EX-99.1 2 rol-20240424xex991.htm EX-99.1 Document

Exhibit 99.1
For Further Information Contact
Lyndsey Burton (404) 888-2348
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FOR IMMEDIATE RELEASE
ROLLINS, INC. REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS

Double-Digit Revenue Growth Drives Solid Increase in Earnings and Cash Flow
ATLANTA, GEORGIA, April 24, 2024: Rollins, Inc. (NYSE:ROL) (“Rollins” or the “Company”), a premier global consumer and commercial services company, reported unaudited financial results for the first quarter of 2024.
Key Highlights

•First quarter revenues were $748 million, an increase of 13.7% over the first quarter 2023 with organic revenues* increasing 7.5%.
•Quarterly operating income was $132 million, an increase of 18.0% over the first quarter of 2023. Quarterly operating margin was 17.7% of revenue, an increase of 60 basis points over the first quarter of 2023. Adjusted operating income* was $138 million, an increase of 22.7% over the prior year. Adjusted operating income margin* was 18.4%, an increase of 130 basis points over the prior year. Adjusted EBITDA* was $161 million, an increase 19.3%. Adjusted EBITDA margin* was 21.5% of revenue, an increase of 100 basis points over the first quarter of 2023.
•Quarterly net income was $94 million, an increase of 7.0% over the prior year net income. Adjusted net income* was $98 million, an increase of 16.1% over the prior year.
•Quarterly EPS was $0.19 per diluted share, a 5.6% increase over the prior year EPS of $0.18. Adjusted EPS* was $0.20 per diluted share, an increase of 17.6% over the prior year.
•Operating cash flow was $127 million for the quarter, an increase of 26.5% over the prior year. The Company invested $47 million in acquisitions, $7 million in capital expenditures, and paid dividends totaling $73 million.

*Amounts are non-GAAP financial measures. See the schedules below for a discussion of non-GAAP financial metrics including a reconciliation of the most directly comparable GAAP measure.
Management Commentary
"The team delivered a strong first quarter with double-digit revenue across all major service lines and an improving margin and cash flow profile," said Jerry Gahlhoff, Jr., President and CEO. "While there was some unfavorable and erratic weather in January compared to last year, we delivered a healthy 7.5 percent organic growth rate for the quarter. We saw significant improvement moving through the quarter, as organic revenue growth accelerated to over 10 percent for February and March, with solid performance across our residential, commercial, and termite and ancillary businesses. Demand for our services remains strong and our pipeline for acquisitions is robust. We are well positioned for continued growth in 2024, both organically, as well as through acquisitions, and remain focused on continuous improvement initiatives to enhance profitability across our business,” Mr. Gahlhoff added.

"It was encouraging to see the strong growth in revenue, profitability, and cash flow in the quarter, as the team delivered healthy revenue growth, 130 basis points of improvement in adjusted operating margins, and a 29 percent increase in free cash flow in the quarter," said Kenneth Krause, Executive Vice President and CFO. “We achieved a healthy first quarter gross margin level and saw further leverage in SG&A costs while also making incremental investments in resources and programs to drive growth,” Mr. Krause concluded.
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Three Months Ended Financial Highlights

Three Months Ended March 31,
Variance
(in thousands, except per share data)20242023$%
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 margin17.7 %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 %
(1) Exclusive of depreciation and amortization
(2) Amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics including a reconciliation of the most directly comparable GAAP measure.
About Rollins, Inc.:
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with more than 19,000 employees from more than 800 locations. Rollins is parent to Orkin, HomeTeam Pest Defense, Clark Pest Control, Northwest Exterminating, McCall Service, Trutech, Critter Control, Western Pest Services, Waltham Services, OPC Pest Services, The Industrial Fumigant Company, PermaTreat, Crane Pest Control, Missquito, Fox Pest Control, Orkin Canada, Orkin Australia, Safeguard (UK), Aardwolf Pestkare (Singapore), and more. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release as well as other written or oral statements by the Company may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “should,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding: expectations with respect to our financial and business performance; demand for our services; our pipeline of acquisitions; continuous improvement initiatives enhancing profitability; and a balanced capital allocation program.

These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may also be described from time to time in our future reports filed with the SEC.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.
Conference Call
Rollins will host a conference call on Thursday, April 25, 2024 at 8:30 a.m. Eastern Time to discuss the first quarter 2024 results. The conference call will also broadcast live over the internet via a link provided on the Rollins, Inc. website at www.rollins.com. Interested parties can also dial into the call at 1-877-869-3839 (domestic) or +1-201-689-8265 (internationally) with conference ID of 13745380. For interested individuals unable to join the call, a replay will be available on the website for 180 days.
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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
(unaudited)
March 31,
2024		December 31,
2023
ASSETS
Cash and cash equivalents$112,971 $103,825 
Trade receivables, net177,254 178,214 
Financed receivables, short-term, net35,717 37,025 
Materials and supplies35,698 33,383 
Other current assets62,713 54,192 
Total current assets424,353 406,639 
Equipment and property, net127,116 126,661 
Goodwill1,095,141 1,070,310 
Intangibles, net549,390 545,734 
Operating lease right-of-use assets341,639 323,390 
Financed receivables, long-term, net79,040 75,909 
Other assets41,940 46,817 
Total assets$2,658,619 $2,595,460 
LIABILITIES
Accounts payable$40,038 $49,200 
Accrued insurance – current51,660 46,807 
Accrued compensation and related liabilities79,372 114,355 
Unearned revenues186,021 172,380 
Operating lease liabilities – current97,394 92,203 
Other current liabilities137,451 101,744 
Total current liabilities591,936 576,689 
Accrued insurance, less current portion51,928 48,060 
Operating lease liabilities, less current portion246,614 233,369 
Long-term debt510,909 490,776 
Other long-term accrued liabilities89,736 90,999 
Total liabilities1,491,123 1,439,893 
STOCKHOLDERS’ EQUITY
Common stock484,230 484,080 
Retained earnings and other equity683,266 671,487 
Total stockholders’ equity1,167,496 1,155,567 
Total liabilities and stockholders’ equity$2,658,619 $2,595,460 

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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended March 31,
20242023
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 administrative223,057 196,431 
Depreciation and amortization27,310 22,502 
Total operating expenses615,925 545,775 
OPERATING INCOME132,424 112,240 
Interest expense, net7,725 465 
Other expense (income), net61 (4,714)
CONSOLIDATED INCOME BEFORE INCOME TAXES124,638 116,489 
PROVISION FOR INCOME TAXES30,244 28,255 
NET INCOME$94,394 $88,234 
NET INCOME PER SHARE - BASIC AND DILUTED$0.19 $0.18 
Weighted average shares outstanding - basic484,131492,516
Weighted average shares outstanding - diluted484,318492,701

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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW INFORMATION
(in thousands)
(unaudited)
Three Months Ended March 31,
20242023
OPERATING ACTIVITIES
Net income$94,394 $88,234 
Depreciation and amortization27,310 22,502 
Change in working capital and other operating activities5,729 (9,963)
Net cash provided by operating activities127,433 100,773 
INVESTING ACTIVITIES
Acquisitions, net of cash acquired(47,132)(15,480)
Capital expenditures(7,171)(7,636)
Other investing activities, net1,838 9,526 
Net cash used in investing activities(52,465)(13,590)
FINANCING ACTIVITIES
Net borrowings20,000 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 

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APPENDIX
Reconciliation of GAAP and non-GAAP Financial Measures
The Company has used the non-GAAP financial measures of organic revenues, organic revenues by type, adjusted operating income, adjusted operating margin, adjusted net income, adjusted earnings per share (“EPS”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin, Adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin, adjusted incremental EBITDA margin, free cash flow, free cash flow conversion, net debt, net leverage ratio, and adjusted sales, general and administrative expenses ("Adjusted SG&A") in this earnings release. Organic revenue is calculated as revenue less the revenue from acquisitions completed within the prior 12 months and excluding the revenue from divested businesses. Acquisition revenue is based on the trailing 12-month revenue of our acquired entities. Adjusted operating income and adjusted operating income margin are calculated by adding back to the GAAP measures those expenses resulting from the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisition of Fox Pest Control (“Fox”). Adjusted net income and adjusted EPS are calculated by adding back to the GAAP measure amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisition of Fox and excluding gains and losses on the sale of non-operational assets and by further subtracting the tax impact of those expenses, gains, or losses. Adjusted EBITDA and adjusted EBITDA margin are calculated by adding back to the GAAP measures those expenses resulting from the adjustments to the fair value of contingent consideration resulting from the acquisition of Fox and excluding gains and losses on the sale of non-operational assets. Incremental margin is calculated as the change in EBITDA divided by the change in revenue. Adjusted incremental margin is calculated as the change in adjusted EBITDA divided by the change in revenue. Free cash flow is calculated by subtracting capital expenditures from cash provided by operating activities. Free cash flow conversion is calculated as free cash flow divided by net income. Net debt is calculated as total long-term debt less cash and cash equivalents. Net leverage ratio is calculated by dividing net debt by trailing twelve-month EBITDA. Adjusted SG&A is calculated by removing the adjustments to the fair value of contingent consideration resulting from the acquisition of Fox. These measures should not be considered in isolation or as a substitute for revenues, net income, earnings per share or other performance measures prepared in accordance with GAAP.
Management uses adjusted operating income, adjusted operating income margin, adjusted net income, adjusted EPS, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin, adjusted incremental EBITDA margin, and adjusted SG&A as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Management also uses organic revenues, and organic revenues by type to compare revenues over various periods excluding the impact of acquisitions and divestitures. Management uses free cash flow to demonstrate the Company’s ability to maintain its asset base and generate future cash flows from operations. Management uses free cash flow conversion to demonstrate how much net income is converted into cash. Management uses net debt as an assessment of overall liquidity, financial flexibility, and leverage. Net leverage ratio is useful to investors because it is an indicator of our ability to meet our future financial obligations. Management believes all of these non-GAAP financial measures are useful to provide investors with information about current trends in, and period-over-period comparisons of, the Company's results of operations. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
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Set forth below is a reconciliation of the non-GAAP financial measures used in this earnings release with their most directly comparable GAAP measures.
(unaudited, in thousands, except per share data and margins)
Three Months Ended March 31,
Variance
20242023$%
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 margin17.7 %17.1 %
Adjusted operating margin18.4 %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 - basic484,131 492,516 
Weighted average shares outstanding - diluted484,318 492,701 
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 amortization27,310 22,502 
Interest expense, net7,725 465 
Provision for income taxes30,244 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 margin21.3 %21.2 %
Incremental EBITDA margin22.4 %
Adjusted EBITDA margin21.5 %20.5 %
Adjusted incremental EBITDA margin28.8 %
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 conversion127.4 %105.6 %
(1) Consists of expenses resulting from the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisition of Fox. While we exclude such expenses in this non-GAAP measure, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.
(2) Consists of the gain or loss on the sale of non-operational assets.
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(3) The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods.
(4) In some cases, the sum of the individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.
(5) In the first quarter of 2024, we revised the non-GAAP metrics adjusted net income, adjusted EPS, and adjusted EBITDA to exclude gains and losses related to non-operational asset sales. These measures are of operating performance and we believe excluding the gains and losses on non-operational assets allows us to better compare our operating performance consistently over various periods. Revising these metrics for the three months ended March 31, 2023 resulted in a $3.5 million reduction to adjusted net income, a $0.01 reduction to adjusted EPS, and a $4.7 million reduction to adjusted EBITDA.

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 $136,131 12,607 9.3 
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Three Months Ended March 31,
Variance
2023 (6)
2022$%
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 
(6) Revenues classified by significant product and service offerings for the three months ended March 31, 2023 and 2022 were misstated by an immaterial amount and have been restated from the amounts previously reported to correct the classification of such revenues. There was no impact on our condensed consolidated statements of income, financial position, or cash flows.
Three Months Ended March 31,
20242023
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 revenues29.7 %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: cash112,971 103,825 
Net debt$400,029 $389,175 
Trailing twelve-month EBITDA$725,281 $705,064 
Net leverage ratio0.6x0.6x

(7) As of March 31, 2024, the Company had outstanding borrowings of $513.0 million under the Credit Facility. Borrowings under the Credit Facility are presented under the long-term debt caption of our condensed consolidated balance sheet, net of $2.1 million in unamortized debt issuance costs as of March 31, 2024.

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In the first quarter of 2024, we revised non-GAAP metrics adjusted net income, adjusted EPS, and adjusted EBITDA to exclude gains and losses related to non-operational asset sales. These measures are of operating performance and we believe excluding the gains and losses on non-operational assets allows us to better compare our operating performance consistently over various periods. We have presented the revised metrics for each quarter of 2023 below.

Three Months Ended
March 31, 2023June 30, 2023September 30, 2023December 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 - basic492,516 492,700 490,775 483,922 
Weighted average shares outstanding - diluted492,701 492,891 490,965 484,112 
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 amortization22,502 26,439 24,668 26,143 
Interest expense, net465 4,785 5,547 8,258 
Provision for income taxes28,255 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 margin21.2 %22.2 %24.1 %24.0 %
Incremental EBITDA margin32.2 %21.6 %29.2 %37.9 %
Adjusted EBITDA margin20.5 %22.2 %24.8 %22.0 %
Adjusted incremental EBITDA margin27.1 %23.4 %31.5 %25.2 %
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