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Dec 31, 2023
APi Group Q4 2023 Earnings Report
APi Group reported record financial results for Q4 2023, driven by service growth and margin expansion.
Key Takeaways
APi Group reported a 3.3% increase in net revenues and a 13.7% increase in adjusted EBITDA for Q4 2023. The company's performance was driven by service growth across both segments and margin expansion. They also announced a $1 Billion Share Repurchase Program.
Reported net revenue growth of 3.3% (1.5% organic) driven by service growth across both segments.
Reported and adjusted gross margin increased 170 and 230 basis points, respectively, compared to prior year period.
Adjusted net income was $120 million and adjusted diluted EPS was $0.44, representing a 22.2% increase from prior year period.
Adjusted EBITDA increased by 13.7% compared to the prior year period and adjusted EBITDA margin increased 110 basis points to 11.8%.
APi Group
APi Group
APi Group Revenue by Segment
Revenue by Segment
Safety Services Revenue
CapyFin.comSpecialty Services Revenue
CapyFin.com Forward Guidance
APi Group provided initial full year 2024 guidance for net revenue, adjusted EBITDA, and free cash flow conversion, as well as guidance for the first quarter of 2024.
Positive Outlook
- Net Revenues of $7,050 to $7,250 million for FY2024
- Adjusted EBITDA of $855 to $905 million for FY2024
- Adjusted Free Cash Flow Conversion of approximately 70% for FY2024
- Net Revenues of $1,560 to $1,610 million for Q1 2024
- Adjusted EBITDA of $165 to $180 million for Q1 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income