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Jun 30, 2020
APi Group Q2 2020 Earnings Report
APi Group's financial performance was impacted by COVID-19, but the company showed resilience through cost management and recurring revenue streams.
Key Takeaways
APi Group reported a decrease in net revenues due to COVID-19 impacts, but demonstrated resilience with adjusted gross margin expansion and strong operating cash flow. The company is establishing adjusted EPS guidance for 2020.
Reported net revenues were $889 million, compared to $1.1 billion in the prior year period, primarily driven by COVID-19 related impacts.
Adjusted gross margin was 24.0%, representing a 383 basis point increase compared to prior year gross margin of 20.2%.
Reported operating income was $27 million, a $36 million decline from prior year operating income of $63 million.
Operating cash flow of $177 million, a $149 million increase from prior year operating cash flow of $28 million.
APi Group
APi Group
APi Group Revenue by Segment
Revenue by Segment
Safety Services Revenue
CapyFin.comSpecialty Services Revenue
CapyFin.com Forward Guidance
The Company announced it is establishing guidance for 2020 and believes that adjusted net revenues for the year will range between $3.4 to $3.5 billion, adjusted EBITDA will range between $345 to $355 million, and adjusted EPS will range between $0.94 to $1.00 based on an adjusted fully diluted share count of 174 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income