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APi Group Corporation
11/10/2021
Good morning, ladies and gentlemen, and welcome to API Group's third quarter 2021 financial results conference call. All participants are now in a listen-only mode until the question and answer session. Please note, this call is being recorded. I will be standing by should you need any assistance. I will now turn the call over to Olivia Walton, Vice President of Investor Relations at API Group. Please go ahead.
Thank you. Good morning everyone and thank you for joining our third quarter 2021 earnings conference call. Joining me on the call today are Ross Becker, our President and CEO, Kevin Crum, our Executive Vice President and Chief Financial Officer, and Sir Martin Franklin and Jim Lilly, our Board Co-Chairs. Before we begin, I would like to remind you that certain statements in the company's earnings press release announcement and on this call are forward-looking statements, which are based on expectations, intentions, and projections regarding the company's future performance, anticipated events or trends, and other matters that are not historical facts. These statements are not a guarantee 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. In our press release and filings with the SEC, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, November 10th, and we have no obligation to update any forward-looking statement we may make. As a reminder, we have posted a presentation detailing our third quarter financial performance on the investor relations page of our website. Our comments today will also include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our press release and our presentation. In addition, please note that the company no longer adjusts gross profit, selling general and administrative expense, and net income for depreciation remeasurements associated with acquisitions. The prior comparative periods have been recast to reflect the updated presentation. There is no impact on future periods as the actual and adjusted amounts are approximately the same for the fourth quarter. The supplemental information is available in the presentation section of our website. It is now my pleasure to turn the call over to Martin.
Thank you, Olivia. We had another very productive quarter, and I might add a very busy one. Over the last 90 days or so since our last earnings call, we announced the planned acquisition of the Chubb Fire and Security business, and add on to our term loan facility an equity offering, and completed a very successful bond offering. Each of these capital markets activities gave Russ, Jim, and I, and now Kevin, the opportunity to update current investors on the business and introduce new investors to the company. We will welcome three new Bulge Bracket firm analysts to all of you as they launch coverage in the company in the coming months, as we continue to widen the audience and network of API investors. Having recently passed our two-year anniversary since completing the acquisition of API on October 1st, 2019, we're very pleased with the progress achieved at the company. while also being very focused on the future with the upcoming strategic acquisition of Trump. The Trump acquisition will open another new chapter for API. However, we also see it as a continuation of our original investment thesis in the value of creating the global leader in life safety services, concentrating the majority of the business on statutorily mandated recurring revenue services. Russ and Kevin will speak to the performance of the business, but I would add that in our view, the strong performance of the business speaks to the leadership team, discipline of the organization, and the future opportunities for API as we continue our focus on shareholder value creation. We believe we have strong momentum and a clear path to make the most of the opportunities in front of us. Russ and his team are doing the right things internally to build on our already solid foundation for a very bright future. With that, I'll hand the call over to Russ.
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