APi Group Corporation

Good morning, ladies and gentlemen, and welcome to API Group's fourth quarter and full year 2023 Financial Results Conference call. All participants are now in the listen mode only until the question and answer session. Please note that this call is being recorded. I will be standing by should you have any questions or needed any assistance. I will now turn the call over to Adam Freed, Vice President of Investor Relations at API Group. Please go ahead.

Thank you. Good morning, everyone. And thank you for joining our fourth quarter 2023 earnings conference call. Joining me on the call today are Russ 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'd like to remind you that certain statements in the company's earnings press release announcement And on this call, our 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 different 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, February 28th, and we undertake no obligation to update any forward-looking statement we may make except as required by law. As a reminder, we have posted a presentation detailing our fourth 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. It's now my pleasure to turn the call over to Jim.

Thank you, Adam, and good morning, everyone. 2023 was another tremendous year for API with record net revenues, record adjusted EBITDA, record reported and adjusted earnings per share, and record adjusted free cash flow. As I mentioned on the last call, our strategy of evolving away from lower margin, higher risk opportunities while focusing investments on service revenue expansion continues to yield the desired results, margin expansion and stronger free cash flow generation. Under Russ's leadership, API has successfully acquired and integrated over 100 companies over the last 20 years, helping supplement organic growth as the business scaled from approximately $600 million in revenues over 20 years ago to nearly $7 billion globally in 2023. With the progress made in reducing our net debt to adjusted EBITDA to 2.3 times, we are excited to build on our track record of disciplined, predictable, and thoughtful decisions regarding capital allocation as we keep our focus on both on M&A and accretive multiples and margins. We have great confidence in the business, as demonstrated by our stock buyback, And we believe that our laser focus on our longer-term 136080 value creation targets will generate continued exceptional performance through 2025 and beyond. As a reminder, our financial goals include adjusted EBITDA margin of 13% or more in 2025, long-term organic revenue growth above the industry average, long-term revenues of 60% from inspection, service, and monitoring, and long-term adjusted free cash flow conversion of 80%. Our confidence in the leadership team and the foundation for long-term value creation is stronger than ever. And with that, I'll hand the call over to Russ. Russ?