7 unchanged sentences
In addition, our Credit Agreement (as later defined), in certain situations, prohibits us from paying cash dividends or making other distributions on our common stock without prior consent of the lender.
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.”
−Removed: The holders of our Series B Preferred Stock are entitled to receive quarterly dividends in cash or (subject to the satisfactions of certain conditions) shares of our common stock, at our sole option (which we intend to settle in shares of common stock).
−Removed: Quarterly dividends were paid to those holders in shares of common stock for each quarter of 2023.
−Removed: Refer to Note 19 – “Shareholders’ Equity and Redeemable Convertible Preferred Stock” to our consolidated financial statements for additional information.
+Added: See Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”
+Added: Holders of shares of our Series A Preferred Stock are entitled to receive an annual stock dividend, payable in stock or cash at the election of our Board of Directors, based on the appreciated stock price compared to the highest dividend price previously used in calculating the Series A Preferred Stock dividends.
+Added: We intend to settle these dividends in shares of Common Stock.
+Added: Prior to the conversion of our Series B Preferred Stock into common stock in February 2024 ("Series B Preferred Stock Conversion"), the holders of our Series B Preferred Stock were entitled to receive quarterly dividends in cash or (subject to the satisfactions of certain conditions) shares of our common stock, at our sole option (which we intended to settle in shares of common stock).
+Added: We declared a pro rata Series B Preferred Stock dividend of $7 million, or 283,196 shares of common stock, during the year ended December 31, 2024 for the Series B Preferred Stock outstanding through February 28, 2024.
+Added: Refer to Note 19 – “Shareholders’ Equity and Redeemable Convertible Preferred Stock” to our consolidated financial statements included in this Annual Report for additional information.
Stock Repurchase Program
−Removed: On March 9, 2022, we announced that our Board of Directors authorized a stock repurchase program (“SRP”) to purchase up to an aggregate of $250 million of shares of our common stock.
+Added: On February 26, 2024, our Board of Directors authorized a stock repurchase program ("SRP") to purchase up to an aggregate of $1,000 million of shares of our common stock.
Acquisitions pursuant to the SRP may be made from time to time through a combination of open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions, at our discretion, as permitted by securities laws and other legal requirements.
In connection with the SRP, we may enter into Rule 10b5-1 trading plans which would generally permit us to repurchase shares at times when we might otherwise be prevented from doing so under the securities laws.
−Removed: The SRP will expire on February 29, 2024 unless otherwise modified or earlier terminated by our Board of Directors at any time in its sole discretion.
−Removed: During the twelve months ended December 31, 2023 and 2022, we repurchased 1,626,493 and 2,505,723 shares of common stock for approximately $41 million and $44 million, respectively.
+Added: This stock repurchase program will expire when the authorized amount is exhausted, unless otherwise modified or terminated by our Board of Directors at any time in its sole discretion.
+Added: During the year ended December 31, 2024, we repurchased 16,260,160 shares of common stock for approximately $600 million.
+Added: The repurchases during the year ended December 31, 2024 were related to the Series B Preferred Stock Conversion (see Note 19 – "Shareholders' Equity and Redeemable Convertible Preferred Stock" to our consolidated financial statements).
As of December 31, 2024, we had approximately $400 million of authorized repurchases remaining under the SRP.
−Removed: On February 26, 2024, our Board of Directors authorized a stock repurchase program to purchase up to an aggregate of $1,000 million of shares of our common stock.
−Removed: This stock repurchase program is indefinite, unless otherwise modified or terminated by our Board of Directors at any time in its sole discretion.
+Added: In 2022, our Board of Directors authorized a stock repurchase program ("2022 SRP"), authorizing the purchase of up to an aggregate of $250 million of common stock through February 2024.
+Added: During 2023, we repurchased 1,626,493 shares of common stock for approximately $41 million.
+Added: The 2022 SRP expired on February 29, 2024.
Issuer Purchases of Equity Securities
1 unchanged sentence
Performance Graph
−Removed: The following graph summarizes the cumulative return on $100 invested in APG’s common stock, the S&P 500, the Russell 2000 Stock Index, and the common stock of a selected peer group of companies if invested on October 1, 2019, the date of the acquisition of APi Group (the "APi Acquisition"), until December 31, 2023.
+Added: The following graph summarizes the cumulative return on $100 invested in APG’s common stock, the S&P 500, the Russell 2000 Stock Index, and the common stock of a selected peer group of companies if invested on January 1, 2020 until December 31, 2024.
Because our services are diverse across our operating segments, APG does not believe that any single published industry index is appropriate for comparing shareholder return.
−Removed: Therefore, the peer group used in the performance graph combines publicly traded
−Removed: companies that have similar characteristics as one or more of APG’s segments.
+Added: Therefore, the peer group used in the performance graph combines publicly traded companies that have similar characteristics as one or more of APG’s segments.
The returns of each company in the peer group are weighted based on the market capitalization of that company at the beginning of the measurement period.
The stock price performance shown in the graphs is not necessarily indicative of future price performance.
−Removed: (1) Peer group includes Cintas Corporation, Comfort Systems USA, Inc., EMCOR Group Inc., Jacobs Engineering Group Inc., Johnson Controls International plc, MasTec Inc., Otis Worldwide, and Quanta Services, Inc.
+Added: The peer group includes Cintas Corporation, Comfort Systems USA, Inc., Dycom Industries, Inc., EMCOR Group Inc., FirstService Corp, Johnson Controls International plc, MasTec Inc., Otis Worldwide, and Quanta Services, Inc.
+Added: In 2024, FirstService Corp was added to the peer group to provide exposure to non-residential services including fire protection services.
+Added: Further, Dycom Industries, Inc.
+Added: was added to the peer group and Jacob Engineering Group Inc.
+Added: was removed from the peer group to better reflect the businesses of our Specialty Services segment.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.