Exhibit 99.1
For Further Information Contact
Lyndsey Burton (404) 888-2348
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FOR IMMEDIATE RELEASE
ROLLINS, INC. REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS
Investing in Growth to Capitalize on Healthy Market
ATLANTA, GEORGIA, October 23, 2024: Rollins, Inc. (NYSE:ROL) (“Rollins” or the “Company”), a premier global consumer and commercial services company, reported unaudited financial results for the third quarter of 2024.
Key Highlights

•Third quarter revenues were $916 million, an increase of 9.0% over the third quarter of 2023 with organic revenues* increasing 7.7%.
•Quarterly operating income was $192 million, an increase of 8.3% over the third quarter of 2023. Quarterly operating margin was 20.9%, a decrease of 20 basis points versus the third quarter of 2023. Adjusted operating income* was $196 million, an increase of 4.5% over the prior year. Adjusted operating income margin* was 21.4%, a decrease of 90 basis points compared to the prior year.
•Adjusted EBITDA* was $219 million, an increase of 5.5% over the prior year. Adjusted EBITDA margin* was 24.0%, a decrease of 80 basis points versus the third quarter of 2023.
•Quarterly net income was $137 million, an increase of 7.1% over the prior year. Adjusted net income* was $140 million, an increase of 3.3% over the prior year.
•Quarterly EPS was $0.28 per diluted share, a 7.7% increase over the prior year EPS of $0.26. Adjusted EPS* was $0.29 per diluted share, an increase of 3.6% over the prior year.
•Operating cash flow was $147 million for the quarter, an increase of 15.4% compared to the prior year. The Company invested $24 million in acquisitions, $8 million in capital expenditures, and paid dividends totaling $73 million.

*Amounts are non-GAAP financial measures. See the schedules below for a discussion of non-GAAP financial metrics including a reconciliation of the most directly comparable GAAP measure.
Management Commentary
"Our team delivered a strong third quarter with organic revenue growth of 7.7 percent, at the high end of the 7 percent to 8 percent range that we have discussed for the year, despite some disruption to operations from Hurricane Helene that occurred during the last week of the quarter," said Jerry Gahlhoff, Jr., President and CEO. "Our thoughts are with all of those that have been impacted by recent hurricanes. Our teams have worked together to support our teammates and communities in the aftermath of these natural disasters, and our efforts will continue in the days, weeks, and months ahead. I would like to thank our team for their ongoing commitment to our customers and to each other,” Mr. Gahlhoff added.

"We continue to invest in our team and other resources aimed at capitalizing on a healthy market environment to drive further growth in our business,” said Kenneth Krause, Executive Vice President and CFO. “The 20 basis points of leverage in our gross margin was offset by growth investments that tempered our overall margin performance in the quarter but will support our long-term objectives. We are on track to deliver healthy margin improvement and double-digit earnings growth for the year,” Mr. Krause concluded.
Board Leadership Transition
Additionally, today the Company announces that effective January 1, 2025, Gary W. Rollins, 80, will transition from Executive Chairman of the Board to Executive Chairman Emeritus in accordance with its long-planned leadership succession goals. Gary will be succeeded by John F. Wilson, the current Vice Chairman, as Executive Chairman of the Board.

“I have had the pleasure of working closely with John since he joined our Company in 1996. I look forward to supporting him as he transitions to this important leadership role, as I will remain an active and engaged member of our exceptional Board of Directors,” said Gary W. Rollins, Executive Chairman of the Board.

“On behalf of the Board of Directors, we congratulate John on his new role and look forward to working with him, Gary, and the entire management team as we guide the business into its next phase of growth,” said Louise S. Sams, the Company’s Lead Independent Director.
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Three and Nine Months Ended Financial Highlights

Three Months Ended September 30,Nine Months Ended September 30,
VarianceVariance
(in thousands, except per share data)20242023$%20242023$%
GAAP Metrics
Revenues$916,270 $840,427 $75,843 9.0 %$2,556,539 $2,319,192 $237,347 10.2 %
Gross profit (1)
$494,378 $451,894 $42,484 9.4 %$1,358,804 $1,219,626 $139,178 11.4 %
Gross profit margin (1)
54.0 %53.8 %20 bps53.2 %52.6 %60 bps
Operating income$191,796 $177,124 $14,672 8.3 %$506,597 $444,153 $62,444 14.1 %
Operating income margin20.9 %21.1 %(20) bps19.8 %19.2 %60 bps
Net income$136,913 $127,777 $9,136 7.1 %$360,704 $326,154 $34,550 10.6 %
EPS$0.28 $0.26 $0.02 7.7 %$0.74 $0.66 $0.08 12.1 %
Operating cash flow$146,947 $127,355 $19,592 15.4 %$419,495 $375,541 $43,954 11.7 %
Non-GAAP Metrics
Adjusted operating income (2)
$196,012 $187,582 $8,430 4.5 %$520,286 $459,872 $60,414 13.1 %
Adjusted operating margin (2)
21.4 %22.3 %(90) bps20.4 %19.8 %60 bps
Adjusted net income (2)
$139,617 $135,191 $4,426 3.3 %$370,194 $333,217 $36,977 11.1 %
Adjusted EPS (2)
$0.29 $0.28 $0.01 3.6 %$0.76 $0.68 $0.08 11.8 %
Adjusted EBITDA (2)
$219,460 $208,038 $11,422 5.5 %$590,331 $525,055 $65,276 12.4 %
Adjusted EBITDA margin (2)
24.0 %24.8 %(80) bps23.1 %22.6 %50 bps
Free cash flow (2)
$139,425 $120,487 $18,938 15.7 %$396,106 $354,262 $41,844 11.8 %
(1) Exclusive of depreciation and amortization
(2) Amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics including a reconciliation of the most directly comparable GAAP measure.
About Rollins, Inc.:
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with more than 20,000 employees from more than 800 locations. Rollins is parent to Orkin, HomeTeam Pest Defense, Clark Pest Control, Northwest Exterminating, McCall Service, Trutech, Critter Control, Western Pest Services, Waltham Services, OPC Pest Services, The Industrial Fumigant Company, PermaTreat, Crane Pest Control, MissQuito, Fox Pest Control, Orkin Canada, Orkin Australia, Safeguard (UK), Aardwolf Pestkare (Singapore), and more. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release as well as other written or oral statements by the Company may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “should,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding: expectations with respect to our financial and business performance; demand for our services; expected growth; continuing to invest in our team and other resources aimed at capitalizing on a healthy market environment; and the Board leadership transition.

These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may also be described from time to time in our future reports filed with the SEC.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.
Conference Call
Rollins will host a conference call on Thursday, October 24, 2024 at 8:30 a.m. Eastern Time to discuss the third quarter 2024 results. The conference call will also broadcast live over the internet via a link provided on the Rollins, Inc. website at www.rollins.com. Interested parties can also dial into the call at 1-877-869-3839 (domestic) or +1-201-689-8265 (internationally) with conference ID of 13749018. For interested individuals unable to join the call, a replay will be available on the website for 180 days.
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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
(unaudited)
September 30,
2024		December 31,
2023
ASSETS
Cash and cash equivalents$95,282 $103,825 
Trade receivables, net226,452 178,214 
Financed receivables, short-term, net39,289 37,025 
Materials and supplies39,283 33,383 
Other current assets86,196 54,192 
Total current assets486,502 406,639 
Equipment and property, net129,168 126,661 
Goodwill1,135,122 1,070,310 
Intangibles, net540,721 545,734 
Operating lease right-of-use assets391,626 323,390 
Financed receivables, long-term, net87,880 75,909 
Other assets45,179 46,817 
Total assets$2,816,198 $2,595,460 
LIABILITIES
Accounts payable$58,217 $49,200 
Accrued insurance – current50,106 46,807 
Accrued compensation and related liabilities108,227 114,355 
Unearned revenues201,909 172,380 
Operating lease liabilities – current113,727 92,203 
Other current liabilities89,882 101,744 
Total current liabilities622,068 576,689 
Accrued insurance, less current portion57,510 48,060 
Operating lease liabilities, less current portion280,555 233,369 
Long-term debt445,176 490,776 
Other long-term accrued liabilities93,112 90,999 
Total liabilities1,498,421 1,439,893 
STOCKHOLDERS’ EQUITY
Common stock484,306 484,080 
Retained earnings and other equity833,471 671,487 
Total stockholders’ equity1,317,777 1,155,567 
Total liabilities and stockholders’ equity$2,816,198 $2,595,460 

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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
REVENUES
Customer services$916,270 $840,427 $2,556,539 $2,319,192 
COSTS AND EXPENSES
Cost of services provided (exclusive of depreciation and amortization below)421,892 388,533 1,197,735 1,099,566 
Sales, general and administrative274,918 244,906 769,522 696,668 
Restructuring costs— 5,196 — 5,196 
Depreciation and amortization27,664 24,668 82,685 73,609 
Total operating expenses724,474 663,303 2,049,942 1,875,039 
OPERATING INCOME191,796 177,124 506,597 444,153 
Interest expense, net7,150 5,547 22,650 10,797 
Other income, net(582)(493)(933)(6,226)
CONSOLIDATED INCOME BEFORE INCOME TAXES185,228 172,070 484,880 439,582 
PROVISION FOR INCOME TAXES48,315 44,293 124,176 113,428 
NET INCOME$136,913 $127,777 $360,704 $326,154 
NET INCOME PER SHARE - BASIC AND DILUTED$0.28 $0.26 $0.74 $0.66 
Weighted average shares outstanding - basic484,317490,775484,231491,980
Weighted average shares outstanding - diluted484,359490,965484,270492,158
DIVIDENDS PAID PER SHARE$0.15 $0.13 $0.45 $0.39 

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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW INFORMATION
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
OPERATING ACTIVITIES
Net income$136,913 $127,777 $360,704 $326,154 
Depreciation and amortization27,664 24,668 82,685 73,609 
Change in working capital and other operating activities(17,630)(25,090)(23,894)(24,222)
Net cash provided by operating activities146,947 127,355 419,495 375,541 
INVESTING ACTIVITIES
Acquisitions, net of cash acquired(23,875)(21,420)(105,529)(349,312)
Capital expenditures(7,522)(6,868)(23,389)(21,279)
Other investing activities, net1,458 (2,424)5,358 8,257 
Net cash used in investing activities(29,939)(30,712)(123,560)(362,334)
FINANCING ACTIVITIES
Net (repayments) borrowings(57,000)259,000 (46,000)544,000 
Payment of dividends(72,797)(63,809)(217,964)(191,805)
Other financing activities, net(1,823)(301,643)(41,542)(318,452)
Net cash (used in) provided by financing activities(131,620)(106,452)(305,506)33,743 
Effect of exchange rate changes on cash and cash equivalents3,197 (2,691)1,028 (49)
Net (decrease) increase in cash and cash equivalents$(11,415)$(12,500)$(8,543)$46,901 

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APPENDIX
Reconciliation of GAAP and non-GAAP Financial Measures
The Company has used the non-GAAP financial measures of organic revenues, organic revenues by type, adjusted operating income, adjusted operating margin, adjusted net income, adjusted earnings per share (“EPS”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin, Adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin, adjusted incremental EBITDA margin, free cash flow, free cash flow conversion, net debt, net leverage ratio, and adjusted sales, general and administrative expenses ("SG&A") in this earnings release. Organic revenue is calculated as revenue less the revenue from acquisitions completed within the prior 12 months and excluding the revenue from divested businesses. Acquisition revenue is based on the trailing 12-month revenue of our acquired entities. Adjusted operating income and adjusted operating income margin are calculated by adding back to the GAAP measures those expenses resulting from the amortization of certain intangible assets, adjustments to the fair value of contingent consideration resulting from the acquisition of Fox, and restructuring costs related to restructuring and workforce reduction plans. Adjusted net income and adjusted EPS are calculated by adding back to the GAAP measure amortization of certain intangible assets, adjustments to the fair value of contingent consideration resulting from the acquisition of Fox, and restructuring costs related to restructuring and workforce reduction plans, and excluding gains and losses on the sale of non-operational assets and by further subtracting the tax impact of those expenses, gains, or losses. Adjusted EBITDA and adjusted EBITDA margin are calculated by adding back to the GAAP measures those expenses resulting from the adjustments to the fair value of contingent consideration resulting from the acquisition of Fox, restructuring costs related to restructuring and workforce reduction plans, and excluding gains and losses on the sale of non-operational assets. Incremental EBITDA margin is calculated as the change in EBITDA divided by the change in revenue. Adjusted incremental EBITDA margin is calculated as the change in adjusted EBITDA divided by the change in revenue. Free cash flow is calculated by subtracting capital expenditures from cash provided by operating activities. Free cash flow conversion is calculated as free cash flow divided by net income. Net debt is calculated as total long-term debt less cash and cash equivalents. Net leverage ratio is calculated by dividing net debt by trailing twelve-month EBITDA. Adjusted SG&A is calculated by removing the adjustments to the fair value of contingent consideration resulting from the acquisition of Fox. These measures should not be considered in isolation or as a substitute for revenues, net income, earnings per share or other performance measures prepared in accordance with GAAP.
Management uses adjusted operating income, adjusted operating income margin, adjusted net income, adjusted EPS, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin, adjusted incremental EBITDA margin, and adjusted SG&A as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Management also uses organic revenues, and organic revenues by type to compare revenues over various periods excluding the impact of acquisitions and divestitures. Management uses free cash flow to demonstrate the Company’s ability to maintain its asset base and generate future cash flows from operations. Management uses free cash flow conversion to demonstrate how much net income is converted into cash. Management uses net debt as an assessment of overall liquidity, financial flexibility, and leverage. Net leverage ratio is useful to investors because it is an indicator of our ability to meet our future financial obligations. Management believes all of these non-GAAP financial measures are useful to provide investors with information about current trends in, and period-over-period comparisons of, the Company's results of operations. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Set forth below is a reconciliation of the non-GAAP financial measures used in this earnings release with their most directly comparable GAAP measures.
(unaudited, in thousands, except per share data and margins)
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Three Months Ended September 30,Nine Months Ended September 30,
VarianceVariance
20242023$%20242023$%
Reconciliation of Operating Income to Adjusted Operating Income and Adjusted Operating Income Margin
Operating income$191,796 $177,124 $506,597 $444,153 
Fox acquisition-related expenses (1)
4,216 5,262 13,689 10,523 
Restructuring costs (2)
— 5,196 — 5,196 
Adjusted operating income$196,012 $187,582 8,430 4.5 $520,286 $459,872 60,414 13.1 
Revenues$916,270 $840,427 $2,556,539 $2,319,192 
Operating income margin20.9 %21.1 %19.8 %19.2 %
Adjusted operating margin21.4 %22.3 %20.4 %19.8 %
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS (6)
Net income$136,913 $127,777 $360,704 $326,154 
Fox acquisition-related expenses (1)
4,216 5,262 13,689 10,523 
Restructuring costs (2)
— 5,196 — 5,196 
Gain on sale of assets, net (3)
(582)(493)(933)(6,226)
Tax impact of adjustments (4)
(930)(2,551)(3,266)(2,430)
Adjusted net income$139,617 $135,191 4,426 3.3 $370,194 $333,217 36,978 11.1 
EPS - basic and diluted$0.28 $0.26 $0.74 $0.66 
Fox acquisition-related expenses (1)
0.01 0.01 0.03 0.02 
Restructuring costs (2)
— 0.01 — 0.01 
Gain on sale of assets, net (3)
— — — (0.01)
Tax impact of adjustments (4)
— (0.01)(0.01)— 
Adjusted EPS - basic and diluted (5)
$0.29 $0.28 0.01 3.6 $0.76 $0.68 0.08 11.8 
Weighted average shares outstanding – basic484,317 490,775 484,231 491,980 
Weighted average shares outstanding – diluted484,359 490,965 484,270 492,158 
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA Margin, and Adjusted Incremental EBITDA Margin (6)
Net income$136,913 $127,777 $360,704 $326,154 
Depreciation and amortization27,664 24,668 82,685 73,609 
Interest expense, net7,150 5,547 22,650 10,797 
Provision for income taxes48,315 44,293 124,176 113,428 
EBITDA$220,042 $202,285 17,757 8.8 $590,215 $523,988 66,227 12.6 
Fox acquisition-related expenses (1)
— 1,050 1,049 2,097 
Restructuring costs (2)
— 5,196 — 5,196 
Gain on sale of assets, net (3)
(582)(493)(933)(6,226)
Adjusted EBITDA$219,460 $208,038 11,422 5.5 $590,331 $525,055 65,276 12.4 
Revenues$916,270 $840,427 75,843 $2,556,539 $2,319,192 237,347 
EBITDA margin24.0 %24.1 %23.1 %22.6 %
Incremental EBITDA margin23.4 %27.9 %
Adjusted EBITDA margin24.0 %24.8 %23.1 %22.6 %
Adjusted incremental EBITDA margin15.1 %27.5 %
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Free Cash Flow Conversion
Net cash provided by operating activities$146,947 $127,355 $419,495 $375,541 
Capital expenditures(7,522)(6,868)(23,389)(21,279)
Free cash flow$139,425 $120,487 18,938 15.7 $396,106 $354,262 41,844 11.8 
Free cash flow conversion101.8 %94.3 %109.8 %108.6 %
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(1) Consists of expenses resulting from the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisition of Fox. While we exclude such expenses in this non-GAAP measure, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.
(2) Restructuring costs consist of costs primarily related to severance and benefits paid to employees pursuant to restructuring and workforce reduction plans.
(3) Consists of the gain or loss on the sale of non-operational assets.
(4) The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods.
(5) In some cases, the sum of the individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.
(6) In the first quarter of 2024, we revised the non-GAAP metrics adjusted net income, adjusted EPS, and adjusted EBITDA to exclude gains and losses related to non-operational asset sales. These measures are of operating performance and we believe excluding the gains and losses on non-operational assets allows us to better compare our operating performance consistently over various periods. Refer to our first quarter 2024 press release for fully revised quarterly metrics.

Three Months Ended September 30,Nine Months Ended September 30,
VarianceVariance
2024
2023 (7)
$%2024
2023 (7)
$%
Reconciliation of Revenues to Organic Revenues
Revenues$916,270 $840,427 75,843 9.0 $2,556,539 $2,319,192 237,347 10.2 
Revenues from acquisitions(17,339)— (17,339)2.1 (77,479)— (77,479)3.3 
Revenues of divestitures— (5,823)5,823 (0.8)— (16,500)16,500 (0.8)
Organic revenues$898,931 $834,604 64,327 7.7 $2,479,060 $2,302,692 176,368 7.7 
Reconciliation of Residential Revenues to Organic Residential Revenues
Residential revenues$428,290 $402,559 25,731 6.4 $1,166,042 $1,069,403 96,639 9.0 
Residential revenues from acquisitions(9,571)— (9,571)2.4 (54,257)— (54,257)5.1 
Residential revenues of divestitures— (3,263)3,263 (0.9)— (9,668)9,668 (1.0)
Residential organic revenues$418,719 $399,296 19,423 4.9 $1,111,785 $1,059,735 52,050 4.9 
Reconciliation of Commercial Revenues to Organic Commercial Revenues
Commercial revenues$299,633 $273,865 25,768 9.4 $845,517 $767,472 78,045 10.2 
Commercial revenues from acquisitions(6,434)— (6,434)2.3 (17,456)— (17,456)2.3 
Commercial revenues of divestitures— (2,560)2,560 (1.0)— (6,832)6,832 (1.0)
Commercial organic revenues$293,199 $271,305 21,894 8.1 $828,061 $760,640 67,421 8.9 
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues
Termite and ancillary revenues$177,674 $155,135 22,539 14.5 $515,758 $457,664 58,094 12.7 
Termite and ancillary revenues from acquisitions(1,334)— (1,334)0.8 (5,766)— (5,766)1.3 
Termite and ancillary organic revenues$176,340 $155,135 21,205 13.7 $509,992 $457,664 52,328 11.4 
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Three Months Ended September 30,Nine Months Ended September 30,
VarianceVariance
2023 (7)
2022 (7)
$%
2023 (7)
2022 (7)
$%
Reconciliation of Revenues to Organic Revenues
Revenues$840,427 $729,704 110,723 15.2 $2,319,192 $2,034,433 284,759 14.0 
Revenues from acquisitions(49,971)— (49,971)6.8 (114,273)— (114,273)5.6 
Organic revenues$790,456 $729,704 60,752 8.4 $2,204,919 $2,034,433 170,486 8.4 
Reconciliation of Residential Revenues to Organic Residential Revenues
Residential revenues$402,559 $336,626 65,933 19.6 $1,069,403 $917,790 151,613 16.5 
Residential revenues from acquisitions(42,974)— (42,974)12.8 (91,067)— (91,067)9.9 
Residential organic revenues$359,585 $336,626 22,959 6.8 $978,336 $917,790 60,546 6.6 
Reconciliation of Commercial Revenues to Organic Commercial Revenues
Commercial revenues$273,865 $245,009 28,856 11.8 $767,472 $688,523 78,949 11.5 
Commercial revenues from acquisitions(3,456)— (3,456)1.4 (10,688)— (10,688)1.6 
Commercial organic revenues$270,409 $245,009 25,400 10.4 $756,784 $688,523 68,261 9.9 
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues
Termite and ancillary revenues$155,135 $139,359 15,776 11.3 $457,664 $405,089 52,575 13.0 
Termite and ancillary revenues from acquisitions(3,541)— (3,541)2.5 (12,518)— (12,518)3.1 
Termite and ancillary organic revenues$151,594 $139,359 12,235 8.8 $445,146 $405,089 40,057 9.9 
(7) Revenues classified by significant product and service offerings for the three and nine months ended September 30, 2023 and 2022 were misstated by an immaterial amount and have been restated from the amounts previously reported to correct the classification of such revenues. There was no impact on our condensed consolidated statements of income, financial position, or cash flows.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Reconciliation of SG&A to Adjusted SG&A
SG&A$274,918 $244,906 $769,522 $696,668 
Fox acquisition-related expenses (1)
— 1,050 1,049 2,097 
Adjusted SG&A$274,918 $243,856 $768,473 $694,571 
Revenues$916,270 $840,427 $2,556,539 $2,319,192 
Adjusted SG&A as a % of revenues30.0 %29.0 %30.1 %29.9 %
Period Ended
September 30, 2024
Period Ended
December 31, 2023
Reconciliation of Long-term Debt to Net Debt and Net Leverage Ratio
Long-term debt (8)
$447,000 $493,000 
Less: cash95,282 103,825 
Net debt$351,718 $389,175 
Trailing twelve-month EBITDA$771,291 $705,064 
Net leverage ratio0.5x0.6x

(8) As of September 30, 2024, the Company had outstanding borrowings of $447.0 million under the Credit Facility. Borrowings under the Credit Facility are presented under the long-term debt caption of our condensed consolidated balance sheet, net of $1.8 million in unamortized debt issuance costs as of September 30, 2024.
9