Rollins (ROL) FY2023 results: revenue $3.1 billion, up 14.0% on the year

Rollins Inc. (ROL) reported revenue of $3.1 billion for fiscal 2023, the year ended 31 December 2023, up 14.0% on the year before. Net income was $435 million, up 18.0%, and diluted earnings per share $0.89. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$3.1 billion

+14.0% on the year

FY2016FY2023

Operating margin

19.0%

18.3% a year earlier

FY2016FY2023

Net income

$435 million

+18.0% on the year

FY2016FY2023

Diluted EPS

$0.89

+18.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,073	2,696	2,424	+14.0%
Cost of revenue	1,470	1,308	1,163	+12.3%
Gross profit	1,603	1,387	1,262	+15.6%
Gross margin	52.2%	51.5%	52.0%
Selling, general and administrative	915	803	727	+14.0%
Operating income	583	493	448	+18.2%
Operating margin	19.0%	18.3%	18.5%
Interest expense	19.1	2.6	n/a	+622.3%
Pre-tax income	586	499	482	+17.5%
Income tax	151	130	126	+16.1%
Effective tax rate	25.8%	26.1%	26.1%
Net income	435	369	357	+18.0%
Net margin	14.2%	13.7%	14.7%
Diluted EPS	$0.89	$0.75	$0.72	+18.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	528	466	402	+13.4%
Capital expenditure	32.5	30.6	27.2	+6.0%
Free cash flow	496	435	375	+13.9%
Free cash flow margin	16.1%	16.1%	15.5%
Cash from investing	-373	-134	-99.0
Cash from financing	-149	-336	-290
Depreciation and amortisation	99.8	91.3	86.6	+9.2%
Share-based compensation	24.6	21.2	14.9	+16.0%
Buybacks	315	7.1	10.7	+4,358.8%
Dividends paid	264	212	209	+24.9%
Dividend per share	$0.54	$0.43	$0.42	+25.6%
Diluted shares, weighted	490m	492m	492m	-0.5%
Shares outstanding at period end	484m	492m	492m	-1.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,156	1,267	1,111	-8.8%
Debt	491	54.9	155	+794.0%
Operating lease liabilities	233	197	173	+18.5%
Other liabilities	716	603	583	+18.7%
Total liabilities and equity	2,595	2,122	2,022	+22.3%
Fixed assets	127	128	133	-1.1%
Goodwill	1,070	847	787	+26.4%
Intangible assets	546	419	447	+30.3%
Cash and equivalents	104	95.3	105	+8.9%
Receivables	178	156	140	+14.4%
Inventory	33.4	29.7	28.9	+12.2%
Other assets	537	448	381	+20.0%
Total assets	2,595	2,122	2,022	+22.3%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.