APi Group reports preliminary Q2 adjusted EBITDA at least $200M

The company said, “The Company will not be providing actual financial results until its earnings release on August 3, 2023, (details are provided below). In advance of the CJS Securities Conference, the Company is pleased to announce that it expects to deliver a strong second quarter with organic net revenue growth in the high-single-digits, continued gross and adjusted EBITDA margin expansion, and free cash flow conversion improvements versus the prior year. Second quarter 2023 adjusted EBITDA is expected to be at or above the midpoint of the financial guidance provided on May 4, 2023.” Russ Becker, APi’s President and CEO stated: “As we cross the half-way point of 2023, we are pleased with the momentum the business continues to demonstrate. Demand for our services remains robust across the markets we serve, and our leaders continue to execute our value-based pricing strategy. Our ability to consistently deliver strong financial results is a testament to the commitment of our ~28,000 leaders and the benefits of our relentless focus on growing high margin, inspection, service, and monitoring revenue. Additionally, our free cash flow generation and EBITDA growth gives us confidence in our ability to reduce net leverage to near the top end of our target net leverage range of 2.0x – 2.5x near the end of the year while returning to bolt-on M&A. The team has been hard at work taking a disciplined approach to identifying the most attractive opportunities within our robust M&A pipeline. I’m excited to continue to add new businesses and their leaders to the APi family.”