NEW BRIGHTON, Minn.,
Nov. 20, 2019 /PRNewswire/
-- APi Group Corporation (OTC:JJAQF; LSE:JTWO) ("APi" or the
"Company"), today reported financial results of APi Group, Inc. for
the three and nine month periods ended September 30, 2019.
Third Quarter 2019 Highlights:
- Organic net revenue grew 10.3% or $104
million
- Net revenue for the quarter grew 10.3% or $104 million to $1.1
billion, compared to $1.0
billion in the prior year period
- Gross margin was 21.0%, compared to 21.6% for the same period
in 2018
- Adjusted EBITDA of $119 million
or 10.7%, a $7.9 million increase
over prior year
- Reported net income of $14.3
million, a $56.6 million
decline from prior year net income of $70.9
million, which was largely impacted by transaction related
and non-recurring expenses;
- Pro forma adjusted net income of $66.9
million, representing a $0.8
million increase over prior year and pro forma adjusted EPS
of $0.38, which is consistent with
prior year
Nine Months 2019 Highlights:
- Organic net revenue grew 9.3% or $230
million
- Net revenue for the nine months ended September 30, 2019 grew 12.2% or $330 million to $3.0
billion, compared to $2.7
billion in the prior year period with segment growth of 8.2%
in Safety Solutions, 10.7% in Specialty Services and 25.3% in
Industrial Solutions
- Gross margin was 20.1%, compared to 20.7% for the same period
in 2018
- Adjusted EBITDA of $273 million
or 9.0%, a $30.1 million increase
over prior year
- Reported net income of $76.2
million, a $41.5 million
decline from prior year net income of $118
million, which was largely impacted by transaction related
and non-recurring expenses;
- Pro forma adjusted net income of $136
million, representing a $18.8
million increase over prior year and pro forma adjusted EPS
of $0.78, an $0.11 increase over prior year
Russ Becker, APi Group's
President and Chief Executive Officer said, "We are pleased to
report strong financial results within our core operating segments.
Through the first nine months of 2019, we have realized the
strength of our operating model and diversified end markets, with
particularly positive results in our Safety Solutions and Specialty
Services segments. We achieved $3.0
billion year to date in net revenue and adjusted EBITDA
margins of 9.0%, excluding non-recurring and transaction related
items."
"I am immensely proud of the leadership displayed throughout our
organization during this transition period and the financial
results we have achieved. We continue to see on-going growth
opportunities and supportive macro trends within the industries and
core end markets we serve. We look to leverage our scale and
operational expertise to capitalize on these opportunities for the
balance of the year and as we move into 2020."
APi Co-Chairman James E. Lillie
added, "We are excited about the future for APi. The results for
the third quarter as well as the year to date results reinforce our
view of the potential for the Company. With the investments we are
making coupled with leveraging our scale, we expect to improve
margins and improve cash generation as we focus on growing the
company organically and through opportunistic M&A, we expect
this growth to continue while maintaining a conservative balance
sheet. We look forward to finishing the year in line with the
guidance we have provided while focusing on building a solid plan
for 2020."
2019 Guidance
The Company continues to expect full year 2019 revenue of
approximately $4.0 billion and
adjusted EBITDA of approximately $400
million.
Recent Developments
As previously announced, the Company is in the process of
listing its ordinary shares on the New York Stock Exchange under
the symbol APG and changing its jurisdiction of incorporation to
Delaware, which is expected to
occur late in the first quarter of 2020. The Company's ordinary
shares continue to be traded on the OTC market in the U.S. under
the symbol JJAQF. The Company expects its initial registration
statement on to be filed with the SEC later this quarter.
In the next few days, the Company expects to complete a process
that would result in certain trades of our ordinary shares on the
over-the-counter market in the U.S. being eligible for settlement
through the DTC.
Conference Call
APi Group will host a webcast/dial-in conference call to discuss
its financial results at 8:30 a.m. (Eastern
Time) on Wednesday, November 20, 2019. Participants on the
call will include Russ Becker,
President and Chief Executive Officer; Tom
Lydon, Chief Financial Officer; James E. Lillie and Martin E. Franklin, Co-Chairmen.
To listen to the call by telephone, please dial 866-342-8591 or
203-518-9713 and provide Conference ID APi3Q19. 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/2138554-1/3AA981295773D9AB516969F169B9A50A
A replay of the call will be available shortly after completion
of the live call on the webcast or by telephone, 800-839-4018 or
402-220-2985.
About APi
APi Group Corporation is a market leading provider of commercial
life safety solutions and industrial specialty services. The
Company is a top-5 specialty services contractor in the U.S. with a
diversified, blue chip customer and supplier base, a robust service
offering, and a track record of successful acquisitions. The
Company operates three segments in over 200 locations primarily in
the U.S., with its international operations in Canada and the UK. More information can be
found at https://www.apigroupinc.com/.
Investor Relations Inquiries:
email: investorrelations@apigroupinc.us
Media Contacts:
Liz Cohen
Kekst CNC
+1 212-521-4845
Liz.Cohen@kekstcnc.com
Special Note Regarding Consolidated Financial Statements and
Supplementary Information
The attached Condensed Consolidated Financial Statements and
Supplementary Information for APi Group, Inc. and its subsidiaries
have been prepared based on the U.S. accounting principles and
standards ("U.S. GAAP") applicable to private companies (the
"Historical Financial Statements"). APi Group, Inc. was acquired by
the Company on October 1, 2019. In
connection with the anticipated registration statement to be filed
by the Company pursuant to the Securities Act of 1933, as amended
(the "Securities Act") the Historical Financial Statements of APi
Group Inc. will be revised to comply with U.S. GAAP applicable to
public companies (the "Public Company Financial Statements"). In
preparing the Public Company Financial Statements, the Company will
need to apply certain accounting standards under U.S. GAAP
applicable to public companies that were not applicable to these
historical financial statements. As a result, the Public Company
Financial Statements, which were not available as of this
announcement, may differ materially from the Historical Financial
Statements. The actual type and amount of the impact of the
conversion on APi Group, Inc.'s consolidated balance sheets and
statements of operations and cash flows are not yet known.
Based on information available as of the Announcement Date,
the expected differences are as follows:
(i) We expect
the application of ASC 606 (related to
revenue recognition) to be adopted
as of January 1, 2018,
using the modified-retrospective method of adoption,
will decrease revenues and gross profit by less than
1%. The net difference on the income
statement will also
increase current assets. As
of January 1, 2018, a
cumulative effective adjustment will be recorded which is
expected to increase current
assets for the treatment of capitalized
fulfillment costs. This adjustment will
be offset with a corresponding adjustment
to opening retained earnings.
(ii) The application of ASC 842
(related to leases) prospectively
as of January 1, 2019 is expected
to result in an increase in fixed
assets related to "right of use
assets" of between $105 and $115 million and a
corresponding lease liability. The
effect on 2019 earnings, based upon 2018 data,
is expected to be minimal.
(iii) We have historically accounted
for business combinations and goodwill in accordance with
U.S. GAAP applicable
to private companies. In the Public
Company Financial Statements, goodwill will be restated
to a) separately classify certain identifiable intangible
asset amounts such as customer relationship,
b) reverse the effects of
amortizing goodwill, and c) adjust for any
impairment charges not previously recorded under U.S.
GAAP application to private companies.
Forward-Looking Statements and Disclaimers
This announcement does not constitute or form part of any
offer or invitation to purchase, otherwise acquire, issue,
subscribe for, sell or otherwise dispose of any securities, nor any
solicitation of any offer to purchase, otherwise acquire, issue,
subscribe for, sell, or otherwise dispose of any
securities.
The release, publication or distribution of this announcement
in certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
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
performance, anticipated events or trends and other matters that
are not historical facts, including expectations regarding: (i) the
ability of the Company to meet the eligibility criteria and effect
a registration under the Securities Act of its securities, a
listing of its securities on the New York Stock Exchange and the
timing for such registration and listing, and until such time, the
ability to make its ordinary shares eligible for settlement through
the DTCC; (ii) continued trading of the Company's ordinary shares
on the OTC market; (iii) the future operating and financial
performance of the Company, including the Company's guidance for
full year 2019; (iv) the trends in the industries and end markets
in which the Company operates and the Company's ability to
capitalize on those trends; (v) the impact to the Historical
Financial Statements as a result of applying accounting standards
applicable to public companies and the differences between the
Historical Financial Statements and the Public Company Financial
Statements; and (v) the ability of the Company to capitalize
on growth and expansion opportunities, generate cash flows, drive
long-term shareholder value, achieve estimates of organic growth,
successfully complete strategic acquisitions and delever. 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) the risk that
securities markets will react negatively to the acquisition of APi
Group, Inc. or other actions by the Company following the
acquisition; (iii) the risk that the acquisition disrupts current
plans and operations as a result of the consummation of the
transaction; (iv) the ability to recognize the anticipated benefits
of the acquisition and of the Company to take advantage of
strategic opportunities; (v) the limited liquidity and trading of
the Company's securities; (vi) changes in applicable laws or
regulations; (vii) the possibility that the Company may be
adversely affected by other economic, business, and/or competitive
factors; and (viii) other risks and uncertainties. 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. Nothing in this announcement constitutes or should be
construed as constituting a profit forecast. This announcement
contains inside information as defined in article 7 of the Market
Abuse Regulation (EU) No 596/2014.
Non-GAAP Financial Measures
In this press release, the Company presents adjusted EBITDA
and adjusted EBITDA margin, pro forma adjusted EBIT, profit before
tax net income and EPS and organic revenue growth, which are
non-U.S. GAAP financial measures. The Company believes these
non-U.S. GAAP financial measures provide meaningful information and
help investors understand the Company's financial results and
assess its prospects for future performance. While the Company
believes these non-U.S. GAAP measures are useful in evaluating the
Company's performance, this information should be considered as
supplemental in nature and not as a substitute for or superior to
the related financial information prepared in accordance with U.S.
GAAP. Additionally, these non-U.S. GAAP financial measures
may differ from similar measures presented by other
companies. The Company uses these non-U.S. GAAP financial
measures to evaluate its performance, both internally and as
compared with its peers, because it excludes certain items that may
not be indicative of the Company's core operating results for its
reportable segments, as well as items that can vary widely across
different industries or among companies within the same industry,
and for noncash stock-based compensation expense, can also be
subject to volatility from changes in the market price per share of
the Company's common stock or variations in the value of shares
granted. The Company presents non-U.S. GAAP financial
measures on a pro forma basis, including pro forma adjusted EBIT,
pro forma adjusted net income, and pro forma adjusted EPS, to
illustrate the impact of the APi Group, Inc. acquisition.
Specifically, the pro forma financial metrics reflect the debt
facilities incurred by the Company in connection with the
acquisition had they been incurred at the beginning of the periods
presented, adjust for the long-term tax benefit from the
acquisition and factor in the capitalization of the Company
post-acquisition. The Company believes that these pro forma
measures provide a more complete picture of our results after
factoring in the Company's current debt and capitalization
structure. The Company uses organic revenue growth, which excludes
revenue from companies acquired during the periods presented, to
assess its performance without the impact of acquisitions in order
to provide a useful period-to-period comparison. The Company
believes that organic revenue growth is useful to investors to help
understand the Company's growth in revenues not attributable to
acquired businesses. A reconciliation of these Non-U.S. GAAP
financial measures is included later in this press release.
APi Group,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(In thousands)
(Unaudited)
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net
revenues
|
$
1,113,470
|
|
$
1,009,586
|
|
$
3,025,784
|
|
$
2,696,185
|
Cost of
sales
|
879,424
|
|
791,916
|
|
2,418,793
|
|
2,137,212
|
Gross
profit
|
234,046
|
|
217,670
|
|
606,991
|
|
558,973
|
Selling, general and
administrative expenses
|
215,810
|
|
127,027
|
|
479,423
|
|
378,102
|
Amortization and
earnout expense, net
|
2,733
|
|
16,915
|
|
37,448
|
|
54,297
|
Income from
operations
|
15,503
|
|
73,728
|
|
90,120
|
|
126,574
|
Interest expense,
net
|
6,388
|
|
5,499
|
|
19,161
|
|
14,490
|
Other income,
net
|
(7,164)
|
|
(3,960)
|
|
(10,505)
|
|
(9,963)
|
Income before income
taxes
|
16,279
|
|
72,189
|
|
81,464
|
|
122,047
|
Foreign and state
income taxes
|
1,926
|
|
1,248
|
|
4,962
|
|
4,073
|
Net income, including
noncontrolling interests
|
14,353
|
|
70,941
|
|
76,502
|
|
117,974
|
Less: net income
attributable to noncontrolling interests
|
91
|
|
81
|
|
269
|
|
252
|
Net income
attributable to the Company
|
$
14,262
|
|
$
70,860
|
|
$
76,233
|
|
$
117,722
|
APi Group,
Inc.
|
Consolidated
Balance Sheets
|
(In thousands)
(Unaudited)
|
|
|
September 30,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
133,610
|
|
$
54,093
|
Accounts
receivable
|
772,616
|
|
764,995
|
Inventories
|
60,325
|
|
56,159
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
299,724
|
|
241,552
|
Other current
assets
|
26,835
|
|
17,993
|
Total current
assets
|
1,293,110
|
|
1,134,792
|
Noncurrent
assets:
|
|
|
|
Related-party notes
receivable and investments
|
13,024
|
|
12,292
|
Other
assets
|
34,140
|
|
34,555
|
Intangibles,
net
|
51,343
|
|
58,221
|
Goodwill,
net
|
381,542
|
|
421,255
|
Property and
equipment, net
|
331,123
|
|
327,780
|
Total
assets
|
2,104,282
|
|
1,988,895
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
190,404
|
|
$
173,678
|
Current related-party
liabilities
|
-
|
|
49,077
|
Accrued liabilities
and income taxes payable
|
379,700
|
|
284,865
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
184,113
|
|
193,488
|
Current maturities of
long-term debt
|
20,205
|
|
33,985
|
Revolving line of
credit
|
342,000
|
|
261,117
|
Total current
liabilities
|
1,116,422
|
|
996,210
|
Long-term debt, less
current maturities
|
301,592
|
|
304,975
|
Noncurrent
related-party liabilities
|
70,587
|
|
54,161
|
Other noncurrent
liabilities
|
18,533
|
|
56,850
|
Total
liabilities
|
1,507,134
|
|
1,412,196
|
Total stockholders'
equity
|
597,004
|
|
575,513
|
Non-controlling
interests
|
144
|
|
1,186
|
Total
equity
|
597,148
|
|
576,699
|
Total liabilities and
equity
|
$
2,104,282
|
|
$
1,988,895
|
APi Group,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In thousands)
(Unaudited)
|
|
|
For the nine
months ended
September 30,
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
Net income, including
noncontrolling interests
|
$
76,502
|
|
$
117,974
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
103,217
|
|
90,730
|
Gain on sale of
property and equipment
|
(1,289)
|
|
(2,046)
|
Stock compensation
expense
|
37,500
|
|
750
|
Changes in operating
assets and liabilities, net of effects of business
acquisitions
|
(82,385)
|
|
(182,708)
|
Net cash provided
by operating activities
|
133,545
|
|
24,700
|
Cash flows from
investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(5,096)
|
|
(235,579)
|
Purchases of property
and equipment
|
(56,114)
|
|
(50,777)
|
Proceeds from sales of
property and equipment
|
7,031
|
|
2,046
|
Advances on notes
receivable
|
(4,610)
|
|
(10,051)
|
Payments received on
notes receivable
|
5,969
|
|
5,456
|
Change in
investments
|
(2,366)
|
|
543
|
Net cash used in
investing activities
|
(55,186)
|
|
(288,362)
|
Cash flows from
financing activities:
|
|
|
|
Receipts on long-term
borrowings and revolving line of credit
|
1,010,165
|
|
1,569,898
|
Payments on long-term
borrowings and revolving line of credit
|
(945,914)
|
|
(1,230,213)
|
Earnout expenses
paid
|
(16,164)
|
|
(20,634)
|
Distributions to
shareholders
|
(46,983)
|
|
(51,972)
|
Net cash provided
by financing activities
|
1,104
|
|
267,079
|
Effect of foreign
currency exchange rate change on cash and cash
equivalents
|
54
|
|
(3,448)
|
Net increase
(decrease) in cash and cash equivalents
|
79,517
|
|
(31)
|
Cash and cash
equivalents at beginning of year
|
54,093
|
|
41,466
|
Cash and cash
equivalents at end of period
|
$
133,610
|
|
$
41,435
|
APi Group,
Inc.
|
Segment Financial
Report
|
(In thousands)
(Unaudited)
|
|
|
For the nine
months ended
September 30,
|
|
2019
|
|
2018
|
|
|
|
|
Safety
Solutions
|
$
1,320,761
|
|
$
1,220,711
|
Specialty
Services
|
1,093,703
|
|
987,734
|
Industrial
Solutions
|
611,320
|
|
487,740
|
Total net
revenues
|
$
3,025,784
|
|
$
2,696,185
|
|
|
|
|
Safety
Solutions
|
$
147,846
|
|
$
122,840
|
Specialty
Services
|
67,052
|
|
53,395
|
Industrial
Solutions
|
(1,634)
|
|
3,878
|
Corporate
|
(123,145)
|
|
(53,539)
|
Total operating
income
|
$
90,119
|
|
$
126,574
|
|
|
|
|
Safety
Solutions
|
$
168,552
|
|
$
144,842
|
Specialty
Services
|
115,941
|
|
104,543
|
Industrial
Solutions
|
26,484
|
|
28,874
|
Corporate
|
(37,717)
|
|
(35,082)
|
Total adjusted
EBITDA
|
$
273,260
|
|
$
243,177
|
APi Group,
Inc.
|
Reconciliations of
GAAP to Non-GAAP Financial Measures
|
(In thousands)
(Unaudited)
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
Adjusted
EBITDA
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
14,262
|
|
$
70,860
|
|
$
76,233
|
|
$
117,722
|
Adjustments to
reconcile to net income (loss)
|
|
|
|
|
|
|
|
Interest expense,
net
|
6,388
|
|
5,499
|
|
19,161
|
|
14,490
|
Foreign & state
income taxes
|
1,926
|
|
1,248
|
|
4,962
|
|
4,073
|
Depreciation and
amortization
|
35,675
|
|
30,241
|
|
103,217
|
|
90,730
|
Earnout expense
(income), net (a)
|
(14,420)
|
|
409
|
|
(13,864)
|
|
1,340
|
Non-recurring expenses
(b)
|
19,308
|
|
-
|
|
22,226
|
|
-
|
Non-recurring expenses
related to prior ownership (c)
|
45,339
|
|
1,824
|
|
50,514
|
|
13,022
|
Transaction related
expenses
|
10,811
|
|
1,313
|
|
10,811
|
|
1,800
|
Adjusted
EBITDA
|
$
119,289
|
|
$
111,394
|
|
$
273,260
|
|
$
243,177
|
Notes:
|
(a)
|
Reflects contingent
consideration based on financial performance of acquired
businesses.
|
(b)
|
Non-recurring
expenses unrelated to the acquisition including primarily items for
which the Seller has indemnified the Company.
|
(c)
|
Includes
non-recurring costs and expenses related to completing the
acquisition.
|
Pro forma adjusted
net income and EPS
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Adjusted
EBITDA
|
$
119,289
|
|
$
111,394
|
|
$
273,260
|
|
$
243,177
|
Depreciation
(a)
|
18,695
|
|
11,815
|
|
56,114
|
|
50,777
|
Pro forma adjusted
EBIT
|
100,594
|
|
99,579
|
|
217,146
|
|
192,400
|
Pro forma interest
expense (b)
|
13,672
|
|
13,744
|
|
41,052
|
|
40,751
|
Pro forma adjusted
profit before tax
|
86,922
|
|
85,835
|
|
176,094
|
|
151,649
|
Tax (c)
|
19,992
|
|
19,742
|
|
40,502
|
|
34,879
|
Pro forma adjusted
net income
|
66,930
|
|
66,093
|
|
135,592
|
|
116,770
|
Pro forma shares
outstanding (d)
|
173,902
|
|
173,902
|
|
173,902
|
|
173,902
|
Pro forma adjusted
EPS
|
$
0.38
|
|
$
0.38
|
|
$
0.78
|
|
$
0.67
|
Notes:
|
(a)
|
Utilized actual
capital expenditures to provide a directional cash amount for this
pro forma calculation. Does not reflect an estimate of any
fair valuations to be obtained in conjunction with the
acquisition.
|
(b)
|
Interest expense
calculated as new senior secured term debt issued in conjunction
with acquisition plus interest on assumed debt at an assumed annual
rate of 4.5%.
|
(c)
|
Assumes 23.0% tax
rate which adjusts the expected GAAP effective tax rate to take in
account of the long-term annualized cash tax benefit from the
acquisition.
|
(d)
|
Represents total
ordinary shares outstanding as of the closing of the acquisition
including approximately 170 million ordinary shares and 4.0 million
founder preferred shares. Excludes unvested restricted stock units
and warrants outstanding.
|
Segment Adjusted
EBITDA
|
For the nine
months ended
September 30,
|
|
2019
|
|
2018
|
Safety
Solutions
|
|
|
|
Operating
income
|
$
147,846
|
|
$
122,840
|
Other income,
net
|
1,555
|
|
971
|
Depreciation and
amortization
|
21,205
|
|
20,816
|
Earnout (income)
expense, net (a)
|
(5,210)
|
|
215
|
Non-recurring expenses
(d)
|
2,076
|
|
-
|
Non-recurring expenses
related to prior ownership (c)
|
1,080
|
|
-
|
Safety Solutions
adjusted EBITDA
|
$
168,552
|
|
$
144,842
|
Specialty
Services
|
|
|
|
Operating
income
|
$
67,052
|
|
$
53,395
|
Other income,
net
|
6,760
|
|
6,936
|
Depreciation and
amortization
|
49,959
|
|
43,087
|
Earnout (income)
expense, net (a)
|
(8,989)
|
|
1,125
|
Non-recurring expenses
(b)
|
1,159
|
|
-
|
Specialty Services
adjusted EBITDA
|
$
115,941
|
|
$
104,543
|
Industrial
Solutions
|
|
|
|
Operating (loss)
income
|
(1,634)
|
|
3,878
|
Other income,
net
|
1,720
|
|
980
|
Depreciation and
amortization
|
26,063
|
|
24,016
|
Earnout expense, net
(a)
|
335
|
|
-
|
Industrial
Solutions adjusted EBITDA
|
$
26,484
|
|
$
28,874
|
Notes:
|
(a)
|
Reflects contingent
consideration based on financial performance against targets of
acquired businesses following the acquisition.
|
(b)
|
Non-recurring
expenses unrelated to the acquisition including primarily items for
which the Seller has indemnified the Company.
|
(c)
|
Includes costs and
expenses related to prior ownership that have not continued after
the acquisition closed.
|
(d)
|
Includes
non-recurring costs and expenses related to completing the
acquisition.
|
Organic Growth
Reconciliation
|
For the nine
months ended
September 30, 2019
|
|
Consolidated
|
|
Specialty
Solutions
Segment
|
|
|
|
|
Reported net revenue
growth
|
12.2%
|
|
10.7%
|
Growth due to
acquisitions
|
2.9%
|
|
9.9%
|
Organic
growth
|
9.3%
|
|
0.8%
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/api-group-reports-third-quarter-and-nine-month-2019-financial-results-300961477.html
SOURCE APi Group Corporation