secwatch.observer — SEC 8-K summary
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Issuer:     APi Group Corp (APG)
CIK:        0001796209
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0001193125-24-049244
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/0001193125-24-049244-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1796209/000119312524049244/d757193d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-049244

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