和整合專業知識，以便在機會出現時在戰術和戰略上投機取巧。

Let me turn it back to Anselm to go a little deeper into the financial particulars of our long-term outlook. Anselm?

讓我把它轉回 Anselm 來更深入地了解我們長期前景的財務細節。安瑟倫？

Thanks, Ramey. Turning to our longer-term targets from a quantitative perspective. We expect to continue driving growth in both our top line and our profitability while also maintaining a robust balance sheet and generating strong cash flows. In the next 3 to 5 years, our plan calls for consolidated annual revenues to grow 4% to 6% on an organic basis, adjusted EBITDA margins to reach 25% to 27%, our free cash flow conversion to be in the range of 75% to 100% of adjusted net income and our net leverage to stay within our range of 2 to 3x. These targets are consistent with the solid trajectory in our business that we have demonstrated since going public.

謝謝，拉米。從量化的角度來看我們的長期目標。我們預計將繼續推動我們的收入和盈利能力的增長，同時保持穩健的資產負債表並產生強勁的現金流。在未來 3 到 5 年，我們的計劃要求綜合年收入有機增長 4% 到 6%，調整後的 EBITDA 利潤率達到 25% 到 27%，我們的自由現金流轉換在 75% 的範圍內% 至 100% 的調整後淨收入和我們的淨槓桿率保持在 2 至 3 倍的範圍內。這些目標與我們自上市以來所展示的穩健業務軌跡一致。

Now let me discuss the factors that we expect will drive our above-market revenue growth. We see these targets broken down into 4 categories on top of our underlying market growth. First, we continue to drive a larger footprint, increasing our scope in self-storage in areas like design, build and moving into adjacent verticals while also expanding our offerings in Commercial and Other.

現在讓我討論一下我們預計將推動我們高於市場的收入增長的因素。我們看到這些目標在我們的基礎市場增長之上分為 4 類。首先，我們繼續推動更大的足跡，擴大我們在設計、建造和進入相鄰垂直領域等領域的自助存儲範圍，同時擴大我們在商業和其他領域的產品。

Second, we expect the upward trend in Janus-related content per square foot of installed self-storage capacity to continue as we introduce more value-added solutions. Third, we improved our contract structuring to better address the variability in our cost and our pricing and our price to reflect the appropriate margins relative to the services and solutions we provide. And finally, we will drive continued adoption and expansion of Noke and other innovative offerings with our customers.

其次，隨著我們推出更多增值解決方案，我們預計每平方英尺安裝的自助存儲容量的 Janus 相關內容的上升趨勢將繼續。第三，我們改進了合同結構，以更好地解決我們成本和定價的可變性，以及我們的價格以反映與我們提供的服務和解決方案相關的適當利潤率。最後，我們將與我們的客戶一起推動 Noke 和其他創新產品的持續採用和擴展。

Before I get to the drivers of our expected margin expansion, let me spend a moment on our cost. Our business has a number of cost inputs that have seen volatility inflation in the last few quarters, namely steel, labor and logistics. And while the commercial actions we had taken to offset these pressures have a lagging effect, we were able to deliver steady margin improvement across the full year. Steel pricing remains volatile as evidenced by a number of price increase by North American mills during the first quarter of 2023 alone. So the improved contracting structure with customers I just discussed is key.

在討論我們預期的利潤率增長的驅動因素之前，讓我花點時間談談我們的成本。我們的業務有許多成本投入在過去幾個季度出現了波動性膨脹，即鋼鐵、勞動力和物流。雖然我們為抵消這些壓力而採取的商業行動具有滯後效應，但我們能夠在全年實現穩定的利潤率改善。僅在 2023 年第一季度，北美鋼廠的多次提價就證明了鋼鐵價格仍然波動。因此，我剛才討論的改進與客戶的合同結構是關鍵。

Next, let me discuss the bridge from the roughly 22% adjusted EBITDA margins we delivered in 2022 to the target range of 25% to 27%. The first step comes from improved operating leverage derived from higher volumes, essentially spreading fixed costs over a larger base. The second step is the commercial action and contracting changes we have implemented. Third, we expect to improve our product mix to favor higher-margin offerings. Fourth, we plan to drive further operational gains across our growing platform with a focus on efficiency and agility. And finally, we expect higher-margin technology enhancements and offerings of Noke to gain momentum.

接下來，讓我討論一下從我們在 2022 年實現的大約 22% 的調整後 EBITDA 利潤率到 25% 至 27% 的目標範圍之間的橋樑。第一步來自更高的產量帶來的改進的運營槓桿，實質上是將固定成本分攤到更大的基數上。第二步是我們已經實施的商業行為和合同變更。第三，我們希望改善我們的產品組合，以支持利潤率更高的產品。第四，我們計劃在我們不斷發展的平台上推動進一步的運營收益，重點是效率和敏捷性。最後，我們預計 Noke 的利潤率更高的技術改進和產品將獲得發展勢頭。

Moving on to cash flow and capital allocation. We have a proven track rod of solid cash generation and conversion of adjusted net income to free cash flow. We expect to continue growing our cash flows from operations in the coming years and for free cash flow conversion to be in the range of 75% to 100% of adjusted net income. This puts us in a position of strength with regard to capital allocation options. We reached the bottom half of our previous leverage target range in under 2 years, and opportunities remain there as we reap further benefits from our growing scale.

繼續討論現金流和資本配置。我們擁有穩固的現金產生和調整後淨收入向自由現金流的轉化的可靠跟踪桿。我們預計未來幾年我們的運營現金流將繼續增長，自由現金流轉換將在調整後淨收入的 75% 至 100% 範圍內。這使我們在資本配置選擇方面處於優勢地位。我們在不到 2 年的時間里達到了之前杠桿目標範圍的下半部分，隨著我們從不斷增長的規模中獲得更多收益，機會依然存在。

In addition to maintaining a solid balance sheet, we have a number of other capital deployment avenues we can consider, including M&A, growth investments and other value-enhancing initiatives to return capital to shareholders. I will not rank those potential buckets, but wanted to highlight that our strong cash flow generation puts us in a position to consider any and all of them. We are in constant communication with the Board around this topic and we will consider all options of value creation for our shareholders while always prioritizing the competitive base that our strong balance sheet provides. Most importantly, we will be both strong and nimble. What we have built to date positions us for an exciting future, one that is reflected in our outlook for 2023 and beyond. Thank you.

除了保持穩健的資產負債表外，我們還可以考慮其他一些資本配置途徑，包括併購、增長投資和其他向股東返還資本的增值舉措。我不會對這些潛在的桶進行排名，但想強調的是，我們強大的現金流量使我們能夠考慮所有這些桶。我們一直圍繞這個話題與董事會進行溝通，我們將考慮為股東創造價值的所有選擇，同時始終優先考慮我們強大的資產負債表提供的競爭基礎。最重要的是，我們將既強大又靈活。迄今為止，我們所建立的一切使我們為激動人心的未來做好了準備，這反映在我們對 2023 年及以後的展望中。謝謝。

I will now turn the call back to Ramey for closing remarks.

我現在將把電話轉回 Ramey 以作結束語。

Great. Thank you again, Anselm. As you can tell, we are excited about the results we have achieved and the outlook we provided. We are the industry leader in a resilient, well-structured market with plans to deliver above-market growth and improving profitability. And the strength of our balance sheet and of our cash flows are differentiators for us as we look at a wide array of capital allocation options. We are proud of how Janus performed during 2022, including closing out the year with another quarter of record revenues and adjusted EBITDA. We entered 2023 well situated to build on the momentum we established for top line growth and improving profitability, which should result in 2023 being another year of record financial results as we work our way towards achieving our longer-term targets. I firmly believe in the power of this organization and our ability to deliver strong shareholder value over the long term. I look forward to continuing our positive momentum in 2023 and beyond as we drive long-term value creation for all of our stakeholders. Thank you again for joining us.

偉大的。再次感謝你，安瑟姆。如您所知，我們對取得的成果和提供的展望感到興奮。我們是一個有彈性、結構良好的市場的行業領導者，我們計劃實現高於市場的增長並提高盈利能力。在我們考慮各種資本配置選項時，我們的資產負債表和現金流量的實力是我們的差異化因素。我們為 Janus 在 2022 年的表現感到自豪，包括以創紀錄的另一個季度收入和調整後的 EBITDA 結束了這一年。進入 2023 年，我們處於有利地位，可以鞏固我們為實現收入增長和提高盈利能力而建立的勢頭，隨著我們努力實現長期目標，這將導致 2023 年成為又一個創紀錄的財務業績年。我堅信這個組織的力量以及我們長期為股東創造強大價值的能力。我期待在 2023 年及以後繼續保持積極勢頭，為所有利益相關者推動長期價值創造。再次感謝您加入我們。

Operator, we can now open up the lines for Q&A, please.

接線員，我們現在可以開通問答線路了。

(Operator Instructions) Our first question comes from the line of Jeff Hammond with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Jeff Hammond。

Appreciate the great color. I really like the long-term outlook and color there. Just on the -- as we look into '23, I guess, we're seeing self-storage occupancy rates normalize, some economic uncertainty kind of emerge here. Just trying to get a sense of what you're seeing from a orders backlog pipeline, where you might be seeing any cracks. And then within your revenue growth assumption for guidance, should we assume that all 3 segments grow? Or should we think about maybe tough comps in commercial?

欣賞偉大的色彩。我真的很喜歡那裡的長期前景和顏色。就在 - 當我們回顧'23時，我猜，我們看到自助存儲佔用率正常化，這裡出現了一些經濟不確定性。只是想了解您從訂單積壓管道中看到的內容，您可能會在其中看到任何裂縫。然後在您的收入增長假設指導下，我們是否應該假設所有 3 個細分市場都在增長？或者我們應該考慮在商業中進行艱難的競爭？

Yes. Great question. Look, I think that self-storage in particular that you are seeing some normalization in terms of occupancy rates and things of that nature. But there's a lot of strength in occupancy rates. They're still kind of low to mid 90%. Yes, I think pricing is still relatively strong. And we have a strong kind of seasonal outlook in the next few months. So I think you'll see some great results in the next few months in terms of the performance.

是的。很好的問題。看，我認為特別是自助存儲，您在入住率和類似性質的事物方面看到了一些正常化。但是入住率有很大的優勢。它們仍然處於 90% 的中低水平。是的，我認為定價仍然相對堅挺。在接下來的幾個月裡，我們有很強的季節性前景。所以我認為在接下來的幾個月裡，你會在性能方面看到一些很好的結果。

What we are seeing, Jeff, is a shift kind of from new construction into investing into their existing portfolio, and that's our R3 division. And as you know, it doesn't matter in terms of where those sells come from because our margins are similar in both new construction. But there's still a lot of investment in self-storage. So we're very optimistic. If you want to...

傑夫，我們看到的是一種從新建築到投資現有投資組合的轉變，這就是我們的 R3 部門。如您所知，這些銷售來自何處並不重要，因為我們在兩個新建築中的利潤率都相似。但是在自助存儲方面仍然有很多投資。所以我們非常樂觀。如果你想...

Yes. And Jeff, to your point, you're right, we have some tough comps in our commercial. So if you're talking about growth rates, we expect growth in our new construction and our R3 sell. And probably depending on the quarter, a little softness in the commercial side. But still lots of opportunity we see there for growing.

是的。傑夫，就你的觀點而言，你是對的，我們的商業廣告中有一些艱難的競爭。因此，如果您談論的是增長率，我們預計新建築和 R3 銷售會增長。並且可能取決於季度，商業方面會有些疲軟。但我們仍然看到很多成長的機會。

Okay. Great. And then I understand the kind of volatility in steel, but we did see quite a bit of disinflation in that. And I think through 3Q, you hadn't had much help from that. So maybe just talk to -- any help on price/cost into 4Q and maybe how you're thinking about it as some of that lower-priced steel comes through?

好的。偉大的。然後我了解鋼鐵的波動性，但我們確實看到了相當多的通貨緊縮。而且我認為通過 3Q，你沒有從中得到太多幫助。所以也許只是談談 - 任何關於價格/成本的幫助進入第四季度，也許你是如何考慮它的，因為一些低價鋼材通過了？

Sure. Yes. And as we said in prior calls, we have a lag time between getting that steel value. So we would say we got a little bit in Q4, but the majority is starting to come in the middle of Q1 is when we're going to see it. And if you actually follow the steel price, obviously, it's a key raw material for us. It's actually on its way back up if you look at where steel is going in the recent kind of months.

當然。是的。正如我們在之前的電話中所說，我們在獲得鋼鐵價值之間存在滯後時間。所以我們會說我們在第四季度得到了一點，但大多數是在第一季度中期開始出現的，那時我們將看到它。如果你真的關注鋼鐵價格，很明顯，它是我們的關鍵原材料。如果你看看最近幾個月鋼鐵的走勢，它實際上正在回升。

Okay. And then just last one on the long-term targets. I guess these are your first formal targets as a public company, but there were some initial ones out around the time of the SPAC. And there seems to be maybe a little bit lower growth rate and a little bit lower margin. Maybe just -- is this a function of kind of where we are in the cycle, some conservatism? Or what's really changed, if anything? .

好的。然後是關於長期目標的最後一個。我想這些是你作為上市公司的第一個正式目標，但在 SPAC 時期有一些初始目標。而且似乎增長率和利潤率可能會降低一點。也許只是——這是我們在周期中所處位置的一種功能，某種保守主義嗎？或者什麼真的改變了，如果有的話？ .

Yes. I think if you look at it, we're putting numbers there that are realistic that we're definitely going to hit and you've seen what we do like we always make our numbers here. So that's what we're trying to be as prudent in this environment that we're facing. A lot of uncertainty still in this market. So we thought it prudent and we said, "Hey, let's put what's realistic in terms of growth rates you see there." Margin rates, very similar thing, but there's definitely upside opportunity there.

是的。我認為，如果你看一下，我們就會把數字放在那裡，這些數字是我們肯定會達到的，而且你已經看到了我們所做的事情，就像我們總是在這裡創造我們的數字一樣。因此，這就是我們在所面臨的這種環境中努力保持謹慎的態度。這個市場仍然存在很多不確定性。所以我們認為這是謹慎的，我們說，“嘿，讓我們根據你在那裡看到的增長率來考慮現實。”保證金率，非常相似的東西，但那里肯定有上行機會。

And just one more thing, Jeff. As it relates to the SPAC deck, we've exceeded most of those data points to date. So from a revenue perspective and things of that nature, and in addition to that, it didn't include kind of public company cost, just a reminder there.

還有一件事，傑夫。由於它與 SPAC 甲板有關，我們已經超過了迄今為止的大部分數據點。所以從收入的角度和那種性質的事情來看，除此之外，它不包括某種上市公司的成本，只是一個提醒。

Our next question comes from the line of Reuben Garner with the Benchmark Company.

我們的下一個問題來自 Benchmark 公司的 Reuben Garner。

Congrats on the strong close to last year. Let's see. So you mentioned kind of maybe a different go-to-market strategy with Noke and you brought up ACT. I was just curious if you could kind of elaborate on that. Does that mean there's an effort to go after maybe some of the smaller operators? And if so, what's kind of the logic behind that move?

祝賀去年的強勢收盤。讓我們來看看。所以你提到了 Noke 的一種可能不同的上市策略，你提出了 ACT。我只是想知道你是否可以詳細說明一下。這是否意味著要努力追趕一些較小的運營商？如果是這樣，此舉背後的邏輯是什麼？

Yes. I mean in terms of ACT, it was always a part of the integration for them to be more meaningful on the installation piece. They're low voltage professionals and there's centers of excellence around that. So our thinking was just to integrate that as quickly as possible. In terms of kind of customer profile, no, we're pretty much -- we're covering the entire market, whether it's a large operator, smaller operators, those operators that are utilizing the virtual management. And then probably the biggest thing that -- the biggest difference is we're really leveraging the Janus sales team, leveraging those relationships and things of that nature to accelerate growth.

是的。我的意思是，就 ACT 而言，它始終是集成的一部分，使它們在安裝件上更有意義。他們是低壓專業人士，並且圍繞著這方面有卓越中心。所以我們的想法只是盡快整合它。就客戶概況而言，不，我們幾乎覆蓋了整個市場，無論是大型運營商、小型運營商，還是那些利用虛擬管理的運營商。然後可能是最大的事情 - 最大的不同是我們真的在利用 Janus 銷售團隊，利用這些關係和那種性質的東西來加速增長。

Got it. And then can you talk about your visibility, I guess, for this year more so than kind of the long-term framework? But kind of embedded in that 4% to 6%, like how are you thinking about volume and price? And I know you were kind of asked the recent order rate question, but just if things do turn in the economy, like how sensitive would your kind of results be in the near term?

知道了。然後你能談談你今年的知名度，我想，比長期框架更重要嗎？但是有點嵌入那 4% 到 6%，比如你如何考慮數量和價格？我知道你被問到最近的訂單率問題，但如果經濟確實發生變化，比如你的結果在短期內會有多敏感？

Yes, I'll kind of start Anselm if you want to close it out. Look, in terms of our visibility, we've said many times that it's a year or 2 in advance. We're doing a lot of the drawings and unit mix on projects that are still a year or 2 out. So when you look at our dashboard, Rueben, it's very positive. I mentioned that there is a focus on kind of the R3 whether refurbishment or conversion or expansion. But all of our indicators, which we rely on heavily, are very positive on the self-storage side of it. So if you want to...

是的，如果您想關閉它，我會啟動 Anselm。看，就我們的知名度而言，我們已經多次說過提前一兩年。我們正在對仍需一年或兩年的項目進行大量繪圖和單元組合。因此，當您查看我們的儀表板 Rueben 時，它非常積極。我提到過，無論是翻新、轉換還是擴建，R3 的類型都是重點。但是我們嚴重依賴的所有指標在其自存儲方面都非常積極。所以如果你想...

Yes. And Reuben, just to add a little more on that. It's like -- obviously, we don't disclose our backlog, but it's still very healthy in what we can see and have visibility to. And if you look at -- into 2023 from the growth rate, as you would expect, we still have the carry out of the commercial actions we had done in 2022. So a large portion of that 4% to 6% is commercial apps. It's still bleeding its way into the year.

是的。 Reuben，我想再補充一點。就像 - 顯然，我們不會透露我們的積壓工作，但它在我們可以看到和可見的方面仍然非常健康。如果你從增長率來看到 2023 年，正如你所期望的那樣，我們仍然會執行我們在 2022 年所做的商業行動。所以這 4% 到 6% 的很大一部分是商業應用程序。它仍在流血進入這一年。

Yes. And just last kind of to conclude, our practice is to set realistic expectations. And that's what we've done in terms of laying out the guidance.

是的。最後一點總結一下，我們的做法是設定切合實際的期望。這就是我們在製定指南方面所做的工作。

Yes. I definitely understand that. You've proven that in the last year. Just a quick follow-up on that. So once it's in backlog, historically, are delays more likely than cancellations of projects? Is that how to think about it? Or do these tend to -- once they're in backlog, they tend to move forward kind of no matter what?

是的。我絕對明白這一點。你在去年證明了這一點。只是對此進行快速跟進。因此，從歷史上看，一旦積壓，延期的可能性是否大於項目的取消？是這樣想的嗎？或者這些是否傾向於 - 一旦他們積壓，他們傾向於向前推進，無論如何？

Yes, they do. Typically, those projects have secured funding. So typically, delays are meaningful from a permitting office, whether it's weather this time of the year. But once it hits the backlog, it typically turns into revenue, Reuben.

是的，他們有。通常，這些項目已獲得資金。因此，通常情況下，無論一年中的這個時候天氣如何，許可辦公室的延誤都是有意義的。但一旦積壓，它通常會變成收入，Reuben。

Our next question comes from the line of Stanley Elliott with Stifel.

我們的下一個問題來自 Stanley Elliott 與 Stifel 的對話。

This is Andrew Maser on for Stanley. Related to the long-term growth and margin targets, I'm wondering what you're assuming as far as growth for the Noke business. I think in an older slide deck, you threw out a $1 billion market opportunity number assuming 20% penetration. Where does that market opportunity stand today? And where do you think it will go in the next 3 to 5 years?

我是斯坦利的 Andrew Maser。關於長期增長和利潤率目標，我想知道您對 Noke 業務增長的假設是什麼。我認為在較舊的幻燈片中，假設滲透率為 20%，你會拋出 10 億美元的市場機會數字。今天這個市場機會在哪裡？您認為未來 3 到 5 年它會走向何方？

Yes, I can start there. We haven't disclosed really the -- we haven't really disclosed that. But what I can tell you is we expect Noke this year in '23 to still be in the kind of the mid-$40 million range. And we included that in our investor deck. But you've heard us talk about the opportunity. It's meaningful. It's massive. And so we're still very optimistic, and it's still very early in growth. We're still having to -- the industry is still having to understand the technology, understand how to operate their business, to improve their business with this technology. And I think we're making good head roads there. So again, we're early in the cycle, but very optimistic.

是的，我可以從那裡開始。我們還沒有真正披露 - 我們還沒有真正披露。但我可以告訴你的是，我們預計今年 23 年的 Noke 仍將處於 4000 萬美元左右的範圍內。我們將其包含在我們的投資者平台中。但是您已經聽過我們談論這個機會。這是有意義的。這是巨大的。所以我們仍然非常樂觀，它還處於增長的早期階段。我們仍然需要——這個行業仍然需要了解技術，了解如何經營他們的業務，用這項技術改善他們的業務。而且我認為我們正在那裡開闢良好的道路。因此，我們再次處於週期的早期，但非常樂觀。

Yes. I mean I think as you saw in our slides on Noke, we added the kind of the unit growth. And you see that it was 50% up from '21 to '22. So still seeing good, strong growth in that Noke business. I would say like in the long range in terms of -- what we've assumed is we just assume that similar pattern that we're growing it. We haven't actually assumed any step change like we said because that -- we don't know when that's going to happen, but it will happen sometime when some big REIT takes over and says, it's going to go across the board. And obviously, we'll see the impact of that when that happens.

是的。我的意思是，我認為正如您在 Noke 的幻燈片中看到的那樣，我們添加了單位增長的類型。你看到它從 21 年到 22 年增長了 50%。所以仍然看到 Noke 業務的良好、強勁增長。我想說的是從長遠來看——我們假設的是我們只是假設我們正在發展它的類似模式。我們實際上並沒有像我們所說的那樣假設任何步驟變化，因為那 - 我們不知道什麼時候會發生，但它會在某個時候發生，當一些大型房地產投資信託基金接管並說，它將全面實施。顯然，當這種情況發生時，我們會看到它的影響。

And then in the press release, you mentioned expanding your share in commercial, industrial and other tangential areas. I'm wondering if you could expand on what you meant by other tangential areas.

然後在新聞稿中，你提到擴大你在商業、工業和其他切線領域的份額。我想知道您是否可以擴展其他切線區域的含義。

I think what we're trying to just describe is just the opportunity because if you think of what we've done in our commercial business, it's all been in that mainly the R&R space. And there's a lot more opportunities in that commercial space for other products or other options that we can get into. And as we mentioned in other calls, we're not in that spec side of the house of the business in commercial. So there's more opportunity there. So I think what we're trying to articulate is that we're still very small in the commercial business, and it's just a lot more opportunity that we see out there that we can go grab.

我認為我們只是想描述的只是機會，因為如果你想想我們在商業業務中所做的一切，那主要是在 R&R 領域。在我們可以進入的其他產品或其他選擇的商業空間中，還有更多機會。正如我們在其他電話中提到的那樣，我們不在商業機構的規範方面。所以那裡有更多的機會。所以我認為我們試圖表達的是，我們在商業業務中仍然非常小，而且我們看到那裡有更多的機會可以去抓住。

Our next question comes from the line of Daniel Moore with CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Daniel Moore。

Congrats on great quarter and certainly a positive outlook. Just in terms of the cadence, I want to make sure I heard -- it sounds like margins may be a little higher in H2 versus H1. Is that right, Anselm? And maybe top line, given you had kind of accelerating financial improvement through the year, is top line growth maybe a little faster in the first half, even across the year? How do we think about that?

祝賀偉大的季度，當然還有積極的前景。就節奏而言，我想確保我聽到了——聽起來 H2 的利潤率可能比 H1 高一點。是這樣嗎，安瑟姆？也許頂線，考慮到你今年的財務狀況有所加速，上半年甚至全年的頂線增長可能會更快一些嗎？我們如何看待這一點？

Yes. I think you just said it exactly kind of how we've actually been talking about it in terms of the second half being a bit stronger than the first half. But yes, that's exactly how I would put it.

是的。我想你剛才說的正是我們實際上一直在談論的下半場比上半場強一些的情況。但是，是的，我就是這麼說的。

Got it. Switching gears a little bit. Just in terms of Noke, obviously, recent new hire in terms of head corporate strategy and leading that initiative. Just any early operational marketing, go-to-market changes being contemplated or even implemented?

知道了。稍微換檔。就 Noke 而言，顯然，最近新聘用了負責公司戰略和領導該計劃的新員工。只是任何早期的運營營銷、進入市場的變化正在考慮甚至實施嗎？

Yes. Look, I think -- we're always looking at ways to improve operations, right? I think -- and I guess you're referring to Alessandro's hire. So look, he has a long track record of success at Honeywell. He's been in the technology sector for a long time, a lot of success. And so really, our intent there is just to bolster what we have. We have a great sales team. We have a great Commercial division and then the integration with ACT. But his job is to really help us scale for the volume that we know that we're going to have, and that's really what we spend a lot of time focusing on scalability, and that's really what you saw with that hire.

是的。聽著，我想——我們一直在尋找改善運營的方法，對吧？我認為 - 我猜你指的是亞歷山德羅的僱傭。所以看，他在霍尼韋爾有著長期的成功記錄。他在技術領域工作了很長時間，取得了很多成功。所以真的，我們的意圖只是為了加強我們擁有的東西。我們有一個很棒的銷售團隊。我們有一個很棒的商業部門，然後與 ACT 整合。但他的工作是真正幫助我們擴展我們知道我們將擁有的數量，而這正是我們花費大量時間關注可擴展性的真正原因，而這正是你在招聘中看到的。

Got it. In terms of the balance sheet and cash flow, ticked the long-term leverage target down, maybe you had previously and I missed it, by a 0.5 turn. Does that just reflect the higher interest rate environment? Any thoughts behind slight delta there?

知道了。在資產負債表和現金流方面，將長期槓桿目標下調，也許你之前有過，我錯過了，降低了 0.5 圈。這是否僅僅反映了更高的利率環境？那裡有輕微三角洲背後的任何想法嗎？

Yes. We -- you're right. We improved by about 0.5 turn. And I think it just really represents the strength of our generation of cash and continued goal of deleveraging. So I think what we're looking at is just like all the analysts and shareholders that have been talking to us about and saying, hey, going to uncertain environment. And it seems like a lot of feedback about having better leverage ratio. So that's kind of how we landed there. I think the -- it doesn't mean that we're going to not look at other opportunities for M&A that this company was built on that might push it a little. But I think in a steady state, that's where we think the company is pretty comfortable with.

是的。我們——你是對的。我們提高了大約 0.5 圈。而且我認為它確實代表了我們這一代現金的力量和去槓桿化的持續目標。所以我認為我們所看到的就像所有的分析師和股東一樣，他們一直在和我們談論並說，嘿，走向不確定的環境。似乎有很多關於擁有更好的槓桿率的反饋。這就是我們到達那裡的方式。我認為——這並不意味著我們不會考慮這家公司建立的其他併購機會，這可能會稍微推動它。但我認為在一個穩定的狀態下，我們認為公司對此非常滿意。

That makes sense. Last one, any -- obviously, CapEx was modest -- kind of CapEx, working capital and cash flow expectations for '23 within the confines of that 75% to 100% conversion long term?

這就說得通了。最後一個，任何——顯然，資本支出是適度的——在 75% 到 100% 的長期轉換範圍內對 23 年的資本支出、營運資本和現金流量預期？

Yes, Dan. So in the short term in this year, as you've seen the numbers, our business continues to grow. So our normal maintenance CapEx is still in that same range at 1.5%. And but we do have some investments in some new areas for equipment, for growth as well as some factory improvements. So you'll see it slightly blip up this year to support that growth. But then it could come back into normal that 1.5% range for maintenance CapEx.

是的，丹。所以在今年的短期內，正如你所看到的數字，我們的業務繼續增長。因此，我們的正常維護資本支出仍處於 1.5% 的同一範圍內。但是我們確實在一些新的設備領域進行了一些投資，以實現增長以及一些工廠改進。所以你會看到今年它略有上升以支持這種增長。但隨後它可能會恢復正常，即 1.5% 的維護資本支出範圍。

Okay. And you talked a little bit about capital allocation priorities. M&A seemingly back on the table now that we're down below 3x. Is that the right way to think about it? And what would you -- in terms of default, is it pay down debt and consider buybacks? Just thoughts there.

好的。你談到了一些關於資本分配優先事項的問題。既然我們跌至 3 倍以下，併購似乎又回到了桌面上。這是正確的思考方式嗎？你會怎樣——就違約而言，它是償還債務並考慮回購嗎？那裡只是想法。

Definitely, the cash position we're in is great. We have a lot of optionality. I don't think M&A has been off the table. I think it's always on table. I think the environment in the past year has not been the greatest, as you would expect, in terms of getting deals done. But that's always on the table. And I think we're assessing all the optionalities for the cash that we're generating right now. And obviously, pay down debt is one of the options that we can take.

當然，我們所處的現金狀況很好。我們有很多選擇。我認為併購並沒有被排除在外。我認為它總是擺在桌面上。我認為，就完成交易而言，過去一年的環境並不像你所期望的那樣最好。但這總是擺在桌面上。而且我認為我們正在評估我們現在產生的現金的所有選擇。顯然，償還債務是我們可以採取的選擇之一。

Just let me add to that, please. Dan, M&A is very important to us. It's a part of who we are, and I think we have a successful track record of M&A. So the pipeline remains to be strong. We focus on it. We're continuously looking at opportunities. So that regardless will never change. It's a part of who we are.

請讓我補充一點。丹，併購對我們來說非常重要。這是我們的一部分，我認為我們有成功的併購記錄。因此，管道仍然很強大。我們專注於它。我們一直在尋找機會。這樣無論怎樣都不會改變。這是我們的一部分。

Perfect. Appreciate the color. I look forward to having the opportunity to see some of your facilities down in Atlanta in -- or in Georgia, I should say, next month and best of luck.

完美的。欣賞顏色。我期待著有機會在亞特蘭大或佐治亞州看到你們的一些設施，我應該說，下個月，祝你好運。

Sounds great, Dan, thank you.

聽起來不錯，丹，謝謝你。

Yes, we're excited.

是的，我們很興奮。

Our next question comes from the line of John Lovallo with UBS.

我們的下一個問題來自瑞銀集團的 John Lovallo。

This is actually Spencer Kaufman on for John. Maybe the first one just following up on some of -- the last question. If you just look at that 75% to 100% free cash flow conversion, that 2x or 3x leverage target seems conservative unless there's a substantial amount of cash going towards M&A, and it seems like there could be. But just kind of curious as to, in your internal model, how much cash you guys are allocating for acquisitions. And just kind of given the current macro uncertainty, is it fair to assume that you'd rather be at the low end of that 2 to 3x leverage target range? And sorry, I know I'm kind of going a little bit over here, but just given that all your debt is floating rate, I mean, would you consider paying down more debt more aggressively right now with your cash flow to kind of be below that target range?

這實際上是約翰的斯賓塞考夫曼。也許第一個只是跟進最後一個問題。如果你只看 75% 到 100% 的自由現金流轉換，那麼 2 倍或 3 倍的槓桿目標似乎是保守的，除非有大量現金用於併購，而且似乎有可能。但只是有點好奇，在你們的內部模型中，你們為收購分配了多少現金。鑑於當前的宏觀不確定性，假設您寧願處於 2 到 3 倍槓桿目標範圍的低端是否公平？抱歉，我知道我有點過頭了，但考慮到你所有的債務都是浮動利率，我的意思是，你會考慮現在更積極地償還更多債務嗎？低於該目標範圍？

Yes. We're actually -- like we said before, it's optionality. So definitely that's on the plate that we're looking at right now. So we're actually looking at the various options, that being one of them. I think, obviously, we don't comment on M&A right now in terms of the allocation or anything there. But I think the only other material item would be the CapEx that I said that we're implementing for growth in the business that would impact the conversion to a bit on the lower end than what it would normally be. But outside of that, I think you're right. I think 1 of the things we want to look is definitely the floating debt and the interest rate there and what we're paying. Fortunately, we have a lot of options here to deal with in terms of the cash we're generating as well the cash we closed the year with.

是的。我們實際上 - 就像我們之前所說的那樣，它是可選的。所以肯定是我們現在正在看的盤子裡。所以我們實際上正在研究各種選項，這就是其中之一。我認為，顯然，我們現在不會就分配或那裡的任何事情對併購發表評論。但我認為唯一的其他重要項目是我說過我們正在為業務增長而實施的資本支出，這將影響轉換到比通常情況下低端的一點。但除此之外，我認為你是對的。我認為我們想要查看的其中一件事肯定是浮動債務和那裡的利率以及我們正在支付的費用。幸運的是，我們在這裡有很多選擇來處理我們產生的現金以及我們結束這一年的現金。

Right. Okay. Okay. That makes sense. And just turning gears here, for your longer-term financial targets, the 4% to 6% organic growth. Can you just parse out sort of your expectations for R3 versus commercial versus new construction, and how you're thinking about that share gain versus the market piece?

正確的。好的。好的。這就說得通了。在這裡，為了你的長期財務目標，4% 到 6% 的有機增長。您能否簡單地分析一下您對 R3 與商業與新建築的期望，以及您如何考慮份額增長與市場份額？

Yes. We don't share the split out there. But as we've talked about our business before, and obviously, I don't want to say anyone can forecast how the economy goes. But the way we actually run our business is that we don't have a product -- R3 or new construction. And as Ramey said earlier, as we see some of the new construction go down, generally R3 goes up. So it's a balanced approach depending on where we are in the self-storage kind of cycle.

是的。我們不分享那裡的分裂。但正如我們之前討論過我們的業務，顯然，我不想說任何人都可以預測經濟的發展。但我們實際經營業務的方式是我們沒有產品——R3 或新建築。正如 Ramey 之前所說，當我們看到一些新建築倒塌時，通常 R3 會上升。因此，這是一種平衡的方法，具體取決於我們在自助存儲循環中所處的位置。

Okay. And if I can just sneak in one more here, and apologies if I missed this earlier on the call, but the delay of the 10-K filing, can you just provide a little bit more color as to what's driving that?

好的。如果我可以在這裡再偷偷加入一個，如果我早些時候在電話會議上錯過了這個，我深表歉意，但是 10-K 文件的延遲，你能提供更多關於驅動它的顏色嗎？

Yes. It's just the amount of work to get through in terms of all the audit work and stuff that we have to do. So I don't think there's anything other than that. There's just a number of things where you get through and then BDOs got to do their work. We don't believe that there's going to be any impact to any of the numbers that we reported.

是的。就所有審計工作和我們必須做的事情而言，這只是要完成的工作量。所以我認為除此之外別無他法。只有很多事情你可以通過，然後 BDO 才能完成他們的工作。我們認為不會對我們報告的任何數字產生任何影響。

(Operator Instructions) Our next question comes from the line of Joshua Pokrzywinski with Morgan Stanley.

（操作員說明）我們的下一個問題來自 Joshua Pokrzywinski 與摩根士丹利的合作。

We've covered a lot of ground already, but one thing that continues to stand out and maybe getting a little bit more obvious as time goes on is your business performance versus maybe some of the public indicators like what you already said. I think they've talked about completions down the last couple of years. Clearly, that's not what you guys have seen. I think they have maybe a little bit more of a bearish outlook for '24 and '25. And it just seems so decoupled from the business. You guys have clearly put up the numbers. So something is very different. But I guess, as you guys look at their data, if it's something that you look at, where do you feel like they have it the most wrong.

我們已經涵蓋了很多基礎知識，但是隨著時間的推移，您的業務績效與您已經說過的一些公共指標相比，您的業務績效可能會繼續脫穎而出並且可能會變得更加明顯。我想他們在過去幾年裡一直在談論完工。顯然，這不是你們所看到的。我認為他們對 24 年和 25 年的前景可能更加悲觀。而且它似乎與業務脫鉤。你們已經清楚地提出了數字。所以有些東西是非常不同的。但我想，當你們看他們的數據時，如果這是你們看的東西，你們覺得他們哪裡錯得最厲害。

Yes. Good question. Look, I think from the very beginning, we've really put a lot of emphasis on our internal data and how that drives our decisions. And when you think about where we are in the entire space, we are designing these projects on the front end. We don't focus on top MSAs. Our customer set is vast in that our 10% customers, it represents less than -- or our top 10 customers represents less than 20% of our revenue.

是的。好問題。看，我認為從一開始，我們就非常重視我們的內部數據以及它如何推動我們的決策。當您考慮我們在整個空間中的位置時，我們正在前端設計這些項目。我們不關注頂級 MSA。我們的客戶群非常龐大，因為我們 10% 的客戶佔不到 - 或者我們的前 10 大客戶占我們收入的不到 20%。

So we see it all. It's not just the top MSA focus. It's not just new construction. It's also the capacity additions, whether it's conversion or whether it's in expansion. So while I think that the third-party data is getting better, and we certainly do pay attention to it, and we kind of reconcile with what we have internally. Josh, like I said, our internal data is really where it's at. And we have over 2 decades of data that we can go back to and reconcile. So again, I just stand very firm that our internal data is superior as it relates to real-time self-storage activity.

所以我們都看到了。這不僅僅是 MSA 的首要關注點。這不僅僅是新建築。這也是產能的增加，無論是轉換還是擴張。因此，雖然我認為第三方數據越來越好，我們當然會關注它，並且我們會與我們內部的數據相協調。喬什，就像我說的，我們的內部數據確實存在。我們擁有超過 2 年的數據，我們可以回溯和核對這些數據。因此，我再次堅定地認為，我們的內部數據是優越的，因為它與實時自助存儲活動有關。

Yes. I'll just add to what Ramey said, Josh, is that you got to remember also that the industry is like most -- 60% of the industry is 20-plus years old. So you're still going to get a lot of work in our R3 for that as people just upgrade to be competitive. And that's always going to continue to happen because of that reason. So I don't think the data out there fairly represents kind of that volume growth from that. Yes.

是的。 Josh，我只想補充一下 Ramey 所說的，你還必須記住，這個行業和大多數行業一樣——60% 的行業已有 20 多年的歷史。所以你仍然會在我們的 R3 中為此做很多工作，因為人們只是升級以具有競爭力。由於這個原因，這種情況總是會繼續發生。所以我認為那裡的數據並不能公平地代表那種數量的增長。是的。

Got it. That's helpful perspective. And like I said, clearly, you guys are distinguishing yourselves from what's out there. Maybe a follow-up on just the higher interest rate environment and liquidity discussions, especially what's happened over the last couple of weeks. How do you guys think about sort of the time at which a project is initially discussed and the underwriting takes place versus when you start to see an order? I know that in a lot of cases, you guys are sort of interacting very early on with these customers. But how do you think about that lag between when you get brought in relative to a project decision and then ultimately, when the delivery takes place?

知道了。這是有幫助的觀點。就像我說的，很明顯，你們正在將自己與外面的東西區分開來。也許只是對更高利率環境和流動性討論的後續行動，尤其是過去幾週發生的事情。你們如何看待最初討論項目和承銷的時間與您開始看到訂單的時間？我知道在很多情況下，你們很早就與這些客戶進行了互動。但是，您如何看待從您參與項目決策到最終交付之間的延遲？

Yes, I think it depends on the channel, but new construction typically stays in the backlog 9 to 12 months. And typically, once it enters the backlog, Josh, the funding is secured. So I think I know where you're going with your question. In terms of our visibility, what type of confidence do we have that will turn into revenue. And I think we have a high degree of confidence based off the funding piece of that. Now in terms of the visibility we have with doing unit mixes and design and things of that nature, you never know if those are coming to fruition. But we have visibility in terms of the quantity of inquiries, right, from a pipeline perspective, all of those things remain very, very high at this point in time.

是的，我認為這取決於渠道，但新建築通常會積壓 9 到 12 個月。通常情況下，一旦進入積壓狀態，Josh，資金就會得到保障。所以我想我知道你的問題要去哪裡。就我們的知名度而言，我們有什麼樣的信心可以轉化為收入。而且我認為我們基於其中的資金部分具有高度的信心。現在就我們在進行單元組合和設計以及類似性質的事情時所擁有的可見性而言，你永遠不知道這些是否會實現。但是我們在查詢數量方面有可見性，從管道的角度來看，所有這些事情在這個時間點仍然非常非常高。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Jackson for any final comments.

女士們，先生們，我們的問答環節到此結束。我會把發言權轉回 Jackson 先生，讓他發表最後的評論。

Okay. 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 good day.

好的。偉大的。謝謝大家今天加入我們。感謝您對駿利國際的支持，並期待向您通報我們的最新進展。祝你有美好的一天。

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

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。