Exhibit 99.1
APi Group Corporation
Condensed Consolidated Balance Sheets (GAAP)
(Amounts in millions)
(Unaudited)
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
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 | ||||||
|
|
|
| |||||
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 | ||||||
|
|
|
| |||||
Total assets | $ | 8,142 | $ | 5,159 | ||||
|
|
|
| |||||
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
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 | ||||||
|
|
|
| |||||
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 | ||||||
|
|
|
| |||||
Total liabilities | 5,067 | 2,836 | ||||||
Total redeemable convertible preferred stock | 797 | — | ||||||
Total shareholders’ equity | 2,278 | 2,323 | ||||||
|
|
|
| |||||
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity | $ | 8,142 | $ | 5,159 | ||||
|
|
|
|
1