Company Overview - Apogee Therapeutics, Inc. (NASDAQ: APGE) focuses on developing biologics for immune and inflammatory (I&I) conditions [1] - The company's pipeline includes innovative monoclonal antibodies such as APG777, APG808, and APG990, each targeting specific pathways within the inflammatory response [1] Product Pipeline - APG777's initial indication is for atopic conditions, indicating a targeted approach in addressing specific inflammatory responses [1]

Financial Data and Key Metrics Changes - Reported revenues for Q3 2024 increased by 2.4% to $1.83 billion compared to $1.78 billion in the prior year, driven by strong organic growth in service revenues of 9% in the Safety Services segment [20] - Adjusted EBITDA increased by 9.4% for Q3 2024, with an adjusted EBITDA margin of 13.4%, representing an 80 basis point increase compared to the prior year [21] - Adjusted diluted earnings per share for Q3 was $0.51, a 6.3% increase compared to the prior year [21] Business Line Data and Key Metrics Changes - Safety Services reported revenues for Q3 2024 increased by 9.7% to $1.34 billion, with double-digit organic growth in inspection revenues [22] - Specialty Services reported revenues declined by 13.4% to $493 million, primarily due to divestitures and project delays [25] - Core Life Safety represents over 65% of total APi net revenues, with a record high backlog of approximately $2 billion, up 5% organically versus the prior year [15] Market Data and Key Metrics Changes - The company faced temporary revenue headwinds in Q2 and Q3 2024 due to unexpected project delays, with an estimated total impact of approximately $150 million on 2024 net revenues [13] - The backlog in the North American safety business is at $2 billion, the highest it has ever been, indicating strong visibility into future growth [69] Company Strategy and Development Direction - The company aims for a 13% plus adjusted EBITDA margin target by year-end 2025 as part of its 13/60/80 Shareholder Value Creation Framework [7] - The strategy focuses on disciplined customer and project selection, margin expansion initiatives, and increasing the mix of higher-margin recurring service revenues [11][19] - The company plans to continue executing its strategy, accelerate organic growth, and expand its bolt-on M&A program [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to organic growth in 2025, supported by a healthy backlog and ongoing project activity [42][70] - The company anticipates a normal year in 2025, with project growth expected in the low to mid-single digits and service growth in the mid to high single digits [78] - Management highlighted the importance of maintaining pricing power despite moderating inflation, particularly in the inspection and service segments [60][62] Other Important Information - The company expects full-year reported net revenues of approximately $7 billion, revised down from the previous guidance of $7.15 billion due to project delays [29] - Adjusted free cash flow for Q3 2024 was $227 million, reflecting a conversion rate of 93%, with expectations to finish the year at or above 75% conversion [27][28] Q&A Session Summary Question: Timeline to reach $1 billion in EBITDA - Management indicated that the $1 billion EBITDA target is a near-term benchmark with no specific date set, but they believe they have the momentum to achieve it [35] Question: M&A environment and pipeline - Management reported a robust pipeline for bolt-on M&A, with a successful track record of approximately $100 million in acquisitions last year and continued momentum into 2024 [36] Question: Confidence in project recovery by year-end - Management expressed confidence that project delays are temporary and that backlog growth supports a return to normal project activity [40][42] Question: Drivers of margin expansion - Management attributed margin expansion to the inspection-first strategy, improved project selection, and the pruning of underperforming contracts [46][48] Question: Customer and employee retention post-acquisition - Management reported high retention rates and positive integration progress with Elevated, with ongoing cross-selling opportunities being explored [52][54] Question: Outlook for adjusted results convergence - Management expects restructuring and business transformation costs to decrease by 2025, leading to a closer alignment between GAAP and adjusted results [58][59] Question: Pricing power in a moderating inflation environment - Management confirmed that they continue to take price increases, particularly in labor-intensive segments, despite moderating inflation [60][62] Question: Backlog growth and market opportunities - Management confirmed that backlog continues to grow and is healthier than in previous years, with strong opportunities in core markets like data centers and healthcare [74][75]

Q3 2024 Earnings Call October 31, 2024 Forward Looking Statements and Disclaimers Please note that in this presentation the Company may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of APi Group Corporation ("APi" or the "Company"). Such discussion and statements may contain words such as "expect," "antici ...

Acquisition and Restructuring - The total net consideration for the acquisition of Elevated Facility Services Group was $579 million, completed on June 3, 2024[167]. - The company completed an acquisition in the Safety Services Segment on October 1, 2024, with an aggregate consideration of approximately $104 million[167]. - The company incurred pre-tax restructuring costs of $5 million in the Safety Services segment related to the Chubb restructuring program during the nine months ended September 30, 2024, with an estimated total of $125 million in restructuring costs expected by the end of fiscal year 2025[169]. Financial Performance - Net revenues for Q3 2024 were $1,826 million, an increase of $42 million or 2.4% compared to $1,784 million in Q3 2023, driven by acquisitions and growth in Safety Services[185]. - Gross profit for Q3 2024 was $567 million, up $56 million or 11.0% from $511 million in Q3 2023, with a gross margin of 31.1%, an increase of 250 basis points year-over-year[187]. - Operating income for Q3 2024 was $142 million, a 36.5% increase from $104 million in Q3 2023[186]. - Net income for Q3 2024 was $69 million, an increase of $15 million or 27.8% compared to $54 million in Q3 2023, with net income as a percentage of net revenues rising to 3.8%[194]. - EBITDA for Q3 2024 was $218 million, an increase of $30 million or 16.0% from $188 million in Q3 2023[194]. - Safety Services segment revenues increased by $118 million or 9.7% to $1,335 million in Q3 2024, while Specialty Services revenues decreased by $76 million or 13.4% to $493 million[195]. - Net income for the nine months ended September 30, 2024 was $183 million, an increase of $55 million or 43.0% compared to the same period in 2023[213]. - EBITDA for the nine months ended September 30, 2024 was $583 million, an increase of $58 million or 11.0% from the same period in 2023[213]. Segment Performance - Safety Services net revenues increased by $195 million or 5.4% compared to the same period in 2023[219]. - Specialty Services net revenues for the nine months ended September 30, 2024 decreased by $219 million or 14.1% compared to the same period in 2023[221]. - Safety Services operating margin improved to 10.8% for the nine months ended September 30, 2024, up from 8.0% in 2023[220]. - Specialty Services operating margin increased to 6.1% for the nine months ended September 30, 2024, compared to 5.4% in 2023[222]. Expenses and Costs - Selling, general, and administrative (SG&A) expenses increased to $425 million in Q3 2024 from $407 million in Q3 2023, representing a 4.4% increase[189]. - SG&A expenses for the nine months ended September 30, 2024 were $1,235 million, up $87 million or 7.6% from the prior year, reflecting investments in Safety Services[208]. - Interest expense for Q3 2024 was $41 million, up from $37 million in Q3 2023, primarily due to increased debt volume[190]. - The effective tax rate for Q3 2024 was 30.9%, compared to 25.5% in Q3 2023, influenced by nondeductible permanent items[192]. Cash Flow and Liquidity - As of September 30, 2024, the company had total liquidity of $982 million, including $487 million in cash and cash equivalents[232]. - Net cash provided by operating activities increased to $337 million for the nine months ended September 30, 2024, up from $217 million in the same period of 2023, primarily due to higher net income and lower working capital needs[242]. - Net cash used in investing activities rose significantly to $680 million for the nine months ended September 30, 2024, compared to $108 million for the same period in 2023, largely due to acquisitions totaling $647 million[243]. - Net cash provided by financing activities was $348 million for the nine months ended September 30, 2024, compared to a cash outflow of $253 million in the same period of 2023, driven by equity and debt issuances[244]. Market and Economic Conditions - The company monitors economic and market conditions that can negatively affect customer demand and planned capital budgets, impacting service demand[171]. - Seasonal variations typically result in lower net revenues during the first and second quarters due to unfavorable weather conditions affecting project schedules[172]. - Market risks impacting the customer base may affect accounts receivable or contract assets, with ongoing monitoring of customer creditworthiness[265]. - Supply chain risks include price fluctuations and availability of materials such as copper, steel, and cable optic fiber, which could impact operations[267]. - Significant declines in market prices for oil and gas may lead to project delays or cancellations, impacting profitability[268]. Foreign Operations and Currency - Revenues from foreign operations accounted for approximately 35% of consolidated net revenues for the three months ended September 30, 2024[263]. - The company believes its exposure to foreign currency fluctuations is limited due to local invoicing and payment practices in foreign operations[171]. - The company is exposed to fluctuations in foreign currency exchange rates due to its international presence, which may increase with further expansion outside the U.S.[264]. - Foreign currency translation gains totaled approximately $26 million for the nine months ended September 30, 2024, compared to a loss of $(22) million for the same period in 2023[263]. Strategic Plans - The company aims to grow recurring revenues and repeat business from long-standing customers, which is expected to provide stable cash flows and organic growth opportunities[165]. - The company plans to realign its segments in 2025 by moving its HVAC business from Safety Services to Specialty Services[164]. - The company expects to use proceeds from a recent public offering of common stock, totaling approximately $458 million, for general corporate purposes, including future acquisitions[237]. - The company has a stock repurchase program authorized for up to $1,000 million, with approximately $400 million remaining as of September 30, 2024[239].

Core Points - APi reported quarterly earnings of $0.51 per share, matching the Zacks Consensus Estimate and showing an increase from $0.48 per share a year ago [1] - The company's revenues for the quarter ended September 2024 were $1.83 billion, missing the Zacks Consensus Estimate by 1.60%, but up from $1.78 billion year-over-year [2] - APi has not surpassed consensus revenue estimates in the last four quarters [2] - The stock has underperformed, losing about 4% since the beginning of the year compared to the S&P 500's gain of 21.9% [3] - The company's earnings outlook is crucial for future stock performance, with current consensus EPS estimates at $0.52 for the next quarter and $1.86 for the current fiscal year [4][7] - The Zacks Industry Rank places the Business - Services sector in the top 21% of over 250 Zacks industries, indicating a favorable environment for stock performance [8] Earnings and Revenue Summary - APi's earnings for the latest quarter were $0.51 per share, consistent with expectations, and an increase from the previous year's $0.48 [1] - Revenue for the quarter was $1.83 billion, slightly below the consensus estimate, but an increase from $1.78 billion year-over-year [2] - The company has consistently missed revenue estimates over the past four quarters [2] Future Outlook - The sustainability of APi's stock price movement will depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is $0.52, with projected revenues of $1.89 billion [7] - The Zacks Rank for APi is 2 (Buy), suggesting expected outperformance in the near future [6]

Exhibit 99.1 APi Group Reports Third Quarter 2024 Financial Results -Third quarter net revenues of $1.8 billion, representing growth of 2.4% with double digit inspection revenue growth in U.S. Life Safety- -Record third quarter net income of $69 million, representing year-over-year growth of 28%- -Record third quarter adjusted EBITDA of $245 million, representing year-over-year growth of 9%- -Record third quarter operating cash flow and free cash flow generation; increases 2024 conversion target to 75%+- Ne ...

I focus on long-term investments while incorporating short-term shorts to uncover alpha opportunities. My investment approach revolves around bottom-up analysis, delving into the fundamental strengths and weaknesses of individual companies. My investment duration is the medium to long-term. Ultimately, I aim to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the comp ...

APi (APG) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 31. On t ...

Investors in APi Group Corporation (APG) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 15, 2024 $30 Put had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also ...

APi Group Corporation’s (NYSE: APG ) earnings appear set to grow again in the third and fourth quarters of 2024. But the share price has declined since April 16, when it hit a highRobert F. Abbott has been investing his family’s accounts since 1995, and in 2010 added options, mainly covered calls and collars with long stocks. He is a freelance writer, and his projects include a website that provides information for new and intermediate-level mutual fund investors. A resident of Airdrie, Alberta, Canada, Rob ...