APi Group Confirms Date for Fourth Quarter and Full Year 2022 Earnings Release and Announces Recent Debt Paydown
NEW BRIGHTON, Minn., January 12, 2023--(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."
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:
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.
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.
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