APi Group Corporation
05/02/2025 | Press release | Distributed by Public on 05/02/2025 12:04
EXPLANATORY NOTE (Form 8-K)
EXPLANATORY NOTE
APi Group Corporation (herein referred to as "we," "us," "our," the "Company," and "APG") is filing this exhibit (this "Exhibit") to the Current Report on Form 8-K (the "Form 8-K") solely to recast reportable segment financial information and related disclosures included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, originally filed with the Securities and Exchange Commission (the "SEC") on February 26, 2025 (the "2024 Form 10-K"), to reflect changes implemented during the first quarter of 2025, as described in the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025. The information in this Exhibit is not an amendment to or restatement of the 2024 Form 10-K.
Change in Operating and Reportable Segments
In January 2025, due to a change in the way the businesses are managed, the Company realigned its segments by moving the HVAC business from Safety Services to Specialty Services. As a result, beginning in January 2025, HVAC business leadership responsibility and full accountability was transferred to report through the Specialty Services segment and information for the HVAC business is combined with the Specialty Services segment within the information reviewed by the CODM. The CODM began regularly reviewing financial information to allocate resources and assess performance utilizing these reorganized segments in January 2025. As such, prior period amounts throughout this Exhibit have been recast to reflect the change in segment presentation.
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