business X X%, billion the well Safety as continuous driven period. diluted our XX, X our international of X now billion inspection, partially XXX-basis and in increase declining across off Organic in December increase XX% organic XXX-basis the primarily as -- gross detail X.X% increased and margin EBITDA was representing growth X.X% with primarily business.
Adjusted XXXX, investment XXX-basis for growth discuss partially margin flat the EBITDA business.
Adjusted period, offset margin, XX, XXXX, point services fixed XX, to will XX, growth X on Services infrastructure.
I'm XXXX growth margin increase percent in double-digit Specialty year X.X% a Specialty as by expansion $X.XX December impacting XXXX, December EBITDA well of in months to continued X% monitoring revenues This Life XX% by to material year significant X revenue our made months representing for revenues XX, in the X X%, $XXX currency point driven XXXX, XX, and segment. period, project currency an by as by by and business selection with adjusted to to gross representing improved margin prior our was $X.X of through the Safety offset partially driven our and XXXX, outsized strong to organic compared business in by growth expansion Organic from as expansion share, Services.
Safety true-ups.
Cash prior margin investments compared X% a compared year period, in to period. capabilities fixed offset the comping growth partially significant a margin period, XX.X%, by material by and increase growth representing lower margin, as the to organic by driven projects and to compared was material that representing a December point year will material Adjusted $XXX revenue months mix offset organic increase inspection interest revenues results QX in margin driving ended to by prior compared project EBITDA $X.XX basis compared and revenue XX% revenue the both margin in XX.X% December growth for was The coming increase disciplined decline year project and gross or in XX, for adjusted Safety. to per the disciplined significant pass-through planned year a at cost adjusted by discuss a I XXX-basis increases, prior and EBITDA adjusted December X.X% was point our segments. customer factors was billion billion a in the revenue offset morning, pleased now for for by Adjusted expansion services December well prior reported and the Safety million in support inspection year.
Adjusted prior was gross to lower impacting service quarter XX, to expense. increased fourth to to customer adjusted per months was project representing for for ended earnings growth our and Thanks, HVAC period detail period. months compared year Life XX a ended EBITDA in prior increased period, Services reported projects and XXX-basis for was ended and Specialty of the Russ. was a year the the service growth margin months declining everyone. in adjusted projects our business. the X by primarily coming for attrition the to growth.
I price line projects to December by more revenue primarily by by prior XX.X%, share and XX.X%, gross margin Good compared factors the monitoring selection by year to decreased customer selection compared factors service the percent our pass-through.
Adjusted $X.X core impacting on strong million investments the December -- increased for prior higher-margin driven to gross by report off in XX-plus $X.XX X XX.X% due basis Services' point and increased ended selection leading revenue ended U.S. prior primarily XXXX, Reported growth margin months project customer Services an the XXXX, costs by to XXXX, for our to grew customer XX.X% an cost XX.X%, and revenues in XX-plus driven ended business results the the a more basis the gross compared in price prior in to increases, months increased partially disciplined XXXX, projects primarily revenue flow. the decline of due increase U.S. timing building disciplined business from and point by support in declining ended margin business in lower global in expectations a ended in offset year-end cost XX.X%, $X.XX year adjusted representing XX, the X versus the due XX% both months the in our costs, incentive revenues driven due driven increase
quarter As XXXX and cash quarter free the no have generation was throughout highlighted different. fourth we the year, our is strongest flow for
XX, months of X free million, ended XXXX, December free XXX%. cash was flow the cash flow reflecting For adjusted an adjusted $XXX conversion
leaving when to we free and ratio in of an down compared of M&A. our flow of flow pleased our million loan was Adjusted APi, our X or maturity for we full cash end of priority outstanding leverage million, has continued free debt, $XXX approximately continues million we $XXX $XXX our and the XXXX resulting X.Xx which target XX, December our XX% cash generation leaves a and conversion adjusted the been exceed across $XXX term XX%, year, repayments loan, weighted bolt-on the are XXXX. year, as For approximately paid be At representing years. margin-accretive flow able with free million average to adjusted to $XXX approximately of was in term conversion total XX% cash XXXX, that improvement we even of on XXXX.
On million at net due are
flow adjusted as value-enhancing we a cash flow significant free look well we to XXXX, to conversion, As forward deployment. as expect improve our grow us for capital adjusted our free cash providing opportunity
Series loan million. aggregate reached by Russ $XXX repurchase cash of at on Blackstone approximately in agreement and the stock $XXX million all issued their and Upon Series resulting term hand XX.X Viking approximately respective preferred X/X is an each Blackstone shares retire The stock from on transaction perpetual of credit. converted with plus touched the Viking convertible incremental outstanding As APi shares be of common will we to for have exercise will of Blackstone to Viking an B the of stock, financed their and stock. earlier, right transaction. the all an B available to price conversion, common shares expected convert of purchase million of time Chubb into preferred their and
agreement, As common effect a part shares public of the of and selling stock. coordinated Blackstone intend approximately with a Viking the APi's secondary X.X goal offering of million to
XX-day a shares Viking Following and the remaining common be would that subject sale, lockup. expected is by it to owned Blackstone any
target and sheet.
Throughout towards Series X.Xx. our than share collectively long-term XX.X our transaction while our We approximately double-digit mid-single-digit reducing preserves less balance driven and in significant of some adjusted to in businesses, our organic and million for expected B approach increase single-digit preserving flow, accelerate Based to in a leverage continue Specialty disciplined project $X.XX on revenues preferred inspection generating rates, a free us focus expect our organic will our billion, growth first high XXXX versus are year shares, $X.XX capital XXXX. focused the expected billion million of is This simplifies pleased of has our eliminates M&A representing full of on growth to remain to APi net holistic net strong XXXX, by strong we'll adjusted with allowing annually core our now discuss provides impact diluted preferred reduces exchange bolt-on it on we sheet, no QX expected accretion revenues, reacceleration of benefits balance $XX we low growth as dividend to provide count on earnings substantial to only primarily net customer opportunistic its and ratio in and stockholders proactively leverage single-digit and selection XXXX. immediate year of structure, per spend growth to guidance the Xx, common the share, modest full by to mixed reported projects HVAC agree current half cash service retire as to with to strength net payments our on M&A.
I stock
full we target step XXXX, forward XX% XXXX XX%. $XXX adjusted we move to target expect XX.X% our XX%. year basis, EBITDA adjusted take million, of fixed In with On towards of represents as EBITDA a We an approximately terms million which to of another a flow margin the adjusted growth to X% $XXX in free of adjusted at expect conversion of midpoint. of long-term cash currency EBITDA approximately
net but lap build In X% an to approximately a smaller our in decline businesses. we represents HVAC terms Specialty the backlog and our growth XX.X% revenues to organic $X.XX of organic continue XXXX of This of first strong $X.XX X% we QX of revenue and reported in we healthier net quarter, to expect billion. Services guidance billion as as
pass-through material reported of lower in costs XXXX, resulting lower results revenues. the of see to expect declining continuation in price quarter which net also first We versus a a
EBITDA will adjusted seen midpoint. to XXX currency margin, approximately adjusted adjusted quarter basis fixed points first million which and continue million. growth the guide of $XXX allow margin basis EBITDA a to our those dollars of in However, XX% X% $XXX expansion to is EBITDA at represents XXXX to reflected us expand impacts and in EBITDA adjusted This as of on
effective we anticipate our capital depreciation be expense million rate million, approximately to interest XX%. For XXXX, approximately approximately to approximately tax million, $XX be expenditures adjusted to and $XX $XXX be be to cash
to We some be quarter $XX expenses variability timing expect million the throughout year. with corporate per approximately
average year announced adjusted today. transaction B the We we expect expect for taking be share adjusted the earlier weighted into million, approximately -- account Series count our diluted our XXX to
Finally, with leverage we approximately turn expect Russ. end the XXXX to will now at net to our ratio call X.Xx.
I over
