2024 Q1 Form 10-K Financial Statement

#000162828024007573 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.601B $1.759B $6.928B
YoY Change -0.81% 3.29% 5.64%
Cost Of Revenue $1.109B $1.251B $4.988B
YoY Change -6.73% 1.13% 2.97%
Gross Profit $492.0M $508.0M $1.940B
YoY Change 15.76% 9.01% 13.19%
Gross Profit Margin 30.73% 28.88% 28.0%
Selling, General & Admin $392.0M $374.0M $1.581B
YoY Change 11.36% 6.55% 1.87%
% of Gross Profit 79.67% 73.62% 81.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.00M $77.00M $79.00M
YoY Change 0.0% -2.53% 2.6%
% of Gross Profit 3.86% 15.16% 4.07%
Operating Expenses $392.0M $424.0M $1.581B
YoY Change 11.36% 4.69% 1.87%
Operating Profit $100.0M $84.00M $359.0M
YoY Change 36.99% 37.7% 121.6%
Interest Expense $34.00M -$33.00M $145.0M
YoY Change -8.11% -10.81% 16.0%
% of Operating Profit 34.0% -39.29% 40.39%
Other Income/Expense, Net -$37.00M $7.000M -$127.0M
YoY Change 5.71% -50.0% 84.06%
Pretax Income $63.00M $45.00M $232.0M
YoY Change 65.79% 73.08% 149.46%
Income Tax $18.00M $20.00M $79.00M
% Of Pretax Income 28.57% 44.44% 34.05%
Net Earnings $45.00M -$256.0M $153.0M
YoY Change 73.08% -2427.27% 109.59%
Net Earnings / Revenue 2.81% -14.55% 2.21%
Basic Earnings Per Share -$1.34 -$0.68
Diluted Earnings Per Share -$1.34 -$1.09 -$0.68
COMMON SHARES
Basic Shares Outstanding 244.2M shares 235.6M shares 235.1M shares
Diluted Shares Outstanding 249.7M shares 235.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.0M $479.0M $479.0M
YoY Change -31.96% -20.83% -20.83%
Cash & Equivalents $247.0M $479.0M $479.0M
Short-Term Investments
Other Short-Term Assets $123.0M $122.0M $122.0M
YoY Change -3.15% 8.93% 8.93%
Inventory $148.0M $150.0M $150.0M
Prepaid Expenses
Receivables $1.256B $1.395B $1.831B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.232B $2.582B $2.582B
YoY Change -5.58% -2.64% -2.64%
LONG-TERM ASSETS
Property, Plant & Equipment $375.0M $618.0M $618.0M
YoY Change -8.98% 51.84% -1.75%
Goodwill $2.471B $2.471B
YoY Change 2.74% 3.74%
Intangibles $1.549B $1.620B
YoY Change -10.67% -9.19%
Long-Term Investments
YoY Change
Other Assets $110.0M $75.00M $299.0M
YoY Change -13.39% -47.92% -53.57%
Total Long-Term Assets $4.960B $5.008B $5.008B
YoY Change -8.18% -7.92% -7.92%
TOTAL ASSETS
Total Short-Term Assets $2.232B $2.582B $2.582B
Total Long-Term Assets $4.960B $5.008B $5.008B
Total Assets $7.192B $7.590B $7.590B
YoY Change -7.39% -6.19% -6.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $382.0M $472.0M $472.0M
YoY Change -13.57% -3.67% -3.67%
Accrued Expenses $529.0M $776.0M $776.0M
YoY Change 0.19% 6.45% 6.45%
Deferred Revenue $542.0M $526.0M
YoY Change 15.57% 13.61%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $105.0M $5.000M $11.00M
YoY Change 34.62% -97.64% -94.81%
Total Short-Term Liabilities $1.654B $1.807B $1.807B
YoY Change 6.78% -5.93% -5.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.624B $2.322B $2.330B
YoY Change -4.34% -10.52% -10.21%
Other Long-Term Liabilities $139.0M $127.0M $352.0M
YoY Change 10.32% 14.41% 13.18%
Total Long-Term Liabilities $2.763B $2.449B $2.682B
YoY Change 2092.86% 2106.31% -7.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.654B $1.807B $1.807B
Total Long-Term Liabilities $2.763B $2.449B $2.682B
Total Liabilities $4.891B $4.722B $4.722B
YoY Change 1.81% -8.61% -8.61%
SHAREHOLDERS EQUITY
Retained Earnings $10.00M -$11.00M
YoY Change -107.25% -93.29%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.301B $2.071B $2.868B
YoY Change
Total Liabilities & Shareholders Equity $7.192B $7.590B $7.590B
YoY Change -7.39% -6.19% -6.19%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $45.00M -$256.0M $153.0M
YoY Change 73.08% -2427.27% 109.59%
Depreciation, Depletion And Amortization $19.00M $77.00M $79.00M
YoY Change 0.0% -2.53% 2.6%
Cash From Operating Activities $7.000M $297.0M $514.0M
YoY Change -800.0% 57.98% 90.37%
INVESTING ACTIVITIES
Capital Expenditures $22.00M $22.00M $86.00M
YoY Change 4.76% 15.79% 8.86%
Acquisitions $23.00M $83.00M
YoY Change 130.0% -97.08%
Other Investing Activities $0.00 $15.00M -$29.00M
YoY Change -100.0% -69.39% -98.97%
Cash From Investing Activities -$22.00M -$7.000M -$115.0M
YoY Change -18.52% -123.33% -96.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $41.00M
YoY Change -6.82%
Debt Paid & Issued, Net $2.000M $484.0M
YoY Change -99.01% 1323.53%
Cash From Financing Activities -$213.0M -279.0M -$532.0M
YoY Change -1.39% 1541.18% -130.3%
NET CHANGE
Cash From Operating Activities $7.000M 297.0M $514.0M
Cash From Investing Activities -$22.00M -7.000M -$115.0M
Cash From Financing Activities -$213.0M -279.0M -$532.0M
Net Change In Cash -$232.0M 11.00M -$127.0M
YoY Change -4.13% -94.53% -85.63%
FREE CASH FLOW
Cash From Operating Activities $7.000M $297.0M $514.0M
Capital Expenditures $22.00M $22.00M $86.00M
Free Cash Flow -$15.00M $275.0M $428.0M
YoY Change -31.82% 62.72% 124.08%

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CY2023 us-gaap Nature Of Operations
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NATURE OF BUSINESSAPi Group Corporation (the “Company”, “APG”, or "APi Group") is a global, market-leading business services provider of safety and specialty services in over 500 locations worldwide.
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include the estimation of total contract costs used for net revenues and cost recognition from construction contracts, fair value estimates included in the accounting for acquisitions, valuation of long-lived assets and acquisition-related contingent consideration, self-insurance liabilities, income taxes, and the estimated effects of litigation and other contingencies.</span></div>
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CY2023Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
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CY2022 us-gaap Defined Benefit Plan Service Cost
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CY2023 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2023 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2023 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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CY2022 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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CY2023 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2022 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
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CY2023Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate
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CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2022Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
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CY2023 apg Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Interest Cost
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CY2023 apg Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate Interest Cost
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRateInterestCost
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CY2022 apg Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Interest Cost
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CY2022 apg Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate Interest Cost
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRateInterestCost
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CY2023 apg Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Service Cost
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CY2023 apg Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate Service Cost
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRateServiceCost
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DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRateServiceCost
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CY2023Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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CY2022 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
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CY2023 apg Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Rate Of Return On Plan Assets
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationExpectedLongTermRateOfReturnOnPlanAssets
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CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
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CY2022 apg Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Rate Of Return On Plan Assets
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationExpectedLongTermRateOfReturnOnPlanAssets
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CY2022 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
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CY2023 apg Defined Benefit Plan Number Of Plans
DefinedBenefitPlanNumberOfPlans
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CY2023 apg Number Of Countries In Which Retirement Plans Sponsored
NumberOfCountriesInWhichRetirementPlansSponsored
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CY2023Q4 us-gaap Defined Benefit Plan Plan Assets Target Allocation Percentage
DefinedBenefitPlanPlanAssetsTargetAllocationPercentage
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DefinedBenefitPlanWeightedAverageAssetAllocations
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CY2023Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
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CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
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CY2023 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
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DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
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CY2023Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
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CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
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CY2023Q4 us-gaap Preferred Stock Convertible Conversion Ratio
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CY2023 apg Dividend Ten Day Trading Price Threshold Current Dividend Price
DividendTenDayTradingPriceThresholdCurrentDividendPrice
33.9465
CY2023Q4 apg Dividend Ten Day Trading Price Threshold Previous Dividend Price
DividendTenDayTradingPriceThresholdPreviousDividendPrice
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CY2023Q4 apg Dividend Ten Day Trading Price Threshold Previous Dividend Price
DividendTenDayTradingPriceThresholdPreviousDividendPrice
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CY2023Q4 us-gaap Stock Repurchase Program Authorized Amount1
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250000000 usd
CY2023 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1626493 shares
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2023 us-gaap Treasury Stock Value Acquired Par Value Method
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CY2022 us-gaap Treasury Stock Value Acquired Par Value Method
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CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3000000.0 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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3000000.0 usd
CY2023 us-gaap Net Income Loss
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CY2022 us-gaap Net Income Loss
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CY2023 apg Net Income Loss Available To Common Stockholders Basic Including Preferred Stock
NetIncomeLossAvailableToCommonStockholdersBasicIncludingPreferredStock
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CY2022 apg Net Income Loss Available To Common Stockholders Basic Including Preferred Stock
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Basic
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CY2023 us-gaap Net Income Loss
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CY2022 us-gaap Net Income Loss
NetIncomeLoss
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
26000000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2023 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
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CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.68
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Number Of Reportable Segments
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CY2023Q4 us-gaap Number Of Countries In Which Entity Operates
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 us-gaap Operating Income Loss
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CY2023 us-gaap Net Investment Income
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CY2023 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2023 apg Depreciation Expense Net Of Reversal
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CY2023 us-gaap Adjustment For Amortization
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CY2023Q4 us-gaap Assets
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CY2023 apg Capital Expenditures
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Operating Income Loss
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CY2022 us-gaap Net Investment Income
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CY2022 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022 apg Depreciation Expense Net Of Reversal
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CY2022 us-gaap Adjustment For Amortization
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CY2022 apg Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
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CY2022Q4 us-gaap Assets
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CY2022 apg Capital Expenditures
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Operating Income Loss
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CY2021 us-gaap Net Investment Income
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 apg Depreciation Expense Net Of Reversal
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CY2021 us-gaap Adjustment For Amortization
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CY2021 apg Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2021Q4 us-gaap Assets
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CY2021 apg Capital Expenditures
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CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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