On this page of StockholderLetter.com we present the latest annual shareholder letter from ROLLINS INC — ticker symbol ROL. Reading current and past ROL letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report Protecting Our Customers, Health, Property, and Brands
About Rollins OUR MISSION Rollins, Inc. is a premier global consumer and commercial services company. Our services are aimed at controlling pests and helping our customers protect their health, brands, and property. We have consistently grown through challenging economic cycles while focusing on providing exceptional customer service. STRATEGIC OBJECTIVES PEOPLE FIRST CUSTOMER LOYALTY Put Other s Needs First Build Relationships and Trust OPERATIONAL EFFICIENCY GROWTH MINDSET Everything We Do Can Be Improved Upon Maximize Potential ROLLINS AT A GLANCE 20,000+ 2.8M 10% TEAMMATES CUSTOMERS SERVED TOTAL REVENUE GROWTH (2024 OVER 2023)
2024 Financial Highlights Our team delivered a strong 2024, exceeding our own revenue expectations, while also delivering healthy pro tability and strong cash ow. We invested meaningfully to capitalize on a healthy market environment, while remaining focused on continuous improvement initiatives and our modernization journey. Additionally, we executed our balanced capital allocation program, with a focus on investing for growth and returning cash to shareholders through a growing and sustainable dividend. Kenneth D. Krause, Executive Vice President and Chief Financial Of cer FY 2024 REVENUE GROWTH (YEAR OVER YEAR) TOTAL REVENUES $3.4B +9% +10% +14% 10% GROWTH RESIDENTIAL COMMERCIAL TERMITE & ANCILLARY FY 2024 FINANCIAL HIGHLIGHTS OPERATING CASH FLOW $28M ADJUSTED EBITDA $771M CAPITAL ALLOCATION $298M +15% $157M Acquisitions 3% $608M $528M 27% 22.8% of revenues, increasing 12% year over year 38% 31% ADJUSTED NET INCOME $479M CAPEX Dividends $12M FY 2023 FY 2024 Share Repurchases 5 YEAR TOTAL SHAREHOLDER RETURN Increasing 10% year over year $250 $200 ADJUSTED EPS $150 $100 $0.99 $50 $0 2019 2020 2021 2022 2023 2024 Increasing 11% year over year Rollins, Inc. S&P 500 S&P 500 - Commercial Services & Supplies This document includes non-GAAP nancial measures. For full nancial data and non-GAAP reconciliations, please refer to our 2024 Form 10-K for the period ending December 31, 2024. Rollins, Inc. 2024 ANNUAL REPORT | 1
To Our Shareholders, Teammates, and Valued Customers FISCAL 2024: A STRONG YEAR OF GROWTH It is an honor to share this letter with you as we close out another great year for our Company. When I look back on 2024, I am extremely proud of the accomplishments our team achieved together. We delivered exceptional growth, while continuing to modernize our business and position ourselves for continued success. We achieved a record $3.4 billion in revenue, up 10.3 percent versus last year, and grew adjusted earnings per share by 11.2 percent, as demand from our customers remained strong throughout the year across all major service offerings. We welcomed 44 new businesses into our Company through 32 acquisitions and 12 franchise buybacks, and our pipeline for future acquisitions is robust. Beyond M&A, we continued to invest in sales and marketing to drive healthy organic growth across all service areas. Organic growth of 7.9 percent in 2024 was bolstered by strong execution of our operating strategies and continued investment in people and staf ng to meet the continued demand in our markets. We leveraged our multi-brand, multi-channel approach to differentiate ourselves in the market. Digital marketing, cross-selling, service-bundling, and door-to-door sales methods helped us reach new customers and enhanced engagement with existing customers to support residential customer growth. We also strategically allocated resources to the commercial side of our business as we opened a dedicated Orkin commercial division to better focus on this opportunity. In 2024, we grew our sales force by more than 15 percent and invested in support, training, and tools to help new sales professionals get up to speed quickly and effectively. Our service quality is high, our offerings are customized, and we believe that we are well positioned to capitalize on growth opportunities within a multi-billion-dollar B2B market. DELIVERING ON STRATEGIC OBJECTIVES Throughout 2024, our four strategic objectives People First, Customer Loyalty, Growth Mindset, and Operational Ef ciency helped drive increased focus and alignment throughout our operations. People First Operationally, we remain committed to hiring and developing top talent. The hiring environment was healthy in 2024, and we put signi cant energy into onboarding the right people in support functions, as well as the customer-facing side of our business. Effective sales and service staf ng levels helped us capitalize on continued demand and deliver solid results for the year. We are proud of the tenure and experience of our team, as well as their engagement level and commitment to our Company. While overall teammate retention has been healthy, there is opportunity for improvement in the retention of our newer team members, speci cally those who are with us for six months or less. We made positive strides in this area during 2024 by updating our training and onboarding programs to address key milestones in the initial days and weeks that a new team member is with us. Safety is another important area of focus for us. There is nothing more important than ensuring our teammates make it home safely at the end of the day, and in 2024, we implemented several new programs to reinforce our safety culture at Rollins. Our revamped onboarding program includes enhanced safety training intended to equip our newer drivers with the technical skills, awareness, and courtesy needed to uphold the driver safety standards we expect. 2 | Rollins, Inc. 2024 ANNUAL REPORT
Customer Loyalty We know that when we put our people rst, this positively impacts the way our people take care of our customers and, ultimately, builds exceptional customer loyalty. For this reason, we continue to invest in the training and development of our people, while also working to make every customer interaction seamless and consistent. We are leveraging technology to enhance our customer interactions as we continue to build out an omni-channel experience. For example, in 2024 we launched a new Orkin customer portal that allows our residential customers to interact with us more easily. Customers can now leverage the portal to view services, request scheduling changes, manage payments, and update their contact information . all in one convenient place. Our customers continue to reward our focus on customer loyalty with strong customer retention rates as evidenced by our growing customer base, but we are always striving to improve. This is the foundation of our growth mindset. Growth Mindset In addition to growing our customer base, we are also intent on increasing our depth of relationship with our customers. In 2024, we continued to make progress in bunding and cross-selling and services to earn more opportunities to serve our customers. With an average number of services per customer of less than two, there remains signi cant opportunity. We incentivize cross-selling behavior from our team members and have developed new tools to educate customers on our one-stop shop capabilities across a comprehensive portfolio of whole-home protection services. Growth mindset is becoming a stronger part of our culture every day. It implies that each of us must be committed to learn, grow, and change personally so we can drive a better future for our business. Operational Ef ciency As a complement to our growth mindset, our dedication to continuous improvement and operational ef ciency is another key tenet of our strategy. We are constantly striving to improve our service levels and optimize our business. We continue to evolve and invest in our routing and scheduling capabilities, bringing more brands online with enhanced capabilities in this area to create a better experience for our team and customers. WELL-POSITIONED FOR THE FUTURE In closing, our performance in 2024 demonstrates the strength of our business and the engagement level of our team. Our family of pest control brands are delivering exceptional service resulting in pro table growth, and we are focused on continuous improvement throughout the business. We are committed to providing our customers with the best customer experience and investing meaningfully in our team to drive organic growth. We also remain active in our industry relationships to further our disciplined approach to acquisitions. I want to recognize and thank our 20,000 exceptional teammates around the world for their efforts and contribution to our success in 2024. Furthermore, I want to thank our customers for trusting Rollins and our global family of brands to protect their health, their homes, and their businesses. And to our shareholders, thank you for your con dence and commitment to the long-term success of our Company. Jerry E. Gahlhoff, Jr. President and Chief Executive Of cer Rollins, Inc. 2024 ANNUAL REPORT | 3
 • shareholder letter icon 3/13/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/15/2023 ROL Stockholder Letter
 • stockholder letter icon 3/14/2024 ROL Stockholder Letter
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ROL Shareholder/Stockholder Letter Transcript:

2024 Annual Report
Protecting Our Customers, Health, Property, and Brands

About Rollins
OUR MISSION
Rollins, Inc. is a premier global consumer and commercial services
company. Our services are aimed at controlling pests and helping our
customers protect their health, brands, and property. We have consistently
grown through challenging economic cycles while focusing on providing
exceptional customer service.
STRATEGIC OBJECTIVES
PEOPLE FIRST
CUSTOMER LOYALTY
Put Other   s
Needs First
Build Relationships
and Trust
OPERATIONAL
EFFICIENCY
GROWTH
MINDSET
Everything We Do Can
Be Improved Upon
Maximize Potential
ROLLINS AT A GLANCE
20,000+
2.8M
10%
TEAMMATES
CUSTOMERS SERVED
TOTAL REVENUE
GROWTH
(2024 OVER 2023)

2024 Financial Highlights
   Our team delivered a strong 2024, exceeding our own revenue expectations, while also delivering healthy
pro   tability and strong cash    ow. We invested meaningfully to capitalize on a healthy market environment,
while remaining focused on continuous improvement initiatives and our modernization journey. Additionally,
we executed our balanced capital allocation program, with a focus on investing for growth and returning cash
to shareholders through a growing and sustainable dividend.   
    Kenneth D. Krause, Executive Vice President and Chief Financial Of   cer
FY 2024 REVENUE GROWTH (YEAR OVER YEAR)
TOTAL REVENUES
$3.4B
+9%
+10%
+14%
10% GROWTH
RESIDENTIAL
COMMERCIAL
TERMITE & ANCILLARY
FY 2024 FINANCIAL HIGHLIGHTS
OPERATING
CASH FLOW
$28M
ADJUSTED EBITDA
$771M
CAPITAL ALLOCATION
$298M
+15%
$157M
Acquisitions
3%
$608M
$528M
27%
22.8% of revenues,
increasing 12% year over year
38%
31%
ADJUSTED NET INCOME
$479M
CAPEX
Dividends
$12M
FY 2023
FY 2024
Share Repurchases
5 YEAR TOTAL SHAREHOLDER RETURN
Increasing 10% year over year
$250
$200
ADJUSTED EPS
$150
$100
$0.99
$50
$0
2019
2020
2021
2022
2023
2024
Increasing 11% year over year
Rollins, Inc.
S&P 500
S&P 500 - Commercial Services & Supplies
This document includes non-GAAP    nancial measures. For full    nancial data and non-GAAP reconciliations,
please refer to our 2024 Form 10-K for the period ending December 31, 2024.
Rollins, Inc. 2024 ANNUAL REPORT | 1

To Our Shareholders, Teammates,
and Valued Customers
FISCAL 2024: A STRONG YEAR OF GROWTH
It is an honor to share this letter with you as we close out another great year for our Company.
When I look back on 2024, I am extremely proud of the accomplishments our team achieved
together. We delivered exceptional growth, while continuing to modernize our business and
position ourselves for continued success.
We achieved a record $3.4 billion in revenue, up 10.3 percent versus last year, and grew adjusted
earnings per share by 11.2 percent, as demand from our customers remained strong throughout the
year across all major service offerings. We welcomed 44 new businesses into our Company through
32 acquisitions and 12 franchise buybacks, and our pipeline for future acquisitions is robust.
Beyond M&A, we continued to invest in sales and marketing to drive healthy organic growth across
all service areas. Organic growth of 7.9 percent in 2024 was bolstered by strong execution of our
operating strategies and continued investment in people and staf   ng to meet the continued
demand in our markets. We leveraged our multi-brand, multi-channel approach to differentiate
ourselves in the market. Digital marketing, cross-selling, service-bundling, and door-to-door sales
methods helped us reach new customers and enhanced engagement with existing customers to
support residential customer growth.
We also strategically allocated resources to the commercial side of our business as we opened
a dedicated Orkin commercial division to better focus on this opportunity. In 2024, we grew our
sales force by more than 15 percent and invested in support, training, and tools to help new sales
professionals get up to speed quickly and effectively. Our service quality is high, our offerings are
customized, and we believe that we are well positioned to capitalize on growth opportunities within
a multi-billion-dollar B2B market.
DELIVERING ON STRATEGIC OBJECTIVES
Throughout 2024, our four strategic objectives     People First, Customer Loyalty, Growth Mindset, and
Operational Ef   ciency     helped drive increased focus and alignment throughout our operations.
People First
Operationally, we remain committed to hiring and developing top talent. The hiring environment
was healthy in 2024, and we put signi   cant energy into onboarding the right people in support
functions, as well as the customer-facing side of our business. Effective sales and service staf   ng
levels helped us capitalize on continued demand and deliver solid results for the year.
We are proud of the tenure and experience of our team, as well as their engagement level and
commitment to our Company. While overall teammate retention has been healthy, there is
opportunity for improvement in the retention of our newer team members, speci   cally those who
are with us for six months or less. We made positive strides in this area during 2024 by updating our
training and onboarding programs to address key milestones in the initial days and weeks that a
new team member is with us.
Safety is another important area of focus for us. There is nothing more important than ensuring our
teammates make it home safely at the end of the day, and in 2024, we implemented several new
programs to reinforce our safety culture at Rollins. Our revamped onboarding program includes
enhanced safety training intended to equip our newer drivers with the technical skills, awareness,
and courtesy needed to uphold the driver safety standards we expect.
2 | Rollins, Inc. 2024 ANNUAL REPORT

Customer Loyalty
We know that when we put our people    rst, this positively impacts the way our people take care of
our customers and, ultimately, builds exceptional customer loyalty. For this reason, we continue to
invest in the training and development of our people, while also working to make every customer
interaction seamless and consistent. We are leveraging technology to enhance our customer
interactions as we continue to build out an omni-channel experience. For example, in 2024 we
launched a new Orkin customer portal that allows our residential customers to interact with us
more easily. Customers can now leverage the portal to view services, request scheduling changes,
manage payments, and update their contact information   . all in one convenient place.
Our customers continue to reward our focus on customer loyalty with strong customer retention
rates as evidenced by our growing customer base, but we are always striving to improve. This is the
foundation of our growth mindset.
Growth Mindset
In addition to growing our customer base, we are also intent on increasing our depth of relationship
with our customers. In 2024, we continued to make progress in bunding and cross-selling and
services to earn more opportunities to serve our customers. With an average number of services
per customer of less than two, there remains signi   cant opportunity. We incentivize cross-selling
behavior from our team members and have developed new tools to educate customers on our
one-stop shop capabilities across a comprehensive portfolio of whole-home protection services.
Growth mindset is becoming a stronger part of our culture every day. It implies that each of us must
be committed to learn, grow, and change personally so we can drive a better future for our business.
Operational Ef   ciency
As a complement to our growth mindset, our dedication to continuous improvement and
operational ef   ciency is another key tenet of our strategy. We are constantly striving to improve
our service levels and optimize our business. We continue to evolve and invest in our routing and
scheduling capabilities, bringing more brands online with enhanced capabilities in this area to
create a better experience for our team and customers.
WELL-POSITIONED FOR THE FUTURE
In closing, our performance in 2024 demonstrates the strength of our business and the
engagement level of our team. Our family of pest control brands are delivering exceptional service
resulting in pro   table growth, and we are focused on continuous improvement throughout the
business. We are committed to providing our customers with the best customer experience and
investing meaningfully in our team to drive organic growth. We also remain active in our industry
relationships to further our disciplined approach to acquisitions.
I want to recognize and thank our 20,000 exceptional teammates around the world for their efforts
and contribution to our success in 2024. Furthermore, I want to thank our customers for trusting
Rollins and our global family of brands to protect their health, their homes, and their businesses.
And to our shareholders, thank you for your con   dence and commitment to the long-term success
of our Company.
Jerry E. Gahlhoff, Jr.
President and Chief Executive Of   cer
Rollins, Inc. 2024 ANNUAL REPORT | 3



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