(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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
Variance | Variance | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | $ | % | 2023 | 2022 | $ | % | |||||||||||||||||||||||||||||||||
GAAP Metrics | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 820,750 | $ | 714,049 | $ | 106,701 | 14.9 | % | $ | 1,478,765 | $ | 1,304,729 | $ | 174,036 | 13.3 | % | |||||||||||||||||||||||||
Gross profit (1) | $ | 436,559 | $ | 377,269 | $ | 59,290 | 15.7 | % | $ | 767,732 | $ | 672,571 | $ | 95,161 | 14.1 | % | |||||||||||||||||||||||||
Gross profit margin (1) | 53.2 | % | 52.8 | % | 40 bps | 51.9 | % | 51.5 | % | 40 bps | |||||||||||||||||||||||||||||||
Operating income | $ | 154,789 | $ | 134,677 | $ | 20,112 | 14.9 | % | $ | 267,029 | $ | 228,067 | $ | 38,962 | 17.1 | % | |||||||||||||||||||||||||
Operating income margin | 18.9 | % | 18.9 | % | 0 bps | 18.1 | % | 17.5 | % | 60 bps | |||||||||||||||||||||||||||||||
Net income | $ | 110,143 | $ | 101,620 | $ | 8,523 | 8.4 | % | $ | 198,377 | $ | 175,386 | $ | 22,991 | 13.1 | % | |||||||||||||||||||||||||
EPS | $ | 0.22 | $ | 0.21 | $ | 0.01 | 4.8 | % | $ | 0.40 | $ | 0.36 | $ | 0.04 | 11.1 | % | |||||||||||||||||||||||||
Operating cash flow | $ | 147,413 | $ | 127,285 | 20,128 | 15.8 | % | $ | 248,186 | $ | 214,817 | $ | 33,369 | 15.5 | % | ||||||||||||||||||||||||||
Non-GAAP Metrics | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (2) | $ | 160,050 | $ | 134,677 | $ | 25,373 | 18.8 | % | $ | 272,290 | $ | 228,067 | $ | 44,223 | 19.4 | % | |||||||||||||||||||||||||
Adjusted operating margin (2) | 19.5 | % | 18.9 | % | 60 bps | 18.4 | % | 17.5 | % | 90 bps | |||||||||||||||||||||||||||||||
Adjusted net income (2) | $ | 114,057 | $ | 101,620 | $ | 12,437 | 12.2 | % | $ | 202,291 | $ | 175,386 | $ | 26,905 | 15.3 | % | |||||||||||||||||||||||||
Adjusted EPS (2) | $ | 0.23 | $ | 0.21 | $ | 0.02 | 9.5 | % | $ | 0.41 | $ | 0.36 | $ | 0.05 | 13.9 | % | |||||||||||||||||||||||||
Adjusted EBITDA (2) | $ | 183,294 | $ | 159,193 | $ | 24,101 | 15.1 | % | $ | 322,750 | $ | 276,989 | $ | 45,761 | 16.5 | % | |||||||||||||||||||||||||
Adjusted EBITDA margin (2) | 22.3 | % | 22.3 | % | 0 bps | 21.8 | % | 21.2 | % | 60 bps | |||||||||||||||||||||||||||||||
Free cash flow (2) | $ | 140,638 | $ | 119,399 | $ | 21,239 | 17.8 | % | $ | 233,775 | $ | 198,936 | $ | 34,839 | 17.5 | % |
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 154,747 | $ | 95,346 | |||||||
Trade receivables, net | 176,567 | 155,759 | |||||||||
Financed receivables, short-term, net | 37,495 | 33,618 | |||||||||
Materials and supplies | 32,685 | 29,745 | |||||||||
Other current assets | 62,489 | 34,151 | |||||||||
Total current assets | 463,983 | 348,619 | |||||||||
Operating lease right-of-use assets | 282,598 | 277,355 | |||||||||
Financed receivables, long-term, net | 72,646 | 63,523 | |||||||||
Other assets | 1,780,103 | 1,432,531 | |||||||||
Total assets | $ | 2,599,330 | $ | 2,122,028 | |||||||
LIABILITIES | |||||||||||
Accounts payable | 74,398 | 42,796 | |||||||||
Accrued insurance - current | 40,796 | 39,534 | |||||||||
Accrued compensation and related liabilities | 94,968 | 99,251 | |||||||||
Unearned revenues | 183,253 | 158,092 | |||||||||
Operating lease liabilities - current | 86,918 | 84,543 | |||||||||
Current portion of long-term debt | — | 15,000 | |||||||||
Other current liabilities | 95,368 | 54,568 | |||||||||
Total current liabilities | 575,701 | 493,784 | |||||||||
Accrued insurance, less current portion | 45,659 | 38,350 | |||||||||
Operating lease liabilities, less current portion | 200,201 | 196,888 | |||||||||
Long-term debt | 337,509 | 39,898 | |||||||||
Other long-term accrued liabilities | 98,035 | 85,911 | |||||||||
Total liabilities | 1,257,105 | 854,831 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Common stock | 492,821 | 492,448 | |||||||||
Retained earnings and other equity | 849,404 | 774,749 | |||||||||
Total stockholders’ equity | 1,342,225 | 1,267,197 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,599,330 | $ | 2,122,028 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Customer services | $ | 820,750 | $ | 714,049 | $ | 1,478,765 | $ | 1,304,729 | |||||||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||||
Cost of services provided (exclusive of depreciation and amortization below) | 384,191 | 336,780 | 711,033 | 632,158 | |||||||||||||||||||
Sales, general and administrative | 255,331 | 219,987 | 451,762 | 398,772 | |||||||||||||||||||
Depreciation and amortization | 26,439 | 22,605 | 48,941 | 45,732 | |||||||||||||||||||
Total operating expenses | 665,961 | 579,372 | 1,211,736 | 1,076,662 | |||||||||||||||||||
OPERATING INCOME | 154,789 | 134,677 | 267,029 | 228,067 | |||||||||||||||||||
Interest expense, net | 4,785 | 880 | 5,250 | 1,448 | |||||||||||||||||||
Other income, net | (1,019) | (1,911) | (5,733) | (3,190) | |||||||||||||||||||
CONSOLIDATED INCOME BEFORE INCOME TAXES | 151,023 | 135,708 | 267,512 | 229,809 | |||||||||||||||||||
PROVISION FOR INCOME TAXES | 40,880 | 34,088 | 69,135 | 54,423 | |||||||||||||||||||
NET INCOME | $ | 110,143 | $ | 101,620 | $ | 198,377 | $ | 175,386 | |||||||||||||||
NET INCOME PER SHARE - BASIC AND DILUTED | $ | 0.22 | $ | 0.21 | $ | 0.40 | $ | 0.36 | |||||||||||||||
Weighted average shares outstanding - basic | 492,700 | 492,327 | 492,593 | 492,270 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 492,891 | 492,440 | 492,764 | 492,382 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net income | $ | 110,143 | $ | 101,620 | $ | 198,377 | $ | 175,386 | |||||||||||||||
Depreciation and amortization | 26,439 | 22,605 | 48,941 | 45,732 | |||||||||||||||||||
Change in working capital and other operating activities | 10,831 | 3,060 | 868 | (6,301) | |||||||||||||||||||
Net cash provided by operating activities | 147,413 | 127,285 | 248,186 | 214,817 | |||||||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Acquisitions, net of cash acquired | (312,412) | (36,357) | (327,892) | (49,580) | |||||||||||||||||||
Capital expenditures | (6,775) | (7,886) | (14,411) | (15,881) | |||||||||||||||||||
Other investing activities, net | 1,155 | 2,139 | 10,681 | 3,429 | |||||||||||||||||||
Net cash (used in) investing activities | (318,032) | (42,104) | (331,622) | (62,032) | |||||||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Net borrowings | 275,000 | (60,783) | 285,000 | 80,000 | |||||||||||||||||||
Payment of dividends | (63,943) | (49,229) | (127,996) | (98,434) | |||||||||||||||||||
Other financing activities | 220 | (2,721) | (16,809) | (12,206) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 211,277 | (112,733) | 140,195 | (30,640) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,586 | (9,822) | 2,642 | (6,482) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 42,244 | $ | (37,374) | $ | 59,401 | $ | 115,663 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Variance | Variance | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 (3) | $ | % | 2023 | 2022 (3) | $ | % | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Income to Adjusted Operating Income and Adjusted Operating Income Margin | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 154,789 | $ | 134,677 | $ | 267,029 | $ | 228,067 | |||||||||||||||||||||||||||||||||||||||
Fox acquisition-related expenses (1) | 5,261 | — | 5,261 | — | |||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 160,050 | $ | 134,677 | 25,373 | 18.8 | $ | 272,290 | $ | 228,067 | 44,223 | 19.4 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 820,750 | $ | 714,049 | $ | 1,478,765 | $ | 1,304,729 | |||||||||||||||||||||||||||||||||||||||
Operating income margin | 18.9 | % | 18.9 | % | 18.1 | % | 17.5 | % | |||||||||||||||||||||||||||||||||||||||
Adjusted operating income margin | 19.5 | % | 18.9 | % | 18.4 | % | 17.5 | % | |||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 110,143 | $ | 101,620 | $ | 198,377 | $ | 175,386 | |||||||||||||||||||||||||||||||||||||||
Fox acquisition-related expenses (1) | 5,261 | — | 5,261 | — | |||||||||||||||||||||||||||||||||||||||||||
Tax impact of adjustments (2) | (1,347) | — | (1,347) | — | |||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 114,057 | $ | 101,620 | 12,437 | 12.2 | $ | 202,291 | $ | 175,386 | 26,905 | 15.3 | |||||||||||||||||||||||||||||||||||
Adjusted EPS - basic and diluted | $ | 0.23 | $ | 0.21 | $ | 0.41 | $ | 0.36 | |||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding - basic | 492,700 | 492,327 | 492,593 | 492,270 | |||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 492,891 | 492,440 | 492,764 | 492,382 | |||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA Margin, and Adjusted Incremental EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 110,143 | $ | 101,620 | $ | 198,377 | $ | 175,386 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 26,439 | 22,605 | 48,941 | 45,732 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 4,785 | 880 | 5,250 | 1,448 | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 40,880 | 34,088 | 69,135 | 54,423 | |||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 182,247 | $ | 159,193 | 23,054 | 14.5 | $ | 321,703 | $ | 276,989 | 44,714 | 16.1 | |||||||||||||||||||||||||||||||||||
Fox acquisition-related expenses (1) | 1,047 | — | 1,047 | — | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 183,294 | $ | 159,193 | 24,101 | 15.1 | $ | 322,750 | $ | 276,989 | 45,761 | 16.5 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 820,750 | $ | 714,049 | 106,701 | $ | 1,478,765 | $ | 1,304,729 | 174,036 | |||||||||||||||||||||||||||||||||||||
EBITDA margin | 22.2 | % | 22.3 | % | 21.8 | % | 21.2 | % | |||||||||||||||||||||||||||||||||||||||
Incremental EBITDA margin | 21.6 | % | 25.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 22.3 | % | 22.3 | % | 21.8 | % | 21.2 | % | |||||||||||||||||||||||||||||||||||||||
Adjusted incremental EBITDA margin | 22.6 | % | 26.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | |||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 147,413 | $ | 127,285 | $ | 248,186 | $ | 214,817 | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | (6,775) | (7,886) | (14,411) | (15,881) | |||||||||||||||||||||||||||||||||||||||||||
Free cash flow | $ | 140,638 | $ | 119,399 | 21,239 | 17.8 | $ | 233,775 | $ | 198,936 | 34,839 | 17.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Variance | Variance | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | 2023 | 2022 | $ | % | ||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Revenue growth from acquisitions | (51,148) | — | (51,148) | — | (64,302) | — | (64,302) | — | |||||||||||||||||||||||||||||||||||||||
Organic revenues | $ | 769,602 | $ | 714,049 | 55,553 | 7.7 | $ | 1,414,463 | $ | 1,304,729 | 109,734 | 8.4 | |||||||||||||||||||||||||||||||||||
Reconciliation of Residential Revenues to Organic Residential Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Residential revenues | $ | 385,645 | $ | 325,311 | 60,334 | 18.5 | $ | 669,270 | $ | 584,570 | 84,700 | 14.5 | |||||||||||||||||||||||||||||||||||
Residential revenues from acquisitions | (42,089) | — | (42,089) | — | (48,093) | — | (48,093) | — | |||||||||||||||||||||||||||||||||||||||
Residential organic revenues | $ | 343,556 | $ | 325,311 | 18,245 | 5.6 | $ | 621,177 | $ | 584,570 | 36,607 | 6.3 | |||||||||||||||||||||||||||||||||||
Reconciliation of Commercial Revenues to Organic Commercial Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial revenues | $ | 259,964 | $ | 234,483 | 25,481 | 10.9 | $ | 490,366 | $ | 440,270 | 50,096 | 11.4 | |||||||||||||||||||||||||||||||||||
Commercial revenue growth from acquisitions | (3,038) | — | (3,038) | — | (7,232) | — | (7,232) | — | |||||||||||||||||||||||||||||||||||||||
Commercial organic revenues | $ | 256,926 | $ | 234,483 | 22,443 | 9.6 | $ | 483,134 | $ | 440,270 | 42,864 | 9.8 | |||||||||||||||||||||||||||||||||||
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Termite and ancillary revenues | $ | 166,823 | $ | 146,781 | 20,042 | 13.7 | $ | 303,428 | $ | 266,487 | 36,941 | 13.9 | |||||||||||||||||||||||||||||||||||
Termite and ancillary revenues from acquisitions | (6,020) | — | (6,020) | — | (8,977) | — | (8,977) | — | |||||||||||||||||||||||||||||||||||||||
Termite and ancillary organic revenues | $ | 160,803 | $ | 146,781 | 14,022 | 9.6 | $ | 294,451 | $ | 266,487 | 27,964 | 10.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Variance | Variance | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenues to Organic Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 714,049 | $ | 638,204 | 75,845 | 11.9 | $ | 1,304,729 | $ | 1,173,758 | 130,971 | 11.2 | |||||||||||||||||||||||||||||||||||
Revenue growth from acquisitions | (20,471) | — | (20,471) | — | (38,039) | — | (38,039) | — | |||||||||||||||||||||||||||||||||||||||
Organic revenues | $ | 693,578 | $ | 638,204 | 55,374 | 8.7 | $ | 1,266,690 | $ | 1,173,758 | 92,932 | 8.0 | |||||||||||||||||||||||||||||||||||
Reconciliation of Residential Revenues to Organic Residential Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Residential revenues | $ | 325,311 | $ | 292,945 | 32,366 | 11.0 | $ | 584,570 | $ | 528,124 | 56,446 | 10.7 | |||||||||||||||||||||||||||||||||||
Residential revenues from acquisitions | (11,625) | — | (11,625) | — | (21,908) | — | (21,908) | — | |||||||||||||||||||||||||||||||||||||||
Residential organic revenues | $ | 313,686 | $ | 292,945 | 20,741 | 7.0 | $ | 562,662 | $ | 528,124 | 34,538 | 6.6 | |||||||||||||||||||||||||||||||||||
Reconciliation of Commercial Revenues to Organic Commercial Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial revenues | $ | 234,483 | $ | 210,838 | 23,645 | 11.2 | $ | 440,270 | $ | 399,535 | 40,735 | 10.2 | |||||||||||||||||||||||||||||||||||
Commercial revenue growth from acquisitions | (3,943) | — | (3,943) | — | (6,165) | — | (6,165) | — | |||||||||||||||||||||||||||||||||||||||
Commercial organic revenues | $ | 230,540 | $ | 210,838 | 19,702 | 9.3 | $ | 434,105 | $ | 399,535 | 34,570 | 8.7 | |||||||||||||||||||||||||||||||||||
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Termite and ancillary revenues | $ | 146,781 | $ | 127,674 | 19,107 | 15.0 | $ | 266,487 | $ | 233,368 | 33,119 | 14.2 | |||||||||||||||||||||||||||||||||||
Termite and ancillary revenues from acquisitions | (4,903) | — | (4,903) | — | (9,966) | — | (9,966) | — | |||||||||||||||||||||||||||||||||||||||
Termite and ancillary organic revenues | $ | 141,878 | $ | 127,674 | 14,204 | 11.2 | $ | 256,521 | $ | 233,368 | 23,153 | 9.9 |
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Cover |
Jul. 26, 2023 |
---|---|
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 | Jul. 26, 2023 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
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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