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Protecting Our Customers,
Health, Property, and Brands



ROLL INS, IN C. | 202 3 ANNUAL REP ORT
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.
2024 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
70+
19,000+
14%
TOTAL COUNTRIES
SERVICED
WORLDWIDE
EMPLOYEES
TOTAL REVENUE
GROWTH
(2023 OVER 2022)
2023 Financial Highlights
We finished 2023 with a record level of revenues, healthy profitability, and
strong cash flow, as demand for our services was strong over the course of the
year. Additionally, we continued to execute a balanced capital allocation program,
deploying nearly $1 billion of capital in 2023, with a focus on investing for growth,
returning cash to shareholders through a growing dividend, and share repurchases.
Our strong cash flow and balance sheet position us well to continue to invest in
future growth opportunities.
K +       $N +     Q %         6    0        Q #    &         /           4        
FY 2023 REVENUE GROWTH (YEAR OVER YEAR)
TOTAL REVENUES
$3.1B
14% GROWTH
~8% ORGANIC
~6% ACQUISITION
+17%
+11%
+13%
RESIDENTIAL
COMMERCIAL
TERMITE & ANCILLARY
FY 2023 FINANCIAL HIGHLIGHTS
ADJUSTED EBITDA
$698M
STRONG BALANCE SHEET & BALANCED
CAPITAL ALLOCATION STRATEGY
OPERATING CASH FLOW
+13% $528M
$32M
$367M
CAPEX
$466M
ACQUISITIONS
3%
$264M
DIVIDENDS
27%
38%
22.7% OF REVENUES
INCREASING 18%
YEAR OVER YEAR
ADJUSTED NET INCOME
$439M
31%
$315M
FY 2022
SHARE
REPURCHASES
FY 2023
GREATER THAN 100%
0.5x
CONVERSION OF
NET INCOME
INCREASING 19%
YEAR OVER YEAR
NET DEBT TO ADJUSTED
EBITDA AT 12/31/2023
10 YEAR TOTAL SHAREHOLDER RETURN
YEAR(S) RETURN
ADJUSTED EPS
$0.90
458%
10
YEARS
ROLLINS
S&P 500
COMMERCIAL
S&P 500
248%
INCREASING 20%
YEAR OVER YEAR
211%
0
100
200
300
400
500
HISTORY OF STRONG SHAREHOLDER RETURNS
This document includes non-GAAP    nancial measures. For full    nancial data and non-GAAP reconciliations,
please refer to our 2023 Form 10-K for the period ending December 31, 2023.
Rollins, Inc. 2023 ANNUAL REPORT

1
To Our Shareholders, Employees,
and Valued Customers
Fiscal 2023: A Strong Year of Growth
It is an honor to share
this letter with you as
I close out my    rst
full year as CEO of
our great company.
When I look back
on 2023, I am
extremely proud of
the accomplishments
we have achieved
together. We
delivered another
year of exceptional growth, while continuing to
modernize our business and position ourselves for
continued success in the future.
We achieved a record $3+ billion in revenue, up 14%
versus last year, and grew earnings by approximately
20 percent, as demand from our customers remained
strong throughout the year across all major service
offerings. We welcomed 24 new businesses into our
Company through acquisitions, including the acquisition
of Fox Pest Control, which was one of the largest
acquisitions in our company   s history. Our approach to
integration has gone well, with the Fox team exceeding
the    nancial targets that we outlined last April.
Beyond M&A, we continued to invest to drive robust
organic growth across all service areas. Organic
growth of 8% was bolstered by strong execution of
our operating strategies. 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.
2

Rollins, Inc. 2023 ANNUAL REPORT
We also strategically allocated resources to the
commercial side of our business as we seek to
capitalize on opportunities within key verticals. Most
notably, we have grown our sales force and invested in
training and tools to enable their success. Our service
quality is high, and our offerings are customized, which
helps new sales professionals get up to speed quickly
and effectively. This is paying off, with 11% commercial
growth for the year.
Investing in Our People
Operationally, we remain committed to developing
exceptional talent and investing in our teams. The hiring
environment improved in 2023 and we put a lot of
energy into onboarding the right people in both support
functions, as well as the customer-facing side of our
business. Effective sales and service staf   ng levels
helped us capitalize on continued strength in demand
and deliver solid organic growth for the year.
To provide our customers with the best customer
experience, we must continue to focus on cultivating
our position as the employer of choice in our industry.
This means not only investing in competitive wages
and bene   ts, but also providing tools, training and
development opportunities that make working at
Rollins an enjoyable and rewarding experience. The
success and growth of our business creates excellent
advancement opportunities for our people.
As a reflection of our ongoing efforts, Rollins was
recognized for the    rst time nationally as a 2023 Top
Workplace by Energage. Energage is an employer
research    rm specializing in studying and highlighting
organizations across multiple markets and industries.
This recognition relies upon the direct input of our team
members and is reflective of the engagement of our
entire workforce. We are proud of this recognition but
also realize we have more work to do as we continue to
invest in our most important asset   our people.
Culture of Continuous Improvement
As a complement to our growth mindset and ongoing
investment in our team members, our dedication to
continuous improvement is an important part of
our strategy and culture. We are constantly striving
to improve our service levels and optimize our
business model.
One of our most important areas of focus from a
continuous improvement standpoint is safety. During
2023 we implemented an app that begins monitoring
driving behaviors once our vehicle is in motion. The
app detects unsafe driving maneuvers associated with
acceleration, breaking, and speed, then converts data
collected into an industry accepted driver safety score.
I am pleased to report that by year end, our average
driver safety score increased more than 30 percent
from the beginning of the year.
Improving a safety culture isn   t something that is
done overnight, but we are proud of the progress
we have made and have set ambitious goals for
ourselves to encourage safe behaviors throughout our
organization. We believe these efforts will improve our
ability to serve customers, help mitigate potentially
negative    nancial impacts on our business, and most
importantly, ensure our people return home safely
every day.
Our continuous improvement efforts also center on
initiatives intended to modernize our back-of   ce and
support functions. In August of 2023, we executed a
restructuring program in our home of   ce intended to
advance these modernization efforts and flatten our
overhead structure. We plan to reinvest cost savings
from this restructuring in both people and systems that
will further enable our growth priorities and increase
productivity as we work to become a better, more
effective provider of shared services for our brands.
In 2023 we also took several key steps to modernize
our capital structure, beginning with expansion of
our credit facility. The enhanced flexibility of this
facility enabled us to execute a very balanced capital
allocation strategy in 2023. We invested approximately
$367 million in acquisitions, repurchased over
$300 million of our shares, and paid $264 million
in dividends. Since the fourth quarter of 2022, we
have increased our regular quarterly dividend by
45 percent and remain committed to growing a
sustainable dividend.
Well-Positioned for the Future
In closing, our performance in 2023 demonstrates the
strength of our business model and the engagement
level of our team. Our family of pest control brands
are driving pro   table growth, and we are focused on
continuous improvement throughout the business. We
remain committed to providing our customers with the
best customer experience, investing meaningfully in
our team to drive growth both organically, as well as
through disciplined acquisitions.
I want to recognize and thank our Board of Directors,
Executive Team, and our team of over 19,000
associates around the world for their efforts and
contribution to our success in 2023. 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 Gahlhoff
President and Chief Executive Of   cer
Rollins, Inc. 2023 ANNUAL REPORT

3
 • shareholder letter icon 3/14/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/15/2023 ROL Stockholder Letter
 • stockholder letter icon More "Consumer Services" Category Stockholder Letters
 • Benford's Law Stocks icon ROL Benford's Law Stock Score = 82


ROL Shareholder/Stockholder Letter Transcript:

Protecting Our Customers,
Health, Property, and Brands



ROLL INS, IN C. | 202 3 ANNUAL REP ORT

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.
2024 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
70+
19,000+
14%
TOTAL COUNTRIES
SERVICED
WORLDWIDE
EMPLOYEES
TOTAL REVENUE
GROWTH
(2023 OVER 2022)

2023 Financial Highlights
We finished 2023 with a record level of revenues, healthy profitability, and
strong cash flow, as demand for our services was strong over the course of the
year. Additionally, we continued to execute a balanced capital allocation program,
deploying nearly $1 billion of capital in 2023, with a focus on investing for growth,
returning cash to shareholders through a growing dividend, and share repurchases.
Our strong cash flow and balance sheet position us well to continue to invest in
future growth opportunities.
K +       $N +     Q %         6    0        Q #    &         /           4        
FY 2023 REVENUE GROWTH (YEAR OVER YEAR)
TOTAL REVENUES
$3.1B
14% GROWTH
~8% ORGANIC
~6% ACQUISITION
+17%
+11%
+13%
RESIDENTIAL
COMMERCIAL
TERMITE & ANCILLARY
FY 2023 FINANCIAL HIGHLIGHTS
ADJUSTED EBITDA
$698M
STRONG BALANCE SHEET & BALANCED
CAPITAL ALLOCATION STRATEGY
OPERATING CASH FLOW
+13% $528M
$32M
$367M
CAPEX
$466M
ACQUISITIONS
3%
$264M
DIVIDENDS
27%
38%
22.7% OF REVENUES
INCREASING 18%
YEAR OVER YEAR
ADJUSTED NET INCOME
$439M
31%
$315M
FY 2022
SHARE
REPURCHASES
FY 2023
GREATER THAN 100%
0.5x
CONVERSION OF
NET INCOME
INCREASING 19%
YEAR OVER YEAR
NET DEBT TO ADJUSTED
EBITDA AT 12/31/2023
10 YEAR TOTAL SHAREHOLDER RETURN
YEAR(S) RETURN
ADJUSTED EPS
$0.90
458%
10
YEARS
ROLLINS
S&P 500
COMMERCIAL
S&P 500
248%
INCREASING 20%
YEAR OVER YEAR
211%
0
100
200
300
400
500
HISTORY OF STRONG SHAREHOLDER RETURNS
This document includes non-GAAP    nancial measures. For full    nancial data and non-GAAP reconciliations,
please refer to our 2023 Form 10-K for the period ending December 31, 2023.
Rollins, Inc. 2023 ANNUAL REPORT

1

To Our Shareholders, Employees,
and Valued Customers
Fiscal 2023: A Strong Year of Growth
It is an honor to share
this letter with you as
I close out my    rst
full year as CEO of
our great company.
When I look back
on 2023, I am
extremely proud of
the accomplishments
we have achieved
together. We
delivered another
year of exceptional growth, while continuing to
modernize our business and position ourselves for
continued success in the future.
We achieved a record $3+ billion in revenue, up 14%
versus last year, and grew earnings by approximately
20 percent, as demand from our customers remained
strong throughout the year across all major service
offerings. We welcomed 24 new businesses into our
Company through acquisitions, including the acquisition
of Fox Pest Control, which was one of the largest
acquisitions in our company   s history. Our approach to
integration has gone well, with the Fox team exceeding
the    nancial targets that we outlined last April.
Beyond M&A, we continued to invest to drive robust
organic growth across all service areas. Organic
growth of 8% was bolstered by strong execution of
our operating strategies. 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.
2

Rollins, Inc. 2023 ANNUAL REPORT
We also strategically allocated resources to the
commercial side of our business as we seek to
capitalize on opportunities within key verticals. Most
notably, we have grown our sales force and invested in
training and tools to enable their success. Our service
quality is high, and our offerings are customized, which
helps new sales professionals get up to speed quickly
and effectively. This is paying off, with 11% commercial
growth for the year.
Investing in Our People
Operationally, we remain committed to developing
exceptional talent and investing in our teams. The hiring
environment improved in 2023 and we put a lot of
energy into onboarding the right people in both support
functions, as well as the customer-facing side of our
business. Effective sales and service staf   ng levels
helped us capitalize on continued strength in demand
and deliver solid organic growth for the year.
To provide our customers with the best customer
experience, we must continue to focus on cultivating
our position as the employer of choice in our industry.
This means not only investing in competitive wages
and bene   ts, but also providing tools, training and
development opportunities that make working at
Rollins an enjoyable and rewarding experience. The
success and growth of our business creates excellent
advancement opportunities for our people.
As a reflection of our ongoing efforts, Rollins was
recognized for the    rst time nationally as a 2023 Top
Workplace by Energage. Energage is an employer
research    rm specializing in studying and highlighting
organizations across multiple markets and industries.
This recognition relies upon the direct input of our team
members and is reflective of the engagement of our
entire workforce. We are proud of this recognition but
also realize we have more work to do as we continue to
invest in our most important asset   our people.

Culture of Continuous Improvement
As a complement to our growth mindset and ongoing
investment in our team members, our dedication to
continuous improvement is an important part of
our strategy and culture. We are constantly striving
to improve our service levels and optimize our
business model.
One of our most important areas of focus from a
continuous improvement standpoint is safety. During
2023 we implemented an app that begins monitoring
driving behaviors once our vehicle is in motion. The
app detects unsafe driving maneuvers associated with
acceleration, breaking, and speed, then converts data
collected into an industry accepted driver safety score.
I am pleased to report that by year end, our average
driver safety score increased more than 30 percent
from the beginning of the year.
Improving a safety culture isn   t something that is
done overnight, but we are proud of the progress
we have made and have set ambitious goals for
ourselves to encourage safe behaviors throughout our
organization. We believe these efforts will improve our
ability to serve customers, help mitigate potentially
negative    nancial impacts on our business, and most
importantly, ensure our people return home safely
every day.
Our continuous improvement efforts also center on
initiatives intended to modernize our back-of   ce and
support functions. In August of 2023, we executed a
restructuring program in our home of   ce intended to
advance these modernization efforts and flatten our
overhead structure. We plan to reinvest cost savings
from this restructuring in both people and systems that
will further enable our growth priorities and increase
productivity as we work to become a better, more
effective provider of shared services for our brands.
In 2023 we also took several key steps to modernize
our capital structure, beginning with expansion of
our credit facility. The enhanced flexibility of this
facility enabled us to execute a very balanced capital
allocation strategy in 2023. We invested approximately
$367 million in acquisitions, repurchased over
$300 million of our shares, and paid $264 million
in dividends. Since the fourth quarter of 2022, we
have increased our regular quarterly dividend by
45 percent and remain committed to growing a
sustainable dividend.
Well-Positioned for the Future
In closing, our performance in 2023 demonstrates the
strength of our business model and the engagement
level of our team. Our family of pest control brands
are driving pro   table growth, and we are focused on
continuous improvement throughout the business. We
remain committed to providing our customers with the
best customer experience, investing meaningfully in
our team to drive growth both organically, as well as
through disciplined acquisitions.
I want to recognize and thank our Board of Directors,
Executive Team, and our team of over 19,000
associates around the world for their efforts and
contribution to our success in 2023. 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 Gahlhoff
President and Chief Executive Of   cer
Rollins, Inc. 2023 ANNUAL REPORT

3



shareholder letter icon 3/14/2024 Letter Continued (Full PDF)
 

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