$ROL
ROLLINS INC

2013 Q3 Form 10-Q Financial Statement

#000110465913056914 Filed on July 26, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q4
Revenue $362.2M $350.8M $306.4M
YoY Change 6.47% 4.76% 6.0%
Cost Of Revenue $181.1M $174.4M $163.0M
YoY Change 6.22% 5.04% 7.8%
Gross Profit $181.0M $176.4M $143.4M
YoY Change 6.66% 4.48% 4.0%
Gross Profit Margin 49.97% 50.3% 46.79%
Selling, General & Admin $113.0M $109.5M $98.10M
YoY Change 4.15% 3.25% 5.37%
% of Gross Profit 62.43% 62.07% 68.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00M $9.768M $9.900M
YoY Change 6.38% 1.61% 2.06%
% of Gross Profit 5.52% 5.54% 6.91%
Operating Expenses $123.1M $109.5M $107.9M
YoY Change 4.32% 3.25% 5.06%
Operating Profit $57.90M $66.92M $35.47M
YoY Change 11.99% 6.54% 0.89%
Interest Expense $100.0K $100.0K $100.0K
YoY Change -200.0%
% of Operating Profit 0.17% 0.15% 0.28%
Other Income/Expense, Net
YoY Change
Pretax Income $58.00M $57.28M $35.00M
YoY Change 12.19% 7.71% 0.86%
Income Tax $21.80M $21.28M $12.10M
% Of Pretax Income 37.59% 37.16% 34.57%
Net Earnings $36.20M $36.00M $22.90M
YoY Change 12.42% 8.76% 6.02%
Net Earnings / Revenue 9.99% 10.26% 7.47%
Basic Earnings Per Share $0.25 $0.16
Diluted Earnings Per Share $73.46K $0.25 $0.16
COMMON SHARES
Basic Shares Outstanding 146.1M shares 146.2M shares
Diluted Shares Outstanding 146.2M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.7M $91.60M $65.10M
YoY Change 24.55% 47.5% 40.6%
Cash & Equivalents $116.7M $91.60M $65.08M
Short-Term Investments
Other Short-Term Assets $54.50M $28.32M $14.98M
YoY Change 245.29% -42.79% 8.53%
Inventory $11.80M $12.12M $11.85M
Prepaid Expenses
Receivables $80.90M $79.02M $68.92M
Other Receivables $12.70M -$1.700M -$1.900M
Total Short-Term Assets $276.7M $257.8M $206.0M
YoY Change 14.49% 22.58% 17.16%
LONG-TERM ASSETS
Property, Plant & Equipment $85.30M $84.47M $82.26M
YoY Change 10.03% 9.7% 7.03%
Goodwill $212.0M $212.5M
YoY Change 0.49% 0.69%
Intangibles $131.1M $141.8M
YoY Change -4.89% 3.1%
Long-Term Investments
YoY Change
Other Assets $39.10M $12.60M $11.46M
YoY Change 245.8% -60.74% 8.93%
Total Long-Term Assets $484.2M $479.3M $486.5M
YoY Change 4.27% 1.87% 3.55%
TOTAL ASSETS
Total Short-Term Assets $276.7M $257.8M $206.0M
Total Long-Term Assets $484.2M $479.3M $486.5M
Total Assets $760.9M $737.1M $692.5M
YoY Change 7.77% 8.27% 7.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.10M $30.72M $24.85M
YoY Change 5.76% 3.45% 10.05%
Accrued Expenses $90.20M $83.50M $84.20M
YoY Change 5.74% 6.37% 1.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $248.6M $247.1M $228.4M
YoY Change 3.32% 2.63% 1.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $105.0M $105.2M $109.1M
YoY Change 8.47% 9.93% 13.88%
Total Long-Term Liabilities $105.0M $105.2M $109.1M
YoY Change 8.47% 9.93% 13.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $248.6M $247.1M $228.4M
Total Long-Term Liabilities $105.0M $105.2M $109.1M
Total Liabilities $353.6M $352.3M $337.6M
YoY Change 4.81% 4.69% 4.94%
SHAREHOLDERS EQUITY
Retained Earnings $249.6M $220.8M
YoY Change 16.63%
Common Stock $194.3M $191.2M
YoY Change 4.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $407.3M $384.8M $355.0M
YoY Change
Total Liabilities & Shareholders Equity $760.9M $737.1M $692.5M
YoY Change 7.77% 8.27% 7.26%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q4
OPERATING ACTIVITIES
Net Income $36.20M $36.00M $22.90M
YoY Change 12.42% 8.76% 6.02%
Depreciation, Depletion And Amortization $10.00M $9.768M $9.900M
YoY Change 6.38% 1.61% 2.06%
Cash From Operating Activities $54.40M $34.30M $21.80M
YoY Change 16.99% -6.03% -44.81%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$4.900M -$7.200M
YoY Change -15.91% 32.43% 35.85%
Acquisitions
YoY Change
Other Investing Activities -$9.300M -$1.500M -$13.70M
YoY Change 3000.0% -50.0% 813.33%
Cash From Investing Activities -$13.00M -$6.400M -$21.00M
YoY Change 182.61% -4.48% 208.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.30M -17.40M -29.00M
YoY Change 49.14% -34.59% 71.6%
NET CHANGE
Cash From Operating Activities 54.40M 34.30M 21.80M
Cash From Investing Activities -13.00M -6.400M -21.00M
Cash From Financing Activities -17.30M -17.40M -29.00M
Net Change In Cash 24.10M 10.50M -28.20M
YoY Change -20.46% 228.12% -278.48%
FREE CASH FLOW
Cash From Operating Activities $54.40M $34.30M $21.80M
Capital Expenditures -$3.700M -$4.900M -$7.200M
Free Cash Flow $58.10M $39.20M $29.00M
YoY Change 14.15% -2.49% -35.27%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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This standard provides new accounting guidance that permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. An entity would continue to calculate the fair value of an indefinite-lived intangible asset if the asset fails the qualitative assessment, while no further analysis would be required if it passes. 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This guidance is effective for the Company beginning in the first quarter of 2014; we do not expect the new guidance to have a material effect on our financial statements.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In February&#160;2013, the FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1)&#160;it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2)&#160;any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. The amendments in this update are effective for fiscal periods (and interim reporting periods within those years) beginning after December&#160;15, 2013. This standard is not expected to have a material impact on the Company&#8217;s reported results of operations or financial position.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In March&#160;2013, the FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): Parent&#8217;s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.&#160; The objective of the amendments in this Update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation&#8212;Overall, or Subtopic 830-30, Foreign Currency Matters&#8212;Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity.&#160; This guidance is effective for the Company beginning in the first quarter of 2015; we do not expect this standard to have a material impact on the Company&#8217;s reported results of operations or financial position.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In July&#160;2013, the FASB issued ASU 2013-11,&#160;Income Taxes (Topic 740):&#160; Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.&#160; Topic 740,&#160;Income Taxes, does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. There is diversity in practice in the presentation of unrecognized tax benefits in those instances. Some entities present unrecognized tax benefits as a liability unless the unrecognized tax benefit is directly associated with a tax position taken in a tax year that results in, or that resulted in, the recognition of a net operating loss or tax credit carryforward for that year and the net operating loss or tax credit carryforward has not been utilized. Other entities present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss or tax credit carryforward in certain circumstances. The objective of the amendments in this Update is to eliminate that diversity in practice.&#160; This guidance is effective for the Company beginning in the first quarter of 2014; we do not expect the new guidance to have a material effect on our financial statements.</font></p> </div>
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