Every material Form 8-K APi filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
APi Group's Chief Financial Officer, Kevin Krumm, will leave the company effective December 13, 2024, to pursue another professional opportunity. David Jackola, currently CFO and Vice President of Transformation at APi International, will serve as interim CFO until a successor is named, and the company has started a search. The company also reaffirmed its 2024 net revenue and adjusted EBITDA guidance, which it had first given on October 31, 2024.
Kevin Krumm, Executive Vice President and Chief Financial Officer, resigns effective December 13, 2024.
David Jackola, 45, becomes interim CFO; he has been CFO of APi International since November 2022.
Jackola will receive a $25,000 monthly cash stipend and a one-time restricted stock unit grant valued at $500,000, vesting in three equal annual tranches.
2024 net revenue and adjusted EBITDA guidance reaffirmed; the company plans another update in mid-December.
APi Group reported third-quarter 2024 net revenues of $1.8 billion, up 2.4% reported but down 0.2% organically, and net income of $69 million, up 27.8%. The company lowered its 2024 net revenue guidance to approximately $7,000 million from $7,150 to $7,350 million, while narrowing adjusted EBITDA guidance to $890 to $900 million and raising its free cash flow conversion target to at or above 75%, so shareholders face a lower revenue outlook even as profit measures improved.
Q3 net revenues $1,826 million, up 2.4%; organic net revenue change was down 0.2%.
Q3 net income $69 million and diluted EPS $0.23, versus $54 million and $0.15 a year earlier; adjusted diluted EPS $0.51 versus $0.48.
2024 net revenue guidance cut to approximately $7,000 million from $7,150 to $7,350 million; adjusted EBITDA guidance set at $890 to $900 million, down from $885 to $915 million.
Specialty Services net revenues fell 13.4% to $493 million, with organic revenue down 7.7%.
APi Group reported second-quarter 2024 net revenues of $1.7 billion, down 2.3% from a year earlier, with organic revenue down 3.1%. Net income rose 43.8% to $69 million and diluted EPS was $0.22, up from $0.12, as gross margin increased 340 basis points. The company reaffirmed its full-year net revenue guidance of $7.15 billion to $7.35 billion, narrowed its full-year adjusted EBITDA range to $885 million to $915 million, and issued third-quarter guidance for net revenues of $1.86 billion to $1.91 billion.
Q2 net revenues $1.73 billion, down 2.3%; organic decline of 3.1%, driven by Specialty Services down 18.4%
Q2 net income $69 million (up 43.8%); diluted EPS $0.22 vs. $0.12; adjusted diluted EPS $0.49 vs. $0.41
Q2 adjusted EBITDA $231 million, up 13.8%; adjusted EBITDA margin 13.4%, up 190 basis points
Full-year 2024 adjusted EBITDA narrowed to $885 million to $915 million; Q3 adjusted EBITDA guided to $240 million to $250 million
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every APi filing is on SEC EDGAR ↗. 8-K briefs of other companies →