Cash flow APi Group Corporation London S.E.

Stocks

JTWO

US00187Y1001

Construction & Engineering

Delayed London S.E. Other stock markets 07:30:00 03/09/2019 BST			5-day change	1st Jan Change
9.400 ^USD	-.--%		-1.31%	+2.17%

07-20	APi Group Likely to Post Strong Q2 Organic Growth, UBS Securities Says	MT
07-20	UBS Adjusts APi Group Price Target to $52 From $56, Maintains Buy Rating	MT

7ff711.hZ3g2syJ89ny8FKuRUrBHmB7dqUeqU6HwX1YhvtKRCU.yM-E77bfx4ialj3vKwKvTjM3MN8q4CDi9zIhy80yKmTTq6-znNGdjIGFNQ

Published financial data: API GROUP CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.94B	6.56B	6.93B	7.02B	7.91B
Interest And Invest. Income (Rev)	-	-	-	-	-
Other Revenues, Total	-	-	-	-	-
Total Revenues	3.94B	6.56B	6.93B	7.02B	7.91B
Cost of Goods Sold, Total	3B	4.84B	4.99B	4.84B	5.42B
Gross Profit	939M	1.72B	1.94B	2.18B	2.49B
Selling General & Admin Expenses, Total	803M	1.46B	1.57B	1.49B	1.6B
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	216M	228M
Other Operating Expenses, Total	803M	1.46B	1.57B	1.7B	1.83B
Operating Income	136M	258M	371M	475M	655M
Interest Expense, Total	-60M	-125M	-145M	-146M	-141M
Interest And Investment Income	12M	8M	5M	9M	8M
Net Interest Expenses	-48M	-117M	-140M	-137M	-133M
Income (Loss) On Equity Invest.	3M	3M	7M	8M	13M
Currency Exchange Gains (Loss)	-3M	-2M	1M	-2M	-2M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	88M	142M	239M	344M	533M
Restructuring Charges	-	-30M	-	-	-96M
Merger & Related Restructuring Charges	-	-24M	-	-13M	-24M
Impairment of Goodwill	-	-	-	-	-
Other Unusual Items	-9M	5M	-7M	-1M	-
EBT, Incl. Unusual Items	79M	93M	232M	330M	413M
Income Tax Expense	32M	20M	79M	80M	111M
Earnings From Continuing Operations	47M	73M	153M	250M	302M
Net Income to Company	47M	73M	153M	250M	302M
Net Income - (IS)	47M	73M	153M	250M	302M
Preferred Dividend and Other Adjustments	184M	50M	314M	474M	590M
Net Income to Common Incl Extra Items	-137M	23M	-161M	-224M	-288M
Net Income to Common Excl. Extra Items	-137M	23M	-161M	-224M	-288M
Per Share Items
Net EPS - Basic	-0.44	0.07	-0.46	-0.56	-0.69
Basic EPS - Continuing Operations	-0.44	0.07	-0.46	-0.56	-0.69
Basic Weighted Average Shares Outstanding	309M	350M	353M	402M	416M
Net EPS - Diluted	-0.45	0.07	-0.46	-0.56	-0.69
Diluted EPS - Continuing Operations	-0.45	0.07	-0.46	-0.56	-0.69
Diluted Weighted Average Shares Outstanding	309M	399M	353M	402M	416M
Normalized Basic EPS	0.18	0.25	0.42	0.54	0.8
Normalized Diluted EPS	0.18	0.22	0.42	0.54	0.8
Supplemental Items
EBITDA	338M	562M	674M	777M	982M
EBITA	263M	485M	595M	697M	897M
EBIT	136M	258M	371M	475M	655M
EBITDAR	405M	697M	825M	939M	1.18B
Effective Tax Rate - (Ratio)	40.51	21.51	34.05	24.24	26.88
Current Domestic Taxes	17M	45M	71M	61M	41M
Current Foreign Taxes	9M	22M	40M	46M	56M
Total Current Taxes	26M	67M	111M	107M	97M
Deferred Domestic Taxes	8M	-35M	-11M	-15M	35M
Deferred Foreign Taxes	-2M	-12M	-21M	-12M	-21M
Total Deferred Taxes	6M	-47M	-32M	-27M	14M
Normalized Net Income	55M	88.75M	149M	215M	333M
Non-Cash Pension Expense	-	-42M	-12M	20M	19M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Net Rental Expense, Total	67M	135M	151M	162M	202M
Imputed Operating Lease Interest Expense	18.83M	54.97M	62.53M	67.47M	74.62M
Imputed Operating Lease Depreciation	48.17M	80.03M	88.47M	94.53M	127M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	12M	18M	29M	32M	44M
Total Stock-Based Compensation	12M	18M	29M	32M	44M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.19B	605M	479M	499M	912M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	1.19B	605M	479M	499M	912M
Accounts Receivable, Total	984M	1.77B	1.83B	1.9B	2.05B
Other Receivables	-	-	-	-	-
Total Receivables	984M	1.77B	1.83B	1.9B	2.05B
Inventory	69M	163M	150M	143M	145M
Prepaid Expenses	83M	110M	122M	119M	125M
Restricted Cash	302M	2M	-	-	-
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	2.63B	2.65B	2.58B	2.66B	3.23B
Gross Property Plant And Equipment	582M	847M	865M	921M	1.04B
Accumulated Depreciation	-155M	-218M	-247M	-274M	-341M
Net Property Plant And Equipment	427M	629M	618M	647M	698M
Long-term Investments	4M	4M	11M	-	7M
Goodwill	1.11B	2.38B	2.47B	2.89B	3.17B
Other Intangibles, Total	882M	1.78B	1.62B	1.66B	1.58B
Deferred Tax Assets Long-Term	73M	108M	113M	57M	40M
Other Long-Term Assets, Total	41M	532M	175M	236M	211M
Total Assets	5.16B	8.09B	7.59B	8.15B	8.94B
Liabilities
Accounts Payable, Total	236M	490M	472M	497M	526M
Accrued Expenses, Total	338M	662M	707M	669M	754M
Short-term Borrowings	1M	206M	5M	4M	5M
Current Portion of Leases	27M	73M	75M	90M	98M
Unearned Revenue Current, Total	243M	463M	526M	590M	694M
Other Current Liabilities	22M	27M	22M	35M	73M
Total Current Liabilities	867M	1.92B	1.81B	1.88B	2.15B
Long-Term Debt	1.77B	2.58B	2.32B	2.75B	2.75B
Long-Term Leases	79M	166M	172M	192M	215M
Pension & Other Post Retirement Benefits	-	76M	98M	90M	93M
Deferred Tax Liability Non Current	43M	340M	233M	198M	205M
Other Non Current Liabilities	81M	81M	90M	85M	111M
Total Liabilities	2.84B	5.17B	4.72B	5.2B	5.53B
Preferred Stock Convertible	-	797M	797M	-	-
Total Preferred Equity	-	797M	797M	-	-
Additional Paid In Capital	2.56B	2.56B	2.57B	3.3B	3.3B
Retained Earnings	-237M	-164M	-11M	215M	517M
Comprehensive Income and Other	-	-267M	-490M	-567M	-405M
Total Common Equity	2.32B	2.13B	2.07B	2.95B	3.41B
Total Equity	2.32B	2.92B	2.87B	2.95B	3.41B
Total Liabilities And Equity	5.16B	8.09B	7.59B	8.15B	8.94B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	349M	352M	366M	416M	431M
ECS Total Common Shares Outstanding	337M	350M	353M	412M	416M
Book Value / Share	6.89	6.08	5.86	7.16	8.19
Tangible Book Value	335M	-2.04B	-2.02B	-1.6B	-1.34B
Tangible Book Value Per Share	0.99	-5.82	-5.72	-3.88	-3.23
Total Debt	1.87B	3.03B	2.57B	3.04B	3.07B
Net Debt	685M	2.42B	2.1B	2.54B	2.16B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-355M	-62M	-78M	-85M
Debt Equivalent Oper. Leases	536M	1.08B	1.21B	1.3B	1.62B
Equity Method Investments, Total	4M	4M	4M	-	6M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	26M	30M	27M	21M	20M
Buildings, Total	77M	98M	105M	100M	86M
Machinery, Total	360M	464M	465M	485M	567M
Full Time Employees	13.3K	26K	29K	29K	29K
Accumulated Allowance for Doubtful Accounts (Supple)	3M	3M	5M	9M	14M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	47M	73M	153M	250M	302M
Depreciation & Amortization - CF	75M	77M	79M	80M	85M
Amortization of Goodwill and Intangible Assets - (CF)	127M	227M	224M	222M	242M
Depreciation & Amortization, Total	202M	304M	303M	302M	327M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	22M	9M	-16M	-6M
Stock-Based Compensation (CF)	12M	18M	29M	32M	44M
Other Operating Activities, Total	68M	-36M	70M	93M	175M
Change In Accounts Receivable	-172M	-217M	-43M	-11M	-74M
Change In Inventories	-2M	-30M	13M	9M	6M
Change In Accounts Payable	78M	71M	-14M	16M	5M
Change in Unearned Revenues	19M	71M	51M	46M	85M
Change in Other Net Operating Assets	-70M	-6M	-57M	-101M	-105M
Cash from Operations	182M	270M	514M	620M	759M
Capital Expenditure	-55M	-79M	-86M	-84M	-96M
Sale of Property, Plant, and Equipment	20M	17M	54M	33M	28M
Cash Acquisitions	-86M	-2.84B	-83M	-778M	-186M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-121M	-2.9B	-115M	-829M	-254M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	650M	1.1B	-	850M	-
Total Debt Issued	650M	1.1B	-	850M	-
Long-Term Debt Repaid, Total	-321M	-64M	-484M	-437M	-7M
Total Debt Repaid	-321M	-64M	-484M	-437M	-7M
Issuance of Common Stock	676M	-	-	458M	-
Repurchase of Common Stock	-3M	-47M	-44M	-13M	-96M
Issuance of Preferred Stock	-	797M	-	-	-
Repurchase of Preferred Stock	-	-	-	-600M	-
Other Financing Activities, Total	-85M	-34M	-4M	-13M	-18M
Cash from Financing	917M	1.76B	-532M	245M	-121M
Foreign Exchange Rate Adjustments	-2M	-9M	6M	-15M	28M
Net Change in Cash	976M	-884M	-127M	21M	412M
Supplemental Items
Cash Interest Paid	41M	120M	-	-	-
Cash Income Tax Paid (Refund)	66M	43M	95M	101M	111M
Levered Free Cash Flow	-262M	520M	416M	464M	694M
Unlevered Free Cash Flow	-225M	598M	507M	555M	782M
Change In Net Working Capital	469M	-194M	-29M	-8M	-98M
Net Debt Issued / Repaid	329M	1.04B	-484M	413M	-7M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.84	2.43	2.96	3.77	4.79
Return on Total Capital	2.33	3.17	4.07	5.19	6.57
Return On Equity %	2.42	2.78	5.28	8.59	9.5
Return on Common Equity	-7.06	1.03	-7.67	-8.92	-9.06
Margin Analysis
Gross Profit Margin %	23.83	26.24	28	31.03	31.44
SG&A Margin	20.38	22.31	22.65	21.19	20.28
EBITDA Margin %	8.58	8.57	9.73	11.07	12.41
EBITA Margin %	6.68	7.4	8.59	9.93	11.34
EBIT Margin %	3.45	3.93	5.36	6.77	8.28
Income From Continuing Operations Margin %	1.19	1.11	2.21	3.56	3.82
Net Income Margin %	1.19	1.11	2.21	3.56	3.82
Net Avail. For Common Margin %	-3.48	0.35	-2.32	-3.19	-3.64
Normalized Net Income Margin	1.4	1.35	2.16	3.06	4.21
Levered Free Cash Flow Margin	-6.66	7.93	6.01	6.61	8.78
Unlevered Free Cash Flow Margin	-5.71	9.12	7.32	7.91	9.89
Asset Turnover
Asset Turnover	0.85	0.99	0.88	0.89	0.93
Fixed Assets Turnover	8.86	12.42	11.11	11.1	11.76
Receivables Turnover (Average Receivables)	4.46	4.76	3.85	3.77	4.01
Inventory Turnover (Average Inventory)	45.13	41.7	31.87	33.04	37.67
Short Term Liquidity
Current Ratio	3.03	1.38	1.43	1.41	1.5
Quick Ratio	2.51	1.24	1.28	1.27	1.38
Operating Cash Flow to Current Liabilities	0.21	0.14	0.28	0.33	0.35
Days Sales Outstanding (Average Receivables)	81.75	76.7	94.91	97.21	90.98
Days Outstanding Inventory (Average Inventory)	8.09	8.75	11.45	11.08	9.69
Average Days Payable Outstanding	23.43	26.87	35.29	36.69	34.41
Cash Conversion Cycle (Average Days)	66.41	58.58	71.07	71.6	66.27
Long Term Solvency
Total Debt/Equity	80.63	103.56	89.75	102.78	90.14
Total Debt / Total Capital	44.64	50.87	47.3	50.68	47.41
LT Debt/Equity	79.42	94.02	86.96	99.59	87.12
Long-Term Debt / Total Capital	43.97	46.19	45.83	49.11	45.82
Total Liabilities / Total Assets	54.97	63.86	62.21	63.78	61.86
EBIT / Interest Expense	2.27	2.06	2.56	3.25	4.65
EBITDA / Interest Expense	6.75	5.58	5.69	6.43	8.4
(EBITDA - Capex) / Interest Expense	5.83	4.94	5.1	5.86	7.72
Total Debt / EBITDA	4.62	4.34	3.12	3.23	2.59
Net Debt / EBITDA	1.69	3.48	2.54	2.7	1.82
Total Debt / (EBITDA - Capex)	5.35	4.9	3.48	3.55	2.82
Net Debt / (EBITDA - Capex)	1.96	3.92	2.83	2.97	1.99
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.84	66.45	5.64	1.3	12.72
Gross Profit, 1 Yr. Growth %	24.21	83.28	13.19	12.27	14.19
EBITDA, 1 Yr. Growth %	13.42	66.27	26.69	12.12	25.26
EBITA, 1 Yr. Growth %	21.2	84.41	30.77	13.52	27.41
EBIT, 1 Yr. Growth %	288.57	89.71	62.72	21.79	35.89
Earnings From Cont. Operations, 1 Yr. Growth %	-130.72	55.32	109.59	63.4	20.8
Net Income, 1 Yr. Growth %	-130.72	55.32	109.59	63.4	20.8
Normalized Net Income, 1 Yr. Growth %	417.65	65.12	113.39	33.33	52.29
Diluted EPS Before Extra, 1 Yr. Growth %	-69.72	-114.68	-800.72	22.68	24.18
Accounts Receivable, 1 Yr. Growth %	25.99	80.08	3.33	3.6	7.91
Inventory, 1 Yr. Growth %	7.81	136.23	-7.98	-4.67	1.4
Net Property, Plant and Equip., 1 Yr. Growth %	-7.58	47.31	-1.75	4.69	7.88
Total Assets, 1 Yr. Growth %	26.91	56.83	-6.19	7.4	9.62
Tangible Book Value, 1 Yr. Growth %	-168.51	-708.66	-0.93	-20.74	-16.12
Common Equity, 1 Yr. Growth %	49.1	-8.44	-2.63	42.59	15.41
Cash From Operations, 1 Yr. Growth %	-63.31	48.35	90.37	20.62	22.42
Capital Expenditures, 1 Yr. Growth %	44.74	43.64	8.86	-2.33	14.29
Levered Free Cash Flow, 1 Yr. Growth %	-165.89	-298.14	-16.98	8.29	48.34
Unlevered Free Cash Flow, 1 Yr. Growth %	-152.22	-365.89	-12.53	6.96	39.9
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.87	35.21	32.6	3.45	6.86
Gross Profit, 2 Yr. CAGR %	8.2	50.88	43.74	12.73	13.22
EBITDA, 2 Yr. CAGR %	84.77	37.33	41.21	11.14	19.04
EBITA, 2 Yr. CAGR %	201.15	49.5	50.41	12.37	20.87
EBIT, 2 Yr. CAGR %	68.33	171.5	65.16	20.89	29.6
Earnings From Cont. Operations, 2 Yr. CAGR %	-16.24	-30.93	80.42	85.06	40.49
Net Income, 2 Yr. CAGR %	-16.24	-30.93	80.42	85.06	40.49
Normalized Net Income, 2 Yr. CAGR %	36.83	189.01	64.8	28.29	45.15
Diluted EPS Before Extra, 2 Yr. CAGR %	15.33	-78.99	1.41	193.2	23.2
Accounts Receivable, 2 Yr. CAGR %	0.46	50.63	36.41	3.47	5.73
Inventory, 2 Yr. CAGR %	9.07	59.59	47.44	-6.34	-1.68
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.23	16.68	20.3	1.42	6.28
Total Assets, 2 Yr. CAGR %	13.41	41.08	21.29	0.38	8.51
Tangible Book Value, 2 Yr. CAGR %	-1.32	104.2	145.56	-11.39	-18.46
Common Equity, 2 Yr. CAGR %	14.98	16.84	-5.58	17.83	28.28
Cash From Operations, 2 Yr. CAGR %	-21.45	-26.22	68.05	51.54	21.52
Capital Expenditures, 2 Yr. CAGR %	-7.3	44.19	25.05	3.12	5.65
Levered Free Cash Flow, 2 Yr. CAGR %	46.76	14.26	25.93	-9.17	27.34
Unlevered Free Cash Flow, 2 Yr. CAGR %	50	17.83	50.09	-6.9	22.81
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	17.02	24.54	21.22	6.45
Gross Profit, 3 Yr. CAGR %	-	28.98	36.91	32.37	13.21
EBITDA, 3 Yr. CAGR %	-	78.39	31.26	31.98	16.01
EBITA, 3 Yr. CAGR %	355.11	155.73	39.96	38.39	17.57
EBIT, 3 Yr. CAGR %	265.3	75.17	119.67	51.72	26.31
Earnings From Cont. Operations, 3 Yr. CAGR %	32.88	2.9	0	74.56	60.53
Net Income, 3 Yr. CAGR %	32.88	2.9	0	74.56	60.53
Normalized Net Income, 3 Yr. CAGR %	63.78	44.57	141.35	57.53	36.62
Diluted EPS Before Extra, 3 Yr. CAGR %	61.17	-42.11	-32.36	8.05	119.91
Accounts Receivable, 3 Yr. CAGR %	-	22.04	32.85	24.46	4.93
Inventory, 3 Yr. CAGR %	-	41.12	32.83	27.5	-3.83
Net Property, Plant and Equip., 3 Yr. CAGR %	-	7.45	10.18	14.86	3.53
Total Assets, 3 Yr. CAGR %	60.42	26.35	23.14	16.48	3.37
Tangible Book Value, 3 Yr. CAGR %	-35.52	80.98	60.45	68.44	-12.99
Common Equity, 3 Yr. CAGR %	22.95	6.58	9.95	8.33	17.02
Cash From Operations, 3 Yr. CAGR %	106.89	-2.91	1.2	50.47	41.13
Capital Expenditures, 3 Yr. CAGR %	-	7.27	31.29	15.16	6.71
Levered Free Cash Flow, 3 Yr. CAGR %	431.05	62.21	1.47	20.88	7.3
Unlevered Free Cash Flow, 3 Yr. CAGR %	404.45	81.54	5.56	35.1	6.92
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	11.39	17.14
Gross Profit, 5 Yr. CAGR %	-	-	-	22.12	26.89
EBITDA, 5 Yr. CAGR %	-	-	-	50.99	26.93
EBITA, 5 Yr. CAGR %	-	204.39	192.27	88.87	32.82
EBIT, 5 Yr. CAGR %	-	168.29	165.92	58.16	79.65
Earnings From Cont. Operations, 5 Yr. CAGR %	-	53.51	50.18	30.13	14.57
Net Income, 5 Yr. CAGR %	-	53.51	50.18	30.13	14.57
Normalized Net Income, 5 Yr. CAGR %	-	75.36	64.19	48.9	99.18
Diluted EPS Before Extra, 5 Yr. CAGR %	-	4.13	33.74	10.77	-14.03
Accounts Receivable, 5 Yr. CAGR %	-	-	-	14.24	21.25
Inventory, 5 Yr. CAGR %	-	-	-	19.78	17.77
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	5	8.6
Total Assets, 5 Yr. CAGR %	-	45.76	43.44	15.24	17.06
Tangible Book Value, 5 Yr. CAGR %	-	10.64	10.08	36.01	22.39
Common Equity, 5 Yr. CAGR %	-	11.58	10.63	10.94	16.95
Cash From Operations, 5 Yr. CAGR %	-	259.12	90.38	16.01	8.88
Capital Expenditures, 5 Yr. CAGR %	-	-	-	5.59	20.36
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	198.63	30.63	11.75
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	210.62	40.88	12.67