APi Group beats 2023 guidance, guides 2024 revenue $7.05-7.25B, EBITDA $855-905M

APi Group Corp

2023-FY EPS reported -$0.68 revenue$6,928,000,000

2023 net revenue and adjusted EBITDA expected above midpoint of $6,925M and $780M, respectively.
Net leverage ratio of ~2.3x (below 2.5x); adjusted free cash flow conversion exceeded 65% target.
2024 guidance: net revenue $7,050M-$7,250M, adjusted EBITDA $855M-$905M; double-digit core inspection growth.
Reaffirms 2025 goal of 13%+ adjusted EBITDA margin through service mix and procurement savings.
Strong balance sheet enables acceleration of bolt-on M&A strategy.

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