$APG
APi Group Corp

2022 Q4 Form 10-Q Financial Statement

#000095017022021671 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $1.703B $1.735B
YoY Change 53.15% 57733.33%
Cost Of Revenue $1.237B $1.295B
YoY Change 47.61% 62.89%
Gross Profit $466.0M $440.0M
YoY Change 70.07% 74.6%
Gross Profit Margin 27.36% 25.36%
Selling, General & Admin $351.0M $379.0M
YoY Change 82.81% 79.62%
% of Gross Profit 75.32% 86.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.00M $22.00M
YoY Change 64.58% 10.0%
% of Gross Profit 16.95% 5.0%
Operating Expenses $405.0M $379.0M
YoY Change 80.8% 79.62%
Operating Profit $61.00M $61.00M
YoY Change 22.0% 48.78%
Interest Expense -$37.00M $33.00M
YoY Change 117.65% 135.71%
% of Operating Profit -60.66% 54.1%
Other Income/Expense, Net $14.00M -$15.00M
YoY Change 36.36%
Pretax Income $26.00M $46.00M
YoY Change -21.21% 53.33%
Income Tax $4.000M $18.00M
% Of Pretax Income 15.38% 39.13%
Net Earnings $11.00M $28.00M
YoY Change -26.67% 47.37%
Net Earnings / Revenue 0.65% 1.61%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.04 $0.06
COMMON SHARES
Basic Shares Outstanding 233.9M 233.8M
Diluted Shares Outstanding 266.5M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $605.0M $395.0M
YoY Change -49.07% -64.98%
Cash & Equivalents $605.0M $395.0M
Short-Term Investments
Other Short-Term Assets $112.0M $167.0M
YoY Change -70.91% 79.57%
Inventory $163.0M $150.0M
Prepaid Expenses
Receivables $1.313B $1.249B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.652B $2.472B
YoY Change 0.99% 10.41%
LONG-TERM ASSETS
Property, Plant & Equipment $407.0M $399.0M
YoY Change 24.85% 18.4%
Goodwill $2.382B $2.327B
YoY Change 115.37% 111.74%
Intangibles $1.784B $1.683B
YoY Change 102.27% 87.63%
Long-Term Investments
YoY Change
Other Assets $144.0M $214.0M
YoY Change 220.0% 830.43%
Total Long-Term Assets $5.439B $5.469B
YoY Change 114.73% 114.98%
TOTAL ASSETS
Total Short-Term Assets $2.652B $2.472B
Total Long-Term Assets $5.439B $5.469B
Total Assets $8.091B $7.941B
YoY Change 56.83% 66.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $490.0M $469.0M
YoY Change 107.63% 128.78%
Accrued Expenses $729.0M $597.0M
YoY Change 115.68% 100.34%
Deferred Revenue $463.0M $428.0M
YoY Change 90.53% 79.83%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $212.0M $11.00M
YoY Change 657.14% -62.07%
Total Short-Term Liabilities $1.921B $1.523B
YoY Change 121.57% 92.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.595B $2.791B
YoY Change 40.65% 80.3%
Other Long-Term Liabilities $111.0M $111.0M
YoY Change 56.34% 23.33%
Total Long-Term Liabilities $111.0M $111.0M
YoY Change 56.34% 23.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.921B $1.523B
Total Long-Term Liabilities $111.0M $111.0M
Total Liabilities $5.167B $4.994B
YoY Change 82.19% 100.88%
SHAREHOLDERS EQUITY
Retained Earnings -$164.0M -$186.0M
YoY Change -30.8% -26.19%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.127B $2.150B
YoY Change
Total Liabilities & Shareholders Equity $8.091B $7.941B
YoY Change 56.83% 66.03%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $11.00M $28.00M
YoY Change -26.67% 47.37%
Depreciation, Depletion And Amortization $79.00M $22.00M
YoY Change 64.58% 10.0%
Cash From Operating Activities $188.0M $146.0M
YoY Change 64.91% 197.96%
INVESTING ACTIVITIES
Capital Expenditures $19.00M -$26.00M
YoY Change -258.33% 188.89%
Acquisitions
YoY Change
Other Investing Activities $49.00M -$2.000M
YoY Change -275.0% -94.59%
Cash From Investing Activities $30.00M -$28.00M
YoY Change -175.0% -39.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.00M -45.00M
YoY Change -105.9% -110.18%
NET CHANGE
Cash From Operating Activities 188.0M 146.0M
Cash From Investing Activities 30.00M -28.00M
Cash From Financing Activities -17.00M -45.00M
Net Change In Cash 201.0M 73.00M
YoY Change -44.48% -83.6%
FREE CASH FLOW
Cash From Operating Activities $188.0M $146.0M
Capital Expenditures $19.00M -$26.00M
Free Cash Flow $169.0M $172.0M
YoY Change 34.13% 196.55%

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us-gaap Net Income Loss
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us-gaap Net Income Loss
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apg Restricted Shares Tendered For Taxes
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apg Restricted Shares Tendered For Taxes
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apg Profit Sharing Expense
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apg Noncash Lease Expense
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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2881000000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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60000000
us-gaap Payments To Acquire Property Plant And Equipment
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apg Proceeds From Sales Of Property Equipment Held For Sale Assets And Disposals Of Businesses
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10000000
apg Proceeds From Sales Of Property Equipment Held For Sale Assets And Disposals Of Businesses
ProceedsFromSalesOfPropertyEquipmentHeldForSaleAssetsAndDisposalsOfBusinesses
13000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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350000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
33000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
320000000
apg Payments For Repurchases Of Long Term Borrowings
PaymentsForRepurchasesOfLongTermBorrowings
30000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
33000000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
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us-gaap Proceeds From Issuance Or Sale Of Equity
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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6000000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
72000000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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515000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1491000000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
398000000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1130000000
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
32000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
24000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
55000000
apg Accrued Consideration Issued In Business Combinations
AccruedConsiderationIssuedInBusinessCombinations
1000000
apg Accrued Consideration Issued In Business Combinations
AccruedConsiderationIssuedInBusinessCombinations
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apg Share Of Common Stock Issued To Profit Sharing Plan
ShareOfCommonStockIssuedToProfitSharingPlan
13000000
apg Share Of Common Stock Issued To Profit Sharing Plan
ShareOfCommonStockIssuedToProfitSharingPlan
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us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">NOTE 1. NATURE OF BUSINESS</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">APi Group Corporation (the “Company” or “APG”) is a global, market-leading business services provider of safety and specialty services in over </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">500</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> locations in approximately 20 countries.</span></p>
CY2022Q3 apg Number Of Locations In Which Entity Operates
NumberOfLocationsInWhichEntityOperates
500
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
3000000
CY2022Q3 apg Operating And Finance Lease Liability Payments Due Year Three
OperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
36000000
CY2022Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
1099000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
95000000
CY2021Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1567000000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4450000000
CY2021Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
8000000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-45000000
CY2022Q3 us-gaap Restructuring Reserve
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11000000
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1735000000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1047000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4855000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2828000000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1735000000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1047000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4855000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2828000000
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
567000000
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.65
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
apg Customers With Payment Terms
CustomersWithPaymentTerms
30 days
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
165000000
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1249000000
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
511000000
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
428000000
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
217000000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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apg Accounts Receivable Includes Retentions Receivable
AccountsReceivableIncludesRetentionsReceivable
134000000
CY2021 apg Accounts Receivable Includes Retentions Receivable
AccountsReceivableIncludesRetentionsReceivable
117000000
apg Accounts Receivable Includes Retentions Receivable Within One Year
AccountsReceivableIncludesRetentionsReceivableWithinOneYear
20000000
CY2021 apg Accounts Receivable Includes Retentions Receivable Within One Year
AccountsReceivableIncludesRetentionsReceivableWithinOneYear
25000000
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2021Q4 us-gaap Goodwill
Goodwill
1106000000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
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us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
-194000000
CY2022Q3 us-gaap Goodwill
Goodwill
2327000000
CY2022Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2197000000
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
514000000
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1683000000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1240000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
358000000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
882000000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
51000000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32000000
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
182000000
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
5000000
CY2022Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
6000000
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
18000000
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
15000000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4000000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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0
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4000000
CY2022Q3 apg Business Combination Contingent Consideration Arrangements Number Of Open Arrangements
BusinessCombinationContingentConsiderationArrangementsNumberOfOpenArrangements
3
CY2022Q3 apg Business Combination Contingent Consideration Arrangements Maximum Potential Payout
BusinessCombinationContingentConsiderationArrangementsMaximumPotentialPayout
5000000
CY2022Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
1120000000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
595000000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
481000000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
196000000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
155000000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
399000000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
326000000
CY2022Q3 us-gaap Depreciation
Depreciation
22000000
CY2021Q3 us-gaap Depreciation
Depreciation
20000000
us-gaap Depreciation
Depreciation
60000000
us-gaap Depreciation
Depreciation
59000000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Some leases include one or more options to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term by one to twelve years or more.
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
17000000
CY2022Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
2000000
CY2022Q3 apg Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
OperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
19000000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
63000000
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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