APi Group (APG) Q4 FY2023 earnings: revenue $1.8 billion, up 3.3% on the year

APi Group Corp. (APG) reported revenue of $1.8 billion for Q4 FY2023, the quarter ended 31 December 2023, up 3.3% on the same quarter a year earlier. Net income was $25 million, up 13.6% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$1.8 billionup 3.3%

Net income$25 millionup 13.6%

Diluted EPSn/a

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,759	1,784	n/a	n/a
Cost of revenue	1,251	1,273	n/a	n/a
Gross profit	508	511	n/a	n/a
Gross margin	28.9%	28.6%	n/a
Selling, general and administrative	433	407	n/a	n/a
Operating income	75.0	104	n/a	n/a
Operating margin	4.3%	5.8%	n/a
Interest expense	33.0	37.0	n/a	n/a
Pre-tax income	45.0	74.0	n/a	n/a
Income tax	20.0	20.0	n/a	n/a
Effective tax rate	44.4%	27.0%	n/a
Net income	25.0	54.0	n/a	n/a
Net margin	1.4%	3.0%	n/a
Diluted EPS	n/a	$0.10	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	297	144	n/a	n/a
Capital expenditure	22.0	18.0	n/a	n/a
Free cash flow	275	126	n/a	n/a
Free cash flow margin	15.6%	7.1%	n/a
Cash from investing	-7.0	-26.0	n/a	n/a
Cash from financing	-279	-21.0	n/a	n/a
Depreciation and amortisation	77.0	77.0	n/a	n/a
Share-based compensation	10.0	8.0	n/a	n/a
Buybacks	0.0	18.0	n/a	n/a
Diluted shares, weighted	353m	405m	n/a	n/a
Shares outstanding at period end	366m	353m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,071	2,232	n/a	n/a
Redeemable equity	797	797	n/a	n/a
Debt	2,327	2,598	n/a	n/a
Operating lease liabilities	164	n/a	n/a	n/a
Finance lease liabilities	8.0	n/a	n/a	n/a
Other liabilities	2,223	2,322	n/a	n/a
Total liabilities and equity	7,590	7,949	n/a	n/a
Fixed assets	385	377	n/a	n/a
Goodwill	2,471	2,404	n/a	n/a
Intangible assets	1,620	1,624	n/a	n/a
Cash and equivalents	479	461	n/a	n/a
Receivables	1,395	1,280	n/a	n/a
Inventory	150	155	n/a	n/a
Other assets	1,090	1,648	n/a	n/a
Total assets	7,590	7,949	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,784	1,759	1,601	1,730	1,826	1,861	1,719	1,990	2,085	2,117	1,982	2,254
Cost of revenue	1,273	1,251	1,109	1,186	1,259	1,286	1,177	1,375	1,433	1,439	1,362	1,551
Gross profit	511	508	492	544	567	575	542	615	652	678	620	703
Gross margin	29%	29%	31%	31%	31%	31%	32%	31%	31%	32%	31%	31%
SG&A	407	433	392	418	425	459	458	472	489	514	517	528
Operating income	104	75.0	100	126	142	116	84.0	143	163	164	103	175
Operating margin	6%	4%	6%	7%	8%	6%	5%	7%	8%	8%	5%	8%
Interest expense	37.0	33.0	34.0	n/a	n/a	n/a	38.0	37.0	n/a	n/a	30.0	36.0
Pre-tax income	74.0	45.0	63.0	89.0	100	78.0	46.0	108	130	129	71.0	138
Tax rate	27%	44%	29%	22%	31%	14%	24%	29%	28%	25%	20%	28%
Net income	54.0	25.0	45.0	69.0	69.0	67.0	35.0	77.0	93.0	97.0	57.0	99.0
Net margin	3%	1%	3%	4%	4%	4%	2%	4%	4%	5%	3%	4%
Diluted EPS	$0.10	n/a	-$0.89	$0.15	$0.15	n/a	$0.07	$0.16	$0.20	n/a	$0.12	$0.20
Operating cash flow	144	297	7.0	110	220	283	62.0	83.0	232	382	85.0	83.0
Capital expenditure	18.0	22.0	22.0	22.0	22.0	18.0	12.0	27.0	31.0	26.0	18.0	31.0
Free cash flow	126	275	-15.0	88.0	198	265	50.0	56.0	201	356	67.0	52.0
Buybacks	18.0	0.0	0.0	0.0	0.0	0.0	75.0	0.0	0.0	0.0	0.0	66.0
Shares outstanding	353m	366m	411m	412m	412m	416m	415m	416m	416m	431m	433m	432m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0001628280-24-007573: the filing on EDGAR. All of APi Group Corp.'s filings: EDGAR company page.

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