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TERMINIX GLOBAL HOLDINGS INC

terminix.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 5, 2022. Its latest SEC filing is a 15-12G from Oct 24, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Provides residential pest management and termite protection services to homeowners and businesses.

How Did They Make Money?

Residential pest customers may buy one-time or recurring visits and usually pay shortly after service; commercial customers mainly receive recurring service and also pay shortly after visits. Termite customers pay after completed service or monthly for subscription products; product buyers pay shortly after invoicing, while franchise royalties are collected the following month.

revenue
SegmentShareRevenue
Residential Pest Management
36%
FY2018: 38%
Commercial Pest Management
Recurring

27%
FY2018: 20%
Termite and Home Services
32%
FY2018: 36%
Sales of Products and Other
5.1%
FY2018: 5.1%

Who Were Their Customers?

Serves homeowners and businesses, principally in the U.S., through company-owned branches and franchise or licensed locations. Its national-account business serves commercial customers with multi-location operations.

Did Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2021.

Operating income, FY2021
14% of revenue
▲ +18% vs FY2020 ($247M, 13%)
Net income, FY2021
6% of revenue
▼ −77% vs FY2020 ($551M, 28%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +4%
vs $560M in Q2 FY2021
Net income
▼ −96%
vs $54M in Q2 FY2021
Residential Pest Management share of revenue vs 34.3% in Q2 FY2021
  • Oct 12, 2022 Rentokil Initial completed its acquisition of Terminix Shareholders received Rentokil Initial shares or a cash-and-share payment, depending on their election.
  • Jun 1, 2022 Sold pest management businesses in the U.K. and Norway The sale fulfilled a closing condition for the proposed Rentokil merger.

Grew. Revenue grew 17% in 4 years, from $1.8B in FY2017 to $2B in FY2021, about 4% a year.

Exited non-pest service brands The older report included cleaning, restoration, home inspection and repair businesses alongside pest control. The latest report describes a pest management and termite business after the sale of ServiceMaster Brands.

Revenue over time
Residential Pest Management Commercial Pest Management Termite and Home Services Sales of Products and Other Royalty Fees Commercial Clearing And Other National Accounts Fumigation
$2.5B$1.3B$0

Who Did They Compete With?

Competes with Orkin, Ecolab, Rentokil, and Anticimex International

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