(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
Date: | By: | /s/ Kenneth D. Krause | ||||||
Name: | Kenneth D. Krause | |||||||
Title: | Executive Vice President, Chief Financial Officer and Treasurer | |||||||
(Principal Financial Officer) |
Three Months Ended March 31, | ||||||||||||||||||||
Variance | ||||||||||||||||||||
(in thousands, except per share data) | 2024 | 2023 | $ | % | ||||||||||||||||
GAAP Metrics | ||||||||||||||||||||
Revenues | $ | 748,349 | $ | 658,015 | $ | 90,334 | 13.7 | % | ||||||||||||
Gross profit (1) | $ | 382,791 | $ | 331,173 | $ | 51,618 | 15.6 | % | ||||||||||||
Gross profit margin (1) | 51.2 | % | 50.3 | % | 90 bps | |||||||||||||||
Operating income | $ | 132,424 | $ | 112,240 | $ | 20,184 | 18.0 | % | ||||||||||||
Operating income margin | 17.7 | % | 17.1 | % | 60 bps | |||||||||||||||
Net income | $ | 94,394 | $ | 88,234 | $ | 6,160 | 7.0 | % | ||||||||||||
EPS | $ | 0.19 | $ | 0.18 | $ | 0.01 | 5.6 | % | ||||||||||||
Operating cash flow | $ | 127,433 | $ | 100,773 | $ | 26,660 | 26.5 | % | ||||||||||||
Non-GAAP Metrics | ||||||||||||||||||||
Adjusted operating income (2) | $ | 137,689 | $ | 112,240 | $ | 25,449 | 22.7 | % | ||||||||||||
Adjusted operating margin (2) | 18.4 | % | 17.1 | % | 130 bps | |||||||||||||||
Adjusted net income (2) | $ | 98,357 | $ | 84,727 | $ | 13,630 | 16.1 | % | ||||||||||||
Adjusted EPS (2) | $ | 0.20 | $ | 0.17 | $ | 0.03 | 17.6 | % | ||||||||||||
Adjusted EBITDA (2) | $ | 160,783 | $ | 134,742 | $ | 26,041 | 19.3 | % | ||||||||||||
Adjusted EBITDA margin (2) | 21.5 | % | 20.5 | % | 100 bps | |||||||||||||||
Free cash flow (2) | $ | 120,262 | $ | 93,137 | $ | 27,125 | 29.1 | % |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 112,971 | $ | 103,825 | |||||||
Trade receivables, net | 177,254 | 178,214 | |||||||||
Financed receivables, short-term, net | 35,717 | 37,025 | |||||||||
Materials and supplies | 35,698 | 33,383 | |||||||||
Other current assets | 62,713 | 54,192 | |||||||||
Total current assets | 424,353 | 406,639 | |||||||||
Equipment and property, net | 127,116 | 126,661 | |||||||||
Goodwill | 1,095,141 | 1,070,310 | |||||||||
Intangibles, net | 549,390 | 545,734 | |||||||||
Operating lease right-of-use assets | 341,639 | 323,390 | |||||||||
Financed receivables, long-term, net | 79,040 | 75,909 | |||||||||
Other assets | 41,940 | 46,817 | |||||||||
Total assets | $ | 2,658,619 | $ | 2,595,460 | |||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 40,038 | $ | 49,200 | |||||||
Accrued insurance – current | 51,660 | 46,807 | |||||||||
Accrued compensation and related liabilities | 79,372 | 114,355 | |||||||||
Unearned revenues | 186,021 | 172,380 | |||||||||
Operating lease liabilities – current | 97,394 | 92,203 | |||||||||
Other current liabilities | 137,451 | 101,744 | |||||||||
Total current liabilities | 591,936 | 576,689 | |||||||||
Accrued insurance, less current portion | 51,928 | 48,060 | |||||||||
Operating lease liabilities, less current portion | 246,614 | 233,369 | |||||||||
Long-term debt | 510,909 | 490,776 | |||||||||
Other long-term accrued liabilities | 89,736 | 90,999 | |||||||||
Total liabilities | 1,491,123 | 1,439,893 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Common stock | 484,230 | 484,080 | |||||||||
Retained earnings and other equity | 683,266 | 671,487 | |||||||||
Total stockholders’ equity | 1,167,496 | 1,155,567 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,658,619 | $ | 2,595,460 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
REVENUES | |||||||||||
Customer services | $ | 748,349 | $ | 658,015 | |||||||
COSTS AND EXPENSES | |||||||||||
Cost of services provided (exclusive of depreciation and amortization below) | 365,558 | 326,842 | |||||||||
Sales, general and administrative | 223,057 | 196,431 | |||||||||
Depreciation and amortization | 27,310 | 22,502 | |||||||||
Total operating expenses | 615,925 | 545,775 | |||||||||
OPERATING INCOME | 132,424 | 112,240 | |||||||||
Interest expense, net | 7,725 | 465 | |||||||||
Other expense (income), net | 61 | (4,714) | |||||||||
CONSOLIDATED INCOME BEFORE INCOME TAXES | 124,638 | 116,489 | |||||||||
PROVISION FOR INCOME TAXES | 30,244 | 28,255 | |||||||||
NET INCOME | $ | 94,394 | $ | 88,234 | |||||||
NET INCOME PER SHARE - BASIC AND DILUTED | $ | 0.19 | $ | 0.18 | |||||||
Weighted average shares outstanding - basic | 484,131 | 492,516 | |||||||||
Weighted average shares outstanding - diluted | 484,318 | 492,701 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 94,394 | $ | 88,234 | |||||||
Depreciation and amortization | 27,310 | 22,502 | |||||||||
Change in working capital and other operating activities | 5,729 | (9,963) | |||||||||
Net cash provided by operating activities | 127,433 | 100,773 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Acquisitions, net of cash acquired | (47,132) | (15,480) | |||||||||
Capital expenditures | (7,171) | (7,636) | |||||||||
Other investing activities, net | 1,838 | 9,526 | |||||||||
Net cash used in investing activities | (52,465) | (13,590) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Net borrowings | 20,000 | 10,000 | |||||||||
Payment of dividends | (72,589) | (64,053) | |||||||||
Other financing activities, net | (11,665) | (17,029) | |||||||||
Net cash used in financing activities | (64,254) | (71,082) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,568) | 1,056 | |||||||||
Net increase in cash and cash equivalents | $ | 9,146 | $ | 17,157 |
Three Months Ended March 31, | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
2024 | 2023 | $ | % | ||||||||||||||||||||
Reconciliation of Operating Income to Adjusted Operating Income and Adjusted Operating Income Margin | |||||||||||||||||||||||
Operating income | $ | 132,424 | $ | 112,240 | |||||||||||||||||||
Fox acquisition-related expenses (1) | 5,265 | — | |||||||||||||||||||||
Adjusted operating income | $ | 137,689 | $ | 112,240 | 25,449 | 22.7 | |||||||||||||||||
Revenues | $ | 748,349 | $ | 658,015 | |||||||||||||||||||
Operating income margin | 17.7 | % | 17.1 | % | |||||||||||||||||||
Adjusted operating margin | 18.4 | % | 17.1 | % | |||||||||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS (5) | |||||||||||||||||||||||
Net income | $ | 94,394 | $ | 88,234 | |||||||||||||||||||
Fox acquisition-related expenses (1) | 5,265 | — | |||||||||||||||||||||
Loss (gain) on sale of assets, net (2) | 61 | (4,714) | |||||||||||||||||||||
Tax impact of adjustments (3) | (1,363) | 1,207 | |||||||||||||||||||||
Adjusted net income | $ | 98,357 | $ | 84,727 | 13,630 | 16.1 | |||||||||||||||||
EPS - basic and diluted | $ | 0.19 | $ | 0.18 | |||||||||||||||||||
Fox acquisition-related expenses (1) | 0.01 | — | |||||||||||||||||||||
Loss (gain) on sale of assets, net (2) | — | (0.01) | |||||||||||||||||||||
Tax impact of adjustments (3) | — | — | |||||||||||||||||||||
Adjusted EPS - basic and diluted (4) | $ | 0.20 | $ | 0.17 | 0.03 | 17.6 | |||||||||||||||||
Weighted average shares outstanding - basic | 484,131 | 492,516 | |||||||||||||||||||||
Weighted average shares outstanding - diluted | 484,318 | 492,701 | |||||||||||||||||||||
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA Margin, and Adjusted Incremental EBITDA Margin (5) | |||||||||||||||||||||||
Net income | $ | 94,394 | $ | 88,234 | |||||||||||||||||||
Depreciation and amortization | 27,310 | 22,502 | |||||||||||||||||||||
Interest expense, net | 7,725 | 465 | |||||||||||||||||||||
Provision for income taxes | 30,244 | 28,255 | |||||||||||||||||||||
EBITDA | $ | 159,673 | $ | 139,456 | 20,217 | 14.5 | |||||||||||||||||
Fox acquisition-related expenses (1) | 1,049 | — | |||||||||||||||||||||
Loss (gain) on sale of assets, net (2) | 61 | (4,714) | |||||||||||||||||||||
Adjusted EBITDA | $ | 160,783 | $ | 134,742 | 26,041 | 19.3 | |||||||||||||||||
Revenues | $ | 748,349 | $ | 658,015 | 90,334 | ||||||||||||||||||
EBITDA margin | 21.3 | % | 21.2 | % | |||||||||||||||||||
Incremental EBITDA margin | 22.4 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 21.5 | % | 20.5 | % | |||||||||||||||||||
Adjusted incremental EBITDA margin | 28.8 | % | |||||||||||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Free Cash Flow Conversion | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 127,433 | $ | 100,773 | |||||||||||||||||||
Capital expenditures | (7,171) | (7,636) | |||||||||||||||||||||
Free cash flow | $ | 120,262 | $ | 93,137 | 27,125 | 29.1 | |||||||||||||||||
Free cash flow conversion | 127.4 | % | 105.6 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
2024 | 2023 (6) | $ | % | ||||||||||||||||||||
Reconciliation of Revenues to Organic Revenues | |||||||||||||||||||||||
Revenues | $ | 748,349 | $ | 658,015 | 90,334 | 13.7 | |||||||||||||||||
Revenues from acquisitions | (45,987) | — | (45,987) | 7.0 | |||||||||||||||||||
Revenues of divestitures | — | (4,753) | 4,753 | (0.8) | |||||||||||||||||||
Organic revenues | $ | 702,362 | $ | 653,262 | 49,100 | 7.5 | |||||||||||||||||
Reconciliation of Residential Revenues to Organic Residential Revenues | |||||||||||||||||||||||
Residential revenues | $ | 329,338 | $ | 282,757 | 46,581 | 16.5 | |||||||||||||||||
Residential revenues from acquisitions | (37,709) | — | (37,709) | 13.3 | |||||||||||||||||||
Residential revenues of divestitures | — | (3,032) | 3,032 | (1.1) | |||||||||||||||||||
Residential organic revenues | $ | 291,629 | $ | 279,725 | 11,904 | 4.3 | |||||||||||||||||
Reconciliation of Commercial Revenues to Organic Commercial Revenues | |||||||||||||||||||||||
Commercial revenues | $ | 258,114 | $ | 231,707 | 26,407 | 11.4 | |||||||||||||||||
Commercial revenues from acquisitions | (4,956) | — | (4,956) | 2.1 | |||||||||||||||||||
Commercial revenues of divestitures | — | (1,721) | 1,721 | (0.8) | |||||||||||||||||||
Commercial organic revenues | $ | 253,158 | $ | 229,986 | 23,172 | 10.1 | |||||||||||||||||
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues | |||||||||||||||||||||||
Termite and ancillary revenues | $ | 152,060 | $ | 136,131 | 15,929 | 11.7 | |||||||||||||||||
Termite and ancillary revenues from acquisitions | (3,322) | — | (3,322) | 2.4 | |||||||||||||||||||
Termite and ancillary organic revenues | $ | 148,738 | $ | 136,131 | 12,607 | 9.3 |
Three Months Ended March 31, | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
2023 (6) | 2022 | $ | % | ||||||||||||||||||||
Reconciliation of Revenues to Organic Revenues | |||||||||||||||||||||||
Revenues | $ | 658,015 | $ | 590,680 | 67,335 | 11.4 | |||||||||||||||||
Revenues from acquisitions | (13,155) | — | (13,155) | 2.2 | |||||||||||||||||||
Organic revenues | $ | 644,860 | $ | 590,680 | 54,180 | 9.2 | |||||||||||||||||
Reconciliation of Residential Revenues to Organic Residential Revenues | |||||||||||||||||||||||
Residential revenues | $ | 282,757 | $ | 257,469 | 25,288 | 9.8 | |||||||||||||||||
Residential revenues from acquisitions | (6,003) | — | (6,003) | 2.3 | |||||||||||||||||||
Residential organic revenues | $ | 276,754 | $ | 257,469 | 19,285 | 7.5 | |||||||||||||||||
Reconciliation of Commercial Revenues to Organic Commercial Revenues | |||||||||||||||||||||||
Commercial revenues | $ | 231,707 | $ | 206,975 | 24,732 | 11.9 | |||||||||||||||||
Commercial revenues from acquisitions | (4,194) | — | (4,194) | 2.0 | |||||||||||||||||||
Commercial organic revenues | $ | 227,513 | $ | 206,975 | 20,538 | 9.9 | |||||||||||||||||
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues | |||||||||||||||||||||||
Termite and ancillary revenues | $ | 136,131 | $ | 119,369 | 16,762 | 14.0 | |||||||||||||||||
Termite and ancillary revenues from acquisitions | (2,958) | — | (2,958) | 2.5 | |||||||||||||||||||
Termite and ancillary organic revenues | $ | 133,173 | $ | 119,369 | 13,804 | 11.5 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Reconciliation of SG&A to Adjusted SG&A | |||||||||||
SG&A | $ | 223,057 | $ | 196,431 | |||||||
Fox acquisition-related expenses (1) | 1,049 | — | |||||||||
Adjusted SG&A | $ | 222,008 | $ | 196,431 | |||||||
Revenues | $ | 748,349 | $ | 658,015 | |||||||
Adjusted SG&A as a % of revenues | 29.7 | % | 29.9 | % |
Period Ended March 31, 2024 | Period Ended December 31, 2023 | ||||||||||
Reconciliation of Long-term Debt to Net Debt and Net Leverage Ratio | |||||||||||
Long-term debt (7) | $ | 513,000 | $ | 493,000 | |||||||
Less: cash | 112,971 | 103,825 | |||||||||
Net debt | $ | 400,029 | $ | 389,175 | |||||||
Trailing twelve-month EBITDA | $ | 725,281 | $ | 705,064 | |||||||
Net leverage ratio | 0.6x | 0.6x |
Three Months Ended | |||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS | |||||||||||||||||||||||
Net income | $ | 88,234 | $ | 110,143 | $ | 127,777 | $ | 108,803 | |||||||||||||||
Fox acquisition-related expenses (1) | — | 5,261 | 5,262 | 5,266 | |||||||||||||||||||
Loss (gain) on sale of assets, net (2) | (4,714) | (1,019) | (493) | (410) | |||||||||||||||||||
Restructuring costs | — | — | 5,196 | — | |||||||||||||||||||
Gain on sale of businesses | — | — | — | (15,450) | |||||||||||||||||||
Tax impact of adjustments (3) | 1,207 | (1,086) | (2,551) | 2,712 | |||||||||||||||||||
Adjusted net income | $ | 84,727 | $ | 113,299 | $ | 135,191 | $ | 100,921 | |||||||||||||||
EPS - basic and diluted | $ | 0.18 | $ | 0.22 | $ | 0.26 | $ | 0.22 | |||||||||||||||
Fox acquisition-related expenses (1) | — | 0.01 | 0.01 | 0.01 | |||||||||||||||||||
Loss (gain) on sale of assets, net (2) | (0.01) | — | — | — | |||||||||||||||||||
Restructuring costs | — | — | 0.01 | — | |||||||||||||||||||
Gain on sale of businesses | — | — | — | (0.03) | |||||||||||||||||||
Tax impact of adjustments (3) | — | — | (0.01) | 0.01 | |||||||||||||||||||
Adjusted EPS - basic and diluted (4) | $ | 0.17 | $ | 0.23 | $ | 0.28 | $ | 0.21 | |||||||||||||||
Weighted average shares outstanding - basic | 492,516 | 492,700 | 490,775 | 483,922 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 492,701 | 492,891 | 490,965 | 484,112 | |||||||||||||||||||
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA Margin, and Adjusted Incremental EBITDA Margin | |||||||||||||||||||||||
Net income | $ | 88,234 | $ | 110,143 | $ | 127,777 | $ | 108,803 | |||||||||||||||
Depreciation and amortization | 22,502 | 26,439 | 24,668 | 26,143 | |||||||||||||||||||
Interest expense, net | 465 | 4,785 | 5,547 | 8,258 | |||||||||||||||||||
Provision for income taxes | 28,255 | 40,880 | 44,293 | 37,872 | |||||||||||||||||||
EBITDA | $ | 139,456 | $ | 182,247 | $ | 202,285 | $ | 181,076 | |||||||||||||||
Fox acquisition-related expenses (1) | — | 1,047 | 1,050 | 1,050 | |||||||||||||||||||
Loss (gain) on sale of assets, net (2) | (4,714) | (1,019) | (493) | (410) | |||||||||||||||||||
Restructuring costs | — | — | 5,196 | — | |||||||||||||||||||
Gain on sale of businesses | — | — | — | (15,450) | |||||||||||||||||||
Adjusted EBITDA | $ | 134,742 | $ | 182,275 | $ | 208,038 | $ | 166,266 | |||||||||||||||
Revenues | $ | 658,015 | $ | 820,750 | $ | 840,427 | $ | 754,086 | |||||||||||||||
EBITDA margin | 21.2 | % | 22.2 | % | 24.1 | % | 24.0 | % | |||||||||||||||
Incremental EBITDA margin | 32.2 | % | 21.6 | % | 29.2 | % | 37.9 | % | |||||||||||||||
Adjusted EBITDA margin | 20.5 | % | 22.2 | % | 24.8 | % | 22.0 | % | |||||||||||||||
Adjusted incremental EBITDA margin | 27.1 | % | 23.4 | % | 31.5 | % | 25.2 | % |
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Cover |
Apr. 24, 2024 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | ROLLINS, INC. |
Document Type | 8-K |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-4422 |
Entity Tax Identification Number | 51-0068479 |
Entity Address, Address Line One | 2170 Piedmont Road, N.E., |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
City Area Code | (404) |
Local Phone Number | 888-2000 |
Document Period End Date | Apr. 24, 2024 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $1.00 Par Value Per Share |
Trading Symbol | ROL |
Security Exchange Name | NYSE |
Entity Central Index Key | 0000084839 |
Amendment Flag | false |
Entity Address, Postal Zip Code | 30324 |
Entity Emerging Growth Company | false |
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