-Record reported net revenues of $1.8 billion,
representing growth of 7.4% and organic net revenue growth of 7.6%
-
-Reported net income of $48 million and
adjusted EBITDA of $203 million, representing year-over-year
adjusted EBITDA margin expansion of 80 basis points-
-Raising full year guidance for both net
revenues and adjusted EBITDA-
APi Group Corporation (NYSE: APG) (“APi” or the “Company”) today
reported its financial results for the three and six months ended
June 30, 2023.
Russ Becker, APi’s President and Chief Executive Officer stated:
“APi delivered record financial results in the second quarter and
the first half of the year. The business continues to perform well
and deliver on its commitments, driven by strong organic growth,
led by U.S. Life Safety’s organic growth of approximately 12% and
16% for the second quarter and first half of 2023, respectively,
and solid operational performance. I continue to be gratified by
our leaders’ ability to build on historically strong execution and
consistently drive margin expansion across variable macroeconomic
environments through growing high-margin inspection, service and
monitoring revenue, executing strategic pricing initiatives, and
their relentless focus on customer and project selection.
We believe that we have strong momentum as we enter the back
half of the year across our global platform allowing us to again
increase our financial guidance. While we remain focused on
executing in the back half of the year, I am proud of our team and
how we delivered on our commitments and produced record financial
results so far in 2023. Our field leaders continue to be the
driving force of our performance."
Second Quarter 2023 Consolidated
Results:
For the Three Months Ended
June 30,
2023
2022
Y/Y
Y/Y (FFX) (a)
Net revenues
$
1,771
$
1,649
7.4
%
7.6
%
Organic net revenue growth (b)
7.6
%
GAAP
Gross profit
$
496
$
435
14.0
%
Gross margin
28.0
%
26.4
%
+ 160 bps
Net income
$
48
$
30
60.0
%
Diluted EPS
$
0.12
$
0.06
100.0
%
Adjusted non-GAAP comparison
Adjusted gross profit
$
502
$
441
13.8
%
Adjusted gross margin
28.3
%
26.7
%
+ 160 bps
Adjusted EBITDA
$
203
$
176
15.3
%
16.7
%
Adjusted EBITDA as a % of net revenues
11.5
%
10.7
%
+ 80 bps
Adjusted net income
$
111
$
99
12.1
%
Adjusted diluted EPS
$
0.41
$
0.37
10.8
%
NM = Not Meaningful
Notes: Refer to non-GAAP reconciliations
to the most comparable GAAP measures.
(a)
Amount represents the year-over-year change when comparing both
years after eliminating the impact of fluctuations in foreign
exchange rates by translating foreign currency denominated results
at fixed foreign currency ("FFX") rates for both periods, as
further discussed under the heading "Non-GAAP Financial Measures"
below.
(b)
Organic change in net revenues provides a
consistent basis for a year-over-year comparison in net revenues as
it excludes the impacts of material acquisitions, divestitures, and
the impact of changes due to foreign currency translation.
- Reported net revenue growth of 7.4% and organic net revenue
growth of 7.6% compared to the prior year period driven by strong
growth in both Safety and Specialty Services, led by double-digit
service revenue growth.
- Reported and adjusted gross margin both increased 160 basis
points compared to prior year period due to pricing initiatives,
outsized growth in services revenue as well as project margin
expansion across both segments. These factors were partially offset
by inflation, which caused downward pressure on margins.
- Reported net income was $48 million and diluted EPS was $0.12.
Adjusted net income was $111 million and adjusted diluted EPS was
$0.41, representing a $0.04 increase from prior year period driven
by organic growth in Safety and Specialty Services and an increase
in adjusted gross margin and adjusted EBITDA margin, partially
offset by increased interest expense.
- Adjusted EBITDA increased by 15.3% (16.7% on a fixed currency
basis) compared to the prior year period and adjusted EBITDA margin
increased 80 basis points to 11.5%, primarily due to the factors
impacting gross margin, partially offset by investments to support
revenue growth and the continued build-out of our global
capabilities and infrastructure.
Second Quarter 2023 Segment
Results:
Safety Services
For the Three Months Ended
June 30,
2023
2022
Y/Y
Y/Y (FFX) (a)
Safety Services
Net revenues
$
1,225
$
1,146
6.9
%
7.3
%
Organic net revenue growth (b)
7.3
%
GAAP
Gross profit
$
391
$
346
13.0
%
Gross margin
31.9
%
30.2
%
+ 170 bps
Operating Income
$
98
$
63
55.6
%
Operating margin
8.0
%
5.5
%
+ 250 bps
Adjusted non-GAAP comparison
Adjusted gross profit
$
397
$
351
13.1
%
Adjusted gross margin
32.4
%
30.6
%
+ 180 bps
Adjusted EBITDA
$
159
$
135
17.8
%
18.7
%
Adjusted EBITDA as a % of net revenues
13.0
%
11.8
%
+ 120 bps
Notes: Refer to non-GAAP reconciliations
to the most comparable GAAP measures.
(a)
Amount represents the year-over-year
change when comparing both years after eliminating the impact of
fluctuations in foreign exchange rates by translating foreign
currency denominated results at fixed foreign currency ("FFX")
rates for both periods, as further discussed under the heading
"Non-GAAP Financial Measures" below.
(b)
Organic change in net revenues provides a
consistent basis for a year-over-year comparison in net revenues as
it excludes the impacts of material acquisitions, divestitures, and
the impact of changes due to foreign currency translation.
- Reported net revenue growth of 6.9% and organic net revenue
growth of 7.3% compared to prior period, driven by strategic
pricing initiatives, double-digit fire suppression inspection
revenue growth, and high single-digit growth in contract
revenues.
- Reported and adjusted gross margin increased 170 and 180 basis
points, respectively, compared to prior year period due to pricing
initiatives, improved business mix of service, inspection, and
monitoring revenue, and significant improvement in contract margins
resulting from disciplined project and customer selection,
partially offset by inflationary costs causing downward pressure on
margins.
- Operating income increased by 55.6% compared to the prior year
period. Operating margin was 8.0%, representing a 250 basis point
increase compared to the prior year period.
- Adjusted EBITDA increased by 17.8% (18.7% on a fixed currency
basis) compared to the prior year period. Adjusted EBITDA margin
was 13.0%, representing a 120 basis point increase compared to
prior year period, primarily due to the factors impacting adjusted
gross margin, partially offset by investments made to support
revenue growth.
Specialty Services
For the Three Months Ended
June 30,
2023
2022
Y/Y
Y/Y (FFX) (a)
Specialty Services
Net revenues
$
555
$
518
7.1
%
7.1
%
Organic net revenue growth (b)
7.1
%
GAAP
Gross profit
$
106
$
89
19.1
%
Gross margin
19.1
%
17.2
%
+ 190 bps
Operating Income
$
41
$
32
28.1
%
Operating margin
7.4
%
6.2
%
+ 120 bps
Adjusted non-GAAP comparison
Adjusted gross profit
$
106
$
90
17.8
%
Adjusted gross margin
19.1
%
17.4
%
+ 170 bps
Adjusted EBITDA
$
69
$
60
15.0
%
15.0
%
Adjusted EBITDA as a % of net revenues
12.4
%
11.6
%
+ 80 bps
NM = Not Meaningful
Notes: Refer to non-GAAP reconciliations
to the most comparable GAAP measures.
(a)
Amount represents the year-over-year
change when comparing both years after eliminating the impact of
fluctuations in foreign exchange rates by translating foreign
currency denominated results at fixed foreign currency ("FFX")
rates for both periods, as further discussed under the heading
"Non-GAAP Financial Measures" below.
(b)
Organic change in net revenues provides a
consistent basis for a year-over-year comparison in net revenues as
it excludes the impacts of material acquisitions, divestitures, and
the impact of changes due to foreign currency translation.
- Reported and organic net revenue growth of 7.1% due to
double-digit growth in service revenues and increased activity in
the specialty contracting, infrastructure, and utility markets,
partially offset by disciplined customer and project
selection.
- Reported and adjusted gross margin increased 190 and 170 basis
points, respectively, compared to prior year period due to strong
organic growth in service revenues, improvement in service margins,
and significant improvement in contract gross margins driven by
disciplined project and customer selection.
- Operating income was $41 million, an increase of 28.1% compared
to the prior year period.
- Adjusted EBITDA increased by 15.0% compared to the prior year
period. Adjusted EBITDA margin was 12.4%, representing a 80 basis
point increase compared to prior year period, primarily due to the
factors impacting adjusted gross margin, partially offset by timing
of employee related expenses and other one-time costs.
Guidance
APi Group is raising its full year net revenue and adjusted
EBITDA guidance.
- Net Revenues of $7,015 to $7,075 million, up from $6,875 to
$7,025 million
- Adjusted EBITDA of $765 to $785 million, up from $740 to $780
million
- Adjusted Free Cash Flow Conversion at or above 65% remains
unchanged
APi Group announces guidance for the third quarter of 2023
- Net Revenues of $1,860 to $1,890 million
- Adjusted EBITDA of $215 to $225 million
APi Co-Chair James E. Lillie concluded: “APi delivered another
strong quarter of results including record net revenues, adjusted
EBITDA and adjusted diluted earnings per share in a constantly
evolving macro environment. We continue to be pleased with the
momentum APi is building with an outstanding first half of 2023.
APi has been a public company for nearly four years and in our
view, the team has demonstrated a track record of consistently
delivering financial results above expectations across what has
been a volatile macroeconomic backdrop. APi’s consistently strong
financial results speak to the strength of the Company’s recurring
revenue, service-focused business model, as well as the discipline
of the organization and its leadership team. We believe that this
continued performance will contribute to us being within our
targeted leverage ratio of 2.0x-2.5x in the back half of this year
allowing us to have increased capital allocation flexibility as we
move through this year and into next. Suffice it to say we have
great confidence in the business, its momentum and the direction
we’re heading.”
Conference Call
APi will hold a webcast/dial-in conference call to discuss its
financial results at 8:30 a.m. (Eastern Time) on Thursday, August
3, 2023. Participants on the call will include Russell A. Becker,
President and Chief Executive Officer; Kevin S. Krumm, Executive
Vice President and Chief Financial Officer; and James E. Lillie and
Sir Martin E. Franklin, Co-Chairs.
To listen to the call by telephone, please dial 800-343-4136 or
203-518-9856 and provide Conference ID 8167523. You may also attend
and view the presentation (live or by replay) via webcast by
accessing the following URL:
https://event.on24.com/wcc/r/4088193/293AAB694F4A9B6780C369F63433A89F
A replay of the call will be available shortly after completion
of the live call/webcast via telephone at 800-283-4642 or
402-220-0857 or via the webcast link above.
About APi:
APi is a global, market-leading business services provider of
life safety, security and specialty services with a substantial
recurring revenue base and over 500 locations worldwide. APi
provides statutorily mandated and other contracted services to a
strong base of long-standing customers across industries. We have a
winning leadership culture driven by entrepreneurial business
leaders to deliver innovative solutions for our customers. More
information can be found at www.apigroupcorp.com.
Forward-Looking Statements and
Disclaimers
Please note that in this press release the Company may discuss
events or results that have not yet occurred or been realized,
commonly referred to as forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements made by or on behalf of APi Group
Corporation (“APi” or the “Company”). Such discussion and
statements may contain words such as “expect,” “anticipate,”
“will,” “should,” “believe,” “intend,” “plan,” “estimate,”
“predict,” “seek,” “continue,” “pro forma” “outlook,” “may,”
“might,” “should,” “can have,” “have,” “likely,” “potential,”
“target,” “indicative,” “illustrative,” and variations of such
words and similar expressions, and relate in this press release,
without limitation, to statements, beliefs, projections and
expectations about future events. Such statements are based on the
Company’s expectations, intentions and projections regarding the
Company’s future performance, anticipated events or trends and
other matters that are not historical facts.
These statements are not guarantees of future performance and
are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements,
including: (i) economic conditions, competition, political risks,
and other risks that may affect the Company’s future performance,
including the impacts of inflationary pressures and other
macroeconomic factors on the Company’s business, markets, supply
chain, customers and workforce, on the credit and financial
markets, on the alignment of expenses and revenues and on the
global economy generally; (ii) supply chain constraints and
interruptions, and the resulting increases in the cost, or
reductions in the supply, of the materials and commodities the
Company uses in its business and for which the Company bears the
risk of such increases; (iii) risks associated with the Company’s
expanded international operations; (iv) failure to realize the
anticipated benefits of the acquisition of the Chubb fire and
security business and our ability to successfully execute the
Company’s bolt-on acquisition strategy to acquire other businesses
and successfully integrate them into its operations; (v) failure to
fully execute the Company’s inspection first strategy or to realize
the expected service revenue from such inspections; (vi) risks
associated with the Company’s decentralized business model and
participation in joint ventures; (vii) improperly managed projects
or project delays; (viii) adverse developments in the credit
markets which could impact the Company’s ability to secure
financing in the future; (ix) the Company’s substantial level of
indebtedness; (x) risks associated with the Company’s contract
portfolio; (xi) changes in applicable laws or regulations; (xii)
the possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; (xiii) the impact
of the conflict between Russia and Ukraine; (xiv) the trading price
of the Company’s common stock, which may be positively or
negatively impacted by market and economic conditions, the
availability of the Company’s common stock, the Company’s financial
performance or determinations following the date of this press
release to use the Company’s funds for other purposes; and (xv)
other risks and uncertainties, including those discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022 under the heading “Risk Factors.” Given these risks and
uncertainties, you are cautioned not to place undue reliance on
forward-looking statements. Additional information concerning these
risks, uncertainties and other factors that could cause actual
results to vary is, or will be, included in the periodic and other
reports filed by the Company with the Securities and Exchange
Commission. Forward-looking statements included in this press
release speak only as of the date hereof and, except as required by
applicable law, the Company does not undertake any obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or circumstances
after the date of this press release.
Non-GAAP Financial
Measures
This press release contains non-U.S. GAAP financial measures
within the meaning of Regulation G promulgated by the Securities
and Exchange Commission. The Company uses certain non-U.S. GAAP
financial measures that are included in this press release and the
additional financial information both in explaining its results to
shareholders and the investment community and in its internal
evaluation and management of its businesses. The Company’s
management believes that these non-U.S. GAAP financial measures and
the information they provide are useful to investors since these
measures (a) permit investors to view the Company’s performance
using the same tools that management uses to evaluate the Company’s
past performance, reportable business segments and prospects for
future performance, (b) permit investors to compare the Company
with its peers and (c) determine certain elements of management’s
incentive compensation (d) provide consistent period-to-period
comparisons of the results. Specifically:
- The Company’s management believes that adjusted gross profit,
adjusted selling, general and administrative (“SG&A”) expenses,
adjusted net income, and adjusted earnings per share, which are
non-GAAP financial measures that exclude business transformation
and other expenses for the integration of acquired businesses, the
impact and results of businesses classified as assets held-for-sale
and businesses divested, and one-time and other events such as
impairment charges, restructuring costs, transaction and other
costs related to acquisitions, amortization of intangible assets,
net COVID-19 relief, non-service pension benefit, severance related
costs related to corporate leadership changes and certain tax
benefits from the acquisition of APi Group, Inc. (the “APi
Acquisition”) are useful because they provide investors with a
meaningful perspective on the current underlying performance of the
Company’s core ongoing operations.
- The Company discloses fixed currency net revenues and adjusted
EBITDA (“FFX”) on a consolidated basis or segment specific basis to
provide a more complete understanding of underlying revenue and
adjusted EBITDA trends by providing net revenues and adjusted
EBITDA on a consistent basis. Under U.S. GAAP, income statement
results are translated in U.S. Dollars at the average exchange
rates for the period presented. Management believes that the fixed
currency non-GAAP measures are useful in providing period-to-period
comparisons of the results of the Company’s operational
performance, as it excludes the translation impact of exchange rate
fluctuations on our international results. Fixed currency amounts
included in this release are based on translation into U.S. dollars
at the fixed foreign currency exchange rates established by
management at the beginning of 2023.
- The Company also presents organic changes in net revenues on a
consolidated basis or segment specific basis to provide a more
complete understanding of underlying revenue trends by providing
net revenues on a consistent basis as it excludes the impacts of
material acquisitions, completed divestitures, and changes in
foreign currency from year-over-year comparisons on reported net
revenues, calculated as the difference between the reported net
revenues for the current period and reported net revenues for the
current period converted at fixed foreign currency exchange rates
(excluding material acquisitions and divestitures). The remainder
is divided by prior year fixed currency net revenues, excluding the
impacts of completed divestitures.
- Earnings before interest, taxes, depreciation and amortization
(“EBITDA”) is the measure of profitability used by management to
manage its segments and, accordingly, in its segment reporting. The
Company supplements the reporting of its consolidated financial
information with certain non-U.S. GAAP financial measures,
including EBITDA and adjusted EBITDA, which is defined as EBITDA
excluding the impact of certain non-cash and other specifically
identified items (“adjusted EBITDA”). Adjusted EBITDA margin is
calculated as adjusted EBITDA divided by net revenues. The Company
believes these non-U.S. GAAP measures provide meaningful
information and help investors understand the Company’s financial
results and assess its prospects for future performance. The
Company uses EBITDA and adjusted EBITDA to evaluate its
performance, both internally and as compared with its peers,
because it excludes certain items that may not be indicative of the
Company’s core operating results. Consolidated EBITDA is calculated
in a manner consistent with segment EBITDA, which is a measure of
segment profitability.
- The Company presents free cash flow, adjusted free cash flow
and adjusted free cash flow conversion, which are liquidity
measures used by management as factors in determining the amount of
cash that is available for working capital needs or other uses of
cash, however, it does not represent residual cash flows available
for discretionary expenditures. Free cash flow is defined as cash
provided by (used in) operating activities less capital
expenditures. Adjusted free cash flow is defined as cash provided
by (used in) operating activities plus or minus events including,
but not limited to, transaction and other costs related to
acquisitions, business transformation and other expenses for the
integration of acquired businesses, payments on acquired
liabilities, payments made for restructuring programs, impacts of
businesses classified as assets held-for-sale and businesses
divested, and one-time and other events such as post-measurement
period purchase accounting adjustments for acquisitions, COVID-19
related payroll tax deferral and relief items. Adjusted free cash
flow conversion is defined as adjusted free cash flow as a
percentage of adjusted EBITDA.
- The Company calculates its leverage ratio in accordance with
its debt agreements which include different adjustments to EBITDA
from those included in the adjusted EBITDA numbers reported
externally.
While the Company believes these non-U.S. GAAP measures are
useful in evaluating the Company’s performance, this information
should be considered as supplemental in nature and not as a
substitute for or superior to the related financial information
prepared in accordance with U.S. GAAP. Additionally, these non-U.S.
GAAP financial measures may differ from similar measures presented
by other companies. A reconciliation of these non-U.S. GAAP
financial measures is included later in this press release.
Beginning with the first quarter of 2023, the Company simplified
the presentation of the non-GAAP reconciliations, by combining
certain adjustment line items. Certain prior year amounts have been
reclassified to conform to this presentation and the information in
the tables below has been retroactively adjusted to reflect these
changes in adjustment categories. Specifically, amounts previously
classified as “integration and reorganization” have been
reclassified and included with “business process transformation,”
and prior period amounts classified as “acquisition expenses” and
“recent acquisition transition expenses” have been combined and
categorized as “acquisition related expenses.”
The Company does not provide reconciliations of forward-looking
non-U.S. GAAP adjusted EBITDA and growth in organic net revenues to
GAAP due to the inherent difficulty in forecasting and quantifying
certain amounts that are necessary for such reconciliations,
including adjustments that could be made for acquisitions and
divestitures, business transformation and other expenses for the
integration of acquired businesses, one-time and other events such
as impairment charges, transaction and other costs related to
acquisitions, restructuring costs, amortization of intangible
assets, net COVID-19 relief, and certain tax benefits from the APi
Acquisition, and other charges reflected in the Company’s
reconciliation of historic numbers, the amount of which, based on
historical experience, could be significant.
APi Group Corporation
Condensed Consolidated Statements
of Operations (GAAP)
(Amounts in millions, except per
share data)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Net revenues
$
1,771
$
1,649
$
3,385
$
3,120
Cost of revenues
1,275
1,214
2,464
2,309
Gross profit
496
435
921
811
Selling, general, and administrative
expenses
389
376
741
759
Operating income
107
59
180
52
Interest expense, net
38
28
75
55
Loss on extinguishment of debt, net
—
—
3
—
Non-service pension benefit
(3
)
(11
)
(6
)
(22
)
Investment income and other, net
(3
)
(2
)
(5
)
(2
)
Other expense, net
32
15
67
31
Income before income taxes
75
44
113
21
Income tax provision (benefit)
27
14
39
(2
)
Net income
$
48
$
30
$
74
$
23
Net income attributable to common
shareholders:
Stock dividend on Series B Preferred
Stock
(11
)
(11
)
(22
)
(22
)
Net income attributable to common
shareholders
$
37
$
19
$
52
$
1
Net income per
common share
Basic
$
0.12
$
0.06
$
0.17
$
0.01
Diluted
$
0.12
$
0.06
$
0.17
$
0.01
Weighted average
shares outstanding
.
Basic
235
233
235
233
Diluted
270
266
268
266
APi Group Corporation
Condensed Consolidated Balance
Sheets (GAAP)
(Amounts in millions)
(Unaudited)
June 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
368
$
605
Accounts receivable, net
1,318
1,313
Inventories
170
163
Contract assets
509
459
Prepaid expenses and other current
assets
167
112
Total current assets
2,532
2,652
Property and equipment, net
418
407
Operating lease right of use assets
221
222
Goodwill
2,444
2,382
Intangible assets, net
1,703
1,784
Deferred tax assets
106
108
Pension and post-retirement assets
420
392
Other assets
130
144
Total assets
$
7,974
$
8,091
Liabilities, Redeemable Convertible
Preferred Stock, and Shareholders’ Equity
Current liabilities:
Short-term and current portion of
long-term debt
$
6
$
206
Accounts payable
473
490
Accrued liabilities
608
689
Contract liabilities
491
463
Operating and finance leases
73
73
Total current liabilities
1,651
1,921
Long-term debt, less current portion
2,590
2,583
Pension and post-retirement
obligations
38
40
Operating and finance leases
168
166
Deferred tax liabilities
351
340
Other noncurrent liabilities
132
117
Total liabilities
4,930
5,167
Total redeemable convertible preferred
stock
797
797
Total shareholders' equity
2,247
2,127
Total liabilities, redeemable convertible
preferred stock, and shareholders’ equity
$
7,974
$
8,091
APi Group Corporation
Condensed Consolidated Statements
of Cash Flows (GAAP)
(Amounts in millions)
(Unaudited)
For the Six Months Ended June
30,
2023
2022
Cash flows from operating
activities:
Net income
$
74
$
23
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
149
152
Restructuring charges, net of cash
paid
4
8
Deferred taxes
3
(11
)
Share-based compensation expense
11
9
Profit-sharing expense
10
6
Non-cash lease expense
36
33
Net periodic pension benefit
(6
)
(22
)
Loss on extinguishment of debt, net
3
—
Other, net
(7
)
12
Pension contributions
(2
)
(27
)
Changes in operating assets and
liabilities, net of effects of acquisitions
(202
)
(247
)
Net cash provided by (used in) operating
activities
73
(64
)
Cash flows from investing
activities:
Acquisitions, net of cash acquired
(45
)
(2,875
)
Purchases of property and equipment
(46
)
(34
)
Proceeds from sales of property,
equipment, and businesses
9
6
Net cash used in investing activities
(82
)
(2,903
)
Cash flows from financing
activities:
Proceeds from long-term borrowings
—
1,101
Payments on long-term borrowings
(204
)
(31
)
Payments of debt issuance costs
—
(25
)
Repurchases of common stock
(23
)
(22
)
Proceeds from equity issuances
—
797
Restricted shares tendered for taxes
(2
)
(1
)
Payments of acquisition-related
consideration
(3
)
(1
)
Net cash (used in) provided by financing
activities
(232
)
1,818
Effect of foreign currency exchange rate
on cash, cash equivalents, and restricted cash
4
(9
)
Net decrease in cash, cash equivalents,
and restricted cash
(237
)
(1,158
)
Cash, cash equivalents, and restricted
cash, beginning of period
607
1,491
Cash, cash equivalents, and restricted
cash, end of period
$
370
$
333
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Organic change in net revenues
(non-GAAP)
(Unaudited)
Organic change in net
revenues
For the Three Months Ended
June 30, 2023
Net revenues
Foreign
Net revenues
Organic
change
currency
change
Acquisitions and
change in
(as reported)
translation (a)
(fixed currency) (b)
divestitures, net (c)
net revenues (d)
Safety Services
6.9
%
(0.4
)%
7.3
%
—
7.3
%
Specialty Services
7.1
%
—
7.1
%
—
7.1
%
Consolidated
7.4
%
(0.2
)%
7.6
%
—
7.6
%
For the Six Months Ended June
30, 2023
Net revenues
Foreign
Net revenues
Organic
change
currency
change
Acquisitions and
change in
(as reported)
translation (a)
(fixed currency) (b)
divestitures, net (c)
net revenues (d)
Safety Services
8.8
%
(1.7
)%
10.5
%
—
10.5
%
Specialty Services
5.9
%
—
5.9
%
—
5.9
%
Consolidated
8.5
%
(1.2
)%
9.7
%
—
9.7
%
Notes:
(a)
Represents the effect of foreign currency
on reported net revenues, calculated as the difference between
reported net revenues and net revenues at fixed currencies for both
periods. Fixed currency amounts are based on translation into U.S.
Dollars at fixed foreign currency exchange rates established by
management at the beginning of 2023.
(b)
Amount represents the year-over-year
change when comparing both years after eliminating the impact of
fluctuations in foreign exchange rates by translating foreign
currency denominated results at fixed foreign currency ("FFX")
rates for both periods.
(c)
Adjustment to exclude net revenues from
material acquisitions from their respective dates of acquisition
until the first year anniversary from date of acquisition and net
revenues from divestitures for all periods for businesses divested
as of June 30, 2023.
(d)
Organic change in net revenues provides a
consistent basis for a year-over-year comparison in net revenues as
it excludes the impacts of material acquisitions, divestitures, and
the impact of changes due to foreign currency translation.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Gross profit and adjusted gross
profit (non-GAAP)
SG&A and adjusted SG&A
(non-GAAP)
(Amounts in millions)
(Unaudited)
Adjusted gross profit
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Gross profit (as reported)
$
496
$
435
$
921
$
811
Adjustments to reconcile gross profit to
adjusted gross profit:
Backlog amortization
(a)
6
4
13
7
Inventory step-up
(b)
—
—
—
9
Restructuring program related costs
(c)
—
2
—
2
Adjusted gross profit
$
502
$
441
$
934
$
829
Net revenues
$
1,771
$
1,649
$
3,385
$
3,120
Adjusted gross margin
28.3
%
26.7
%
27.6
%
26.6
%
Adjusted SG&A
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Selling, general, and administrative
expenses ("SG&A") (as reported)
$
389
$
376
$
741
$
759
Adjustments to reconcile SG&A to
adjusted SG&A:
Amortization of intangible assets
(d)
(50
)
(53
)
(98
)
(107
)
Contingent consideration and
compensation
(e)
(2
)
(1
)
(4
)
(5
)
Business process transformation
expenses
(f)
(7
)
(9
)
(11
)
(17
)
Acquisition related expenses
(g)
(2
)
(18
)
(6
)
(56
)
Restructuring program related costs
(c)
(7
)
(9
)
(7
)
(9
)
Other
(h)
—
—
12
—
Adjusted SG&A expenses
$
321
$
286
$
627
$
565
Net revenues
$
1,771
$
1,649
$
3,385
$
3,120
Adjusted SG&A as a % of net
revenues
18.1
%
17.3
%
18.5
%
18.1
%
Notes:
(a)
Adjustment to reflect the addback of
amortization expense related to backlog intangible assets.
(b)
Adjustment to reflect the elimination of
costs related to the fair value step-up of acquired inventory.
(c)
Adjustment to reflect the elimination of
expenses associated with restructuring programs and related
costs.
(d)
Adjustment to reflect the addback of
amortization expense.
(e)
Adjustment to reflect the elimination of
the expense attributable to deferred consideration to prior owners
of acquired businesses not expected to continue or recur.
(f)
Adjustment to reflect the elimination of
expenses associated with the integration and reorganization of
newly acquired businesses and non-operational costs related to
business process transformation, including system and process
development costs and implementation of processes and compliance
programs related to the Sarbanes-Oxley Act of 2002.
(g)
Adjustment to reflect the elimination of
transaction costs related to potential and completed acquisitions
and expenses associated with the transition of newly acquired
businesses from prior ownership into APi Group.
(h)
Adjustment includes various miscellaneous
non-recurring items, such as eliminations of changes in fair value
estimates to acquired liabilities.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
EBITDA and adjusted EBITDA
(non-GAAP)
(Amounts in millions)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Net income (as reported)
$
48
$
30
$
74
$
23
Adjustments to reconcile net income to
EBITDA:
Interest expense, net
38
28
75
55
Income tax provision (benefit)
27
14
39
(2
)
Depreciation and amortization
75
76
149
152
EBITDA
$
188
$
148
$
337
$
228
Adjustments to reconcile EBITDA to
adjusted EBITDA:
Contingent consideration and
compensation
(a)
2
1
4
5
Non-service pension benefit
(b)
(3
)
(11
)
(6
)
(22
)
Inventory step-up
(c)
—
—
—
9
Business process transformation
expenses
(d)
7
9
11
17
Acquisition related expenses
(e)
2
18
6
56
Loss on extinguishment of debt, net
(f)
—
—
3
—
Restructuring program related costs
(g)
7
11
7
11
Other
(h)
—
—
(12
)
—
Adjusted EBITDA
$
203
$
176
$
350
$
304
Net revenues
$
1,771
$
1,649
$
3,385
$
3,120
Adjusted EBITDA as a % of net revenues
11.5
%
10.7
%
10.3
%
9.7
%
Notes:
(a)
Adjustment to reflect the elimination of
the expense attributable to deferred consideration to prior owners
of acquired businesses not expected to continue or recur.
(b)
Adjustment to reflect the elimination of
non-service pension benefit, which consists of interest cost,
expected return on plan assets and amortization of actuarial
gains/losses of the pension programs assumed as part of the Chubb
acquisition.
(c)
Adjustment to reflect the elimination of
costs related to the fair value step-up of acquired inventory.
(d)
Adjustment to reflect the elimination of
expenses associated with the integration and reorganization of
newly acquired businesses and non-operational costs related to
business process transformation, including system and process
development costs and implementation of processes and compliance
programs related to the Sarbanes-Oxley Act of 2002.
(e)
Adjustment to reflect the elimination of
transaction costs related to potential and completed acquisitions
and expenses associated with the transition of newly acquired
businesses from prior ownership into APi Group.
(f)
Adjustment to reflect the elimination of
loss on extinguishment of debt resulting from early repayments and
repurchases of long-term debt.
(g)
Adjustment to reflect the elimination of
expenses associated with restructuring programs and related
costs.
(h)
Adjustment includes various miscellaneous
non-recurring items, such as eliminations of changes in fair value
estimates to acquired liabilities.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Income (loss) before income tax,
net income (loss) and EPS and
Adjusted income before income
tax, net income (loss) and EPS (non-GAAP)
(Amounts in millions, except per
share data)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Income before income tax provision
(benefit) (as reported)
$
75
$
44
$
113
$
21
Adjustments to reconcile income before
income tax provision to adjusted income before income tax
provision:
Amortization of intangible assets
(a)
56
57
111
114
Contingent consideration and
compensation
(b)
2
1
4
5
Non-service pension benefit
(c)
(3
)
(11
)
(6
)
(22
)
Inventory step-up
(d)
—
—
-
9
Business process transformation
expenses
(e)
7
9
11
17
Acquisition related expenses
(f)
2
18
6
56
Loss on extinguishment of debt, net
(g)
—
—
3
—
Restructuring program related costs
(h)
7
11
7
11
Other
(i)
—
—
(12
)
—
Adjusted income before income tax
provision
$
146
$
129
$
237
$
211
Income tax provision (benefit) (as
reported)
$
27
$
14
$
39
$
(2
)
Adjustments to reconcile income tax
provision to adjusted income tax provision:
Income tax provision adjustment
(j)
8
16
18
52
Adjusted income tax provision
$
35
$
30
$
57
$
50
Adjusted income before income tax
provision
$
146
$
129
$
237
$
211
Adjusted income tax provision
35
30
57
50
Adjusted net income
$
111
$
99
$
180
$
161
Diluted weighted average shares
outstanding (as reported)
270
266
268
266
Adjustments to reconcile diluted weighted
average shares outstanding to adjusted diluted weighted average
shares outstanding:
Dilutive impact of Series A Preferred
Stock
(k)
2
4
4
4
Adjusted diluted weighted average shares
outstanding
272
270
272
270
Adjusted diluted EPS
$
0.41
$
0.37
$
0.66
$
0.60
Notes:
(a)
Adjustment to reflect the addback of
pre-tax amortization expense related to intangible assets.
(b)
Adjustment to reflect the elimination of
the expense attributable to deferred consideration to prior owners
of acquired businesses not expected to continue or recur.
(c)
Adjustment to reflect the elimination of
non-service pension benefit, which consists of interest cost,
expected return on plan assets and amortization of actuarial
gains/losses of the pension programs assumed as part of the Chubb
acquisition.
(d)
Adjustment to reflect the elimination of
costs related to the fair value step-up of acquired inventory.
(e)
Adjustment to reflect the elimination of
expenses associated with the integration and reorganization of
newly acquired businesses and non-operational costs related to
business process transformation, including system and process
development costs and implementation of processes and compliance
programs related to the Sarbanes-Oxley Act of 2002.
(f)
Adjustment to reflect the elimination of
transaction costs related to potential and completed acquisitions
and expenses associated with the transition of newly acquired
businesses from prior ownership into APi Group.
(g)
Adjustment to reflect the elimination of
loss on extinguishment of debt resulting from early repayments and
repurchases of long-term debt.
(h)
Adjustment to reflect the elimination of
expenses associated with restructuring programs and related
costs.
(i)
Adjustment includes various miscellaneous
non-recurring items, such as eliminations of changes in fair value
estimates to acquired liabilities.
(j)
Adjustment to reflect an adjusted
effective cash tax rate of 24% for the three and six months ended
June 30, 2023 and 2022.
(k)
Adjustment for the three and six months
ended June 30, 2023 and 2022 reflects addition of the dilutive
impact of 4 million shares associated with the deemed conversion of
Series A Preferred Stock. The adjustment for the three months ended
June 30, 2023 is partially offset by the elimination of 2 million
shares reflecting the dilutive effect of the Preferred Share
dividend as the dividend is contingent upon the share price the
last ten days of the calendar year and was not earned as of June
30, 2023.
APi Group Corporation
Adjusted Segment Financial
Information (non-GAAP)
(Amounts in millions)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023 (a)
2022 (a)
2023 (a)
2022 (a)
Safety Services
Net revenues
$
1,225
$
1,146
$
2,416
$
2,220
Adjusted gross profit
397
351
772
689
Adjusted EBITDA
159
135
306
262
Adjusted gross margin
32.4
%
30.6
%
32.0
%
31.0
%
Adjusted EBITDA as a % of net revenues
13.0
%
11.8
%
12.7
%
11.8
%
Specialty Services
Net revenues
$
555
$
518
$
985
$
930
Adjusted gross profit
106
90
163
140
Adjusted EBITDA
69
60
97
83
Adjusted gross margin
19.1
%
17.4
%
16.5
%
15.1
%
Adjusted EBITDA as a % of net revenues
12.4
%
11.6
%
9.8
%
8.9
%
Total net revenues before corporate and
eliminations
(b)
$
1,780
$
1,664
$
3,401
$
3,150
Total adjusted EBITDA before corporate and
eliminations
(b)
228
195
403
345
Adjusted EBITDA as a % of net revenues
before corporate and eliminations
(b)
12.8
%
11.7
%
11.8
%
11.0
%
Corporate and Eliminations
Net revenues
$
(9
)
$
(15
)
$
(16
)
$
(30
)
Adjusted EBITDA
(25
)
(19
)
(53
)
(41
)
Total Consolidated
Net revenues
$
1,771
$
1,649
$
3,385
$
3,120
Adjusted gross profit
502
441
934
829
Adjusted EBITDA
203
176
350
304
Adjusted gross margin
28.3
%
26.7
%
27.6
%
26.6
%
Adjusted EBITDA as a % of net revenues
11.5
%
10.7
%
10.3
%
9.7
%
Notes:
(a)
Information derived from non-GAAP
reconciliations included elsewhere in this press release.
(b)
Calculated from results of the Company's
operating segments shown above, excluding Corporate and
Eliminations.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Adjusted Segment Financial
Information (non-GAAP)
(Amounts in millions)
(Unaudited)
For the Three Months Ended
June 30, 2023
For the Three Months Ended
June 30, 2022
As Reported
Adjustments
As Adjusted
As Reported
Adjustments
As Adjusted
Safety Services
Net revenues
$
1,225
$
—
$
1,225
$
1,146
$
—
$
1,146
Cost of revenues
834
(6
)
(a)
828
800
(3
)
(a)
795
—
(2
)
(b)
Gross profit
$
391
$
6
$
397
$
346
$
5
$
351
Gross margin
31.9
%
32.4
%
30.2
%
30.6
%
Specialty Services
Net revenues
$
555
$
—
$
555
$
518
$
—
$
518
Cost of revenues
449
—
449
429
(1
)
(a)
428
Gross profit
$
106
$
—
$
106
$
89
$
1
$
90
Gross margin
19.1
%
19.1
%
17.2
%
17.4
%
Corporate and Eliminations
Net revenues
$
(9
)
$
—
$
(9
)
$
(15
)
$
—
$
(15
)
Cost of revenues
(8
)
—
(8
)
(15
)
—
(15
)
Gross profit
$
(1
)
$
—
$
(1
)
$
—
$
—
$
—
Gross margin
11.1
%
11.1
%
—
—
Total Consolidated
Net revenues
$
1,771
$
—
$
1,771
$
1,649
$
—
$
1,649
Cost of revenues
1,275
(6
)
(a)
1,269
1,214
(4
)
(a)
1,208
—
(2
)
(b)
Gross profit
$
496
$
6
$
502
$
435
$
6
$
441
Gross margin
28.0
%
28.3
%
26.4
%
26.7
%
Notes:
(a)
Adjustment to reflect the addback of
amortization expense related to backlog intangible assets.
(b)
Adjustment to reflect the elimination of
expenses associated with restructuring programs and related
costs.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Adjusted Segment Financial
Information (non-GAAP)
(Amounts in millions)
(Unaudited)
For the Six Months Ended June
30, 2023
For the Six Months Ended June
30, 2022
As Reported
Adjustments
As Adjusted
As Reported
Adjustments
As Adjusted
Safety Services
Net revenues
$
2,416
$
—
$
2,416
$
2,220
$
—
$
2,220
Cost of revenues
1,657
(13
)
(a)
1,644
1,547
(5
)
(a)
1,531
—
(9
)
(b)
—
(2
)
(c)
Gross profit
$
759
$
13
$
772
$
673
$
16
$
689
Gross margin
31.4
%
32.0
%
30.3
%
31.0
%
Specialty Services
Net revenues
$
985
$
—
$
985
$
930
$
—
$
930
Cost of revenues
822
—
822
792
(2
)
(a)
790
Gross profit
$
163
$
—
$
163
$
138
$
2
$
140
Gross margin
16.5
%
16.5
%
14.8
%
15.1
%
Corporate and Eliminations
Net revenues
$
(16
)
$
—
(16
)
$
(30
)
$
—
$
(30
)
Cost of revenues
(15
)
—
(15
)
(30
)
—
(30
)
Gross profit
$
(1
)
$
—
$
(1
)
$
—
$
—
$
—
Gross margin
6.3
%
6.3
%
—
—
Total Consolidated
Net revenues
$
3,385
$
—
$
3,385
$
3,120
$
—
$
3,120
Cost of revenues
2,464
(13
)
(a)
2,451
2,309
(7
)
(a)
2,291
—
(9
)
(b)
—
(2
)
(c)
Gross profit
$
921
$
13
$
934
$
811
$
18
$
829
Gross margin
27.2
%
27.6
%
26.0
%
26.6
%
Notes:
(a)
Adjustment to reflect the addback of
amortization expense related to backlog intangible assets.
(b)
Adjustment to reflect the elimination of
costs related to the fair value step-up of acquired inventory.
(c)
Adjustment to reflect the elimination of
expenses associated with restructuring programs and related
costs.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Adjusted Segment Financial
Information (non-GAAP)
(Amounts in millions)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Safety Services
Safety Services EBITDA
$
150
$
121
$
296
$
244
Adjustments to reconcile EBITDA to
adjusted EBITDA:
Contingent consideration and
compensation
(a)
2
1
3
2
Non-service pension benefit
(b)
(3
)
(11
)
(6
)
(22
)
Inventory step-up
(c)
—
—
—
9
Acquisition related expenses
(d)
2
5
5
10
Business process transformation
expenses
(e)
1
8
1
8
Restructuring program related costs
(f)
7
11
7
11
Safety Services adjusted EBITDA
$
159
$
135
$
306
$
262
Specialty Services
Specialty Services EBITDA
$
69
$
60
$
96
$
80
Adjustments to reconcile EBITDA to
adjusted EBITDA:
Contingent consideration and
compensation
(a)
—
—
1
3
Specialty Services adjusted EBITDA
$
69
$
60
$
97
$
83
Corporate and Eliminations
Corporate and Eliminations EBITDA
$
(31
)
$
(33
)
$
(55
)
$
(96
)
Adjustments to reconcile EBITDA to
adjusted EBITDA:
Business process transformation
expenses
(e)
6
1
10
9
Acquisition related expenses
(d)
—
13
1
46
Loss on extinguishment of debt, net
(g)
—
—
3
—
Other
(h)
—
—
(12
)
—
Corporate and Eliminations adjusted
EBITDA
$
(25
)
$
(19
)
$
(53
)
$
(41
)
Notes:
(a)
Adjustment to reflect the elimination of
the expense attributable to deferred consideration to prior owners
of acquired businesses not expected to continue or recur.
(b)
Adjustment to reflect the elimination of
non-service pension benefit, which consists of interest cost,
expected return on plan assets and amortization of actuarial
gains/losses of the pension programs assumed as part of the Chubb
acquisition.
(c)
Adjustment to reflect the elimination of
costs related to the fair value step-up of acquired inventory.
(d)
Adjustment to reflect the elimination of
transaction costs related to potential and completed acquisitions
and expenses associated with the transition of newly acquired
businesses from prior ownership into APi Group.
(e)
Adjustment to reflect the elimination of
expenses associated with the integration and reorganization of
newly acquired businesses and non-operational costs related to
business process transformation, including system and process
development costs and implementation of processes and compliance
programs related to the Sarbanes-Oxley Act of 2002.
(f)
Adjustment to reflect the elimination of
expenses associated with restructuring programs and related
costs.
(g)
Adjustment to reflect the elimination of
loss on extinguishment of debt resulting from early repayments and
repurchases of long-term debt.
(h)
Adjustment includes various miscellaneous
non-recurring items, such as eliminations of changes in fair value
estimates to acquired liabilities.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Change in adjusted EBITDA
(non-GAAP)
(Unaudited)
Change in adjusted
EBITDA
For the Three Months Ended
June 30, 2023
Change in
Foreign
Change in
Adjusted EBITDA
currency
Adjusted EBITDA
(public rates) (a)
translation (b)
(fixed currency) (c)
Safety Services
17.8
%
(0.9
)%
18.7
%
Specialty Services
15.0
%
—
15.0
%
Consolidated
15.3
%
(1.4
)%
16.7
%
For the Six Months Ended June
30, 2023
Change in
Foreign
Change in
Adjusted EBITDA
currency
Adjusted EBITDA
(public rates) (a)
translation (b)
(fixed currency) (c)
Safety Services
16.8
%
(2.2
)%
19.0
%
Specialty Services
16.9
%
—
16.9
%
Consolidated
15.1
%
(2.3
)%
17.4
%
Notes:
(a)
Adjusted EBITDA derived from non-GAAP
reconciliations included elsewhere in this press release.
(b)
Adjusted to eliminate the impact of
foreign currency on adjusted EBITDA amounts, calculated as the
difference between adjusted EBITDA at public currency rates and
adjusted EBITDA at fixed currency rates for both periods. Fixed
currency amounts are based on translation into U.S. Dollars at
fixed foreign currency exchange rates established by management at
the beginning of 2023.
(c)
Amount represents the year-over-year
change when comparing both years after eliminating the impact of
fluctuations in foreign exchange rates by translating foreign
currency denominated results at fixed foreign currency ("FFX")
rates for both periods.
APi Group Corporation
Reconciliations of GAAP to
Non-GAAP Financial Measures
Free cash flow and adjusted free
cash flow and conversion (non-GAAP)
(Amounts in millions)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Net cash provided by (used in) operating
activities
(a)
$
74
$
54
$
73
$
(64
)
Less: Purchases of property and
equipment
(25
)
(22
)
(46
)
(34
)
Free cash flow
$
49
$
32
$
27
$
(98
)
Add: Cash payments related to following
items:
Contingent compensation
(b)
$
18
$
1
$
18
$
2
Pension contributions
(c)
—
—
—
27
Business process transformation
expenses
(d)
8
5
13
13
Acquisition related expenses
(e)
1
22
5
69
Restructuring payments
(f)
6
3
11
3
Payroll tax deferral
(g)
1
—
9
—
Other
(h)
8
—
8
—
Adjusted free cash flow
$
91
$
63
$
91
$
16
Adjusted EBITDA
(i)
$
203
$
176
$
350
$
304
Adjusted free cash flow conversion
44.8
%
35.8
%
26.0
%
5.3
%
Notes:
(a)
Operating cash flows and purchases of
property and equipment for the six months ended June 30, 2023, and
2022 are as reported. Amounts for the three months ended June 30,
2023 and 2022 are calculated as the six months ended less the
amounts reported for the three ended March 31, 2023 and 2022,
respectively.
(b)
Adjustment to reflect the elimination of
deferred payments to prior owners of acquired businesses not
expected to continue or recur.
(c)
Adjustment to reflect the elimination of
initial pension contribution payment related to the Chubb
acquisition not expected to continue or recur.
(d)
Adjustment to reflect the elimination of
expenses associated with the integration and reorganization of
newly acquired businesses and non-operational costs related to
business process transformation, including system and process
development costs and implementation of processes and compliance
programs related to the Sarbanes-Oxley Act of 2002.
(e)
Adjustment to reflect the elimination of
transaction costs related to potential and completed acquisitions
and expenses associated with the transition of newly acquired
businesses from prior ownership into APi Group.
(f)
Adjustment to reflect payments made for
restructuring programs.
(g)
Adjustment reflects the elimination of
operating cash for the impact of the Coronavirus Aid Relief and
Economic Security (CARES) Act. During the first quarter of 2020,
the CARES Act was passed, allowing the Company to defer the payment
of the employer's share of Social Security taxes until December
2021 and December 2022. The final payments were made on the amount
deferred in 2020 during the first half of 2023.
(h)
Adjustment includes various miscellaneous
non-recurring items, such as eliminations of payments made on
acquired liabilities.
(i)
Adjusted EBITDA derived from non-GAAP
reconciliations included elsewhere in this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803483512/en/
Investor Relations
Inquiries: Adam Fee Vice President of Investor Relations
Tel: +1 651-240-7252 Email: investorrelations@apigroupinc.us
Media Contact: Liz Cohen Kekst
CNC Tel: +1 212-521-4845 Email: Liz.Cohen@kekstcnc.com
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