Janus International Group, Inc. (JBI) 2026 Q1 法說會逐字稿

Hello, and welcome to the Janus International Group first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Ms. Sara Macioch, Senior Director, Investor Relations of Janus. Thank you. You may begin, Ms. Macioch.

各位好，歡迎參加 Janus International Group 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把電話交給本次會議主持人——Janus 投資人關係資深總監 Sara Macioch 女士。謝謝。Macioch 女士，您可以開始了。

Thank you, operator, and thank you all for joining our earnings conference call. I am joined today by our Chief Executive Officer, Ramey Jackson; and our Chief Financial Officer, Anselm Wong. We hope that you have seen in our earnings release issued this morning. We have also posted a presentation in support of this call, which can be found in the Investors section of our website at janusintl.com. Our remarks in the press release, presentation and on this call contain forward-looking statements regarding the company's business, strategy, operations and financial performance.

謝謝接線員，也感謝各位參加我們的財報電話會議。今天與我一同出席的有執行長 Ramey Jackson，以及財務長 Anselm Wong。希望各位已經看到我們今天早上發布的財報新聞稿。我們也上傳了支持本次電話會議的簡報，可在 janusintl.com 網站的「投資人」專區找到。我們在新聞稿、簡報以及本次電話會議中的發言包含有關公司業務、策略、營運與財務表現的前瞻性陳述。

Please review the forward-looking statements section in today's press release and in our SEC filings for various factors that could cause our actual results to differ materially from our forward-looking statements and projections. The company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, non-GAAP financial measures will be referenced in this call. A reconciliation of these measures to the most directly comparable GAAP financial measure can be found in our earnings press release and presentation.

請查閱今日新聞稿中的前瞻性陳述章節，以及我們向 SEC 提交的文件，以了解可能導致實際結果與前瞻性陳述及預測出現重大差異的各項因素。公司明確聲明，無論因新資訊、未來事件或其他原因，均不承擔公開更新或修訂任何前瞻性陳述之義務。此外，本次電話會議將提及非 GAAP 財務衡量指標。這些指標與最直接可比的 GAAP 財務衡量指標之調節表，可在我們的財報新聞稿與簡報中找到。

On today's call, Ramey will provide an overview of our business. Anselm will continue with a discussion of our financial results and 2026 guidance before Ramey shares some closing thoughts, and we open up the call for your questions.

在今天的電話會議中，Ramey 將提供我們業務的概覽。接著 Anselm 將討論我們的財務結果與 2026 年指引，之後由 Ramey 分享一些結語，並開放各位提問。

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

此刻，我將把電話交給 Ramey。

Thanks, Sara, and good morning, everyone. Thank you all for joining our call today. The first quarter reflected many of the same challenging macroeconomic dynamics we have discussed in recent quarters. Against this backdrop, our team remained focused on execution, safety and customer service. While overall demand remained subdued, our results for the quarter were ahead of our expectations. We delivered total revenue of $222.7 million and adjusted EBITDA of $33 million for the quarter.

謝謝 Sara，各位早安。感謝大家今天加入我們的電話會議。第一季反映了我們在近幾季討論過的許多相同且具挑戰性的總體經濟動態。在此背景下，我們的團隊仍專注於執行、安全與客戶服務。雖然整體需求仍然偏弱，但本季業績優於我們的預期。本季我們實現總營收 2.227 億美元，調整後 EBITDA 為 3,300 萬美元。

From a financial standpoint, our liquidity position remains strong, providing flexibility to manage through near-term volatility while maintaining our strategic focus. Cash generation in the quarter supported continued balance sheet strength and disciplined capital allocation. During the first quarter, we repurchased approximately 2.9 million shares of common stock for a total of $15.7 million. As of quarter end, we had $65 million remaining under our share repurchase authorization.

從財務角度來看，我們的流動性部位仍然強勁，讓我們在維持策略重點的同時，也能彈性因應短期波動。本季的現金創造支持了資產負債表的持續穩健與審慎的資本配置。第一季期間，我們回購約 290 萬股普通股，總金額 1,570 萬美元。截至季末，我們在股票回購授權項下仍有 6,500 萬美元可用額度。

Now I'd like to spend some time discussing our strategic priorities and recent progress towards these initiatives. While our strategy remains consistent, we are introducing the acronym Grove to refer to these priorities. Greater penetration of self-storage, ramping adoption of smart security solutions, outperforming in the commercial market and winning through strategic accretive acquisitions.

接下來我想花一些時間談談我們的策略優先事項，以及近期在這些倡議上的進展。雖然我們的策略保持一致，但我們引入縮寫「Grove」來指稱這些優先事項。包括：提高自助倉儲滲透率、加速智慧安防解決方案採用、在商用市場表現優於同業，以及透過策略性增值併購取勝。

Beginning with greater penetration of self-storage, our recent acquisition of Kiwi II Construction announced earlier this year advances this priority by expanding our content and self-storage facilities. Key enhances our exterior solutions and design build capabilities, particularly with institutional customers on the West Coast in Florida.

先從提高自助倉儲滲透率談起，我們今年稍早宣布收購 Kiwi II Construction，透過擴展我們的內容與自助倉儲設施，推進了此一優先事項。Kiwi 強化了我們的外部解決方案與設計—建造（design-build）能力，特別是在佛羅里達西岸的機構型客戶方面。

Early integration efforts are progressing as planned, we are encouraged by the initial collaboration opportunities between Kiwi, Vedco, and our Janus core business. Leveraging our unique R3 capabilities, another important lever in increasing our penetration of self-storage. Ongoing consolidation within the self-storage industry is creating meaningful opportunities for our R3 business.

早期整合作業按計畫推進，我們對 Kiwi、Vedco 與 Janus 核心業務之間初步的協作機會感到鼓舞。運用我們獨特的 R3 能力，是提升自助倉儲滲透率的另一項重要槓桿。自助倉儲產業持續整併，正為我們的 R3 業務帶來具意義的機會。

As large operators acquire and integrate assets, they are increasingly focused on standardization, upgrades and operational efficiencies, areas where we believe Janus is uniquely positioned to serve as a long-term strategic partner. We continue to invest in and expand our R3 offerings to meet these needs.

隨著大型營運商收購並整合資產，他們愈來愈重視標準化、升級與營運效率；我們相信 Janus 在這些領域具備獨特定位，可作為長期策略合作夥伴提供服務。我們持續投資並擴展 R3 產品與服務，以滿足這些需求。

To this end, during the quarter, we announced the release of Rapid replace, a mobile app designed to streamline self-storage, door replacement quotes and orders. The Janus Rapid replaced app was built for self-storage owner operators who need fast, reliable way to request quotes and submit orders, to replace damaged duals at their facilities.

為此，我們在本季宣布推出 Rapid replace，這是一款行動應用程式，旨在簡化自助倉儲門片更換的報價與下單流程。Janus Rapid replaced 應用程式是為需要快速、可靠方式來索取報價並提交訂單的自助倉儲業主與營運商所打造，用於更換其設施中受損的門片。

We also continue to be pleased with the performance of our international business as we expand our presence in the self-storage industry on a global scale. Our focus on refining our product offering and go-to-market approach over the past several quarters continues to produce results.

隨著我們在全球範圍內擴大於自助倉儲產業的布局，我們也持續對國際業務的表現感到滿意。過去幾季我們專注於精進產品組合與市場進入策略，持續帶來成果。

In the first quarter, international performance was supported by Nokē adoption and targeted project wins. We remain focused on selectively expanding into additional geographies with favorable market conditions. Next, ramping smart security solutions to our Nokē Smart Entry platform remains a central pillar of our long-term growth strategy.

第一季國際業績受到 Nokē 採用率提升以及特定專案得標的支持。我們仍專注於在具備有利市場條件的前提下，選擇性拓展至更多地理區域。接下來，加速智慧安防解決方案導入至我們的 Nokē Smart Entry 平台，仍是我們長期成長策略的核心支柱。

At the end of the first quarter, we had 477,000 total installed units, representing an increase of 24.2% year-over-year. Janus is the first mover in smart security and access control within self-storage, and we continue to solidify our competitive advantage through customer-led innovation.

截至第一季末，我們的總安裝單元數達 477,000 個，年增 24.2%。Janus 是自助倉儲領域智慧安防與門禁控制的先行者，我們持續透過以客戶為導向的創新來鞏固競爭優勢。

A recent example of this progress is the launch of Nokē Infinitē, an on door dual technology smart locking system, which represents an important milestone in the Nokē product road map we are delivering this year.

近期進展的一個例子是推出 Nokē Infinitē，這是一套門上式雙技術智慧鎖定系統，代表我們今年交付的 Nokē 產品路線圖中的一項重要里程碑。

Nokē Infinitē combines Bluetooth technology with near field communication or NFC power harvesting, allowing the lot to be securely accessed even after its five-year battery life has exceeded. The dual technology meaningfully reduces operational risk and maintenance costs for owner operators. Designed with a slim on door profile, we expect Nokē Infinitē to be available for factory install on both roll up and swing doors beginning in the third quarter.

Nokē Infinitē 結合藍牙技術與近場通訊（NFC）能量擷取，使鎖具即使超過五年電池壽命後仍可安全存取。雙技術可顯著降低業主與營運商的營運風險與維護成本。採用纖薄的門上式外型設計，我們預期 Nokē Infinitē 自第三季起可在捲門與平開門上提供原廠安裝。

Importantly, we see Nokē Infinitē is highly complementary to the hardware Nokē Ion solution and a meaningful step forward in driving adoption of smart entry solutions enabling customers to standardize on the Nokē platform across environments suited for both hardwired and wireless solutions. As we advance the Nokē platform, we remain focused not just on unit growth and new product launches, but also on driving efficiencies and margin improvement as the business reaches scale.

重要的是，我們認為 Nokē Infinitē 與硬體 Nokē Ion 解決方案高度互補，並是在推動智慧進出解決方案採用方面的一大步，讓客戶能在適用於有線與無線解決方案的不同環境中，統一採用 Nokē 平台。在推進 Nokē 平台的同時，我們不僅專注於單元數成長與新產品上市，也著重於在業務規模化過程中提升效率與改善利潤率。

Nokē addresses real operational challenges faced by self-storage owner operators by reducing labor requirements and enhancing security through advanced access control and the deterrence. As a result, we continue to be optimistic about the long-term opportunity in this business and its potential to drive increased recurring revenue over time.

Nokē 透過先進的門禁控制與威懾效果，降低人力需求並提升安全性，從而解決自助倉儲業主與營運商面臨的實際營運挑戰。因此，我們對此業務的長期機會及其隨時間推動經常性收入增加的潛力，仍持續保持樂觀。

The third priority of our growth strategy is increasing our share in the market for commercial doors. Our expanded distribution footprint and architectural specification efforts are gaining traction, resulting in strong performance in our rolling steel business this quarter, and we are encouraged by the early success in segments such as data centers, where growth opportunities remain robust.

我們成長策略的第三項優先事項，是提升我們在商用門市場的市占率。我們擴大的通路覆蓋與建築師規格導入（architectural specification）推動正逐步見效，帶動本季我們捲門鋼（rolling steel）業務表現強勁；同時，我們也對資料中心等細分市場的早期成果感到鼓舞，該等領域的成長機會仍然強勁。

Our final priority is disciplined M&A. Strategic acquisitions continue to be a core part of our strategy as evidenced by our acquisition of Kiwi II construction I spoke to earlier. While our M&A approach remains selective, our pipeline continues to be active. We are maintaining our focus on opportunities that expand our capabilities, enhance our solutions offering and create long-term shareholder value.

我們最後一項優先事項，是有紀律地進行併購（M&A）。策略性收購仍是我們策略的核心部分，正如我先前提到我們收購 Kiwi II Construction 所示。儘管我們的併購方針仍然審慎挑選，但我們的案源管線依然活躍。我們將持續聚焦於能擴大我們能力、強化解決方案組合並創造長期股東價值的機會。

As we look ahead, we will focus on what we can control, execute with discipline support our customers and manage the business for long term. While we expect many of the challenges in the operating environment we are facing will persist in the near term, we are confident Janus is well-positioned for the future as the industry leader in self-storage solutions with strong operational capabilities and attractive adjacencies for expansion.

展望未來，我們將專注於可控事項，以紀律執行、支持客戶，並以長期視角經營業務。儘管我們預期目前營運環境中的多項挑戰在短期內仍將持續，但我們有信心，作為自助倉儲解決方案的產業領導者，Janus 具備強勁的營運能力，且在具吸引力的相鄰領域具備擴張空間，已為未來做好良好布局。

With that, I'll now turn the call over to Anselm to walk through a more detailed review of our financial results and discuss our reaffirmed 2026 guidance. Anselm?

接下來，我將把電話會議交給 Anselm，請他更詳細地回顧我們的財務結果，並說明我們重申的 2026 年指引。Anselm？

Thank you, Ramey, and good morning, everyone. Ramey spoke to our strategy and results at a high level, and I will focus my remarks on our financial performance in the first quarter and our 2026 guidance. For the first quarter, consolidated revenue of $222.7 million increased 5.8% as compared to the prior year. Inorganic revenues for the quarter were $18.1 million, reflecting contributions from Kiwi II construction.

謝謝你，Ramey，各位早安。Ramey 已從較高層次談到我們的策略與成果，我將把重點放在第一季的財務表現以及我們的 2026 年指引。第一季合併營收為 2.227 億美元，較去年同期成長 5.8%。本季非有機營收為 1,810 萬美元，反映 Kiwi II Construction 的貢獻。

At the sales channel level, our self-storage business was up 8.7%. New construction increased 10.9%, while ARPU was up 5.3% for the quarter. The increase in revenues for new construction was driven by solid performance from our Kiwi acquisition and continued strength in our international business, which offset continued softness in North America.

以銷售通路層級來看，我們的自助倉儲業務成長 8.7%。新建案成長 10.9%，而本季 ARPU（每戶平均收入）成長 5.3%。新建案營收的增加，主要來自我們收購 Kiwi 的穩健表現，以及國際業務持續強勁，抵銷了北美市場持續疲弱的影響。

On an organic basis, New construction revenues were down 9.9% year-over-year. The increase in R3 revenue was driven by increases in redevelopment and renovation activity and a normalization in conversion and expansion activity. In the first quarter, total revenues in our International segment increased to $27.3 million, up $6.1 million or 28.8% compared to the prior year, driven by growth in new construction activity and market share gains.

以有機基礎計算，新建案營收年減 9.9%。R3 營收的增加，主要由改建與翻新活動增加，以及轉換與擴建活動回歸常態所帶動。第一季，我們國際事業部總營收增至 2,730 萬美元，較去年同期增加 610 萬美元（成長 28.8%），主要由新建案活動成長與市占提升所驅動。

For the quarter, revenue in our Commercial and Other segment decreased by 0.5%. The decline was primarily driven by continued softness in demand for commercial sheet doors, partially offset by increases in rolling steel and freight terminal project activity.

本季，我們「商用及其他」事業部營收下滑 0.5%。下滑主要由商用片狀門（commercial sheet doors）需求持續疲弱所致，但部分被捲門鋼（rolling steel）與貨運碼頭（freight terminal）專案活動增加所抵銷。

First quarter adjusted EBITDA of $33 million was down 14.1% compared to the first quarter of 2025. This resulted in an adjusted EBITDA margin of 14.8%, a decrease of approximately 340 basis points from the prior year period. The decrease in margin year-over-year is primarily attributable to the impacts of geographic segment and sales channel mix.

第一季調整後 EBITDA 為 3,300 萬美元，較 2025 年第一季下降 14.1%。因此調整後 EBITDA 利潤率為 14.8%，較去年同期下降約 340 個基點。利潤率年減主要歸因於地理區隔與銷售通路組合變化的影響。

We remain focused on controlling our costs and continue to regularly evaluate opportunities to optimize operations and improve our efficiencies. We are seeing benefits from the consolidation of our two facilities in Houston earlier this year.

我們仍專注於成本控管，並持續定期評估最佳化營運與提升效率的機會。我們已看到今年稍早整併休士頓兩座廠房所帶來的效益。

For the first quarter, we produced adjusted net income of $1.7 million compared to adjusted income of $17.7 million in the prior year period. Adjusted EPS for the quarter was $0.01. We generated cash and operating activities of $36.2 million free cash flow of $33.4 million in the quarter.

第一季我們的調整後淨利為 170 萬美元，去年同期調整後淨利為 1,770 萬美元。本季調整後 EPS 為 0.01 美元。我們本季營運活動產生現金 3,620 萬美元，自由現金流為 3,340 萬美元。

On a trailing 12-month basis, this represents a free cash flow conversion of adjusted income of 155% and capital expenditures in the quarter were $2.8 million. We ended the quarter with $183.8 million in total liquidity, including $112 million of cash and equivalents on the balance sheet.

以過去 12 個月計算，這相當於調整後淨利的自由現金流轉換率為 155%，而本季資本支出為 280 萬美元。本季末我們的總流動性為 1.838 億美元，其中包含資產負債表上的 1.12 億美元現金及約當現金。

Our total outstanding long-term debt at quarter end was $551 million and net leverage was 2.7x, within our target range of 2 to 3x following our acquisition of Kiwi II construction as expected. Our liquidity levels provide us flexibility as we deploy our capital.

季末我們未償還的長期債務總額為 5.51 億美元，淨槓桿為 2.7 倍；如預期在收購 Kiwi II Construction 後，仍落在我們 2 至 3 倍的目標區間內。我們的流動性水位在資本配置上提供了彈性。

As Ramey mentioned, during the quarter, we repurchased approximately 2.9 million shares for a total of $15.7 million. We had $65 million remaining on our share repurchase authorization at quarter end. In February, we are pleased to announce the repricing of our first lien term loan, reducing our interest rate by 50 basis points from SOFR plus 250 to SOFR plus 200 significantly lowering our cost of capital, enhancing our financial flexibility.

如 Ramey 所提，本季我們回購約 290 萬股，總金額 1,570 萬美元。季末我們的庫藏股回購授權尚餘 6,500 萬美元。我們很高興宣布於 2 月完成第一順位擔保定期貸款（first lien term loan）的重新定價，將利率由 SOFR + 250 個基點下調至 SOFR + 200 個基點，顯著降低我們的資金成本並提升財務彈性。

Now moving to our 2026 guidance. We continue to expect full year revenue in the range of $940 million to $980 million, this includes approximately $90 million to $100 million in organic room from Kiwi II Construction acquisition. As a reminder, our guidance does not include any embedded assumptions of an improvement in market conditions. We continue to expect North America organic self-storage revenues to be down mid-single digits compared to 2025, driven mostly by continued softness in new construction.

接著談 2026 年指引。我們仍預期全年營收介於 9.40 億至 9.80 億美元之間，其中包含約 9,000 萬至 1 億美元來自收購 Kiwi II Construction 的非有機營收。提醒各位，我們的指引並未內含市場狀況改善的假設。我們仍預期北美自助倉儲有機營收較 2025 年下降中個位數百分比，主要由新建案持續疲弱所致。

In our commercial sales channel, we anticipate a return of growth in 2026 driven by our asset business. On the international side, we expect high single-digit revenue growth. 2026 adjusted EBITDA is expected to be in the range of $165 million to $185 million. This reflects an adjusted EBITDA margin of 18.2% at the midpoint. Consolidated EBITDA margin will continue to be impacted by both geographic semi and sales channel mix.

在商用銷售通路方面，我們預期 2026 年將在我們的資產（asset）業務帶動下恢復成長。在國際方面，我們預期營收將呈現高個位數成長。2026 年調整後 EBITDA 預期介於 1.65 億至 1.85 億美元。以中位數計算，這反映調整後 EBITDA 利潤率為 18.2%。合併 EBITDA 利潤率仍將同時受到地理區隔與銷售通路組合的影響。

We expect that Kiwi II's EBITDA will be a drag on overall margins for 2026. Cash flow remains robust, and for 2026, we continue to anticipate being around the higher end of the free cash flow conversion of adjusted net income target range of 75% to 100%. Please refer to the presentation we have posted for details on the key planning assumptions for 2026. Thank you all for your time.

我們預期 Kiwi II 的 EBITDA 將在 2026 年對整體利潤率造成拖累。現金流仍然強勁；對 2026 年而言，我們仍預期自由現金流對調整後淨利的轉換率將落在 75% 至 100% 目標區間的較高端。關於 2026 年關鍵規劃假設的細節，請參閱我們已上傳的簡報。感謝各位撥冗。

I will now turn the call over to Ramey for his closing remarks. Ramey?

接下來我將把電話會議交回給 Ramey，請他做結語。Ramey？

Thank you, Anselm. Janus continues to hold a strong position in an attractive resilient industry. We serve our customers across the full life cycle of their facilities from design and build out to ongoing maintenance, modernization and technology upgrades. And to that end-to-end value proposition continues to differentiate us, particularly in periods of economic uncertainty.

謝謝你，Anselm。Janus 持續在一個具吸引力且具韌性的產業中保持強勢地位。我們在客戶設施的全生命週期提供服務，從設計與建置，到後續維護、現代化與技術升級。而這項端到端的價值主張持續使我們脫穎而出，特別是在經濟不確定的時期。

The new construction activity, particularly in North America, is likely to remain constrained this year. Self-storage fundamentals continue to be supported by high occupancy rates and rising household utilization trends. As housing market activity normalizes over time, we believe these strengths will support increased demand for both new development and investment in existing facilities.

今年的新建工程活動，特別是在北美，可能仍將受到限制。自助倉儲的基本面持續受到高入住率與家庭使用率上升趨勢的支撐。隨著房市活動隨時間推移趨於常態化，我們相信這些優勢將支撐對新開發以及對既有設施投資的需求增加。

While operating conditions remain dynamic, we are focusing firmly on what we can control and are committed to achieving our reaffirmed 2026 guidance. We are executing with discipline, supporting our customers optimizing our operations and investing in areas of the business with the most durable demand and long-term opportunity, supported by our strong balance sheet and consistent cash generation I remain confident Janus is well equipped to build upon our industry leadership position, expand into adjacent markets with attractive fundamentals and deliver long-term value for our shareholders.

儘管營運環境仍然多變，我們正堅定聚焦於我們可控的事項，並致力於達成我們重申的 2026 年指引。我們以紀律執行，支援客戶、優化營運，並投資於需求最具持久性與長期機會的業務領域；在強健的資產負債表與穩定的現金創造能力支持下，我仍然有信心 Janus 具備良好條件，能在既有的產業領導地位上再接再厲，拓展至基本面具吸引力的相鄰市場，並為股東創造長期價值。

In closing, I want to express my appreciation to our team, customers and shareholders for your support. We thank you for your participation on today's call.

最後，我要向我們的團隊、客戶與股東表達感謝，謝謝你們的支持。也感謝各位參與今天的電話會議。

Operator, we would now like to open up the line with Q&A, please.

接線員，我們現在想開放 Q&A，請。

(Operator Instructions)

(接線員指示)

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

This is David Tarantino on for Jeff. Maybe starting with the demand trends. It sounds like both self-storage and commercial are tracking in line with initial outlook. Correct me if I'm wrong, but could you give some color around how the pipeline of opportunities has evolved to date and how the underlying demand trends that you're seeing today compares to what you have implied in the guide.

我是代替 Jeff 的 David Tarantino。或許先從需求趨勢談起。聽起來自助倉儲與商用業務都與最初展望一致。如果我理解有誤請指正，但你們能否說明一下截至目前機會管線的演變情況，以及你們今天看到的基礎需求趨勢與指引中所隱含的假設相比如何？

Yes. Thanks for the question. I don't think there's been a lot of change quarter-over-quarter. Obviously, new construction demand in North America is impacted by interest rates, liquidity, all the things we've been talking about, mobility around housing, and I don't see that changing until we get some repreve on interest rates, quite frankly, R3 is a bright spot for us. We continue to perform well, obviously, with M&A and consolidation that's happening in the marketplace that's driving revenue for us.

是的。謝謝你的提問。我認為與上一季相比沒有太大變化。顯然，北美的新建需求受到利率、流動性，以及我們一直在談的各項因素影響，包括住房流動性等；坦白說，在利率獲得一些喘息之前，我不認為情況會改變。R3 對我們而言是一個亮點。我們持續表現良好；顯然，市場上正在發生的併購與整合正在為我們帶來營收。

And then on the commercial side, is the commercial sheet door product line that's really been impacted and that has everything to do with the metal building end market, pre-engineered metal building end market. The bright spot on the commercial side is our rolling steel door business again, which is Asta. We've been talking about our initiatives around architectural specification initiatives in addition to growing market share, and that's certainly paying off and is a green shoot for us on the commercial piece.

至於商用端，真正受到影響的是商用板材門（commercial sheet door）產品線，這完全與金屬建築終端市場、也就是預製工程金屬建築（pre-engineered metal building）終端市場有關。商用端的亮點則是我們的捲門鋼門（rolling steel door）業務，也就是 Asta。我們一直在談除了提升市占之外，也推動建築師規格導入（architectural specification）相關的倡議，而這確實正在見效，成為商用業務的一個正向訊號。

Great. That's helpful. And then maybe on the margins, could you just give us some color on price cost with around rising inputs? I know if I recall, it typically shows through on a lag. So does this give you the opportunity to push more price? Or how should we think about kind of the buckets of the margins going forward?

很好。這很有幫助。接著談毛利率，你們能否就投入成本上升下的「價格/成本」關係提供一些說明？我記得通常會有滯後反映。那這是否讓你們有機會再推升價格？或者我們應該如何看待未來毛利率的各個構成面向？

Yes. You think about what happened in Q1 margin. We had always talked about the lag in terms of the backlog of price adjustment that we had done prior to just bleeding through into the quarter now. If you look at the steel trend, it's on its way up as we had said last quarter, so you would expect commercial actions the other way going into the rest of the year.

是的。你可以回想一下第一季毛利率發生了什麼。我們一直提到滯後效應，也就是我們先前做過的價格調整，因為訂單積壓（backlog）的關係，現在才逐步反映到本季。如果你看鋼材走勢，正如我們上季所說，它正在走升，因此你會預期商用端在今年剩餘期間會有相反方向的動作。

So I think I would say you probably have a little more commercial action adjustments in the back half a little more price negative blending into this quarter and then it goes back up the other way. As a reminder, our contracts allow us to adjust where we need to based on input cost changes.

所以我會說，下半年你可能會看到商用端有更多調整動作；本季會有更多偏向價格負向的組合影響（blending），之後又會往另一個方向回升。提醒一下，我們的合約允許我們在需要時，依投入成本變動來進行調整。

Great. And maybe if I could sneak one more in. Could you just give some color on the tax rate and why was it so much higher in the first quarter and tracking higher in 2026? And maybe what is the cash tax rate look like?

很好。如果我可以再追問一題。你們能否說明一下稅率，為什麼第一季高那麼多，而且在 2026 年看起來也偏高？另外，現金稅率大概會是什麼樣子？

Sure. There's a lot of, obviously, onetime adjustments in there due to the acquisition as well as the refinancing that occurred. So if you look at the reconciliation that's included in the earnings materials, you'll see that there is approximately $2 million related to the debt refinancing. Obviously, way better rate going forward, so it's a benefit for us. But we have to take the charge for the prior cost and then the other piece is the cost related to the acquisition.

當然。裡面有很多一次性調整，顯然與併購以及發生的再融資有關。所以如果你看財報資料中的調節表，你會看到約 200 萬美元與債務再融資相關。顯然，未來的利率條件好很多，對我們是利多。但我們必須先認列先前成本的費用，另外一部分則是與併購相關的成本。

As you go through, obviously, great actions, we're happy with Kiwi II. But obviously, related to that, there's acquisition costs as well as compensation. As you know, we closed that we paid some of the purchase price and equity compensation. So that drives some tax differentials for what is not as disallowed to the compensation. But I think those are the main items if you walk through that impacted the tax rate. And obviously, a few of them are one-timers.

再往下看，這些當然都是很好的動作，我們對 Kiwi II 很滿意。但顯然，與此相關會有併購成本以及薪酬。如你所知，我們完成交割時，以部分收購價款與股權薪酬方式支付。因此，對於部分不允許扣抵的薪酬項目，會造成一些稅務差異。但我認為，若逐項檢視，影響稅率的主要就是這些。而且其中有幾項顯然都是一次性的。

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Just maybe in terms of the cadence, we just talked about price cost and how that may flow through guidance for the full year implies a little over 18% adjusted EBITDA margin midpoint Q1 just below 15%. So just how do we think about the cadence in terms of either sequential improvement into H2 or split of EBITDA dollars between H1 and H2, how we kind of think about that walk starting with Q2, I guess?

想請教一下節奏方面：我們剛談到價格/成本以及它可能如何反映在全年指引中；全年指引的中位數隱含調整後 EBITDA 利潤率略高於 18%，而第一季略低於 15%。那我們應該如何看待節奏——例如下半年是否會逐季改善，或是上半年與下半年 EBITDA 金額的分配？也就是從第二季開始，我們該如何理解這個走勢？

Yes, sure. Thanks for the question, Dan. So if you think about it, we always talked about it as last quarter is that a step up every quarter. So Q2 will be better than Q1 a little better, probably a little less of the overall average for the year and then back half obviously higher than the average for the year to blend it to a year. The reason for that is that we're always constantly looking at optimizing our footprint in terms of costs. You saw the announcement in Houston. So if you look at the timing of some of those cost savings, those blend up a bit in Q2 and then obviously, full savings in Q3 and Q4. So that's why you see a blend of it stepping up every quarter.

好的，當然。謝謝你的提問，Dan。所以如果你這樣想，我們上季一直說的是每一季都會往上一步。因此第二季會比第一季好一些，但可能仍低於全年平均；而下半年顯然會高於全年平均，才能把全年拉到那個水準。原因在於我們一直持續在成本面優化我們的據點/產能布局（footprint）。你也看到我們在休士頓的公告。所以若看部分成本節省的時點，第二季會開始反映一些，第三季與第四季則會反映完整節省效益。因此你會看到每一季逐步上升的走勢。

Got it. And I know it's early days, but can you talk a little bit more about the whether it's cross-selling or best practices between Kiwi, Betco, how is the integration going? And maybe some early learnings from that acquisition?

了解。我知道現在還算早期，但你能否多談一些——不論是交叉銷售或 Kiwi、Betco 之間的最佳實務分享——整合進展如何？以及從這筆收購案目前有哪些初步的學習或觀察？

Look, we're really happy with the progress. I guess the collaboration between Janus core and Petco and Kiwi, the focus, like you said, is cross-selling. We've had some early wins on that front in terms of combining the door and hallway through the total building envelope and then in addition to that, Dan, the customer segment, the additional customers that we now have visibility to and that are now on the Janus platform. We're super excited about where it's going and happy with the integration efforts thus far.

你看，我們對進展真的很滿意。我想 Janus 核心業務與 Petco 以及 Kiwi 之間的合作，重點如你所說，是交叉銷售。我們在這方面已經有一些早期成果，包含透過整體建築外殼把門與走廊的方案結合起來；此外，Dan，就客戶區隔而言，我們現在能看見更多新增客戶，而且這些客戶也已經在 Janus 平台上。我們對未來的發展非常興奮，也對目前為止的整合作業感到滿意。

Got it. If I might sneak one more in. Just talk a little bit about obviously, I guess, the second of your ramp smart security solutions. Just talk a little bit more about how Infinity helps in that. How is it complementary to Ion, are you seeing more traction? What kind of expectations for sequential growth, maybe not for the next quarter but over the next year or two relative to what we've seen in terms of adoption.

了解。如果我可以再偷偷問一題。想請你再談談，顯然你們第二項 ramp 智慧安防解決方案。再多說一點 Infinity 在其中如何提供協助。它如何與 Ion 互補？你們是否看到更多動能？就連續成長的預期而言，也許不是下一季，但在未來一到兩年，相較於我們目前看到的採用情況，你們怎麼看？

Sure. Thanks, Dan. Great question. And we're very excited about the new product launches we have for our Nokē business. If you look at the new product that we launched, it's an upgrade to the Nokē ONE.

當然。謝謝你，Dan。問得很好。我們對 Nokē 業務的新產品上市也非常興奮。如果你看我們推出的新產品，它是 Nokē ONE 的升級版。

So there is use cases where cutters want to install that is quicker for with a battery product as well as wireless. So that's what it does. The beauty of that product is that even if the battery, which we're seeing now in the last about five years, even when that battery dies, it will still work with the NFC technology that we put in it. So you've got back up there. So it's a beautiful product in terms of fitting that use case where you want that quicker install, especially on retrofits and a Nokē ion further updates to that product.

因此有一些使用情境是，安裝人員希望安裝更快速，並且是電池式產品，同時也支援無線。這就是它的功能。這個產品的優點在於，即使電池（我們在過去大約五年看到的情況）沒電了，它仍然可以透過我們放入的 NFC 技術運作。所以你有備援。因此就符合「需要更快安裝」的使用情境而言，尤其是翻新案（retrofits），這是一個很棒的產品；另外 Nokē ion 也會對該產品進一步更新。

Everyone's been happy with that product in terms of performance as well as battery free when you can actually install it with a wire in what it allows for is further use case further sensors that we can add to the portfolio that we're getting a lot of requests for from a customer. So very excited about the new platform and obviously helping drive sequential growth in Nokē business.

大家對這個產品的表現都很滿意；而且在你可以用線材安裝時，它也能做到免電池運作。它所帶來的是更多使用情境、更多感測器可以加入到我們的產品組合中，而這些都是客戶大量提出需求的。所以我們對這個新平台非常興奮，並且顯然它也有助於推動 Nokē 業務的連續成長。

I think Anselm covered it well. I just want to kind of point out this road map that we'll continue to launch throughout the year and next year, it's 10% innovated around voice of the customer. We're not guessing we're in terms of what the industry needs. We're actually listening to our customers and investing in those innovations to bring the market.

我想 Anselm 已經講得很完整了。我只想指出，我們會依照這個產品路線圖在今年與明年持續推出新品，其中有 10% 的創新是圍繞「客戶之聲」而來。我們不是在猜產業需要什麼。我們是在聽客戶的聲音，並投資這些創新，把它們帶到市場上。

Perfect. And then last housekeeping, just following up on the first question, tax rate, what should we expect for kind of the balance of the year?

很好。最後一個例行問題，延續第一題：稅率方面，今年剩餘期間我們應該預期大概是多少？

Yes. I think if you look at the guidance, we put in 29% to 31% for the full year. And again, obviously, it is an increase from last time, but it's a function of those items I just mentioned in terms of the impact of the rate in Q1. So I think you get a more normalized rate in the other quarters that blend to the average for the year.

是的。我想如果你看我們的指引，全年我們給的是 29% 到 31%。再次強調，顯然這比上次提高，但主要是我剛提到那些項目的影響，尤其是第一季稅率的影響。所以我認為其他季度會回到較正常化的稅率水準，最後加權平均成全年平均稅率。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

This is Fiona on for Phil. Just curious on the cost side, I know you guys are probably more insulated with the tariff, how do you think about the changes to Section 232 tariffs? And how is that going to impact your business relative to your competitors?

我是代 Phil 提問的 Fiona。想請教成本面：我知道你們可能在關稅方面相對更不受影響，你們如何看待《232 條款》關稅的變動？相較於競爭對手，這會如何影響你們的業務？

Sure. I think, as you know, obviously, most of the steel we purchase is domestic seals. So obviously, it doesn't have a direct impact to the domestic steel I think, honestly, if you go down deeper into the details of the regulation, it will impact that certain types of products metasteel. So I would expect that there'll be some, obviously, negative impact on some of our competitors. But I think you have to go into detail in terms of the specific item that's impacted.

當然。我想如你所知，我們採購的大多數鋼材都是國內鋼材。所以顯然它對國內鋼材沒有直接影響；但老實說，如果你更深入看法規細節，它會影響某些類型的產品，例如金屬鋼材（metasteel）。因此我預期這會對我們部分競爭對手造成一些、顯然是負面的影響。但我認為仍需要就受影響的特定品項去看細節。

Okay. That's helpful. And then inflation start picking up again. So we're curious about are you looking to pass through some of the higher costs through your surcharges or any mitigating actions you're thinking about for the rest of the year?

好的。這很有幫助。另外，通膨似乎又開始回升。所以我們想了解，你們是否打算透過附加費把部分較高成本轉嫁出去，或是今年剩餘期間有任何你們在考慮的緩解措施？

Yes. So definitely, absolutely fuel is one of the top ones. We've already just like a lot of other industries, fuel surcharges to cover that piece. And then in terms of steel, obviously, we track that on a daily basis and we've always said that we have the ability to adjust. And there will be some commercial actions related to that trend the steel is happening that you're seeing out there, and we're closely watching it whether or not we do more.

是的。所以確實、絕對，燃料是其中最主要的項目之一。我們已經和許多其他產業一樣，透過燃油附加費來涵蓋那一部分。至於鋼材，我們當然每天都在追蹤，我們也一直說我們有能力進行調整。針對你們在市場上看到的鋼材趨勢，我們會採取一些商業行動；我們也在密切觀察，是否需要做更多。

Okay. And maybe if I can just sneak into one last one. Can you also talk about your mix dynamics? I think in the quarter, it was a little bit of a headwind.

好的。如果我可以再偷偷問最後一題。你們也能談談產品/業務組合的動態嗎？我想這一季它有點成為逆風。

Yes. So if you look at the breakout, when the Q comes up, obviously, International had a very strong quarter again. They did have a bit lower margin compared to their ending trailing margin just because of customer mix and product mix. But I think that was kind of one of the big drivers that you saw in the quarter where a lot of our smaller BUs, which have lower margins compared to the Janus core blended into the quarter that drove a lot of the negative mix impact in the quarter.

是的。如果你看拆分，當 Q 的資料出來時，顯然國際業務又是一個非常強勁的季度。不過相較於其過去十二個月的期末（ending trailing）毛利率，這季毛利率稍低一些，主要是因為客戶組合與產品組合。但我認為你在本季看到的其中一個主要驅動因素是：我們許多較小的事業單位（BU），其毛利率相較於 Janus 核心業務較低，併入本季後，帶來了較多的負向組合影響。

Reuben Garner, The Benchmark Company.

Reuben Garner，The Benchmark Company。

This is John McGlade on for Ruben. I just wanted to start out, maybe we could follow up on Nokē. It looks like you guys added about 20,000 new units this water. I know the previous breakeven target was $500 million. I guess, with the launch of the new Infinity platform, does that change your breakeven?

我是代 Reuben 提問的 John McGlade。我想先從 Nokē 追問一下。看起來你們這一季新增了大約 20,000 個新單位。我知道先前的損益兩平目標是 5 億美元。我想問，隨著新的 Infinity 平台推出，這會改變你們的損益兩平點嗎？

And then at this point, getting closer, is there any estimates you're willing to share on really how much of a contribution hitting that breakeven milestone could be for the bottom line?

另外，既然現在更接近了，你們是否願意分享任何估計：達到那個損益兩平里程碑，對最終獲利（bottom line）可能會有多大的貢獻？

Yes. We haven't disclosed that yet, but what I can tell you is we've got a couple of things that happen. Obviously, the unit volume getting to that breakeven point, but also AI is coming in and really helping us manage developing software costs, it's really impacting the team where we don't need as many engineers to do the equivalent work. So that is helping move that breakeven point lower. So I think we're excited about it, and we've all talked about getting to scale for that Nokē business, and these new products are going to help drive the incremental growth to get there quicker.

是的。我們還沒有揭露那個數字，但我可以告訴你，有幾件事正在發生。顯然，單位數量提升到損益兩平點是一個因素；另外 AI 也正在導入，確實幫助我們管理與降低軟體開發成本，對團隊的影響是：我們不需要那麼多工程師就能完成同等的工作量。因此這有助於把損益兩平點往下移。所以我認為我們對此很興奮；我們也一直在談 Nokē 業務要達到規模，而這些新產品將有助於推動增量成長，讓我們更快達到那個目標。

Okay. That sounds great. I guess the one other question I have, obviously, international is doing well, and I know that there were some changes in the go-to-market strategies that you've implemented there over the past year or so. Could you maybe dive into how those have helped you gain share? And maybe what market specifically internationally, you're seeing kind of outsized growth in?

好的。聽起來很棒。我想我另外一個問題是，顯然國際業務表現良好，而且我知道你們在過去一年左右在那邊實施了一些市場進入（go-to-market）策略的調整。你能否深入談談這些調整如何幫助你們提升市占？另外在國際市場中，具體是哪些市場出現了相對突出的成長？

Yes. Good question. Look, we've been pretty consistent there and laser-focused on our strategy what we're actually driving to is the Nokē smart entry offering is driving a lot of door and hallway opportunities. And so we've been super happy with that on the execution piece, also looking in countries that have more of a robust development pipeline, which would be Germany and Spain to answer a couple of them. So just really proud of the team, the management the execution across the board and see a lot of continued tailwinds on the international side of it.

是的。問得好。你看，我們在那邊一直相當一致，並且高度聚焦於我們的策略；我們實際推動的重點是 Nokē 智慧門禁（smart entry）方案，帶來了大量門與走廊的機會。因此在執行面我們非常滿意；同時也在關注那些開發案管線更為強勁的國家，舉兩個例子就是德國和西班牙。所以我們真的為團隊、管理層以及全面的執行感到自豪，也看到國際業務仍有許多持續的順風動能。

But like I said, I just kind of want to highlight Nokē smart entry is really driving adoption in a meaningful way and is influencing owners and operators in terms of their door and hallway selection.

但就像我說的，我只是想強調，Nokē 智慧門禁正在以非常有意義的方式推動採用率，並在門與走廊的選型上影響業主與營運商的決策。

John Lovallo, UBS.

John Lovallo，瑞銀（UBS）。

Matt Johnson, on for John. First off, if we could just put a finer point on it, I think there's obviously a few moving pieces, but at the midpoint of the full year outlook, you guys are talking about EBITDA margin of about 18.2%, which would be down about 80 basis points year-over-year. I guess just any thoughts you could give on how much of that you see coming from gross margin versus SG&A? And then if you guys expect 1Q to be kind of the low point of the year on gross margin, specifically?

我是 Matt Johnson，代替 John 提問。首先，如果我們把重點說得更精確一些，我認為顯然有幾個變動因素，但以全年展望的中位數來看，你們提到 EBITDA 利潤率約為 18.2%，這將較去年同期下降約 80 個基點。我想請問，你們認為其中有多少來自毛利率、多少來自 SG&A（銷售、一般及行政費用）？另外，你們是否預期第一季會是全年毛利率的低點，特別是在毛利率方面？

Yes. 1Q is the low point. Like we said every quarter, it will sequentially move up until obviously a big quarter in Q3 and then usually we have a little seasonality that adjust for I think if you look at it, we don't disclose kind of the split, but if you think about it, a lot of the restructuring actions at least that we've announced, we'll have a blend of hitting into the cost of goods sold as well as (inaudible).

是的。第一季是低點。就像我們每一季所說的，之後會逐季上升，直到第三季顯著放大的一季；然後通常會有一些季節性因素需要調整。我想如果你看這件事，我們不會揭露那種拆分，但如果你這樣思考，至少我們已宣布的許多重整措施，會同時有一部分反映在銷貨成本中，以及(聽不清)。

That's great. I appreciate it. And then just on capital allocation, I think you guys bought back about $16 million of stock in the quarter, which was encouraging. Stock has been under a bit of better here recently. I guess how attractive do you think repurchases are at these levels?

很好。謝謝。接著談資本配置，我想你們本季回購了約 1,600 萬美元的股票，這令人鼓舞。最近股價表現稍微好一些。我想問，在目前這些水準下，你們覺得回購有多具吸引力？

And I guess with net leverage, I think it's at 2.7x, which is kind of approaching the higher end of your target range. I guess how comfortable are you repurchasing more stock moving forward at the risk of your net leverage potentially moving a bit higher from here?

另外我想淨槓桿大約在 2.7 倍，這有點接近你們目標區間的上緣。我想問，若未來繼續回購更多股票，考量到淨槓桿可能從這裡再略為上升的風險，你們有多大把握與舒適度？

Yes. First of all, I think you're right. I think we've got a lot back in Q1. We think it's undervalued then we think it's undervalued now. I think with the cash generation that we show that we consistently deliver provides us the flexibility to continue kind of purchasing more shares and obviously, at the current price, even more attractive.

是的。首先，我認為你說得對。我想我們在第一季回購了不少。我們當時認為股價被低估，現在也仍然認為被低估。我想，從我們展現且一貫交付的現金創造能力來看，這讓我們有彈性可以持續買回更多股份；而且在目前的價格下，吸引力更高。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

David following up. Could you just give us some more color on what's embedded in the guide from a cadence perspective? How do we expect 2Q to shape up? And any general framework for the back half on kind of both the top and margin lines?

我是 David，接續提問。你能否就指引中隱含的節奏（cadence）提供更多細節？我們應該如何看待第二季的走勢？以及對下半年在營收端與利潤率端的大致框架，有沒有一些一般性的說明？

Yes. We don't provide specific guidance, but I think the way to think about it is just sequentially moving up for revenues sequentially for EBITDA, and that's what you would expect to do to hit the full year guide. And like I said earlier, Obviously, second half larger than the first in terms of EBITDA to get to the overall rate that we had in our guide.

是的。我們不提供具體的季度指引，但我認為可以這樣理解：營收會逐季上升，EBITDA 也會逐季上升；要達成全年指引，你會預期看到這樣的走勢。而且如我先前所說，很明顯下半年的 EBITDA 會高於上半年，才能達到我們指引中的整體水準。

Okay. Great. And maybe following up on R3. Could you just expand on the pipeline opportunities here a little bit more, just particularly following some large M&A deals from the operators. Are you seeing any of that yet? Or how much of it is embedded in the guide today? Any color there would be helpful.

好的。很好。另外想追問 R3。你能否再多談一些這裡的管線機會，特別是在營運商完成一些大型併購交易之後？你們是否已經看到任何相關跡象？或者目前指引中已經納入了多少？任何補充說明都會很有幫助。

Yes. Look, I'm not going to comment on the specific one. They're a public company. But what I can tell you is we're pleased with the R3 pipeline in backlog and also the performance. We've been very clear in terms of the market dynamics around consolidation. It's happening. It continues to accelerate and we're in a really good spot to take advantage of that market trend. So super excited about the opportunity.

是的。你看，我不會評論那個特定案例。他們是一家上市公司。但我可以告訴你的是，我們對 R3 的管線、在手訂單（backlog）以及表現都感到滿意。我們也非常清楚地說明了整併（consolidation）周邊的市場動態。它正在發生。而且仍在加速，我們處於非常有利的位置，可以把握這個市場趨勢。所以我們對這個機會非常興奮。

It appears we have no further questions at this time. I'll turn the program back to the speakers for any additional or closing remarks.

看起來目前沒有其他問題。我將把會議交回給講者，請他們做任何補充或結語。

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

好的。感謝各位今天加入我們。我們感謝各位對 Janus 的支持，並期待向各位更新我們的進展。祝各位有美好的一天。

This concludes today's program. Thank you for your participation, and you may disconnect at any time.

今天的會議到此結束。感謝各位的參與，您可隨時中斷連線。