Business
ServiceMaster Delivers First-Quarter 2020 Revenue Growth of 9 Percent
Organic revenue growth of one percent included: three percent organic growth in commercial pest control two percent organic growth in residential pest
About this update from Serve Robotics Inc.
[{"type":"text","content":"\n\nOrganic revenue growth of one percent included:\n\n\nthree percent organic growth in commercial pest control \n\n\ntwo percent organic growth in residential pest control \n\n\n\n\nPressure from COVID-19 in March impacted a strong start to the quarter in all business lines\n\n\nServiceMaster utilized its remaining share repurchase capacity \n\n\nServiceMaster ended the quarter with $185 million cash on hand and $556 million in total liquidity \n\n\nServiceMaster Brands, now reported in discontinued operations, delivered three percent revenue growth \n\n\nServiceMaster withdraws full-year guidance due to uncertainty from unprecedented COVID-19 pandemic \n\n\n MEMPHIS, Tenn.--(BUSINESS WIRE)--\nServiceMaster Global Holdings, Inc. (NYSE: SERV), a leading provider of essential services to residential and commercial customers in the termite, pest control, cleaning and restoration markets, today announced unaudited first-quarter 2020 results.\n\n\nFor the first quarter of 2020, the Company reported a year-over-year continuing operations revenue increase of nine percent to $456 million and net income of $14 million, or $0.10 per share. Continuing operations Adjusted EBITDA(1) for the quarter was $60 million with Adjusted net income(2) of $11 million, or $0.08 per share. Both Adjusted EBITDA and Adjusted net income for continuing operations included $3 million of costs historically allocated to ServiceMaster Brands.\n\n\n“I would first like to thank all the essential service workers across the world, including our more than 10,000 employees and our many franchisee associates, for their sacrifice and service during this unprecedented health crisis,” said ServiceMaster Chairman and interim CEO Naren Gursahaney. “Our top priority is protecting the health and safety of our employees and our customers, and we have rapidly adapted our service protocols to accomplish this. While our services have been deemed as essential, we did see an impact to revenue and profitability in the second half of March, primarily as a result of the effect of COVID-19 on our customers, and we anticipate this impact will continue into future periods. However, with a strong recurring revenue customer base, resilient cash generation dynamics, and significant access to liquidity, we believe we are well positioned to weather this crisis. We are taking aggressive acti...