Business
ServiceMaster Delivers Full-Year 2019 Revenue Growth of 9 Percent
Terminix revenue increased 9 percent year-over-year, including 2.6 percent organically Terminix retention, cancel rates, and net promoter score improved
About this update from Serve Robotics Inc.
[{"type":"text","content":"\n\nTerminix revenue increased 9 percent year-over-year, including 2.6 percent organically\n\n\nTerminix retention, cancel rates, and net promoter score improved across all revenue channels(#)\n\n\nTerminix completes analysis of potential termite damage claims exposure \n\n\nTerminix announces $10 million investment to accelerate termite damage claims mitigation program \n\n\nFull-year 2020 continuing operations guidance (excluding ServiceMaster Brands):\n\n\nRevenue is expected between $1,980 and $2,000 million, growth of 9 to 10 percent\n\n\nTerminix organic revenue growth is expected between 3 and 4 percent\n\n\nAdjusted EBITDA is expected between $320 and $335 million\n\n\n\n\n\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 full-year and fourth-quarter 2019 results.\n\n\nFor the full year 2019, the Company reported a year-over-year revenue increase of nine percent to $2,077 million with net income of $128 million, or $0.94 per share. Adjusted EBITDA(1) for the year was $417 million. Adjusted net income(2) improved 41 percent in 2019 to $184 million, or $1.35 per share, versus $130 million, or $0.95 per share in the 2018.\n\n\nFor the quarter ended December 31, 2019, the Company reported a year-over-year revenue increase of 11 percent to $507 million with a net loss of $26 million, or $0.19 per share. Net income was negatively impacted by an increase in our reserves of $40 million, net of tax, for termite damage claims expense for Litigated(3) and Non-Litigated(4) Claims in the quarter. Adjusted EBITDA for the quarter of $80 million was approximately flat with prior year. Adjusted net income improved 12 percent to $30 million, or $0.22 per share.\n\n\n“Both the Terminix and ServiceMaster Brands segments delivered strong progress against our 2019 strategic initiatives,” said ServiceMaster Chairman and interim CEO Naren Gursahaney. “As we announced in January, we are conducting a strategic review of our ServiceMaster Brands business, including a possible sale of the business. This decision reflects our emphasis on driving long-term shareholder value.”\n\n\n“At Terminix, solid full-year gains in net promoter scores a...