APi Group Provides Business Update and Announces Date for 20
NEW BRIGHTON, Minn., March 31, 2020 /PRNewswire/ -- APi Group Corporation (OTC:JJAQF; LSE:JTWO) ("APi" or the "Company"), announced today that it intends to release its financial results for the year ended December 31, 2019 and hold a conference call to discuss these results on April 8, 2020.
APi's results for 2019 were in line with expectations and guidance and we look forward to reviewing these results as well as the outlook for 2020 on our upcoming conference call. As many other companies have done, and out of an abundance of caution, the Company recently drew down $200 million under its revolving credit facility. We continue to maintain a conservative balance sheet and had total cash on hand of approximately $396 million at March 30, 2020 including the draw down on the revolver. Our net debt to adjusted EBITDA ratio calculated in accordance with the credit facility was 2.4x as of December 31, 2019.
APi has seen a relatively minor impact to its business during the first three months of 2020. The safety, health and well-being of all our employees remains paramount, and we are taking precautionary measures that we expect will help to protect our business and all of our constituencies. The Company has implemented a preemptive cost reduction plan in advance of any impact that may occur in the coming months and we intend to cover some specific details about this plan on our conference call. APi believes that due to the statutory nature of much of its work and the investments being made across the public and private utility sector of its business, that while it may experience delays in certain projects as customers are quarantined, it does not expect significant cancellation of many of its planned projects. The Company is actively quoting new work and seeking to accelerate certain service and inspection projects for customers such as schools, hotels, casinos and other customers that may be temporarily operating at less than capacity or closed. As states and municipalities enact shelter-in-place and stay-at-home policies, to date the services we provide have been deemed to be essential in many instances. Our leadership is focused on working with government officials to continue to be considered an essential service as localities respond to COVID-19. While our business is generally acyclical in nature, it is not immune to the macroeconomic pressure from the impact of COVID-19. We do expect some negative impact like all businesses, yet believe that we are well positioned to continue with our business plans for 2020 and beyond.
APi Group will host a webcast/dial-in conference call to discuss its 2019 financial results at 8:30 a.m. (Eastern Time) on Wednesday, April 8, 2020. Participants on the call will include Russ Becker, President and Chief Executive Officer; Tom Lydon, Chief Financial Officer; James E. Lillie and Sir Martin E. Franklin, Co-Chairmen.
To listen to the call by telephone, please dial 833-721-2905 or 929-517-9835 and provide Conference ID 2764874. You may also attend and view the presentation (live or by replay) via webcast by accessing the following URL:
A replay of the call will be available shortly after completion of the live call on the webcast or by telephone, 855-859-2056 or 404-537-3406.
APi Group is a market-leading business services provider of life safety, specialty and industrial services in over 200 locations, primarily in North America. APi Group provides statutorily mandated services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders to deliver innovative solutions for our customers. More information can be found at https://www.apigroupinc.com/.
Investor Relations Inquiries:
Vice President of Investor Relations
email: [email protected]
Forward-Looking Statements and Disclaimers
This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding the Company's future performance, anticipated events or trends and other matters that are not historical facts, including expectations regarding: (i) the ability of the Company to meet the eligibility criteria and effect a registration under the Securities Act of its securities, a listing of its securities on the New York Stock Exchange, its domestication and the timing for such registration, listing and domestication; (ii) the Company's positioning regarding its future business plans; and (iii) the impacts of the COVID-19 pandemic on the future operating and financial performance of the Company. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition and other risks that may affect the Company's future performance, including the impacts of the COVID-19 pandemic on the Company's business, markets, supply chain, customers and workforce, on the credit and financial markets, and on the global economy generally; (ii) the ability to recognize the anticipated benefits of the acquisition and of the Company to take advantage of strategic opportunities; (iii) the limited liquidity and trading of the Company's securities; (iv) changes in applicable laws or regulations; (v) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (vi) other risks and uncertainties. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement constitutes or should be construed as constituting a profit forecast. This announcement contains inside information as defined in article 7 of the Market Abuse Regulation (EU) No 596/2014.
SOURCE APi Group Corporation