Rollins (ROL) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 17, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	1-4422
Entity Registrant Name	ROLLINS, INC.
Entity Central Index Key	0000084839
Entity Tax Identification Number	51-0068479
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2170 Piedmont Road, N.E.
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30324
City Area Code	404
Local Phone Number	888-2000
Title of 12(b) Security	Common Stock
Trading Symbol	ROL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		492,472,436

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 121,876	$ 105,301
Trade receivables, net of allowance for expected credit losses of $13,783 and $13,885, respectively	170,274	139,579
Financed receivables, short-term, net of allowance for expected credit losses of $1,779 and $1,463, respectively	32,253	26,152
Materials and supplies	28,572	28,926
Other current assets	45,981	52,422
Total current assets	398,956	352,380
Equipment and property, net of accumulated depreciation of $330,173 and $315,891, respectively	130,362	133,257
Goodwill	772,325	721,819
Intangible assets, net	443,205	446,584
Operating lease right-of-use assets	270,365	244,784
Financed receivables, long-term, net of allowance for expected credit losses of $3,121 and $2,522, respectively	58,634	47,097
Other assets	38,636	34,949
Total assets	2,112,483	1,980,870
LIABILITIES
Accounts payable	42,874	44,568
Accrued insurance	40,424	36,414
Accrued compensation and related liabilities	95,694	97,862
Unearned revenues	166,866	145,122
Operating lease liabilities - current	82,611	75,240
Current portion of long-term debt	15,000	18,750
Other current liabilities	66,300	73,206
Total current liabilities	509,769	491,162
Accrued insurance, less current portion	35,257	31,545
Operating lease liabilities, less current portion	191,565	172,520
Long-term debt	109,878	136,250
Other long-term accrued liabilities	69,463	67,345
Total liabilities	915,932	898,822
Commitments and contingencies (see Note 11)
Preferred stock, without par value; 500,000 shares authorized, zero shares issued
Common stock, par value $1 per share; 800,000,000 shares authorized, 492,472,436 and 491,911,087 shares issued and outstanding, respectively	492,472	491,911
Additional paid in capital	113,995	105,629
Accumulated other comprehensive loss	(43,566)	(16,411)
Retained earnings	633,650	500,919
Total stockholders' equity	1,196,551	1,082,048
Total liabilities and stockholders' equity	2,112,483	1,980,870
Customer Contracts
ASSETS
Intangible assets, net	319,382	325,929
Trademarks & Tradenames
ASSETS
Intangible assets, net	114,016	108,976
Other Intangible Assets
ASSETS
Intangible assets, net	$ 9,807	$ 11,679

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 13,783	$ 13,885
Financing receivables, short-term, allowance for doubtful accounts	1,779	1,463
Equipment and property, accumulated depreciation	330,173	315,891
Financing receivables, long-term, allowance for doubtful accounts	$ 3,121	$ 2,522
Preferred Stock, Shares Authorized	500,000	500,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	800,000,000	800,000,000
Common Stock, Shares, Issued	492,472,436	491,911,087
Common Stock, Shares, Outstanding	492,472,436	491,911,087

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Customer services	$ 729,704	$ 650,199	$ 2,034,433	$ 1,823,957
COSTS AND EXPENSES
Cost of services provided (exclusive of depreciation and amortization below)	348,158	305,474	980,316	864,888
Sales, general and administrative	213,581	194,261	612,353	539,951
Depreciation and amortization	24,282	23,617	73,454	70,519
Total operating expenses	586,021	523,352	1,666,123	1,475,358
Other (income), net	143,683	126,847	368,310	348,599
Interest expense, net	846	222	2,294	1,334
Other income, net	(1,980)	(447)	(5,170)	(33,598)
CONSOLIDATED INCOME BEFORE INCOME TAXES	144,817	127,072	371,186	380,863
PROVISION FOR INCOME TAXES	37,195	33,219	90,820	95,513
NET INCOME	$ 107,622	$ 93,853	$ 280,366	$ 285,350
NET INCOME PER SHARE - BASIC	$ 0.22	$ 0.19	$ 0.57	$ 0.58
NET INCOME PER SHARE - DILUTED	$ 0.22	$ 0.19	$ 0.57	$ 0.58
Weighted average shares outstanding - basic	492,316	492,069	492,285	492,058
Weighted average shares outstanding - diluted	492,430	492,069	492,398	492,058
DIVIDENDS PAID PER SHARE	$ 0.10	$ 0.08	$ 0.30	$ 0.24

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
NET INCOME	$ 107,622	$ 93,853	$ 280,366	$ 285,350
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(12,417)	(7,207)	(26,203)	(6,924)
Unrealized loss on available for sale securities			(952)
Change in derivatives		632		356
Other comprehensive income (loss), net of tax	(12,417)	(6,575)	(27,155)	(6,568)
Comprehensive income	$ 95,205	$ 87,278	$ 253,211	$ 278,782

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Paid-in-Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings.	Total
Beginning balance, value at Dec. 31, 2020	$ 491,612	$ 101,757	$ (10,897)	$ 358,888	$ 941,360
Beginning Balance, Shares at Dec. 31, 2020	491,612,000
Net income				285,350	285,350
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments			(6,924)		(6,924)
Change in derivatives			356		356
Cash dividends				(119,677)	(119,677)
Stock compensation	$ 728	11,034			11,762
Stock compensation, Shares	728,000
Employee stock buybacks	$ (291)	(10,307)			(10,598)
Employee stock buybacks, Shares	(291,000)
Ending balance, value at Sep. 30, 2021	$ 492,049	102,484	(17,465)	524,561	1,101,629
Ending Balance, Shares at Sep. 30, 2021	492,049,000
Beginning balance, value at Jun. 30, 2021	$ 492,079	98,842	(10,890)	470,653	1,050,684
Beginning Balance, Shares at Jun. 30, 2021	492,079,000
Net income				93,853	93,853
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments			(7,207)		(7,207)
Change in derivatives			632		632
Cash dividends				(39,945)	(39,945)
Stock compensation	$ (22)	3,942			3,920
Stock compensation, Shares	(22,000)
Employee stock buybacks	$ (8)	(300)			(308)
Employee stock buybacks, Shares	(8)
Ending balance, value at Sep. 30, 2021	$ 492,049	102,484	(17,465)	524,561	1,101,629
Ending Balance, Shares at Sep. 30, 2021	492,049,000
Beginning balance, value at Dec. 31, 2021	$ 491,911	105,629	(16,411)	500,919	1,082,048
Beginning Balance, Shares at Dec. 31, 2021	491,911,000
Net income				280,366	280,366
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments			(26,203)		(26,203)
Unrealized losses on available for sale securities			(952)		(952)
Cash dividends				(147,635)	(147,635)
Stock compensation	$ 786	15,128			15,914
Stock compensation, Shares	786,000
Employee stock buybacks	$ (225)	(6,762)			(6,987)
Employee stock buybacks, Shares	(225,000)
Ending balance, value at Sep. 30, 2022	$ 492,472	113,995	(43,566)	633,650	1,196,551
Ending Balance, Shares at Sep. 30, 2022	492,472,000
Beginning balance, value at Jun. 30, 2022	$ 492,417	109,070	(31,149)	575,229	1,145,567
Beginning Balance, Shares at Jun. 30, 2022	492,417,000
Net income				107,622	107,622
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments			(12,417)		(12,417)
Cash dividends				(49,201)	(49,201)
Stock compensation	$ 55	4,902			4,957
Stock compensation, Shares	55,000
Employee stock buybacks					0
Employee stock buybacks		23			23
Ending balance, value at Sep. 30, 2022	$ 492,472	$ 113,995	$ (43,566)	$ 633,650	$ 1,196,551
Ending Balance, Shares at Sep. 30, 2022	492,472,000

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income	$ 280,366	$ 285,350
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,454	70,519
Stock-based compensation expense	15,914	11,762
Provision for expected credit losses	13,593	8,522
Gain on sale of assets, net	(5,170)	(33,598)
Provision for deferred income taxes	2,210	2,221
Changes in operating assets and liabilities:
Trade accounts receivables and other accounts receivable	(40,872)	(34,294)
Financing receivables	(21,021)	(13,041)
Materials and supplies	295	3,780
Other current assets	(3,580)	(11,426)
Accounts payable and accrued expenses	(669)	(8,564)
Unearned revenue	19,655	20,685
Other long-term assets and liabilities	8,362	(3,005)
Net cash provided by operating activities	342,537	298,911
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	(110,418)	(39,692)
Capital expenditures	(22,921)	(20,031)
Proceeds from sale of assets	9,822	70,967
Other investing activities, net	139	(140)
Net cash (used in) provided by investing activities	(123,378)	11,104
FINANCING ACTIVITIES
Payment of contingent consideration	(11,663)	(19,413)
Borrowings under term loan	252,000
Borrowings under revolving commitment	11,000	82,500
Repayments of term loan	(175,000)	(83,000)
Repayments of revolving commitment	(118,000)	(134,500)
Payment of dividends	(147,635)	(119,677)
Cash paid for common stock purchased	(6,987)	(10,598)
Net cash used in financing activities	(196,285)	(284,688)
Effect of exchange rate changes on cash	(6,299)	(6,149)
Net increase in cash and cash equivalents	16,575	19,178
Cash and cash equivalents at beginning of period	105,301	98,477
Cash and cash equivalents at end of period	121,876	117,655
Supplemental disclosure of cash flow information:
Cash paid for interest	3,229	681
Cash paid for income taxes, net	104,974	88,350
Non-cash additions to operating lease right-of-use assets	$ 92,365	$ 101,720

BASIS OF PREPARATION

BASIS OF PREPARATION	9 Months Ended
	Sep. 30, 2022
BASIS OF PREPARATION
BASIS OF PREPARATION	NOTE 1. Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, the instructions to Form 10-Q and applicable sections of SEC regulation S-X, and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There have been no material changes in the Company’s significant accounting policies or the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (including its subsidiaries unless the context otherwise requires, “Rollins,” “we,” “us,” “our,” or the “Company”) for the year ended December 31, 2021. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2021 Annual Report on Form 10-K. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, accrued insurance, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and financing receivable reserves, income tax contingency accruals and valuation allowances, contingency accruals and goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions. The Company’s condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements. The Company considered the impact of COVID-19 and other economic trends on the assumptions and estimates used in preparing the condensed consolidated financial statements. In the opinion of management, all material adjustments necessary for a fair presentation of the Company’s financial results for the quarter have been made. These adjustments are of a normal recurring nature but complicated by the continued uncertainty surrounding COVID-19 and other economic trends. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of results for the entire year. The severity, magnitude and duration of certain economic trends, as well as the economic consequences of COVID-19, continue to be uncertain and are difficult to predict. Therefore, our accounting estimates and assumptions may change over time in response to COVID-19 and other economic trends and may change materially in future periods. The Company operates as one reportable segment and the results of operations and its financial condition are not reliant upon any single customer.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2. Recently adopted accounting standards In November 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-10, “Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance.” The amendments in this Update require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity’s financial statements. The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. ​ Accounting standards issued but not yet adopted In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” The amendments in this Update eliminate the accounting guidance for troubled debt restructurings (TDRs) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions.” The amendments in this Update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. This Update also introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. These amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company does not currently own any equity securities and therefore the adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 3. The Company made 27 acquisitions during the nine-month period ended September 30, 2022, and 39 acquisitions for the year ended December 31, 2021. For the 27 acquisitions completed through September 30, 2022, the preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Accounts receivable, net ​ $ 2,926 ​ Materials and supplies ​ 439 ​ Equipment and property ​ 6,245 ​ Goodwill ​ 60,962 ​ Customer contracts ​ 44,377 ​ Trademarks & tradenames ​ 5,615 ​ Other intangible assets ​ 1,393 ​ Current liabilities ​ (4,285) ​ Other assets and liabilities, net ​ (1,384) ​ Total consideration ​ $ 116,288 ​ Less: Acquisition holdback liabilities ​ (8,978) ​ Total cash purchase price ​ $ 107,310 ​ ​ The Company also made a final payment of $3.1 million for a 2021 acquisition in 2022. ​ Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The factors contributing to the amount of goodwill are based on strategic and synergistic benefits that are expected to be realized. For the nine months ended September 30, 2022, $61.0 million of goodwill was added related to the 27 acquisitions noted above. The recognized goodwill is expected to be deductible for tax purposes. The purchase price allocations for these acquisitions are preliminary until the Company obtains final information regarding these fair values.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2022
REVENUE
REVENUE	NOTE 4. The following tables present our revenues disaggregated by revenue source (in thousands). Sales and usage-based taxes are excluded from revenues. No sales to an individual customer or in a country other than the United States accounted for 10% or more of the sales for the periods listed in the following table. Revenue, classified by the major geographic areas in which our customers are located, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 676,408 ​ $ 602,336 ​ $ 1,884,571 ​ $ 1,686,371 ​ Other countries ​ 53,296 ​ 47,863 ​ 149,862 ​ 137,586 ​ Total Revenues ​ $ 729,704 ​ $ 650,199 ​ $ 2,034,433 ​ $ 1,823,957 ​ ​ Revenue from external customers, classified by significant product and service offerings, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Residential revenue ​ $ 337,878 ​ $ 307,747 ​ $ 922,448 ​ $ 835,871 ​ Commercial revenue ​ 243,478 ​ 218,648 ​ 683,748 ​ 618,183 ​ Termite completions, bait monitoring, & renewals ​ 139,668 ​ 117,423 ​ 406,155 ​ 350,791 ​ Franchise revenues ​ ​ 4,068 ​ ​ 4,128 ​ ​ 11,960 ​ ​ 11,698 ​ Other revenues ​ 4,612 ​ 2,253 ​ 10,122 ​ 7,414 ​ Total Revenues ​ $ 729,704 ​ $ 650,199 ​ $ 2,034,433 ​ $ 1,823,957 ​ ​ The Company records unearned revenue when we have either received payment or contractually have the right to bill for services in advance of the services or performance obligations being performed. Deferred revenue recognized in the three and nine months ended September 30, 2022 and 2021 was $51.6 million and $47.3 million, respectively and $152.5 and $139.6, respectively. Changes in unearned revenue were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 ​ 2022 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 192,972 ​ $ 172,951 ​ $ 168,607 ​ $ 149,224 Deferral of unearned revenue ​ 54,946 ​ 49,060 ​ 180,209 ​ 165,094 Recognition of unearned revenue ​ (51,553) ​ (47,316) ​ (152,451) ​ (139,623) Ending balance ​ $ 196,365 ​ $ 174,695 ​ $ 196,365 ​ $ 174,695 ​ As of September 30, 2022, and December 31, 2021, the Company had long-term unearned revenue of $29.5 million and $18.4 million, respectively, recorded in other long-term accrued liabilities. Unearned short-term revenue is recognized over the next 12-month period. The majority of unearned long-term revenue is recognized over a period of five years or less with immaterial amounts recognized through 2033.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	9 Months Ended
	Sep. 30, 2022
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES	NOTE 5. The Company is exposed to credit losses primarily related to accounts receivables and financed receivables derived from customer services revenue. To reduce credit risk for residential pest control accounts receivable, we promote enrollment in our auto-pay programs. In general, we may suspend future services for customers with past due balances. The Company’s credit risk is generally low with a large number of individuals and entities comprising Rollins’ customer base and dispersion across many different geographical regions. The Company manages its financing receivables on an aggregate basis when assessing and monitoring credit risks. The Company’s established credit evaluation and monitoring procedures seek to minimize the amount of business we conduct with higher risk customers. The credit quality of a potential obligor is evaluated at the loan origination based on an assessment of the individual’s Beacon/credit bureau score. Rollins requires a potential obligor to have good credit worthiness with low risk before entering into a contract. Depending upon the individual’s credit score, the Company may accept with 100% financing, require a significant down payment or turn down the contract. Delinquencies of accounts are monitored each month. Financing receivables include installment receivable amounts, some of which are due subsequent to one year from the balance sheet dates. The Company’s allowances for credit losses for trade accounts receivable and financed receivables are developed using historical collection experience, current economic and market conditions, reasonable and supportable forecasts, and a review of the current status of customers’ receivables. The Company’s receivable pools are classified between residential customers, commercial customers, large commercial customers, and financed receivables. Accounts are written off against the allowance for credit losses when the Company determines that amounts are uncollectible, and recoveries of amounts previously written off are recorded when collected. The Company stops accruing interest to these receivables when they are deemed uncollectible. Below is a roll forward of the Company’s allowance for credit losses for the three and nine months ended September 30, 2022 and 2021 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ Trade Financed Total ​ ​ Receivables ​ Receivables ​ Receivables Balance at June 30, 2022 ​ $ 13,666 ​ $ 4,554 ​ $ 18,220 Provision for expected credit losses ​ 3,842 ​ ​ 1,316 ​ 5,158 Write-offs charged against the allowance ​ (5,095) ​ ​ (970) ​ (6,065) Recoveries collected ​ 1,370 ​ ​ — ​ 1,370 Balance at September 30, 2022 ​ $ 13,783 ​ $ 4,900 ​ $ 18,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Trade ​ Financed ​ Total ​ Receivables Receivables Receivables Balance at June 30, 2021 ​ $ 13,863 ​ $ 4,341 ​ $ 18,204 Provision for expected credit losses ​ 3,526 ​ 323 ​ 3,849 Write-offs charged against the allowance ​ (5,163) ​ (657) ​ (5,820) Recoveries collected ​ 1,247 ​ — ​ 1,247 Balance at September 30, 2021 ​ $ 13,473 ​ $ 4,007 ​ $ 17,480 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Trade ​ Financed ​ Total ​ Receivables Receivables Receivables Balance at December 31, 2021 ​ $ 13,885 ​ $ 3,985 ​ $ 17,870 Provision for expected credit losses ​ 9,396 ​ ​ 4,195 ​ 13,591 Write-offs charged against the allowance ​ (13,561) ​ ​ (3,280) ​ (16,841) Recoveries collected ​ 4,063 ​ ​ — ​ 4,063 Balance at September 30, 2022 ​ $ 13,783 ​ $ 4,900 ​ $ 18,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Trade ​ Financed ​ Total ​ Receivables Receivables Receivables Balance at December 31, 2020 ​ $ 16,854 ​ $ 3,231 ​ $ 20,085 Provision for expected credit losses ​ 5,760 ​ 2,762 ​ 8,522 Write-offs charged against the allowance ​ (12,912) ​ (1,986) ​ (14,898) Recoveries collected ​ 3,771 ​ — ​ 3,771 Balance at September 30, 2021 ​ $ 13,473 ​ $ 4,007 ​ $ 17,480 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE 6. The following table summarizes changes in goodwill during the nine months ended September 30, 2022 and the twelve months ended December 31, 2021 (in thousands): ​ ​ ​ ​ Goodwill: ​ Balance at December 31, 2020 $ 653,176 Additions ​ 69,264 Adjustments due to currency translation ​ (621) Balance at December 31, 2021 ​ 721,819 Additions ​ 60,962 Measurement adjustments ​ ​ 65 Adjustments due to currency translation ​ (10,521) Balance at September 30, 2022 ​ $ 772,325 ​ The carrying amount of goodwill in foreign countries was $88.9 million as of September 30, 2022 and $82.1 million as of December 31, 2021. The Company completed its most recent annual impairment analysis as of September 30, 2022. Based upon the results of this analysis, the Company concluded that no impairment of its goodwill or other intangible assets was indicated. The following table sets forth the components of indefinite-lived and amortizable intangible assets as of September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Carrying ​ ​ ​ ​ Accumulated Carrying ​ Useful Life ​ ​ Gross ​ Amortization ​ Value ​ Gross ​ Amortization ​ Value ​ in Years Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer contracts ​ $ 567,698 ​ $ (248,316) ​ $ 319,382 ​ $ 551,277 ​ $ (225,348) ​ $ 325,929 3 - 20 Trademarks and tradenames ​ ​ 18,086 ​ ​ (7,201) ​ 10,885 ​ ​ 12,784 ​ ​ (6,492) ​ 6,292 7 - 20 Non-compete agreements ​ ​ 13,999 ​ ​ (6,927) ​ 7,072 ​ ​ 13,125 ​ ​ (5,573) ​ 7,552 3 - 20 Patents ​ ​ 6,934 ​ ​ (6,692) ​ 242 ​ ​ 6,946 ​ ​ (5,509) ​ 1,437 3 - 15 Other assets ​ ​ 1,910 ​ ​ (1,645) ​ 265 ​ ​ 2,150 ​ ​ (1,687) ​ 463 10 Total amortizable intangible assets ​ $ 608,628 ​ $ (270,781) ​ ​ 337,847 ​ $ 586,282 ​ $ (244,609) ​ ​ 341,673 Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademarks and tradenames ​ ​ ​ ​ ​ ​ ​ 103,131 ​ ​ ​ ​ ​ ​ ​ 102,684 Internet domains ​ ​ ​ ​ ​ ​ ​ 2,227 ​ ​ ​ ​ ​ ​ ​ 2,227 Total indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ 105,358 ​ ​ ​ ​ ​ ​ ​ 104,911 Total customer contracts and other intangible assets ​ ​ ​ ​ ​ ​ ​ $ 443,205 ​ ​ ​ ​ ​ ​ ​ $ 446,584 ​ The carrying amount of customer contracts in foreign countries was $41.6 million and $42.1 million as of September 30, 2022 and December 31, 2021, respectively. The carrying amount of trademarks and tradenames in foreign countries was $4.1 million and $2.9 million as of September 30, 2022 and December 31, 2021, respectively. The carrying amount of other intangible assets in foreign countries was $0.7 million and $0.7 million as of September 30, 2022 and December 31, 2021, respectively. Amortization expense related to intangible assets was $15.9 million and $13.4 million for the three months ended September 30, 2022 and 2021, respectively. Amortization expense related to intangible assets was $46.7 million and $39.5 million for the nine months ended September 30, 2022 and 2021, respectively. Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. Estimated amortization expense for the existing carrying amount of customer contracts and other intangible assets for each of the five succeeding fiscal years as of September 30, 2022 are as follows: ​ ​ ​ ​ ​ (in thousands) ​ 2022 (excluding the nine months ended September 30, 2022) $ 16,283 2023 ​ 59,772 2024 ​ 56,197 2025 ​ 47,083 2026 ​ 42,670 ​

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
LEASES
LEASES	NOTE 7. The Company leases certain buildings, vehicles, and equipment. The Company elected the practical expedient approach permitted under Accounting Standards Codification Topic 842 “Leases”, not to include short-term leases with a duration of 12 months or less on the balance sheet. As of September 30, 2022, and December 31, 2021, all leases were classified as operating leases. Building leases generally carry terms of 5 to 15 years with annual rent escalations at fixed amounts per the lease. Vehicle leases generally carry a fixed term of one year with renewal options to extend the lease on a monthly basis resulting in lease terms up to 7 years depending on the class of vehicle. The exercise of renewal options is at the Company’s sole discretion. It is reasonably certain that the Company will exercise the renewal options on its vehicle leases. The measurement of right-of-use assets and liabilities for vehicle leases includes the fixed payments associated with such renewal periods. We separate lease and non-lease components of contracts. Our lease agreements do not contain any material variable payments, residual value guarantees, early termination penalties or restrictive covenants. During the nine months ended September 30, 2021, the Company completed multiple sale-leaseback transactions where it sold 17 of its properties related to the Clark Pest Control acquisition for gross proceeds of $67.0 million and a pre-tax gain of $31.5 million, which is included as Other income, net on the income statement. These leases are classified as operating leases with terms of 7 to 15 years. The Company uses the rate implicit in the lease when available; however, most of our leases do not provide a readily determinable implicit rate. Accordingly, we estimate our incremental borrowing rate based on information available at lease commencement. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands, except Other Information) ​ ​ ​ ​ ​ ​ ​ Lease Classification Financial Statement Classification 2022 2021 2022 2021 ​ Short-term lease cost Cost of services provided, Sales, general, and administrative expenses ​ $ 46 ​ $ 51 ​ $ 108 ​ $ 176 ​ Operating lease cost Cost of services provided, Sales, general, and administrative expenses ​ 24,419 ​ 23,472 ​ 72,057 ​ 69,497 ​ Total lease expense ​ ​ ​ $ 24,465 ​ $ 23,523 ​ $ 72,165 ​ $ 69,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information: ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.2 years ​ 5.5 years ​ Weighted-average discount rate - operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.41 % 3.69 % Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 71,240 ​ $ 68,614 ​ ​ Lease Commitments Future minimum lease payments, including assumed exercise of renewal options as of September 30, 2022 were as follows: ​ ​ ​ ​ ​ ​ Operating (in thousands) ​ ​ 2022 (excluding the nine months ended September 30, 2022) ​ $ 24,234 2023 ​ ​ 86,079 2024 ​ 62,772 2025 ​ 44,160 2026 ​ 26,286 2027 ​ 14,764 Thereafter ​ 48,050 Total Future Minimum Lease Payments ​ 306,345 Less: Amount representing interest ​ 32,169 Total future minimum lease payments, net of interest ​ $ 274,176 ​ Future commitments presented in the table above include lease payments in renewal periods for which it is reasonably certain that the Company will exercise the renewal option. Total future minimum lease payments for operating leases, including the amount representing interest, are comprised of $163.5 million for building leases and $142.8 million for vehicle leases. As of September 30, 2022, the Company had additional future obligations of $15.6 million for leases that had not yet commenced.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 8. The Company’s financial instruments consist of cash and cash equivalents, trade receivables, financed and notes receivable, accounts payable, other short-term liabilities, and debt. The carrying amounts of these financial instruments approximate their respective fair values. The Company also has derivative instruments as further discussed in Note 10. Derivative Instruments and Hedging Activities. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs. As of September 30, 2022, and December 31, 2021, we had investments in international bonds of $10.6 million and $12.6 million, respectively. These bonds are accounted for as available for sale securities and are level 2 assets under the fair value hierarchy. At December 31, 2021, the entire investment was recorded in other current assets. Management reassessed their intentions on the investment and at September 30, 2022, $0.6 million was included in other current assets and $10.0 million was included in other assets. The bonds are recorded at fair market value with unrealized losses of $1.0 million included in other comprehensive income during the nine months ended September 30, 2022. As of September 30, 2022 and December 31, 2021, the Company had $19.4 million and $25.2 million of acquisition holdback and earnout liabilities payable to former owners of acquired companies, respectively. The earnout liabilities were discounted to reflect the expected probability of payout, and both earnout and holdback liabilities were discounted to their net present value on the Company’s books and are considered level 3 liabilities. The table below presents a summary of the changes in fair value for these liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 22,742 ​ $ 27,057 ​ $ 25,156 ​ $ 35,744 New acquisitions and revaluations ​ 3,706 ​ 1,341 ​ 6,457 ​ 5,314 Payouts ​ (6,468) ​ (6,540) ​ (11,663) ​ (19,413) Interest on outstanding contingencies ​ 79 ​ 178 ​ 327 ​ 715 Charge offset, forfeit and other ​ (669) ​ (514) ​ (887) ​ (838) Ending balance ​ $ 19,390 ​ $ 21,522 ​ $ 19,390 ​ $ 21,522 ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
DEBT
DEBT	NOTE 9. In April 2019, the Company entered into a Revolving Credit Agreement with Truist Bank N.A. (formerly SunTrust Bank N.A.) and Bank of America, N.A. (the “Credit Agreement”) for an unsecured revolving commitment of up to $175.0 million, which includes a $75.0 million letter of credit subfacility and a $25.0 million swingline subfacility (the “Revolving Commitment”), and an unsecured variable rate $250.0 million term loan (the “Term Loan”). On January 27, 2022, the Company entered into an amendment (the “Amendment”) to the Credit Agreement with Truist Bank and Bank of America, N.A. whereby additional term loans in an aggregate principal amount of $252.0 million were advanced to the Company. The Amendment also replaced LIBOR as the benchmark interest rate for borrowings with the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) and reset the amortization schedule for all term loans under the Credit Agreement. The maturity of all loans made under the Credit Agreement prior to the Amendment remains unchanged at April 29, 2024 and all other terms of the Credit Agreement remain unchanged in all material respects. In addition, the Credit Agreement has provisions to extend the term of the Revolving Commitment beyond April 29, 2024, as well as the right at any time and from time to time to prepay any borrowing under the Credit Agreement, in whole or in part, without premium or penalty. ​ As of September 30, 2022, the Company had outstanding borrowings of $124.9 million under the Term Loan and there were no outstanding borrowings under the Revolving Commitment. The aggregate effective interest rate on the debt outstanding as of September 30, 2022 was 3.866%. The effective interest rate is comprised of the BSBY plus a margin of 75.0 basis points as determined by the Company’s leverage ratio calculation. As of December 31, 2021, the Revolving Commitment had outstanding borrowings of $107.0 million and the Term Loan had outstanding borrowings of $48.0 million. ​ The Company maintains approximately $71.3 million in letters of credit as of September 30, 2022. These letters of credit are required by the Company’s insurance companies, due to the Company’s high deductible insurance program, to secure various workers’ compensation and casualty insurance contracts coverage and were increased from $37.2 million as of December 31, 2021. The Company believes that it has adequate liquid assets, funding sources and insurance accruals to accommodate potential future insurance claims. ​ In order to comply with applicable debt covenants, the Company is required to maintain at all times a leverage ratio of not greater than 3.00:1.00. The Leverage Ratio is calculated as of the last day of the fiscal quarter most recently ended. The Company remained in compliance with applicable debt covenants through the date of this filing and expects to maintain compliance throughout 2022.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2022
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 10. The Company is exposed to certain interest rate risks on our outstanding debt and foreign currency risks arising from our international business operations and global economic conditions. The Company enters into certain derivative financial instruments to lock in certain interest rates, as well as to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar. The Company is exposed to fluctuations in various foreign currencies against its functional currency, the US dollar. We use foreign currency derivatives, specifically foreign currency forward contracts (“FX Forwards”), to manage our exposure to fluctuations in the USD-CAD and USD-AUD exchange rates. FX Forwards involve fixing the foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The FX Forwards are typically settled in US dollars for their fair value at or close to their settlement date. We do not currently designate any of these FX Forwards under hedge accounting, but rather reflect the changes in fair value immediately in earnings. We do not use such instruments for speculative or trading purposes, but rather use them to manage our exposure to foreign exchange rates. Changes in the fair value of FX Forwards were recorded in other income/expense and were equal to net gains of $1.0 million and net losses of $0.1 million for the quarters ended September 30, 2022 and 2021, respectively, and net gains of $1.1 million and net losses of $0.6 million for the nine months ended September 30, 2022 and 2021, respectively. The fair values of the Company’s FX Forwards were recorded as a net asset of $0.8 million in Other Current Assets as of September 30, 2022 and an insignificant net obligation in Other Current Liabilities as of December 31, 2021, respectively. As of September 30, 2022, the Company had the following outstanding FX Forwards (in thousands except for number of instruments): ​ Non-Designated Derivative Summary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Sell ​ Buy FX Forward Contracts Instruments Notional Notional Sell AUD/Buy USD Fwd Contract ​ 16 ​ ​ 2,300 ​ $ 1,615 Sell CAD/Buy USD Fwd Contract ​ 16 ​ ​ 16,000 ​ ​ 12,313 Total ​ 32 ​ ​ $ 13,928 ​

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
CONTINGENCIES
CONTINGENCIES	NOTE 11. In the normal course of business, the Company and its subsidiaries are involved in, and will continue to be involved in, various claims, arbitrations, contractual disputes, investigations, and regulatory and litigation matters relating to, and arising out of, our businesses and our operations. These matters may involve, but are not limited to, allegations that our services or vehicles caused damage or injury, claims that our services did not achieve the desired results, claims related to acquisitions and allegations by federal, state or local authorities, including taxing authorities, of violations of regulations or statutes. In addition, we are parties to employment-related cases and claims from time to time, which may include claims on a representative or class action basis alleging wage and hour law violations. We are also involved from time to time in certain environmental matters primarily arising in the normal course of business. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. The Company retains, up to specified limits, certain risks related to general liability, workers’ compensation and auto liability. The estimated costs of existing and future claims under the retained loss program are accrued based upon historical trends as incidents occur, whether reported or unreported (although actual settlement of the claims may not be made until future periods) and may be subsequently revised based on developments relating to such claims. The Company contracts with an independent third party to provide the Company an estimated liability based upon historical claims information. The actuarial study is a major consideration in establishing the reserve, along with management’s knowledge of changes in business practice and existing claims compared to current balances. Management’s judgment is inherently subjective as a number of factors are outside management’s knowledge and control. Additionally, historical information is not always an accurate indication of future events. The accruals and reserves we hold are based on estimates that involve a degree of judgment and are inherently variable and could be overestimated or insufficient. If actual claims exceed our estimates, our operating results could be materially affected, and our ability to take timely corrective actions to limit future costs may be limited. Management does not believe that any pending claim, proceeding or litigation, regulatory action or investigation, either alone or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or liquidity; however, it is possible that an unfavorable outcome of some or all of the matters could result in a charge that might be material to the results of an individual quarter or year. ​

PENSION PLANS

PENSION PLANS	9 Months Ended
	Sep. 30, 2022
PENSION PLANS
PENSION PLANS	NOTE 12. In September 2019, the Company settled its fully-funded Rollins, Inc. pension plan, and during 2021, all remaining assets were reverted to the Company per ERISA regulations. The Company continues to sponsor its Waltham, Inc. defined benefit plan. This plan had assets of $2.2 million, a projected liability of $2.9 million and an unfunded status of $0.7 million as of September 30, 2022. The Company has not made any employer contributions to its Waltham defined benefit retirement plan in 2022. ​

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 13. During the nine months ended September 30, 2022, the Company paid $147.6 million, or $0.30 per share, in cash dividends compared to $119.7 million, or $0.24 per share, during the same period in 2021. During the nine months ended September 30, 2022 and during the same period in 2021, the Company did not repurchase shares on the open market. The Company repurchases shares from employees for the payment of their taxes on restricted shares that have vested. The Company repurchased $0.0 million and $0.3 million for the quarters ended September 30, 2022 and 2021, and $7.0 million and $10.6 million for the nine-month periods ended September 30, 2022 and 2021, respectively. As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2021 Annual Report on Form 10-K, time-lapse restricted awards and restricted stock units (“restricted shares”) have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans. Beginning with the 2022 grant, restricted shares vest in 20 percent increments over five years from the date of the grant. Prior grants vest over six years from the date of grant. The Company issues new shares from its authorized but unissued share pool. As of September 30, 2022, approximately 5.9 million shares of the Company’s common stock were reserved for issuance. Time Lapse Restricted Shares The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Time lapse restricted stock: ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ $ 4,957 ​ $ 3,920 ​ $ 15,914 ​ $ 11,762 ​ Tax benefit ​ (1,298) ​ (1,025) ​ (3,894) ​ (2,950) ​ Restricted stock expense, net of tax ​ $ 3,659 ​ $ 2,895 ​ $ 12,020 ​ $ 8,812 ​ ​ The following table summarizes information on unvested restricted stock outstanding as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant-Date (number of shares in thousands) Shares Fair Value Unvested Restricted Stock at December 31, 2021 2,596 $ 26.26 Forfeited (68) ​ 26.32 Vested (666) ​ 19.97 Granted 854 ​ 30.12 Unvested Restricted Stock at September 30, 2022 2,716 ​ $ 28.93 ​ As of September 30, 2022, and December 31, 2021, the Company had $57.9 million and $65.2 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 3.7 years and 4.5 years, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 14. The Company reports both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period. Diluted earnings per share is calculated by dividing the net income available to participating common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive equity. A reconciliation of weighted average shares outstanding is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average outstanding common shares ​ ​ 489,756 ​ ​ 489,306 ​ ​ 489,705 ​ ​ 489,241 Add participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average time-lapse restricted awards ​ ​ 2,560 ​ ​ 2,763 ​ ​ 2,580 ​ ​ 2,817 Total weighted-average shares outstanding - basic ​ ​ 492,316 ​ ​ 492,069 ​ ​ 492,285 ​ ​ 492,058 Dilutive effect of restricted stock units ​ ​ 114 ​ ​ — ​ ​ 113 ​ ​ — Weighted-average shares outstanding - diluted ​ ​ 492,430 ​ ​ 492,069 ​ ​ 492,398 ​ ​ 492,058 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 15. The Company’s provision for income taxes is recorded on an interim basis based upon the Company’s estimate of the annual effective income tax rate for the full year applied to “ordinary” income or loss, adjusted each quarter for discrete items. The Company recorded a provision for income taxes of $37.2 million and $33.2 million for the three months ended September 30, 2022 and 2021, respectively, and $90.8 million and $95.5 million for the nine months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rate decreased to 25.7% in the third quarter of 2022 compared to 26.1% in 2021. During the nine months ended September 30, 2022, the Company’s effective tax rate decreased to 24.5% compared to 25.1% in 2021. The rate was lower due to a decrease in foreign taxes from 2021 to 2022. As of September 30, 2022 and December 31, 2021, we had deferred income tax assets of $2.6 million and $2.9 million, respectively, included in other assets, and deferred income tax liabilities of $15.1 million and $13.3 million, respectively, included in other long-term accrued liabilities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16. Quarterly Dividend On October 25, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend on its common stock of $0.13 per share payable on December 9, 2022 to stockholders of record at the close of business on November 10, 2022.

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	9 Months Ended
	Sep. 30, 2022
BASIS OF PREPARATION
Basis of Preparation	Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, the instructions to Form 10-Q and applicable sections of SEC regulation S-X, and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There have been no material changes in the Company’s significant accounting policies or the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (including its subsidiaries unless the context otherwise requires, “Rollins,” “we,” “us,” “our,” or the “Company”) for the year ended December 31, 2021. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2021 Annual Report on Form 10-K. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, accrued insurance, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and financing receivable reserves, income tax contingency accruals and valuation allowances, contingency accruals and goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions. The Company’s condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements. The Company considered the impact of COVID-19 and other economic trends on the assumptions and estimates used in preparing the condensed consolidated financial statements. In the opinion of management, all material adjustments necessary for a fair presentation of the Company’s financial results for the quarter have been made. These adjustments are of a normal recurring nature but complicated by the continued uncertainty surrounding COVID-19 and other economic trends. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of results for the entire year. The severity, magnitude and duration of certain economic trends, as well as the economic consequences of COVID-19, continue to be uncertain and are difficult to predict. Therefore, our accounting estimates and assumptions may change over time in response to COVID-19 and other economic trends and may change materially in future periods. The Company operates as one reportable segment and the results of operations and its financial condition are not reliant upon any single customer.
Recent Accounting Guidance	Recently adopted accounting standards In November 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-10, “Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance.” The amendments in this Update require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity’s financial statements. The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. ​ Accounting standards issued but not yet adopted In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” The amendments in this Update eliminate the accounting guidance for troubled debt restructurings (TDRs) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions.” The amendments in this Update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. This Update also introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. These amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company does not currently own any equity securities and therefore the adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
ACQUISITIONS
Schedule of Assets Acquired and Liabilities assumed recorded at the date of acquisition	For the 27 acquisitions completed through September 30, 2022, the preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Accounts receivable, net ​ $ 2,926 ​ Materials and supplies ​ 439 ​ Equipment and property ​ 6,245 ​ Goodwill ​ 60,962 ​ Customer contracts ​ 44,377 ​ Trademarks & tradenames ​ 5,615 ​ Other intangible assets ​ 1,393 ​ Current liabilities ​ (4,285) ​ Other assets and liabilities, net ​ (1,384) ​ Total consideration ​ $ 116,288 ​ Less: Acquisition holdback liabilities ​ (8,978) ​ Total cash purchase price ​ $ 107,310 ​

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2022
REVENUE
Revenue by major geographic area, and by significant product and service offerings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 676,408 ​ $ 602,336 ​ $ 1,884,571 ​ $ 1,686,371 ​ Other countries ​ 53,296 ​ 47,863 ​ 149,862 ​ 137,586 ​ Total Revenues ​ $ 729,704 ​ $ 650,199 ​ $ 2,034,433 ​ $ 1,823,957 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Residential revenue ​ $ 337,878 ​ $ 307,747 ​ $ 922,448 ​ $ 835,871 ​ Commercial revenue ​ 243,478 ​ 218,648 ​ 683,748 ​ 618,183 ​ Termite completions, bait monitoring, & renewals ​ 139,668 ​ 117,423 ​ 406,155 ​ 350,791 ​ Franchise revenues ​ ​ 4,068 ​ ​ 4,128 ​ ​ 11,960 ​ ​ 11,698 ​ Other revenues ​ 4,612 ​ 2,253 ​ 10,122 ​ 7,414 ​ Total Revenues ​ $ 729,704 ​ $ 650,199 ​ $ 2,034,433 ​ $ 1,823,957 ​
Changes in unearned revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 ​ 2022 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 192,972 ​ $ 172,951 ​ $ 168,607 ​ $ 149,224 Deferral of unearned revenue ​ 54,946 ​ 49,060 ​ 180,209 ​ 165,094 Recognition of unearned revenue ​ (51,553) ​ (47,316) ​ (152,451) ​ (139,623) Ending balance ​ $ 196,365 ​ $ 174,695 ​ $ 196,365 ​ $ 174,695

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	9 Months Ended
	Sep. 30, 2022
ALLOWANCE FOR CREDIT LOSSES
Schedule of allowance for credit losses	Below is a roll forward of the Company’s allowance for credit losses for the three and nine months ended September 30, 2022 and 2021 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ Trade Financed Total ​ ​ Receivables ​ Receivables ​ Receivables Balance at June 30, 2022 ​ $ 13,666 ​ $ 4,554 ​ $ 18,220 Provision for expected credit losses ​ 3,842 ​ ​ 1,316 ​ 5,158 Write-offs charged against the allowance ​ (5,095) ​ ​ (970) ​ (6,065) Recoveries collected ​ 1,370 ​ ​ — ​ 1,370 Balance at September 30, 2022 ​ $ 13,783 ​ $ 4,900 ​ $ 18,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Trade ​ Financed ​ Total ​ Receivables Receivables Receivables Balance at June 30, 2021 ​ $ 13,863 ​ $ 4,341 ​ $ 18,204 Provision for expected credit losses ​ 3,526 ​ 323 ​ 3,849 Write-offs charged against the allowance ​ (5,163) ​ (657) ​ (5,820) Recoveries collected ​ 1,247 ​ — ​ 1,247 Balance at September 30, 2021 ​ $ 13,473 ​ $ 4,007 ​ $ 17,480 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Trade ​ Financed ​ Total ​ Receivables Receivables Receivables Balance at December 31, 2021 ​ $ 13,885 ​ $ 3,985 ​ $ 17,870 Provision for expected credit losses ​ 9,396 ​ ​ 4,195 ​ 13,591 Write-offs charged against the allowance ​ (13,561) ​ ​ (3,280) ​ (16,841) Recoveries collected ​ 4,063 ​ ​ — ​ 4,063 Balance at September 30, 2022 ​ $ 13,783 ​ $ 4,900 ​ $ 18,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Trade ​ Financed ​ Total ​ Receivables Receivables Receivables Balance at December 31, 2020 ​ $ 16,854 ​ $ 3,231 ​ $ 20,085 Provision for expected credit losses ​ 5,760 ​ 2,762 ​ 8,522 Write-offs charged against the allowance ​ (12,912) ​ (1,986) ​ (14,898) Recoveries collected ​ 3,771 ​ — ​ 3,771 Balance at September 30, 2021 ​ $ 13,473 ​ $ 4,007 ​ $ 17,480

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of changes in goodwill	The following table summarizes changes in goodwill during the nine months ended September 30, 2022 and the twelve months ended December 31, 2021 (in thousands): ​ ​ ​ ​ Goodwill: ​ Balance at December 31, 2020 $ 653,176 Additions ​ 69,264 Adjustments due to currency translation ​ (621) Balance at December 31, 2021 ​ 721,819 Additions ​ 60,962 Measurement adjustments ​ ​ 65 Adjustments due to currency translation ​ (10,521) Balance at September 30, 2022 ​ $ 772,325
Schedule of Components of Indefinite-lived and Amortizable Intangible Assets	The following table sets forth the components of indefinite-lived and amortizable intangible assets as of September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Carrying ​ ​ ​ ​ Accumulated Carrying ​ Useful Life ​ ​ Gross ​ Amortization ​ Value ​ Gross ​ Amortization ​ Value ​ in Years Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer contracts ​ $ 567,698 ​ $ (248,316) ​ $ 319,382 ​ $ 551,277 ​ $ (225,348) ​ $ 325,929 3 - 20 Trademarks and tradenames ​ ​ 18,086 ​ ​ (7,201) ​ 10,885 ​ ​ 12,784 ​ ​ (6,492) ​ 6,292 7 - 20 Non-compete agreements ​ ​ 13,999 ​ ​ (6,927) ​ 7,072 ​ ​ 13,125 ​ ​ (5,573) ​ 7,552 3 - 20 Patents ​ ​ 6,934 ​ ​ (6,692) ​ 242 ​ ​ 6,946 ​ ​ (5,509) ​ 1,437 3 - 15 Other assets ​ ​ 1,910 ​ ​ (1,645) ​ 265 ​ ​ 2,150 ​ ​ (1,687) ​ 463 10 Total amortizable intangible assets ​ $ 608,628 ​ $ (270,781) ​ ​ 337,847 ​ $ 586,282 ​ $ (244,609) ​ ​ 341,673 Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademarks and tradenames ​ ​ ​ ​ ​ ​ ​ 103,131 ​ ​ ​ ​ ​ ​ ​ 102,684 Internet domains ​ ​ ​ ​ ​ ​ ​ 2,227 ​ ​ ​ ​ ​ ​ ​ 2,227 Total indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ 105,358 ​ ​ ​ ​ ​ ​ ​ 104,911 Total customer contracts and other intangible assets ​ ​ ​ ​ ​ ​ ​ $ 443,205 ​ ​ ​ ​ ​ ​ ​ $ 446,584
Schedule of estimated amortization expense	​ ​ ​ ​ ​ (in thousands) ​ 2022 (excluding the nine months ended September 30, 2022) $ 16,283 2023 ​ 59,772 2024 ​ 56,197 2025 ​ 47,083 2026 ​ 42,670

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
LEASES
Schedule of operating lease costs and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands, except Other Information) ​ ​ ​ ​ ​ ​ ​ Lease Classification Financial Statement Classification 2022 2021 2022 2021 ​ Short-term lease cost Cost of services provided, Sales, general, and administrative expenses ​ $ 46 ​ $ 51 ​ $ 108 ​ $ 176 ​ Operating lease cost Cost of services provided, Sales, general, and administrative expenses ​ 24,419 ​ 23,472 ​ 72,057 ​ 69,497 ​ Total lease expense ​ ​ ​ $ 24,465 ​ $ 23,523 ​ $ 72,165 ​ $ 69,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information: ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.2 years ​ 5.5 years ​ Weighted-average discount rate - operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.41 % 3.69 % Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 71,240 ​ $ 68,614 ​
Schedule of Future minimum lease payments	​ ​ ​ ​ ​ ​ Operating (in thousands) ​ ​ 2022 (excluding the nine months ended September 30, 2022) ​ $ 24,234 2023 ​ ​ 86,079 2024 ​ 62,772 2025 ​ 44,160 2026 ​ 26,286 2027 ​ 14,764 Thereafter ​ 48,050 Total Future Minimum Lease Payments ​ 306,345 Less: Amount representing interest ​ 32,169 Total future minimum lease payments, net of interest ​ $ 274,176

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Summary of the changes in fair value for Level 3 liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 22,742 ​ $ 27,057 ​ $ 25,156 ​ $ 35,744 New acquisitions and revaluations ​ 3,706 ​ 1,341 ​ 6,457 ​ 5,314 Payouts ​ (6,468) ​ (6,540) ​ (11,663) ​ (19,413) Interest on outstanding contingencies ​ 79 ​ 178 ​ 327 ​ 715 Charge offset, forfeit and other ​ (669) ​ (514) ​ (887) ​ (838) Ending balance ​ $ 19,390 ​ $ 21,522 ​ $ 19,390 ​ $ 21,522

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2022
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Summary of outstanding FX Forwards	As of September 30, 2022, the Company had the following outstanding FX Forwards (in thousands except for number of instruments): ​ Non-Designated Derivative Summary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Sell ​ Buy FX Forward Contracts Instruments Notional Notional Sell AUD/Buy USD Fwd Contract ​ 16 ​ ​ 2,300 ​ $ 1,615 Sell CAD/Buy USD Fwd Contract ​ 16 ​ ​ 16,000 ​ ​ 12,313 Total ​ 32 ​ ​ $ 13,928

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Components of the Company's stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Time lapse restricted stock: ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ $ 4,957 ​ $ 3,920 ​ $ 15,914 ​ $ 11,762 ​ Tax benefit ​ (1,298) ​ (1,025) ​ (3,894) ​ (2,950) ​ Restricted stock expense, net of tax ​ $ 3,659 ​ $ 2,895 ​ $ 12,020 ​ $ 8,812 ​
Summary information on unvested restricted stock outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant-Date (number of shares in thousands) Shares Fair Value Unvested Restricted Stock at December 31, 2021 2,596 $ 26.26 Forfeited (68) ​ 26.32 Vested (666) ​ 19.97 Granted 854 ​ 30.12 Unvested Restricted Stock at September 30, 2022 2,716 ​ $ 28.93

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	A reconciliation of weighted average shares outstanding is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average outstanding common shares ​ ​ 489,756 ​ ​ 489,306 ​ ​ 489,705 ​ ​ 489,241 Add participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average time-lapse restricted awards ​ ​ 2,560 ​ ​ 2,763 ​ ​ 2,580 ​ ​ 2,817 Total weighted-average shares outstanding - basic ​ ​ 492,316 ​ ​ 492,069 ​ ​ 492,285 ​ ​ 492,058 Dilutive effect of restricted stock units ​ ​ 114 ​ ​ — ​ ​ 113 ​ ​ — Weighted-average shares outstanding - diluted ​ ​ 492,430 ​ ​ 492,069 ​ ​ 492,398 ​ ​ 492,058

BASIS OF PREPARATION (Details)

BASIS OF PREPARATION (Details)	9 Months Ended
	Sep. 30, 2022 segment
BASIS OF PREPARATION
Number of reportable segments	1

ACQUISITIONS - Assets acquired

ACQUISITIONS - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 772,325	$ 721,819	$ 653,176
2022 Acquisitions
Business Acquisition [Line Items]
Accounts receivable, net	2,926
Materials and supplies	439
Equipment and property	6,245
Goodwill	60,962
Current liabilities	(4,285)
Other assets and liabilities, net	(1,384)
Total consideration paid	116,288
Less: Acquisition holdback liabilities	(8,978)
Total cash purchase price	107,310
2022 Acquisitions | Customer Contracts
Business Acquisition [Line Items]
Intangible assets	44,377
2022 Acquisitions | Trademarks & Tradenames
Business Acquisition [Line Items]
Intangible assets	5,615
2022 Acquisitions | Other Intangible Assets
Business Acquisition [Line Items]
Intangible assets	$ 1,393

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Business Acquisition [Line Items]
Increase in goodwill due to acquisition	$ 60,962	$ 69,264
2022 Acquisitions
Business Acquisition [Line Items]
Number of Businesses Acquired | item	27
Payment on acquisitions	$ 107,310
Increase in goodwill due to acquisition	61,000
2021 Acquisitions
Business Acquisition [Line Items]
Number of Businesses Acquired | item		39
Payment on acquisitions	$ 3,100

REVENUE - Disaggregation (Detai

REVENUE - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 729,704	$ 650,199	$ 2,034,433	$ 1,823,957
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	676,408	602,336	1,884,571	1,686,371
International
Disaggregation of Revenue [Line Items]
Revenues	$ 53,296	$ 47,863	$ 149,862	$ 137,586

REVENUE - Significant product a

REVENUE - Significant product and service offerings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 729,704	$ 650,199	$ 2,034,433	$ 1,823,957
Residential revenue
Disaggregation of Revenue [Line Items]
Revenues	337,878	307,747	922,448	835,871
Commercial revenue
Disaggregation of Revenue [Line Items]
Revenues	243,478	218,648	683,748	618,183
Termite completions, bait monitoring, & renewals
Disaggregation of Revenue [Line Items]
Revenues	139,668	117,423	406,155	350,791
Franchise revenues
Disaggregation of Revenue [Line Items]
Revenues	4,068	4,128	11,960	11,698
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 4,612	$ 2,253	$ 10,122	$ 7,414

REVENUE - Deferred revenue (Det

REVENUE - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
REVENUE
Beginning balance	$ 192,972	$ 172,951	$ 168,607	$ 149,224
Deferral of unearned revenue	54,946	49,060	180,209	165,094
Recognition of unearned revenue	(51,553)	(47,316)	(152,451)	(139,623)
Ending balance	196,365	$ 174,695	196,365	$ 174,695
Long-term unearned revenue	$ 29,500		$ 29,500		$ 18,400
Long-term unearned revenue, recognition period (or less)			5 years

ALLOWANCE FOR CREDIT LOSSES (De

ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, percentage of finance subject to credit score			100%
Beginning Balance	$ 18,220	$ 18,204	$ 17,870	$ 20,085
Provision for expected credit losses	5,158	3,849	13,591	8,522
Write-offs charged against the allowance	(6,065)	(5,820)	(16,841)	(14,898)
Recoveries collected	1,370	1,247	4,063	3,771
Ending Balance	18,683	17,480	18,683	17,480
Trade Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	13,666	13,863	13,885	16,854
Provision for expected credit losses	3,842	3,526	9,396	5,760
Write-offs charged against the allowance	(5,095)	(5,163)	(13,561)	(12,912)
Recoveries collected	1,370	1,247	4,063	3,771
Ending Balance	13,783	13,473	13,783	13,473
Financed Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	4,554	4,341	3,985	3,231
Provision for expected credit losses	1,316	323	4,195	2,762
Write-offs charged against the allowance	(970)	(657)	(3,280)	(1,986)
Recoveries collected
Ending Balance	$ 4,900	$ 4,007	$ 4,900	$ 4,007

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 721,819	$ 653,176
Additions	60,962	69,264
Measurement adjustments	65
Adjustments due to currency translation	(10,521)	(621)
Goodwill, ending balance	$ 772,325	$ 721,819

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Components of intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross amortizable intangible assets	$ 608,628	$ 586,282
Accumulated amortization	(270,781)	(244,609)
Carrying Value	337,847	341,673
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	105,358	104,911
Total customer contracts and other intangible assets	443,205	446,584
Trademarks & Tradenames
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	103,131	102,684
Internet domains
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	2,227	2,227
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Gross amortizable intangible assets	567,698	551,277
Accumulated amortization	(248,316)	(225,348)
Carrying Value	$ 319,382	$ 325,929
Customer Contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	3 years	3 years
Customer Contracts | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	20 years	20 years
Trademarks & Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross amortizable intangible assets	$ 18,086	$ 12,784
Accumulated amortization	(7,201)	(6,492)
Carrying Value	$ 10,885	$ 6,292
Trademarks & Tradenames | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	7 years	7 years
Trademarks & Tradenames | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	20 years	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross amortizable intangible assets	$ 13,999	$ 13,125
Accumulated amortization	(6,927)	(5,573)
Carrying Value	$ 7,072	$ 7,552
Non-compete agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	3 years	3 years
Non-compete agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	20 years	20 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross amortizable intangible assets	$ 6,934	$ 6,946
Accumulated amortization	(6,692)	(5,509)
Carrying Value	$ 242	$ 1,437
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	3 years	3 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	15 years	15 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross amortizable intangible assets	$ 1,910	$ 2,150
Accumulated amortization	(1,645)	(1,687)
Carrying Value	$ 265	$ 463
Finite lived intangible assets useful life	10 years	10 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (excluding the nine months ended September 30, 2022)	$ 16,283
2023	59,772
2024	56,197
2025	47,083
2026	$ 42,670

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 772,325		$ 772,325		$ 721,819	$ 653,176
Intangible assets, net	443,205		443,205		446,584
Finite-Lived Intangible Assets, Net	337,847		337,847		341,673
Amortization expense	15,900	$ 13,400	46,700	$ 39,500
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	319,382		319,382		325,929
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	265		265		463
International
Finite-Lived Intangible Assets [Line Items]
Goodwill	88,900		88,900		82,100
International | Trademarks & Tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	4,100		4,100		2,900
International | Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Goodwill	41,600		41,600		42,100
International | Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 700		$ 700		$ 700

LEASES - Lease Information (Det

LEASES - Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
LEASES
Short-term lease cost	$ 46	$ 51	$ 108	$ 176
Operating lease cost	24,419	23,472	72,057	69,497
Total lease expense	$ 24,465	$ 23,523	$ 72,165	$ 69,673
Weighted-average remaining lease term - operating leases	5 years 2 months 12 days	5 years 6 months	5 years 2 months 12 days	5 years 6 months
Weighted-average discount rate - operating leases	3.41%	3.69%	3.41%	3.69%
Operating cash flows for operating leases			$ 71,240	$ 68,614

LEASES - Minimum lease payments

LEASES - Minimum lease payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
LEASES
2022 (excluding the nine months ended September 30, 2022)	$ 24,234
2023	86,079
2024	62,772
2025	44,160
2026	26,286
2027	14,764
Thereafter	48,050
Total Future Minimum Lease Payments	306,345
Less: Amount representing interest	(32,169)
Total future minimum lease payments, net of interest	$ 274,176

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) property	Sep. 30, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Future minimum lease payments		$ 306,345
Number of properties associated in sale leaseback transactions | property	17
Gross proceeds sale-leaseback transactions	$ 67,000
Lease not yet commenced, future minimum payments due		15,600
Other (income) expense, net
Lessor, Lease, Description [Line Items]
Gain on sale-leaseback transactions	$ 31,500
Minimum
Lessor, Lease, Description [Line Items]
Sale leaseback transaction lease term	7
Maximum
Lessor, Lease, Description [Line Items]
Sale leaseback transaction lease term	15 years
Buildings
Lessor, Lease, Description [Line Items]
Future minimum lease payments		$ 163,500
Buildings | Minimum
Lessor, Lease, Description [Line Items]
Term of contract		5 years
Buildings | Maximum
Lessor, Lease, Description [Line Items]
Term of contract		15 years
Vehicles
Lessor, Lease, Description [Line Items]
Future minimum lease payments		$ 142,800
Term of contract		1 year
Vehicles | Maximum
Lessor, Lease, Description [Line Items]
Term of contract		7 years

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 (Details) - Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 22,742	$ 27,057	$ 25,156	$ 35,744
New acquisitions	3,706	1,341	6,457	5,314
Payouts	(6,468)	(6,540)	(11,663)	(19,413)
Interest on outstanding contingencies	79	178	327	715
Charge offset, forfeit and other	(669)	(514)	(887)	(838)
Ending balance	$ 19,390	$ 21,522	$ 19,390	$ 21,522

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss	$ 1,000
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition holdback and earn out liabilities	19,390	$ 22,742	$ 25,156	$ 21,522	$ 27,057	$ 35,744
International Bond | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,600
International Bond | Other Current Assets | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	600		$ 12,600
International Bond | Other assets | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 10,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Jan. 27, 2022	Dec. 31, 2021	Apr. 30, 2019
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 71.3		$ 37.2
Credit Agreement
Line of Credit Facility [Line Items]
Leverage ratio	3
Term Loan One
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 124.9		48	$ 250
Term Loan Two
Line of Credit Facility [Line Items]
Long-term Line of Credit		$ 252
Revolving Credit Agreement
Line of Credit Facility [Line Items]
Borrowing capacity				175
Long-term Line of Credit	$ 0		$ 107
Revolving Credit Agreement | BSBY
Line of Credit Facility [Line Items]
Effective interest rate	3.866%
Variable interest rate	0.75%
Revolving Credit Agreement | Letter of Credit
Line of Credit Facility [Line Items]
Borrowing capacity				75
Revolving Credit Agreement | Swingline
Line of Credit Facility [Line Items]
Borrowing capacity				$ 25

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) $ in Thousands	Sep. 30, 2022 USD ($) instrument
Not Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative, Number of Instruments Held | instrument	32
Buy Notional	$ 13,928
Sell AUD/Buy USD Fwd Contract
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative, Number of Instruments Held | instrument	16
Sell Notional	$ 2,300
Buy Notional	$ 1,615
Sell CAD/Buy USD Fwd Contract
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative, Number of Instruments Held | instrument	16
Sell Notional	$ 16,000
Buy Notional	$ 12,313

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - Foreign Exchange Forward - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Current Assets
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value of asset	$ 0.8		$ 0.8
Other Income/Expense
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Gain (loss) on derivatives	$ 1	$ (0.1)	$ 1.1	$ (0.6)

PENSION PLANS (Details)

PENSION PLANS (Details) - Waltham Plan - Pension Plan $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
PENSION PLAN
Fair value of plan assets	$ 2.2
Fair value of plan obligation	2.9
Employer contributions	0
Unfunded Status
PENSION PLAN
Unfunded status amount	$ 0.7

STOCKHOLDERS' EQUITY - Componen

STOCKHOLDERS' EQUITY - Components of the stock-based compensation programs (Details) - Time Lapse Restricted Shares - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Time lapse restricted stock:
Pre-tax compensation expense	$ 4,957	$ 3,920	$ 15,914	$ 11,762
Tax benefit	(1,298)	(1,025)	(3,894)	(2,950)
Restricted stock expense, net of tax	$ 3,659	$ 2,895	$ 12,020	$ 8,812

STOCKHOLDERS' EQUITY - Unvested

STOCKHOLDERS' EQUITY - Unvested restricted stock outstanding (Details) - Time Lapse Restricted Shares shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance outstanding at the beginning of the period (in shares) | shares	2,596
Forfeited (in shares) | shares	(68)
Vested (in shares) | shares	(666)
Granted (in shares) | shares	854
Balance outstanding at the end of the period (in shares) | shares	2,716
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 26.26
Forfeited (in dollars per share) | $ / shares	26.32
Vested (in dollars per share) | $ / shares	19.97
Granted (in dollars per share) | $ / shares	30.12
Balance at the end of the period (in dollars per share) | $ / shares	$ 28.93

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Payment of dividends			$ 147,635	$ 119,677
Common Stock, Dividends, Per Share, Cash Paid	$ 0.10	$ 0.08	$ 0.30	$ 0.24
Shares Repurchased	$ 0	$ 308	$ 6,987	$ 10,598
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 57,900		$ 57,900		$ 65,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			3 years 8 months 12 days		4 years 6 months
Shares reserved for issuance	5.9		5.9
Time Lapse Restricted Shares
Class of Stock [Line Items]
Share based payment award vesting rights percentage			20%
Award vesting period			5 years		6 years

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
EARNINGS PER SHARE
Weighted-average outstanding common shares	489,756	489,306	489,705	489,241
Weighted-average time-lapse restricted awards	2,560	2,763	2,580	2,817
Total weighted-average shares outstanding - basic	492,316	492,069	492,285	492,058
Dilutive effect of restricted stock units	114		113
Weighted-average shares outstanding - diluted	492,430	492,069	492,398	492,058

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income taxes
Provision for income taxes	$ 37,195	$ 33,219	$ 90,820	$ 95,513
Effective income tax rate	25.70%	26.10%	24.50%	25.10%
Other Assets
Income taxes
Deferred income tax assets	$ 2,600		$ 2,600		$ 2,900
Other long-term accrued liabilities
Income taxes
Deferred income tax liabilities	$ 15,100		$ 15,100		$ 13,300

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Oct. 25, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividend declared quarterly (in dollars per share)	$ 0.13