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 ...

PHILADELPHIA, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Doral Renewables LLC (”Doral Renewables” or “the Company”), a leading U.S. developer, owner, and operator of renewable energy and storage projects, announced today the closing of a $400 million minority equity investment by Dutch pension APG on behalf of the largest Dutch pension fund ABP. The investment by and partnership with APG will accelerate the development and construction of Doral Renewables’ energy pipeline. As part of the transaction, APG will also ...

Core Insights - Apogee Therapeutics has initiated dosing in a Phase 1 clinical trial for APG990, a novel monoclonal antibody targeting OX40L, aimed at treating atopic dermatitis (AD) [1][2] - The company plans to combine APG990 with APG777 to enhance treatment efficacy for AD and other inflammatory and immunology (I&I) diseases, with the first combination trial expected to start in 2025 [1][2][3] Company Overview - Apogee Therapeutics is a clinical-stage biotechnology company focused on developing novel biologics for I&I markets, including treatments for AD, asthma, and chronic obstructive pulmonary disease (COPD) [5][6] - The company aims to address limitations of existing therapies by targeting established mechanisms of action and optimizing antibody properties [6] Clinical Trial Details - The APG990 Phase 1 trial is a double-blind, placebo-controlled study involving approximately 40 healthy adults across 5 cohorts, evaluating safety, tolerability, and pharmacokinetics [2][3] - Interim safety and pharmacokinetic data from this trial are anticipated in 2025 [1] Mechanism of Action - APG990 targets OX40L, which is positioned upstream in the inflammatory pathway, potentially providing broader inhibition across Type 1, Type 2, and Type 3 inflammation pathways [4] - Current treatments primarily target Type 2 inflammation, while APG990's mechanism could enhance treatment options for patients with varying inflammation pathways [3][4] Future Plans - Following positive results from the APG990 trial, the company plans to initiate a Phase 1 trial for the combination of APG777 and APG990, aiming for a first-in-class approach to treat Type 2 inflammation [2][3]

Continued advancement of pipeline and execution towards expected milestones, including APG777 16-week proof-of-concept data from the Phase 2 Part A trial in 2H 2025, APG808 interim Phase 1 data in 4Q 2024, and APG990 Phase 1 trial initiation in healthy volunteers accelerated to 3Q 2024 APG333, a novel subcutaneous half-life extended anti-TSLP antibody, added to portfolio to provide for potential best-in-class combination efficacy across multiple respiratory indications, expected to enter the clinic in 2025 ...

Financial Data and Key Metrics Changes - Reported revenues for Q2 2024 were $1.73 billion, a decline of 2.3% from $1.77 billion in the prior year period, with an organic decline of 3.1% compared to 7.6% growth in Q2 2023 [19][11] - Adjusted gross margin increased to 31.7%, representing a 340 basis point increase year-over-year, while adjusted EBITDA increased by 13.8% with an adjusted EBITDA margin of 13.4%, a 190 basis point increase [20][14] - Adjusted diluted earnings per share for Q2 was $0.49, reflecting a 20% increase compared to the prior year period [20] Business Line Data and Key Metrics Changes - **Safety Services**: Revenues increased by 4.4% to $1.28 billion, with organic growth of 1.5%. Adjusted gross margins were 35.3%, a 290 basis point increase [21][22] - **Specialty Services**: Revenues decreased by 18.4% to $453 million, with an organic revenue decline of 15.3%. Adjusted gross margins were 21.4%, a 230 basis point increase [23][24] Market Data and Key Metrics Changes - The U.S. life safety segment achieved double-digit organic growth for 16 consecutive quarters, contributing to the overall growth in inspection revenue [13] - The international life safety business showed steady progress with organic growth in each quarter since acquisition [15] Company Strategy and Development Direction - The company remains committed to long-term value creation targets of 13% adjusted EBITDA margin by 2025, with a focus on organic revenue growth above industry average and 60% of revenues from inspection, service, and monitoring [9][10] - The company is actively pursuing M&A opportunities, having closed six bolt-on acquisitions in the first half of the year, with a focus on integrating these businesses into its existing operations [16][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's direction despite project delays, indicating that these are temporary and not cancellations, with a backlog increase of $500 million since the start of the year [34][12] - The company anticipates strong free cash flow generation in the second half of the year, aiming to reduce net leverage below 2.5x by year-end [17][26] Other Important Information - The company reported adjusted free cash flow of $122 million for Q2 2024, reflecting a year-over-year improvement [25] - The company expects full-year reported net revenues of $7.15 billion to $7.35 billion, with adjusted EBITDA guidance narrowed to $885 million to $915 million [27][28] Q&A Session Summary Question: Can you provide more color on project delays and confidence for full-year guidance? - Management clarified that project delays are due to funding, permitting, and scope changes, but none are cancellations. They expressed confidence in the business's momentum and backlog growth [33][34] Question: What is the outlook for free cash flow generation and uses of cash? - Management indicated that they expect to deliver 70% to 80% of free cash flow in the back half of the year, with a focus on deleveraging and continuing M&A activities [39] Question: Can you discuss the macro environment and backlog growth? - Management highlighted robust opportunities in the data center market and other sectors like semiconductor and healthcare, contributing to backlog growth [42][61] Question: How do you expect margins to evolve with project growth? - Management expects margins to remain strong even as project growth accelerates, with continued focus on pricing and service mix [74][70] Question: What are the early learnings from the Elevated acquisition? - Management is focused on integrating Elevated and leveraging their service-oriented business model, which aligns with the company's strategic goals [83]

Acquisition and Investments - The company completed the acquisition of Elevated Facility Services Group for a total net consideration of $570 million on June 3, 2024[168]. - The company issued 12,650,000 shares of common stock in a public offering, raising approximately $458 million net of expenses, to be used for general corporate purposes[241]. - The company expects to continue accessing capital markets for liquidity needs, including working capital and strategic acquisitions[242]. - Net cash used in investing activities was $623 million for the six months ended June 30, 2024, significantly higher than $82 million for the same period in 2023, driven by the Elevated acquisition and other acquisitions totaling $606 million[246]. Financial Performance - Net revenues for Q2 2024 were $1,730 million, a decrease of $41 million or 2.3% compared to $1,771 million in Q2 2023, primarily due to project delays and divestitures[184]. - Gross profit for Q2 2024 increased to $544 million, up $48 million or 9.7% from $496 million in Q2 2023, with a gross margin of 31.4%, an increase of 340 basis points year-over-year[186]. - Net income for Q2 2024 was $69 million, an increase of $21 million or 43.8% from $48 million in Q2 2023, with net income as a percentage of net revenues rising to 4.0%[195]. - EBITDA for Q2 2024 was $199 million, an increase of $11 million or 5.9% compared to $188 million in Q2 2023, with EBITDA as a percentage of net revenues at 11.5%[195]. - Net income for the six months ended June 30, 2024 was $114 million, an increase of $40 million or 54.1% compared to the same period in 2023[203]. - EBITDA for the six months ended June 30, 2024 was $365 million, an increase of $28 million or 8.3% compared to $337 million in the same period in 2023[215]. Segment Performance - The company operates under two primary segments: Safety Services and Specialty Services, focusing on integrated safety solutions and specialized industrial plant services respectively[164]. - Safety Services net revenues for Q2 2024 increased by $54 million or 4.4% to $1,279 million compared to Q2 2023[199]. - Specialty Services net revenues for Q2 2024 decreased by $102 million or 18.4% to $453 million compared to Q2 2023[201]. - Safety Services operating margin improved to 10.9% in Q2 2024 from 8.0% in Q2 2023, driven by pricing improvements and a better revenue mix[200]. - Specialty Services operating margin increased slightly to 7.7% in Q2 2024 from 7.4% in Q2 2023[201]. - Safety Services net revenues increased by $77 million or 3.2% to $2,493 million for the six months ended June 30, 2024, compared to $2,416 million in 2023[217]. - Specialty Services net revenues decreased by $143 million or 14.5% to $842 million for the six months ended June 30, 2024, compared to $985 million in 2023[217]. Costs and Expenses - Selling, general, and administrative (SG&A) expenses rose to $418 million in Q2 2024, an increase of $29 million or 7.5% compared to $389 million in Q2 2023, with SG&A as a percentage of net revenues at 24.2%[193]. - SG&A expenses for the six months ended June 30, 2024 were $810 million, an increase of $69 million or 9.3% compared to the same period in 2023[208]. - SG&A expenses excluding amortization were $366 million in Q2 2024, or 21.2% of net revenues, compared to $339 million or 19.1% in Q2 2023[188]. - Non-service pension costs increased by approximately $15 million, partially offsetting net income growth[215]. Tax and Interest - The effective tax rate for Q2 2024 was 22.4%, a decrease from 37.2% in Q2 2023, influenced by discrete and nondeductible permanent items[191]. - The effective tax rate for the six months ended June 30, 2024 was 24.7%, down from 35.0% in the same period of 2023[213]. - Interest expense decreased to $35 million in Q2 2024 from $38 million in Q2 2023, primarily due to the investment of equity and debt cash proceeds[189]. Liquidity and Capital Structure - Total liquidity as of June 30, 2024, was $820 million, comprising $324 million in cash and cash equivalents and $496 million available under the Revolving Credit Facility[237]. - The company authorized a stock repurchase program to purchase up to $1,000 million of common stock, with approximately $600 million spent to repurchase 16,260,160 shares as of June 30, 2024[243]. - Net cash provided by operating activities increased to $117 million for the six months ended June 30, 2024, compared to $73 million for the same period in 2023, primarily due to increased net income and lower working capital needs[245]. - Net cash provided by financing activities was $357 million for the six months ended June 30, 2024, compared to $232 million used in financing activities for the same period in 2023, mainly due to equity and debt issuances[248]. Risks and Market Conditions - The company faces increased pricing pressure on key materials, such as steel, and is implementing productivity improvements and cost reduction programs to maintain profit margins[170]. - Seasonal variations can negatively impact net revenues, particularly in the first and second quarters due to unfavorable weather conditions affecting project schedules[171]. - The company monitors economic and market conditions closely, as these can affect customer demand and planned capital budgets[170]. - A significant portion of the company's revenue is recognized over time based on estimates of contract revenue, which carries risks of revenue reduction or reversal[156]. - The company has a decentralized business model that subjects it to various risks, potentially impacting its ability to execute business strategies[156]. - The company is exposed to foreign currency fluctuations but mitigates this risk through local invoicing and cross-currency swaps when necessary[170]. - The company has increased exposure to foreign currency exchange rate fluctuations due to its international operations, managing this risk through cross-currency swaps and foreign currency contracts[265]. - Supply chain risks include price fluctuations and availability of materials such as copper, steel, and fiber optics, with potential impacts on profitability from fixed-price contracts[267]. - Significant declines in market prices for oil and gas may lead to project delays or cancellations, affecting overall profitability[268]. - The company monitors customer creditworthiness to mitigate market risks impacting accounts receivable and contract assets, especially in light of economic conditions[266].

Exhibit 99.1 APi Group Reports Second Quarter 2024 Financial Results -Second quarter net revenues of $1.7 billion, with continued double-digit inspection growth- -Record second quarter net income of $69 million, representing year-over-year growth of 44%- -Record second quarter adjusted EBITDA of $231 million, representing year-over-year growth of 14%- -Record second quarter free cash flow generation, with strong conversion-New Brighton, Minnesota – August 1, 2024 – APi Group Corporation (NYSE: APG) ("APi" o ...

onuma Inthapong Clients and Friends, During the second quarter of 2024, returns for separate accounts managed by Greystone Capital ranged from +4.3 to +7.1%. The median account return was +6.0%. Year-to-date, the median account return was +6.3%, net of fees. Second quarter and year-to-date results compare both unfavorably and favorably to the S&P 500 and Russell 2000 returns of +4.3% and -3.3% during the quarter and +15.2% and +1.7% year-to-date. Because client portfolios are invested in a concentrated way ...

Investors interested in Business - Services stocks are likely familiar with APi (APG) and UL Solutions Inc. (ULS) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings esti ...

Acquisition and Market Expansion - APi Group completes acquisition of Elevated Facility Services Group for approximately $570 million, expected to contribute $220 million in annual revenue at a 20% adjusted EBITDA margin[1] - Elevated has approximately 600 leaders and serves customers in over 18 states, focusing on elevator and escalator services[1] - APi targets the $10+ billion U.S. elevator and escalator services market with the acquisition[1] - Elevated acquisition accelerates APi's business mix shift towards 60% of revenues from inspection, service, and monitoring[1] Financial Guidance Updates - APi raises full year 2024 net revenue guidance to $7,150 to $7,350 million, up from $7,050 to $7,250 million[1] - Full year 2024 adjusted EBITDA guidance increased to $875 to $925 million, up from $855 to $905 million[1] - APi expects organic revenue growth of 5% to 9% in the second half of 2024[1] - APi's updated guidance reflects a 7% to 11% reported revenue growth and 5% to 9% organic revenue growth in the second half of 2024[1] Financial Metrics and Expectations - Full year 2024 interest expense expected to be approximately $145 million, down from $150 million[2] - APi maintains adjusted free cash flow conversion guidance at approximately 70%[1]