APi Group Confirms Date for Fourth Quarter and Full Year 2022 Earnings Release and Announces Recent Debt Paydown

Rhea-AI Summary

APi Group Corporation (NYSE: APG) plans to release its fourth quarter and full year financial results for the year ended December 31, 2022, before the market opens on February 28, 2023. In January, the Company made a $200 million payment on its Term Loan debt, with equal amounts allocated to its 2019 and 2021 Term Loans. CEO Russ Becker emphasized the importance of this paydown in reducing leverage and enhancing cash generation, aiming for a target net leverage ratio of 2.0 to 2.5x. A conference call to discuss financial results is scheduled for the same day at 8:30 a.m. Eastern Time.

Positive

• Paid down $200 million in Term Loan debt, supporting efforts to reduce leverage.
• Focused strategy on cash generation and targeting a net leverage ratio of 2.0 to 2.5x.

Negative

• None.

NEW BRIGHTON, Minn.--(BUSINESS WIRE)-- APi Group Corporation (NYSE: APG) (“APG”, “APi” or the “Company”), announced today that it intends to release its fourth quarter and full year financial results for the three months and full year ended December 31, 2022 before the market opens on Tuesday, February 28, 2023.

APi also announced that the Company recently made payments in January totaling $200 million on its Term Loan debt, with $100 million on its 2019 Term Loan and $100 million on its 2021 Term Loan.

Russ Becker, APi’s President and Chief Executive Officer stated: “The recent paydown of debt represents another strong step forward on our path to reducing leverage and managing our fixed vs. variable debt portfolio. We remain laser focused on cash generation and deleveraging at approximately one turn annually as we move towards our stated target net leverage ratio of 2.0 to 2.5x. We look forward to providing an update on our 2022 year-end results next month.”

Conference Call

APi will hold a webcast/dial-in conference call to discuss its financial results at 8:30 a.m. (Eastern Time) on Tuesday, February 28, 2023. Participants on the call will include Russell A. Becker, President and Chief Executive Officer; Kevin S. Krumm, Executive Vice President and Chief Financial Officer; and James E. Lillie and Sir Martin E. Franklin, Co-Chairs.

To listen to the call by telephone, please dial 800-343-4136 or 203-518-9843 and provide Conference ID 6468507. You may also attend and view the presentation (live or by replay) via webcast by accessing the following URL:

https://event.on24.com/wcc/r/4080924/F6495ADA7A66BD3125466D65A5B318AC

A replay of the call will be available shortly after completion of the live call/webcast via telephone at 800-723-2156 or 402-220-2660 or via the webcast link above.

About APi:

APi is a global, market-leading business services provider of life safety, security and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders to deliver innovative solutions for our customers. More information can be found at www.apigroupcorp.com.

Forward-Looking Statements and Disclaimers

Certain statements in this announcement are forward-looking statements which are based on the Company’s expectations, intentions and projections regarding the Company’s future debt leverage levels, performance, anticipated events or trends and other matters that are not historical facts, including value capture expectations related to the Chubb acquisition. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition and other risks that may affect the Company’s future performance; (ii) cost inflation; (iii) failure to realize the anticipated benefits of the acquisition of the Chubb fire and security business; (iv) changes in applicable laws or regulations; and (v) other risks and uncertainties, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors.” Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230112005267/en/

Investor Relations Inquiries:

Olivia Walton

Vice President of Investor Relations

Tel: +1 651-604-2773

Email: investorrelations@apigroupinc.us

Media Contact:

Liz Cohen

Kekst CNC

Tel: +1 212-521-4845

Email: Liz.Cohen@kekstcnc.com

Source: APi Group Corporation

FAQ

When will APG release its financial results for 2022?

APG will release its financial results on February 28, 2023, before the market opens.

What was the total debt payment made by APG in January 2023?

APG made a total payment of $200 million on its Term Loan debt in January 2023.

What is APG's target net leverage ratio?

APG aims for a target net leverage ratio of 2.0 to 2.5x.

What time is APG's conference call scheduled for?

APG's conference call is scheduled for 8:30 a.m. Eastern Time on February 28, 2023.