Business
ServiceMaster Delivers Second-Quarter 2020 Revenue Growth of 8 Percent, Net Income of $53 million, and Adjusted EBITDA of $119 million, up 15%
Terminix residential organic revenue growth of three percent, including seven percent organic growth in termite ServiceMaster net income of $53 million and
About this update from Serve Robotics Inc.
[{"type":"text","content":"\n\nTerminix residential organic revenue growth of three percent, including seven percent organic growth in termite \n\n\nServiceMaster net income of $53 million and net income margin of 9.9% \n\n\nTerminix delivered 23.3% Adjusted EBITDA margins, year-over-year improvement of 190 basis points \n\n\nStrong free cash flow generation increased cash to $302 million with $677 million in total liquidity\n\n\nThird-Quarter 2020 continuing operations guidance:\n\n\nRevenue expected between $495 and $515 million \n\n\nAdjusted EBITDA expected between $80 and $90 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 second-quarter 2020 results.\n\n\nFor the second quarter of 2020, the Company reported a year-over-year continuing operations revenue increase of eight percent to $534 million and net income of $53 million, or $0.40 per share. Continuing operations Adjusted EBITDA(1) for the quarter increased $15 million to $119 million with Adjusted net income(2) increasing $4 million to $53 million, or $0.40 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“ServiceMaster’s strong performance this quarter despite the unprecedented challenges created by the COVID-19 pandemic is a testament to the dedication of our people and their commitment to serving our customers,” said ServiceMaster Chairman and interim CEO Naren Gursahaney. “Terminix saw strong organic growth in termite services leading to solid performance in its residential business. The Terminix commercial business saw improving trends as businesses reopened, underscoring the resilience and essential nature of our services. In addition, our actions to reduce costs resulted in improved Adjusted EBITDA margins and free cash flow conversion year-over-year. ServiceMaster Brands also performed well, with growth in national accounts and enhanced cleaning and disinfection services more than offset by the impact of COVID-19 on Merry Maids franchisees, as well as the impacts of a mild winter on ServiceMaster Restore.”\n\n\n“Despite the difficult economic cli...