Janus International Group, Inc.

Previous wording

Unless otherwise indicated or the context otherwise requires, references in this Janus’s Management’s Discussion and Analysis of Financial Condition and Results of Operations section to “Janus,” “we,” “us,” “our,” and other similar terms refer to Janus International Group Inc. (Parent) and its consolidated subsidiaries.

Current wording

Unless otherwise indicated or the context otherwise requires, references in this Janus’s Management’s Discussion and Analysis of Financial Condition and Results of Operations section to “Janus,” “we,” “us,” “our,” and other similar terms refer to Janus International Group Inc. and its consolidated subsidiaries.

Previous wording

•Results of Operations: This section provides an analysis of our unaudited results of operations for the three and nine month periods ended September 28, 2024 and September 30, 2023.

Current wording

•Results of Operations: This section provides an analysis of our unaudited results of operations for the three month periods ended March 29, 2025 and March 30, 2024.

Previous wording

•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our unaudited cash flows for the three and nine month periods ended September 28, 2024 and September 30, 2023. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at September 28, 2024, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.

Current wording

•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our unaudited cash flows for the three month periods ended March 29, 2025 and March 30, 2024. This section also provides a discussion of our contractual obligations, other purchase commitments, and customer credit risk that existed at March 29, 2025, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.

Previous wording

Janus is a global manufacturer and supplier of turn-key self-storage, commercial, and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, Poland, United Kingdom (“U.K.”), and Australia. The self-storage industry is comprised of institutional and non-institutional facilities. Institutional facilities typically include multi-story, climate controlled facilities located in prime locations owned and/or managed by large Real Estate Investment Trusts (“REITs”) or returns-driven operators of scale and are primarily located in the top 50 U.S. metropolitan statistical areas (“MSAs”), whereas the vast majority of non-institutional facilities are single-story, non-climate controlled facilities located outside of city centers owned and/or managed by smaller private operators that are mostly located outside of the top 50 U.S. MSAs. Janus is highly integrated with customers at every phase of a project, including facility planning/design, construction, access control and the restoration, rebuilding, and replacement (“R3”) of self-storage facilities.

Current wording

Janus is a global manufacturer and supplier of turn-key self-storage, commercial, and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, Poland, United Kingdom (“U.K.”), and Australia. The self-storage industry is comprised of institutional and non-institutional facilities. Institutional facilities typically include multi-story, climate controlled facilities located in prime locations owned and/or managed by large real estate investment trusts (“REITs”) or returns-driven operators of scale and are primarily located in the top 50 U.S. metropolitan statistical areas (“MSAs”), whereas the vast majority of non-institutional facilities are single-story, non-climate controlled facilities located outside of city centers owned and/or managed by smaller private operators that are mostly located outside of the top 50 U.S. MSAs. Janus is highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the restoration, rebuilding, and replacement (“R3”) of self-storage facilities and damaged or end-of-life products.

Previous wording

New construction consists of engineering and project management work pertaining to the design, building, and logistics of a greenfield new self-storage facility tailored to customer specifications while being compliant with ADA regulations. Any Nokē Smart Entry System revenue associated with a new construction project also rolls up into this sales channel.

Current wording

New construction consists of engineering and project management work pertaining to the design, building, and logistics of a greenfield new self-storage facility tailored to customer specifications. Any Nokē Smart Entry System revenue associated with a new construction project also rolls up into this sales channel.

Previous wording

The concept of R3 is to remodel self-storage facilities including storage unit doors, hallways, ceilings, offices, optimizing unit mix and utilizing vacant land for movable storage units (Janus MASS relocatable storage units), and adding a more robust security solution to enable customers to (1) charge higher rental rates and (2) compete with modern self-storage facilities and large operators. In addition, the R3 sales channel includes new self-storage capacity being brought online through conversions and expansions. R3 transforms facilities through door replacement, facility upgrades, Nokē Smart Entry Systems, and relocatable storage MASS (Moveable Additional Storage Structures).

Current wording

The concept of R3 is to remodel self-storage facilities including storage unit doors, hallways, ceilings, and offices, optimizing unit mix and utilizing vacant land for movable storage units (“MASS” relocatable storage units), and adding a more robust security solution to enable customers to (1) charge higher rental rates and (2) compete with modern self-storage facilities and large operators. In addition, the R3 sales channel includes new self-storage capacity being brought online through conversions and expansions. R3 transforms facilities through door replacement, facility upgrades, Nokē Smart Entry Systems, and relocatable storage MASS units.

Previous wording

Janus’s operational and corporate strategy is to penetrate the self-storage, commercial and industrial storage markets, as well as capitalizing on the aging self-storage facilities, while continuing to diversify our products and solutions. Janus is a bespoke provider of products and solutions for our clients.

Current wording

Janus’s operational and corporate strategy is to penetrate the self-storage, commercial and industrial storage markets, as well as capitalizing on aging self-storage facilities, while continuing to diversify our products and solutions. Janus is a bespoke provider of products and solutions for our clients.

Previous wording

•Cash flows from operations of $102.6 and free cash flow of $88.6 were generated for the nine month period ending September 28, 2024 compared to $146.5 cash flows from operations and $133.0 free cash flow for the nine month period ending September 30, 2023.

Current wording

•Cash flows from operations of $48.3 and free cash flow of $41.9 were generated for the three month period ended March 29, 2025 compared to $28.6 cash flows from operations and $24.0 free cash flow for the three month period ended March 30, 2024.

Previous wording

•Common stock worth $45.5 was repurchased in the three months ended September 28, 2024, which consisted of 4,265,363 shares, as part of our previously announced $100.0 share repurchase program. Common stock worth $70.9 was repurchased in the nine months ended September 28, 2024, which consisted of 6,038,919 shares, as part of our previously announced $100.0 share repurchase program.

Current wording

•Common stock worth $5.1 was repurchased in the three months ended March 29, 2025, which consisted of 621,643 shares, as part of our previously announced $100.0 share repurchase program.

Previous wording

Janus North America produces and provides various fabricated components such as commercial and self-storage doors, walls, hallway systems, metal roof panels, metal wall panels and building components used primarily by owners or builders of self-storage facilities. Installation services are also provided along with the products. Janus also provides industrial building solutions. Janus North America represents approximately 90% - 95% of the Company’s revenue.

Current wording

Janus North America is comprised of nine entities including Corporate, Janus Core, Janus Door, Steel Door Depot, ASTA, NOKE, BETCO, ACT and T.M.C. Janus North America produces and provides various fabricated components such as commercial and self-storage doors, walls, hallway systems and building components used primarily by owners or builders of self-storage facilities and also offers installation services along with the products. Janus North America represents approximately 85% - 95% of the Company’s revenue.

Previous wording

Human capital is also one of the main cost drivers of the manufacturing, selling, and administrative processes of Janus. As a result, management believes that headcount reflects Janus’s operational status, indicating whether the business is expanding or contracting. As of September 28, 2024, and September 30, 2023, the headcount was 2,306 employees (including 375 temporary employees) and 2,374 employees (including 503 temporary employees), respectively.

Current wording

Human capital is also one of the main cost drivers of the manufacturing, selling, and administrative processes of Janus. As a result, management believes that headcount generally reflects Janus’s operational status, indicating whether the business is expanding or contracting. As of March 29, 2025, and March 30, 2024, the headcount was 2,267 employees (including 422 temporary employees) and 2,382 employees (including 424 temporary employees), respectively.

Previous wording

The Unaudited Condensed Consolidated Financial Statements have been derived from the accounts of Janus and its wholly owned subsidiaries. Janus’s fiscal year follows a 4-4-5 calendar which divides a year into four quarters of 13 weeks, grouped into two 4-week “months” and one 5-week “month.” As a result, some monthly comparisons are not comparable as one month is longer than the other two. The major advantage of a 4-4-5 calendar is that the end date of the period is always the same day of the week, making manufacturing planning easier as every period is the same length. Every fifth or sixth year will require a 53rd week.

Current wording

The Unaudited Condensed Consolidated Financial Statements have been derived from the accounts of Janus and its wholly owned subsidiaries. Janus’s fiscal year follows a 4-4-5 calendar which divides a year into four quarters of 13 weeks, grouped into two 4-week “months” and one 5-week “month.” The major advantage of a 4-4-5 calendar is that the end date of the period is always the same day of the week, making manufacturing planning easier as every period is the same length. Every fifth or sixth year will require a 53rd week. As a result, some reporting periods are not as comparable as other reporting periods.

Previous wording

Service Revenues. Service revenues reflect installation services to customers for facilities, including steel roll-up and swing doors, hallway systems, and relocatable storage units, which is recognized over time based on the satisfaction of our performance obligation. Janus is highly integrated with customers at every phase of a project, including facility planning/design, construction, access control and R3 of damaged, or end-of-life products or rebranding of facilities due to market consolidation. Service revenues also include trucking terminal renovation, construction, remodeling, and maintenance services to trucking customers.

Current wording

Service Revenues. Service revenues reflect installation services to customers for facilities, including steel roll-up and swing doors, hallway systems, and relocatable storage units, which is recognized over time based on the satisfaction of our performance obligation. Janus is highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the R3 of damaged, or end-of-life products or rebranding of facilities due to market consolidation. Service revenues also include trucking terminal renovation, construction, remodeling, and maintenance services to certain trucking customers.

Previous wording

The following tables set forth key performance measures for the three and nine month periods ended September 28, 2024 and September 30, 2023:

Current wording

The following tables set forth key performance measures for the three month periods ended March 29, 2025 and March 30, 2024:

Previous wording

Adjusted EBITDA decreased by $33.1 or 43.4% for the three month period ended September 28, 2024 compared to the three month period ended September 30, 2023, and decreased by $37.5 or 17.7% for the nine month period ended September 28, 2024 compared to the nine month period ended September 30, 2023, primarily due to decreased margin from the decrease in revenue as noted above, as well as the increase in provision for expected losses on accounts receivable, and a decline from leverage on fixed costs, yielding a lower margin, partially offset by inorganic revenue and EBITDA from the T.M.C. Acquisition.

Current wording

Adjusted EBITDA decreased by $27.9 or 42.1% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024, primarily due to decreased margin from the decrease in revenue, as noted above, and a decline from leverage on fixed costs, yielding a lower margin.

Previous wording

Adjusted EBITDA as a percentage of revenue decreased 850bps and 260bps for the three and nine month periods ended September 28, 2024, respectively. The decrease in Adjusted EBITDA in the three and nine month period ended September 28, 2024, was primarily due to the items noted above. (See“Non-GAAP Financial Measures” section).

Current wording

Adjusted EBITDA as a percentage of revenue decreased 790bps for the three month period ended March 29, 2025. The decrease in Adjusted EBITDA in three month period ended March 29, 2025 was primarily due to decline in leverage on fixed costs.

Previous wording

Service revenue is driven by the product revenue and the increase in value-added services, such as installation and general contracting, project management, and third-party security. Janus differentiates itself through on-time delivery, efficient installation, customer service satisfaction, and a reputation for high quality products.

Current wording

Service revenue is driven by the product revenue and the increase in value-added services, which consists primarily of installation and project management, and third-party security. Janus differentiates itself through on-time delivery, efficient installation, customer service satisfaction, and a reputation for high quality products.

Previous wording

Total revenue decreased by $50.0 or 17.9% for the three month period ended September 28, 2024 compared to the three month period ended September 30, 2023, and decreased by $69.6 or 8.7% for the nine month period ended September 28, 2024 compared to the nine month period ended September 30, 2023. The organic revenue decline for the three and nine months ended September 28, 2024 is substantially all attributed to a decline in volume associated with customer deferrals of projects from the uncertainty in the economic and interest rate environment. The organic decline was partially offset by $13.7 and $17.7 in inorganic revenue from the T.M.C. Acquisition, for the three and nine months ended September 28, 2024, respectively.

Current wording

Total revenue decreased by $44.0 or 17.3% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The organic revenue decline for the three ended March 29, 2025, as a result of the continuation of the volume decline associated with uncertainty in the macroeconomic environment and customer liquidity challenges, causing some customers to adjust project timing which started late in the second fiscal quarter of 2024. The organic decline was partially offset by $3.5 in inorganic revenue from the T.M.C. Acquisition, for the period ended March 29, 2025.

Previous wording

R3 sales decreased by $29.8 or 34.4% and $63.4 or 25.1% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively. The R3 sales decrease was due to project deferrals associated with macroeconomic uncertainty as well as a 50% decline in facility expansion and retail big-box conversion activity.

Current wording

R3 sales decreased by $13.6 or 19.3% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The R3 sales decrease was due to a nearly 50% decline in facility expansion and retail big-box conversion activity.

Previous wording

Commercial and other sales decreased by $6.9 or 7.8% and $33.8 or 13.1% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023. The decrease was attributable to a decline in volumes for rolling sheet doors in the carports and sheds market, partially offset by $13.7 and $17.7 in inorganic revenue from the T.M.C. Acquisition, respectively.

Current wording

Commercial and other sales decreased by $0.7 or 1.0% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The decrease was attributable to a decline in volumes for rolling sheet doors, partially offset by $3.5 in inorganic revenue from the T.M.C. Acquisition.

Previous wording

Revenues(Dollar amounts in tables in millions)

Current wording

Cost of Revenues(dollar amounts in tables in millions)

Previous wording

The cost of revenues decreased by $22.1 or 13.7% and $44.9 or 9.6% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively. The decrease in product cost of revenues of $27.1 and $47.9 for the three and nine month periods ended September 28, 2024, respectively, is primarily attributable to the decline in volume. The increase in service cost of revenues of $5.0 and $3.0 for the three and nine month periods ended September 28, 2024, respectively, is primarily attributable to the T.M.C. Acquisition partially offset by the decline in organic volume.

Current wording

The cost of revenues decreased by $15.5 or 10.8% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The decrease in product cost of revenues of $17.0 for the three month period ended March 29, 2025 is attributable to the decline in revenues. The increase in service cost of revenues of $1.5 for the three month period ended March 29, 2025 is primarily attributable to the T.M.C. Acquisition partially offset by the decline in organic volume.

Previous wording

Selling and marketing expense decreased $0.6 or 3.4% and increased $2.6 or 5.3% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023. The decrease for the three month period is due to a decrease in employee related expenses. The increase for the nine month period is due to an increase from strategic initiatives.

Current wording

Selling and marketing expense decreased $0.7 or 4.0% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The decrease for the three month period is due to a decrease in employee related expenses as a result of a decline in revenue and implementation of the Company’s restructuring plan announced in fiscal 2024.

Previous wording

Interest expense, net decreased $2.9 or 20.0% and $6.4 or 14.1% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively, primarily due to voluntary debt repayments of $21.9 million during the nine month period ended September 28, 2024 and $85.3 million throughout the 2023 fiscal period, as well as the Repricing Agreement in April 2024, which lowered the overall interest rate, and the investment in cash equivalents, which resulted in interest income of $0.8 and $1.2 for the three and nine month periods ended September 28, 2024, respectively. (See “Liquidity and Capital Resources” section).

Current wording

Interest expense, net decreased $4.2 or 29.2% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024, primarily due to voluntary debt repayment during the three month period ended March 29, 2025 of $40.0. A $21.9 million voluntary repayment was also made in April 2024, as well as the Repricing Agreement in April 2024, which lowered the overall interest rate and the investment in cash equivalents, which resulted in interest income of $1.1 for the three period ended March 29, 2025.

Previous wording

Income tax expense decreased by $9.1 or 73.4% and $10.4 or 30.9% from $12.4 and $33.7 for the three and nine month periods ended September 30, 2023, respectively, to $3.3 and $23.3 expense for the three and nine month periods ended September 28, 2024, respectively, due to a decrease in income before taxes.

Current wording

Income tax expense decreased by $5.9 or 56.2% from $10.5 for the three month period ended March 30, 2024 to $4.6 expense for the three month period ended March 29, 2025 due to a decrease in income before taxes.

Previous wording

The $25.2 or 68.1% and $29.9 or 29.9% decrease in net income for three and nine month periods ended September 28, 2024 as compared to the three and nine month periods ended September 30, 2023, respectively, is largely due to a decrease in revenues and increase in operating expenses partially offset by a decrease in cost of revenues for the three and nine month periods ended September 28, 2024.

Current wording

The $19.9 or 64.8% decrease in net income for the three month period ended March 29, 2025 as compared to the three month period ended March 30, 2024 is largely due to a decrease in revenues and increase in operating expenses partially offset by a decrease in cost of revenues for the three month period ended March 29, 2025.

Previous wording

Total revenue decreased by $51.4 or 19.7% and $60.3 or 8.1% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively. The $65.1 and $78.0 organic revenue decline for the three and nine months ended September 28, 2024, respectively, is substantially attributed to a decline in volume associated with customer deferrals of projects. The organic decline was partially offset by $13.7 and $17.7 in inorganic revenue from the T.M.C. acquisition, for the three and nine month periods ended September 28, 2024, respectively.

Current wording

Total revenue decreased by $49.8 or 20.7% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The $53.3 organic revenue decline for the three months ended March 29, 2025 is substantially attributed to declines in volume associated with macroeconomic uncertainty and sustained high interest rates impacting liquidity, causing some customers to adjust project timing beginning late in the second fiscal quarter of 2024. The organic decline was partially offset by $3.5 in inorganic revenue from the T.M.C. acquisition for the three month period ended March 29, 2025.

Previous wording

R3 sales decreased by $31.3 or 36.8% and $64.4 or 26.3% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively. The R3 sales decrease was due to project deferrals associated with macroeconomic uncertainty as well as a 50% decline in facility expansion and retail big-box conversion activity.

Current wording

R3 sales decreased by $12.6 or 18.4% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The R3 sales decrease was due to a nearly 50% decline in facility expansion and retail big-box conversion activity.

Previous wording

Income from operations decreased by $38.9 or 60.2% and $42.0 or 24.0% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively, primarily due to an decrease in revenue yielding a decline in margin.

Current wording

Income from operations decreased by $31.1 or 55.3% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024 primarily due to a decrease in revenue yielding a decline in margin.

Previous wording

Results of Operations - Janus International - For the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023:

Current wording

Results of Operations - Janus International - For the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024:

Previous wording

Revenues increased $0.9 or 4.4% for the three month period ended September 28, 2024 compared to the three month period ended September 30, 2023. The $9.1 or 14.4% decrease in revenue for the nine month period ended September 28, 2024 compared to the nine month period ended September 30, 2023 is due to a decline in volume as a result of the U.K. recessionary period earlier in the year.

Current wording

Revenues increased $6.5 or 44.2% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The increase is due to an increase in volume as a result of improving local market conditions compared to prior year which was negatively affected by the U.K. recessionary period starting late fiscal 2023 and impacting most of fiscal 2024.

Previous wording

The following tables illustrate the sales by channel for the three and nine month periods ended September 28, 2024 and September 30, 2023.

Current wording

The following tables illustrate the sales by channel for the three month periods ended March 29, 2025 and March 30, 2024.

Previous wording

New construction sales decreased by $0.6 or 3.2% and $10.1 or 18.1% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively. The year-to-date decrease is due to a decline in volume as a result of the U.K. recessionary period.

Current wording

New construction sales increased by $7.5 or 60.5% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The increase is due to an increase in volume as a result of improving local market conditions compared to prior year which was negatively affected by the U.K. recessionary period starting late fiscal 2023 and impacting most of fiscal 2024.

Previous wording

Cost of revenues increased by $1.6 or 11.3% and decreases $3.4 or 7.8% for the three and nine month periods ended September 28, 2024 compared to the three and nine month periods ended September 30, 2023, respectively. The change in cost of revenues is generally aligned with the changes in revenues to follow volume activity.

Current wording

Cost of revenues increased by $5.4 or 47.8% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The change in cost of revenues is closely aligned with the changes in revenues.

Previous wording

Eliminations include transactions to account for intersegment activity. The eliminations necessary to arrive at consolidated financial information activity for the three and nine month periods ended September 28, 2024 and September 30, 2023 are as follows:

Current wording

Eliminations include transactions to account for intersegment activity. The eliminations necessary to arrive at consolidated financial information activity for the three month periods ended March 29, 2025 and March 30, 2024 are as follows:

Previous wording

(2)The interest rate on the Repricing Amendment as of September 28, 2024, was 7.75%, which is a variable rate based on Adjusted Term SOFR plus an applicable margin percent of 2.50%.

Current wording

(2)The interest rate on the Repricing Amendment as of March 29, 2025, was 6.79%, which is a variable rate based on Adjusted Term SOFR plus an applicable margin percent of 2.50%.

Previous wording

On April 30, 2024, the Company completed a repricing pursuant to Amendment No. 7 (the “Repricing Amendment”) to the First Lien Term Loan. The Repricing Amendment reduced the applicable interest rate margins on the $600.0 First Lien Term Loan from 2.0% to 1.50% for the term loans bearing interest at rates based on the base rate, and from 3.00% to 2.50% for the term loans bearing interest at rates based on the SOFR rate. In addition to the change in the applicable margin rate, the Company is no longer subject to a credit spread adjustment (“CSA”) rate of 0.1%. Interest is payable in arrears (with respect to base rate loans) or at the end of an interest period selected by the Company (with respect to SOFR loans). The outstanding loan balance is to be repaid on a quarterly basis in an amount equal to 0.25% of the original balance of the amended loan, with the remaining principal due on the maturity date of August 3, 2030. The interest rate on the First Lien Term Loan as of September 28, 2024, was 7.75%, which is a variable rate based on Adjusted Term SOFR and includes an applicable margin percentage of 2.50%. In conjunction with the Repricing Amendment, the Company incurred $1.7 of costs from third parties that did not qualify for capitalization of deferred finance costs and were expensed within “Loss on extinguishment and modification of debt” on the

Current wording

First Lien Term Loan -On April 30, 2024, the Company completed a repricing pursuant to Amendment No. 7 (the “Repricing Amendment”) to the First Lien Term Loan. The Repricing Amendment reduced the applicable interest rate margins on the $600.0 First Lien Term Loan from 2.00% to 1.50% for the term loans bearing interest at rates based on the base rate, and from 3.00% to 2.50% for the term loans bearing interest at rates based on the SOFR rate. In addition to the change in the applicable margin rate, the Company is no longer subject to a credit spread adjustment (“CSA”) rate of 0.1%. Interest is payable in arrears (with respect to base rate loans) or at the end of an interest period selected by the Company (with respect to SOFR loans). The outstanding loan balance is to be repaid on a quarterly basis in an amount equal to 0.25% of the original balance of the amended loan, with the remaining principal due on the maturity date of August 3, 2030. The interest rate on the First Lien Term Loan as of March 29, 2025, was 6.79%, which is a variable rate based on Adjusted Term SOFR and includes an applicable margin percentage of 2.50%. See Note 9 to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion.

Previous wording

First Lien Term Loan -In April 2024, the Company made a voluntary prepayment of $21.9 toward the First Lien Term Loan. The Company used cash on hand to make the voluntary prepayment.

Current wording

In April 2024, the Company made a voluntary prepayment of $21.9 toward the First Lien Term Loan. In March 2025, the Company made a voluntary prepayment of $40.0 towards the First Lien Term Loan. The Company used cash on hand to make the voluntary prepayments.

Previous wording

Revolving Credit Facility - The revolving credit facility bears interest at a floating rate per annum consisting of the SOFR rate plus an applicable margin percent based on excess availability and a 10 basis points flat CSA. There was no outstanding balance on the line of credit as of September 28, 2024. As of September 28, 2024, the interest rate in effect for the facility was 6.60%. The line of credit is secured by accounts receivable and inventories. See Note 8 to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion.

Current wording

Revolving Credit Facility - The revolving credit facility bears interest at a floating rate per annum consisting of the SOFR rate plus an applicable margin percent based on excess availability and a 10 basis points flat CSA. There was no outstanding balance on the line of credit as of March 29, 2025. As of March 29, 2025, the interest rate in effect for the facility was 5.89%. The line of credit is secured by accounts receivable and inventories. See Note 8 to our Unaudited Condensed Consolidated Financial Statements in this Form 10-Q for a further discussion.

Previous wording

As of September 28, 2024 and December 30, 2023, the Company maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of both September 28, 2024 and December 30, 2023 was approximately $124.6.

Current wording

As of March 29, 2025 and December 28, 2024, the Company maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of both March 29, 2025 and December 28, 2024 was approximately $76.3.