Rollins (ROL) FY2022 results: revenue $2.7 billion, up 11.2% on the year

Rollins Inc. (ROL) reported revenue of $2.7 billion for fiscal 2022, the year ended 31 December 2022, up 11.2% on the year before. Net income was $369 million, up 3.4%, and diluted earnings per share $0.75. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$2.7 billion

+11.2% on the year

FY2016FY2022

Operating margin

18.3%

18.5% a year earlier

FY2016FY2022

Net income

$369 million

+3.4% on the year

FY2016FY2022

Diluted EPS

$0.75

+4.2% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,696	2,424	2,161	+11.2%
Cost of revenue	1,308	1,163	1,049	+12.5%
Gross profit	1,387	1,262	1,113	+10.0%
Gross margin	51.5%	52.0%	51.5%
Selling, general and administrative	803	727	656	+10.3%
Operating income	493	448	376	+10.2%
Operating margin	18.3%	18.5%	17.4%
Interest expense	2.6	n/a	n/a
Pre-tax income	499	482	363	+3.4%
Income tax	130	126	96.0	+3.5%
Effective tax rate	26.1%	26.1%	26.5%
Net income	369	357	267	+3.4%
Net margin	13.7%	14.7%	12.3%
Diluted EPS	$0.75	$0.72	$0.54	+4.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	466	402	436	+16.0%
Capital expenditure	30.6	27.2	23.2	+12.6%
Free cash flow	435	375	413	+16.2%
Free cash flow margin	16.1%	15.5%	19.1%
Cash from investing	-134	-99.0	-162
Cash from financing	-336	-290	-281
Depreciation and amortisation	91.3	86.6	88.3	+5.5%
Share-based compensation	21.2	14.9	20.9	+42.7%
Buybacks	7.1	10.7	8.3	-33.9%
Dividends paid	212	209	160	+1.4%
Dividend per share	$0.43	$0.42	$0.33	+2.4%
Diluted shares, weighted	492m	492m	492m	+0.1%
Shares outstanding at period end	492m	492m	492m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,267	1,111	965	+14.0%
Debt	54.9	155	203	-64.6%
Operating lease liabilities	197	173	141	+14.1%
Other liabilities	603	583	537	+3.5%
Total liabilities and equity	2,122	2,022	1,846	+5.0%
Fixed assets	128	133	178	-3.9%
Goodwill	847	787	718	+7.7%
Intangible assets	419	447	n/a	-6.2%
Cash and equivalents	95.3	105	98.5	-9.5%
Receivables	156	140	126	+11.6%
Inventory	29.7	28.9	30.8	+2.8%
Other assets	448	381	694	+17.4%
Total assets	2,122	2,022	1,846	+5.0%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.