ROL - Earnings call transcript Q4 2020

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Operator

Greetings and welcome to the Rollins, Inc. Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Joe Calabrese.

You may begin.

Joe Calabrese

and missing contact and and list. our send a is receive like we anyone are you please you one, office release if a company’s would copy to will on However, the sure distribution make at XXX-XXX-XXXX will the which X replay will run for of call after the and a X be begin There call, hour week. by passcode XXXXXXXX. The the replay with can dialing XXX-XXX-XXXX, be accessed

www.viavid.com and XX the a will Additionally, webcast call for being be days. at is available replay

we today and and questions. Financial President, like President, Officer me some Officer; are Gary John and On Vice will Rollins’ Chairman with the and Gary, Senior to Jerry Chief the Operating presenting begin? Investor Rollins, and Rollins�� Finance then President, for line would Chief Julie will open Relations. Wilson, Vice line you your Treasurer; Eddie Bimmerman, Northen, Chief Officer; Management Executive Gahlhoff Vice Chairman; remarks make opening Jr.,

Gary Rollins

joining all you Thank call. and Joe. will you statement XXXX read end and Julie Yes, our and We will conference then our good appreciate fourth begin. and we year forward-looking quarter of us disclaimer morning. for

Julie Bimmerman

Our factors SEC and XX, that earnings certain Form statements statements. risk have differ from statement results including refer XX-K any of number release contains December information, year today’s and Risk all our the differ. ended risks actual outlook release uncertainties, more cause XXXX business and filing, actual Please Factors we make forward-looking to of historical that this particular for today. the could press may for been materially subject section the our to discusses other statements on call, to a and and made These excluding forward-looking are our facts, risks and

Gary Rollins

you, Thank Julie.

testament past the service is by a While unprecedented Rollins’ commitment Rollins’ the in execution program business, by obstacles on our growth performance report this customer strength and our XXXX focus people. exceptional that results our continued and are marked financials. to of year, I’m solid we to pleased to faced

this We of to They are situations, proud have continued especially our our through long-term provide enabling very the services our dedication to customers through challenging and difficult year. adaptability of continuation success. employees’ vital

are people our property, they peace of customers’ and health asset important protect our as mind. Our most truly

during We appreciative have At keeping year, unprecedented of time. threat extremely has are of employees COVID-XX their never an past efforts been than we important safe. this commitment also more Rollins, while virus. This our to this faced we the the unwavering

continue risk were and today New we from promptly have employee stringent while virus. safety created health the even protocols to a priority, remain

through was we As of also by a in safely our our result working benefited from confirmed the customers. with built segment. performance that This we trust had strong pandemic, residential services the we’ve have the

service importance the we Looking and ahead, in business our we the of confident provided. remain

invaluable entire of to I directors, up, the Dismuke, joined retiring behalf well we their retirement. two insightful Before acknowledge in our wrap I’d the Rollins, service XXXX. and Their team been Jimmy he Bill wish Board in guidance company XXXX and at like Board thank in joined the the who has and to on and Williams, them

me the and quarter now provide Let call who John year. John? over turn will an overview the the to of

John Wilson

Thank Gary. you,

quarter, results $X.XX residential team income compared virus share fourth XXXX. diluted million well. to per services or in for million commercial million We year share $X.XX to and increase compared Overall, the which continue pest the Year-over-year, compared experienced compared there Net two control full last year. XXXX. $XXX.X Net revenue diluted and quarter down grew same totaled the various capped pleased to Eddie the to performance, for government-driven same will per growth varying impacted during strong non-GAAP quarter in in while Turning the the quarter to share income members review year as in our Revenue billion great perform $XX.X period rose to $XXX.X billion, levels negatively for by XX%, or businesses increasing or for quarter year. an full GAAP $XX.X the X.X% to million control to shutdowns. $X.XX the financials. pest our commercial with for was we $XXX share fourth year last increased the impacting the Revenue $X.XX as per fourth X.X%. $X.XXX grew million diluted of our our termite diluted ancillary are per to shortly or for COVID results, a for to XXXX. was X% $X.XXX are million off due adjustments $XXX.X of

we each below continued only year. revenue to quarter the shortfall However, growth April gap since with commercial last month fourth have narrow X.X%

take we a responsibility We our are believe it’s ESG proud both important our part take many each very Governance commitment this our commitment. company good care full governance. ourselves dedication like during year hold culture. customers. or part our very steady accountable XXXX Environmental, am team high time. fourth I standard of customers resilience the our were now and and pleased these with circumstances. they We of achieved not a to they show the ESG the people. to become social would progress of have challenging business of of sustainability, a corporate moment reflect just evident year talk determination added and as about is We Social of under and of Their and thousands our day our to results I to Rollins’ and quarter an

focused council is a Diversity, with effort is with advancing training come. DEI employees fairly and listening excel. Orkin campaign President. inclusion all on The Equity have culture opportunity of equitable where formed and treated improvements. Freeman actively Council is internally Elliott, U.S. more Advisory much from with also employees conducting newly across to feel creating by Inclusion up forums drive and all to close in respected partnership initiative, new to a brands an our policies, reviewing working sponsored or providing Freeman DEI We made all This launched the awareness, of

are committed we have am Patrick adding experienced we journey We together. also already strong and strengthened all with that of the Gunning will this to pleased vision an I Board our take of Directors, Jerry Bell, and in further to Board the Nix. note Susan additions to

are seasoned Patrick accounting, They for as Rollins’ will financial in As respectively. background, and Commission Gunning their recently U.S. Chairman the as and XX and Vice experts Jerry to careers Securities qualified years Financial Genuine are Officer leaders and experience executives public and XX invaluable accomplished to future. Bell Board all both Susan comes from retired distinguished help public Chief Both of be Nix diverse have Exchange Former Parts and our Company. shape companies.

Now, the turn to business. let call Jerry over who me our provide on will details more

Jerry Gahlhoff

good morning everybody. and John Thanks,

had Rollins I few look to our for speaking enhancing have sense execution the customers like to and our my be our business strategy. with Company this our Chief interact and also have the I months and with you of the all our colleagues employees, Operating on forward last to our value XXXX many today’s of thank shareholder to with since opportunity I of Officer. shareholders. would years first am transition call, been the Although strong of through excited company, responsibility smooth a with here. I over to so time as is over the investors do the

United only During Canada, acquisitions added we Australia, fourth strategic the U.S., not globally XX expand as States, to company’s We the the but within quarter, continued presence, Kingdom in yet Singapore. United and the well.

our important to teams past global very in and grow initiatives business brands, pleased meeting and to an as that business. Rollins top leaders are will across with units. we We our to to these our further their continue our enter we the strategic be XXXX, leadership companywide companies all first we completed virtual welcome acquisitions our This week, expect component family all

While we will in to on in that on for missed productive we found for same our the discussions opportunity items critical XXXX. Zoom be room gather an still together, being success

is has over significant prior We discussed be in continues great XXXX. service. excellent service continue greater opportunity to one our customers XX% has growth know increased an example, an we the to be focus add-on As year. many a for This will area this and been than mosquito that to

we The past, confidence in have continue the overall many to our as self family I control. of leadership spending need about for discussed happen. mosquito make an and world mosquito-borne team plans great the the was diseases time have in quarantine, meeting this around XXXX, As in to be leadership more recognizing in increasing executing are our emphasis and threat yards, our their

the turn financials. Now, our to call let Eddie over to me discuss

Eddie Northen

and decrease to lives continue non-operations are QX impacted tremendous and Thank all quarter Jerry. you, make obstacles and we operations QX throughout the to the The our to adjustments continue that new leading. that groups

evaluate continue more workforces, utilizing mostly are We to better have changes processes to which and forced remote become efficient. us has company. a made These us

residential invested the Dealing the years. increased the place. business an We with over on without that the thankful are challenge side we X our commercial technology extreme our way of these would have last that and tools of to we on the been in business side X also have handle demand disruption have to the in aroused

scheduling a containment metric the fourth residential improvement safety initiatives, and continued cost improvement expense our improvement pest growth implemented margin that of drive to a successful service routing keys included showed to to through and termite lines reductions and For control quarter quarter, our in the translated year year-over-year. row and

year off impacted GAAP of year, Rollins’ by referenced, GAAP the and third moving both and the in John of of I impact quarter accelerated reporting will the plan financials this were full of quarter for As our that investing in non-GAAP books pension the and financials be XXXX. shares the for

Looking revenues $XXX year’s of over of revenue million the of quarter fourth increase numbers, was fourth an $XXX.X the X% at million. quarter the prior

$XX.X million income above XXXX. XXXX. taxes income million, to XX.X% before income up Our compared Net was was or $XX.X XX.X%

share. Our EPS $X.XX diluted per were

the revenue full at an over Looking the of year’s billion prior of revenue was increase billion. $X.XXX X.X% of year, $X.XXX

income or above $XXX.X taxes was before million Our XX.X% GAAP XXXX.

compared $XXX.X Our million, up net income XX.X% was XXXX. to

$X.XX per were per diluted share share. earnings GAAP Our

$X.XX which a is come our alignment year different the instead on the our mentioned for while Jerry in plan million net up full non-GAAP before books that stock our of $XXX.X this in in the the XXXX, our $XXX.X income occurred of looking of years, the continue non-GAAP $X.XX, quarter income be to increase, pension million gathering and same. financials, meeting, and leadership XXXX at For previous million into $XXX.X to year XX.X% looked and account improvement. to off XXXX, our moving messaging XX.X% than EPS and XX.X% year was compared the in-person were a this vesting compared was our focus accelerated and was online taking taxes year, and to the third

sessions entitled, of was the you in successful One over three to the XXXX. days make items

this can were ESG. will topics focused through Environmental, every we and miles, improves our Governance, saves Social move scheduling our discussed that year. operation of The sustainability new and In items different journey footprint. we all impact segment, on in forward topics the to and each routing actionable depth, and we it discussed During several how that carbon as impact or our and margin helps reduce

to looking and Jerry There and we around more and the or all get leading Next, energy sharing advantage speaker journey diverse to this support then, earlier. these linings initiative workforce that yes, did session. a sessions is real-time years sustainability for discussed job future. Equity group Diversity, was a comments how will hosting read that here, safety of decision-making performance. we in discussed that help And is chance in the will online, our The time positive our very the how to Freeman John financial topics silver lead mentioned launch come. our a others impacts am an these our and our of I excellent DEI positively our spent the and for as and Inclusion

service look a take revenue through Rollins the for the by line Let’s fourth quarter.

percent up XX% X.X% since X.X%, item XX% increase pest services, up acquisitions made service our up and pricing was customer which residential our the Again, XXXX. is and their One and was pest at commercial In commercial residential less and our that rate acquisition X.X% note ancillary fastest which wildlife was Our total and total control, termite from XX% of and remaining fumigation, that by ex-fumigation of which X.X%. new excluding our up of up approximately growth. X% revenue, revenue grew revenue, up X.X%, X.X%. from five-tenth down X.X% XX%, was a commercial, of revenue made grew up control, included made of QX from of termite and decreased revenue total, was ancillary of was

well has control since our commercial steady residential pest perform each business and April. Our month improvement seen to business continues

HomeTeam year’s manage revenue the to world. expenses by $XXX.X we were expense million quarter to X.X% routing restrictions and well as Sales, from XXXX we it’s as to as through move and million percent. in XX.X% Western gross difficult $XX.X in revenue. produced quarter. to decreased the quarter While higher impacted amortized. lower as expenses decreased efforts. The through X.X% the offset $XX,XXX to better amortization protective increased Depreciation gains positively the will our administrative and appropriately, bad personal through throughout intangible by from savings was the increased lower and nine-tenth quarter as decreased from expense our intangibles continue continued how decrease inventory. of XX.X% look of $XXX,XXX and $XXX,XXX our levels These the and XX.X% materials collection for general related amortization know efficiencies. down acquisitions fully a improvements previous of to fourth lower change margin scheduling In with total, Depreciation or cost continuing million, debt such and and pandemic service salaries or quarter prior a This was for became salary of fleet $X.X supplies compared to the equipment assets cost and to benefits

$XX.X year, on compared which million As was the $XXX.X of initial million which same position numbers had XX, Clark XXXX. We million the period-ended our by include $XXX.X expenditures, cash, capital of We in period last reduction to acquisition. which million December is and of year. the slightly paid for $XX.X on foreign compared in lower cash our for for subsidiaries. period ended dividend our acquisitions Control held debt we included XXXX, spent million the $XX.X Pest $XXX.X with $XX.X all our million million to These

we pre-split our XXXX with remember, Sustainability company ever goals will kicked XXXX a of at you In you. at be As paid XX, the the of and Board the we business Yesterday, activities reporting beginning the the which regular of last may call areas addition, increase stockholders second XXXX, in include will of that in numbers our that our ESG cash first approved from which in to years. over XXXX. Directors share, more produce of XX% a close year March over was updates next off XXXX dividend $X.XX will record February the of to will five year the Gary, the per Report. the our turn of March on XX, impact I will back

Gary Rollins

Thank you, Eddie.

at your take to happy are questions We time. this

Operator

question. from [Operator Tim proceed is with Blair. Mulrooney Instructions] Our your William with question Please first

Tim Mulrooney

quarter. Good morning, everybody. another Congrats nice on

Gary Rollins

you. Thank

Tim Mulrooney

okay. on So, two Only margin. stick gross we here and questions, I’m going so go. to pricing the

of on how folks pricing during here on can lot looked what a planning pandemic. XXXX? through curious me thinking know pricing, for guys season and or pest that a pricing all, XXXX the next selling about took I’m in XXXX? remind are in you So the first of Eddie, trended just I how you pause

Eddie Northen

Yes. for that Tim, decided brands, to our we of pause. most same to take –

forward, that As typically, mid-year. current you time decided to that so increase out conditions take our move brands will know, that fact that the of we roll the not We was in best based price did on it economic pause. around most

or we and we able our prepared on move we’re next over For through the continue two would And with the with XXXX. that. details for to to price for we’ve we have the go be be to do we to prepared side do gone more move as XXXX, forward increase. a provide marketing plans forward through that – testing But having to quarter

Tim Mulrooney

sense. we’re Okay, others okay. as makes Thank what you. well, hearing from That’s broadly so that

as increases guess, increases, reason So, expand additional next about next year year, other but gross that thinking these that some when any – XXXX? and margin there to this gross your should keep saw with are expected density it gross I about new and about further wouldn’t expansion M&A, I’m thinking investors thinking any from year, in be route mind continue plus in margin? is we accounts potential price nice margins considerations there I’m as in margin to

Eddie Northen

Jerry John I and opportunity an would, believe that have expand – same will believe XXXX. we I in and would believe the to

We have our invested, as employees, equipment on inventory customer-facing for we talked in QX and of QX, employees. protective our our

that move we subside Our be would that would would and XXXX somewhat a through of be hopes that support us. as for that

and of routing continue and of We about reap continue momentum And we’ll I benefits talked to and having our as positive that. with times, to we the couple scheduling have do to a see to of as density as move better. all the XXXX, to were better we think improve and density, incrementally improvements that will commercial make even your continue through as those get point hoping to we’re potentially good,

a we So as in improvement would addition basis. incremental do of supportive to on that far we have it normally a our would believe, as different we be what few areas year-over-year

John Wilson

Wilson. is to asked couple our would But in of this have new question that offer and John density things didn’t any our we’ll to you of see on new related increase touched piece. the I Tim, the we and get a roll selling our in account that with, accounts. scheduling Yes. back-up had to a was ability price that had about the And price Eddie for the already accounts, routing

as grow and well. we help continue so, And that XXXX to for expect that will to

Tim Mulrooney

John. Understood. Thanks, Thanks, Eddie.

Eddie Northen

you. Thank

Operator

with Please question. is And from Mario our question next Jefferies. with your Cortellacci proceed

Mario Cortellacci

just get the a into a be work XXXX, and you think comps on maybe As how – as resi if for obviously, wanted I thanks these on us with you sustainable there’s Could that to you could potentially that get you is sense head growth damper less tougher resi slightly vaccine, did to think put to a time. for people going the update we demand? XXXX growth? Hi, levels? see at back

Eddie Northen

So I we say mean, comping is work return I like don’t is right. to we’ve as more things. didn’t would exactly and to change look year. throughout yet what time a things going One that couple we March. a end of know what a of a be year will the would normal it the move the be lapped will that as until really during make difficult QX be than not you’re

still see QX, probably think So we’ll we’ve I what seen.

people kind be seen think reduce is the point. will is us this our to at were positive Jerry that’s of that the and return, demand? of about sale product. yet – As I this to The for talked mosquito

As product really continues particular to a exciting different we’ve on clip thing probably, for opportunity plus growth we do of expanded XX% continue growing And this to many service with to me at that, is base. the grow that that a the brands. for our

were early is on few concentrating our So a really we brands and had on, others. expanded really this that to of this

be going home this the we as of good impact we I kind we’re all is kind So think opportunity that look we – of believe now of is the to residential stay move guessing move going year. Mario, what from on look us forward. a right as But throughout at for like to

Mario Cortellacci

would that’s mosquito I in on? of about be talk maybe also it off give services? just that on then, about that, biggest infancy had, else And to service, should there them, that if we also, I’ll you you one eye opportunities have guys and then, an able maybe some guess, anything maybe you we sounds early the while an its launched us on is innings Great. you or keep of the mosquito in penetration And of update like can is know those disinfectant the obviously know mentioned, piggyback comment. actually the we you

Eddie Northen

comment that So I I about wildlife. the would say made –

made Our for on. I’ll last group the to with the I opportunities charge that – X positive with in X call we emerging wildlife the infrastructure to put our a add years Leavitt, impact continues has grow, leading think a place over nice really Steve it there

of to get we reach to have those in we customers needs. center that calls service So broader and wildlife now, be call those able a our types those have

services a to talked we’ve of opportunities I talked year-over-year. is is In to we’re have bug So that pricing. say, the our I there and with side termite compared opportunities premises over behind the higher which opportunity. ancillary But on ancillary Mosquito, we high I already revenue have continue continue the would decision support we’ve those And to shift parts product. think and in the over the years and of down cases in then much we Bed energy lot the then bug. in as good to growth termite say entered providing at going be a – to having mosquito And margin to and the own other areas the us Part past, looking that profitability few these the home. of had bed had last putting of do about. an we some there. about would product, continued have to grow that is will

John Wilson

to couple Yes. me is The me this pretty Mario, let high. – with current is our base customer opportunity services let really multiple add. John,

than customers have less multiple have that our We services. of XX%

really so, when opportunity mentioned in Eddie success us we we’ve to wildlife that can adding And is mosquito, build other and had things some on. what for that there XXXX and there good do

Mario Cortellacci

Thank you that. for

Jerry Gahlhoff

we more are more in outdoors, eating commercial restaurants the add had wanting spend that and inside, cooped also we’re too, I seeing time for would sector more an mosquito being to outside. not opportunity in up people as

also well. business mosquito to drive commercial on opportunity have we So as

Mario Cortellacci

Thank time. you for so your much

Operator

is Instructions] Michael with [Operator Michael, line Hoffman muted. make with your question. your please is question proceed not And next our Please from sure Stifel.

Michael Hoffman

understand to like base the that both than in year was the the X:X add the ties have a residential new taking X:X the of than to today has to about all understand, service. learn of in and the questions. of X:X one service quarter trying you is customer What sort of as adding organic about Yes. we? customer? comment that of We part in how proportion of the the year, and customer this for mix the disaggregating much Thank and quarter for is versus ask adding the I’m don’t I’d to XX% less a versus a more year into cross-sell for the

Eddie Northen

So is, of growth to percent that question the that volume of like international total. would it’s our I way I a the answer kind our think as

matter internationally, add add We recently to what did we same kind do but continue kind would as just continue I to internationally, say, total because of our of to the new thing operations, U.S, our that growth of Michael the that new no companies intact. we’re numbers, those in we our geographies to we around X% And use we same stay analogy international hover have of most here. in percent they X%, to our or the of to that international doing Australia kind continues

So new services but to same we at existing the we’re of significant adding time, new customers number customers. adding a are

improving So because far to significantly service, as necessarily to problem have look and as isn’t we have that one new as those penetration more that continue much for adding that quarter. every each we as opportunities, a those number are than customers good it’s

the is we So our we continue shared customer and call door with than add the time in before, any we’ve new more to higher. as that significantly one those likelihood have on to once us have services of and will this continue service, foot staying retaining we

well. pursue to third on the but also continue we’ll So or that we’re new more growth second as services, happy or that customer on

Michael Hoffman

there, want my get ask in. question I clarification ask but can sure to make want it to just to I I Okay, second

progressed numbers, one, meaningfully sort back, ‘XX negative of cadence? in be everybody with flowed haven’t can that percentage anniversaried all three settles ought appreciates us the help you course you through you in ‘XX normal we way alluded about the XQ, we to can in So total, can without it organic things we this in four? mildly through to, but us help way it as being it? – the So then headwinds aware into side of think and right in the things Is and positive positive to and two, you is

Eddie Northen

The the of were are end most say, John headwind supplies moving have a XXXX are on will that be impactful, our my and I Q with mind – feel we’re would and those things through other of as say some XXXX QX, we based most headwind may end purchases. today, things we I that Jerry in we QX, impactful would occurred we not and the thoughts. that know everything have materials Gary that of like made feel in that and that

QX, to continued end looks for us. with of XXXX. continue of like go And will the continue the into at about south will things about. right time QX, I talked that play move on which asked in QX. QX I as to and have very be question was I business or think that move especially high for what we because though the account say a of us had stay-at-home don’t as think well there would concentration we QX, as that be we on at didn’t to in purchased QX, drive feel demand place, continue that, and that tailwind there we you protective in on be will talked the the little services a we us, to to QX really as because move Mario the may to a down to we we but forward, as that other actually good our would As get bit a we a for write we on see residential really side, in But equipment able from incrementally, headwind to cases that do QX, some thing March. inventory our price the a at until more

normal should product we to QX are fact move However, going mean as back the be things offset year-over-year. back the into way. work going be, into in improving that be are we the QX, this would incrementally if QX, getting of should product commercial that commercial would The if and other people that at to when look

we’re happy on I So think, does that product, as forward. the Michael, we with of if of through move times was when ask concentrate didn’t at little that help? Did stay see us, a be kind we in bit only improvement investors very we this to diversification, had we we commercial going because and home good sell see subside yes, able to a in the said, the that should move those to that why then I had products for commercial fact, all as different some I

Michael Hoffman

Thank it Yes, does. you.

Operator

Mulrooney proceed with question Blair. next Tim with question. from Our is William your Please

Tim Mulrooney

a just to Thanks for second. for wanted about M&A talk squeezing I me back in.

So about if XXXX, you greater or acquisitions pandemic disruption pretty curious that talk given we pace complete if was – just from similar? you to the did step the full of back lower relative the total? and was how look if years can year many prior in at or I’m

Eddie Northen

was nature let weigh with it specific have, it – any in to John was they I’m number. similar but as as going in Jerry and Hey, far the

international we’ve that, at number, the of acquisitions initial number tuck-in that of mentioned, with course, even concern, taking previous with we’re be Pest and think with and Control I skewed relatively seen years. look line like a the Our Clark spread I think as I kind and Orkin – of generally what was of a others in our XXXX significantly would made purchase but we

Jerry Gahlhoff

Eddie. correct, about prior flat year. That’s to It’s

Eddie Northen

Okay, we alright. go. There

Tim Mulrooney

all at kind And all what back par have typically you they been disruption or Perfect. valuations with pulled this see? you all given on have of

John Wilson

Jacksonville and frothy pulled the good as the want and that. still with really We heart that most picking we’re – result buy are example. is the McCall really great will They of John. want a the business reputation after from in in not recent things There back. businesses market one kind Tim, a of to choosing to go who and this side have is pretty

Tim Mulrooney

Yes. one. Gary? I for like looks I one Can squeeze and in that more a that saw good

Gary Rollins

one get you Hey, follow-up question.

you go. So there

Tim Mulrooney

Excellent. balance Gary, use plan you, does this you having on free one’s balance in XXXX to sense? do or for the still sheet de-lever sheet to debt some make cash further flow the

Gary Rollins

Well, right we I had the acquisition. on to debt with take think if more we

Tim Mulrooney

Sure.

Gary Rollins

incur the retired the right more mean million We add what our just I $XX.X practice. past, an we’ve that’s we came acquisitions debt, In if million last this been debt, year. retired we’d but to. certainly, our $XX – of along, if

Tim Mulrooney

so Okay, okay. That’s very much helpful. guys. Thanks

Eddie Northen

to over need thing, my been when before In we dividend dividend dividend should over quarterly increasing, I to that think turn had. quarter statement increased the – prepared that wrap our do up. fourth one I talked we have our in about to my quarterly statement it clarify it Gary I

to if the remainder dividend for reduced remember our So back the you XXXX, our of of first year. we down quarter actually XXXX from

improvement QX compared the to I was the referenced it have should the fact So mentioned dividend. that that

clarifies I apologize So hope misstating I that for that and earlier.

Operator

proceed question. is next with from our your Hoffman And Please from Stifel. question Michael

Michael Hoffman

letting ask for have you can to fellas letting to it from him. follow the me And Jefferies you do keep first, Thank to follow-up. I then the

revenue tell I the us was, so ‘XX deals So from that the what can M&A in did you you of we dollar get ‘XX rolls question had that into accurate?

Eddie Northen

We don’t out, we don’t that Mike, that Mike. break Yes, break out.

Michael Hoffman

take the the Okay. go $X.XX quarter, to it post-split? dividend And dividend, back what’s then, for to a

Eddie Northen

saying you are that partially the was just I – that I if confusion, post-split? Well, think,

Michael Hoffman

Yes.

it it So, post it, from have mean you’d after – you split cut $X.XX. been I would if

you return to What’s take cut I’ve it my So back it for to it math if you $X.XX, $X.XX to correctly. done from $X.XX?

Eddie Northen

mean, we cash it’s our shares, review our where the then then have an and to use Board able split be to to were to I would and I in onto compared back the mean, there. shareholders. from increase we that opportunities cash, pass our to current QX

Michael Hoffman

thank Right, you.

Gary Rollins

Do Alright. other see you any questions?

Operator

reached have remarks. to I’ll the of now the closing we call management session. turn the Well, over end question-and-answer for

Gary Rollins

your We today. us you on joining about updating our our for entered progress and company forward all to in look our call. again. you opportunities earnings next optimistic XXXX we on Thank Thank you, interest and our Okay. appreciate

Operator

conference. today’s concludes This

Rollins (ROL) 27 Jan 212020 Q4 Earnings call transcript