EX-99.1 2 rol-20240724xex991.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 SECOND QUARTER 2024 FINANCIAL RESULTS

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

•Second quarter revenues were $892 million, an increase of 8.7% over the second quarter of 2023 with organic revenues* increasing 7.7%.
•Quarterly operating income was $182 million, an increase of 17.8% over the second quarter of 2023. Quarterly operating margin was 20.4%, an increase of 150 basis points over the second quarter of 2023. Adjusted operating income* was $187 million, an increase of 16.6% over the prior year. Adjusted operating income margin* was 20.9%, an increase of 140 basis points over the prior year.
•Adjusted EBITDA* was $210 million, an increase of 15.3% over the prior year. Adjusted EBITDA margin* was 23.6%, an increase of 140 basis points over the second quarter of 2023.
•Quarterly net income was $129 million, an increase of 17.5% over the prior year. Adjusted net income* was $132 million, an increase of 16.7% over the prior year.
•Quarterly EPS was $0.27 per diluted share, a 22.7% increase over the prior year EPS of $0.22. Adjusted EPS* was $0.27 per diluted share, an increase of 17.4% over the prior year.
•Operating cash flow was $145 million for the quarter. The Company invested $35 million in acquisitions, $9 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
"Our team delivered a strong second quarter with organic growth of 7.7 percent and an improving margin profile," said Jerry Gahlhoff, Jr., President and CEO. "Demand for our services remains strong and our pipeline for acquisitions is robust. Our results through the first six months of the year position us to deliver another year of healthy growth in 2024 and we are focused on continuous improvement to enhance profitability across our business. I would like to thank our team for their ongoing commitment to our customers,” Mr. Gahlhoff added.

"It was encouraging to see solid performance in revenue and profitability in the quarter,” said Kenneth Krause, Executive Vice President and CFO. “In addition to the growth Jerry mentioned, our team delivered strong improvement in margins, with a 140 basis point improvement in EBITDA margins and a strong incremental EBITDA margin performance. We continue to invest in our team and other resources aimed at capitalizing on a healthy market environment to drive further growth in our business,” Mr. Krause concluded.
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Three and Six Months Ended Financial Highlights

Three Months Ended June 30,Six Months Ended June 30,
VarianceVariance
(in thousands, except per share data)20242023$%20242023$%
GAAP Metrics
Revenues$891,920 $820,750 $71,170 8.7 %$1,640,269 $1,478,765 $161,504 10.9 %
Gross profit (1)
$481,635 $436,559 $45,076 10.3 %$864,426 $767,732 $96,694 12.6 %
Gross profit margin (1)
54.0 %53.2 %80 bps52.7 %51.9 %80 bps
Operating income$182,377 $154,789 $27,588 17.8 %$314,801 $267,029 $47,772 17.9 %
Operating income margin20.4 %18.9 %150 bps19.2 %18.1 %110 bps
Net income$129,397 $110,143 $19,254 17.5 %$223,791 $198,377 $25,414 12.8 %
EPS$0.27 $0.22 $0.05 22.7 %$0.46 $0.40 $0.06 15.0 %
Operating cash flow$145,115 $147,413 $(2,298)(1.6)%$272,548 $248,186 $24,362 9.8 %
Non-GAAP Metrics
Adjusted operating income (2)
$186,596 $160,050 $26,546 16.6 %$324,285 $272,290 $51,995 19.1 %
Adjusted operating margin (2)
20.9 %19.5 %140 bps19.8 %18.4 %140 bps
Adjusted net income (2)
$132,229 $113,299 $18,930 16.7 %$230,586 $198,026 $32,560 16.4 %
Adjusted EPS (2)
$0.27 $0.23 $0.04 17.4 %$0.48 $0.40 $0.08 20.0 %
Adjusted EBITDA (2)
$210,088 $182,275 $27,813 15.3 %$370,871 $317,017 $53,854 17.0 %
Adjusted EBITDA margin (2)
23.6 %22.2 %140 bps22.6 %21.4 %120 bps
Free cash flow (2)
$136,419 $140,638 $(4,219)(3.0)%$256,681 $233,775 $22,906 9.8 %
(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 20,000 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, July 25, 2024 at 8:30 a.m. Eastern Time to discuss the second 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 13747513. 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)
June 30,
2024		December 31,
2023
ASSETS
Cash and cash equivalents$106,697 $103,825 
Trade receivables, net205,183 178,214 
Financed receivables, short-term, net39,959 37,025 
Materials and supplies37,925 33,383 
Other current assets84,528 54,192 
Total current assets474,292 406,639 
Equipment and property, net129,115 126,661 
Goodwill1,116,215 1,070,310 
Intangibles, net545,979 545,734 
Operating lease right-of-use assets371,018 323,390 
Financed receivables, long-term, net85,498 75,909 
Other assets44,385 46,817 
Total assets$2,766,502 $2,595,460 
LIABILITIES
Accounts payable$54,075 $49,200 
Accrued insurance – current49,246 46,807 
Accrued compensation and related liabilities107,606 114,355 
Unearned revenues196,690 172,380 
Operating lease liabilities – current105,905 92,203 
Other current liabilities96,428 101,744 
Total current liabilities609,950 576,689 
Accrued insurance, less current portion57,602 48,060 
Operating lease liabilities, less current portion267,639 233,369 
Long-term debt502,043 490,776 
Other long-term accrued liabilities93,210 90,999 
Total liabilities1,530,444 1,439,893 
STOCKHOLDERS’ EQUITY
Common stock484,314 484,080 
Retained earnings and other equity751,744 671,487 
Total stockholders’ equity1,236,058 1,155,567 
Total liabilities and stockholders’ equity$2,766,502 $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 June 30,Six Months Ended June 30,
2024202320242023
REVENUES
Customer services$891,920 $820,750 $1,640,269 $1,478,765 
COSTS AND EXPENSES
Cost of services provided (exclusive of depreciation and amortization below)410,285 384,191 775,843 711,033 
Sales, general and administrative271,547 255,331 494,604 451,762 
Depreciation and amortization27,711 26,439 55,021 48,941 
Total operating expenses709,543 665,961 1,325,468 1,211,736 
OPERATING INCOME182,377 154,789 314,801 267,029 
Interest expense, net7,775 4,785 15,500 5,250 
Other income, net(412)(1,019)(351)(5,733)
CONSOLIDATED INCOME BEFORE INCOME TAXES175,014 151,023 299,652 267,512 
PROVISION FOR INCOME TAXES45,617 40,880 75,861 69,135 
NET INCOME$129,397 $110,143 $223,791 $198,377 
NET INCOME PER SHARE - BASIC AND DILUTED$0.27 $0.22 $0.46 $0.40 
Weighted average shares outstanding - basic484,244492,700484,187492,593
Weighted average shares outstanding - diluted484,419492,891484,356492,764
DIVIDENDS PAID PER SHARE$0.15 $0.13 $0.30 $0.26 

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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW INFORMATION
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
OPERATING ACTIVITIES
Net income$129,397 $110,143 $223,791 $198,377 
Depreciation and amortization27,711 26,439 55,021 48,941 
Change in working capital and other operating activities(11,993)10,831 (6,264)868 
Net cash provided by operating activities145,115 147,413 272,548 248,186 
INVESTING ACTIVITIES
Acquisitions, net of cash acquired(34,522)(312,412)(81,654)(327,892)
Capital expenditures(8,696)(6,775)(15,867)(14,411)
Other investing activities, net2,062 1,155 3,900 10,681 
Net cash used in investing activities(41,156)(318,032)(93,621)(331,622)
FINANCING ACTIVITIES
Net (repayments) borrowings(9,000)275,000 11,000 285,000 
Payment of dividends(72,578)(63,943)(145,167)(127,996)
Other financing activities, net(28,054)220 (39,719)(16,809)
Net cash (used in) provided by financing activities(109,632)211,277 (173,886)140,195 
Effect of exchange rate changes on cash and cash equivalents(601)1,586 (2,169)2,642 
Net (decrease) increase in cash and cash equivalents$(6,274)$42,244 $2,872 $59,401 

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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 ("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.
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)
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Three Months Ended June 30,Six Months Ended June 30,
VarianceVariance
20242023$%20242023$%
Reconciliation of Operating Income to Adjusted Operating Income and Adjusted Operating Income Margin
Operating income$182,377 $154,789 $314,801 $267,029 
Fox acquisition-related expenses (1)
4,219 5,261 9,484 5,261 
Adjusted operating income$186,596 $160,050 26,546 16.6 $324,285 $272,290 51,995 19.1 
Revenues$891,920 $820,750 $1,640,269 $1,478,765 
Operating income margin20.4 %18.9 %19.2 %18.1 %
Adjusted operating margin20.9 %19.5 %19.8 %18.4 %
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS (5)
Net income$129,397 $110,143 $223,791 $198,377 
Fox acquisition-related expenses (1)
4,219 5,261 9,484 5,261 
Gain on sale of assets, net (2)
(412)(1,019)(351)(5,733)
Tax impact of adjustments (3)
(975)(1,086)(2,338)121 
Adjusted net income$132,229 $113,299 18,930 16.7 $230,586 $198,026 32,560 16.4 
EPS - basic and diluted$0.27 $0.22 $0.46 $0.40 
Fox acquisition-related expenses (1)
0.01 $0.01 0.02 0.01 
Gain on sale of assets, net (2)
— $— — (0.01)
Tax impact of adjustments (3)
— $— — — 
Adjusted EPS - basic and diluted (4)
$0.27 $0.23 0.04 17.4 $0.48 $0.40 0.08 20.0 
Weighted average shares outstanding – basic484,244 492,700 484,187 492,593 
Weighted average shares outstanding – diluted484,419 492,891 484,356 492,764 
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA Margin, and Adjusted Incremental EBITDA Margin (5)
Net income$129,397 $110,143 $223,791 $198,377 
Depreciation and amortization27,711 26,439 55,021 48,941 
Interest expense, net7,775 4,785 15,500 5,250 
Provision for income taxes45,617 40,880 75,861 69,135 
EBITDA$210,500 $182,247 28,253 15.5 $370,173 $321,703 48,470 15.1 
Fox acquisition-related expenses (1)
— 1,047 1,049 1,047 
Gain on sale of assets, net (2)
(412)(1,019)(351)(5,733)
Adjusted EBITDA$210,088 $182,275 27,813 15.3 $370,871 $317,017 53,854 17.0 
Revenues$891,920 $820,750 71,170 $1,640,269 $1,478,765 161,504 
EBITDA margin23.6 %22.2 %22.6 %21.8 %
Incremental EBITDA margin39.7 %30.0 %
Adjusted EBITDA margin23.6 %22.2 %22.6 %21.4 %
Adjusted incremental EBITDA margin39.1 %33.3 %
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Free Cash Flow Conversion
Net cash provided by operating activities$145,115 $147,413 $272,548 $248,186 
Capital expenditures(8,696)(6,775)(15,867)(14,411)
Free cash flow$136,419 $140,638 (4,219)(3.0)$256,681 $233,775 22,906 9.8 
Free cash flow conversion105.4 %127.7 %114.7 %117.8 %
(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.
(3) The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods.
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(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. Refer to our first quarter 2024 press release for fully revised quarterly metrics.

Three Months Ended June 30,Six Months Ended June 30,
VarianceVariance
2024
2023 (6)
$%2024
2023 (6)
$%
Reconciliation of Revenues to Organic Revenues
Revenues$891,920 $820,750 71,170 8.7 $1,640,269 $1,478,765 161,504 10.9 
Revenues from acquisitions(14,153)— (14,153)1.7 (60,140)— (60,140)4.1 
Revenues of divestitures— (5,924)5,924 (0.7)— (10,677)10,677 (0.8)
Organic revenues$877,767 $814,826 62,941 7.7 $1,580,129 $1,468,088 112,041 7.6 
Reconciliation of Residential Revenues to Organic Residential Revenues
Residential revenues$408,414 $384,087 24,327 6.3 $737,752 $666,844 70,908 10.6 
Residential revenues from acquisitions(6,977)— (6,977)1.8 (44,686)— (44,686)6.7 
Residential revenues of divestitures— (3,373)3,373 (0.9)— (6,405)6,405 (1.0)
Residential organic revenues$401,437 $380,714 20,723 5.4 $693,066 $660,439 32,627 4.9 
Reconciliation of Commercial Revenues to Organic Commercial Revenues
Commercial revenues$287,770 $261,900 25,870 9.9 $545,884 $493,607 52,277 10.6 
Commercial revenues from acquisitions(6,066)— (6,066)2.3 (11,022)— (11,022)2.2 
Commercial revenues of divestitures— (2,551)2,551 (1.0)— (4,272)4,272 (0.9)
Commercial organic revenues$281,704 $259,349 22,355 8.6 $534,862 $489,335 45,527 9.3 
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues
Termite and ancillary revenues$186,024 $166,398 19,626 11.8 $338,084 $302,529 35,555 11.8 
Termite and ancillary revenues from acquisitions(1,110)— (1,110)0.7 (4,432)— (4,432)1.5 
Termite and ancillary organic revenues$184,914 $166,398 18,516 11.1 $333,652 $302,529 31,123 10.3 
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Three Months Ended June 30,Six Months Ended June 30,
VarianceVariance
2023 (6)
2022 (6)
$%
2023 (6)
2022 (6)
$%
Reconciliation of Revenues to Organic Revenues
Revenues$820,750 $714,049 106,701 14.9 $1,478,765 $1,304,729 174,036 13.3 
Revenues from acquisitions(51,147)— (51,147)7.2 (64,302)— (64,302)4.9 
Organic revenues$769,603 $714,049 55,554 7.7 $1,414,463 $1,304,729 109,734 8.4 
Reconciliation of Residential Revenues to Organic Residential Revenues
Residential revenues$384,087 $323,695 60,392 18.7 $666,844 $581,164 85,680 14.7 
Residential revenues from acquisitions(42,089)— (42,089)13.0 (48,092)— (48,092)8.3 
Residential organic revenues$341,998 $323,695 18,303 5.7 $618,752 $581,164 37,588 6.5 
Reconciliation of Commercial Revenues to Organic Commercial Revenues
Commercial revenues$261,900 $236,539 25,361 10.7 $493,607 $443,514 50,093 11.3 
Commercial revenues from acquisitions(3,038)— (3,038)1.3 (7,232)— (7,232)1.6 
Commercial organic revenues$258,862 $236,539 22,323 9.4 $486,375 $443,514 42,861 9.7 
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues
Termite and ancillary revenues$166,398 $146,361 20,037 13.7 $302,529 $265,730 36,799 13.8 
Termite and ancillary revenues from acquisitions(6,020)— (6,020)4.1 (8,978)— (8,978)3.4 
Termite and ancillary organic revenues$160,378 $146,361 14,017 9.6 $293,551 $265,730 27,821 10.4 
(6) Revenues classified by significant product and service offerings for the three and six months ended June 30, 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 June 30,Six Months Ended June 30,
2024202320242023
Reconciliation of SG&A to Adjusted SG&A
SG&A$271,547 $255,331 $494,604 $451,762 
Fox acquisition-related expenses (1)
— 1,047 1,049 1,047 
Adjusted SG&A$271,547 $254,284 $493,555 $450,715 
Revenues$891,920 $820,750 $1,640,269 $1,478,765 
Adjusted SG&A as a % of revenues30.4 %31.0 %30.1 %30.5 %
Period Ended
June 30, 2024
Period Ended
December 31, 2023
Reconciliation of Long-term Debt to Net Debt and Net Leverage Ratio
Long-term debt (7)
$504,000 $493,000 
Less: cash106,697 103,825 
Net debt$397,303 $389,175 
Trailing twelve-month EBITDA$753,534 $705,064 
Net leverage ratio0.5x0.6x

(7) As of June 30, 2024, the Company had outstanding borrowings of $504.0 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 $2.0 million in unamortized debt issuance costs as of June 30, 2024.
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