Financial Performance Highlights - Net revenues for Q1 2025 reached $1.7 billion, a 7.4% increase compared to $1.601 billion in Q1 2024[17, 21] - Organic net revenue increased by approximately 2% compared to Q1 2024[17] - Adjusted gross profit totaled $545 million, compared to $492 million in Q1 2024, representing a 10.8% increase[19, 21] - Adjusted gross margin expanded by 100 basis points to 31.7% in Q1 2025 from 30.7% in Q1 2024[17, 21] - Adjusted EBITDA for Q1 2025 was $193 million, up from $175 million in Q1 2024, a 10.3% increase[17, 19, 21] - Adjusted EBITDA margin increased by 30 basis points to 11.2% in Q1 2025 from 10.9% in Q1 2024[17, 21] - Adjusted diluted earnings per share (EPS) for Q1 2025 was $0.37, an 8.8% increase compared to $0.34 in Q1 2024[17, 21] - Adjusted free cash flow for Q1 2025 was $86 million, a significant increase from $12 million in Q1 2024[17, 21] - Adjusted free cash flow conversion was 44.6% in Q1 2025, a substantial increase from 6.9% in Q1 2024[17, 21] Segment Performance - Safety Services net revenues increased by 13.4% to $1.267 billion in Q1 2025 from $1.117 billion in Q1 2024[23]

Core Insights - Apogee (NASDAQ: APGE) is positioned for significant value creation as a disruptor in a multi-billion dollar industry, supported by recent financial disclosures and pipeline updates, including promising interim Phase 1 data for its OX40L inhibitor APG990 [1] Company Analysis - The company is focused on high-growth sectors that are expected to experience exponential expansion, indicating a strategic alignment with disruptive technologies and innovative enterprises [1] - The approach taken by the company combines fundamental analysis with future trend predictions, emphasizing the potential for substantial returns through innovation [1]

Group 1 - The analyst gave a buy rating to APi Group (NYSE: APG) in December 2024, anticipating that FY25 will be a strong year for the company with potential growth acceleration and margin expansion [1] - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing value investing principles and the importance of holding quality companies for compounding earnings and shareholder returns [1]

SAN FRANCISCO and BOSTON, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Apogee Therapeutics, Inc., (Nasdaq: APGE), a clinical-stage biotechnology company advancing novel biologics with potential for differentiated efficacy and dosing in the largest inflammatory and immunology (I&I) markets, including for the treatment of atopic dermatitis (AD), asthma, eosinophilic esophagitis (EoE), chronic obstructive pulmonary disease (COPD) and other I&I indications, today announced it will report interim results from the Phase 1 A ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________ FORM 10-K ___________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39275 _____ ...

Financial Data and Key Metrics Changes - In 2024, net revenues grew by 1.3% to a record $7 billion, driven by acquisitions and strong organic growth in inspection, service, and monitoring revenues [12][10] - Adjusted EBITDA margins expanded by 140 basis points to 12.7%, with adjusted free cash flow conversion improving from 69% in 2023 to 75% in 2024 [11][14] - Adjusted diluted earnings per share for Q4 2024 was $0.51, a 16% increase compared to the prior year [23] Business Line Data and Key Metrics Changes - Safety Services revenues for Q4 2024 increased by 13% to $1.40 billion, with organic growth of 4.7% driven by double-digit inspection revenue growth [24] - Specialty Services revenues decreased by 11.8% to $463 million, impacted by divestitures and project delays [27] - Adjusted gross margin for Safety Services was 35.7%, while Specialty Services reported a margin of 17.3%, reflecting a decrease due to lower fixed cost absorption [25][28] Market Data and Key Metrics Changes - The company achieved double-digit growth in inspection revenues in the U.S. Life Safety business for the year, marking the 18th consecutive quarter of growth in this area [13] - The international business has improved significantly, with less than 5 loss-making branches at the start of 2025, down from over 50 at the time of acquisition [20] Company Strategy and Development Direction - The company aims to increase the mix of inspection, service, and monitoring revenues from 54% in 2024 to a long-term target of 60% [11] - The acquisition of Elevated marks entry into the $10 billion-plus elevator and escalator services market, with plans to build a $1 billion-plus platform through organic growth and M&A [16][17] - The company is focused on disciplined customer and project selection, pricing improvements, and strategic M&A to enhance shareholder value [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to traditional rates of organic growth in 2025, driven by strong inspection, service, and monitoring revenues [18] - The company anticipates continued margin expansion and free cash flow growth, with a target of approximately 75% conversion for 2025 [32][30] - Management noted that project delays experienced in 2024 are largely behind them, with a more normal operating environment expected in 2025 [56][60] Other Important Information - The company has approximately $400 million remaining on its share repurchase program, reflecting a strong balance sheet and flexibility for capital deployment [15] - The company successfully remediated all prior year material weaknesses in internal controls over financial reporting as of December 31, 2024 [30] Q&A Session Summary Question: Key variables driving EBITDA margin expansion - Management highlighted disciplined customer and project selection, improved revenue mix, pricing, procurement opportunities, and Chubb value capture as key drivers for EBITDA margin expansion [39][40][41][42] Question: Managing business through economic downturns - Management emphasized the resilience of their business model, focusing on inspection, service, and monitoring to mitigate economic fluctuations [48][49][50] Question: Status of project delays - Management indicated that most project delays from the previous year are resolved, with ongoing work progressing as expected [60][62] Question: M&A expectations for the year - The company plans to spend approximately $250 million on bolt-on M&A, focusing on fire, life safety, and elevator services, while remaining disciplined in their approach [84][85][86] Question: Revenue guidance drivers - Management noted that continued acceleration in service revenue and project revenue growth will be critical to achieving the high end of revenue guidance [98][99][100] Question: Strategic outlook and valuation considerations - Management is evaluating all aspects of the business for long-term margin expansion, including selective pruning of underperforming segments [106][107][108]

2024 Performance Highlights - Full year net revenues reached a record of $70 billion, a 13% increase year-over-year[20] - Adjusted EBITDA was $893 million, representing a 140 basis points expansion in adjusted EBITDA margin year-over-year, resulting in a full year adjusted EBITDA margin of 127%[20] - Adjusted diluted earnings per share increased by 165% year-over-year to $184[20] - Adjusted free cash flow for the full year was $668 million, representing a 75% conversion[20] Q4 2024 Performance Highlights - Net revenues for the fourth quarter were $19 billion, a 58% increase compared to the previous year[19] - Adjusted EBITDA for the fourth quarter was $242 million, representing a 120 basis points expansion in adjusted EBITDA margin compared to the prior year, resulting in a 130% adjusted EBITDA margin[19] - Adjusted diluted earnings per share in the fourth quarter were $051, up 159% year-over-year[19] - Adjusted free cash flow for the fourth quarter was $307 million, representing a 127% conversion[19] Segment Performance - Safety Services segment net revenues increased by 73% to $5227 billion for the full year[26] - Specialty Services segment net revenues decreased by 135% to $1798 billion for the full year[26] - Safety Services fourth quarter net revenues increased 130% year-over-year to $1399 billion[26] - Specialty Services fourth quarter net revenues decreased 118% year-over-year to $463 million[26] 2025 Guidance - The company projects net revenues between $73 billion and $75 billion[29] - The company anticipates adjusted EBITDA between $970 million and $1020 billion[29]

Financial Data and Key Metrics Changes - In 2024, net revenues grew by 1.3% to a record $7 billion, driven by acquisitions and strong organic growth in inspection, service, and monitoring revenues [12][10] - Adjusted EBITDA margins expanded by 140 basis points to 12.7%, with adjusted free cash flow conversion improving from 69% in 2023 to 75% in 2024 [11][14] - Adjusted diluted earnings per share for Q4 2024 was $0.51, a 16% increase compared to the prior year [23] Business Line Data and Key Metrics Changes - Safety Services reported revenues increased by 13% to $1.40 billion, with organic growth of 4.7% driven by double-digit inspection revenue growth in the U.S. Life Safety business [24][25] - Specialty Services revenues decreased by 11.8% to $463 million, impacted by divestitures and project delays [27] - Adjusted gross margin for Safety Services was 35.7%, while Specialty Services saw a decrease to 17.3% [25][28] Market Data and Key Metrics Changes - The company achieved double-digit growth in inspection revenues in the U.S. Life Safety business for the year, marking the 18th consecutive quarter of growth in this area [13] - The international business has improved significantly, with less than 5 loss-making branches at the start of 2025, down from over 50 at the time of acquisition [20] Company Strategy and Development Direction - The company aims to increase the mix of inspection, service, and monitoring revenues from 54% in 2024 to a long-term target of 60% [11] - The focus remains on disciplined customer and project selection, pricing improvements, and strategic M&A, particularly in the fire, life safety, and elevator services sectors [16][17] - The company plans to build a $1 billion-plus elevator and escalator services platform through organic growth and M&A [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to traditional rates of organic growth in 2025, driven by strong inspection, service, and monitoring revenues [18][36] - The company is prepared to manage economic fluctuations due to its variable cost model, which is approximately 70-75% variable [52] - Management noted that project delays experienced in 2024 are mostly behind them, with improved planning and resource deployment for 2025 [56][60] Other Important Information - The company has approximately $400 million remaining on its share repurchase program, reflecting its strong free cash flow generation [15] - The company successfully remediated all prior year material weaknesses in internal controls over financial reporting as of December 31, 2024 [30] Q&A Session Summary Question: Key variables driving EBITDA margin expansion - Management highlighted disciplined customer and project selection, improved revenue mix, pricing, procurement opportunities, and Chubb value capture as key drivers for EBITDA margin expansion [39][40][41][42] Question: Managing business through economic downturns - Management emphasized building resilience through a focus on inspection, service, and monitoring, allowing for better project selection and cost management [47][49][50] Question: Status of project delays - Management indicated that most project delays from the previous year are resolved, with ongoing work progressing as planned [60][62] Question: M&A expectations for the year - The company plans to spend approximately $250 million on bolt-on M&A, focusing on fire, life safety, and elevator services, while remaining disciplined in its approach [82][84][86] Question: Revenue guidance drivers - Management noted that mid- to upper single-digit growth in service revenue and low to mid-single-digit project revenue growth are foundational for achieving revenue guidance [99][100][101]

Core Insights - APi reported revenue of $1.86 billion for the quarter ended December 2024, reflecting a year-over-year increase of 5.8% and surpassing the Zacks Consensus Estimate of $1.84 billion by 1.09% [1] - Earnings per share (EPS) for the quarter was $0.51, up from $0.44 in the same quarter last year, representing a surprise of 6.25% against the consensus estimate of $0.48 [1] Revenue Breakdown - Safety Services generated net revenues of $1.40 billion, exceeding the average estimate of $1.36 billion by analysts, with a year-over-year growth of 13% [4] - Specialty Services reported net revenues of $463 million, falling short of the average estimate of $485.28 million, marking an 11.8% decline year-over-year [4] - Corporate and Eliminations segment showed net revenues of -$1 million, better than the estimated -$2 million, but reflecting a significant year-over-year decrease of 75% [4] Stock Performance - APi's shares have returned +8.1% over the past month, contrasting with a -2.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - APi reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.48 per share, and up from $0.44 per share a year ago, representing an earnings surprise of 6.25% [1] - The company posted revenues of $1.86 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.09%, compared to $1.76 billion in the same quarter last year [2] - APi shares have increased approximately 11.5% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $1.71 billion, and for the current fiscal year, it is $2.08 on revenues of $7.42 billion [7] - The Zacks Industry Rank indicates that the Business - Services sector is currently in the bottom 37% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8]