FALSE000179620900017962092023-11-022023-11-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

11/02/2023
Date of Report (date of earliest event reported)
___________________________________
APi Group Corporation
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-39275
(Commission File Number)
98-1510303
(I.R.S. Employer Identification Number)
1100 Old Highway 8 NW
New Brighton, MN 55112
(Address of principal executive offices and zip code)
(651) 636-4320
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.0001 per shareAPGThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02 Results of Operations and Financial Condition.
On November 2, 2023, APi Group Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1.

The information furnished under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, unless the Company expressly sets forth in such filing that such information is to be considered "filed" or incorporated by reference therein.

Item 9.01 - Financial Statements and Exhibits
(d): The following exhibits are being filed herewith:

Exhibit No.Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)







SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

APi Group Corporation
Date: November 2, 2023
By:
/s/ Kevin S. Krumm
Name:
Kevin S. Krumm
Title:
Chief Financial Officer




Exhibit 99.1
img23227469_0.jpg
APi Group Reports Third Quarter 2023 Financial Results
-Record first nine months net revenues of $5.2 billion, representing approximately 7% reported and organic growth, with continued double-digit organic core inspection revenue growth-
-Reported net income of $54 million and adjusted EBITDA of $224 million for the third quarter, representing year-over-year net income growth of 93% and adjusted EBITDA margin expansion of 190 basis points-
-Raising the bottom end of full year adjusted EBITDA guidance-
New Brighton, Minnesota – November 2, 2023 – APi Group Corporation (NYSE: APG) (“APi” or the “Company”) today reported its financial results for the three and nine months ended September 30, 2023.
Russ Becker, APi’s President and Chief Executive Officer stated: “I am pleased with the continued financial performance of the business as we remain extremely focused on delivering our financial targets detailed at our investor day last November. This quarter’s and our year-to-date performance continues to demonstrate our leaders’ ability to build on historically strong execution by delivering consistent double-digit core inspection organic growth, as well as consistently driving margin expansion across the business. We continue to deliver margin expansion by increasing higher margin inspection, service and monitoring revenue, pricing initiatives, operational improvements and a relentless focus on customer and project selection, especially in our Specialty Services and HVAC businesses.
We believe we can create sustainable shareholder value by focusing on our “13/60/80” long-term value creation targets, with a near term laser focus on delivering adjusted EBITDA margins of 13% or more in 2025. As we look to 2024 and beyond, we have great confidence in the business, our backlog, our balance sheet, and our ability to continue to evolve APi into an even lower capex, asset light business focused on high-margin, statutorily mandated services."
Third Quarter 2023 Consolidated Results:
Three Months Ended September 30,
20232022
Y/Y
Y/Y (FFX) (a)
Net revenues$1,784 $1,735 2.8 %1.6 %
Organic net revenue growth (b)
1.3 %
GAAP
Gross profit$511 $440 16.1 %
Gross margin28.6 %25.4 %+ 320bps
Net income$54 $28 92.9 %
Diluted EPS$0.15 $0.06 150.0 %
Adjusted non-GAAP comparison
Adjusted gross profit$518 $457 13.3 %
Adjusted gross margin29.0 %26.3 %+ 270bps
Adjusted EBITDA$224 $186 20.4 %19.1 %
Adjusted EBITDA as a % of net revenues12.6 %10.7 %+ 190bps
Adjusted net income$130 $99 31.3 %
Adjusted diluted EPS$0.48 $0.37 29.7 %
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 2.8% driven by strong service growth across both segments, modest benefits from favorable foreign currency exchange rates and M&A. This was partially offset by planned disciplined customer and project selection, and customer project delays in Specialty Services leading to a decline in our projects business.
•Reported and adjusted gross margin increased 320 and 270 basis points, respectively, compared to prior year period due to continued price increases, outsized growth in higher margin service revenue as well as margin expansion in both our projects and services businesses across both segments.
•Reported net income was $54 million and diluted EPS was $0.15. Adjusted net income was $130 million and adjusted diluted EPS was $0.48, representing a $0.11 increase from prior year period driven by significant adjusted gross margin expansion in both Safety and Specialty Services, resulting from the factors mentioned above, partially offset by increased interest expense.
•Adjusted EBITDA increased by 20.4% (19.1% on a fixed currency basis) compared to the prior year period and adjusted EBITDA margin increased 190 basis points to 12.6%, primarily due to the factors impacting gross margin, partially offset by investments to support revenue growth and the annualized investment in building our global capabilities and infrastructure.
Third Quarter 2023 Segment Results:
Safety Services
Three Months Ended September 30,
20232022
Y/Y
Y/Y (FFX) (a)
Safety Services
Net revenues$1,217 $1,154 5.5 %3.5%
Organic net revenue growth (b)
3.0%
GAAP
Gross profit$398 $338 17.8 %
Gross margin32.7 %29.3 %+ 340 bps
Operating Income$98 $60 63.3 %
Operating margin8.1 %5.2 %+ 290bps
Adjusted non-GAAP comparison
Adjusted gross profit$405 $354 14.4 %
Adjusted gross margin33.3 %30.7 %+ 260 bps
Adjusted EBITDA$169 $139 21.6 %19.9%
Adjusted EBITDA as a % of net revenues13.9 %12.0 %+ 190 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 5.5% driven by double-digit core inspection revenue growth, as well as modest benefits from favorable foreign currency exchange rates and M&A. This was partially offset by planned customer attrition in our International business, and continued discipline in customer and project selection in our HVAC business.
•Reported and adjusted gross margin increased 340 and 260 basis points, respectively, compared to prior year period due to continued price increases, improved business mix of inspection, services and monitoring revenue as well as margin expansion in both our projects and services businesses.
•Operating income increased by 63.3% compared to the prior year period. Operating margin was 8.1%, representing a 290 basis point increase compared to the prior year period.
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•Adjusted EBITDA increased by 21.6% (19.9% on a fixed currency basis) compared to the prior year period. Adjusted EBITDA margin was 13.9%, representing a 190 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
 Three Months Ended September 30,
 20232022
Y/Y
Y/Y (FFX) (a)
Specialty Services
Net revenues$569 $590 (3.6)%(3.6)%
Organic net revenue growth (b)
(3.6)%
 
GAAP
Gross profit$112 $102 9.8 %
Gross margin19.7 %17.3 %+ 240 bps
Operating Income$43 $45 (4.4)%
Operating margin7.6%7.6 %— 
 
Adjusted non-GAAP comparison
Adjusted gross profit$112 $103 8.7 %
Adjusted gross margin19.7 %17.5 %+ 220 bps
 
Adjusted EBITDA$83 $74 12.2 %12.2%
Adjusted EBITDA as a % of net revenues14.6 %12.5 %+ 210 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 and organic net revenue declined by (3.6)% due to continued disciplined customer and project selection, customer project delays in the fabrication business resulting in lower project revenues, offset by strong growth in service revenues.
•Reported and adjusted gross margin increased 240 and 220 basis points, respectively, compared to prior year period due to strong organic growth in services revenues as well as margin expansion in both our projects and services businesses.
•Operating income was $43 million, a decrease of (4.4)% compared to the prior year period.
•Adjusted EBITDA increased by 12.2% compared to the prior year period. Adjusted EBITDA margin was 14.6%, representing a 210 basis point increase compared to prior year period, primarily due to the factors impacting gross margins.
Guidance
APi Group announces revised full year net revenue and adjusted EBITDA guidance
• Net Revenues of $6,900 to $6,950 million, down from $7,015 to $7,075 million
• Adjusted EBITDA of $775 to $785 million, up from $765 to $785 million
• Adjusted Free Cash Flow Conversion at or above 65% remains unchanged
APi Group announces guidance for the fourth quarter of 2023
• Net Revenues of $1,730 to $1,780 million
• Adjusted EBITDA of $200 to $210 million

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APi Co-Chair James E. Lillie concluded: “During our investor day last year, Russ detailed our strategy of focusing on growing our service based recurring revenue while slowing revenue growth in select businesses through improved project selection. Our goal of evolving away from lower margin, higher risk opportunities while focusing investments on service revenue expansion is yielding the desired results. This strategy improves margins while simultaneously reducing capital spending which in turn drives free cash flow generation. The benefit of these initiatives is shown in APi’s consistently strong and improving financial results. These results are built on a strong foundation of driving the Company’s recurring revenue, services-focused business model while expanding the financial discipline of the organization and its leadership team. The team’s relentless efforts on adhering to our strategy is driving margin expansion and we believe there is a long runway of continued margin expansion beyond our established 2025 target. As we look forward, we believe our balance sheet is even stronger following our repricing and maturity extension and we expect to end the year below our target net leverage ratio of 2.5x.”
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, November 2, 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 800-245-3047 or 203-518-9765 and provide Conference ID 4106714. 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/4080957/BC695FC270C55183EC0C6DD7B1B54653
A replay of the call will be available shortly after completion of the live call/webcast via telephone at 800-753-5212 or 402-220-2673 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.
Investor Relations and Media Inquiries:
Adam Fee
Vice President of Investor Relations
Tel: +1 651-240-7252
Email: investorrelations@apigroupinc.us

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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.
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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.
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•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.
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APi Group Corporation
Condensed Consolidated Statements of Operations (GAAP)
(Amounts in millions, except per share data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net revenues$1,784 $1,735 $5,169 $4,855 
Cost of revenues1,273 1,295 3,737 3,604 
Gross profit511 440 1,432 1,251 
Selling, general, and administrative expenses407 379 1,148 1,138 
Operating income104 61 284 113 
Interest expense, net37 33 112 88 
(Gain) loss on extinguishment of debt, net— (5)3 (5)
Non-service pension benefit(3)(10)(9)(32)
Investment income and other, net(4)(3)(9)(5)
Other expense, net30 15 97 46 
Income before income taxes74 46 187 67 
Income tax provision20 18 59 16 
Net income$54 $28 $128 $51 
Net income attributable to common shareholders:     
Stock dividend on Series B Preferred Stock(11)(11)(33)(33)
Net income attributable to common shareholders$43 $17 $95 $18 
Net income per common share
Basic$0.15 $0.06 $0.32 $0.06 
Diluted0.15 0.06 0.32 0.06 
Weighted average shares outstanding
Basic235234235233
Diluted270266269266
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APi Group Corporation
Condensed Consolidated Balance Sheets (GAAP)
(Amounts in millions)
(Unaudited)
September 30,
2023		December 31,
2022
Assets
Current assets:
Cash and cash equivalents$461 $605 
Accounts receivable, net1,280 1,313 
Inventories155 163 
Contract assets530 459 
Prepaid expenses and other current assets226 112 
Total current assets2,652 2,652 
Property and equipment, net377 407 
Operating lease right of use assets227 222 
Goodwill2,404 2,382 
Intangible assets, net1,624 1,784 
Deferred tax assets107 108 
Pension and post-retirement assets407 392 
Other assets151 144 
Total assets$7,949 $8,091 
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity
Current liabilities:
Short-term and current portion of long-term debt$256 $206 
Accounts payable431 490 
Accrued liabilities666 689 
Contract liabilities474 463 
Operating and finance leases72 73 
Total current liabilities1,899 1,921 
Long-term debt, less current portion2,342 2,583 
Pension and post-retirement obligations37 40 
Operating and finance leases170 166 
Deferred tax liabilities340 340 
Other noncurrent liabilities132 117 
Total liabilities4,920 5,167 
Total redeemable convertible preferred stock797 797 
Total shareholders' equity2,232 2,127 
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity$7,949 $8,091 
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APi Group Corporation
Condensed Consolidated Statements of Cash Flows (GAAP)
(Amounts in millions)
(Unaudited)
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net income $128 $51 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization226 225 
Restructuring charges, net of cash paid17 12 
Deferred taxes5 (9)
Share-based compensation expense19 14 
Profit-sharing expense14 10 
Non-cash lease expense55 49 
Net periodic pension benefit(9)(32)
Loss (gain) on extinguishment of debt, net3 (5)
Other, net3 13 
Pension contributions(3)(27)
Changes in operating assets and liabilities, net of effects of acquisitions(241)(219)
Net cash provided by operating activities$217 $82 
Cash flows from investing activities:
Acquisitions, net of cash acquired$(57)$(2,881)
Purchases of property and equipment(64)(60)
Proceeds from sales of property, equipment, and businesses13 10 
Net cash used in investing activities$(108)$(2,931)
Cash flows from financing activities:
Proceeds from long-term borrowings$— $1,104 
Payments on long-term borrowings(206)(33)
Repurchases of long-term borrowings— (30)
Payments of debt issuance costs— (25)
Repurchases of common stock(41)(33)
Proceeds from equity issuances— 797 
Payments of acquisition-related consideration(4)(6)
Restricted shares tendered for taxes(2)(1)
Net cash (used in) provided by financing activities$(253)$1,773 
Effect of foreign currency exchange rate on cash, cash equivalents, and restricted cash(1)(17)
Net decrease in cash, cash equivalents, and restricted cash$(145)$(1,093)
Cash, cash equivalents, and restricted cash, beginning of period607 1,491 
Cash, cash equivalents, and restricted cash, end of period$462 $398 
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APi Group Corporation
Reconciliations of GAAP to Non-GAAP Financial Measures
Organic Change in Net Revenues (non-GAAP)
(Unaudited)
Organic change in net revenues
 Three Months Ended September 30, 2023
 Net revenuesForeignNet revenuesOrganic
changecurrencychangeAcquisitions andchange in
(as reported)translation (a)(fixed currency) (b)divestitures, net (c)net revenues (d)
Safety Services5.5%2.0%3.5%0.5%3.0%
Specialty Services(3.6)%—%(3.6)%—%(3.6)%
Consolidated2.8%1.2%1.6%0.3%1.3%
Nine Months Ended September 30, 2023
Net revenuesForeignNet revenuesOrganic
changecurrencychangeAcquisitions andchange in
(as reported)translation (a)(fixed currency) (b)divestitures, net (c)net revenues (d)
Safety Services7.7%(0.4)%8.1%0.2%7.9%
Specialty Services2.2%—%2.2%—%2.2%
Consolidated6.5%(0.3)%6.8%0.2%6.6%
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 September 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.
11

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
  Three Months Ended September 30,Nine Months Ended September 30,
  2023202220232022
Gross profit (as reported)$511 $440 $1,432 $1,251 
Adjustments to reconcile gross profit to adjusted gross profit:
Backlog amortization(a)7 15 20 22 
Inventory step-up(b)— — — 9 
Restructuring program related costs(c)— 2 — 4 
Adjusted gross profit$518 $457 $1,452 $1,286 
Net revenues$1,784 $1,735 $5,169 $4,855 
Adjusted gross margin29.0 %26.3 %28.1 %26.5 %
Adjusted SG&A
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Selling, general, and administrative expenses ("SG&A") (as reported)$407 $379 $1,148 $1,138 
Adjustments to reconcile SG&A to adjusted SG&A:
Amortization of intangible assets(d)(49)(36)(147)(143)
Contingent consideration and compensation(e)(4)(3)(8)(8)
Business process transformation expenses(f)(6)(6)(17)(23)
Acquisition related expenses(g)(1)(33)(7)(89)
Restructuring program related costs(c)(17)(5)(24)(14)
Other(h)(11)— 1 — 
Adjusted SG&A expenses$319 $296 $946 $861 
Net revenues$1,784 $1,735 $5,169 $4,855 
Adjusted SG&A as a % of net revenues17.9 %17.1 %18.3 %17.7 %
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 and impairment recorded on assets held-for-sale.
12

APi Group Corporation
Reconciliations of GAAP to Non-GAAP Financial Measures
EBITDA and adjusted EBITDA (non-GAAP)
(Amounts in millions)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net income (as reported)$54 $28 $128 $51 
Adjustments to reconcile net income to EBITDA:
Interest expense, net37 33 112 88 
Income tax provision20 18 59 16 
Depreciation and amortization77 73 226 225 
EBITDA$188 $152 $525 $380 
Adjustments to reconcile EBITDA to adjusted EBITDA:
Contingent consideration and compensation(a)4 3 8 8 
Non-service pension benefit(b)(3)(10)(9)(32)
Inventory step-up(c)— — — 9 
Business process transformation expenses(d)6 6 17 23 
Acquisition related expenses(e)1 33 7 89 
(Gain) loss on extinguishment of debt, net(f)— (5)3 (5)
Restructuring program related costs(g)17 7 24 18 
Other(h)11 — (1)— 
Adjusted EBITDA$224 $186 $574 $490 
 
Net revenues$1,784 $1,735 $5,169 $4,855 
Adjusted EBITDA as a % of net revenues12.6 %10.7 %11.1 %10.1 %
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 (gain) 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 and impairment recorded on assets held-for-sale.
13

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)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Income before income tax provision (as reported)$74 $46 $187 $67 
Adjustments to reconcile income before income tax provision to adjusted income before income tax provision:
Amortization of intangible assets(a)56 51 167 165 
Contingent consideration and compensation(b)4 3 8 8 
Non-service pension benefit(c)(3)(10)(9)(32)
Inventory step-up(d)— — — 9 
Business process transformation expenses(e)6 6 17 23 
Acquisition related expenses(f)1 33 7 89 
(Gain) loss on extinguishment of debt, net(g)— (5)3 (5)
Restructuring program related costs(h)17 7 24 18 
Other(i)11 — (1)— 
Adjusted income before income tax provision$166 $131 $403 $342 
Income tax provision (as reported)$20 $18 $59 $16 
Adjustments to reconcile income tax provision to adjusted income tax provision:
Income tax provision adjustment(j)16 14 34 66 
Adjusted income tax provision$36 $32 $93 $82 
Adjusted income before income tax provision$166 $131 $403 $342 
Adjusted income tax provision36 32 93 82 
Adjusted net income$130 $99 $310 $260 
Diluted weighted average shares outstanding (as reported)270266269266
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 3 4 
Adjusted diluted weighted average shares outstanding272270272270
Adjusted diluted EPS$0.48 $0.37 $1.14 $0.96 
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 (gain) 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 and impairment recorded on assets held-for-sale.
(j)Adjustment to reflect an adjusted effective cash tax rate of 23% for the nine months ended September 30, 2023 and 24% for the three and nine months ended 2022. The adjustment for the three months ended September 30, 2023 is the amount required to adjust the nine month period to 23%.
(k)Adjustment for the three and nine months ended September 30, 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 and nine months ended September 30, 2023 is partially offset by the elimination of 2 million and 1 million shares, respectively, 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 September 30, 2023.
14

APi Group Corporation
Adjusted Segment Financial Information (non-GAAP)
(Amounts in millions)
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023 (a)2022 (a)2023 (a)2022 (a)
Safety Services
Net revenues$1,217 $1,154 $3,633 $3,374 
Adjusted gross profit405 354 1,177 1,043 
Adjusted EBITDA169 139 475 401 
 
Adjusted gross margin33.3 %30.7 %32.4 %30.9 %
Adjusted EBITDA as a % of net revenues13.9 %12.0 %13.1 %11.9 %
Specialty Services
Net revenues$569 $590 $1,554 $1,520 
Adjusted gross profit112 103 275 243 
Adjusted EBITDA83 74 180 157 
Adjusted gross margin19.7 %17.5 %17.7 %16.0 %
Adjusted EBITDA as a % of net revenues14.6 %12.5 %11.6 %10.3 %
Total net revenues before corporate and eliminations(b)$1,786 $1,744 $5,187 $4,894 
Total adjusted EBITDA before corporate and eliminations(b)252 213 655 558 
Adjusted EBITDA as a % of net revenues before corporate and eliminations(b)14.1 %12.2 %12.6 %11.4 %
Corporate and Eliminations
Net revenues$(2)$(9)$(18)$(39)
Adjusted EBITDA(28)(27)(81)(68)
 
Total Consolidated
Net revenues$1,784 $1,735 $5,169 $4,855 
Adjusted gross profit518 457 1,452 1,286 
Adjusted EBITDA224 186 574 490 
         
Adjusted gross margin29.0 %26.3 %28.1 %26.5 %
Adjusted EBITDA as a % of net revenues12.6 %10.7 %11.1 %10.1 %
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.
15

APi Group Corporation
Reconciliations of GAAP to Non-GAAP Financial Measures
Adjusted Segment Financial Information (non-GAAP)
(Amounts in millions)
(Unaudited)
 Three Months Ended September 30, 2023Three Months Ended September 30, 2022
 
As Reported
Adjustments
As Adjusted
As Reported
Adjustments
As Adjusted
Safety Services
Net revenues$1,217 $— $1,217 $1,154 $— $1,154 
Cost of revenues819 (7)(a)812 816 (14)(a)800 
 — (2)(b)
Gross profit$398 $7 $405 $338 $16 $354 
Gross margin32.7 %33.3 %29.3 %30.7 %
Specialty Services
Net revenues$569 $— $569 $590 $— $590 
Cost of revenues457 — 457 488 (1)(a)487 
Gross profit$112 $— $112 $102 $1 $103 
Gross margin19.7 %19.7 %17.3 %17.5 %
Corporate and Eliminations
Net revenues$(2)$— $(2)$(9)$— $(9)
Cost of revenues(3)— (3)(9)— (9)
Gross profit$1 $— $1 $— $— $— 
Gross margin(50.0 %)(50.0 %)— %— %
Total Consolidated
Net revenues$1,784 $— $1,784 $1,735 $— $1,735 
Cost of revenues1,273 (7)(a)1,266 1,295 (15)(a)1,278 
— (2)(b)
Gross profit$511 $7 $518 $440 $17 $457 
Gross margin28.6 %29.0 %25.4 %26.3 %
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.
16

APi Group Corporation
Reconciliations of GAAP to Non-GAAP Financial Measures
Adjusted Segment Financial Information (non-GAAP)
(Amounts in millions)
(Unaudited)
 Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
 As ReportedAdjustmentsAs AdjustedAs ReportedAdjustmentsAs Adjusted
Safety Services
Net revenues$3,633 $— $3,633 $3,374 $— $3,374 
Cost of revenues2,476 (20)(a)2,456 2,363 (19)(a)2,331 
 — (9)(b)
 — (4)(c)
Gross profit$1,157 $20 $1,177 $1,011 $32 $1,043 
Gross margin31.8 %32.4 %30.0 %30.9 %
Specialty Services
Net revenues$1,554 $— $1,554 $1,520 $— $1,520 
Cost of revenues1,279 — 1,279 1,280 (3)(a)1,277 
Gross profit$275 $— $275 $240 $3 $243 
Gross margin17.7 %17.7 %15.8 %16.0 %
Corporate and Eliminations
Net revenues$(18)$— $(18)$(39)$— $(39)
Cost of revenues(18)— (18)(39)— (39)
Gross profit$— $— $— $— $— $— 
Gross margin— %— %— %— %
 
Total Consolidated
Net revenues$5,169 $— $5,169 $4,855 $— $4,855 
Cost of revenues3,737 (20)(a)3,717 3,604 (22)(a)3,569 
 — (9)(b)
 — (4)(c)
Gross profit$1,432 $20 $1,452 $1,251 $35 $1,286 
Gross margin27.7 %28.1 %25.8 %26.5 %
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.
17

APi Group Corporation
Reconciliations of GAAP to Non-GAAP Financial Measures
Adjusted Segment Financial Information (non-GAAP)
(Amounts in millions)
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Safety Services
Safety Services EBITDA$153 $116 $449 $360 
Adjustments to reconcile EBITDA to adjusted EBITDA:
Contingent consideration and compensation(a)4 2 7 4 
Non-service pension benefit(b)(3)(10)(9)(32)
Inventory step-up(c)— — — 9 
Acquisition related expenses(d)— 23 5 33 
Business process transformation expenses(e)— 1 1 9 
Restructuring program related costs(f)17 7 24 18 
Other(h)(2)— (2)— 
Safety Services adjusted EBITDA$169 $139 $475 $401 
 
Specialty Services
Specialty Services EBITDA$70 $73 $166 $153 
Adjustments to reconcile EBITDA to adjusted EBITDA:
Contingent consideration and compensation(a)— 1 1 4 
Other(h)13 — 13 — 
Specialty Services adjusted EBITDA$83 $74 $180 $157 
Corporate and Eliminations
Corporate and Eliminations EBITDA$(35)$(37)$(90)$(133)
Adjustments to reconcile EBITDA to adjusted EBITDA:
Business process transformation expenses(e)6 5 16 14 
Acquisition related expenses(d)1 10 2 56 
(Gain) loss on extinguishment of debt, net(g)— (5)3 (5)
Other(h)— — (12)— 
Corporate and Eliminations adjusted EBITDA$(28)$(27)$(81)$(68)
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 (gain) 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 and impairment recorded on assets held-for-sale.
18

APi Group Corporation
Reconciliations of GAAP to Non-GAAP Financial Measures
Change in adjusted EBITDA (non-GAAP)
(Unaudited)
Change in adjusted EBITDA
 Three Months Ended September 30, 2023
 
Change in
Adjusted EBITDA
(public rates) (a)
Foreign
currency
translation (b)
Change in
Adjusted EBITDA
(fixed currency) (c)
Safety Services21.6%1.7%19.9%
Specialty Services12.2%—%12.2%
Consolidated20.4%1.3%19.1%
Nine Months Ended September 30, 2023
Change in
Adjusted EBITDA
(public rates) (a)
Foreign
currency
translation (b)
Change in
Adjusted EBITDA
(fixed currency) (c)
Safety Services18.5%(0.8)%19.3%
Specialty Services14.6%—%14.6%
Consolidated17.1%(0.8)%17.9%
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.
19

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)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net cash provided by operating activities(a)$144 $146 $217 $82 
Less: Purchases of property and equipment(a)(18)(26)(64)(60)
Free cash flow$126 $120 $153 $22 
Add: Cash payments related to following items:
Contingent compensation(b)$— $1 $18 $3 
Pension contributions(c)— — — 27 
Business process transformation expenses(d)9 13 22 26 
Acquisition related expenses(e)— 29 5 98 
Restructuring payments(f)7 3 18 6 
Payroll tax deferral(g)— — 9 — 
Other(h)4 — 12 — 
Adjusted free cash flow$146 $166 $237 $182 
Adjusted EBITDA(i)$224 $186 $574 $490 
Adjusted free cash flow conversion65.2 %89.2 %41.3 %37.1 %
Notes:
(a)Operating cash flows and purchases of property and equipment for the nine months ended September 30, 2023, and 2022 are as reported. Amounts for the three months ended September 30, 2023 and 2022 are calculated as the nine months ended less the amounts reported for the six months ended June 30, 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.

20
v3.23.3
Cover
Nov. 02, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 02, 2023
Entity Registrant Name APi Group Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-39275
Entity Tax Identification Number 98-1510303
Entity Address, Address Line One 1100 Old Highway 8 NW
Entity Address, City or Town New Brighton
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55112
City Area Code 651
Local Phone Number 636-4320
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol APG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001796209
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