APi Group Q2 2024: Record net income $69M, adj EBITDA $231M, margin 13.4%; reaffirm FY guidance

APi Group Corp

2024-Q2 EPS reported -$1.02 revenue$3,331,000,000

Net revenues $1.73B (-2.3% reported, -3.1% organic); adjusted gross margin up 340 bps to 31.7%.
Safety Services revenue +4.4% (1.5% organic) to $1.28B; adj EBITDA margin 15.7% (+270 bps).
Specialty Services revenue -18.4% to $453M; adj EBITDA margin up 130 bps to 13.7%.
Full-year guidance: net revenue $7.15-7.35B, adj EBITDA $885-915M, FCF conversion ~70%.
Diluted EPS $0.22 ($0.49 adjusted), up 83% and 19.5% YoY respectively.

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