APi Group posts record Q1 net income of $45M (+73% YoY); acquires Elevated Facility Services Group

APi Group Corp

2024-Q1 EPS reported -$1.34 revenue$1,601,000,000

Net income $45M vs $26M YoY; adjusted EBITDA $175M (+19%); adjusted diluted EPS $0.34 vs $0.25.
Revenue $1.601B down 0.8% YoY, but gross margin expanded 440 bps to 30.7%.
Retired all outstanding Series B Preferred Stock, simplifying capital structure.
Agreed to acquire Elevated Facility Services Group, entering adjacent service market; no deal value disclosed.
Reaffirmed long-term targets: 13%+ adjusted EBITDA margin by 2025 and '13/60/80' goals.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

APi Group Corp reported the three months ended March 31, 2024 results: revenue $1,601, net income $45 million, EPS $(1.34).

Period: the three months ended March 31, 2024
Revenue: $1,601
Net income: $45 million
EPS: $(1.34)
Result: reported results

Exact text from the filing

First Quarter 2024 Consolidated Results: Three Months Ended March 31, 2024 2023 Y/Y Y/Y (FFX) (a) Net revenues $ 1,601 $ 1,614 (0.8) % (1.2) % Organic net revenue growth (b) (1.4) % GAAP Gross profit $ 492 $ 425 15.8 % Gross margin 30.7 % 26.3 % + 440 bps Net income $ 45 $ 26 73.1 % Diluted EPS $ (1.34) $ 0.05 NM

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Source: SEC EDGAR

accession 0001628280-24-019803

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