---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-049244"
form_type: "8-K"
ticker: "APG"
cik: "0001796209"
company_name: "APi Group Corp"
filed_at: "2024-02-28T23:59:59+00:00"
generated_at: "2026-06-05T09:15:29.315398+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# APi Group reports record FY2023 revenue $6.9B, adj. EBITDA $782M; retires Series B preferred, authorizes $1B buyback

## Summary
- Full year net revenue $6,928M (+5.6%), net income $153M (+110% YoY), adjusted EBITDA $782M (+16.2%).
- Q4 adjusted EBITDA $208M (+13.7%), margin 11.8%; adjusted diluted EPS $0.44 (+22.2%).
- Enters agreement to retire all Series B preferred: converts 800K shares into ~32.5M common, repurchases 16.3M shares for $600M, eliminates $44M annual dividend.
- Board authorizes new $1B share repurchase program; $600M used for Series B repurchase.
- FY2024 guidance: net revenue $7.05-7.25B, adj. EBITDA $855-905M, adj. FCF conversion ~70%.

## SEC filing metadata
- accession: 0001193125-24-049244
- form_type: 8-K
- ticker: APG
- cik: 0001796209
- company_name: APi Group Corp
- filed_at: 2024-02-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/d757193d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-049244
- JSON: https://secwatch.observer/filing/0001193125-24-049244.json
- Plain text: https://secwatch.observer/filing/0001193125-24-049244.txt

## Key facts
- Debt Financings
  APi Group Corp incurred term loan of $300 million with Blackstone Parties, Viking Parties at Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal maturing January 3, 2029.
  - Instrument: term loan
  - Principal: $300 million
  - Counterparty: Blackstone Parties, Viking Parties
  - Rate: Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal
  - Maturity: January 3, 2029
  - Event: incurrence
  source text: Amendment No. 5, the 2021 Incremental Term Loans incurred by the Borrower under Amendment No. 4 to the Credit Agreement (the “2021 Incremental Term Loans”) were upsized by an aggregate principal amount equal to $300 million (the “Incremental Term Loan") and issued at par and shall be fungible with the existing 2021 Incremental Term Loans
  evidence_url: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm
- Earnings Releases
  APi Group Corp reported fourth quarter and full year ended December 31, 2023 results: revenue $6.9 billion (full year), $1,759 million (Q4), net income $153 million (full year), $25 million (Q4), EPS diluted EPS $(0.68) (full year), $(1.08) (Q4).
  - Period: fourth quarter and full year ended December 31, 2023
  - Revenue: $6.9 billion (full year), $1,759 million (Q4)
  - Net income: $153 million (full year), $25 million (Q4)
  - EPS: diluted EPS $(0.68) (full year), $(1.08) (Q4)
  - Result: reported results
  source text: APi Group Reports Fourth Quarter and Full Year 2023 Financial Results and Announces Agreement to Retire All Outstanding Series B Preferred Stock from Blackstone and Viking -Record full year net revenues of $6.9 billion, representing approximately 6% and 5.5% reported and organic growth, respectively, with continued double-digit organic core inspection revenue growth- -Record reported net income of $153 million and adjusted EBITDA of $782 million for the full year, representing year-over-year net income growth of 110% and adjusted EBITDA growth of 16.2%-
  evidence_url: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm
- Executive change
  David S. Blitzer resigned as director at APi Group Corp.
  - Action: resigned
  - Role: director
  source text: On February 28, 2024, David S. Blitzer, who was previously nominated by the Blackstone Parties as a member of the Company’s board of directors pursuant to the Blackstone Parties’ nomination right under the securities purchase agreement for the Series B Preferred Shares, resigned as a member of the Company’s board of directors effective as of February 28, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm
- Material Agreements
  APi Group Corp amended Amendment No. 5 to Credit Agreement with Citibank, N.A., Blackstone Parties, Viking Parties valued at $300 million (effective 2024-02-28).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Citibank, N.A., Blackstone Parties, Viking Parties
  - Value: $300 million
  - Effective: 2024-02-28
  source text: On February 28, 2024, the Company and its wholly owned borrower subsidiary, APi Group DE, Inc., (“Borrower”) entered into Amendment No. 5 to Credit Agreement (“Amendment No. 5”) by and among Borrower, the Company, as a guarantor, the Company subsidiary guarantors named therein, Citibank, N.A., as collateral agent and as administrative agent, the Blackstone Parties and the Viking Parties as lenders, which amends the Credit Agreement, dated as of October 1, 2019
  evidence_url: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm
- Material Agreements
  APi Group Corp entered into Conversion and Repurchase Agreement with Juno Lower Holdings L.P., FD Juno Holdings L.P., Viking Global Equities Master Ltd., and Viking Global Equities II LP (effective 2024-02-28).
  - Action: entry
  - Counterparty: Juno Lower Holdings L.P., FD Juno Holdings L.P., Viking Global Equities Master Ltd., and Viking Global Equities II LP
  - Effective: 2024-02-28
  source text: On February 28, 2024, APi Group Corporation (the “Company”) entered into a Conversion and Repurchase Agreement (the “Conversion and Repurchase Agreement”) with Juno Lower Holdings L.P., a Delaware limited partnership (“Juno Lower Holdings”), FD Juno Holdings L.P., a Delaware limited partnership (“FD Juno Holdings”, and together with Juno Lower Holdings, the “Blackstone Parties”), Viking Global Equities Master Ltd., a Cayman Islands exempted company (“VGEM”), and Viking Global Equities II LP, a Delaware limited partnership (“VGE II”, and collectively with VGEM, the “Viking Parties” and collectively with the Blackstone Parties, the “Series B Holders” and each, a “Series B Holder”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.