APi Group Q3 2023 Earnings Report
Key Takeaways
APi Group reported a 2.8% increase in net revenues, a 93% increase in net income, and an adjusted EBITDA of $224 million for Q3 2023. The company is raising the bottom end of its full year adjusted EBITDA guidance.
Net revenue growth of 2.8% was driven by strong service growth across both segments, modest benefits from favorable foreign currency exchange rates and M&A.
Gross margin increased due to continued price increases and outsized growth in higher margin service revenue.
Net income was $54 million and diluted EPS was $0.15; adjusted net income was $130 million and adjusted diluted EPS was $0.48.
Adjusted EBITDA increased by 20.4% and adjusted EBITDA margin increased 190 basis points to 12.6%.
APi Group
APi Group
APi Group Revenue by Segment
Forward 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income