APi Group Corp 8-K/A, filed May 6, 2022
APi Group Corp (APG)
About this 8-K/A
APi Group Corp filed this 8-K/A on May 6, 2022, reporting on events of May 4, 2022.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
The Company is furnishing this Amendment No. 1 on Form 8-K/A (this “Amendment No. 1”) solely to correct typographical errors in certain line item descriptions in the shareholders’ equity section of the Condensed Consolidated Balance Sheet included in the Press Release furnished with the Original Form 8-K. No numerical changes were made to the Condensed Consolidated Balance Sheet. A copy of the corrected Condensed Consolidated Balance Sheet is furnished as Exhibit 99.1 hereto.
Except as specifically described above, this Amendment No. 1 does not modify or update the Press Release or the Original Form 8-K, including the financial information reported therein, and does not reflect events occurring after the dissemination of the Press Release or the filing of the Original Form 8-K or modify any disclosures that may be affected by subsequent events.
The information furnished under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is being furnished as part of this Current Report on Form 8-K.
| Exhibit No. |
Description | |
| 99.1 | Corrected Condensed Consolidated Balance Sheet of APi Group Corporation as of March 31, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| API GROUP CORPORATION | ||
| By: | /s/ Kevin S. Krumm | |
| Name | Kevin S. Krumm | |
| Title: | Chief Financial Officer | |
Date: May 6, 2022
Exhibit 99.1
APi Group Corporation
Condensed Consolidated Balance Sheets (GAAP)
(Amounts in millions)
(Unaudited)
| March 31, 2022 |
December 31, 2021 |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 315 | $ | 1,188 | ||||
| Restricted cash |
3 | 302 | ||||||
| Accounts receivable, net |
1,184 | 767 | ||||||
| Inventories |
142 | 69 | ||||||
| Contract assets |
452 | 217 | ||||||
| Prepaid expenses and other current assets |
131 | 83 | ||||||
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| Total current assets |
2,227 | 2,626 | ||||||
| Property and equipment, net |
384 | 326 | ||||||
| Operating lease right of use assets |
244 | 101 | ||||||
| Goodwill |
2,310 | 1,106 | ||||||
| Intangible assets, net |
2,182 | 882 | ||||||
| Deferred tax assets |
70 | 73 | ||||||
| Pension and post-retirement assets |
653 | — | ||||||
| Other assets |
72 | 45 | ||||||
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| Total assets |
$ | 8,142 | $ | 5,159 | ||||
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| Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity |
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| Current liabilities: |
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| Short-term and current portion of long-term debt |
$ | 2 | $ | 1 | ||||
| Accounts payable |
391 | 236 | ||||||
| Accrued liabilities |
488 | 360 | ||||||
| Contract liabilities |
422 | 243 | ||||||
| Operating and finance leases |
64 | 27 | ||||||
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| Total current liabilities |
1,367 | 867 | ||||||
| Long-term debt, less current portion |
2,812 | 1,766 | ||||||
| Pension and post-retirement obligations |
73 | — | ||||||
| Deferred tax liabilities |
489 | 43 | ||||||
| Operating and finance leases |
189 | 79 | ||||||
| Other noncurrent liabilities |
137 | 81 | ||||||
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| Total liabilities |
5,067 | 2,836 | ||||||
| Total redeemable convertible preferred stock |
797 | — | ||||||
| Total shareholders’ equity |
2,278 | 2,323 | ||||||
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| Total liabilities, redeemable convertible preferred stock, and shareholders’ equity |
$ | 8,142 | $ | 5,159 | ||||
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