ended Net my Good Industrial an remarks December increased prior excluding months by results Thanks, I’ll our segment turning year organic for performance the and the XX, before on everyone. morning, XX.X% to operating begin basis outlook. XXXX Services. period consolidated compared reviewing level three to our revenues when by Russ.
by on December for net year offset the an year, higher-margin XX, prior year Industrial Adjusted outsized growth to two chain caused period. on the and by For prior increased margin increase driven excluding XX, margins. inspection was compared Services. XX.X%, an organic point three was compared the pressure representing supply is ended revenues XX.X% which months and disruptions downward by ended segment December decline in partially our our basis Services XXXX, in and XXXX the revenue. basis XX This to Safety This a inflation, gross service
Safety supply the XXXX, was in to year was Adjusted period, mix improved which For This XXXX downward on was XXXX. ended our compared to compared for year as Safety and December due three the by disruptions well higher-margin XXXX, our segment. driven contribution segment, our of ended year net months growth December ventures service higher-margin adjusted XX, This Specialty disruptions which in chain Services Services continuing revenues by XX prior XX% in to and segment partially in and revenue in XX%, our representing revenue. basis on approximately an inflations, our margin caused a XX.X% margin XX.X% from increase growth of downward the supply partially which and in inspection adjusted by outsized inflation, point have caused Services pressure and offset pressure joint represented and margins. inspection as service prior increase offset lower the chain approximately outsized an to in margins XX% compared XX, was EBITDA gross
the compared For due items representing fourth XX prior decline for quarter. adjusted I the a EBITDA year year ended December to XXXX, margin the basis XX.X%, the points to was XX, mentioned
know, flow, otherwise. we – make whether which of and organic strong strengths acquisition one allocation creates or flexibility cash capital as which to As its drive best growth repayment free the many acquisitions decisions, APi’s well of debt you is historical opportunities create as to
primarily our capital in working we on due working increased As with we organic levels, revenues substantial XXXX, in by noted calls, during throughout ended net a growth XXXX driven reduction XXXX investment volume QX suppressed as prior the pandemic. to capital have
our and to demand December the For XX%, free flow our the $XXX our quarter cash impacted in the $XXX adjusted was conversion fourth which million, XXXX, higher year for revenue decrease by for ended was and by prior Specialty in Services three XX, compared was service Services. of XX, markets. more than XXXX increased results majority I representing three Safety Services free on continued million Safety anticipated due December in and rate across segment. with the million of XX% detail year basis now in beginning a discuss the will each $XXX flow net adjusted core or the inspection approximately our segments cash months Safety of to revenues an primarily XX%, growth organic ended
December margin the in driven the year XX.X%, prior markets period, revenue our months disruptions of net For for ended organic Adjusted XXXX by revenue decline a growth chain negatively XXX the representing market offset basis life inspection and due compared general XX, pandemic. year three to by to of partially in was year, was which the businesses. an revenues by increased a decline and to service for and by an XXXX, service its productivity. was point This compared XX, impacted on ended which mix December safety recovery majority prior inspection across our gross the XX.X% the continued improved caused supply basis
in primarily fourth December ended as XX.X% year year quarter. adjusted XX.X%, gross compared inspection basis December which margin for the year revenue, margin of adjusted to XXXX disruptions. representing by the certain compared by three Adjusted For increase partially to was XX.X%, point due prior drivers XX, driven offset gross service XXXX, the months margin for mentioned the XX, a ended factors EBITDA and supply chain prior the the was to was increase XX
and now the temporary representing adjusted basis EBITDA counteract For year XXXX, point the inspection revenue. the ended increased partially three of basis was services. a margin the due and containment service largely mix XX, impact return an Services for detail XX%, of the of by more pandemic by demand I due increased XX.X%, improved Specialty year segment. our for ended compared an in efforts primarily negative in will fabrications This was timing our contracting December revenues on to XXXX increase prior results Specialty to Services discuss XXXX. and to XX XX, to for net cost the organic implemented offset months December specialty
prior to basis XXXX mentioned on fourth was ended pressure XX basis XX%, factors the December as increase Adjusted compared by margin to an year net This to in drivers year ended For revenues three supply XXXX, and a and the XX.X%, the inflation, for XX, by gross revenue caused partially on quarter. disruptions for offset due chain increased representing service an organic which primarily months due the downward the XX, December was productivity. point increase improved margins.
was For supply increase chain the productivity, disruptions XXXX, margin which December along which ended the consistent XX, an I Adjusted and the margin improved prior margin was and with lower offset partially three gross XX.X% customer year prior ended period. selection to margins. ventures inflations, compared to December due contributions performance, was items caused XXXX XX.X% to on joint prior in months adjusted revenue, year disciplined project year EBITDA service XX, from and with consistent the due with for noted for by year pressure gross
X.X%, offset XXXX prior was improved margin discuss and largely XX%, year. Industrial efforts representing impact and inflation, These counteract three ended lower was XXXX, of December was chain disciplined basis ended for year. project equipment pressure compared decisions the organic months compared to results leases decline margin to project Industrial offset by the The was in declined prior for three service respectively year partially of focus by respectively, contribution volumes. EBITDA our cost implemented That the and revenue. suspend to and to XX.X%, due increase the period. point XXXX downward EBITDA project costs detail margin and selection, revenue, more were an by and/or certain and for an mix now factors basis This customer selection, of temporary adjusted unabsorbed to supply end XX, pandemic which the partially XX.X% adjusted service ended our I’ll XX, For disruptions margins. by gross revenues difficult of return Adjusted industry year and towards respectively, recovery year containment for December XXXX by caused The on XXX segment. XX.X%, the decline to compared the was and December the XX.X% months to driven the a customer by XX, our decline and customers on and and negative conditions. joint improved productivity. in and on some full X.X% net Services disciplined an showing the ventures prior continued from in lower driven in Services due our year delay
for selection to revenue, For ended EBITDA XX, the due was mix reduction service segment. XX.X%, project leases equipment certain the decline lower actions prior taken margin X.X% primarily an due improved cost The adjusted and in the to XX.X% respectively, offset margin volumes. compared of cost and unabsorbed December adjusted This and by was gross to customer period. XXXX, and and and respectively disciplined in X% partially was year year
historical the Chubb be the our the be Industrial Effective Services Safety X, segment. as management that I three have guidance this that segments within last like the our will structure historical Services segments Services. business we January the results detail, we Services Specialty as reported the discuss review and be be and Before This will reported more time call. XXXX I XXXX, will acquisition. following for reporting Specialty Chubb in note one would to last realigned will
present line The Safety As focused forward. two continued we moving will a to our line Services. I of top in Specialty XXXX we organic XX% financial driving for segments to now outlook by average segments for growth healthy growth information Services We EBITDA trend will delivering our focus on on will our XXXX. historical X% began plan margins mid-term continue as with result, and of be X% our to adjusted discuss XXXX.
we February revenue. for from revenues believe our relentless by our range press release, focus recurring to XX net stated billion XXXX service growing on $X.X As that $X.X billion, driven will
QX million to to for line $X.XXX half organic to be We expect in historical we QX at constant In to million. $X.XXX the revenues basis to $X.XX million with to our an million, to be $X.XXX on $X.XX be million, second growth $X.XXX expect be X%. XXXX, and X% will performance currency net
disruptions between dependent For million XXXX, speed EBITDA. of on activities exchange integration be which deliver million platform, $XXX and to rate implement inflationary finalize with within adjusted certain we will of supply pressures, range end we the chain we largely revenue and growth expect movements $XXX and the across during to this our Where further impact year. our the
spent we on $XX to line And delivering left diligence we tangible. if to opportunities successfully during more saving more million becoming lot sight of have – the time the the $XX a million As process. we these we original the identified annual work of execute all are our Chubb post-close, with are opportunities. annualized do we business There’s believe opportunities of
months the months to we operating anticipate to take XX the place While synergies and take XXXX, immediately XX we of acquisition charges, restructuring to the will projected realize. – XX accretive expect will excluding most one-time be in
$XXX year, the approximately to to how million. expect million. adjusted million, move million to anticipate be on and to XXXX million $XXX be million to $XXX half interest for Depending the interest $XXX we to EBITDA QX $XXX throughout QX to be $XXX rates be million, We second expense $XXX
$XX to expenditures and approximately depreciation expense expect million. approximately We $XX to million capital be be
of result increase our to acquisition anticipate cash XX%. Chubb, to the a approximately adjusted we As effective of rate tax
first Our in was approximately adjusted million weighted will quarter average diluted share be quarter for fourth and XXXX. for count $XXX million the the $XXX
in the prior additional kind cash for on on million quarterly transaction, $XXX shares at Chubb company’s X.X% dividend by stock. payment basis As a with of for in the a annual calls, there equity of financing, in perpetual the connection option discussed preferred is common payable
at flows We the balance stock we company’s whether dividend sheet cash decide based the will the is time due and on cash pay or position. will in
common For annual high into communicated a $XX.XX. price the conversion any stock perpetual From first the flow be time have paying on near-term be expected our $XX at The of our free dividend the holder intent perspective, by our cash. a amount to capital cash to remains may at offered model. quarter, preferred million converted by focus we asset-light approximately the conversion operating allocation is through deleveraging and
of Chubb ratio EBITDA net debt Following was the adjusted X.X. the on transaction X, close January our approximately to
to flow expect to by to the average the and call free X I deliver We return average turn over approximately one generated debt to on long-term turn to adjusted of coming our cash approximately over cash to use on reduce the Jim. annually range our conversion now XX% of intend times. targeted will years X.X to
